WallStSmart

First Watch Restaurant Group Inc (FWRG)vsRestaurant Brands International Inc (QSR)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Restaurant Brands International Inc generates 654% more annual revenue ($9.59B vs $1.27B). QSR leads profitability with a 10.0% profit margin vs 1.4%. QSR trades at a lower P/E of 24.1x. QSR earns a higher WallStSmart Score of 68/100 (B-).

FWRG

Buy

54

out of 100

Grade: C-

Growth: 8.7Profit: 4.0Value: 3.7Quality: 3.0
Piotroski: 2/9Altman Z: 0.99

QSR

Strong Buy

68

out of 100

Grade: B-

Growth: 8.0Profit: 8.0Value: 6.7Quality: 3.0
Piotroski: 5/9Altman Z: 0.90
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

FWRGSignificantly Overvalued (-35.5%)

Margin of Safety

-35.5%

Fair Value

$12.24

Current Price

$10.18

$2.06 premium

UndervaluedFair: $12.24Overvalued
QSRUndervalued (+25.4%)

Margin of Safety

+25.4%

Fair Value

$94.75

Current Price

$72.66

$22.09 discount

UndervaluedFair: $94.75Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

FWRG3 strengths · Avg: 9.3/10
Price/BookValuation
1.0x10/10

Reasonable price relative to book value

EPS GrowthGrowth
2290.0%10/10

Earnings expanding 2290.0% YoY

Revenue GrowthGrowth
17.3%8/10

17.3% revenue growth

QSR3 strengths · Avg: 9.0/10
EPS GrowthGrowth
100.0%10/10

Earnings expanding 100.0% YoY

Return on EquityProfitability
25.5%9/10

Every $100 of equity generates 26 in profit

Operating MarginProfitability
25.9%8/10

Strong operational efficiency at 25.9%

Areas to Watch

FWRG4 concerns · Avg: 3.0/10
Market CapQuality
$763.78M3/10

Smaller company, higher risk/reward

Return on EquityProfitability
2.8%3/10

ROE of 2.8% — below average capital efficiency

Profit MarginProfitability
1.4%3/10

1.4% margin — thin

Operating MarginProfitability
0.8%3/10

Operating margin of 0.8%

QSR2 concerns · Avg: 1.5/10
Altman Z-ScoreHealth
0.902/10

Distress zone — elevated risk

Debt/EquityHealth
4.191/10

Elevated debt levels

Comparative Analysis Report

WallStSmart Research

Bull Case : FWRG

The strongest argument for FWRG centers on Price/Book, EPS Growth, Revenue Growth. Revenue growth of 17.3% demonstrates continued momentum.

Bull Case : QSR

The strongest argument for QSR centers on EPS Growth, Return on Equity, Operating Margin. PEG of 1.28 suggests the stock is reasonably priced for its growth.

Bear Case : FWRG

The primary concerns for FWRG are Market Cap, Return on Equity, Profit Margin. A P/E of 44.3x leaves little room for execution misses. Thin 1.4% margins leave little buffer for downturns.

Bear Case : QSR

The primary concerns for QSR are Altman Z-Score, Debt/Equity. Debt-to-equity of 4.19 is elevated, increasing financial risk.

Key Dynamics to Monitor

FWRG profiles as a growth stock while QSR is a value play — different risk/reward profiles.

FWRG carries more volatility with a beta of 1.06 — expect wider price swings.

FWRG is growing revenue faster at 17.3% — sustainability is the question.

QSR generates stronger free cash flow (169M), providing more financial flexibility.

Bottom Line

QSR scores higher overall (68/100 vs 54/100). Both earn "Strong Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

First Watch Restaurant Group Inc

CONSUMER CYCLICAL · RESTAURANTS · USA

First Watch Restaurant Group Inc (FWRG) is a prominent player in the fast-casual dining sector, specializing in breakfast, brunch, and lunch, with a strong emphasis on health-conscious and high-quality culinary offerings. Founded in 1983, the company has cultivated a loyal customer base through an innovative and adaptable menu that reflects contemporary food trends. With a commitment to exceptional customer service and a unique dining experience, First Watch is strategically expanding its footprint in new markets, positioning itself for sustainable growth and increased shareholder value in a competitive landscape.

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Restaurant Brands International Inc

CONSUMER CYCLICAL · RESTAURANTS · USA

Restaurant Brands International Inc. owns, operates and franchises quick-service restaurants under the Tim Hortons (TH), Burger King (BK) and Popeyes (PLK) brands. The company is headquartered in Toronto, Canada.

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