FWRG
First Watch Restaurant Group, Inc.
$10.89
-0.67
(-5.80%)
Mkt Cap
672.05M
Volume
1,694,781
52W Range
9.88-18.77
Sector
Consumer Cyclical
Beta
1.05
EPS (TTM)
0.30 USD
P/E Ratio
36.89
Revenue (TTM)
1.32B USD
Rev Growth (5Y)
+18.8%
EPS Growth (5Y)
N/A
AlphaVal · Fair Value
What we estimate one share is worth
$10.00
Overvalued
weak signal
8.9% above fair value
Modeled from cash flows & growth.
AlphaQuality · Grade
How strong & durable the business is
D
Stable Earnings Power
38.2 / 100 composite
Steady, predictable earnings power — graded A–F vs. similar companies.
Company Description
First Watch Restaurant Group, Inc. oversees and licenses restaurant operations under the First Watch brand. As of March 23, 2022, its extensive presence included 341 company-owned eateries and 94 franchised outlets, operating across 28 U.S. states. The enterprise, established in 1983 with its main office in Bradenton, Florida, previously traded as AI Fresh Super Holdco, Inc. before changing its designation to First Watch Restaurant Group, Inc. in December 2019.
Track Record
Showing latest 4 periods • Swipe for more
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.22B | 1.02B | 891.55M | 730.16M | 601.19M | 342.39M | 436.37M | 349.77M |
| Net Income | 19.43M | 18.93M | 25.39M | 6.91M | (2.11M) | (49.68M) | (45.44M) | (12.30M) |
| EPS | 0.32 | 0.31 | 0.43 | 0.12 | -0.04 | -0.86 | -0.79 | -0.27 |
| Free Cash Flow | (30.99M) | (12.28M) | 10.65M | (393,000) | 27.29M | (45.34M) | (37.70M) | (6.95M) |
| FCF / Share | -0.51 | -0.20 | 0.18 | -0.01 | 0.57 | -0.79 | -0.65 | -0.15 |
| Operating CF | 125.91M | 115.67M | 95.34M | 62.94M | 62.97M | (18.36M) | 21.46M | 30.77M |
| Total Assets | 1.74B | 1.51B | 1.27B | 1.10B | 1.05B | 1.01B | 982.08M | 664.51M |
| Total Debt | 1.01B | 809.55M | 606.97M | 507.35M | 473.97M | 637.90M | 576.44M | 195.04M |
| Cash & Equiv | 21.25M | 33.31M | 49.63M | 49.67M | 51.86M | 38.85M | 11.12M | 16.28M |
| Book Value | 626.28M | 595.39M | 561.28M | 523.13M | 504.43M | 320.87M | 329.80M | 374.42M |
| Return on Equity | 0.03 | 0.03 | 0.05 | 0.01 | -0.00 | -0.15 | -0.14 | -0.03 |
| Metric | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 354.67M | 330.96M | 316.35M | 316.02M | 307.89M | 282.24M | 263.29M | 251.61M | 258.56M | 242.45M | 244.63M | 219.21M |
| Net Income | 2.34M | (2.69M) | 15.16M | 2.99M | 2.11M | (2.25M) | 699,000 | 2.11M | 8.90M | 7.21M | 2.65M | 5.42M |
| EPS | 0.04 | -0.04 | 0.25 | 0.05 | 0.03 | -0.01 | 0.01 | 0.03 | 0.15 | 0.12 | 0.04 | 0.09 |
| Free Cash Flow | (13.53M) | 5.11M | (17.56M) | 5.01M | (2.02M) | (16.42M) | (17.75M) | 6.74M | 2.23M | (3.60M) | (9.54M) | (5.64M) |
| FCF / Share | -0.22 | 0.08 | -0.29 | 0.08 | -0.03 | -0.27 | -0.29 | 0.11 | 0.04 | -0.06 | -0.16 | -0.09 |
| Operating CF | 27.44M | 34.46M | 18.46M | 47.88M | 39.43M | 20.14M | 22.92M | 35.86M | 31.91M | 24.98M | 22.29M | 17.46M |
| Total Assets | 1.82B | 1.77B | 1.74B | 1.72B | 1.68B | 1.54B | 1.51B | 1.48B | 1.44B | 1.28B | 1.27B | 1.21B |
| Total Debt | 1.07B | 1.03B | 1.01B | 982.35M | 958.77M | 837.22M | 809.55M | 778.90M | 748.60M | 611.44M | 606.97M | 561.19M |
| Cash & Equiv | 20.48M | 23.57M | 21.25M | 20.71M | 19.18M | 18.61M | 33.31M | 51.13M | 45.10M | 43.24M | 49.63M | 39.92M |
| Book Value | 634.17M | 627.66M | 626.28M | 607.31M | 601.31M | 596.29M | 595.39M | 589.13M | 585.78M | 574.44M | 561.28M | 557.09M |
| Return on Equity | 0.00 | -0.00 | 0.02 | 0.00 | 0.00 | -0.00 | 0.00 | 0.00 | 0.02 | 0.01 | 0.00 | 0.01 |
FWRG News
First Watch Restaurant Group, Inc. to Report Third Quarter 2026 Financial Results on November 3, 2026
Prediction: These 3 Stocks Will 10X in the Next 20 Years
First Watch Restaurant Group (NASDAQ:FWRG) Reaches New 12-Month Low – Time to Sell?
Canada Pension Plan Investment Board Takes $764,000 Position in First Watch Restaurant Group, Inc. $FWRG
4,534,132 Shares in First Watch Restaurant Group, Inc. $FWRG Bought by BlackRock Inc.
First Watch Restaurant Group, Inc. to Participate in Two September Investor Conferences
Wall Street Breakfast Podcast: Coffee Rally Hits PSL Season
A Look at First Watch Restaurant Group Inc (FWRG) After 7.3% Gain -- GF Value $22.49 vs Price $12.65
First Watch Restaurant Group Q2 Earnings Call Highlights
First Watch Restaurant Group, Inc. (FWRG) Q2 2026 Earnings Call Transcript