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Employees: 17,500
Size First Watch Restaurant (FWRG) is a United States Consumer Discretionary company (Restaurants) with a market value of $794M, the 2402nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $12.86 on 6 Nov 2026.
Performance Over six months the shares gained 6.3%, against +8.1% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 15.6% over the last twelve months (peer median +7.6%); the operating margin is 2.6% (peer median 5.7%).
Valuation It trades at 53.3× forward earnings against a peer median of 19.5× (3rd most expensive of 17).
Capital Return on invested capital runs 5.7 points below its cost of capital (7.3% WACC).
Short interest Short interest is 10.4% of the free float (15 Oct 2026).
Next results Next results expected around 9 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.35B | $1.22B | $1.02B | $892M | $730M |
| Revenue growth | — | +20% | +14% | +22% | — |
| Gross profit | $179M | $159M | $155M | $149M | $106M |
| EBITDA | $121M | $109M | $103M | $89.6M | $74.4M |
| Net income | $19.6M | $19.4M | $18.9M | $25.4M | $6.91M |
| Free cash flow | -$21.2M | -$31.0M | -$12.2M | $10.8M | $718,000 |
| Capital expenditure | $151M | $158M | $128M | $84.7M | $63.3M |
| Total debt | $1.09B | $1.01B | $812M | $609M | $508M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FWRG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +17.3% | +6.3% | 3rd highest of 21 |
| 6-month return | +6.3% | +8.1% | 10th lowest of 21 |
| Distance from 52-week high | -31.5% | -16.1% | 5th lowest of 21 |
| Revenue growth (TTM) | +15.6% | +7.6% | 4th highest of 21 |
| Operating margin | 2.6% | 5.7% | 4th lowest of 21 |
| Forward P/E | 53.3× | 19.5× | 3rd most expensive of 17 |
| ROIC minus cost of capital | -5.7 pp | +1.1 pp | 4th lowest of 20 |
| EV / EBITDA | 15.4× | 11.5× | 6th most expensive of 20 |
| Net debt / EBITDA | 8.8× | 1.9× | 2nd most indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| First Watch Restaurant FWRG | United States | $794M | +6% | +16% | 3% | 53.3× | n/a | n/a |
| Auntea Jenny (Shanghai) Industrial 2589.HK | Hong Kong | $784M | -61% | +36% | 15% | 8.5× | -7.1% | +23.7% |
| Collins Foods CKF.AX | Australia | $762M | +15% | +5% | 8% | 16.3× | 1.4% | +8.4% |
| Hiday Hidaka 7611.T | Japan | $760M | +11% | +10% | 11% | 23.5× | -3.3% | +16.1% |
| Bloomin' Brands BLMN | United States | $835M | +23% | -2% | 3% | 10.5× | 10.6% | +4.5% |
| Mos Food Services 8153.T | Japan | $845M | +10% | +6% | 5% | 30.3× | 2.2% | +7.4% |
| Kura Sushi 2695.T | Japan | $848M | -2% | +4% | 1% | 48.1× | 21.5% | +12.5% |
| KOMEDA 3543.T | Japan | $859M | -4% | +13% | 17% | 19.2× | -0.7% | +14.7% |
| Matsuya Foods 9887.T | Japan | $733M | +7% | +18% | 4% | n/a | n/a | n/a |
| Sapphire Foods India SAPPHIRE.NS | India | $715M | +12% | +13% | 4% | 409.8× | 46.7% | +25.1% |
| Royal 8179.T | Japan | $887M | +5% | +7% | 5% | 24.6× | 5.7% | +14.4% |
| Maruchiyo Yamaokaya 3399.T | Japan | $710M | +82% | +19% | 11% | 28.4× | 3.5% | +24.7% |
| Cannae CNNE | United States | $700M | +25% | -7% | -17% | n/a | n/a | n/a |
| Restaurant Brands Asia RBA.NS | India | $668M | +31% | +16% | 0% | n/a | n/a | n/a |
| Papa John's International PZZA | United States | $650M | -37% | -6% | 5% | 19.7× | 4.8% | +2.5% |
| A&W Food Services of Canada AW.TO | Canada | $625M | 0% | +3% | 30% | 14.0× | 2.6% | -0.6% |
| Biglari BH | United States | $1.01B | +5% | +8% | 5% | n/a | 22.1% | -1.8% |
| Super Hi International 9658.HK | Hong Kong | $619M | -23% | +11% | 6% | 18.1× | -1.7% | +30.7% |
| Doutor Nichires 3087.T | Japan | $1.03B | +33% | +8% | 7% | 16.3× | -4.7% | +10.6% |
| MTY Food MTY.TO | Canada | $600M | -6% | -4% | 16% | 8.2× | -3.8% | +18.4% |
| Ichibanya 7630.T | Japan | $1.06B | +21% | +8% | 6% | 57.3× | 12.2% | +8.2% |