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FWRGFirst Watch Restaurant Group, Inc.
$12.86$794M
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
FWRG logo

First Watch Restaurant Group, Inc.

FWRG
NASDAQ · Restaurants
$12.86
At close - Nov 6, 4:00 PM EST - USD
Market Cap$794M
P/E41.0x
52W High$18.77
Volume2.04M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q3

Thin Margins and Leverage Test Growth Durability

First Watch's unit expansion continues to drive top-line growth, with revenue rising 10.7 percent year over year in 2026Q3 to $349.9 million, though growth has decelerated from the mid-to-high teens and EPS swings remain volatile.

GrowthMixed
ProfitabilityModerate
ValuationExpensive
TechnicalsNeutral
Explore valuation models
MARKET ACTION

FWRG price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

5/12 Beats

EPS beat 5 of last 12 quarters

02

Valuation risk

+40% Peers

P/E is 40% above peer median

03

Market leadership

RS 69 · Avg

Average momentum (RS Rating: 69)

04

Trend Check

N/A

Trend data unavailable

Next CatalystEstimated earnings · Feb 3

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
FWRG-16.33%
S&P 500 (^GSPC)+7.63%
1-Year Return
FWRG-25.41%
S&P 500 (^GSPC)+9.69%
3-Year Return
FWRG-23.95%
S&P 500 (^GSPC)+66.18%
5-Year Return
FWRG-37.84%
S&P 500 (^GSPC)+54.21%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
41.0x
Forward P/E
106.6x
EV/EBITDA0th %ile
12.4x
FCF YieldCash Flow
N/A

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
41.0x
62.3x
0th· Low
EV/EBITDA
12.4x
21.7x
0th· Low
Price/FCF
N/A
115.5x
N/A
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
No DCF Model AvailableIntrinsic value modeling is not supported for this equity.

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$1.22B+20.3% YoY
Net income FY25
$19M+2.7% YoY
Free cash flow FY25
-$31M-152.5% YoY
Operating margin FY25
2.8%-1.1 pts YoY
ROIC (FY25)1.7%
Avg ROIC 5Y2%
ROE (TTM)3.1%
Piotroski Score4 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate5/12 (42%)
Revenue Beat Rate7/12 (58%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2026Latest
Nov 3, 2026
$0.08+105.7%
vs $0.04
$350M+0.3%
vs $349M
Q3 2026
Aug 4, 2026
$0.04-24.0%
vs $0.05
$355M+0.9%
vs $352M
Q2 2026
May 5, 2026
-$0.04-100.0%
vs -$0.02
$331M+0.5%
vs $329M
Q1 2026
Feb 24, 2026
$0.24+200.0%
vs $0.08
$316M+0.0%
vs $316M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
GlobeNewsWire·Oct 20, 2026
First Watch Restaurant Group, Inc. to Report Third Quarter 2026 Financial Results on November 3, 2026

BRADENTON, Fla., Oct. 20, 2026 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or the “Company”), the leading Daytime Dining concept serving breakfast, brunch and lunch, today announced that it plans to release its third quarter 2026 financial results on Tuesday, November 3, 2026 before the market opens.

Fool - Investing News·Oct 20, 2026
Prediction: These 3 Stocks Will 10X in the Next 20 Years

Three under-the-radar consumer companies are each building something today that could compound into a big return over the next two decades.

Defense World·Sep 24, 2026
First Watch Restaurant Group (NASDAQ:FWRG) Reaches New 12-Month Low – Time to Sell?

First Watch Restaurant Group, Inc. (NASDAQ: FWRG - Get Free Report) hit a new 52-week low on Thursday. The company traded as low as $9.88 and last traded at $10.20, with a volume of 1534052 shares trading hands. The stock had previously closed at $10.32. Analyst Ratings Changes Several analysts recently commented on FWRG shares.

Defense World·Sep 2, 2026
Canada Pension Plan Investment Board Takes $764,000 Position in First Watch Restaurant Group, Inc. $FWRG

Canada Pension Plan Investment Board purchased a new stake in First Watch Restaurant Group, Inc. (NASDAQ: FWRG) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 59,300 shares of the company's stock, valued at approximately $764,000. Canada Pension Plan Investment Board owned about

Filtered for First Watch Restaurant Group, Inc.More Headlines
04

Compare before deciding

Benchmark FWRG against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for First Watch Restaurant Group, Inc. (FWRG)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
FWRG logoFWRGFirst Watch Restaurant Group, Inc.Current
$12.86$793.62M41.0320.34%1.45%3.1%—
CBRL logoCBRLCracker Barrel Old Country Store, Inc.
$64.81$1.45B46.32-4.74%0.95%7.05%1.58%
BJRI logoBJRIBJ's Restaurants, Inc.
$55.67$1.17B27.463.08%3.13%11.84%—
CAKE logoCAKEThe Cheesecake Factory Incorporated
$106.76$5.3B26.424.75%5.2%41.84%1.01%
RRGB logoRRGBRed Robin Gourmet Burgers, Inc.
$8.62$159.47M-6.22-3.07%-2.55%——
DRI logoDRIDarden Restaurants, Inc.
$226.35$25.92B21.909.39%8.85%55.9%2.66%

Compare FWRG vs Peers

First Watch Restaurant Group, Inc. (FWRG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs CBRL

Most directly comparable listed peer for FWRG.

Scale Benchmark

vs SYY

Larger-name benchmark to compare FWRG against a more recognizable public peer.

Peer Set

Compare Top 5

vs CBRL, BJRI, CAKE, RRGB

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

FWRG SEC Filings & Documents

First Watch Restaurant Group, Inc. (FWRG) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Nov 3, 2026·SEC

Material company update

Nov 3, 2026·SEC

Material company update

Aug 4, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 24, 2026·SEC

FY 2025

Mar 11, 2025·SEC

FY 2024

Mar 5, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Nov 3, 2026·SEC

FY 2026

Aug 4, 2026·SEC

FY 2026

May 5, 2026·SEC

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FWRG Frequently Asked Questions

First Watch Restaurant Group, Inc. (FWRG) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is First Watch Restaurant Group, Inc.'s revenue?

First Watch Restaurant Group, Inc. (FWRG) reported $1.35B in revenue over the trailing twelve months. Revenue was $1.22B in fiscal year 2025. That is 250% more than the $349.8M of fiscal year 2018.

How fast is First Watch Restaurant Group, Inc. growing?

First Watch Restaurant Group, Inc. (FWRG) grew revenue by 15.6% over the trailing twelve months, compared with the twelve months before.

Is FWRG profitable?

Yes. First Watch Restaurant Group, Inc. (FWRG) earned $19.6M in net income over the trailing twelve months (a 1.5% net margin).

Dividend & Returns
What is FWRG's return on equity?

First Watch Restaurant Group, Inc. (FWRG) had a return on equity (ROE) of 3.1% over the trailing twelve months. That is below the market's typical 10-15%.

What is First Watch Restaurant Group, Inc.'s free cash flow?

First Watch Restaurant Group, Inc. (FWRG) had negative free cash flow of $20.4M over the trailing twelve months.

What if you invested $1,000 in FWRG back in 2018?

Total return calculator · dividends reinvested · 8+ years of data

See returns →