First Watch Restaurant Group/$FWRG
1D1W1MYTD1Y5YMAX
Capital at risk
About First Watch Restaurant Group
First Watch Restaurant Group Inc is a daytime restaurant concept serving made-to-order breakfast, brunch, and lunch using fresh ingredients. The company generates revenues from Restaurant sales and Franchise revenues. It generates maximum revenue from Restaurant sales.
- Ticker
- $FWRG
- Sector
- Consumer Discretionary
- Primary listing
- NASDAQ
- Employees
- 18,000
- Headquarters
- Bradenton, United States
- Website
- www.firstwatch.com
FWRG Metrics
BasicAdvanced
$647M
37.05
$0.28
1.03
-
Price and volume
Market cap
$647M
Beta
1.03
52-week high
$18.82
52-week low
$9.97
Average daily volume
1.1M
Financial strength
Current ratio
0.267
Quick ratio
0.153
Long term debt to equity
1.544
Total debt to equity
1.693
Interest coverage (TTM)
1.73%
Profitability
EBITDA (TTM)
116.442
Gross margin (TTM)
20.63%
Net profit margin (TTM)
1.35%
Operating margin (TTM)
2.50%
Effective tax rate (TTM)
-77.59%
Revenue per employee (TTM)
$70,000
Management effectiveness
Return on assets (TTM)
1.18%
Return on equity (TTM)
2.88%
Valuation
Price to earnings (TTM)
37.05
Price to revenue (TTM)
0.487
Price to book
1.02
Price to tangible book (TTM)
14.99
Price to free cash flow (TTM)
-29.422
Free cash flow yield (TTM)
-3.40%
Free cash flow per share (TTM)
-0.357
Growth
Revenue change (TTM)
19.27%
Earnings per share change (TTM)
376.94%
3-year revenue growth (CAGR)
18.09%
3-year earnings per share growth (CAGR)
1.41%
What the Analysts think about FWRG
Analyst ratings (Buy, Hold, Sell) for First Watch Restaurant Group stock.
Analyst projections of the future price of First Watch Restaurant Group stock.
Bulls say / Bears say
Q2 showed improving operating momentum: revenue rose 15.2% to $354.7 million, same-restaurant sales increased 3.4%, and adjusted EBITDA grew to $34.5 million. Management raised the low end of its full-year same-restaurant sales guidance to 1.5%. (Markets Insider, The Motley Fool)
First Watch is still expanding quickly, with 18 system-wide openings in Q2 and 665 restaurants across 33 states at quarter-end. Management says recent restaurant classes are outperforming their underwriting targets, supporting a long runway for unit-led revenue growth. (Markets Insider, Benzinga)
The planned 2027 shift towards about 50 company-owned openings a year is designed to make growth self-funded and generate positive free cash flow. That could reduce reliance on the credit facility while retaining healthy expansion, with long-term targets of 10%-13% revenue growth and 11%-14% adjusted EBITDA growth. (The Motley Fool, Benzinga)
Same-restaurant traffic fell 0.4% in Q2, even though sales rose 3.4% through pricing and mix. Management expects Q3 sales growth to be at or below the low end of its 2026 range, so the traffic recovery is not yet proven. (Markets Insider, Exa)
Profit growth remains vulnerable to costs. Q2 adjusted EBITDA margin fell to 9.7% and the company lowered its EBITDA outlook to $133 million-$136 million after strong demand for higher-cost beef offerings; restaurant-level labour inflation is expected at 3.5%-4.5%. (Markets Insider, The Motley Fool)
The expansion programme still absorbs substantial capital while the balance sheet carries meaningful debt. At 28 June, First Watch had $20.5 million of cash against $276 million of credit-facility borrowings, with $145 million-$150 million of 2026 capital expenditure planned. (6ix News, Investing.com)
Data summarised monthly by Lightyear AI. Last updated on 16 Sept 2026.
FWRG Financial Performance
Revenues and expenses
FWRG Earnings Performance
Company profitability
Upcoming events
No upcoming events
FWRG News
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Funds containing FWRG
AllEURUSDGBP
Fund name | Fund size | $FWRG weighting |
|---|---|---|
SPDR Russell 2000 US Small Cap€R2US | €4.8B | 0.02% |
iShares MSCI World Small Cap$WSML | $9B | 0.01% |
iShares MSCI World Small Cap€IUSN | €7.8B | 0.01% |
iShares MSCI World Small Cap£WLDS | £6.7B | 0.01% |
SPDR MSCI All Country World IM€SPYI | €7.5B | 0.00% |
Data displayed above is indicative only and its accuracy or completeness is not guaranteed. Actual execution price may vary. Past performance is not indicative of future results. Your return may be affected by currency fluctuations and applicable fees and charges. Capital at risk.
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