FIRST WATCH RESTAURANT GROUP (FWRG) Fundamental Analysis & Valuation

NASDAQ:FWRG • US33748L1017

Current stock price

11.46 USD
-0.89 (-7.21%)
At close:
11.68 USD
+0.22 (+1.92%)
After Hours:

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

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.
  • FWRG had positive earnings in 4 of the past 5 years.
  • FWRG had a positive operating cash flow in each of the past 5 years.
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

  • Looking at the Return On Assets, with a value of 1.12%, FWRG is in line with its industry, outperforming 44.44% of the companies in the same industry.
  • The Return On Equity of FWRG (3.10%) is comparable to the rest of the industry.
  • FWRG has a Return On Invested Capital of 1.45%. This is in the lower half of the industry: FWRG underperforms 73.81% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for FWRG is significantly below the industry average of 10.61%.
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

  • The Profit Margin of FWRG (1.59%) is comparable to the rest of the industry.
  • In the last couple of years the Profit Margin of FWRG has grown nicely.
  • Looking at the Operating Margin, with a value of 2.77%, FWRG is doing worse than 74.60% of the companies in the same industry.
  • FWRG's Operating Margin has declined in the last couple of years.
  • FWRG's Gross Margin of 61.65% is fine compared to the rest of the industry. FWRG outperforms 76.98% of its industry peers.
  • In the last couple of years the Gross Margin of FWRG has remained more or less at the same level.
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

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), FWRG is destroying value.
  • FWRG has more shares outstanding than it did 1 year ago.
  • The number of shares outstanding for FWRG has been increased compared to 5 years ago.
  • Compared to 1 year ago, FWRG has a worse debt to assets ratio.
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

  • FWRG has an Altman-Z score of 1.03. This is a bad value and indicates that FWRG is not financially healthy and even has some risk of bankruptcy.
  • The Altman-Z score of FWRG (1.03) is worse than 62.70% of its industry peers.
  • FWRG has a Debt/Equity ratio of 0.43. This is a healthy value indicating a solid balance between debt and equity.
  • Looking at the Debt to Equity ratio, with a value of 0.43, FWRG is in the better half of the industry, outperforming 69.84% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.43
Debt/FCF N/A
Altman-Z 1.03
ROIC/WACC0.19
WACC7.8%
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

  • FWRG has a Current Ratio of 0.29. This is a bad value and indicates that FWRG is not financially healthy enough and could expect problems in meeting its short term obligations.
  • FWRG has a worse Current ratio (0.29) than 94.44% of its industry peers.
  • FWRG has a Quick Ratio of 0.29. This is a bad value and indicates that FWRG is not financially healthy enough and could expect problems in meeting its short term obligations.
  • FWRG has a worse Quick ratio (0.25) than 91.27% 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

  • FWRG shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 1.97%.
  • FWRG shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 37.21% yearly.
  • FWRG shows a strong growth in Revenue. In the last year, the Revenue has grown by 20.34%.
  • The Revenue has been growing by 28.99% on average over the past years. This is a very strong growth!
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.
  • Based on estimates for the next years, FWRG will show a quite strong growth in Revenue. The Revenue will grow by 12.34% on average per year.
EPS Next Y-37.92%
EPS Next 2Y1.19%
EPS Next 3Y12.91%
EPS Next 5Y6.17%
Revenue Next Year13.4%
Revenue Next 2Y13.11%
Revenue Next 3Y13.05%
Revenue Next 5Y12.34%

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • Although the future Revenue growth is still strong, it is not able to hold up the even more excellent growth rate of 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

  • Based on the Price/Earnings ratio of 36.97, the valuation of FWRG can be described as expensive.
  • FWRG's Price/Earnings is on the same level as the industry average.
  • FWRG's Price/Earnings ratio indicates a valuation a bit more expensive than the S&P500 average which is at 25.50.
  • The Price/Forward Earnings ratio is 59.55, which means the current valuation is very expensive for FWRG.
  • FWRG's Price/Forward Earnings ratio is a bit more expensive when compared to the industry. FWRG is more expensive than 63.49% of the companies in the same industry.
  • FWRG is valuated expensively when we compare the Price/Forward Earnings ratio to 22.67, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 36.97
Fwd PE 59.55
FWRG Price Earnings VS Forward Price EarningsFWRG Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

  • FWRG's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. FWRG is cheaper than 73.02% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 8.84
FWRG Per share dataFWRG EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 10 15

4.3 Compensation for Growth

  • A more expensive valuation may be justified as FWRG's earnings are expected to grow with 12.91% in the coming years.
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

  • No dividends for FWRG!.
Industry RankSector Rank
Dividend Yield 0%

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FWRG Fundamentals: All Metrics, Ratios and Statistics

FIRST WATCH RESTAURANT GROUP

NASDAQ:FWRG (3/24/2026, 8:00:00 PM)

After market: 11.68 +0.22 (+1.92%)

11.46

-0.89 (-7.21%)

Chartmill FA Rating
GICS IndustryGroupConsumer Services
GICS IndustryHotels, Restaurants & Leisure
Earnings (Last)02-24
Earnings (Next)05-04
Inst Owners120.97%
Inst Owner Change-5.73%
Ins Owners2.86%
Ins Owner Change27.4%
Market Cap700.66M
Revenue(TTM)1.22B
Net Income(TTM)19.43M
Analysts87.06
Price Target22.63 (97.47%)
Short Float %8.15%
Short Ratio2.72
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)-229.45%
EPS NQ rev (3m)-195.82%
EPS NY rev (1m)-43.63%
EPS NY rev (3m)-44.74%
Revenue NQ rev (1m)-1.86%
Revenue NQ rev (3m)-1.97%
Revenue NY rev (1m)-1.74%
Revenue NY rev (3m)-1.81%
Valuation
Industry RankSector Rank
PE 36.97
Fwd PE 59.55
P/S 0.57
P/FCF N/A
P/OCF 5.56
P/B 1.12
P/tB 22.48
EV/EBITDA 8.84
EPS(TTM)0.31
EY2.71%
EPS(NY)0.19
Fwd EY1.68%
FCF(TTM)-0.52
FCFYN/A
OCF(TTM)2.06
OCFY17.97%
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 1.03
F-Score4
WACC7.8%
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 2Y13.11%
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 Fundamental Analysis 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.