First Watch Restaurant Group (FWRG) Stock Price

First Watch Restaurant Group Price

NASDAQ·CLOSED
12.75USD+0.69 (+5.52 %)
Market closed

Revenue has compounded at 19.6% per year over the past 7 years to 1.22 B USD. Earnings per share have grown at 38.4% per year over the last 3 years. First Watch Restaurant Group's net margin stands at 1.6%, up from -0.4% several years earlier. Analysts set a median price target of 22.44 USD, implying 76.0% above the current price. Of 17 analysts, 15 rate the stock a buy — an overall Buy consensus. Over the past year First Watch Restaurant Group shares have lost 32.3%. The stock trades about 27% above its 52-week low.

First Watch Restaurant Group stock price

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Stock Price

How to Read This Chart

This chart tracks the historical stock price of First Watch Restaurant Group over time. You can switch between daily, weekly, and monthly views and select custom time ranges — from a single day to the full available history. Use the toggle to view price changes in absolute currency terms or as a percentage change relative to the starting date.

Total Return vs. Price Return

The "Total Return" toggle includes reinvested dividends on top of the pure price movement. This is critical because dividends can account for a significant portion of long-term returns. Historically, roughly 40 % of the S&P 500's total return has come from dividends. Always compare total return when evaluating a stock's real performance against a benchmark.

Intraday Price Data

When viewing a one-day time frame, the chart displays real-time intraday price movements. This is useful for observing how First Watch Restaurant Group stock reacts to market openings, earnings releases, or breaking news throughout the trading session.

What to Look For

Look for long-term trends (sustained upward or downward movements over months and years), support and resistance levels (price zones where the stock repeatedly bounces or reverses), and volatility (how much the price fluctuates day to day). Comparing First Watch Restaurant Group's price chart to a market index like the S&P 500 can reveal whether the stock is outperforming or underperforming the broader market.

First Watch Restaurant Group Stock Price History
DateFirst Watch Restaurant Group Price
8/5/202612.75 USD
8/4/202612.06 USD
8/3/202612.50 USD
7/31/202612.85 USD
7/30/202613.34 USD
7/29/202613.19 USD
7/27/202612.68 USD
7/23/202611.96 USD
7/22/202612.34 USD
7/21/202612.42 USD
7/20/202612.23 USD
7/17/202612.45 USD
7/16/202612.18 USD
7/15/202612.08 USD
7/14/202612.14 USD
7/13/202612.35 USD
7/10/202612.46 USD
7/9/202612.47 USD
7/8/202612.27 USD
7/7/202612.86 USD
7/6/202613.26 USD
7/2/202613.09 USD
7/1/202613.34 USD
6/30/202612.89 USD
6/29/202612.97 USD
6/26/202612.74 USD
6/25/202612.20 USD
6/24/202612.08 USD
6/23/202611.15 USD
6/22/202611.75 USD
6/18/202611.86 USD
6/17/202612.02 USD
6/16/202611.93 USD
6/15/202612.18 USD
6/12/202612.46 USD
6/11/202611.27 USD
6/10/202610.72 USD
6/9/202610.26 USD
6/8/202610.34 USD
6/5/202610.18 USD
6/4/202610.04 USD
6/3/202610.41 USD
6/2/202610.52 USD
6/1/202611.30 USD
5/29/202611.89 USD
5/28/202611.84 USD
5/27/202611.61 USD
5/26/202611.27 USD
5/22/202611.27 USD
5/21/202610.97 USD
5/20/202610.87 USD
5/19/202610.89 USD
5/18/202611.01 USD
5/15/202611.23 USD
5/14/202610.76 USD
5/13/202610.78 USD
5/12/202611.35 USD
5/11/202611.68 USD
5/8/202612.10 USD
5/7/202611.95 USD
5/6/202612.17 USD
5/5/202612.18 USD
5/4/202612.21 USD
5/1/202613.09 USD
4/30/202613.12 USD
4/29/202612.91 USD
4/28/202612.86 USD
4/27/202613.16 USD
4/24/202613.28 USD
4/23/202613.22 USD
4/22/202613.53 USD
4/21/202612.66 USD
4/20/202612.86 USD
4/17/202612.75 USD
4/16/202612.09 USD
4/15/202611.73 USD
4/14/202611.56 USD
4/13/202611.08 USD
4/10/202611.48 USD
4/9/202611.65 USD
4/8/202611.16 USD
4/7/202610.91 USD
4/6/202611.36 USD
4/2/202610.76 USD
4/1/202610.94 USD
3/31/202610.48 USD
3/30/202610.11 USD
3/27/202610.31 USD
3/26/202610.91 USD
3/25/202611.27 USD
3/24/202611.46 USD
3/23/202612.35 USD
3/20/202612.18 USD
3/19/202612.39 USD
3/18/202612.32 USD
3/17/202612.61 USD
3/16/202611.93 USD
3/13/202611.53 USD
3/12/202611.70 USD
3/11/202612.44 USD
3/10/202612.52 USD
3/9/202612.66 USD
3/6/202612.93 USD
3/5/202612.97 USD
3/4/202611.96 USD
3/3/202612.40 USD
3/2/202612.46 USD
2/27/202612.46 USD
2/26/202613.15 USD
2/25/202612.53 USD
2/24/202612.32 USD
2/23/202615.50 USD
2/20/202615.92 USD
2/19/202615.63 USD
2/18/202615.96 USD
2/17/202615.74 USD
2/13/202615.37 USD
2/12/202615.71 USD
2/11/202616.58 USD
2/10/202617.10 USD
2/9/202617.40 USD
2/6/202617.54 USD
2/5/202616.98 USD
2/4/202617.24 USD
2/3/202616.85 USD
2/2/202616.12 USD
1/30/202615.99 USD
1/29/202616.16 USD
1/28/202616.19 USD
1/27/202616.03 USD
1/26/202616.16 USD
1/23/202616.51 USD
1/22/202616.96 USD
1/21/202616.71 USD
1/20/202616.30 USD
1/16/202616.70 USD
1/15/202616.72 USD
1/14/202616.57 USD
1/13/202616.26 USD
1/12/202616.47 USD
1/9/202615.57 USD
1/8/202615.43 USD
1/7/202615.25 USD
1/6/202615.90 USD
1/5/202616.07 USD
1/2/202615.37 USD
12/31/202515.08 USD
12/30/202515.05 USD
12/29/202515.43 USD
12/26/202515.91 USD
12/24/202515.79 USD
12/23/202515.58 USD
12/22/202515.91 USD
12/19/202516.21 USD
12/18/202517.20 USD
12/17/202516.49 USD
12/16/202516.37 USD
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12/12/202516.36 USD
12/11/202516.68 USD
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12/8/202516.99 USD
12/5/202517.70 USD
12/4/202518.09 USD
12/3/202517.93 USD
12/2/202518.17 USD
12/1/202518.19 USD
11/28/202518.56 USD
11/26/202518.45 USD
11/25/202517.90 USD
11/24/202516.84 USD
11/21/202516.57 USD
11/20/202515.24 USD
11/19/202515.65 USD
11/18/202516.31 USD
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11/14/202516.97 USD
11/13/202516.79 USD
11/12/202516.99 USD
11/11/202517.40 USD
11/10/202517.68 USD
11/7/202517.19 USD
11/6/202517.24 USD
11/5/202517.94 USD
11/4/202517.60 USD
11/3/202515.85 USD
10/31/202516.49 USD
10/30/202516.49 USD
10/29/202517.06 USD
10/28/202517.69 USD
10/27/202518.03 USD
10/24/202518.29 USD
10/23/202518.00 USD
10/22/202518.66 USD
10/21/202518.39 USD
10/20/202518.09 USD
10/17/202517.92 USD
10/16/202517.59 USD
10/15/202517.79 USD
10/14/202517.52 USD
10/13/202516.25 USD
10/10/202515.13 USD
10/9/202515.83 USD
10/8/202515.50 USD
10/7/202515.92 USD
10/6/202515.84 USD
10/3/202516.26 USD
10/2/202515.92 USD
10/1/202515.72 USD
9/30/202515.64 USD
9/29/202515.88 USD
9/26/202516.00 USD
9/25/202515.67 USD
9/24/202515.74 USD
9/23/202515.68 USD
9/22/202515.72 USD
9/19/202515.94 USD
9/18/202516.55 USD
9/17/202516.53 USD
9/16/202516.65 USD
9/15/202517.20 USD
9/12/202517.02 USD
9/11/202517.71 USD
9/10/202517.68 USD
9/9/202517.45 USD
9/8/202518.26 USD
9/5/202518.59 USD
9/4/202518.66 USD
9/3/202518.37 USD
9/2/202518.74 USD
8/29/202518.84 USD
8/28/202518.83 USD
8/27/202518.84 USD
8/26/202519.17 USD
8/25/202519.09 USD
8/22/202518.63 USD
8/21/202517.60 USD
8/20/202517.43 USD
8/19/202517.28 USD
8/18/202517.25 USD
8/15/202517.84 USD
8/14/202517.86 USD
8/13/202517.90 USD
8/12/202517.80 USD
8/11/202517.75 USD
8/8/202517.66 USD
8/7/202517.79 USD
8/6/202518.83 USD
Access this data via the Eulerpool API

First Watch Restaurant Group Revenue, EBIT, Net Income

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  • 25 Years

  • Max

Revenue
EBIT
Net Income
Details
Date
Revenue
EBIT
Net Income
Jan 1, 2023
891.55 M USD
41.27 M USD
25.39 M USD
Jan 1, 2024
1.02 B USD
38.91 M USD
18.93 M USD
Jan 1, 2025
1.22 B USD
33.77 M USD
19.43 M USD
Jan 1, 2026 (e)
1.38 B USD
47.47 M USD
9.88 M USD
Jan 1, 2027 (e)
1.55 B USD
53.35 M USD
16.69 M USD
Jan 1, 2028 (e)
1.75 B USD
60.05 M USD
22.29 M USD
Jan 1, 2029 (e)
1.93 B USD
66.34 M USD
21.36 M USD
Jan 1, 2030 (e)
2.14 B USD
73.54 M USD
25.02 M USD

First Watch Restaurant Group Income Statement, Balance Sheet, Cash Flow Statement

Last updated Aug 6, 2026, 4:21 AM
 
REVENUEB USD
REVENUE GROWTH%
GROSS MARGIN%
GROSS INCOMEM USD
EBITM USD
EBIT MARGIN%
NET INCOMEM USD
NET INCOME GROWTH%
SHARESM
201820192020202120222023202420252026e2027e2028e2029e2030e
0.350.440.340.600.730.891.021.221.381.551.751.932.14
24.93-21.5675.7321.4622.0513.9220.3913.1812.3612.5510.5210.86
20.3419.958.4820.6319.0421.3278.0313.0113.0113.0113.0113.0113.01
71.0087.0029.00124.00139.00190.00792.00159.00179.95202.20227.57251.51278.84
3.00-37.00-46.0020.0016.0041.0038.0033.0047.0053.0060.0066.0073.00
0.86-8.49-13.453.332.194.603.742.703.403.413.433.413.41
-12.00-45.00-49.00-2.006.0025.0018.0019.009.0016.0022.0021.0025.00
275.008.89-95.92-400.00316.67-28.005.56-52.6377.7837.50-4.5519.05
62.8445.0058.5157.8159.1961.8362.3462.8462.8462.8462.8462.8462.84
Details

Income Statement Key Figures

Revenue and Revenue Growth

Revenue is the starting point of every income statement — it measures the total sales First Watch Restaurant Group generates from its core business. Revenue growth (expressed as year-over-year percentage change) is one of the most important indicators of business momentum. Sustained growth above 10 % annually is generally considered strong, while declining revenue is a serious warning sign that demands investigation.

Gross Margin

Gross margin = (Revenue − Cost of Goods Sold) ÷ Revenue. It reveals what percentage of each dollar of revenue First Watch Restaurant Group retains after direct production costs. High gross margins (above 50 %) are typical of asset-light businesses like software and brands, while capital-intensive industries like manufacturing often operate below 30 %. Compare First Watch Restaurant Group's gross margin to industry peers and track it over time to spot improving or deteriorating pricing power.

EBIT and EBIT Margin

EBIT measures operating profit — what remains after subtracting all operating expenses (including R&D, sales, and administrative costs) from gross profit. The EBIT margin shows this as a percentage of revenue. Because it excludes interest and taxes, EBIT allows fair comparisons between companies with different debt levels and tax jurisdictions. A rising EBIT margin indicates improving operational efficiency.

Net Income and Earnings Per Share (EPS)

Net income is the company's final profit after all expenses, interest, and taxes. Dividing net income by the number of shares outstanding gives you EPS — the single most influential metric in stock valuation. Consistent EPS growth is the primary driver of long-term stock price appreciation. Always check whether EPS growth comes from genuine profit improvement or from share buybacks reducing the share count.

Shares Outstanding

The total number of shares First Watch Restaurant Group has issued. A declining share count (through buybacks) boosts EPS and signals management confidence. A rising share count (through stock issuance) dilutes existing shareholders. Always monitor this number alongside EPS to get the full picture of per-share value creation.

Analyst Estimates

The projected figures represent consensus estimates from professional analysts. Compare these forecasts against First Watch Restaurant Group's historical growth rates to assess whether expectations are realistic. A company that consistently beats consensus estimates tends to see its stock price rewarded over time, while repeated misses erode investor confidence.

First Watch Restaurant Group stock margins

The First Watch Restaurant Group margin analysis displays the gross margin, EBIT margin, as well as the profit margin of First Watch Restaurant Group. The EBIT margin (EBIT/sales) indicates the percentage of sales that remains as operating profit. The profit margin shows the percentage of sales that remains for First Watch Restaurant Group.
  • 3 Years

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  • Max

Gross margin
EBIT margin
Profit margin
Details
Date
Gross margin
EBIT margin
Profit margin
Jan 1, 2021
20.66 %
3.40 %
-0.35 %
Jan 1, 2022
19.11 %
2.32 %
0.95 %
Jan 1, 2023
21.32 %
4.63 %
2.85 %
Jan 1, 2024
78.04 %
3.83 %
1.86 %
Jan 1, 2025
13.04 %
2.76 %
1.59 %
Jan 1, 2026 (e)
13.04 %
3.43 %
0.71 %
Jan 1, 2027 (e)
13.04 %
3.43 %
1.07 %
Jan 1, 2028 (e)
13.04 %
3.43 %
1.27 %

First Watch Restaurant Group Stock Revenue, EBIT, Earnings per Share

The First Watch Restaurant Group earnings per share therefore indicates how much revenue First Watch Restaurant Group has generated per share in a given period. The earnings before interest and taxes per share shows how much of the operating profit corresponds to each share. The earnings per share indicates how much of the profit belongs to each share.
  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Revenue per Share
EBIT per share
Earnings per Share
Details
Date
Revenue per Share
EBIT per share
Earnings per Share
Jan 1, 2021
10.40 USD
0.35 USD
-0.04 USD
Jan 1, 2022
12.34 USD
0.29 USD
0.12 USD
Jan 1, 2023
14.42 USD
0.67 USD
0.41 USD
Jan 1, 2024
16.30 USD
0.62 USD
0.30 USD
Jan 1, 2025
19.45 USD
0.54 USD
0.31 USD
Jan 1, 2026 (e)
22.67 USD
0.76 USD
0.16 USD
Jan 1, 2027 (e)
25.47 USD
0.85 USD
0.27 USD
Jan 1, 2028 (e)
28.67 USD
0.96 USD
0.37 USD

First Watch Restaurant Group business model & stock analysis

The First Watch Restaurant Group Inc is a US-American company specializing in the production of breakfast and brunch dishes. It was founded in 1983 by Ken Pendrey in Pacific Grove, California. Originally conceived as a franchise concept, First Watch was acquired by a group of investors in 1993. First Watch's business model is based on providing fresh, high-quality ingredients and preparing healthy dishes. The company offers a wide range of dishes, from various egg dishes to homemade pancakes, sandwiches, and salads. The First Watch Restaurant Group Inc operates different franchise concepts, including First Watch, The Egg & I, The Good Egg, and Bread & Company. Each concept is designed to meet the needs of customers in different markets. In the US, the company currently operates approximately 410 locations in 29 states. First Watch is known for its huge selection of house specialties, such as the "Floridian French Toast," served with fresh banana and strawberry puree, pecans, and powdered sugar. Another popular dish is the "A.M. Superfoods Bowl," prepared with fresh avocado, quinoa, eggs, tomatoes, and fresh spinach. These dishes are complemented by seasonal menu offerings based on fresh, seasonal ingredients. The Egg & I menu is designed to offer guests a cozy breakfast experience with special omelets, waffles, and toasts. The concept is also known for its Impossible Omelet, an option with 14 eggs and a variety of ingredients. The Good Egg distinguishes itself from the other concepts by specializing in health-conscious options, such as gluten-free and vegan dishes, as well as various egg dishes. Bread & Company, on the other hand, is a bakery concept that indulges guests with freshly baked bread, bagels, and pastries. This concept has been widespread in the US since 1992. Overall, First Watch is committed to providing guests with a unique experience through fresh ingredients, friendly staff, and a relaxed atmosphere. The company works with the best suppliers to obtain seasonal local ingredients, and both this and fair treatment of employees are very important to the company. For example, the company provides free meals for its employees and offers health courses to promote a healthy lifestyle and work environment. Overall, the First Watch Restaurant Group Inc offers a fresh, innovative approach to the breakfast and brunch segment and operates different concepts that specifically cater to the needs of customers in various markets. The company has made a name for itself in the US and is highly popular among guests due to its high-quality food and unique experiences.

First Watch Restaurant Group SWOT Analysis

Strengths

First Watch Restaurant Group Inc has several key strengths that contribute to its success in the competitive restaurant industry.

  • Strong brand reputation: First Watch is a well-known and respected brand in the market, known for their quality breakfast and brunch offerings.
  • Extensive menu variety: The company offers a diverse menu with a wide range of breakfast and brunch options, catering to different customer preferences.
  • Commitment to fresh and high-quality ingredients: First Watch prides itself on using fresh ingredients and locally sourced products whenever possible, appealing to health-conscious customers.
  • Customer loyalty: The company has a dedicated customer base that appreciates the quality of the food and the overall dining experience offered by First Watch.

Weaknesses

Despite its strengths, First Watch Restaurant Group Inc also faces certain weaknesses that may pose challenges to its growth and profitability.

  • Dependency on breakfast and brunch: First Watch primarily focuses on breakfast and brunch, limiting their revenue potential as they miss out on other meal periods.
  • Regional presence: The company's restaurants are concentrated in specific geographic areas, which can hinder its ability to capture a wider audience and expand into new markets.
  • Relatively higher prices: First Watch's commitment to using quality ingredients results in higher menu prices compared to some of its competitors, potentially deterring price-sensitive customers.
  • Limited international presence: The brand has yet to establish a significant international presence, missing out on potential global expansion opportunities.

Opportunities

First Watch Restaurant Group Inc can leverage certain opportunities in the market to drive further growth and strengthen its position.

  • Increasing demand for healthy options: As consumer preferences shift towards healthier food choices, First Watch can expand its menu to offer more nutritious options, attracting health-conscious customers.
  • Expansion into new markets: The company can explore new geographical areas, both domestically and internationally, to reach a broader customer base and increase revenue.
  • Online ordering and delivery: With the rise in online food delivery platforms, First Watch can capitalize on this trend by offering convenient delivery services, enhancing customer convenience and satisfaction.
  • Partnerships and collaborations: Forming strategic partnerships with local suppliers, farmers, or other food-related businesses can strengthen First Watch's commitment to using fresh and locally sourced ingredients.

Threats

Various external factors pose potential threats to First Watch Restaurant Group Inc's operations and profitability.

  • Intense competition: The restaurant industry is highly competitive, with numerous established chains and local eateries vying for market share, potentially affecting First Watch's customer base and revenue.
  • Economic downturns: Adverse economic conditions, such as recessions or downturns, can impact consumer spending habits, leading to reduced dining out and lower sales for First Watch.
  • Inflation and rising costs: Increases in ingredient prices, labor costs, and other operating expenses can put pressure on First Watch's profitability if they are unable to pass these costs to customers through higher menu prices.
  • Changing consumer preferences: Shifting trends and preferences in the food industry may require First Watch to adapt its menu and offerings, or risk losing customers to competitors who better cater to evolving tastes.

First Watch Restaurant Group Employees

  • 3 Years

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  • Max

First Watch Restaurant Group Employees
Details
Date
First Watch Restaurant Group Employees
Jan 1, 2021
- Employees
Jan 1, 2022
- Employees
Jan 1, 2023
- Employees
Jan 1, 2024
- Employees
Jan 1, 2025
- Employees

First Watch Restaurant Group Segments

First Watch Restaurant Group Revenue by Segment (1/2)

  • Max

Restaurant sales
Franchise revenues
Details
Date
Restaurant sales
Franchise revenues
Jan 1, 2024
1.00 B USD
11.56 M USD
Jan 1, 2025
1.21 B USD
10.33 M USD

First Watch Restaurant Group Revenue by Segment (2/2)

  • Max

Reportable Segment
Details
Date
Reportable Segment
Jan 1, 2024
1.02 B USD
Jan 1, 2025
1.22 B USD

First Watch Restaurant Group Eulerpool Fair Value

Details

Fair Value Estimate

What Is Fair Value?

Fair value is an estimate of what a stock is truly "worth" based on its financial fundamentals, independent of the current market price. If the calculated fair value is above the current share price, the stock may be undervalued — and vice versa. This chart shows three different fair value approaches so you can cross-check them against each other.

Earnings-Based Fair Value

Calculated by multiplying the current earnings per share (EPS) by the average historical P/E ratio over a selected multi-year period. The smoothing over several years filters out temporary spikes or dips. If this fair value exceeds the market price, it suggests the stock is cheap relative to its earning power.

Example: Fair Value (Earnings) 2022 = EPS 2022 × Average P/E 2019–2021

Revenue-Based Fair Value

Derived by multiplying revenue per share by the average historical price-to-sales ratio. This method is particularly useful for companies with volatile or temporarily depressed earnings, as revenue tends to be more stable than profits. It answers: "At what price has the market historically valued each dollar of this company's sales?"

Example: Fair Value (Revenue) 2022 = Revenue per Share 2022 × Average P/S 2019–2021

Dividend-Based Fair Value

Calculated by dividing the dividend per share by the average historical dividend yield. This approach is most relevant for mature, consistently dividend-paying companies. If the resulting fair value is higher than the current price, it implies the stock offers a better yield than its historical average.

Example: Fair Value (Dividend) 2022 = Dividend per Share 2022 ÷ Average Yield 2019–2021

How to Use This Chart

When all three fair value lines converge above the current price, it strengthens the case that the stock is undervalued. When they diverge, investigate why — it may indicate a structural shift in margins, payout policy, or growth rate. The forward estimates on the right extend the analysis using projected fundamentals, helping you assess whether the current price already reflects future growth expectations.

First Watch Restaurant Group historical P/E ratio, EBIT multiple, and P/S ratio

First Watch Restaurant Group annual returns

Details

Annual Return

What This Chart Shows

This chart breaks down 's total annual return into two components: price return (gains or losses from stock price movement) and dividend return (income received from dividend payments). Together, they represent the total return an investor would have earned in each calendar year.

Price Return

Price return measures the percentage change in 's stock price from January 1st to December 31st of each year. Positive bars indicate the stock appreciated; negative bars show a decline. This is the component most investors focus on, but it tells only part of the story — especially for dividend-paying stocks.

Dividend Return

Dividend return represents the income generated from dividends paid during the year, expressed as a percentage of the starting stock price. While it may seem small in any single year (typically 1–4 % for established companies), dividends compound significantly over decades and have historically contributed roughly 40 % of total stock market returns.

What to Look For

Examine how many years showed positive vs. negative returns to gauge consistency. A stock with mostly positive years and small drawdowns suggests lower risk. Also compare 's annual returns to a benchmark index — consistently outperforming the market is a hallmark of a strong investment. Pay attention to the worst years: understanding downside risk is just as important as chasing upside potential.

First Watch Restaurant Group shares outstanding

The number of shares of First Watch Restaurant Group was 62.84 M in 2025. This indicates how many shares First Watch Restaurant Group is divided into. Since shareholders are the owners of a company, each share represents a small portion of the company's ownership.
  • 3 Years

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  • Max

Number of stocks
Details
Date
Number of stocks
Jan 1, 2021
57.81 M Stocks
Jan 1, 2022
59.19 M Stocks
Jan 1, 2023
61.83 M Stocks
Jan 1, 2024
62.34 M Stocks
Jan 1, 2025
62.84 M Stocks
Jan 1, 2026 (e)
62.84 M Stocks
Jan 1, 2027 (e)
62.84 M Stocks
Jan 1, 2028 (e)
62.84 M Stocks

Current First Watch Restaurant Group forecasts and price targets in August 2026

Analyst Price Targets 2026
Δ MOM Price Target
0.00 %
Buy
88.24 % (15)
Hold
11.76 % (2)
Sell
0.00 % (0)
12M Price Target
22.44
Last Price
12.06
Currency
USD
12M Return Potential
85.99 %
LTM Return
0 %

First Watch Restaurant Group Analyst Rating Actions

DateFirmActionRatingReliability
6/3/2026
TD Cowen
TD Cowen
MaintainedBuy60
5/6/2026
Stephens & Co.
Stephens & Co.
MaintainedOverweight
5/5/2026
TD Cowen
TD Cowen
MaintainedBuy60
4/28/2026
DA Davidson
DA Davidson
MaintainedBuy
4/20/2026
Benchmark
Benchmark
MaintainedBuy71
2/25/2026
Stephens & Co.
Stephens & Co.
MaintainedOverweight
2/25/2026
Guggenheim
Guggenheim
MaintainedBuy30
2/25/2026
Citigroup
Citigroup
MaintainedBuy48
2/25/2026
Barclays
Barclays
MaintainedOverweight33
2/24/2026
TD Cowen
TD Cowen
MaintainedBuy60

Eulerpool Reliability Score (0–100): measures how often a firm’s bullish or bearish calls were directionally correct three months later, blended with the average return following its calls. Every rating we record is stored permanently and scores update continuously; firms with fewer than 3 measured calls are not scored yet.

First Watch Restaurant Group Earnings Estimates & Surprises

DateEPS estimateEPS ActualRevenue EstimatePrice reactionQuarterly report
8/11/20260.05USD-358.35 MUSD-2026 Q2
5/12/2026-0.03USD-336.02 MUSD-2026 Q1
2/24/20260.07USD-323.27 MUSD-2025 Q4
11/7/20220.04USD-183.45 MUSD-2022 Q3

EESG©

Eulerpool ESG Scorecard© for the First Watch Restaurant Group stock

38/100
5
Environment
65
Social
46
Governance
E

Environment

20
Scope 1 - Direct Emissions
Scope 2 - Indirect emissions from purchased energy
Scope 3 - Indirect emissions within the value chain
Total CO₂ emissions
CO₂ reduction strategy
Coal energy
Nuclear power
Animal experiments
Fur & Leather
Pesticides
Palm Oil
Tobacco
Genetically modified organisms
Climate concept
Sustainable forestry
Recycling regulations
Environmentally friendly packaging
Hazardous substances
Fuel consumption and efficiency
Water consumption and efficiency
S

Social

20
Percentage of female employees
Percentage of women in management
Percentage of Asian employees
Share of Asian management
Percentage of Hispanic/Latino employees
Hispano/Latino Management share
Percentage of Black employees
Black Management Share
Percentage of white employees
White Management Share
Adult content
Alcohol
Weapons
Firearms
Gambling
Military contracts
Human rights concept
Privacy concept
Occupational health and safety
Catholic
G

Governance (Corporate Governance)

4
Environmental reporting
Stakeholder Engagement
Call Back Policies
Antitrust law

The Eulerpool ESG Scorecard© is the strictly copyrighted intellectual property of Eulerpool Research Systems. Any unauthorized use, imitation, or infringement will be actively pursued and may lead to significant legal consequences. For licenses, collaborations, or usage rights, please contact us directly via our contact form. Contact Form to us.

First Watch Restaurant Group shareholder structure

% Name
6.67171%
BLACKROCK, INC.
BLACKROCK, INC.
6.48484%
BANK OF NEW YORK MELLON CORP
BANK OF NEW YORK MELLON CORP
5.85666%
NEUBERGER BERMAN GROUP LLC
NEUBERGER BERMAN GROUP LLC
5.50213%
MANUFACTURERS LIFE INSURANCE COMPANY, THE
MANUFACTURERS LIFE INSURANCE COMPANY, THE
5.29616%
MILLENNIUM MANAGEMENT LLC
MILLENNIUM MANAGEMENT LLC
5.05470%
DIMENSIONAL FUND ADVISORS LP
DIMENSIONAL FUND ADVISORS LP
...

First Watch Restaurant Group Beneficial Ownership Filings (SEC 13D/G)

Free Float
97.7%
Float Shares
-
Shares Outstanding
-
StakeHolderFiling
79.20%
Advent International VIII, LLC
Advent International VIII, LLC
SEC ↗
54.30%
GPE VIII GP S.à.r.l.
GPE VIII GP S.à.r.l.
SEC ↗
21.50%
GPE VIII GP Limited Partnership
GPE VIII GP Limited Partnership
SEC ↗
14.50%
Advent International GPE VIII-B Limited Partnership
Advent International GPE VIII-B Limited Partnership
SEC ↗
11.10%
Advent International GPE VIII-A Limited Partnership
Advent International GPE VIII-A Limited Partnership
SEC ↗
6.50%
Bank of New York Mellon Corp
Bank of New York Mellon Corp
SEC ↗
6.50%
BlackRock, Inc.
BlackRock, Inc.
SEC ↗
6.00%
Advent International GPE VIII-B-3 Limited Partnership
Advent International GPE VIII-B-3 Limited Partnership
SEC ↗
5.30%
Advent International GPE VIII-H Limited Partnership
Advent International GPE VIII-H Limited Partnership
SEC ↗
5.10%
Advent International GPE VIII-B-1 Limited Partnership
Advent International GPE VIII-B-1 Limited Partnership
SEC ↗

First Watch Restaurant Group Executives and Management Board

17 members · avg. age 55 · 24 % women

CT

Mr. Christopher Tomasso (54)

President, Chief Executive Officer, Director · since 2017

4.92 M USD

Management

HH

Mr. Henry Hope (64)

Chief Financial Officer, Treasurer

1.62 M USD
JW

Mr. Jay Wolszczak (56)

Chief Legal Officer, General Counsel, Secretary

1.44 M USD
EH

Mr. Eric Hartman (52)

Chief Development Officer

1.12 M USD
JJ

Mr. John Jones (46)

Chief Operations Officer

LS

Ms. Laura Sorensen (52)

Chief People Officer

RC

Mr. Robert Conti (55)

Chief Information Officer

Board of Directors

RA

Mr. Ralph Alvarez (69)

Independent Chairman of the Board

248,500.00 USD
SL

Ms. Stephanie Lilak (55)

Independent Director

192,500.00 USD
WK

Mr. William Kussell (66)

Independent Director

185,833.00 USD
IB

Ms. Irene Britt (62)

Independent Director

185,000.00 USD
JS

Mr. Jostein Solheim (59)

Independent Director

180,000.00 USD
CJ

Mr. Charles Jemley (61)

Independent Director

173,929.00 USD

Frequently asked questions about First Watch Restaurant Group

The business model of First Watch Restaurant Group Inc is centered around operating and franchising breakfast and brunch restaurants. As an established leader in the daytime dining market, First Watch offers a diverse menu combining traditional breakfast staples with unique chef-inspired creations. With a focus on fresh, high-quality ingredients and friendly service, First Watch aims to provide customers with an exceptional dining experience. By continually innovating their menu and investing in technological advancements, the company strives to stay ahead in the competitive restaurant industry. First Watch Restaurant Group Inc is committed to delivering delicious meals and creating a warm, inviting atmosphere for its customers.

First Watch Restaurant Group Inc is primarily active in the restaurant industry.

The main competitors of First Watch Restaurant Group Inc in the market include popular breakfast and brunch restaurant chains such as IHOP, Denny's, and Cracker Barrel. These competitors also offer a wide range of breakfast and brunch options, targeting a similar customer base. However, First Watch distinguishes itself by focusing on using fresh and high-quality ingredients, along with a healthier menu options. With its commitment to providing a unique and exceptional dining experience, First Watch Restaurant Group Inc continues to differentiate itself from its competitors in the market.

First Watch Restaurant Group Inc is a leading restaurant company with a rich history and background. Founded in 1983, the company has grown to be one of the largest daytime-only dining chains in the United States. First Watch specializes in serving breakfast, brunch, and lunch with a focus on fresh ingredients and high-quality food. Over the years, First Watch has received numerous accolades for its menu offerings and customer service. With a commitment to providing a delightful dining experience, the company continues to expand its presence across the country. First Watch Restaurant Group Inc remains dedicated to satisfying customers' cravings with its delicious and innovative dishes.

First Watch Restaurant Group Inc is a prominent company in the restaurant industry that has achieved significant milestones over the years. Notable achievements include expanding its presence across the United States and becoming one of the largest breakfast and brunch chains. The company has consistently received recognition and awards for its high-quality food, exceptional customer service, and commitment to health-conscious dining options. First Watch Restaurant Group Inc has also established a strong brand reputation, successfully catering to diverse customer preferences and continuously introducing innovative menu items. With its continuous growth, the company remains a prominent player in the restaurant industry, providing a delightful dining experience for its customers.

First Watch Restaurant Group Inc is primarily present in the United States.

First Watch Restaurant Group Inc represents a strong commitment to quality, innovation, and community. Their corporate philosophy revolves around providing exceptional dining experiences and serving freshly prepared breakfast, brunch, and lunch dishes. The company values customer satisfaction and emphasizes using high-quality ingredients sourced from local suppliers whenever possible. First Watch Restaurant Group Inc prioritizes teamwork, integrity, and continuous improvement in delivering delicious meals, excellent service, and a welcoming atmosphere. Through their emphasis on freshness, hospitality, and community engagement, First Watch Restaurant Group Inc is dedicated to creating a memorable dining experience for their customers.

Analysts currently set an average price target of 22.63 USD for the First Watch Restaurant Group stock (median: 22.44 USD), implying +87.5 % versus the latest price. The consensus is based on 17 analyst ratings.

17 analysts currently rate the First Watch Restaurant Group stock: 15 recommend buying, 2 holding and 0 selling. For 2026, analysts expect First Watch Restaurant Group to generate revenue of 1.38 B USD and earnings per share of 0.16 USD.

Converted at the current exchange rate, the First Watch Restaurant Group share trades at 11.04 EUR (12.75 USD).

The First Watch Restaurant Group share (FWRG) is listed on 1 stock exchanges, including: NASDAQ (FWRG).

The First Watch Restaurant Group Inc. is a leading provider of daytime café concepts in the United States, offering a wide range of breakfast, brunch, and lunch dishes. The company operates around 400 restaurants in 30 states and employs over 10,000 employees in the US. The company is headquartered in Bradenton, Florida. First Watch restaurants aim to provide an upscale and sophisticated atmosphere, offering a wide range of breakfast and lunch options. The menus are carefully tailored to meet customer needs and offer a variety of daily coffee options. The company also operates The Egg & I Restaurants, which operates 100 restaurants in 20 states, specializing in breakfast and brunch specialties. Most of The Egg & I restaurants are located in smaller towns and rural areas. First Watch is a franchise company and offers its concepts to potential franchise partners. The company provides a comprehensive range of support services for franchise partners, including site analysis, design consulting, training, marketing, and operations management. In recent years, the company has focused on expansion and has opened numerous new locations. The company also plans to continue its expansion in the coming years. First Watch's main product is a breakfast and lunch menu that offers a wide range of traditional and innovative dishes. Some of the top-selling dishes are avocado toast, California omelette, and Siesta Key cocktail. The company also aims to provide its customers with a healthy and fresh cuisine and offers an extensive selection of vegetarian, gluten-free, and vegan options. Another important aspect of First Watch's business model is the offering of catering services. The company offers a wide range of catering options, including breakfast, lunch, and brunch, as well as a variety of beverages and service options. The company also has a strong online presence and offers its customers the ability to order and pay online. The company also utilizes social media platforms like Facebook and Twitter to communicate and advertise with its customers. Overall, First Watch's business model has proven successful as the company has achieved significant expansion success and built a strong brand. The company offers a wide range of products and services tailored to customer needs, providing high quality and professionalism.

The expected revenue of First Watch Restaurant Group is 1.38 B USD. This figure is based on current financial data and reflects the company's business performance.

The expected profit of First Watch Restaurant Group is 9.88 M USD. The net profit reflects the company's profitability after deducting all expenses.

The price-to-earnings ratio (P/E) of First Watch Restaurant Group is currently 81.09. The P/E ratio compares the current share price to the earnings per share and helps investors assess the valuation of the First Watch Restaurant Group stock.

The price-to-sales ratio (P/S) of First Watch Restaurant Group is currently 0.58. The P/S ratio compares the market capitalization to the annual revenue and serves as a valuation metric for the First Watch Restaurant Group stock.

The Eulerpool Quality Score for First Watch Restaurant Group is 4/10.

The ISIN of First Watch Restaurant Group is US33748L1017. The ISIN (International Securities Identification Number) is a globally unique identifier for securities.

The ticker of First Watch Restaurant Group is FWRG. The ticker symbol is used to trade First Watch Restaurant Group shares on the stock exchange.

First Watch Restaurant Group paid dividends every year for the past 0 years.

First Watch Restaurant Group is assigned to the 'Cyclical consumption' sector.

The dividends of First Watch Restaurant Group are distributed in USD.