Stocktoria
First Watch Restaurant Group, Inc. FWRG
First Watch Restaurant Group, Inc. (FWRG) earns a Piotroski F-score of 4/9 (mixed financial health), with an Altman Z″ in the distress zone. It does not currently pay a dividend. FY2025 revenue was $1.2B at a 1.6% net margin.
Quality score trend · recomputed for each fiscal year
Each year's score is computed from that year's filing — a rising Piotroski F or Altman Z″ means improving financial health, a fall is worth a look.
Analyst price target
Wall Street analyst consensus — a sentiment gauge, not our scoring.
How it ranks in Retail Trade · percentile among 238 companies
Percentile vs other Retail Trade companies we cover — e.g. “stronger than 90%” means only 10% score higher on that measure.
Piotroski F breakdown · 4/9 tests passed
- Positive return on assets
- Positive operating cash flow
- Rising ROA
- Cash flow exceeds net income
- Lower long-term debt
- Rising current ratio
- No share dilution
- Rising gross margin
- Rising asset turnover
Altman Z″ components · distress zone
| Component | Value |
|---|---|
| Working capital / assets | -0.068 |
| Retained earnings / assets | -0.02 |
| EBIT / assets | 0.016 |
| Equity / liabilities | 0.561 |
Sector peers · similar-size Retail Trade companies compare side by side →
| Ticker | Company | Piotroski F | Altman Z″ | P / E | Revenue growth |
|---|---|---|---|---|---|
| FWRG | First Watch Restaurant Group, Inc. | 4/9 | 0.19 | 40.4 | +20.3% |
| RRGB | RED ROBIN GOURMET BURGERS INC | 4/9 | -2.43 | — | -3.1% |
| CAVA | CAVA GROUP, INC. | 4/9 | 2.37 | 152.4 | +22.4% |
| THCH | TH International Ltd | 4/9 | -14.72 | — | -5.4% |
| BJRI | BJs RESTAURANTS INC | 6/9 | 1.1 | 25.8 | +3.1% |
| JACK | JACK IN THE BOX INC | 3/9 | 1.37 | — | -6.7% |
| DIN | Dine Brands Global, Inc. | 6/9 | — | 27.3 | +8.2% |
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.
FAQ
Is FWRG financially healthy?
First Watch Restaurant Group, Inc.'s Piotroski F-score is 4/9 (8–9 is excellent, 0–3 weak), and its Altman Z″ distress score is in the distress zone.
Does FWRG pay a dividend?
No, First Watch Restaurant Group, Inc. does not currently pay a dividend.
How profitable is FWRG?
In FY2025, First Watch Restaurant Group, Inc. had a net margin of 1.6% and a return on equity of 3.1%.
Is FWRG overvalued or undervalued?
First Watch Restaurant Group, Inc. trades at about 40.8× trailing earnings — below its 10-year norm (10-year range 51.6×–147.3×, median 69.9×). Stocktoria reports the data, not buy/sell advice.
What is the analyst price target for FWRG?
The average Wall-Street price target for First Watch Restaurant Group, Inc. is $19.45, about 53.8% above the recent price, from 11 analysts.
Is FWRG a good stock to buy?
Stocktoria doesn't give buy or sell advice, but here is the data on First Watch Restaurant Group, Inc.: a Piotroski F-score of 4/9, an Altman Z″ in the distress zone, a P/E of about 40.4×. Weigh these quality and valuation signals against your own goals.
Computed from company filings · US · as of 2025-12-28. Facts plus Stocktoria's own computed scores — not investment advice.