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NASDAQ · Restaurants · USD

First Watch Restaurant Group, Inc. (FWRG) Stock Analysis

First Watch Restaurant Group, Inc. (FWRG) is a Restaurants stock listed on NASDAQ and quoted in US Dollar.

Last Updated: October 21, 2026

FWRG

$11.13

−$0.84 (−7.02%)

Oct 21, 2026 · Market close

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Price History

Hover for the daily close. The dotted line marks the period open.

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FWRG Key Statistics

As of Oct 21, 2026
Trading
Open
$11.60
Previous Close
$11.97
Day's Range
11.02–11.80
52-Week Range
9.88–18.82
Volume
1.61M
BetaHow much the share price moves relative to the wider market. 1.0 moves in line with it; above 1.0 swings more, below 1.0 less.
1.05
Valuation
Market Cap
$686.86M
P/E Ratio
39.75
Forward P/EShare price divided by forecast earnings for the year ahead, rather than the year just past.
46.84
P/S ratioMarket value divided by annual revenue. Useful for companies that are not yet profitable, where a P/E cannot be calculated.
0.52
EPS (ttm)Profit attributable to each share over the last twelve months.
0.28
Financials (FY)
Revenue (FY)
$1.22B+20.34%
Net Income (FY)
$19.43M+2.68%
Profit marginThe share of revenue left as profit after all costs and taxes.
1.35%
Shares OutstandingThe total number of shares held by all investors. Market value is this figure multiplied by the share price.
61.71M
1-Year Return
−39.48%
Dividend and dates
Earnings Date
November 3, 2026
Avg Volume
1.28M

Only metrics the company reports are shown. Data provided by Yahoo Finance via yfinance. Updated daily.

Key facts

As of October 21, 2026, FWRG closed at $11.13, −39.48% over 1 year.

First Watch Restaurant Group, Inc. (FWRG) has a market capitalization of $686.86M.

In fiscal 2025, FWRG reported revenue of $1.22B.

FWRG Stock Return by Calendar Year

First Watch Restaurant Group, Inc. (FWRG) return since Oct 2021: what $10,000 became

1 year
$10,000 $6,052
−39.48%
5 years
$10,000 $5,106
−48.94%
Since Oct 2021
$10,000 $5,029
−49.71%

If you had invested $10,000 in First Watch Restaurant Group, Inc. (FWRG) at the close on October 1, 2021, the earliest close on record here, it would have been worth $5,029 at the close on October 21, 2026: −49.71% in total, −12.71% a year, over a partial period shorter than 10 years. A historical calculation from closing prices adjusted for splits and dividends, before fees and taxes.

Calendar-year returns computed from daily closing prices. Partial years are shown muted and marked with an asterisk.

YearReturn
2026 (partial year)−26.19%
2025−18.97%
2024−7.41%
2023+48.56%
2022−19.27%
2021 (partial year)−24.27%

As of October 21, 2026.

FWRG Revenue and Earnings by Fiscal Year

FY ends December
Fiscal yearRevenueNet incomeNet margin
2025$1.22B$19.43M1.6%
2024$1.02B$18.93M1.9%
2023$891.55M$25.39M2.8%
2022$730.16M$6.91M0.9%
Fiscal yearRevenueGross profitOperating incomeNet incomeNet margin
2025$1.22B$234.45M$30.49M$19.43M1.6%
2024$1.02B$213.00M$42.02M$18.93M1.9%
2023$891.55M$190.12M$45.77M$25.39M2.8%
2022$730.16M$139.54M$20.35M$6.91M0.9%

Annual figures as reported, in the company's reporting currency. As of December 31, 2025.

FWRG Valuation vs Restaurants Median

Median of 58 stocks
MetricFWRGRestaurants medianvs median
P/E39.7521.1088% above
P/S ratio0.521.2157% below
Profit margin1.35%2.36%1.0 pts below

Medians across 58 Restaurants stocks that report the metric. Medians, not averages, so one outlier cannot move them. As of October 21, 2026.

Recent News

All 19 articles ↓

News provided by third-party sources. Not financial advice.

Analysis

Data-derived

Company Overview

The market values First Watch Restaurant Group, Inc. (FWRG) at $686.86M. It is classified in the Restaurants industry, within the Consumer Cyclical sector. Headcount on file is 18,000.

The most recent close on file for FWRG is $11.13, dated October 21, 2026. That is −$0.84 (−7.02%) against the previous close. The 52-week range on file runs from $9.88 to $18.82. The latest close sits 12.65% above that 52-week low.

Financial Health

The most recent full year on file, fiscal 2025, shows revenue of $1.22B. That is +20.34% against the prior fiscal year, when revenue was $1.02B. The same year closed with net income of $19.43M. That is +2.68% against the prior fiscal year. Profit margin runs at 1.35%. That is 1 percentage points below the Restaurants median of 2.36%. Trailing earnings per share are 0.28.

Across the 4 fiscal years on file, revenue moves from $730.16M in 2022 to $1.22B in 2025. Of those 4 years, 4 report positive net income.

Valuation Assessment

The trailing P/E ratio stands at 39.75. That is 88.39% above the Restaurants median of 21.1. The forward P/E on file is 46.84. The price-to-sales ratio is 0.52. On price-to-sales that is 56.79% below the Restaurants median of 1.21. The medians here are taken across 58 Restaurants companies that report the metric.

Beta against the wider market is reported at 1.05. Daily returns over the trailing 5 years annualize to a volatility of 47.9%. Over the trailing twelve months the total return is −39.48%. Across 5 years the annualized return works out at −12.58%.

Growth & Income

No dividend is on file for FWRG.

Across the complete calendar years on file, 2023 returned +48.56% and 2022 returned −19.27%. Of the 4 complete calendar years on file, 1 finished higher. 2026 is still running; the total return is −26.19% year to date.

Peer Comparison

First Watch Restaurant Group, Inc. (FWRG) operates in the Restaurants industry. Here is how it compares to its closest peers by market capitalization:

Company Ticker Market Cap P/E Ratio
First Watch Restaurant Group, Inc. FWRG $686.86M 39.8
McDonald's Corporation MCD $174.26B 20.0
Starbucks Corporation SBUX $112.95B 57.3
Yum! Brands, Inc. YUM $41.27B 19.1

The Restaurants industry average P/E ratio is 21.1x. First Watch Restaurant Group, Inc. trades at a P/E of 39.8.

Every figure above is read from this page's own data on each daily rebuild. Informational only, not financial advice. As of October 21, 2026.

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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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