First Watch Restaurant Group Inc (FWRG) valuation
First Watch Restaurant Group P/E ratio history
First Watch Restaurant Group trades at 43.9 times its earnings over the last twelve months and 73.8 times the earnings analysts expect over the next twelve. At its last 4 fiscal year ends its P/E ranged from 49.0 (year to Dec 2023) to 129.2 (year to Dec 2022), with a median of 56.8.
| Fiscal year ended | Price | EPS | P/E | Forward P/E |
|---|---|---|---|---|
| Dec 28, 2025 | $15.91 | $0.31 | 51.3 | — |
| Dec 29, 2024 | $18.70 | $0.30 | 62.3 | 47.8 |
| Dec 31, 2023 | $20.10 | $0.41 | 49.0 | — |
| Dec 25, 2022 | $14.21 | $0.11 | 129.2 | 54.0 |
| Dec 26, 2021 | $15.97 | -$0.04 | n/m | — |
n/m: not meaningful (a loss, or earnings close to zero). The daily P/E line is a chart indicator in the app.
First Watch Restaurant Group valuation against its peers
| Company | Market value | P/E | Forward P/E | Price / sales |
|---|---|---|---|---|
| First Watch Restaurant GroupFWRG | $785M | 43.9 | 73.8 | 0.6 |
| Six Flags EntertainmentFUN | $764M | — | — | 0.3 |
| American Public EducationAPEI | $744M | 16.7 | 12.0 | 1.1 |
| Petco Health And WellnessWOOF | $844M | 26.1 | 9.9 | 0.1 |
| Phoenix Education PartnersPXED | $857M | — | 5.2 | 0.9 |
| Latham GroupSWIM | $858M | 146.2 | 28.8 | 1.5 |
| Winnebago IndustriesWGO | $865M | 25.3 | 15.5 | 0.3 |
| Sturm RugerRGR | $705M | 58.9 | 24.5 | 1.2 |
| Legacy HousingLEGH | $698M | 13.5 | 12.1 | 3.9 |
| Peer median | 25.7 | 12.1 | 1.0 |
Reading these multiples
The P/E divides the share price by earnings per share over the last twelve months; the forward P/E divides it by the earnings analysts expect over the next twelve. Price to sales compares the company's market value with its revenue over the last twelve months. A multiple reads differently from one industry to the next, so the peer group above is the fairer comparison.
See also: FWRG financials · FWRG returns
No forecast, no recommendation. This page describes First Watch Restaurant Group Inc from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.