First Watch Restaurant Group, Inc. (FWRG)
Consumer · NMS
Price as at 1 Oct 2026, 10:11 UTC. Quotes are delayed.
Fundamentals
Valuation and ratings
First Watch Restaurant Group, Inc. trades at $10.17, close to the $10.19 our fair value estimate puts on the business. On this measure the market and the model broadly agree, so the interesting question is which of them is wrong.
Our moat model scores it 24 out of 100, which is little in the way of a moat. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 42.9 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
FWRG earnings and analyst estimates
Recommendation mix, 10 published ratings
Estimates are the published analyst consensus and move often. An earnings date is scheduled, not certain, and a share tends to reprice most violently on the day itself.
About First Watch Restaurant Group, Inc.
First Watch Restaurant Group, Inc., through its subsidiaries, operates and franchises restaurants under the First Watch trade name in the United States. The company was formerly known as AI Fresh Super Holdco, Inc. and changed its name to First Watch Restaurant Group, Inc. in December 2019. First Watch Restaurant Group, Inc. was founded in 1983 and is based in Bradenton, Florida.
Company profile, industry and headcount are as reported by our data provider and can lag a company's own filings by a reporting period. The annual report is the authority.
Super investor ownership
6 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Israel Englander, MILLENNIUM MANAGEMENT LLC$28.27M · 0.0% of book
- Ken Griffin, CITADEL ADVISORS LLC$8.38M · 0.0% of book
- Cliff Asness, AQR CAPITAL MANAGEMENT LLC$6.41M · 0.0% of book
- Paul Tudor Jones, TUDOR INVESTMENT CORP ET AL$3.71M · 0.0% of book
- Marshall Wace, MARSHALL WACE, LLP$1.30M · 0.0% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Politician trades in FWRG
Trades in FWRG disclosed by members of Congress and executive-branch officials, latest first:
- Josh Gottheimer · HouseBuy · $1,001 - $15,000 · traded 6 Apr 2026 · disclosed 19 May 2026
- Gilbert Cisneros · HouseBuy · $1,001 - $15,000 · traded 26 Nov 2025 · disclosed 15 Dec 2025
- Gilbert Cisneros · HouseBuy · $1,001 - $15,000 · traded 15 May 2025 · disclosed 6 Jun 2025
A disclosure reports a value band, not an amount, and is due up to 45 days after the trade; some arrive later. Every filer we track, each with their own page, is on the Congress trading tracker.
FWRG peers
The largest companies in the same industry (Restaurants), then in the same sector.
- MCD McDonald's Corporation
- QSR Restaurant Brands International Inc.
- RSTRF Restaurant Brands International Limited Partnership
- BROS Dutch Bros Inc.
- LKNCY Luckin Coffee Inc.
- CAVA CAVA Group, Inc.
- EAT Brinker International, Inc.
- CAKE The Cheesecake Factory Incorporated
Every consumer company we cover is on the Consumer hub.
Common questions
Is First Watch Restaurant Group, Inc. (FWRG) undervalued?
Against our fair value estimate of $10.19, FWRG at $10.17 is 0% below fair value. That is one model's answer, not a recommendation. It is built from normalized earning power with growth capped deliberately low, which understates companies whose value is mostly future growth.
Which funds own FWRG?
6 of the institutions we track reported a position in FWRG in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is FWRG's P/E ratio?
FWRG trades at 42.9 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
Where does SteadyShares get its FWRG data?
Fundamentals for FWRG come from company filings and exchange data, as listed on NMS; institutional ownership comes from SEC 13F filings. The share price shown was last refreshed on 1 Oct 2026, 10:11 UTC and is delayed. Our data quality score for this company is 92/100, which is the share of the inputs behind our scores that were actually available rather than assumed. Metrics we do not hold are left out of the page rather than estimated.
The full research page for FWRG, with financial statements, ownership detail, peer comparison and alerts, is free inside the app.
Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.