FWRG
First Watch Restaurant Group, Inc.
$12.45
+0.27
(+2.22%)
Mkt Cap
767.48M
Volume
1,324,006
52W Range
9.97-19.53
Sector
Consumer Cyclical
Beta
1.04
EPS (TTM)
0.29
P/E Ratio
42.98
Revenue (TTM)
1.27B
Rev Growth (5Y)
+18.8%
EPS Growth (5Y)
N/A
AlphaVal · Fair Value
What we estimate one share is worth
$22.61
Undervalued
strong signal
44.9% below fair value
Modeled from cash flows & growth.
AlphaQuality · Grade
How strong & durable the business is
D
Stable Earnings Power
36.0 / 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 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 330.96M | 316.35M | 316.02M | 307.89M | 282.24M | 263.29M | 251.61M | 258.56M | 242.45M | 244.63M | 219.21M | 216.30M |
| Net Income | (2.69M) | 15.16M | 2.99M | 2.11M | (2.25M) | 699,000 | 2.11M | 8.90M | 7.21M | 2.65M | 5.42M | 7.96M |
| EPS | -0.04 | 0.25 | 0.05 | 0.03 | -0.01 | 0.01 | 0.03 | 0.15 | 0.12 | 0.04 | 0.09 | 0.13 |
| Free Cash Flow | 5.11M | (17.56M) | 5.01M | (2.02M) | (16.42M) | (17.75M) | 6.74M | 2.23M | (3.60M) | (9.54M) | (5.64M) | 19.28M |
| FCF / Share | 0.08 | -0.29 | 0.08 | -0.03 | -0.27 | -0.29 | 0.11 | 0.04 | -0.06 | -0.16 | -0.09 | 0.32 |
| Operating CF | 34.46M | 18.46M | 47.88M | 39.43M | 20.14M | 22.92M | 35.86M | 31.91M | 24.98M | 22.29M | 17.46M | 34.44M |
| Total Assets | 1.77B | 1.74B | 1.72B | 1.68B | 1.54B | 1.51B | 1.48B | 1.44B | 1.28B | 1.27B | 1.21B | 1.16B |
| Total Debt | 1.03B | 1.01B | 982.35M | 958.77M | 837.22M | 809.55M | 778.90M | 748.60M | 611.44M | 606.97M | 561.19M | 527.00M |
| Cash & Equiv | 23.57M | 21.25M | 20.71M | 19.18M | 18.61M | 33.31M | 51.13M | 45.10M | 43.24M | 49.63M | 39.92M | 66.77M |
| Book Value | 627.66M | 626.28M | 607.31M | 601.31M | 596.29M | 595.39M | 589.13M | 585.78M | 574.44M | 561.28M | 557.09M | 545.84M |
| Return on Equity | -0.00 | 0.02 | 0.00 | 0.00 | -0.00 | 0.00 | 0.00 | 0.02 | 0.01 | 0.00 | 0.01 | 0.01 |
FWRG News
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First Watch Restaurant Group, Inc. (FWRG) Q1 2026 Earnings Call Transcript
First Watch Restaurant Group (FWRG) Reports Q1 Earnings: What Key Metrics Have to Say