First Watch Restaurant Group, I (FWRG) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

First Watch Restaurant Group, I

NasdaqGS•Consumer Cyclical•Restaurants

$11.35+0.16(0.01%)Pre-market

Market Cap

$699.95M

P/E

39.3x

P/S

0.5x

P/B

1.1x

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.

How this company scores

AverageMetricSide Score: 53/100

Strongest: Growth (23/25); weakest: Cash & Earnings Quality (5/25).

Profitability10/25

Growth23/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality5/25

Strengths

Growing revenueRising earningsLow leverageConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 39.3x5y range 35.9x – 240.4x

Currently below its 17-quarter median.

P/S · 0.5x5y range 0.5x – 1.7x

Currently below its 17-quarter median.

P/B · 1.1x5y range 1.0x – 3.1x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.

Cash Burn

Watch

5 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.

Price & Volume

Market Cap $699.95M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.32B
Q. Revenue: $354.67M
TTM EBITDA: $111.76M
TTM Op. Income: $28.21M
Q. Op. Income: $8.13M
TTM Net Income: $17.81M
Q. Net Income: $2.34M
EPS: $0.04
Shares Out.: $61.67M

$1.32B in TTM revenue grew 19.3% YoY, reaching $354.67M last quarter. TTM EBITDA of $111.76M and TTM operating income of $28.21M show growth is flowing through to the bottom line. TTM net income of $17.81M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 20.4%
EBITDA Margin: 8.4%
Op. Margin: 2.3%
Net Margin: 0.7%

Op. margin of 2.3% is down 0.1% YoY — costs are rising relative to revenue. Net margin at 0.7% and gross margin of 20.4% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 4% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 39.3x
P/S Ratio: 0.5x
P/B Ratio: 1.1x

At 39.3x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 0.5x and P/B of 1.1x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 84% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.82B
Cash: $20.48M
Long-Term Debt: $277.69M
Book Value: $634.17M
D/E Ratio: 0.4
Debt/EBITDA: 9.3

With $1.82B in assets and $277.69M in long-term debt, D/E is 0.4and book value is $634.17M — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 5% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $27.44M
TTM Free Cash Flow: $-20.83M
FCF Margin: -1.6%
FCF / Net Income: -1.2

TTM FCF of $-20.83M on $27.44M in operating cash flow. The FCF / Net Income ratio of -1.2x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is up 28% — a weakening trend.