Symbols / FWRG Stock $13.16 -0.90% First Watch Restaurant Group, Inc.

Consumer Cyclical • Restaurants • United States • NMS
FWRG (Stock) Chart
O: — H: — L: — C: — V: —
SMA 20: SMA 50: SMA 200:
Stock Fundamentals
Scroll to Statements
Index EQUITY
Sector Consumer Cyclical
Industry Restaurants
CEO Mr. Christopher A. Tomasso
Exch · Country NMS · United States
Market Cap 810.99M
Enterprise Value 1.79B
Income 19.43M
Sales 1.22B
FCF (ttm) -61.10M
Book/sh 10.24
Cash/sh 0.35
Employees 17,500
Insider 10d
IPO Oct 01, 2021
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 0.00%
P/E 42.45
Forward P/E 44.83
PEG
P/S 0.66
P/B 1.28
P/C
EV/EBITDA 16.48
EV/Sales 1.47
Quick Ratio 0.17
Current Ratio 0.29
Debt/Eq 161.20
LT Debt/Eq
EPS (ttm) 0.31
EPS next Y 0.29
EPS Growth 22.90%
Revenue Growth 20.20%
EPS Gr Q/Q 20.69%
Rev Gr Q/Q
Earnings (next) 2026-05-05
Earnings (prior) 2026-02-24
ROA 1.30%
ROE 3.18%
ROIC
Gross Margin 20.24%
Oper. Margin 3.17%
Profit Margin 1.59%
Shs Outstand 61.63M
Shs Float 60.28M
Insider Own 1.58%
Instit Own 126.62%
Short Float 10.55%
Short Ratio 3.61
Short Interest 5.80M
52W High 19.53
vs 52W High -32.62%
52W Low 10.09
vs 52W Low 30.43%
Beta 0.98
Impl. Vol. 3.13%
Rel Volume 0.35
Avg Volume 1.80M
Volume 638.46K
Target (mean) $19.33
Tgt Median $19.50
Tgt Low $15.00
Tgt High $22.00
# Analysts 12
Recom Strong_buy
Prev Close $13.28
Price $13.16
Change -0.90%
About

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.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus Mean price target
2. Current target Latest analyst target
3. DCF / Fair value Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$13.16
Low
$15.00
High
$22.00
Mean
$19.33

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-04-20 main Benchmark Buy → Buy $22
2026-03-06 init DA Davidson — → Buy
2026-02-25 main Citigroup Buy → Buy $21
2026-02-25 main Barclays Overweight → Overweight $17
2026-02-25 main Guggenheim Buy → Buy $21
2026-02-25 main Stephens & Co. Overweight → Overweight $21
2026-02-24 main TD Cowen Buy → Buy $18
2026-01-07 main Barclays Overweight → Overweight $19
2025-08-06 main Stephens & Co. Overweight → Overweight $24
2025-08-06 main Benchmark Buy → Buy $24
2025-07-29 main TD Cowen Buy → Buy $21
2025-07-18 main B of A Securities Buy → Buy $21
2025-07-17 main Raymond James Strong Buy → Strong Buy $22
2025-07-17 main Barclays Overweight → Overweight $21
2025-06-04 reit TD Securities Buy → Buy $19
2025-05-08 main Guggenheim Buy → Buy $22
2025-05-07 main Benchmark Buy → Buy $22
2025-05-07 reit Raymond James Strong Buy → Strong Buy $21
2025-05-07 main Piper Sandler Overweight → Overweight $20
2025-05-07 main Stephens & Co. Overweight → Overweight $23
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-03-17 HOPE HENRY MELVILLE III Chief Financial Officer 3,878 $12.52 $48,553
2026-03-17 JONES JOHN DANIEL Chief Operating Officer 1,697 $12.52 $21,246
2026-03-17 SORENSEN LAURA ANNE Officer 1,697 $12.52 $21,246
2026-03-17 HARTMAN ERIC RICHARD Officer 1,819 $12.52 $22,774
2026-03-17 TOMASSO CHRISTOPHER ANTHONY Chief Executive Officer 25,062 $12.52 $313,776
2026-03-17 WOLSZCZAK JAY ANTHONY General Counsel 3,161 $12.52 $39,576
2026-03-17 EISENACHER MATTHEW Officer 2,760 $12.52 $34,555
2026-03-12 TOMASSO CHRISTOPHER ANTHONY Chief Executive Officer 71,768 $0.00 $0
2026-03-10 HOPE HENRY MELVILLE III Chief Financial Officer 7,358 $12.59 $92,637
2026-03-10 JONES JOHN DANIEL Chief Operating Officer 4,600 $12.59 $57,914
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
1,222.50
+20.34%
1,015.91
+13.95%
891.55
+22.10%
730.16
Operating Revenue
1,222.50
+20.34%
1,015.91
+13.95%
891.55
+22.10%
730.16
Cost Of Revenue
988.05
+23.06%
802.91
+14.47%
701.43
+18.76%
590.63
Reconciled Cost Of Revenue
988.05
+23.06%
802.91
+14.47%
701.43
+18.76%
590.63
Gross Profit
234.45
+10.07%
213.00
+12.04%
190.12
+36.25%
139.53
Operating Expense
203.96
+19.29%
170.99
+18.46%
144.34
+21.11%
119.19
Selling General And Administration
128.95
+13.84%
113.27
+9.84%
103.12
+21.38%
84.96
General And Administrative Expense
128.95
+13.84%
113.27
+9.84%
103.12
+21.38%
84.96
Other Gand A
128.95
+13.84%
113.27
+9.84%
103.12
+21.38%
84.96
Other Operating Expenses
Total Expenses
1,192.01
+22.40%
973.89
+15.15%
845.78
+19.15%
709.82
Operating Income
30.49
-27.43%
42.02
-8.20%
45.77
+124.97%
20.35
Total Operating Income As Reported
27.51
-29.29%
38.91
-5.72%
41.27
+144.00%
16.91
EBITDA
103.84
+5.55%
98.38
+15.25%
85.36
+63.99%
52.05
Normalized EBITDA
106.82
+5.25%
101.49
+12.94%
89.87
+61.96%
55.49
Reconciled Depreciation
75.01
+29.97%
57.72
+40.01%
41.22
+20.43%
34.23
EBIT
28.83
-29.10%
40.67
-7.87%
44.14
+147.65%
17.82
Total Unusual Items
-2.98
+4.21%
-3.11
+30.94%
-4.51
-31.26%
-3.43
Total Unusual Items Excluding Goodwill
-2.98
+4.21%
-3.11
+30.94%
-4.51
-31.26%
-3.43
Special Income Charges
-2.98
+4.21%
-3.11
+30.94%
-4.51
-31.26%
-3.43
Other Special Charges
1.31
-14.47%
1.53
+31.87%
1.16
-40.83%
1.96
Impairment Of Capital Assets
0.45
-14.67%
0.53
-61.37%
1.36
+47.72%
0.92
Restructuring And Mergern Acquisition
1.23
+15.75%
1.06
-46.71%
1.99
+257.73%
0.56
Net Income
19.43
+2.68%
18.93
-25.45%
25.39
+267.53%
6.91
Pretax Income
12.13
-56.71%
28.03
-22.31%
36.08
+186.51%
12.59
Net Non Operating Interest Income Expense
-16.70
-32.11%
-12.64
-56.77%
-8.06
-54.11%
-5.23
Interest Expense Non Operating
16.70
+32.11%
12.64
+56.77%
8.06
+54.11%
5.23
Net Interest Income
-16.70
-32.11%
-12.64
-56.77%
-8.06
-54.11%
-5.23
Interest Expense
16.70
+32.11%
12.64
+56.77%
8.06
+54.11%
5.23
Other Income Expense
-1.66
-22.69%
-1.35
+17.25%
-1.64
+35.20%
-2.52
Other Non Operating Income Expenses
1.32
-24.90%
1.76
-38.73%
2.87
+215.49%
0.91
Tax Provision
-7.30
-180.20%
9.10
-14.86%
10.69
+88.07%
5.68
Tax Rate For Calcs
0.00
-35.38%
0.00
+9.80%
0.00
+40.95%
0.00
Tax Effect Of Unusual Items
-0.63
+38.10%
-1.01
+24.17%
-1.33
-85.01%
-0.72
Net Income Including Noncontrolling Interests
19.43
+2.68%
18.93
-25.45%
25.39
+267.53%
6.91
Net Income From Continuing Operation Net Minority Interest
19.43
+2.68%
18.93
-25.45%
25.39
+267.53%
6.91
Net Income From Continuing And Discontinued Operation
19.43
+2.68%
18.93
-25.45%
25.39
+267.53%
6.91
Net Income Continuous Operations
19.43
+2.68%
18.93
-25.45%
25.39
+267.53%
6.91
Minority Interests
Normalized Income
21.79
+3.62%
21.03
-26.37%
28.56
+196.88%
9.62
Net Income Common Stockholders
19.43
+2.68%
18.93
-25.45%
25.39
+267.53%
6.91
Diluted EPS
0.31
+3.33%
0.30
-26.83%
0.41
+272.73%
0.11
Basic EPS
0.32
+3.23%
0.31
-27.91%
0.43
+258.33%
0.12
Basic Average Shares
60.96
+0.99%
60.37
+1.40%
59.53
+0.73%
59.10
Diluted Average Shares
62.84
+0.79%
62.35
+1.90%
61.19
+1.75%
60.14
Diluted NI Availto Com Stockholders
19.43
+2.68%
18.93
-25.45%
25.39
+267.53%
6.91
Depreciation Amortization Depletion Income Statement
75.01
+29.97%
57.72
+40.01%
41.22
+20.43%
34.23
Depreciation And Amortization In Income Statement
75.01
+29.97%
57.72
+40.01%
41.22
+20.43%
34.23
Rent Expense Supplemental
100.79
+21.88%
82.69
+20.90%
68.40
+14.15%
59.92
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
1,742.03
+15.03%
1,514.36
+19.52%
1,267.05
+14.72%
1,104.45
Current Assets
49.08
-12.16%
55.88
-21.51%
71.19
+5.80%
67.29
Cash Cash Equivalents And Short Term Investments
21.25
-36.22%
33.31
-32.88%
49.63
-0.08%
49.67
Cash And Cash Equivalents
21.25
-36.22%
33.31
-32.88%
49.63
-0.08%
49.67
Receivables
6.86
-5.20%
7.24
+30.78%
5.53
-10.25%
6.16
Accounts Receivable
2.98
+22.33%
2.43
-17.53%
2.95
+43.85%
2.05
Other Receivables
3.88
-19.13%
4.80
+85.95%
2.58
-37.21%
4.11
Inventory
7.17
+17.28%
6.12
+13.68%
5.38
+7.02%
5.03
Prepaid Assets
7.95
+13.37%
7.01
-6.49%
7.49
+29.21%
5.80
Restricted Cash
0.00
-100.00%
0.33
+31.08%
0.25
Hedging Assets Current
0.02
-95.62%
0.46
0.00
Other Current Assets
5.86
+165.70%
2.20
-6.81%
2.37
+534.05%
0.37
Total Non Current Assets
1,692.95
+16.08%
1,458.48
+21.96%
1,195.86
+15.30%
1,037.16
Net PPE
1,093.00
+22.94%
889.07
+30.16%
683.08
+24.77%
547.49
Gross PPE
1,378.70
+23.29%
1,118.30
+29.35%
864.56
+24.72%
693.21
Accumulated Depreciation
-285.71
-24.64%
-229.23
-26.31%
-181.48
-24.54%
-145.72
Properties
0.00
0.00
0.00
0.00
Land And Improvements
1.19
+0.00%
1.19
+0.00%
1.19
+0.00%
1.19
Buildings And Improvements
1.35
+0.00%
1.35
+0.00%
1.35
+0.00%
1.35
Machinery Furniture Equipment
279.30
+24.91%
223.60
+23.93%
180.43
+23.70%
145.85
Construction In Progress
36.14
+3.92%
34.78
+99.03%
17.47
+66.70%
10.48
Other Properties
626.28
+17.50%
532.99
+25.96%
423.14
+19.05%
355.44
Leases
434.44
+33.93%
324.39
+34.61%
240.98
+34.70%
178.89
Goodwill And Other Intangible Assets
595.12
+5.11%
566.16
+10.78%
511.07
+4.65%
488.37
Goodwill
420.21
+5.43%
398.56
+10.75%
359.88
+4.25%
345.22
Other Intangible Assets
174.91
+4.36%
167.60
+10.85%
151.19
+5.61%
143.15
Other Non Current Assets
4.83
+48.69%
3.25
+90.90%
1.70
+31.20%
1.30
Total Liabilities Net Minority Interest
1,115.75
+21.41%
918.97
+30.21%
705.76
+21.41%
581.31
Current Liabilities
167.50
+20.96%
138.47
+20.33%
115.07
+15.10%
99.98
Payables And Accrued Expenses
43.15
-2.04%
44.05
+9.13%
40.36
+40.19%
28.79
Payables
18.96
+20.69%
15.71
+17.16%
13.41
+8.73%
12.33
Accounts Payable
8.70
+25.00%
6.96
+10.07%
6.32
-16.68%
7.59
Current Accrued Expenses
24.19
-14.63%
28.34
+5.14%
26.95
+63.76%
16.46
Pensionand Other Post Retirement Benefit Plans Current
28.33
+19.20%
23.77
+1.98%
23.30
+30.20%
17.90
Total Tax Payable
10.26
+17.26%
8.75
+23.49%
7.08
+49.41%
4.74
Current Debt And Capital Lease Obligation
88.34
+36.05%
64.93
+41.44%
45.91
-1.42%
46.57
Current Debt
13.31
+44.22%
9.23
+63.97%
5.63
-26.27%
7.63
Other Current Borrowings
13.31
+44.22%
9.23
+63.97%
5.63
-10.05%
6.26
Current Capital Lease Obligation
75.03
+34.70%
55.70
+38.29%
40.28
+3.45%
38.94
Current Deferred Liabilities
6.78
+20.54%
5.62
+2.25%
5.50
+5.89%
5.19
Current Deferred Revenue
6.78
+20.54%
5.62
+2.25%
5.50
+5.89%
5.19
Other Current Liabilities
0.90
+757.14%
0.10
Total Non Current Liabilities Net Minority Interest
948.25
+21.49%
780.50
+32.13%
590.69
+22.72%
481.33
Long Term Debt And Capital Lease Obligation
920.33
+23.60%
744.62
+32.72%
561.06
+21.76%
460.78
Long Term Debt
269.07
+42.33%
189.04
+57.84%
119.77
+26.51%
94.67
Long Term Capital Lease Obligation
651.25
+17.22%
555.58
+25.90%
441.29
+20.53%
366.11
Non Current Deferred Liabilities
21.97
-31.80%
32.22
+27.19%
25.33
+47.56%
17.17
Non Current Deferred Taxes Liabilities
21.97
-31.80%
32.22
+27.19%
25.33
+47.56%
17.17
Other Non Current Liabilities
5.40
+71.06%
3.15
+6.80%
2.95
-12.71%
3.38
Stockholders Equity
626.28
+5.19%
595.39
+6.08%
561.28
+7.29%
523.13
Common Stock Equity
626.28
+5.19%
595.39
+6.08%
561.28
+7.29%
523.13
Capital Stock
0.61
+0.66%
0.61
+1.34%
0.60
+1.18%
0.59
Common Stock
0.61
+0.66%
0.61
+1.34%
0.60
+1.18%
0.59
Preferred Stock
0.00
0.00
0.00
0.00
Share Issued
61.13
+0.71%
60.70
+1.35%
59.89
+1.15%
59.21
Ordinary Shares Number
61.13
+0.71%
60.70
+1.35%
59.89
+1.15%
59.21
Additional Paid In Capital
661.15
+1.87%
649.04
+2.36%
634.10
+2.16%
620.67
Retained Earnings
-34.39
+36.10%
-53.82
+26.01%
-72.75
+25.87%
-98.13
Gains Losses Not Affecting Retained Earnings
-1.09
-148.30%
-0.44
+33.88%
-0.67
0.00
Other Equity Adjustments
-1.09
-148.30%
-0.44
+33.88%
-0.67
Total Equity Gross Minority Interest
626.28
+5.19%
595.39
+6.08%
561.28
+7.29%
523.13
Total Capitalization
895.35
+14.14%
784.43
+15.18%
681.05
+10.24%
617.80
Working Capital
-118.42
-43.37%
-82.60
-88.22%
-43.88
-34.23%
-32.69
Invested Capital
908.66
+14.49%
793.66
+15.58%
686.68
+9.79%
625.44
Total Debt
1,008.67
+24.60%
809.55
+33.38%
606.97
+19.63%
507.35
Net Debt
261.13
+58.30%
164.96
+117.73%
75.76
+43.96%
52.63
Capital Lease Obligations
726.29
+18.81%
611.28
+26.93%
481.57
+18.89%
405.05
Net Tangible Assets
31.16
+6.62%
29.23
-41.79%
50.22
+44.44%
34.77
Tangible Book Value
31.16
+6.62%
29.23
-41.79%
50.22
+44.44%
34.77
Current Notes Payable
0.00
-100.00%
1.38
Current Provisions
1.59
+4.19%
1.53
Derivative Product Liabilities
0.56
+10.74%
0.50
-62.63%
1.35
0.00
Interest Payable
0.27
-33.42%
0.40
-73.37%
1.51
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
125.91
+8.85%
115.67
+21.33%
95.34
+51.48%
62.94
Cash Flow From Continuing Operating Activities
125.91
+8.85%
115.67
+21.33%
95.34
+51.48%
62.94
Net Income From Continuing Operations
19.43
+2.68%
18.93
-25.45%
25.39
+267.53%
6.91
Depreciation Amortization Depletion
75.01
+29.97%
57.72
+40.01%
41.22
+20.43%
34.23
Depreciation
0.03
Amortization Cash Flow
0.00
Depreciation And Amortization
75.01
+29.97%
57.72
+40.01%
41.22
+20.43%
34.23
Amortization Of Intangibles
0.00
Other Non Cash Items
33.45
+23.22%
27.15
+36.25%
19.92
+22.50%
16.27
Stock Based Compensation
10.76
+26.22%
8.53
+12.11%
7.60
-26.70%
10.37
Asset Impairment Charge
0.45
-14.67%
0.53
-61.37%
1.36
+47.72%
0.92
Deferred Tax
-10.03
-247.02%
6.82
-17.94%
8.31
+77.78%
4.68
Deferred Income Tax
-10.03
-247.02%
6.82
-17.94%
8.31
+77.78%
4.68
Operating Gains Losses
0.36
Change In Working Capital
-3.16
+27.30%
-4.34
+48.73%
-8.47
+18.82%
-10.44
Change In Receivables
0.38
+122.08%
-1.70
-369.46%
0.63
+136.87%
-1.71
Changes In Account Receivables
0.38
+122.08%
-1.70
-369.46%
0.63
+136.87%
-1.71
Change In Inventory
-0.87
-70.67%
-0.51
-719.35%
-0.06
+93.83%
-1.00
Change In Prepaid Assets
-6.52
-1213.14%
0.59
+111.25%
-5.21
-4136.59%
-0.12
Change In Payables And Accrued Expense
11.36
+303.02%
2.82
-67.21%
8.59
+523.72%
-2.03
Change In Accrued Expense
9.62
+340.94%
2.18
-77.96%
9.89
+586.13%
1.44
Change In Payable
1.74
+173.16%
0.64
+148.96%
-1.30
+62.51%
-3.47
Change In Account Payable
1.74
+173.16%
0.64
+148.96%
-1.30
+62.51%
-3.47
Change In Other Working Capital
0.56
+508.09%
-0.14
+79.30%
-0.66
-191.38%
0.72
Change In Other Current Assets
0.11
+104.74%
-2.34
-318.47%
1.07
Change In Other Current Liabilities
-8.06
-49.16%
-5.40
+54.10%
-11.77
-59.94%
-7.36
Investing Cash Flow
-213.76
-3.44%
-206.65
-67.51%
-123.37
-95.48%
-63.11
Cash Flow From Continuing Investing Activities
-213.76
-3.44%
-206.65
-67.51%
-123.37
-95.48%
-63.11
Capital Expenditure
-157.76
-23.23%
-128.01
-53.33%
-83.49
-31.83%
-63.33
Capital Expenditure Reported
-156.91
-22.66%
-127.92
-53.51%
-83.33
-33.93%
-62.22
Net Business Purchase And Sale
-56.01
+28.78%
-78.64
-97.19%
-39.88
0.00
Purchase Of Business
-56.01
+28.78%
-78.64
-97.19%
-39.88
0.00
Net Intangibles Purchase And Sale
-0.85
-750.00%
-0.10
+37.89%
-0.16
+85.51%
-1.11
Purchase Of Intangibles
-0.85
-750.00%
-0.10
+37.89%
-0.16
+85.51%
-1.11
Net Other Investing Changes
0.03
-97.16%
1.20
+447.03%
0.22
Financing Cash Flow
75.79
+1.96%
74.33
+164.81%
28.07
+1490.98%
-2.02
Cash Flow From Continuing Financing Activities
75.79
+1.96%
74.33
+164.81%
28.07
+1490.98%
-2.02
Net Issuance Payments Of Debt
74.59
+5.50%
70.71
+215.08%
22.44
+766.89%
-3.37
Issuance Of Debt
471.00
+114.09%
220.00
+633.33%
30.00
+1485.62%
1.89
Repayment Of Debt
-396.41
-165.52%
-149.29
-1875.04%
-7.56
-43.79%
-5.26
Long Term Debt Issuance
471.00
+114.09%
220.00
+633.33%
30.00
+1485.62%
1.89
Long Term Debt Payments
-396.41
-165.52%
-149.29
-1875.04%
-7.56
-43.79%
-5.26
Net Long Term Debt Issuance
74.59
+5.50%
70.71
+215.08%
22.44
+766.89%
-3.37
Short Term Debt Issuance
22.50
0.00
-100.00%
1.89
Short Term Debt Payments
-1.38
+52.02%
-2.87
Net Short Term Debt Issuance
22.50
+1735.17%
-1.38
-40.98%
-0.98
Net Common Stock Issuance
0.00
0.00
Proceeds From Stock Option Exercised
1.19
-81.44%
6.43
+10.33%
5.83
+308.91%
1.43
Net Other Financing Charges
-2.81
-1316.67%
-0.20
-153.85%
-0.08
Changes In Cash
-12.07
+27.53%
-16.65
-43913.16%
0.04
+101.73%
-2.19
Beginning Cash Position
33.31
-33.32%
49.96
+0.08%
49.92
-4.21%
52.12
End Cash Position
21.25
-36.22%
33.31
-33.32%
49.96
+0.08%
49.92
Free Cash Flow
-31.84
-158.01%
-12.34
-204.17%
11.85
+3114.76%
-0.39
Interest Paid Supplemental Data
15.51
+25.79%
12.33
+41.30%
8.72
+159.06%
3.37
Income Tax Paid Supplemental Data
2.56
-17.57%
3.11
+59.22%
1.95
+113.33%
0.92
Common Stock Issuance
0.00
0.00
Issuance Of Capital Stock
0.00
0.00
Net Preferred Stock Issuance
0.00
Preferred Stock Issuance
0.00
SEC Filings

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