First Watch Restaurant Group Inc (FWRG) FinancialsFWRGFirst Watch Restaurant Group Inc

Evaluating the bottom line, First Watch Restaurant Group, Inc. maintains a gross margin of 54.89%. This metric reflects the company's pricing power and manufacturing efficiency. Further down the income statement, the operating margin stands at 2.48%, while the net margin is 0.66%. These profitability ratios, combined with a Return on Equity (ROE) of 2.88%, provide a clear picture of how effectively FWRG converts its operational activities into shareholder value.

In the context of the broader market, FWRG competes directly with industry leaders such as CNNE and PZZA. With a market capitalization of $743.02M, it holds a leading position in the sector. When comparing efficiency, FWRG's gross margin of 54.89% stands against CNNE's 14.19% and PZZA's 25.73%. Such benchmarking helps identify whether First Watch Restaurant Group, Inc. is trading at a premium or discount relative to its financial performance.

First Watch has demonstrated solid revenue growth, with Q2 2026 revenue of $354.7 million, reflecting a 15.2% year-over-year increase. However, net income has been inconsistent, with a recent loss of $2.685 million in Q1 2026 followed by a profit of $2.339 million in Q2 2026.