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Company Analysis

First Watch Restaurant Group, I FWRG

A comprehensive view of key metrics, scores, and financial health for First Watch Restaurant Group, I

Overview of First Watch Restaurant Group, Inc.

FWRG NMS
Consumer Cyclical Restaurants Small Cap
First Watch Restaurant Group, Inc. (FWRG), is a Small Cap company, in the Restaurants industry, last closed at $11.53, about 68.4% undervalued vs fair value, -29.0% 1Y return, ranked 338/539 in sector.
$11.53
-1.45%
As of March 13, 2026
Previous close • Vol 90d: 62.2%
Market Cap
$704.92M
Enterprise Value
$1.42B
Overall Score
Scores locked

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Top Beats

Quick Facts

Website https://www.firstwatch.com
HQ Bradenton, FL
Employees 17,500
Fiscal year Dec 31

Next Events

No upcoming events available.

Fair Value Snapshot

Bear Base Bull
$16
$19
$23
Current: $11.53 +68% vs base

Engine Room Money Flow™

Small Cap

Corporate Free Cash Flow - Where revenue goes and how value is created

Flow Steps
Revenue
$1.2B
20.3%%
Gross Profit
$159.4M
-25.1%%
Operating Income
$33.8M
-19.6%%
Net Income
$19.4M
2.7%%
Money Flow Bridge
Flow Direction: Money moves from left to right
Components: Breakdown shows composition of each stage
Industry-Specific: Corporate Free Cash Flow

Quality & Reliability Indicators

Cash Conversion Ratio
-63.7%
Poor

FCF / Net Income - measures how well earnings convert to cash

Locked Metric
-
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Where It Leaks

Cash Flow Health critical
Significant cash flow inefficiencies identified. Multiple high-impact leaks require attention.
5
Active Leaks
0/5
Improving
0
High Impact
3
Critical
Locked Leak
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Locked Leak
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Moat Analysis Corporate Default

Competitive Advantage Assessment

Evaluating First Watch Restaurant Group, I's durable competitive advantages across 6 defense dimensions

Overall Moat Strength
43
/100
Developing
Scores based on quantitative metrics and qualitative factors

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Pricing Power

Moderate
53
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Trade-Off Ledger™

Where management spends the performance budget - Growth, Profitability, or Safety

Generic Industrial / Default vs Industry Peers 92% Coverage
Trade-Off Triangle Visualization A ternary plot showing FWRG's balance between Growth (46.4%), Profitability (27.8%), and Safety (25.9%). Growth 46% Safety 26% Profitability 28%

Click axes to expand details. Marker shows current allocation.

3-Year Trend Analysis Locked
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Growth

64th percentile vs peers
65
Key Signals
Rev Growth YoY 20.3% 80p Revenue CAGR 3Y 18.7% 67p EPS Growth YoY -26.8% 37p
Strengths
  • Rev Growth Yoy in top 20% of peers (20.3%, 80th percentile)
  • Growth above peer median with strong metric coverage (75%)
  • Conservative leverage compared to industry peers
Risks

No significant risks identified for this axis.

Profitability

38th percentile vs peers
39
Key Signals
Strengths
Risks
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Safety

36th percentile vs peers
36
Key Signals
Strengths
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Two Futures

Scenario-based fair value ranges for First Watch Restaurant Group, I.

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Unable to Compute Fair Value

This company cannot be valued using standard models.

What this means: The Scenario Theatre requires financial data (revenue, cash flow, shares outstanding) to calculate fair value estimates. This data may be unavailable for:

  • Recently listed companies (IPOs, SPACs)
  • Shell companies or holding companies
  • Companies that haven't filed recent financials
  • Foreign companies with limited data coverage
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Bear
-
- - -
- upside
-
Base
$19.42
- - -
+68.4% vs current
Snapshot base estimate
Bull
-
- - -
- upside
-
Fair Value Range Current: $-
$- $- $-
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