First Watch Restaurant Group (FWRG) Stock Price, News & Analysis

Company Overview

First Watch Restaurant Group, Inc. operates a chain of daytime-only restaurants specializing in breakfast, brunch and lunch services. The company positions itself in the casual dining segment, focusing on freshly prepared, made-to-order menu items in a bright, welcoming environment. Its dining rooms are open seven days a week, serving traditional breakfast classics alongside innovative seasonal offerings, all designed to appeal to health- and quality-conscious consumers.

The restaurant concept emphasizes fresh ingredients and culinary craft, with signature dishes that include omelets, skillets, pancakes and seasonal bowls alongside a rotating selection of fresh-pressed juices and handcrafted soups. First Watch also offers catering services for both corporate and social events, providing a diverse menu of shareable breakfast and brunch items. The brand has introduced digital ordering channels, including mobile app and online delivery partnerships, to enhance customer convenience and drive off-premise sales.

Founded in 1983 by Ken Pendery, John Sullivan and Chris Tomasso in Pacific Grove, California, First Watch has grown from a single café to a nationwide operator headquartered in Bradenton, Florida. The leadership team, led by co-founder Chris Tomasso in an executive role, combines extensive experience in restaurant operations and franchise development. Under their guidance, the company has pursued a mix of company-operated and franchised locations, refining its day-part strategy to focus solely on daytime dining.

First Watch continues to expand its footprint across multiple regions of the United States, targeting both established and emerging markets. The company’s growth strategy includes selective site development in high-traffic suburban and urban areas, strategic partnerships for franchising, and ongoing innovation in menu offerings. By maintaining a disciplined approach to unit growth and emphasizing operational consistency, First Watch seeks to strengthen its position as a leading daytime dining brand in the casual restaurant industry.

Key Stats

• Today's Range: $17.36 to $17.94
• 50-Day Range: $14.92 to $18.61
• 52-Week Range: $12.90 to $22.71
• Volume: 399,952 shs
• Average Volume: 737,926 shs
• Market Capitalization: $1.07 billion
• P/E Ratio: 102.94
• Dividend Yield: N/A
• Price Target: $21.36
• Consensus Rating: Buy

First Watch Restaurant Group Stock Analysis - MarketRank™

First Watch Restaurant Group scored higher than 62% of companies evaluated by MarketBeat, and ranked 115th out of 213 stocks in the retail/wholesale sector. Scores are calculated by averaging available category scores, with extra weight given to analysis and valuation.

Analyst's Opinion

• Score: 3.6 / 5
• Analyst Rating: Buy

Consensus Rating

First Watch Restaurant Group has received a consensus rating of Buy. The company's average rating score is 3.11, and is based on 8 buy ratings, no hold ratings, and no sell ratings.

Amount of Analyst Coverage

First Watch Restaurant Group has been the subject of 7 research reports in the past 90 days, demonstrating strong analyst interest in this stock.

Earnings and Valuation

• Score: 1.9 / 5
• Proj. Earnings Growth: 40.63%

Earnings Growth

Earnings for First Watch Restaurant Group are expected to grow by 40.63% in the coming year, from $0.32 to $0.45 per share.

Price to Earnings Ratio vs. the Market

The P/E ratio of First Watch Restaurant Group is 102.94, which means that it is trading at a more expensive P/E ratio than the market average P/E ratio of about 25.84.

Price to Earnings Ratio vs. Sector

The P/E ratio of First Watch Restaurant Group is 102.94, which means that it is trading at a more expensive P/E ratio than the Retail/Wholesale sector average P/E ratio of about 29.04.

Price to Earnings Growth Ratio

First Watch Restaurant Group has a PEG Ratio of 5.06. PEG Ratios above 1 indicate that a company could be overvalued.

Price to Book Value per Share Ratio

First Watch Restaurant Group has a P/B Ratio of 1.78. P/B Ratios below 3 indicates that a company is reasonably valued with respect to its assets and liabilities.

Short Interest

• Score: 1.0 / 5
• Short Interest Level: Bearish

Percentage of Shares Shorted

13.91% of the float of First Watch Restaurant Group has been sold short.

Short Interest Ratio / Days to Cover

First Watch Restaurant Group has a short interest ratio ("days to cover") of 6.2.

Change versus previous month

Short interest in First Watch Restaurant Group has recently increased by 12.82%, indicating that investor sentiment is decreasing significantly.

Dividend

• Score: 0.0 / 5
• Dividend Strength: N/A

Dividend Yield

First Watch Restaurant Group does not currently pay a dividend.

Dividend Growth

First Watch Restaurant Group does not have a long track record of dividend growth.

Sustainability and ESG

• Score: N/A
• Environmental Score: N/A

Percentage of Shares Shorted

13.91% of the float of First Watch Restaurant Group has been sold short.

Short Interest Ratio / Days to Cover

First Watch Restaurant Group has a short interest ratio ("days to cover") of 6.2.

Change versus previous month

Short interest in First Watch Restaurant Group has recently increased by 12.82%, indicating that investor sentiment is decreasing significantly.

News and Social Media

• Score: 2.3 / 5
• News Sentiment: 1.06

News Sentiment

First Watch Restaurant Group has a news sentiment score of 1.06. This score is calculated as an average of sentiment of articles about the company over the last seven days and ranges from 2 (good news) to -2 (bad news). This is a higher news sentiment than the 0.85 average news sentiment score of Retail/Wholesale companies.

News Coverage This Week

MarketBeat has tracked 5 news articles for First Watch Restaurant Group this week, compared to 5 articles on an average week.

Company Ownership

• Score: 2.5 / 5
• Insider Trading: Selling Shares

Insider Buying vs. Insider Selling

In the past three months, First Watch Restaurant Group insiders have sold more of their company's stock than they have bought. Specifically, they have bought $0.00 in company stock and sold $66,150,000.00 in company stock.

Percentage Held by Insiders

Only 6.00% of the stock of First Watch Restaurant Group is held by insiders.

Percentage Held by Institutions

96.11% of the stock of First Watch Restaurant Group is held by institutions. High institutional ownership can be a signal of strong market trust in this company.

FWRG Stock Analysis - Frequently Asked Questions

How have FWRG shares performed this year?

First Watch Restaurant Group's stock was trading at $18.61 at the beginning of 2025. Since then, FWRG stock has decreased by 6.0% and is now trading at $17.50.

How were First Watch Restaurant Group's earnings last quarter?

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) issued its earnings results on Tuesday, May, 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by $0.05. First Watch Restaurant Group's quarterly revenue was up 16.4% on a year-over-year basis.
Read the conference call transcript.

When did First Watch Restaurant Group IPO?

First Watch Restaurant Group (FWRG) raised $175 million in an initial public offering (IPO) on Friday, October 1st 2021. The company issued 9,459,000 shares at a price of $17.00-$20.00 per share.

Who are First Watch Restaurant Group's major shareholders?

First Watch Restaurant Group's top institutional investors include Moody National Bank Trust Division (0.20%), Wesbanco Bank Inc. (0.13%) and Harbor Capital Advisors Inc. (0.02%). Insiders that own company stock include Michael James White, International Corp/Ma Advent, David Paresky, Tricia Glynn, Advent Partners Gpe Viii Limit, International LP Advent, Christopher Anthony Tomasso, H Melville Hope III, Eric Richard Hartman, Jay Anthony Wolszczak, Matthew Eisenacher and William A Kussell.
View institutional ownership trends.

How do I buy shares of First Watch Restaurant Group?

Shares of FWRG stock can be purchased through any online brokerage account. Popular online brokerages with access to the U.S. stock market include Charles Schwab, E*TRADE, Fidelity, and Vanguard Brokerage Services.

What other stocks do shareholders of First Watch Restaurant Group own?

Based on aggregate information from My MarketBeat watchlists, some other companies that First Watch Restaurant Group investors own include NVIDIA (NVDA), Meta Platforms (META), Advanced Micro Devices (AMD), Broadcom (AVGO), ServiceNow (NOW), Netflix (NFLX) and Palo Alto Networks (PANW).

Company Calendar

• Last Earnings: 5/06/2025
• Today: 7/12/2025
• Next Earnings (Estimated): 8/05/2025
• Fiscal Year End: 12/31/2025

Industry, Sector and Symbol

• Stock Exchange: NASDAQ
• Sector: Retail/Wholesale
• Industry: RETAIL - RESTRNTS
• Sub-Industry: Restaurants, Hotels, Motels
• Current Symbol: NASDAQ:FWRG
• CIK: 1789940
• Web: www.firstwatch.com
• Phone: 941-907-9800
• Fax: N/A
• Employees: 15,000
• Year Founded: N/A

Price Target and Rating

• Average Price Target for First Watch Restaurant Group: $21.36
• High Price Target: $28.00
• Low Price Target: $17.00
• Potential Upside/Downside: +22.1%
• Consensus Rating: Buy
• Rating Score (0-4): 3.11
• Research Coverage: 9 Analysts

Profitability

• EPS (Trailing Twelve Months): $0.17
• Trailing P/E Ratio: 102.94
• Forward P/E Ratio: 54.69
• P/E Growth: 5.06
• Net Income: $18.92 million
• Net Margins: 1.03%
• Pretax Margin: 1.56%
• Return on Equity: 1.84%
• Return on Assets: 0.73%

Debt

• Debt-to-Equity Ratio: 0.32
• Current Ratio: 0.31
• Quick Ratio: 0.27

Sales & Book Value

• Annual Sales: $1.02 billion
• Price / Sales: 1.05
• Cash Flow: $1.25 per share
• Price / Cash Flow: 13.96
• Book Value: $9.83 per share
• Price / Book: 1.78

Miscellaneous

• Outstanding Shares: 60,990,000
• Free Float: 57,333,000
• Market Cap: $1.07 billion
• Optionable: Optionable
• Beta: 0.90