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Unless the context otherwise requires, we, us, our, First Watch, the Company, Management and other similar references refer to First Watch Restaurant Group, Inc. and, unless otherwise stated, all of its subsidiaries. Overview Since opening our doors in 1983, we have been a pioneer in Daytime Dining, serving made-to-order breakfast, brunch and lunch using the freshest of ingredients.
$11.49
+$0.15 (+1.32%)
Price from 14 days ago
Operating margin is thin at 2.25%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 20.3%, still solid.
At 41x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Negative free cash flow of -$31M. The business is consuming cash, not generating it.
41.0x earnings. The market is pricing in years of above-average growth. If that thesis breaks, downside from multiple compression alone could be 30%+. This is a stock where you're paying for the future, not the present.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$1.27B
▲ +20.3% YoY
Net Income (TTM)
$18M
▲ +2.7% YoY
Op. Margin
2.16%
▼ -1.6pp YoY
ROIC
1.33%
▼ -0.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$9M
▼ -153.2% YoY
Op. Cash Flow (TTM)
$140M
▲ +8.9% YoY
Net Debt
$1.02B
Cash & Equiv.
$24M
5Y CAGR: +29.0%
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