First Watch Restaurant Group, Inc. FWRG R2K
Consumer Cyclical · Restaurants · United States
First Watch Restaurant Group, Inc., through its subsidiaries, operates and franchises restaurants under the First Watch trade name in the United States. The company was formerly known as AI Fresh Super Holdco, Inc. and changed its name to First Watch Restaurant Group, Inc. in December 2019. First Watch Restaurant Group, Inc. was founded in 1983 and is based in Bradenton, Florida.
READ MORE ›$11.63
-24.68% 1Y
Market & Price
Market Cap
$716.93M
Current Price
$11.63
High / Low (52W)
$19.17 / $10.11
Beta
1.12
Valuation
Stock P/E
41.54
Industry PE
22.37
Forward P/E
43.78
PEG Ratio
-
Book Value
$10.19
Price to Book
1.14
P/S
0.56
EV/EBITDA
15.25
Dividend Yield
-
Profitability & Returns
ROCE
1.83%
ROE
2.87%
ROA
1.25%
Profit Margin
1.38%
Op Margin
0.82%
EPS (Latest Qtr)
$-0.04
EPS (TTM)
$0.28
Balance Sheet & Liquidity
Debt/Equity
1.64
Quick Ratio
0.17
Current Ratio
0.29
Debt
$1.03B
Total Assets
$1.74B
Current Assets
$49.08M
Working Capital
$-118.42M
Ownership
Promoter Holding
1.75%
Chg in Prom Hold
-
FII / Inst Holding
114.39%
Chg in FII Hold
-
Financial Snapshot
Enterprise Value
$1.72B
Total Revenue (TTM)
$1.27B
EBITDA
$113.10M
Free Cash Flow
$-38.23M
Operating Cash Flow
$140.23M
Shares Outstanding
61.64M
Gross Margin
20.66%
Payout Ratio
0.00%
Growth (CAGR)
Revenue 5Y
18.74%
Profit 5Y
41.17%
Revenue (YoY)
17.30%
Earnings (YoY)
-
PROS
- Compounding revenue at 18.7% over 5 years.
- Profit CAGR of 41.2% over 5 years.
CONS
- Trading 39.3% below its 52-week high.
- In a downtrend (50-DMA below 200-DMA).
* The pros and cons are auto-generated from financial metrics.
Price Chart
Technical Trend
Computed from daily close history using EMA cross, slope, and RSI signals.
Note: intraday data is not stored locally. “Hourly” uses the most recent 10 daily candles as a short-term proxy.
Fundamental Growth
No fundamental data available for this stock.
Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).
Peer comparison
Peer companies in the same sector (Consumer Cyclical).
| # | Name | CMP $ | P/E | Mkt Cap | Div Yld % | ROCE % | ROE % | Rev CAGR 5Y % | Profit CAGR 5Y % |
|---|---|---|---|---|---|---|---|---|---|
| 1 | FWRG First Watch Restaurant Group, Inc. R2K | 11.63 | 41.54 | $716.93M | - | 1.83% | 2.87% | 18.74% | 41.17% |
| 2 | AMZN Amazon.com, Inc. NDXSPXAI | 270.64 | 31.65 | $2.91T | - | 16.60% | 24.29% | 11.73% | 984.47% |
| 3 | TSLA Tesla, Inc. NDXSPXAI | 435.79 | 399.81 | $1.64T | - | 5.29% | 4.90% | 5.19% | -32.94% |
| 4 | HD The Home Depot, Inc. SPX | 317.14 | 22.52 | $316.23B | 2.94% | 28.92% | 128.38% | 1.52% | -6.11% |
| 5 | MCD McDonald's Corporation SPX | 279.20 | 23.04 | $198.37B | 2.66% | 22.63% | - | 5.06% | 11.50% |
| 6 | TJX The TJX Companies, Inc. SPX | 154.75 | 30.11 | $171.12B | 1.24% | 32.91% | 61.25% | 6.53% | 16.24% |
| 7 | BKNG Booking Holdings Inc. NDXSPX | 167.43 | 22.09 | $129.74B | 0.96% | 67.24% | - | 16.35% | 20.90% |
| 8 | LOW Lowe's Companies, Inc. SPX | 214.36 | 18.12 | $120.26B | 2.24% | 29.62% | - | -3.85% | 1.11% |
| 9 | PDD PDD Holdings Inc. NDX | 84.44 | 8.87 | $120.19B | - | 28.69% | 25.40% | 49.00% | 45.85% |
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Quarterly Results
Figures in USD.
| Metric | Sep 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 99.75M | 127.17M | 153.96M | 157.44M | 173.11M | 184.45M | 186.85M | - | 211.41M | 216.30M | 219.21M | - | 242.45M | 258.56M | 251.61M | 282.24M | 307.89M | 316.02M | 316.35M | 330.96M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 233.47M | 248.21M | 251.96M | 254.41M | 267.29M |
| Gross Profit | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 48.77M | 59.68M | 64.06M | 61.94M | 63.67M |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 46.78M | 51.32M | 53.41M | 52.46M | 61.34M |
| Operating Income | -8.62M | 3.85M | 12.31M | 7.15M | 7.76M | 5.05M | 2.62M | - | 15.33M | 11.34M | 7.74M | - | 12.29M | 16.45M | 6.31M | 2.00M | 8.36M | 10.65M | 9.48M | 2.33M |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 18.35M | 25.71M | 29.90M | 29.87M | 22.74M |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.33M | 4.00M | 4.57M | 4.79M | 4.78M |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -1.54M | 3.58M | 5.67M | 4.42M | -3.43M |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -708.00K | 1.47M | 2.68M | -10.74M | -749.00K |
| Net Income | -11.14M | -2.04M | 3.81M | 783.00K | 4.64M | 2.71M | 46.00K | 6.91M | 9.36M | 7.96M | 5.42M | 25.39M | 7.21M | 8.90M | 2.11M | -829.00K | 2.11M | 2.99M | 15.16M | -2.69M |
| Diluted EPS | -0.25 | -0.05 | 0.08 | 0.02 | 0.08 | 0.05 | 0.00 | - | 0.15 | 0.13 | 0.09 | - | 0.12 | 0.14 | 0.03 | -0.01 | 0.03 | 0.05 | 0.24 | -0.04 |
Profit & Loss (Annual)
Figures in USD.
| Metric | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 436.37M | 342.39M | - | 730.16M | 891.55M | 1.02B | 1.22B |
| Cost of Revenue | - | - | - | 590.63M | 701.43M | 802.91M | 988.05M |
| Gross Profit | - | - | - | 139.53M | 190.12M | 213.00M | 234.45M |
| Operating Expenses | - | - | - | 119.19M | 144.34M | 170.99M | 203.96M |
| Operating Income | -37.56M | -47.22M | - | 20.35M | 45.77M | 42.02M | 30.49M |
| EBITDA | - | - | - | 52.05M | 85.36M | 98.38M | 103.84M |
| Interest Expense | - | - | - | 5.23M | 8.06M | 12.64M | 16.70M |
| Pretax Income | - | - | - | 12.59M | 36.08M | 28.03M | 12.13M |
| Tax Provision | - | - | - | 5.68M | 10.69M | 9.10M | -7.30M |
| Net Income | -45.44M | -49.68M | - | 6.91M | 25.39M | 18.93M | 19.43M |
| Diluted EPS | -1.01 | -1.10 | - | 0.11 | 0.41 | 0.30 | 0.31 |
Compounded Sales Growth
| 5 Years: | 18.74% |
| 1 Year: | 17.30% |
Compounded Profit Growth
| 5 Years: | 41.17% |
| 1 Year: | - |
Stock Price Performance
| 1 Year: | -24.68% |
| 6 Months: | -35.03% |
| 3 Months: | -6.66% |
| 1 Month: | -9.91% |
Balance Sheet (Annual)
Figures in USD.
| Metric | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | - | - | 1.01B | - | 1.10B | 1.27B | 1.51B | 1.74B |
| Current Assets | - | - | - | - | 67.29M | 71.19M | 55.88M | 49.08M |
| Cash & Equivalents | - | - | 38.85M | - | 49.67M | 49.63M | 33.31M | 21.25M |
| Inventory | - | - | - | - | 5.03M | 5.38M | 6.12M | 7.17M |
| Receivables | - | - | - | - | 2.05M | 2.95M | 2.43M | 2.98M |
| Total Liabilities | - | - | 686.65M | - | 581.31M | 705.76M | 918.97M | 1.12B |
| Current Liabilities | - | - | 76.53M | - | 99.98M | 115.07M | 138.47M | 167.50M |
| Long Term Debt | - | - | - | - | 94.67M | 119.77M | 189.04M | 269.07M |
| Total Debt | - | - | - | - | 507.35M | 606.97M | 809.55M | 1.01B |
| Total Equity | 374.67M | 329.80M | 320.87M | - | 523.13M | 561.28M | 595.39M | 626.28M |
| Shares Outstanding | - | - | - | - | 59.21M | 59.89M | 60.70M | 61.13M |
Cash Flows (Annual)
Figures in USD.
| Metric | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 21.46M | -18.36M | - | 62.94M | 95.34M | 115.67M | 125.91M |
| Investing Cash Flow | -82.39M | -26.97M | - | -63.11M | -123.37M | -206.65M | -213.76M |
| Financing Cash Flow | 55.76M | 73.31M | - | -2.02M | 28.07M | 74.33M | 75.79M |
| Capital Expenditure | -59.17M | -26.75M | - | -63.33M | -83.49M | -128.01M | -157.76M |
| Free Cash Flow | -37.70M | -45.11M | - | -393.00K | 11.85M | -12.34M | -31.84M |
| Net Change in Cash | - | - | - | -2.19M | 38.00K | -16.65M | -12.07M |
Ratios (Annual)
Figures in %.
| Metric | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Gross Margin % | - | - | - | 19.1% | 21.3% | 21.0% | 19.2% |
| Operating Margin % | -8.6% | -13.8% | - | 2.8% | 5.1% | 4.1% | 2.5% |
| Net Margin % | -10.4% | -14.5% | - | 0.9% | 2.8% | 1.9% | 1.6% |
| ROE % | -13.8% | -15.5% | - | 1.3% | 4.5% | 3.2% | 3.1% |
| ROCE % | - | -5.1% | - | 2.0% | 4.0% | 3.1% | 1.9% |
Shareholding Pattern
Insiders
1.75%
Institutions
114.39%
Public Float
116.42%
Top Institutional Holders
| # | Holder | % Held | Shares | Value |
|---|---|---|---|---|
| 1 | Blackrock Inc. | 6.61% | 4.07M | $47.35M |
| 2 | Bank Of New York Mellon Corporation | 6.42% | 3.96M | $46.03M |
| 3 | Neuberger Berman Group, LLC | 5.80% | 3.57M | $41.57M |
| 4 | Manufacturers Life Insurance Co. | 5.45% | 3.36M | $39.05M |
| 5 | Millennium Management Llc | 5.24% | 3.23M | $37.59M |
| 6 | Dimensional Fund Advisors LP | 5.00% | 3.08M | $35.88M |
| 7 | Vanguard Capital Management LLC | 3.90% | 2.40M | $27.94M |
| 8 | Riverbridge Partners LLC | 3.39% | 2.09M | $24.33M |
| 9 | FMR, LLC | 3.24% | 2.00M | $23.20M |
| 10 | GW&K Investment Management, LLC | 3.18% | 1.96M | $22.79M |
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Analyst aggregate. Targets and ratings update periodically; not investment advice.
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