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First Watch Restaurant Group, Inc. Quality Score

FWRG

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Quality25

Weak across most dimensions. This doesn't mean avoid, but the burden of proof is on the bull case.

Broad-market heuristics · Not a buy/sell signal

Valuation and growth

Earnings Multiple
40/100
42.2x

Above 30x, priced for sustained outperformance

Cash Flow Multiple
0/100
-39.4x

Negative FCF, no valuation support

Revenue Growth
100/100
16.6%

Above 10% CAGR, strong compounder

Cash Flow Growth
0/100
Negative FCF

FCF negative, burning cash after capex

Business Quality & Capital Allocation

Share Dilution
30/100
4.0%

Diluting 2–5%, watch for SBC

Margin Trend
20/100
-0.2pp

Modest contraction, within normal range

Capital Structure
0/100
$1.09B

Positive debt with no FCF to service it

2022
$50.0M
$509M
2023
$50.0M
$608M
2024
$33.0M
$812M
2025
$21.0M
$1.02B
TTM
$21.0M
$1.11B
CashDebt
Return on Capital
0/100
1.4%

Below 8%, may not cover cost of capital

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First Watch Restaurant Group (FWRG) quality: score, margins and returns

First Watch Restaurant Group (FWRG) scores 25/100 on Intrinsiqq's quality score (a lower-quality business), a weighted blend of 7 metrics each scored 0 to 100, on 2.2% operating margins and 1.4% ROIC. Every metric is computed from SEC filings; this is analysis, not investment advice.

Frequently asked

Is First Watch Restaurant Group (FWRG) a high-quality business?+

First Watch Restaurant Group scores 25 out of 100 on Intrinsiqq's quality score, a weighted blend of 7 metrics each scored 0 to 100, which rates it a lower-quality business on these measures. Recent figures include a 2.2% operating margin and a 1.4% return on invested capital. Quality and price are separate questions: even a great business can be a poor investment if you overpay, so read this score alongside the valuation. The metric-by-metric breakdown is on this scorecard.

What does First Watch Restaurant Group's quality score measure?+

Intrinsiqq's quality score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, change in share count, and balance-sheet strength, each computed from FWRG's SEC filings rather than opinion or sentiment. A higher score means a more durable, capital-efficient business; it is not a buy or sell signal. Open each metric on this page to see exactly where First Watch Restaurant Group scores well and where it falls behind.

What is First Watch Restaurant Group's return on invested capital (ROIC)?+

First Watch Restaurant Group earns about 1.4% on its invested capital, which is weak. ROIC measures how much profit a company generates per dollar put to work; sustained ROIC above its cost of capital is one of the clearest signs of a real competitive moat. Compare it to FWRG's margins and growth on this scorecard to judge durability.

How profitable is First Watch Restaurant Group?+

First Watch Restaurant Group runs an operating margin of about 2.2% and a net margin of about 1.5%. Revenue has grown at roughly 29.0% a year recently. High, stable margins usually point to pricing power and operating discipline. Margins are most telling next to growth and returns on capital, all of which feed this quality score. This is analysis from SEC filings, not investment advice.

How the market compares: US profitability statistics

SourceQuality score computed from the 10-Q filed 30 Oct 2026, covering the period ending 27 Sept 2026, as reported to the SEC. Data last refreshed 4 Nov 2026. How this is calculated.

Fiscal year ends Dec. Sector medians are approximate S&P 500 benchmarks and update periodically. Checks use broad-market heuristics, so sector norms may differ, and the valuation checks are more cyclical than the quality checks.

Peers

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Held by ETFs

FWRG is in 24 US ETFs. The largest of them, with FWRG's weight in each:

Spot a number that looks wrong? Check it in FWRG's SEC filings or

Download this analysis as a PDF (Pro)

Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.

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Not financial advice. Analytical data for research only.

Intrinsiqq is a Netherlands-based company operating in Rotterdam, KvK 73238007.