Stock FWRG FIRST WATCH RESTAURANT GROUP, INC.
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Financials First Watch Restaurant Group, Inc.

Equities

FWRG

US33748L1017

Restaurants & Bars

Market Closed - Nasdaq
Other stock markets
 04:00:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
23.65 USD +0.08% Intraday chart for First Watch Restaurant Group, Inc. +6.05% +17.66%
Apr. 15 First Watch Completes Acquisition of 21 Franchised Restaurants in North Carolina for $75 Million MT
Apr. 15 First Watch Restaurant Group, Inc. Acquires 21 Franchise Restaurants in North Carolina CI

Valuation

Fiscal Period: December 2021 2022 2023 2024 2025 2026
Capitalization 1 989.7 801 1,202 1,428 - -
Enterprise Value (EV) 1 1,412 801 1,202 1,428 1,428 1,428
P/E ratio -419 x 123 x 49 x 51 x 40.7 x 33.3 x
Yield - - - - - -
Capitalization / Revenue 1.65 x 1.1 x 1.35 x 1.36 x 1.18 x 1.03 x
EV / Revenue 1.65 x 1.1 x 1.35 x 1.36 x 1.18 x 1.03 x
EV / EBITDA 14.9 x 11.6 x 12.1 x 13.3 x 11.2 x 9.52 x
EV / FCF 35.8 x - - -43.6 x -316 x 54.1 x
FCF Yield 2.79% - - -2.29% -0.32% 1.85%
Price to Book - - - - - -
Nbr of stocks (in thousands) 59,048 59,200 59,818 60,373 - -
Reference price 2 16.76 13.53 20.10 23.65 23.65 23.65
Announcement Date 3/23/22 3/7/23 3/5/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net sales 1 - 601.2 730.2 891.6 1,052 1,212 1,389
EBITDA 1 - 66.3 69.28 99.48 107 127.1 150
EBIT 1 - 22.24 16.91 41.27 49.61 62.66 78.83
Operating Margin - 3.7% 2.32% 4.63% 4.72% 5.17% 5.67%
Earnings before Tax (EBT) 1 - 0.37 12.59 36.08 35.8 49.53 -
Net income 1 -49.68 -2.107 6.907 25.38 27.69 37.07 43.8
Net margin - -0.35% 0.95% 2.85% 2.63% 3.06% 3.15%
EPS 2 -1.104 -0.0400 0.1100 0.4100 0.4639 0.5816 0.7100
Free Cash Flow 1 - 27.66 - - -32.73 -4.515 26.38
FCF margin - 4.6% - - -3.11% -0.37% 1.9%
FCF Conversion (EBITDA) - 41.72% - - - - 17.59%
FCF Conversion (Net income) - - - - - - 60.23%
Dividend per Share 2 - - - - - - -
Announcement Date 9/7/21 3/23/22 3/7/23 3/5/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 157.4 162.6 173.1 184.5 186.9 185.7 211.4 216.3 219.2 244.6 245 263.3 269.9 273.4 288.7
EBITDA 1 16.95 14.17 19.36 17.79 17.02 15.1 27.41 25.82 21.63 24.62 24.49 30.3 26.93 25.25 31
EBIT 1 7.153 -1.067 7.76 5.053 2.621 1.479 15.33 11.34 7.738 6.855 10.35 16.39 12.78 10.07 15
Operating Margin 4.54% -0.66% 4.48% 2.74% 1.4% 0.8% 7.25% 5.24% 3.53% 2.8% 4.22% 6.22% 4.74% 3.68% 5.2%
Earnings before Tax (EBT) 1 1.317 -4.82 6.917 4.043 1.375 0.256 13.92 9.991 6.661 5.505 8.106 13.25 8.465 5.945 12.64
Net income 1 0.783 -4.653 4.64 2.707 0.046 -0.486 9.36 7.959 5.418 2.648 6.008 9.863 6.813 4.848 8.3
Net margin 0.5% -2.86% 2.68% 1.47% 0.02% -0.26% 4.43% 3.68% 2.47% 1.08% 2.45% 3.75% 2.52% 1.77% 2.87%
EPS 2 0.0200 -0.0800 0.0800 0.0500 0.000760 -0.0100 0.1500 0.1300 0.0900 0.0400 0.0950 0.1543 0.1108 0.0800 0.1533
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 11/8/21 3/23/22 5/10/22 8/9/22 11/7/22 3/7/23 5/2/23 8/1/23 11/1/23 3/5/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net Debt - 422 - - - - -
Net Cash position - - - - - - -
Leverage (Debt/EBITDA) - 6.363 x - - - - -
Free Cash Flow 1 - 27.7 - - -32.7 -4.52 26.4
ROE (net income / shareholders' equity) - -0.51% - - 5.23% 5.69% 8.05%
ROA (Net income/ Total Assets) - - - - - - -
Assets 1 - - - - - - -
Book Value Per Share - - - - - - -
Cash Flow per Share 2 - 1.310 - - 2.590 1.840 -
Capex 1 - 35.3 - - 131 123 97.4
Capex / Sales - 5.87% - - 12.43% 10.13% 7.01%
Announcement Date 9/7/21 3/23/22 3/7/23 3/5/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for First Watch Restaurant Group, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
9
Last Close Price
23.65 USD
Average target price
27.89 USD
Spread / Average Target
+17.92%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Quick Service Restaurants
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