Added to YB: 2025-12-13
Pitch date: 2025-10-25
FWRG [bearish]
First Watch Restaurant Group, Inc.
+11.23%
current return
Author Info
No bio for this author
Company Info
First Watch Restaurant Group, Inc., through its subsidiaries, operates and franchises restaurants under the First Watch trade name in the United States.
Market Cap
$994.8M
Pitch Price
$18.43
Price Target
11.72 (-28%)
Dividend
N/A
EV/EBITDA
9.64
P/E
203.50
EV/Sales
1.67
Sector
Hotels, Restaurants and Leisure
Category
N/A
First Watch Restaurant Group, Inc. - $FWRG (short)
FWRG (short): Unit economics deteriorating as new stores 44% larger but only 17% higher AUVs, rent up 50% in A-markets. Negative traffic comps masked by new store ramps. Franchisees cashing out at 55% premium to build cost signals trouble. Est 10% miss to FY26 EBITDA consensus, 35% downside to $11.72 target.
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