First Watch Restaurant (FWRG)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
Fundamental grade
Five factors scored 1 to 9 from FWRG's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from First Watch Restaurant's 10-K filings. Ten years of the full income statement, balance sheet and cash flow.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $601M | $730M | $892M | $1.0B | $1.2B |
| Net income | -$2M | $7M | $25M | $19M | $19M |
| Free cash flow | $28M | $718,000 | $12M | -$12M | -$31M |
| EPS (diluted) | -$0.04 | $0.11 | $0.41 | $0.30 | $0.31 |
| Operating margin | 3.7% | 2.3% | 4.6% | 3.8% | 2.3% |
Where the revenue comes from
Revenue by products, fiscal 2025. Every breakdown, year by year.
Superinvestors who own FWRG
From each investor's latest 13F filing (what a 13F shows). 3 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Eric Marshall Hodges Capital Management |
Added | $21M | 1.4% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $6M | 0.00% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Added | $6M | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by First Watch Restaurant's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
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In the full deep dive
Questions
Are First Watch Restaurant insiders buying the stock?
No open-market insider purchases of FWRG in the last 12 months, according to SEC Form 4 filings.
Which superinvestors own First Watch Restaurant?
3 of the superinvestors Investingly tracks hold FWRG in their latest 13F, including Eric Marshall, Cliff Asness, Hersh Cohen.
Prices and ratios as of Oct 11, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.