Feed / FWRG

First Watch Restaurant Group, Inc.

FWRG

Consumer Cyclical · 11.35 +1.7% today

Isolated · not yet confirmedMarket checked 11 Sept, 15:55 GMT-4

Market read

First Watch Restaurant Group, Inc.'s current read is isolated; its market group is not confirming.

No new filing conclusion is available. 0 of 14 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 0 directly disclosed connections are confirming.

Company+1.7% todayVolume comparison unavailable
Market group0 of 14 activeConsumer Services & Real Estate · unavailable
Disclosed network0 of 6 confirmingNo filing-linked name is confirming now
What would change this read
  • FWRG's market-adjusted activity becomes unusual and at least one connected name confirms.

Invalidation: The isolated read changes if FWRG's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Consumer Cyclical · Restaurants

No new filing conclusion is available. 0 of 14 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 0 directly disclosed connections are confirming.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • FWRG's market-adjusted activity becomes unusual and at least one connected name confirms.

Company research

Understand the business, not just the ticker

As of Sep 12, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods7
Price observations320
Usable filing statements120
Verified relationships0
Evidence supporting the case
  • Latest annual revenue changed +20.3% year over year.
  • Operating cash flow covered net income at 6.48x in the latest annual period.
  • Credit and interest rates has repeated favorable evidence across 4 filings.
  • Macroeconomic conditions has repeated favorable evidence across 3 filings.
Evidence challenging the case
  • Operating margin changed -1.6 percentage points in the latest annual period.
Questions before a position
  • P/E is 16% above the available filing-peer median; determine whether growth and quality justify the difference.
  • EV/sales is 69% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 11, 2026

11.35
6m-8.9%12m-39.7%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-26$601.2M+75.6%$-0.04+7.1%
2022-12-25$730.2M+21.5%$0.11+24.7%
2023-12-31$891.6M+22.1%$0.41+1.7%
2024-12-29$1.0B+13.9%$0.30+1.9%
2025-12-28$1.2B+20.3%$0.31+0.8%

What management says matters

Persistent and emerging business drivers

Credit and interest ratesmixed · 4 filings
THIRTEEN WEEKS ENDED (in thousands) MARCH 29, 2026 MARCH 30, 2025 Change Interest expense $ 4,778 $ 3,334 43.3 % 26 Table of Contents The increase in interest expense during the thirteen weeks ended March 29, 2026 as compared to the same period in the prior y…
10-Q · May 5, 2026
Pricing and mixmixed · 4 filings
THIRTEEN WEEKS ENDED (in thousands) MARCH 29, 2026 MARCH 30, 2025 Change Labor and other related expenses $ 110,609 $ 96,754 14.3 % As a percentage of restaurant sales 33.7 % 34.6 % (0.9) % Labor and other related expenses as a percentage of restaurant sales…
10-Q · May 5, 2026
Input and raw-material costsmixed · 3 filings
This was partially offset by an increase in (i) labor costs, (ii) food and beverage expenses, (iii) other restaurant operating expenses, (iv) occupancy expense and (v) preopening expenses.
10-Q · Nov 4, 2025
Macroeconomic conditionsmixed · 3 filings
This was partially offset by (i) the increase in inflation across commodities and (ii) increases in operating expenses due to restaurant growth.
10-K · Feb 24, 2026

Valuation discipline

Descriptive valuation snapshot

Price/sales 0.6× · EV/sales 0.6×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

11.35+1.7% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for FWRG. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Filing analysis

No comparable filing assessment is available yet

Jodie has not yet found a suitable current-versus-prior filing comparison for FWRG. This does not mean the latest filing was neutral or immaterial.

Business ecosystem

The relationships behind FWRG

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 6 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

FWRG is currently a Follower in the organic co-movement group Consumer Services & Real Estate. This group is discovered from market behaviour rather than assigned from an industry taxonomy. No verified filing-linked names are available yet.

This group is retained as the last observed read for FWRG; it is not active in the latest market snapshot.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.