FIRST WATCH RESTAURANT GROUP (FWRG) Fundamental Analysis & Valuation

NASDAQ:FWRG • US33748L1017

12.4 USD
-0.06 (-0.48%)
At close: Mar 3, 2026
12.12 USD
-0.28 (-2.26%)
After Hours: 3/3/2026, 8:14:45 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This FWRG fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

3

Taking everything into account, FWRG scores 3 out of 10 in our fundamental rating. FWRG was compared to 125 industry peers in the Hotels, Restaurants & Leisure industry. While FWRG is still in line with the averages on profitability rating, there are concerns on its financial health. FWRG is valued quite expensively, but it does show have an excellent growth rating.


Dividend Valuation Growth Profitability Health

4

1. FWRG Profitability Analysis

1.1 Basic Checks

  • FWRG had positive earnings in the past year.
  • In the past year FWRG had a positive cash flow from operations.
  • Of the past 5 years FWRG 4 years were profitable.
  • In the past 5 years FWRG always reported a positive cash flow from operatings.
FWRG Yearly Net Income VS EBIT VS OCF VS FCFFWRG Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2018 2019 2020 2021 2022 2023 2024 2025 0 50M 100M

1.2 Ratios

  • With a Return On Assets value of 1.12%, FWRG perfoms like the industry average, outperforming 45.60% of the companies in the same industry.
  • FWRG has a Return On Equity (3.10%) which is comparable to the rest of the industry.
  • Looking at the Return On Invested Capital, with a value of 1.45%, FWRG is doing worse than 75.20% of the companies in the same industry.
  • FWRG had an Average Return On Invested Capital over the past 3 years of 2.17%. This is significantly below the industry average of 10.81%.
Industry RankSector Rank
ROA 1.12%
ROE 3.1%
ROIC 1.45%
ROA(3y)1.46%
ROA(5y)0.96%
ROE(3y)3.6%
ROE(5y)2.34%
ROIC(3y)2.17%
ROIC(5y)1.96%
FWRG Yearly ROA, ROE, ROICFWRG Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2018 2019 2020 2021 2022 2023 2024 2025 0 -5 -10 -15

1.3 Margins

  • Looking at the Profit Margin, with a value of 1.59%, FWRG is in line with its industry, outperforming 44.80% of the companies in the same industry.
  • In the last couple of years the Profit Margin of FWRG has grown nicely.
  • With a Operating Margin value of 2.77%, FWRG is not doing good in the industry: 74.40% of the companies in the same industry are doing better.
  • In the last couple of years the Operating Margin of FWRG has declined.
  • FWRG has a Gross Margin of 61.65%. This is in the better half of the industry: FWRG outperforms 76.80% of its industry peers.
  • FWRG's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 2.77%
PM (TTM) 1.59%
GM 61.65%
OM growth 3Y-4.91%
OM growth 5YN/A
PM growth 3Y18.93%
PM growth 5YN/A
GM growth 3Y0.53%
GM growth 5Y0.93%
FWRG Yearly Profit, Operating, Gross MarginsFWRG Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2018 2019 2020 2021 2022 2023 2024 2025 0 20 40 60

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1

2. FWRG Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so FWRG is destroying value.
  • Compared to 1 year ago, FWRG has more shares outstanding
  • FWRG has more shares outstanding than it did 5 years ago.
  • The debt/assets ratio for FWRG is higher compared to a year ago.
FWRG Yearly Shares OutstandingFWRG Yearly Shares OutstandingYearly Shares Outstanding 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M
FWRG Yearly Total Debt VS Total AssetsFWRG Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B

2.2 Solvency

  • Based on the Altman-Z score of 1.06, we must say that FWRG is in the distress zone and has some risk of bankruptcy.
  • Looking at the Altman-Z score, with a value of 1.06, FWRG is doing worse than 61.60% of the companies in the same industry.
  • A Debt/Equity ratio of 0.43 indicates that FWRG is not too dependend on debt financing.
  • FWRG has a better Debt to Equity ratio (0.43) than 68.80% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.43
Debt/FCF N/A
Altman-Z 1.06
ROIC/WACC0.19
WACC7.65%
FWRG Yearly LT Debt VS Equity VS FCFFWRG Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2018 2019 2020 2021 2022 2023 2024 2025 0 200M 400M 600M

2.3 Liquidity

  • A Current Ratio of 0.29 indicates that FWRG may have some problems paying its short term obligations.
  • FWRG has a worse Current ratio (0.29) than 93.60% of its industry peers.
  • A Quick Ratio of 0.25 indicates that FWRG may have some problems paying its short term obligations.
  • The Quick ratio of FWRG (0.25) is worse than 90.40% of its industry peers.
Industry RankSector Rank
Current Ratio 0.29
Quick Ratio 0.25
FWRG Yearly Current Assets VS Current LiabilitesFWRG Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2018 2019 2020 2021 2022 2023 2024 2025 50M 100M 150M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

7

3. FWRG Growth Analysis

3.1 Past

  • The Earnings Per Share has been growing slightly by 1.97% over the past year.
  • FWRG shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 37.21% yearly.
  • The Revenue has grown by 20.34% in the past year. This is a very strong growth!
  • Measured over the past years, FWRG shows a very strong growth in Revenue. The Revenue has been growing by 28.99% on average per year.
EPS 1Y (TTM)1.97%
EPS 3Y37.21%
EPS 5YN/A
EPS Q2Q%2300%
Revenue 1Y (TTM)20.34%
Revenue growth 3Y18.74%
Revenue growth 5Y28.99%
Sales Q2Q%20.15%

3.2 Future

  • Based on estimates for the next years, FWRG will show a small growth in Earnings Per Share. The EPS will grow by 6.17% on average per year.
  • The Revenue is expected to grow by 12.34% on average over the next years. This is quite good.
EPS Next Y-37.92%
EPS Next 2Y1.19%
EPS Next 3Y12.91%
EPS Next 5Y6.17%
Revenue Next Year13.4%
Revenue Next 2Y13.03%
Revenue Next 3Y13.05%
Revenue Next 5Y12.34%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
  • The estimated forward Revenue growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
FWRG Yearly Revenue VS EstimatesFWRG Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 500M 1B 1.5B 2B 2.5B
FWRG Yearly EPS VS EstimatesFWRG Yearly EPS VS EstimatesYearly EPS VS Estimates 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 0.1 0.2 0.3 0.4

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1

4. FWRG Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 40.00, which means the current valuation is very expensive for FWRG.
  • FWRG's Price/Earnings ratio is in line with the industry average.
  • FWRG's Price/Earnings ratio indicates a valuation a bit more expensive than the S&P500 average which is at 26.83.
  • A Price/Forward Earnings ratio of 64.43 indicates a quite expensive valuation of FWRG.
  • 64.80% of the companies in the same industry are cheaper than FWRG, based on the Price/Forward Earnings ratio.
  • FWRG's Price/Forward Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 24.95.
Industry RankSector Rank
PE 40
Fwd PE 64.43
FWRG Price Earnings VS Forward Price EarningsFWRG Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, FWRG is valued a bit cheaper than 68.00% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 9.37
FWRG Per share dataFWRG EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 10 15

4.3 Compensation for Growth

  • FWRG's earnings are expected to grow with 12.91% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y1.19%
EPS Next 3Y12.91%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

0

5. FWRG Dividend Analysis

5.1 Amount

  • FWRG does not give a dividend.
Industry RankSector Rank
Dividend Yield 0%

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Find the best dividend stocksShow peers with best dividend

FWRG Fundamentals: All Metrics, Ratios and Statistics

FIRST WATCH RESTAURANT GROUP

NASDAQ:FWRG (3/3/2026, 8:14:45 PM)

After market: 12.12 -0.28 (-2.26%)

12.4

-0.06 (-0.48%)

Chartmill FA Rating
GICS IndustryGroupConsumer Services
GICS IndustryHotels, Restaurants & Leisure
Earnings (Last)02-24
Earnings (Next)05-04
Inst Owners115.35%
Inst Owner Change-5.73%
Ins Owners2.2%
Ins Owner Change17.88%
Market Cap758.14M
Revenue(TTM)1.22B
Net Income(TTM)19.43M
Analysts87.06
Price Target22.63 (82.5%)
Short Float %9.3%
Short Ratio3.44
Dividend
Industry RankSector Rank
Dividend Yield 0%
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)105.47%
Min EPS beat(2)-25.73%
Max EPS beat(2)236.66%
EPS beat(4)1
Avg EPS beat(4)8.98%
Min EPS beat(4)-130.75%
Max EPS beat(4)236.66%
EPS beat(8)3
Avg EPS beat(8)-0.99%
EPS beat(12)7
Avg EPS beat(12)21.65%
EPS beat(16)9
Avg EPS beat(16)6.58%
Revenue beat(2)1
Avg Revenue beat(2)-0.91%
Min Revenue beat(2)-2.14%
Max Revenue beat(2)0.32%
Revenue beat(4)1
Avg Revenue beat(4)-1.42%
Min Revenue beat(4)-2.32%
Max Revenue beat(4)0.32%
Revenue beat(8)1
Avg Revenue beat(8)-2.12%
Revenue beat(12)3
Avg Revenue beat(12)-1.35%
Revenue beat(16)6
Avg Revenue beat(16)-0.85%
PT rev (1m)0%
PT rev (3m)-0.81%
EPS NQ rev (1m)-17.34%
EPS NQ rev (3m)-47.61%
EPS NY rev (1m)0.3%
EPS NY rev (3m)-7.78%
Revenue NQ rev (1m)-0.2%
Revenue NQ rev (3m)-0.32%
Revenue NY rev (1m)-0.14%
Revenue NY rev (3m)-0.49%
Valuation
Industry RankSector Rank
PE 40
Fwd PE 64.43
P/S 0.62
P/FCF N/A
P/OCF 6.02
P/B 1.21
P/tB 24.33
EV/EBITDA 9.37
EPS(TTM)0.31
EY2.5%
EPS(NY)0.19
Fwd EY1.55%
FCF(TTM)-0.52
FCFYN/A
OCF(TTM)2.06
OCFY16.61%
SpS20
BVpS10.24
TBVpS0.51
PEG (NY)N/A
PEG (5Y)N/A
Graham Number8.45
Profitability
Industry RankSector Rank
ROA 1.12%
ROE 3.1%
ROCE 2.15%
ROIC 1.45%
ROICexc 1.47%
ROICexgc 2.38%
OM 2.77%
PM (TTM) 1.59%
GM 61.65%
FCFM N/A
ROA(3y)1.46%
ROA(5y)0.96%
ROE(3y)3.6%
ROE(5y)2.34%
ROIC(3y)2.17%
ROIC(5y)1.96%
ROICexc(3y)2.23%
ROICexc(5y)2.04%
ROICexgc(3y)3.94%
ROICexgc(5y)3.84%
ROCE(3y)3.21%
ROCE(5y)2.91%
ROICexgc growth 3Y-11.1%
ROICexgc growth 5YN/A
ROICexc growth 3Y-3.95%
ROICexc growth 5YN/A
OM growth 3Y-4.91%
OM growth 5YN/A
PM growth 3Y18.93%
PM growth 5YN/A
GM growth 3Y0.53%
GM growth 5Y0.93%
F-Score4
Asset Turnover0.7
Health
Industry RankSector Rank
Debt/Equity 0.43
Debt/FCF N/A
Debt/EBITDA 2.47
Cap/Depr 210.31%
Cap/Sales 12.9%
Interest Coverage 2.18
Cash Conversion 115.69%
Profit Quality N/A
Current Ratio 0.29
Quick Ratio 0.25
Altman-Z 1.06
F-Score4
WACC7.65%
ROIC/WACC0.19
Cap/Depr(3y)212.54%
Cap/Depr(5y)186.56%
Cap/Sales(3y)11.67%
Cap/Sales(5y)9.92%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)1.97%
EPS 3Y37.21%
EPS 5YN/A
EPS Q2Q%2300%
EPS Next Y-37.92%
EPS Next 2Y1.19%
EPS Next 3Y12.91%
EPS Next 5Y6.17%
Revenue 1Y (TTM)20.34%
Revenue growth 3Y18.74%
Revenue growth 5Y28.99%
Sales Q2Q%20.15%
Revenue Next Year13.4%
Revenue Next 2Y13.03%
Revenue Next 3Y13.05%
Revenue Next 5Y12.34%
EBIT growth 1Y-24.96%
EBIT growth 3Y12.91%
EBIT growth 5YN/A
EBIT Next Year352.2%
EBIT Next 3Y82.14%
EBIT Next 5Y52.35%
FCF growth 1Y-157.3%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y8.85%
OCF growth 3Y26%
OCF growth 5YN/A

FIRST WATCH RESTAURANT GROUP / FWRG FAQ

What is the ChartMill fundamental rating of FIRST WATCH RESTAURANT GROUP (FWRG) stock?

ChartMill assigns a fundamental rating of 3 / 10 to FWRG.


What is the valuation status for FWRG stock?

ChartMill assigns a valuation rating of 1 / 10 to FIRST WATCH RESTAURANT GROUP (FWRG). This can be considered as Overvalued.


Can you provide the profitability details for FIRST WATCH RESTAURANT GROUP?

FIRST WATCH RESTAURANT GROUP (FWRG) has a profitability rating of 4 / 10.


What is the financial health of FIRST WATCH RESTAURANT GROUP (FWRG) stock?

The financial health rating of FIRST WATCH RESTAURANT GROUP (FWRG) is 1 / 10.