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First Watch Restaurant Group, Inc. (FWRG) stock

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NASDAQ: FWRG Nasdaq Restaurants Next results ~November 3, 2026

C Fundamentals grade

First Watch Restaurant Group, Inc. is a US-listed company in the restaurants industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$11

Valuation models combined (4)

Base case. Range ~$3.8–$21. Weighted average of 4 models (growth cash-flow model, forward price-to-earnings vs peers, residual income, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

First Watch Restaurant Group, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter First Watch Restaurant Group files

10-Q filed November 3: First Watch Restaurant

Model value +45.0%

First Watch Restaurant Group posted revenue of $1.35bn for the twelve months to September 2026, up 15.6% on a year earlier. That marks a slowdown from the 19.3% growth recorded a quarter earlier, though it still ranks 5th of 44 among the restaurants companies we cover. Free-cash-flow margin improved to -1.6% from -2.7% a year earlier, and the fundamentals grade has moved up from D to C. Our model value has risen accordingly, from $7.37 to $10.69 a share. Against that, the shares trade at $12.95, leaving the stock above our updated estimate of fair value.

Source: 10-Q filed November 3, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where First Watch Restaurant stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.32bn, up 19.3% on a year earlier, slower than the 20.4% growth a quarter earlier. That growth ranks 3 of 25 among the restaurants companies we cover. Free-cash-flow margin rose to -1.7% from -2.7% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 7 financial-health checks. Our valuation models combined value is $7.37 a share, against a share price of $10.99.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

First Watch Restaurant Group, Inc.'s trailing-twelve-month revenue grew 15.6% year on year, with a free-cash-flow margin of -1.6%. Where it stands out: revenue growth of 15.6% ranks 5 of 44 restaurants companies we cover. Where it lags: change in growth rate of -3.7pp ranks 40 of 44 restaurants companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 30.5% while net income grew 294.7%: a 264pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 15.6% over the last 12 months, against a median of 4.7% for restaurants companies we cover.

Things to watch

  • Burning cash. Free cash flow was -1.6% of revenue over the last 12 months.
  • High earnings multiple. The shares trade at 46 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 55% and a beta of 0.8 against the S&P 500.
  • Growth easing. The growth rate is 3.7 points lower than a quarter earlier.
  • Weak cash conversion. Free cash flow was -111% of net income over the last 12 months.
  • Below peers: change in growth rate. Change in growth rate of -3.7pp ranks 40 of 44 restaurants companies we cover (median +0.3pp).

Latest results: FY2026 Q3

Filed November 3, 2026
Earnings per share
$0.05 against an average estimate of $0.05: missed by 13.1%
Revenue
$350m, up 10.7% on a year earlier
Guidance given
same-Restaurant Sales Growth 1.5% to 3% (52-week fiscal year ending December 27, 2026); total revenue growth growth 12.5% to 14% (52-week fiscal year ending December 27, 2026)
Next report
November 3, 2026; average EPS estimate $0.03

First Watch Restaurant Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.2%
  • 1 week+21.7%
  • 1 month+27.7%
  • This year-14.1%
  • 1 year-14.8%
  • 5 years-33.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.4B
Operating margin
2.2%
Net margin
1.5%
EPS (TTM, diluted)
$0.31

Growth

Revenue growth
+15.6%
Change in growth rate
−3.7 pts
Share count change
+1.0%

Cash

Free cash flow (TTM)
-$21.7M
FCF margin
-1.6%
Stock pay % of revenue
1.0%

Earnings

Last results
November 3, 2026
Next results (est.)
January 22, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Announcement
  4. Results
  5. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

First Watch Restaurant Group, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value First Watch Restaurant Group, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.88 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$12 ~$6.8–$17 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$3.8 ~$3.4–$6.7 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$4.0 ~$2.4–$6.6 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$0.5 ~$0.4–$0.6 Left out: out of range vs price (0.04x)
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$21 ~$16–$27 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$11 ~$3.8–$21 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare First Watch Restaurant Group, Inc. with Restaurants in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$15.97$14.21$20.10$18.70$15.91$12.95
Market value$770m$855m$1.2bn$1.2bn$1000m$814m
+ Net debt (− = net cash)$53m$53m$76m$165m$261m$270m
Enterprise value$823m$907m$1.3bn$1.3bn$1.3bn$1.1bn
Multiples
Price / sales 1.3x1.2x1.4x1.1x0.8x0.6x
Price / earnings —123.7x48.5x61.6x51.5x41.5x
Price / free cash flow 27.8xn/m102.4x———
EV / EBITDA 15.1x17.7x15.8x13.8x12.3x9.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

25 /100

Weak moat

How hard First Watch Restaurant Group's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 0.7% of total assets over 6 years.

  • Durability 10 / 20

    Operating margin has been a median 2.8%; its worst year was 1.9%.

  • Cash conversion 5 / 20

    Free cash flow was positive in 3 of 6 years, at a median 0.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, before the open. Analysts expect revenue of $349m and EPS of $0.03 (range −$0.03 to $0.05) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.11 −73% $1.4bn +14%
Next $0.23 +108% $1.5bn +12%

Next year's EPS estimate has moved −12.2% in 90 days, across 9 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −33.7% on 90 days ago. In the last 30 days, 1 analyst raised First Watch Restaurant Group, Inc.'s forecast and 4 cut it.

Consensus EPS forecast First Watch Restaurant Group, Inc., last 90 days
$0.10 $0.15 $0.20 $0.25 $0.30 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.17 Current fiscal year, 60 days ago: $0.17 Current fiscal year, 30 days ago: $0.13 Current fiscal year, 7 days ago: $0.13 Current fiscal year, Now: $0.11 $0.11 Next fiscal year, 90 days ago: $0.27 Next fiscal year, 60 days ago: $0.25 Next fiscal year, 30 days ago: $0.25 Next fiscal year, 7 days ago: $0.25 Next fiscal year, Now: $0.23 $0.23

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.17$0.27
60 days ago $0.17$0.25
30 days ago $0.13$0.25
7 days ago $0.13$0.25
Now $0.11$0.23

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.05 $0.05 −13.1%
Mar 2026 −$0.03 −$0.02 +22.0%
Dec 2025 $0.07 $0.26 +280.4%
Sept 2025 $0.07 $0.06 −15.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • Total revenue growth 52-week fiscal year ending December 27, 2026 12.5% growth to 14% growth
    “Total revenue growth of 12.5% to 14.0% (1)” source
  • Same-Restaurant Sales Growth 52-week fiscal year ending December 27, 2026 1.5% to 3%
    “Same-Restaurant Sales Growth of 1.5% to 3.0%” source
  • Adjusted EBITDA 52-week fiscal year ending December 27, 2026 $133m to $136m Non-GAAP
    “Adjusted EBITDA (2) of $133.0 million to $136.0 million (1)” source
  • Net new System-wide restaurants 52-week fiscal year ending December 27, 2026 60 to 62
    “60 to 62 net new System-wide restaurants, including 2 company-owned restaurant closures (53 to 54 new company-owned restaurants and 9 to 10 new franchise-owned restaurants)” source
  • Capital expenditures 52-week fiscal year ending December 27, 2026 $145m to $150m
    “Capital expenditures of $145.0 million to $150.0 million invested primarily in new restaurant projects and planned remodels (3)” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

10 analysts, Nov 2026
Buy10100%
Hold00%
Sell00%

Monthly trend

  1. Nov 20261010
  2. Oct 20261010
  3. Sep 202611011

Counts of recommendations published by analysts covering First Watch Restaurant Group, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
11.7%
of tradable shares
Days to cover
4.07
at average volume
Short interest, 1 month
−1%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.9%
of shares
Employees
18,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −21.5%

$16.49 on October 31, 2025 to $12.95

ThenNowEffect
Revenue (last 12 months) $1.1bn $1.3bn +19.3%
Net margin 0.4% 1.4% +265.2%
P/E multiple n/m 45.7x −81.7%
Share count 62m 63m −1.5%

Biggest factor: p/e multiple.

Last 3 years −24.7%

$17.20 on November 3, 2023 to $12.95

ThenNowEffect
Revenue (last 12 months) $800m $1.3bn +64.7%
Net margin 3.0% 1.4% −55.4%
P/E multiple 42.9x 45.7x +6.6%
Share count 61m 63m −3.7%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
FWRG−19%+49%−7%−19%−14%
Industry peers (median)−15%+15%+0%−8%+6%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
FWRG33%67%50%67%46%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
FWRG−32%−19%−48%−33%−42%
S&P 500−25%−10%−8%−19%−9%

Worst fall since October 1, 2021: 60% from April 30, 2024 to September 17, 2026. Getting back needed a 153% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$10.11 – $18.56
From 52-week high
−30.2%
vs 50-day average
+13.9%
vs 200-day average
+4.3%
Volatility (1 year)
55%
Beta vs S&P 500
0.80

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 4 down
typical move ±8.8%
After a week
5 up, 6 down
typical move ±7.9%
After a month
6 up, 5 down
typical move ±10.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +2.9% +1.6% −5.8% −3.1%
May 5, 2026 −0.3% +2.2% −7.0% −16.1%
February 24, 2026 −19.2% +1.6% −20.0% −27.3%
January 12, 2026 +4.4% 0.0% +4.7% +6.5%
November 4, 2025 +13.2% −0.8% +9.8% +14.1%
August 5, 2025 +9.2% +0.3% +3.2% +8.2%
May 6, 2025 −14.1% −0.4% −8.8% −19.8%
March 11, 2025 −5.9% −0.3% −8.0% −3.0%
January 13, 2025 +0.9% +0.3% −1.0% +2.0%
November 7, 2024 +15.5% +1.2% +3.7% +3.9%
August 6, 2024 +10.8% +0.2% +15.3% +11.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

First Watch Restaurant Group, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) First Watch Restaurant Group, Inc.
$800M $1B $1.2B $1.4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $891.6M Revenue (TTM), FY24 Q1: $922.6M Revenue (TTM), FY24 Q2: $964.9M Revenue (TTM), FY24 Q3: $997.3M Revenue (TTM), FY24 Q4: $1B Revenue (TTM), FY25 Q1: $1.1B Revenue (TTM), FY25 Q2: $1.1B Revenue (TTM), FY25 Q3: $1.2B Revenue (TTM), FY25 Q4: $1.2B Revenue (TTM), FY26 Q1: $1.3B Revenue (TTM), FY26 Q2: $1.3B Revenue (TTM), FY26 Q3: $1.4B $1.4B

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $891.6M
FY24 Q1 $922.6M
FY24 Q2 $964.9M
FY24 Q3 $997.3M
FY24 Q4 $1B
FY25 Q1 $1.1B
FY25 Q2 $1.1B
FY25 Q3 $1.2B
FY25 Q4 $1.2B
FY26 Q1 $1.3B
FY26 Q2 $1.3B
FY26 Q3 $1.4B
Revenue growth, TTM YoY First Watch Restaurant Group, Inc.
10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 22.1% Revenue growth, TTM YoY, FY24 Q1: 20.1% Revenue growth, TTM YoY, FY24 Q2: 20.6% Revenue growth, TTM YoY, FY24 Q3: 19.8% Revenue growth, TTM YoY, FY24 Q4: 13.9% Revenue growth, TTM YoY, FY25 Q1: 14.4% Revenue growth, TTM YoY, FY25 Q2: 14.5% Revenue growth, TTM YoY, FY25 Q3: 17.3% Revenue growth, TTM YoY, FY25 Q4: 20.3% Revenue growth, TTM YoY, FY26 Q1: 20.4% Revenue growth, TTM YoY, FY26 Q2: 19.3% Revenue growth, TTM YoY, FY26 Q3: 15.6% 15.6%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 22.1%
FY24 Q1 20.1%
FY24 Q2 20.6%
FY24 Q3 19.8%
FY24 Q4 13.9%
FY25 Q1 14.4%
FY25 Q2 14.5%
FY25 Q3 17.3%
FY25 Q4 20.3%
FY26 Q1 20.4%
FY26 Q2 19.3%
FY26 Q3 15.6%
Operating margin (TTM) First Watch Restaurant Group, Inc.
1% 2% 3% 4% 5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 4.6% Operating margin (TTM), FY24 Q1: 4.1% Operating margin (TTM), FY24 Q2: 4.5% Operating margin (TTM), FY24 Q3: 4.2% Operating margin (TTM), FY24 Q4: 3.8% Operating margin (TTM), FY25 Q1: 2.6% Operating margin (TTM), FY25 Q2: 1.7% Operating margin (TTM), FY25 Q3: 1.9% Operating margin (TTM), FY25 Q4: 2.3% Operating margin (TTM), FY26 Q1: 2.2% Operating margin (TTM), FY26 Q2: 2.1% Operating margin (TTM), FY26 Q3: 2.2% 2.2%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 4.6%
FY24 Q1 4.1%
FY24 Q2 4.5%
FY24 Q3 4.2%
FY24 Q4 3.8%
FY25 Q1 2.6%
FY25 Q2 1.7%
FY25 Q3 1.9%
FY25 Q4 2.3%
FY26 Q1 2.2%
FY26 Q2 2.1%
FY26 Q3 2.2%
FCF margin (TTM) First Watch Restaurant Group, Inc.
-3% -2% -1% 0% 1% 2% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 1.3% FCF margin (TTM), FY24 Q1: 0.2% FCF margin (TTM), FY24 Q2: -1.6% FCF margin (TTM), FY24 Q3: -0.3% FCF margin (TTM), FY24 Q4: -1.2% FCF margin (TTM), FY25 Q1: -2.4% FCF margin (TTM), FY25 Q2: -2.7% FCF margin (TTM), FY25 Q3: -2.7% FCF margin (TTM), FY25 Q4: -2.6% FCF margin (TTM), FY26 Q1: -0.8% FCF margin (TTM), FY26 Q2: -1.7% FCF margin (TTM), FY26 Q3: -1.6% -1.6%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 1.3%
FY24 Q1 0.2%
FY24 Q2 -1.6%
FY24 Q3 -0.3%
FY24 Q4 -1.2%
FY25 Q1 -2.4%
FY25 Q2 -2.7%
FY25 Q3 -2.7%
FY25 Q4 -2.6%
FY26 Q1 -0.8%
FY26 Q2 -1.7%
FY26 Q3 -1.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar First Watch Restaurant Group took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $1.2B
  2. Selling, general and admin $129M · 10.5%
  3. Other operating costs $1.1B · 87.2%
  4. Operating income $27.5M · 2.3%
  5. Interest and other $8.1M · 0.7%
  6. Net income $19.4M · 1.6%

Shares of revenue. Source: First Watch Restaurant Group's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 436 342 601 730 892 1,016 1,223 1,352
EBITDA −10 −16 55 51 82 97 103 116
Operating income −38 −47 22 17 41 39 28 29
Net income −45 −50 −2 7 25 19 19 20
Diluted EPS −$1.01 −$1.10 −$0.04 $0.11 $0.41 $0.30 $0.31 $0.31
Growth (year on year)
Revenue — −21.5% +75.6% +21.5% +22.1% +13.9% +20.3% +15.6%
EBITDA — — — −6.4% +61.3% +17.1% +6.1% +25.3%
Operating income — — — −24.0% +144.0% −5.7% −29.3% —
Net income — — — — — −25.4% — —
Diluted EPS — — — — — −26.8% — —
Margins
EBITDA margin −2.2% −4.8% 9.1% 7.0% 9.3% 9.5% 8.4% 8.6%
Operating margin −8.6% −13.8% 3.7% 2.3% 4.6% 3.8% 2.3% 2.2%
Net margin −10.4% −14.5% −0.4% 0.9% 2.8% 1.9% 1.6% 1.5%
Free-cash-flow margin −8.6% −13.2% 4.6% 0.1% 1.3% −1.2% −2.5% −1.6%
Cash flow
Cash from operations 21 −18 63 63 95 116 126 129
Capital spending 59 27 35 62 83 128 157 150
Free cash flow −38 −45 28 1 12 −12 −31 −21
Stock-based pay 1 1 9 10 8 9 11 13
Free cash flow after stock pay −39 −46 19 −10 4 −21 −42 −35
Balance sheet
Cash 11 39 52 50 50 33 21 21
Total debt 0 290 105 102 125 198 282 291
Net debt (negative = net cash) −11 251 53 53 76 165 261 270
Diluted shares 45m 45m 48m 60m 61m 62m 63m 63m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · September 27, 2026
What it owns · $1.9bn
Short-term assets $47mLonger-term assets $1.8bn
What it owes, and who funded it · $1.9bn
Short-term liabilities $191mLonger-term liabilities $1.0bnShareholders' equity $644m
  • Short-term assets cover short-term liabilities $47m of assets due within a year against $191m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $47m short-term assets against $1.0bn of longer-dated liabilities.
  • More cash than debt $21m of cash against $275m of debt.
  • Debt below 40% of shareholders' equity Debt is 43% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 19% to 43% over five years.
  • A year's operating cash flow covers at least 20% of debt $129m of operating cash flow against $275m of debt.
  • Operating profit covers interest at least five times over Operating income of $29m against $19m of interest.

From First Watch Restaurant Group, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+1.0%
year over year

Competitors: side by side with peers

Closest by revenue in restaurants
Last 12 months unless stated FWRG CAVA JACK BJRI RRGB SHAK Median
Revenue, last 12 months $1.4bn $1.4bn $1.4bn $1.4bn $1.2bn $1.6bn $1.4bn
Revenue growth, last 12 months 15.6% 26.8% 14.3% 3.5% −3.7% 17.3% 4.6%
Revenue growth, 3-year average 17.5% 28.7% −6.1% 2.1% −2.7% 16.1% 5.1%
Revenue growth, latest quarter 10.7% 31.3% −1.8% 6.4% −2.1% 17.2% 4.5%
Gross margin — 25.2% 73.7% 74.5% — — 68.6%
Operating margin 2.2% 5.2% −3.5% 2.7% −0.4% 3.6% 4.9%
Operating margin, 3-year average 2.8% 4.4% 6.4% 2.2% −1.3% 2.1% 6.9%
Net margin 1.5% 4.8% 2.4% 2.9% −2.5% 2.6% 2.5%
Cash from operations / revenue 9.5% 16.0% 6.3% 8.2% 1.8% 12.3% 11.9%
Free-cash-flow margin −1.6% 3.6% 1.3% 3.2% −0.2% −0.8% 3.4%
Free-cash-flow margin, 3-year average −1.5% 3.1% 2.4% 2.8% −1.4% 1.4% 2.8%
Stock pay / revenue 1.0% 1.4% 0.6% 0.7% 0.3% 1.2% 0.8%
Change in share count 1.0% −0.1% 0.7% −5.8% 7.2% −6.7% 0.2%

Median of all 44 companies we cover in restaurants. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

44 restaurants companies
Measure Company Peer median Rank
Revenue growth Growth 15.6% 4.7% 5 of 44
Change in growth rate Growth -3.7pp +0.3pp 40 of 44
Operating margin Profitability 2.2% 5.2% 27 of 42
Net margin Profitability 1.5% 2.6% 28 of 44
Free-cash-flow margin Cash generation -1.6% 3.6% 37 of 44
Stock pay as % of revenue Cash generation 1.0% 0.8% 26 of 40
Long-term debt as % of assets Balance sheet 14.8% 29.0% 13 of 36
Change in share count Balance sheet 1.0% 0.3% 30 of 42

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 28, 2025
Products and services
Line of business Revenue Share YoY
Franchisor Owned Outlet $1.2B 99.2% ▲ 20.7%
In Restaurant Dining Sales $982M 81.0% ▲ 18.5%
Third Party Delivery Sales $142M 11.7% ▲ 46.0%
Take Out Sales $87.6M 7.2% ▲ 12.5%
Franchise $10.3M 0.8% ▼ 10.6%
Royalty and System Fund Contributions $9.7M 94.0% ▼ 10.7%
Business Combinations Revenues Recognized $398,000 3.9% ▼ 3.6%
Initial Fees $225,000 2.2% ▼ 19.1%

From First Watch Restaurant Group, Inc.'s 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$838M
Institutions reporting
204
Shares held vs prior quarter
▼ 3.7%
Positions opened / closed
31 / 33

Top buyers and sellers, Q2 2026: 119 institutions bought and 94 sold ; the biggest buyer was Balyasny Asset Management L.P (+931K shares) and the biggest seller FMR LLC (−1.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $58.4M 4.5M 7.0% ▲ 11.4%
Manufacturers Life Insurance Company, The $49.3M 3.8M 5.9% ▲ 13.9%
Bank Of New York Mellon Corp $47.9M 3.7M 5.7% ▼ 6.0%
Dimensional Fund Advisors LP $33.5M 2.6M 4.0% ▼ 15.8%
Vanguard Capital Management LLC $31.6M 2.5M 3.8% ▲ 2.1%
Millennium Management LLC $28.3M 2.2M 3.4% ▼ 32.2%
Neuberger Berman Group LLC $26.7M 2.1M 3.2% ▼ 42.1%
Gw&K Investment Management, LLC $25.9M 2.0M 3.1% ▲ 2.4%
Stephens Investment Management Group LLC $25.2M 2.0M 3.0% ▲ 17.7%
Hodges Capital Management Inc. $20.5M 1.6M 2.4% ▲ 7.5%
Emerald Advisers, LLC $19.7M 1.5M 2.3% ▲ 61.2%
Bwcp, LP $19.4M 1.5M 2.3% ▲ 10.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not First Watch Restaurant Group, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.6M 16 trades by 8 insiders · 13% under pre-set plans
Net ▼ $1.6M net selling
Insider Date Trade Shares Price Value
Eisenacher Matthew Chief Brand Officer March 17, 2026 Sell 2,760 $12.52 $34,555
Wolszczak Jay Anthony Chief Legal Officer, GC & Secy March 17, 2026 Sell 3,161 $12.52 $39,576
Hope H Melville Iii CFO and Treasurer March 17, 2026 Sell 3,878 $12.52 $48,553
Sorensen Laura Anne Chief People Officer March 17, 2026 Sell 1,697 $12.52 $21,246
Tomasso Christopher Anthony President and CEO March 17, 2026 Sell 25,062 $12.52 $313,776
Hartman Eric Richard Chief Development Officer March 17, 2026 Sell 1,819 $12.52 $22,774
Jones John Daniel Chief Operations Officer March 17, 2026 Sell 1,697 $12.52 $21,246
Sorensen Laura Anne Chief People Officer March 10, 2026 Sell 4,732 $12.59 $59,576
Eisenacher Matthew Chief Brand Officer March 10, 2026 Sell 6,070 $12.59 $76,421
Jones John Daniel Chief Operations Officer March 10, 2026 Sell 4,600 $12.59 $57,914
Wolszczak Jay Anthony Chief Legal Officer, GC & Secy March 10, 2026 Sell 6,998 $12.59 $88,105
Hope H Melville Iii CFO and Treasurer March 10, 2026 Sell 7,358 $12.59 $92,637

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

In the last 12 months, 2 members of Congress disclosed 2 purchases and 1 sale of First Watch Restaurant Group, Inc. shares.

  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded April 6, 2026, filed May 19, 2026
  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded March 5, 2026, filed April 8, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded November 26, 2025, filed December 15, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 22, 2027 estimated from the company's past filing pattern, not announced

  • November 3, 2026
  • August 4, 2026
  • May 5, 2026
  • February 24, 2026
  • January 12, 2026
  • November 4, 2025

Recent SEC filings

Data status

When each part of this page on First Watch Restaurant Group, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

First Watch Restaurant Group, Inc. in brief

What does First Watch Restaurant Group, Inc. do?
First Watch Restaurant Group, Inc. is a US-listed company in the restaurants industry. Its financial year ends in December.
What is First Watch Restaurant Group, Inc.'s stock ticker?
First Watch Restaurant Group, Inc. trades under the ticker FWRG on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is First Watch Restaurant Group, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, First Watch Restaurant Group, Inc. reported revenue of $1.4B, 15.6% higher than a year earlier, according to its SEC filings.
What is First Watch Restaurant Group, Inc.'s free cash flow?
First Watch Restaurant Group, Inc.'s free-cash-flow margin is -1.6% of revenue over the trailing twelve months, ranking 37 of the 44 restaurants companies we cover.
Who are First Watch Restaurant Group, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Manufacturers Life Insurance Company, The and Bank Of New York Mellon Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is First Watch Restaurant Group, Inc.'s market cap?
On November 2, 2026, First Watch Restaurant Group, Inc.'s market capitalisation was about $814M, with a price-to-earnings ratio of 41.5 and net debt of $270M. Market figures come from third-party market data and may be delayed.
How much debt does First Watch Restaurant Group, Inc. have?
First Watch Restaurant Group, Inc.'s debt-to-equity ratio is 42.7%, from its latest balance sheet (19.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are First Watch Restaurant Group, Inc.'s competitors?
In our Restaurants peer group, the companies closest to First Watch Restaurant Group, Inc. are CAVA Group, Inc., Jack IN The BOX Inc, Bjs Restaurants Inc, RED Robin Gourmet Burgers Inc and Shake Shack Inc. The side-by-side comparison below sets their revenue, margins and growth against First Watch Restaurant Group, Inc.'s.
Are insiders buying or selling First Watch Restaurant Group, Inc. stock?
Over the last 12 months, First Watch Restaurant Group, Inc.'s directors and officers reported 0 open-market purchases and 16 sales on Form 4. The insider trading page charts every trade.
When is First Watch Restaurant Group, Inc.'s next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — First Watch Restaurant Group, Inc. announces its own schedule.