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First Watch Restaurant Group, Inc. logo

First Watch Restaurant Group, Inc.

FWRG

NASDAQConsumer CyclicalRestaurants

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Previous close

$13.03

+$0.40 · +3.17%

Aug 21, 4:00 PM ET

FWRG company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

69

Undervalued

Momentum

35

Weakening

Sentiment

63

Bullish

Risk resilience

41

Elevated Risk

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AI-generated, informational only, and not investment advice.

Company profile

Company website

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.

Industry
Restaurants
Sector
Consumer Cyclical
Headquarters
US
CEO
Christopher A. Tomasso
Listed since
Oct 1, 2021
Employees
18,000

Market position

Day range

Current $13.03

52-week range

Current $13.03

Open
$12.91
Previous close
$12.63
Volume
793.99K
0.63× average
Average volume
1.25M
Average daily volume
Market cap
804.11M USD
Beta
1.04
Market reference 1
50-day average
$12.4253
+4.87% above average
200-day average
$13.7286
-5.09% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
1.93B USD
P/E (TTM)
44.14×
P/B (TTM)
1.27×
P/S (TTM)
0.61×
EV / EBITDA
18.57×
Earnings yield
2.07%
Free cash flow yield
-3.29%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
33.70%
Operating margin
4.25%
Net margin
1.35%
Return on equity
3.10%
Return on assets
1.12%
Return on invested capital
2.03%

Financial health

Debt / equity
1.69×
Current ratio
0.29×
Altman Z-score
1.05
Piotroski F-score
6 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends86%55%23%-8%Gross margin, FY2021: 20.66%Gross margin, FY2022: 19.11%Gross margin, FY2023: 21.32%Gross margin, FY2024: 78.04%Gross margin, FY2025: 13.04%Operating margin, FY2021: 3.70%Operating margin, FY2022: 2.32%Operating margin, FY2023: 4.63%Operating margin, FY2024: 3.83%Operating margin, FY2025: 2.76%Net margin, FY2021: -0.35%Net margin, FY2022: 0.95%Net margin, FY2023: 2.85%Net margin, FY2024: 1.86%Net margin, FY2025: 1.59%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 20.66%. Gross margin FY2022 19.11%. Gross margin FY2023 21.32%. Gross margin FY2024 78.04%. Gross margin FY2025 13.04%. Operating margin FY2021 3.70%. Operating margin FY2022 2.32%. Operating margin FY2023 4.63%. Operating margin FY2024 3.83%. Operating margin FY2025 2.76%. Net margin FY2021 -0.35%. Net margin FY2022 0.95%. Net margin FY2023 2.85%. Net margin FY2024 1.86%. Net margin FY2025 1.59%.

Income trends

Revenue

1.22B USD+20.34%

Operating income

33.77M USD-13.20%

Net income

19.43M USD+2.68%
Income trends across reported periods1.34B USD855.12M USD365.28M USD−124.57M USDRevenue, FY2021: 601.19M USDRevenue, FY2022: 730.16M USDRevenue, FY2023: 891.55M USDRevenue, FY2024: 1.02B USDRevenue, FY2025: 1.22B USDOperating income, FY2021: 22.24M USDOperating income, FY2022: 16.91M USDOperating income, FY2023: 41.27M USDOperating income, FY2024: 38.91M USDOperating income, FY2025: 33.77M USDNet income, FY2021: −2.11M USDNet income, FY2022: 6.91M USDNet income, FY2023: 25.39M USDNet income, FY2024: 18.93M USDNet income, FY2025: 19.43M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 601.19M USD. Revenue FY2022 730.16M USD. Revenue FY2023 891.55M USD. Revenue FY2024 1.02B USD. Revenue FY2025 1.22B USD. Operating income FY2021 22.24M USD. Operating income FY2022 16.91M USD. Operating income FY2023 41.27M USD. Operating income FY2024 38.91M USD. Operating income FY2025 33.77M USD. Net income FY2021 −2.11M USD. Net income FY2022 6.91M USD. Net income FY2023 25.39M USD. Net income FY2024 18.93M USD. Net income FY2025 19.43M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue1.22B USD1.02B USD891.55M USD730.16M USD601.19M USD
Cost of goods sold1.06B USD223.1M USD701.43M USD590.63M USD476.96M USD
Gross profit159.44M USD792.81M USD190.12M USD139.54M USD124.24M USD
Selling, general, and administrative128.95M USD113.27M USD103.12M USD84.96M USD70.39M USD
Operating expenses125.67M USD753.91M USD148.85M USD122.62M USD101.99M USD
Interest expense16.7M USD12.64M USD8.06M USD5.23M USD20.1M USD
Depreciation and amortization75.01M USD57.72M USD41.22M USD34.23M USD32.38M USD
Operating income33.77M USD38.91M USD41.27M USD16.91M USD22.24M USD
Net income19.43M USD18.93M USD25.39M USD6.91M USD−2.11M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
36%
4 beats, 7 misses, 0 met estimates
Average EPS surprise
-16.90%
11 comparable reports
Latest EPS result
0.04
Estimate 0.05 · Miss by 24.03%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.280.160.04-0.08Q1 '25MissQ2 '25MissQ3 '25MissQ4 '25MissQ1 '26BeatQ2 '26MissQ3 '26MissQ4 '26Estimate
Q1 2025, reported Mar 11, 2025: actual 0.01, estimate 0.02, surprise -50.00%, Miss. Q2 2025, reported May 6, 2025: actual -0.01, estimate 0.04, surprise -125.00%, Miss. Q3 2025, reported Aug 5, 2025: actual 0.03, estimate 0.07, surprise -57.14%, Miss. Q4 2025, reported Nov 4, 2025: actual 0.05, estimate 0.08, surprise -37.50%, Miss. Q1 2026, reported Feb 24, 2026: actual 0.24, estimate 0.08, surprise +200.00%, Beat. Q2 2026, reported May 5, 2026: actual -0.04, estimate -0.02, surprise -100.00%, Miss. Q3 2026, reported Aug 4, 2026: actual 0.04, estimate 0.053, surprise -24.03%, Miss. Q4 2026, reported Nov 3, 2026: actual —, estimate 0.08, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates368.86M328.94M289.02M249.1MQ1 '25MissQ2 '25MissQ3 '25BeatQ4 '25MissQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Mar 11, 2025: actual 263.29M USD, estimate 284.11M USD, surprise -7.33%, Miss. Q2 2025, reported May 6, 2025: actual 282.24M USD, estimate 307.14M USD, surprise -8.11%, Miss. Q3 2025, reported Aug 5, 2025: actual 307.89M USD, estimate 306.17M USD, surprise +0.56%, Beat. Q4 2025, reported Nov 4, 2025: actual 316.02M USD, estimate 317.49M USD, surprise -0.46%, Miss. Q1 2026, reported Feb 24, 2026: actual 316.35M USD, estimate 316.32M USD, surprise +0.01%, Beat. Q2 2026, reported May 5, 2026: actual 330.96M USD, estimate 329.35M USD, surprise +0.49%, Beat. Q3 2026, reported Aug 4, 2026: actual 354.67M USD, estimate 351.57M USD, surprise +0.88%, Beat. Q4 2026, reported Nov 3, 2026: actual —, estimate 349.53M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$16.50

26.63% upside
Past 12 months12-month forecastHigh $19.00Average $16.50Low $14.00

Recent analyst actions

12 institutions
DA DavidsonmaintainBuy

FWRG news

gurufocus.com

A Look at First Watch Restaurant Group Inc (FWRG) After 7.3% Gain -- GF Value $22.49 vs Price $12.65

On August 12, 2026, First Watch Restaurant Group Inc (FWRG) shares rose 7.3% today, bringing the current price to $12.65. The stock has traded within a 52-week

Read source
defenseworld.net

First Watch Restaurant Group Q2 Earnings Call Highlights

First Watch Restaurant Group (NASDAQ: FWRG) reported second-quarter revenue growth of 15.2% as positive same-restaurant sales, marketing initiatives and new restaurant openings supported results. The daytime dining chain…

Read source
seekingalpha.com

First Watch Restaurant Group, Inc. (FWRG) Q2 2026 Earnings Call Transcript

First Watch Restaurant Group, Inc. (FWRG) Q2 2026 Earnings Call Transcript

Read source
zacks.com

First Watch Restaurant Group (FWRG) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates

Although the revenue and EPS for First Watch Restaurant Group (FWRG) give a sense of how its business performed in the quarter ended June 2026, it might be worth considering how some key metrics compare with Wall Street…

Read source
zacks.com

First Watch Restaurant Group, Inc. (FWRG) Lags Q2 Earnings Estimates

First Watch Restaurant Group, Inc. (FWRG) came out with quarterly earnings of $0.04 per share, missing the Zacks Consensus Estimate of $0.06 per share. This compares to earnings of $0.03 per share a year ago.

Read source
marketbeat.com

First Watch Restaurant Group Q2 Earnings Call Highlights

First Watch Restaurant Group NASDAQ: FWRG reported second-quarter revenue growth of 15.2% as positive same-restaurant sales, marketing initiatives and new restaurant openings supported results. The daytime dining chain…

Read source

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ETFs holding FWRG

Funds reporting this stock among their holdings, ordered by reported position size.

Vanguard Morningstar Total Stock Market ETF logoVanguard Morningstar Total Stock Market ETFVTI
Market value
23.86M
Weight
0.00%
AUM
2.3T USD
Expense ratio
0.03%
Price / 1D
$378.24+0.44%
iShares Russell 2000 ETF logoiShares Russell 2000 ETFIWM
Market value
19.88M
Weight
0.02%
AUM
81.62B USD
Expense ratio
0.19%
Price / 1D
$299.96+0.77%
iShares Russell 2000 Value ETF logoiShares Russell 2000 Value ETFIWN
Market value
7.12M
Weight
0.05%
AUM
14.66B USD
Expense ratio
0.24%
Price / 1D
$224.81+0.45%
Vanguard Extended Market ETF logoVanguard Extended Market ETFVXF
Market value
6.9M
Weight
0.01%
AUM
93.7B USD
Expense ratio
0.05%
Price / 1D
$245.53+0.82%
Dimensional - US Small Cap Value ETF logoDimensional - US Small Cap Value ETFDFSV
Market value
4.51M
Weight
0.05%
AUM
8.42B USD
Expense ratio
0.30%
Price / 1D
$40.29+0.72%
Vanguard Russell 2000 ETF logoVanguard Russell 2000 ETFVTWO
Market value
4.49M
Weight
0.03%
AUM
17.4B USD
Expense ratio
0.06%
Price / 1D
$121.25+0.74%
Dimensional - US Targeted Value ETF logoDimensional - US Targeted Value ETFDFAT
Market value
3.45M
Weight
0.02%
AUM
14.66B USD
Expense ratio
0.28%
Price / 1D
$71.67+0.67%
Vanguard Consumer Discretionary ETF logoVanguard Consumer Discretionary ETFVCR
Market value
2.94M
Weight
0.04%
AUM
6.6B USD
Expense ratio
0.09%
Price / 1D
$397.13+1.19%

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