First Watch Restaurant Group/$FWRG
1D1W1M3M6MYTD1Y5YMAX
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
$772M
44.18
$0.28
1.03
-
Price and volume
Market cap
$772M
Beta
1.03
52-week high
$18.77
52-week low
$9.88
Average daily volume
1.6M
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)
44.185
Price to revenue (TTM)
0.581
Price to book
1.22
Price to tangible book (TTM)
17.87
Price to free cash flow (TTM)
-35.088
Free cash flow yield (TTM)
-2.85%
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
Second-quarter revenue rose 15.2%, and First Watch raised its 2026 revenue-growth outlook to 12.5%–14.0% while planning 60–62 net new restaurants. That gives the business a strong near-term growth engine beyond its existing locations. (SEC)
Same-restaurant sales grew 3.4% in Q2, while traffic improved by 160 basis points from Q1 and turned positive in June. Management also said recent marketing campaigns are bringing new customers back for another visit, which could support further sales growth. (The Motley Fool)
The new-store runway looks substantial: First Watch reported more than 100 projects in development, and its 2025–26 restaurant classes are outperforming underwriting targets. Management cited expected third-year sales of $2.8 million and roughly 35% cash-on-cash returns for recent openings. (The Motley Fool, FSR magazine)
Traffic at established restaurants was still down 0.4% in Q2 and 1.2% for the first half, so positive sales growth is not yet being matched by more visits. Management expects Q3 sales growth to be at or below the low end of its 2026 range. (SEC, The Motley Fool)
Reported profitability remains thin: First Watch recorded a first-half net loss of $346,000 and an operating margin of 1.3%. Its 2026 adjusted EBITDA outlook was narrowed to $133–136 million after stronger demand for higher-cost beef offerings pressured costs. (SEC, The Motley Fool)
Expansion requires heavy investment: 2026 capital spending is forecast at $145–150 million, and management said it had used its credit facility to fund part of earlier growth spending. The plan to open about 50 company-owned restaurants a year from 2027, while aiming to self-fund growth, may limit expansion and depends on cash flow improving as expected. (SEC, The Motley Fool)
Data summarised monthly by Lightyear AI. Last updated on 21 Oct 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
Fund name | Fund size | $FWRG weighting |
|---|---|---|
SPDR Russell 2000 US Small Cap£R2SC | $5.3B | 0.03% |
SPDR Russell 2000 US Small Cap€R2US | $5.3B | 0.03% |
SPDR MSCI USA Small Cap Value Weighted$USSC | $1.1B | 0.02% |
iShares MSCI World Small Cap£WLDS | $9B | 0.01% |
iShares MSCI World Small Cap$WSML | $9B | 0.01% |
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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