First Watch Restaurant Group, Inc. · Restaurants

FWRG

Low riskNext report: In 6 days (est.)

View price ↗

The short version

A profitable company with growing sales.

Going well

Sales up 15% in the latest quarter vs a year ago
Profitable
Sales up 20% last year

Money moves

No insider buying or selling in the last 30 days
Institutions cut 3.3% from their holdings in the quarter ending June 2026 (122 bought, 94 sold)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$11.05+1.7% that day

Company value: $682M; Share price times all shares
Price vs profit (P/E): 38.1x; You pay about $38 for each $1 of yearly profit
Price vs sales: 0.52x; Company value is 0.52 times a year of sales
Cash vs value: 3%; Cash as a share of company value
Debt vs value: 39%; Debt as a share of company value

From FWRG's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$354.7M+15% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $1.3B, up 19% from the 12 months before. Over 5 years, sales grew about 29% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of FWRG. Starting points are the company's recent numbers.

Sales growth+19% a yearRecently: +19% a yearProfit margin1%Last 12 months: 1.4%P/E at the end38xToday: 38.1x. Many steady companies trade at 12x to 25xShare count change+2% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$3.1B

Profit in 5 years$31M

Price these guesses point to$17.54+59% vs $11.05 todayAbout +9.7% a year, before dividends

What today's price needs: with a 1% margin and a 38x P/E, sales would have to grow about 8.5% a year for 5 years just to match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

1/6Weak

MissReturn on equity 15%+Earns a lot on the money owners have in the business.3.2%
PassDebt under half of equityNot relying on borrowed money.0.43x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.1.6%
MissProfitable every yearSteady profits, not one good year.4 of 7 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$31.0M
MissShare count not growingNot diluting owners. Falling means buybacks.+4.5% in 3 years

Revenue: $1.2B; +20.3% vs prior year
5-year growth: +29.0%/yr; revenue, per year
Total debt: $269.1M; 0.43x equity
Current ratio: 0.29x; short-term assets / bills due

From annual reports filed with the SEC. Not in this company's SEC data, so not scored: gross margin 40%+. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Jun 28, 2026

Reported Aug 4

Revenue: $354.7M; +15.2% YoY
EPS: $0.04; vs $0.03
Op. margin: 2.3%; -0.1 pts
Free cash flow: -$13.1M
Share count: -0.5%; vs a year ago

Insider rating

Last 90 days

No open-market insider buys or sells in the last 90 days.

Weekly insider trend

No trades to chart yet.

Filing buzz

Last 7 days vs normal

67/ 100

This week: 1
Normal week: 0.5
vs normal: 2.0x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Steady-3.3%

Institutions cut 3.3% from their holdings. 122 bought, 94 sold. 3 quarters of net selling in a row.

Shares held by institutions65.4M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

+1.2%

Cash runwayAt last year's cash burn

Cash flow positive

Debt to equityLatest balance sheet: debt compared with what owners have

0.4x · $277.7M debt

Shares outstandingLatest reported

62M

Earnings reports

Last 12

Next reportIn 6 days (est.)Estimated from the same quarter last year

Results filedAug 4
Results filedMay 5
Results filedFeb 24
Results filedJan 12
Results filedNov 4, 2025

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

5%+ holder update (passive)Oct 27 · View filing ↗Big holder 5%+ holder update (passive)Oct 22 · View filing ↗Big holder 5%+ holder update (passive)Aug 14 · View filing ↗Big holder

Insider trades

Open-market buys and sells, last 90 days

No open-market buys or sells in 90 days. Grants and option exercises are left out.

"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.

Latest filings

Straight from SEC EDGAR

5%+ holder update (passive)Oct 27 · Form SCHEDULE 13G/A ↗5%+ holder update (passive)Oct 22 · Form SCHEDULE 13G/A ↗5%+ holder update (passive)Aug 14 · Form SCHEDULE 13G/A ↗Earnings resultsAug 4 · Form 8-K ↗Quarterly reportAug 4 · Form 10-Q ↗Investor disclosureAug 4 · Form 8-K ↗Shareholder vote resultsJul 31 · Form 8-K/A ↗5%+ holder update (passive)Jul 21 · Form SCHEDULE 13G/A ↗5%+ holder update (passive)Jul 14 · Form SCHEDULE 13G/A ↗New insiderJun 10 · Form 3 ↗

Stock awardAshlee Suzanne WeisserChief Financial Officer

26,595 shares

+70% of holdings
Now owns 64,365 shares
Filed 2 days after trade

Jun 8Form 4 ↗

Leadership changeJun 8 · Form 8-K ↗5%+ holder update (passive)Jun 4 · Form SCHEDULE 13G/A ↗

Stock awardWilliam A KussellDirector

12,345 shares

+47% of holdings
Now owns 38,747 shares
Filed 1 day after trade

May 21Form 4 ↗

Stock awardStephanie LilakDirector

12,345 shares

+46% of holdings
Now owns 39,361 shares
Filed 1 day after trade

May 21Form 4 ↗

Source: SEC EDGAR filings. For informational purposes. Not investment advice.

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