First Watch Restaurant Group Inc
Research First Watch Restaurant Group Inc (FWRG) on Bullrun: valuation model: 21.6% overvalued, market cap USD 694.88M, P/E 39.8. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerFWRG
- ExchangeNASDAQ
- CountryUnited States
- SectorConsumer Cyclical
- IndustryRestaurants
- CurrencyUSD
- Valuation signal21.6% overvalued
- Market capUSD 694.88M
- P/E39.8
- Financial periodQ2 2026
- RevenueUSD 354.67M
- Net incomeUSD 2.34M
- Free cash flow-USD 13.53M
- Gross margin19.5%
Valuation Snapshot
Bullrun's latest valuation model marks First Watch Restaurant Group Inc as 21.6% overvalued; latest market cap is USD 694.88M; P/E is 39.8.
Peer valuation comparison
Latest P/E is 39.84x versus a Consumer Cyclical sector median of 17.69x (125.2% above).
Latest P/E is 39.84x versus a United States median of 23.75x (67.8% above).
Five-year financial history
| Year | Revenue | Net income | Free cash flow | Gross margin | Diluted EPS | Cash | Total debt | Equity |
|---|---|---|---|---|---|---|---|---|
| FY2025 | USD 1.22B | USD 19.43M | -USD 30.99M | 19.2% | 0.31 | USD 21.25M | USD 1.01B | USD 626.28M |
| FY2024 | USD 1.02B | USD 18.93M | -USD 12.24M | 21.0% | 0.3 | USD 33.31M | USD 809.55M | USD 595.39M |
| FY2023 | USD 891.55M | USD 25.39M | USD 12.01M | 21.3% | 0.41 | USD 49.63M | USD 606.97M | USD 561.28M |
| FY2022 | USD 730.16M | USD 6.91M | USD 718.00K | 19.1% | 0.11 | USD 49.67M | USD 507.35M | USD 523.14M |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-10-12 | USD 694.88M | 39.8 | n/a | n/a |
| 2025 | 2025-12-31 | USD 921.87M | 48.6 | n/a | n/a |
| 2024 | 2024-12-31 | USD 1.13B | 62.0 | n/a | n/a |
| 2023 | 2023-12-29 | USD 1.20B | 55.8 | n/a | n/a |
| 2022 | 2022-12-30 | USD 801.12M | 338.3 | n/a | n/a |
| 2021 | 2021-12-31 | USD 989.65M | n/a | n/a | n/a |
About First Watch Restaurant Group Inc
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.
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Frequently asked questions
Is First Watch Restaurant Group Inc overvalued or undervalued?
Bullrun's valuation model currently marks First Watch Restaurant Group Inc as 21.6% overvalued.
What is First Watch Restaurant Group Inc's market cap?
First Watch Restaurant Group Inc's market capitalization is USD 694.88M.
What is First Watch Restaurant Group Inc's P/E ratio?
First Watch Restaurant Group Inc's price-to-earnings (P/E) ratio is 39.8.
What does First Watch Restaurant Group Inc do?
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.