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Flags

Financial distress

First Watch

NSQ:FWRG · US33748L1017
Hotels, Restaurants & LeisureMedium

360

14
EV / EBIT3
Price / Owner Earnings87
Owner Earnings Yield1
Dividend Yield1
Price/Sales77
EV / Gross Profit18
Price/Book60
Return on Capital11
Cash Return on Capital22
Return on Equity19
EBIT Margin15
Gross Profitability11
Cash Conversion87
Accruals13
Owner Earnings Margin16
Sales growth92
Profit Growth19
Long-Term EPS Growth53
Reinvestment41
Price momentum30
Debt load78
Refinancing39
Debt Payback1
Liquidity31
Analyst ratings95
Opinion Changes10
Price Target Upside91
Market mood67
Value Creation10/20creating some value
  • Creates more value than its capital costs
  • Owner earnings growing
  • Owner earnings per share growing
  • Reinvests at strong returns
  • Solid earnings base

What this means

First Watch clears its cost of capital, but the record is mixed across the five tests. Real value creation, just not yet consistent.

Profile

CountryUSA
IndustryHotels, Restaurants & Leisure
SizeMedium
TypePublic Company
ExchangeNASDAQGS
Founded2017
Employees2,435
ISINUS33748L1017
Last UpdateApr 2, 2026
Indices
NASDAQ (USA)
Themes
E-CommerceFood and BeverageWine And Spirits

Description

First Watch Restaurant Group, Inc. operates and franchises restaurants under the First Watch trade name in the United States. The company operates and franchises restaurants in 32 states, which are focused on made-to-order breakfast, brunch and lunc…

Analysis

Weak and unloved

First Watch Restaurant Group, Inc. is weak and unloved: below-average business metrics and a price that reflects that disappointment.

Valuation data is not available for this company.

The trajectory is moderate and the balance sheet is stretched. The company scores 10/20 on our value-creation score: creating some value. Analysts lean positive.

Nothing is flagged here: no red or amber gates, no divergence between profits and cash. That is itself information: the numbers are straightforward. As always: this describes the company's numbers; it is not a recommendation.

360° rank · history

1007550250
49
2023202420252026

All-time high

98

Jan 2024

All-time low

49

Jun 2026

Average rank

64

across all years

Detailed & Historical Ranks

Deep dive into 15 detailed ranks and 3 years of history.

Current202520242023
Price/Sales
77
54
51
50
Price/Earnings
9
8
17
31
Price/Book
60
50
49
52
Dividend Yield
1
1
1
1
Value (overall)
20
15
12
25

Cells are coloured by rank band (red weak → green strong). Sentiment & 360° history begins 2023.

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Make Sense of the Ranks

Every rank runs 1–100 against true peers. Higher is always better.

360° View
1 · Watch OutGood· 100
Value
1 · ExpensiveGood Value· 100
Quality
1 · Weak FundamentalsHigh Quality· 100
Growth
1 · Tough TimesHigh Growth· 100
Safety
1 · High LeverageWell-Financed· 100
Sentiment
1 · SkepticismPositive· 100
Learn More →