First Watch Restaurant Group, Inc. (FWRG) intrinsic value & 10-year financials
First Watch Restaurant Group, Inc. (FWRG) has a Graham intrinsic value of $10.30 per share. At $12.12 on Oct 17, 2026, the stock trades 18% above that value. Over the last 8 fiscal years revenue grew 18.7% a year to $1.2B, with an average return on invested capital of 0.2%.
- Graham intrinsic value
- $10.30
- Share price (Oct 17, 2026)
- $12.12
- Price vs Graham value
- 18% above
- Market cap
- $761.7M
- Revenue (FY2025)
- $1.2B
- Revenue growth (8-yr CAGR)
- 18.7%
- ROIC (10-yr avg)
- 0.2%
- Free cash flow (FY2025)
- -$31.0M
FWRG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.2B | $19.4M | $0.31 | -$31.0M | 2.3% | 3.4% |
| FY2024 | $1.0B | $18.9M | $0.30 | -$12.3M | 3.8% | 3.8% |
| FY2023 | $891.6M | $25.4M | $0.41 | $10.8M | 4.6% | 4.8% |
| FY2022 | $730.2M | $6.9M | $0.11 | $718.0K | 2.3% | 1.7% |
| FY2021 | $601.2M | -$2.1M | -$0.04 | $27.7M | 3.7% | 2.0% |
| FY2020 | $342.4M | -$49.7M | -$1.10 | -$45.1M | -13.8% | -5.9% |
| FY2019 | $436.4M | -$45.4M | -$1.01 | -$37.7M | -8.6% | -8.4% |
| FY2018 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
First Watch Restaurant Group, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
First Watch Restaurant Group, Inc. has historically struggled to out-earn its cost of capital, averaging just 0.2% ROIC.
First Watch Restaurant Group, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, First Watch Restaurant Group, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $10.30 per share.