FWRG
First Watch Restaurant Group Inc
NASDAQ: FWRG · CONSUMER CYCLICAL · RESTAURANTS
$11.68
-0.59% today
Updated 2026-06-05
Market cap
$763.78M
P/E ratio
44.25
P/S ratio
0.60x
EPS (TTM)
$0.28
Dividend yield
—
52W range
$10 – $20
Volume
1.5M
WallStSmart proprietary scores
54
out of 100
Grade: C
Hold
Investment rating
8.7
Growth
A3.0
Quality
D4.0
Profitability
C3.7
Valuation
D2/9
Piotroski F-Score
Weak
1.0
Altman Z-Score
Distress
—
Industry rank
—
View all highly rated stocks (75+) →202 stocks currently score above 75
Price targets
Analyst target
$19.45
+66.52%
12-Month target
$11.43
-2.14%
Intrinsic (DCF)
$12.24
Margin of safety
-35.46%
2 Strong Buy8 Buy0 Hold0 Sell0 Strong Sell
Price chart
Stock snapshot
Strengths
+ Free cash flow $5.11M — positive
+ Revenue growth 17.30% QoQ
Risks
- Piotroski 2/9 — weak financial health
- Altman Z 0.99 — distress zone
- Thin margins at 1.38%
- 35.46% above intrinsic value
- P/E 44.25x — expensive valuation
Key financials
Revenue Net Income Free Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $730.16M | $891.55M | $1.02B | $1.22B | $1.27B |
| Net income | $6.91M | $25.39M | $18.93M | $19.43M | $-2.69M |
| EPS | — | — | — | — | $0.28 |
| Free cash flow | $-393000.00 | $10.65M | $-12.28M | $-30.99M | $5.11M |
| Profit margin | 0.95% | 2.85% | 1.86% | 1.59% | 1.38% |
Recent insider activity
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-21 | TIPOGRAPH, RACHEL K | Buy | 12,345 | — |
| 2026-05-21 | SOLHEIM, JOSTEIN | Buy | 12,345 | — |
| 2026-05-21 | LILAK, STEPHANIE | Buy | 12,345 | — |
Peer comparison
Smart narrative
First Watch Restaurant Group Inc trades at $11.68. representing a P/E of 44.25x trailing earnings. Our Smart Value Score of 54/100 indicates the stock is fair. The company scores 2/9 on the Piotroski F-Score. With an Altman Z-Score of 0.99, it sits in the distress. TTM revenue stands at $1.27B. with profit margins at 1.38%. Our DCF model estimates intrinsic value at $12.24.
Frequently asked questions
What is First Watch Restaurant Group Inc's stock price?
First Watch Restaurant Group Inc (FWRG) trades at $11.68, on a P/E of 44.3x and a P/S of 0.6x. Those multiples show what the market is paying for each dollar of earnings and sales, which is the real starting point for judging whether the price is reasonable.
Is First Watch Restaurant Group Inc overvalued?
First Watch Restaurant Group Inc carries a Smart Value Score of 54/100 (Grade C), which we rate Hold. That score blends growth, quality, and valuation into one read. On valuation specifically, our conservative DCF puts intrinsic value at $12.24 against the $11.68 price, so on cash flow terms the market is paying a premium for First Watch Restaurant Group Inc's growth. The Hold rating reflects that growth and quality, while the DCF flags that the price already assumes a lot.
What is the price target of First Watch Restaurant Group Inc (FWRG)?
The 12-month analyst consensus target is $19.45, about 66.5% above the current $11.68. A consensus target is the average of Wall Street's 12-month forecasts, so it works as a sentiment gauge rather than a guarantee, and it resets with every earnings cycle.
What is the intrinsic value of First Watch Restaurant Group Inc (FWRG)?
Our DCF model estimates intrinsic value at $12.24, a -35.5% margin of safety versus today's $11.68. Intrinsic value is what the projected cash flows are worth today. A negative reading means the price is running ahead of that conservative estimate, leaving little downside cushion if growth slows.
What is First Watch Restaurant Group Inc's revenue?
First Watch Restaurant Group Inc's trailing twelve-month revenue is $1.27B. Revenue scale anchors the valuation multiples and shows whether growth is reaching the top line, so it is best read alongside margin and growth trends to see if that revenue is getting more profitable over time.
Altman Z-Score?
First Watch Restaurant Group Inc's Altman Z-Score is 0.99, which places it in the distress. The Altman Z-Score gauges bankruptcy risk from profitability, leverage, and asset efficiency, and a higher reading points to lower financial distress risk.
Company info
SectorCONSUMER CYCLICAL
IndustryRESTAURANTS
CountryUSA
ExchangeNASDAQ
CurrencyUSD
Quick metrics
P/S ratio0.60x
ROE2.80%
Beta1.06
50D MA$11.68
200D MA$14.84
Shares out0.06B
Float0.06B
Short ratio—
Avg volume1.5M
Performance
1 week+0.00%
1 month-9.35%
3 months-11.71%
YTD-32.49%
1 year—
3 years—
5 years—