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
Valuation
Growth
Above 30x, priced for sustained outperformance
Negative FCF, no valuation support
Above 10% CAGR, strong compounder
FCF negative, burning cash after capex
Business Quality & Capital Allocation
Diluting 2–5%, watch for SBC
Modest contraction, within normal range
Positive debt with no FCF to service it
Below 8%, may not cover cost of capital
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.
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
Retail-Eating Places · Pick stocks to compare with FWRG
Held by ETFs
FWRG is in 24 US ETFs. The largest of them, with FWRG's weight in each:
iShares Russell 2000 Value ETFIWN0.05%of the fund
Dimensional U.S. Targeted Value ETFDFAT0.02%of the fund
Dimensional US Small Cap Value ETFDFSV0.05%of the fund
Vanguard Consumer Discretionary ETFVCR0.04%of the fund
Avantis U.S. Small Cap Equity ETFAVSC0.04%of the fund
Invesco RAFI US 1500 Small-Mid ETFPRFZ0.04%of the fund
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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