First Watch Restaurant Group, Inc.

NASDAQ•FWRG

CEO: Mr. Christopher A. Tomasso

Sector: Consumer Cyclical

Industry: Restaurants

Listing Date: 2021-10-01

First Watch Restaurant Group, Inc., through its subsidiaries, operates and franchises restaurants under the First Watch trade name in the United States. The company was formerly known as AI Fresh Super Holdco, Inc. and changed its name to First Watch Restaurant Group, Inc. in December 2019. First Watch Restaurant Group, Inc. was founded in 1983 and is based in Bradenton, Florida.

Contact Information

8725 Pendery Place, Suite 201, Bradenton, FL, 34201, United States

941-907-9800

www.firstwatch.com

Market Cap

$682.30M

P/E (TTM)

37.8

65.5

Dividend Yield

52W High

$20.55

52W Low

$10.09

52W Range

10%

Rank40Top 42.0%

4.1

F-Score

Modified Piotroski Analysis

Based on 7-year fundamentals

Average • 4.1 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2019-2025

Financial Dashboard

Q4 2025 Data

Revenue

$316.35M+0.00%

4-Quarter Trend

EPS

$0.25+0.00%

4-Quarter Trend

FCF

-$17.56M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Total Revenue Growth 20.3% Total revenues reached $1.22B USD in 2025, marking a 20.3% increase from $1.0B USD in 2024.

Same-Restaurant Sales Rebound SRS growth was 3.6% in 2025, recovering from negative 0.5% in 2024, supported by 0.5% traffic growth.

System Growth Continues Opened 64 system-wide restaurants in 2025, reaching 633 total units; acquired 19 franchise locations.

Adjusted EBITDA Increased Adjusted EBITDA grew 6.2% to $120.9M USD, despite operating margin compression to 2.3%.

Risk Factors

Margin Pressure From Costs RLOP margin decreased 1.6% to 18.5% due to 5.0% commodity inflation and 3.7% labor inflation in 2025.

Income From Operations Decline Income from operations fell 29.3% to $27.5M USD in 2025, driven by rising operating expenses percentage.

Labor Cost Inflation Risk Labor cost inflation was 3.7% in 2025; expecting 3% to 5% labor inflation in 2026 impacting margins.

Geographic Concentration Risk 41% of system-wide restaurants are concentrated in the Southeast US, increasing regional exposure risk.

Outlook

2026 Net Restaurant Openings Plan to open 59 to 63 net new system-wide restaurants in 2026, continuing aggressive expansion strategy.

Moderate SRS Growth Expected Expecting annual same-restaurant sales growth in 2026 to be between 1% and 3% range.

Commodity Price Moderation Expecting 2026 commodity prices to increase only 1% to 3% compared to prior year.

Capital Expenditures Planned Estimate capital expenditures totaling approximately $150.0M to $160.0M USD in 2026 for growth projects.

Peer Comparison

Revenue (TTM)

MLCO

$5.16B

+11.3%

CBRL

$3.36B

-4.1%

LGIH

$1.71B

-22.6%

Gross Margin (Latest Quarter)

BJRI

74.5%

+62.6pp

XPEL

41.9%

-0.7pp

MLCO

36.7%

+2.0pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
MLCO	$2.36B	12.3	-13.9%	92.5%
XPEL	$1.23B	24.1	19.7%	5.8%
BH	$1.07B	-28.2	-6.7%	34.2%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

3.9%

Moderate Growth

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

100%

Strong Cash Flow

Deep Research

Next earnings:May 4, 2026

EPS:-

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data