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
 01:30:00 26/06/2024 am IST 		5-day change 1st Jan Change
18.05 USD -1.69% Intraday chart for First Watch Restaurant Group, Inc. -1.15% -10.20%
28/05 First Watch Restaurant Group, Inc. Announces Board Appointments CI
07/05 First Watch Restaurant Group's Shares Fall After Reporting Q1 Net Income per Share Drop; Updates 2024 Revenue Outlook MT

Valuation

Fiscal Period: December 2021 2022 2023 2024 2025 2026
Capitalization 1 989.7 801 1,202 1,108 - -
Enterprise Value (EV) 1 1,412 801 1,202 1,108 1,108 1,108
P/E ratio -419 x 123 x 49 x 44.7 x 33.1 x 26.5 x
Yield - - - - - -
Capitalization / Revenue 1.65 x 1.1 x 1.35 x 1.07 x 0.92 x 0.81 x
EV / Revenue 1.65 x 1.1 x 1.35 x 1.07 x 0.92 x 0.81 x
EV / EBITDA 14.9 x 11.6 x 12.1 x 10.2 x 8.61 x 7.46 x
EV / FCF 35.8 x - 266 x -37.5 x -109 x 46.5 x
FCF Yield 2.79% - 0.38% -2.66% -0.92% 2.15%
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 18.05 18.05 18.05
Announcement Date 23/03/22 07/03/23 05/03/24 - - -
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 1,039 1,205 1,361
EBITDA 1 - 66.3 69.28 99.48 108.6 128.7 148.5
EBIT 1 - 22.24 16.91 41.27 46.54 61.06 73.92
Operating Margin - 3.7% 2.32% 4.63% 4.48% 5.07% 5.43%
Earnings before Tax (EBT) 1 - 0.37 12.59 36.08 32.74 44.42 54.2
Net income 1 -49.68 -2.107 6.907 25.38 24.57 33.95 40.85
Net margin - -0.35% 0.95% 2.85% 2.37% 2.82% 3%
EPS 2 -1.104 -0.0400 0.1100 0.4100 0.4042 0.5452 0.6800
Free Cash Flow 1 - 27.66 - 4.521 -29.53 -10.19 23.84
FCF margin - 4.6% - 0.51% -2.84% -0.85% 1.75%
FCF Conversion (EBITDA) - 41.72% - 4.54% - - 16.05%
FCF Conversion (Net income) - - - 17.81% - - 58.36%
Dividend per Share 2 - - - - - - -
Announcement Date 07/09/21 23/03/22 07/03/23 05/03/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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 2025 Q2
Net sales 1 162.6 173.1 184.5 186.9 185.7 211.4 216.3 219.2 244.6 242.4 259.8 265.8 270.9 289.6 299.1
EBITDA 1 14.17 19.36 17.79 17.02 15.1 27.41 25.82 21.63 24.62 28.59 29.61 25.63 25.05 34.74 33.72
EBIT 1 -1.067 7.76 5.053 2.621 1.479 15.33 11.34 7.738 6.855 12.29 14.97 10.32 8.765 18.6 17.9
Operating Margin -0.66% 4.48% 2.74% 1.4% 0.8% 7.25% 5.24% 3.53% 2.8% 5.07% 5.76% 3.88% 3.24% 6.42% 5.98%
Earnings before Tax (EBT) 1 -4.82 6.917 4.043 1.375 0.256 13.92 9.991 6.661 5.505 10.01 11.11 6.406 5.196 14.06 13.14
Net income 1 -4.653 4.64 2.707 0.046 -0.486 9.36 7.959 5.418 2.648 7.214 8.501 5.105 3.794 11.45 10.23
Net margin -2.86% 2.68% 1.47% 0.02% -0.26% 4.43% 3.68% 2.47% 1.08% 2.98% 3.27% 1.92% 1.4% 3.95% 3.42%
EPS 2 -0.0800 0.0800 0.0500 0.000760 -0.0100 0.1500 0.1300 0.0900 0.0400 0.1200 0.1348 0.0855 0.0663 0.1800 0.1650
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 23/03/22 10/05/22 09/08/22 07/11/22 07/03/23 02/05/23 01/08/23 01/11/23 05/03/24 07/05/24 - - - - -
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 - 4.52 -29.5 -10.2 23.8
ROE (net income / shareholders' equity) - -0.51% - 4.68% 4.58% 6.68% 8.94%
ROA (Net income/ Total Assets) - - - - - - -
Assets 1 - - - - - - -
Book Value Per Share - - - - - - -
Cash Flow per Share 2 - 1.310 - 1.460 2.730 1.890 -
Capex 1 - 35.3 - 84.5 130 128 96.9
Capex / Sales - 5.87% - 9.48% 12.51% 10.6% 7.12%
Announcement Date 07/09/21 23/03/22 07/03/23 05/03/24 - - -
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
18.05 USD
Average target price
25.89 USD
Spread / Average Target
+43.43%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Quick Service Restaurants
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