# First Watch Restaurant Group Inc. (FWRG) fundamentals

Data as of 2026-11-04. NASDAQ, United States. Sector: Consumer Cyclical / Hospitality & Leisure. Price $13.63, market value $841 million.

## Valuation
- **P/E (trailing): 44.0×** (5-yr avg 73.0×, 3-yr avg 54.2×). First Watch Restaurant Group Inc. trades at 44.0× trailing earnings, well below its own five-year average of 73.0×: cheap by its own standards. The Consumer Cyclical median in the September 2026 study was 19.5×. Forward P/E is 54.6×, higher than trailing, so analysts expect earnings to fall.
- **PEG: 16.37**. A PEG of 16.37 means the P/E is high relative to expected earnings growth; the price already assumes a lot.
- **Price / sales: 0.6×**. Each dollar of revenue is priced at 0.6×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 1.3×**. The shares trade at 1.3× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 9.9×**. Enterprise value is 9.9× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: -2.5%** (5-yr avg 0.1%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.
- **Earnings yield: 2.3%**. The inverse of the P/E: 2.3% of the price is earned each year.

## Profitability
- **Operating margin: 2.1%**. 2.1% of revenue is left after running the business, which leaves little cushion in a downturn.
- **Net margin: 1.6%**. 1.6% of each dollar of sales reaches the bottom line.
- **Return on equity: 3.1%**. 3.1% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 2.5%**. Return on all capital, debt included, is 2.5%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 1.0%**. Each dollar of assets produces 1.0% of profit.

## Growth
- **Revenue growth (1 yr): 20.3%** (3-yr 18.7%/yr, 5-yr 29.0%/yr). Revenue grew 20.3% over the last year, against 29.0% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 3.3%** (3-yr 41.3%/yr). Earnings per share rose 3.3%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 0.45**. Debt is 0.45 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 2.3×**. It would take 2.3 years of operating earnings to repay net borrowings, within the comfortable range.
- **Current ratio: 0.29** (quick 0.29). Current liabilities exceed current assets, so the company depends on ongoing cash generation or refinancing to pay the next year's bills.
- **Altman Z-score: 1.63**. A Z-score of 1.63 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. First Watch Restaurant Group Inc. does not currently pay a dividend.

## Analyst view
- **Analyst consensus: strong_buy** (10 analysts). 10 analysts cover First Watch Restaurant Group Inc.; the consensus is strong_buy, with an average price target of $18.30 (+34% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): -21.5%** (YTD -14.1%, 3-mo 3.6%). The shares are down 21.5% over twelve months including dividends.
- **From 52-week high: -27.4%** (38.0% above the low). Trading 27% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 66**. An RSI of 66 is neutral.
- **Beta (1 yr): 0.86** (volatility 55%). Beta of 0.86 against the S&P 500: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=FWRG · Page: https://foliofundamentals.com/stocks/fwrg

Not investment advice.