First Watch Restaurant Group, Inc.: stock overview

FWRGNASDAQConsumer cyclical · Retail-Eating Places

Price

$13.18

November 13, 2026Market cap $806M

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  • The full history: 7 fiscal years, from FY2019
  • The estimated fair value, with its range and its certainty
  • The full analysis, 18 a month
  • More questions to the chat on its filings
  • Excel with every year
  • An email when it reports, changes its dividend or an officer buys

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Notes on these figures

  • Most of the reported profit is a tax credit, not money earned from customers. We leave out the P/E and the earnings growth, which would not compare with a company that paid tax.

In short

First Watch Restaurant had revenue of $1.4B over the last 12 months and net income of $20M, a net margin of 1.5%. Revenue grew by 29.0% a year on average over the last 5 years. It has net debt of $270M. It pays no dividend.

From its SEC filings (latest fiscal year to December 28, 2025) and the price of November 13, 2026.

Its SEC filings
Market cap
$806M
61.14M shares
P/E
–
median of 3 years: 51.3
Revenue, 12 months
$1.4B
+29.0% a year over 5 years
Net margin
1.5%
FY2025: 1.6%, above 40% of its industry

Worth knowing

What a holder would want to hear from the company's SEC filings of the last three years. Each with its filing, without comment.

3 fiscal years in figures

Each fiscal year's figures as the company filed them, and the share price at its end.

2023–FY2025 fiscal years

+17.1% a year over 2 years

  • FY2025Dec 28, 202510-K
    Revenue$1.2B
  • FY2024Dec 29, 202410-K
    Revenue$1.0B
  • 202310-K
    Revenue$892M

Fiscal years in figures

FWRG's revenue, profit, cash flow and dividend with each year-end price, from FY2019 to FY2022, 4 more fiscal years

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Key figures

The company's current figures in five groups. Each term is explained behind its ⓘ.

Valuation

Market cap 3-year median: $1.1B
$806M
Enterprise value 
$1.1B
P/E 3-year median: 51.3
–
EV / EBIT 
36.8
EV / Revenue 
0.8
P/B 3-year median: 1.9
1.3
FCF yield 3-year median: -1.1%
–
Earnings yield 3-year median: 1.9%
–

Profitability

Operating margin 
2.2%
Net margin 3-year median: 1.9%
1.5%
ROIC 
2.5%
ROIC, 5-year average 
3.2%
ROE 
3.1%

Growth

Revenue, yearly change 
+20.3%
EPS, yearly change 
–
FCF, yearly change 
–
Revenue, average a year 
+29.0%

The yearly change compares FY2025 with FY2024.

Balance sheet

Cash 
$21M
Total debt 
$1.1B
Of which operating leases 
$798M
Net debt 
$270M
Net debt / EBITDA 
2.6x
Interest cover 
1.5x
Current ratio 
0.25

Balance sheet of September 27, 2026.

Returns to shareholders

Dividend yield 
0.00%
Buybacks 
–
Total returned 
0.00%
Shares, yearly change 
+0.7%
Valuation against its own pastEach fiscal year's P/E, P/FCF and P/B beside today's, and the DCF calculator for the company.Valuation

Against its industry

Where its margins and returns stood in fiscal 2025 among the SEC filers of its industry (SIC code 58).

Operating margin

2.3%

Above 35% of the 44 companies in its industry, and 41% of all.

Net margin

1.6%

Above 40% of the 46 companies in its industry, and 40% of all.

ROE

3.1%

Above 32% of the 33 companies in its industry, and 38% of all.

ROA

1.1%

Above 36% of the 46 companies in its industry, and 46% of all.

Revenue growth

20.3%

Above 90% of the 45 companies in its industry, and 82% of all.

From the yearly figures every company files with the SEC, for those with revenue of at least $25 million. The industry is the first two digits of the SIC code.

The company at the SEC

How it is registered and when its fiscal year ends.

Name at the SEC
First Watch Restaurant Group, Inc.
CIK
1789940
Exchange
NASDAQ
Industry (SIC)
5812 · Retail-Eating Places
Fiscal year ends
December 28
Latest annual report
December 28, 2025
Reporting currency
USD
Shares
61.14M

Other companies: Consumer cyclical

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The full analysis

What do First Watch Restaurant's filings show?

These are First Watch Restaurant's figures. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

  • A fair value range built from the filings
  • Earnings quality, debt and red flags
  • Insider and institutional moves
  • The case for and the case against

Questions about FWRG

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Ask us
What is FWRG's market cap?

First Watch Restaurant Group, Inc.'s market cap is $806M, at a price of $13.18 on November 13, 2026 and 61.14M shares.

How much revenue does FWRG have?

First Watch Restaurant had revenue of $1.4B over the last 12 months. Over the last 5 years it changed by +29.0% a year on average.

Does FWRG pay a dividend?

No. First Watch Restaurant paid no regular dividend over the last 12 months.

Where do the figures come from?

From First Watch Restaurant Group, Inc.'s SEC filings (10-K and 10-Q) and the share price. They hold no analyst estimates and no score, and they are not a recommendation.

Related pages

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

US stocksThe market today, the sectors, the largest companies and the week's results.The market's sectorsThe 11 sectors side by side: returns, share of the market, median P/E and dividend.Compare stocksTwo companies side by side: price over up to ten years, with and without dividends, and every figure.US dividend stocksEach dividend's yield next to whether the company's cash covers it and whether it was ever cut.

The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.