FIRST WATCH RESTAURANT GROUP INC (FWRG)
Consumer Discretionary · Upscale casual dining / full-service breakfast and brunch restaurants · NASDAQ
Premium daytime-only casual dining chain serving made-to-order breakfast, brunch, and lunch with a seasonally-rotating fresh menu, leveraging a high-unit-volume model and strong employee-focused culture to expand from 633 restaurants primarily across the Southeast.
What FIRST WATCH RESTAURANT GROUP INC does
First Watch Restaurant Group operates a chain of upscale casual dining restaurants focused exclusively on daytime service (breakfast, brunch, and lunch) during a 7.5-hour operating window. As of December 2025, the company operated 633 restaurants across 32 states (560 company-owned, 73 franchised), with an average unit volume of $2.3 million per restaurant in 2025. The company is built on a "You First" culture emphasizing operational excellence, made-to-order fresh cuisine with no microwaves or heat lamps, and a seasonally-rotating menu that changes four to five times yearly.
Themes: ["Daytime casual dining / breakfast-brunch focused","Premium fast-casual dining","Fresh, made-to-order food preparation","Seasonal menu rotation","Restaurant growth and unit expansion","Franchise model expansion"]
Fundamentals
- Price$12.47 as of 2026-07-09 close
- Market cap$769M as of 2026-07-10
- 1-year return-31.2% as of 2026-07-09 close
- P/E43.74 as of 2026-07-10
- Net margin+1.4% as of 2026-07-10
- Gross margin+61.9% as of 2026-07-10
- ROE+2.9% as of 2026-07-10
- Debt / equity0.45 as of 2026-07-10
- Revenue growth (YoY)+20.4% as of 2026-07-10
- Revenue CAGR (3y)+18.7% SEC XBRL
- Beta1.07 as of 2026-07-10
Key risks (from latest filing)
["Geographic concentration risk: restaurant base heavily concentrated in the southeastern United States, limiting diversification","Economic sensitivity: high vulnerability to changes in consumer preferences, inflation, recession, and daytime dining traffic patterns in retail/lifestyle centers","Supply chain dependency: limited number of suppliers and distributors for key fresh ingredients; subject to shortages or delivery disruptions that could impact menu execution and costs"]
Competitors & peers
- Cracker Barrel Old Country Store (CBRL)
- Dine Global Holdings (the Bonefish Grill and Carrabba's Italian Grill parent)
- Bloomin' Brands (Outback Steakhouse, Bonefish Grill, Carrabba's)
- The Cheesecake Factory (CAKE)
- Dine Brands Global (IHOP, Applebee's)
- Torchmark Corporation / Ruth's Hospitality Group
- Local/regional upscale casual and full-service breakfast-brunch operators
Fundamentals: Finnhub, as of 2026-07-10. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-09.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & Finnhub, shown with their as-of date.