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First Watch Restaurant Group, Inc.

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
$1.05B
P/E (TTM)
117.6
42.7
Dividend Yield
--
52W High
$22.71
52W Low
$12.90
52W Range
44%
3.9
F-Score
Modified Piotroski Analysis
Based on 7-year fundamentals
Weak • 3.9 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2018-2024

Financial Dashboard

Q3 2025 Data

Revenue

$316.02M+25.60%
4-Quarter Trend

EPS

$0.05-39.36%
4-Quarter Trend

FCF

$0.00+0.00%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Revenue Growth Strong Total revenues $316.0M USD, up 25.6% for thirteen weeks ended September 28, 2025 versus prior year.
Same-Restaurant Sales Up 7.1% growth in comparable restaurant sales achieved for the third quarter period, showing brand strength.
Net Income Increased 41% Net income reached $3.0M USD, reflecting 41.6% increase compared to the same period last year.
Restaurant Expansion Continues Opened 21 system-wide restaurants this quarter, reaching 620 total locations across 32 states.

Risk Factors

Commodity Inflation Projection Full year commodity inflation projected near 6% USD, driven by rising costs in coffee and bacon inputs.
Wage Inflation Pressures Restaurant-level wage inflation was 3.6% this quarter; projected 4% for the full fiscal year.
Internal Control Weaknesses Material weaknesses in internal control over financial reporting continue to exist as of September 28, 2025.
Macroeconomic Vulnerability Vulnerability remains regarding consumer preferences and broader economic conditions such as inflation and recession.

Outlook

Positive Traffic Trend Expectation Expect positive same-restaurant traffic trends to continue through the end of the current fiscal year.
2025 Capital Expenditure Plan Estimate total capital expenditures around $150.0M USD for 2025, primarily funding new restaurant projects.
Sufficient Liquidity Position Cash flow and credit facility availability deemed sufficient to meet liquidity needs for at least next 12 months.
Remediation Efforts Underway Management actively implementing controls to remediate identified material weaknesses in financial reporting framework.

Peer Comparison

Revenue (TTM)

Melco Resorts & Entertainment LimitedMLCO
$5.06B
+11.5%
Cracker Barrel Old Country Store, Inc.CBRL
$3.48B
+0.4%
LGI Homes, Inc.LGIH
$1.79B
-20.6%

Gross Margin (Latest Quarter)

First Watch Restaurant Group, Inc.FWRG
77.9%
+57.4 pp
Melco Resorts & Entertainment LimitedMLCO
34.4%
+9.3 pp
Biglari Holdings Inc.BH
28.9%
+1.9 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
MLCO$1.15B62.4-4.2%95.4%
BH$1.11B28.36.9%14.5%
THRM$1.10B36.04.6%4.3%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
+6.3%
Steady Growth
4Q Net Income CAGR
+62.3%
Profitability Improved
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 28, 2025|Filed: Nov 4, 2025|
    Revenue: $316.02M+25.6%
    |
    EPS: $0.05-39.4%
    Miss

  • Form 10-Q - Q2 2025

    Period End: Jun 29, 2025|Filed: Aug 5, 2025|
    Revenue: $307.89M+19.1%
    |
    EPS: $0.03-77.0%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Mar 30, 2025|Filed: May 6, 2025|
    Revenue: $282.24M+16.4%
    |
    EPS: $-0.01-111.3%
    Miss

  • Form 10-K - FY 2024

    Period End: Dec 29, 2024|Filed: Mar 11, 2025|
    Revenue: $1.02B+13.9%
    |
    EPS: $0.31-27.9%
    Beat

  • Form 10-Q - Q3 2024

    Period End: Sep 29, 2024|Filed: Nov 7, 2024|
    Revenue: $251.61M+14.8%
    |
    EPS: $0.08-11.0%
    Beat

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 6, 2024|
    Revenue: $258.56M+19.5%
    |
    EPS: $0.15+15.4%
    Beat

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 7, 2024|
    Revenue: $242.45M+14.7%
    |
    EPS: $0.12-25.0%
    Beat

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Mar 5, 2024|
    Revenue: $891.55M+22.1%
    |
    EPS: $0.43+258.3%
    Beat