What is FWRG's Value Score?

First Watch Restaurant Group, Inc. - Common Stock (FWRG) has a StockPik Value Score of 48 out of 100 — a mid-range score, indicating moderate value characteristics. The Value Score is a composite ranking built from P/E ratio, P/B ratio, Graham Number, ROE, gross margin, debt-to-equity, current ratio, and Piotroski F-Score, calculated from SEC EDGAR annual filing data.

What is FWRG's Piotroski F-Score?

First Watch Restaurant Group, Inc. - Common Stock (FWRG) has a Piotroski F-Score of 4 out of 9 — a moderate score. The F-Score assesses nine binary financial criteria across profitability, leverage, and operating efficiency. A score of 7–9 indicates a financially improving company; a score of 0–3 is a warning sign.

Is FWRG trading below its Graham Number?

FWRG is currently trading above its Graham Number. The stock price of $13.03 exceeds the Graham Number of $4.22, meaning it does not meet Graham's criterion for a margin of safety at the current price. The Graham Number is calculated as √(22.5 × EPS × Book Value Per Share) and represents Benjamin Graham's ceiling price for a defensive investor.

What is FWRG's Graham Number?

FWRG's Graham Number is $4.22, calculated using the Benjamin Graham formula √(22.5 × EPS × Book Value per Share). The Graham Number is an estimate of intrinsic value — the maximum price a defensive investor should pay. At the current price of $13.03, FWRG is trading 209% above its Graham Number.

What is FWRG's Piotroski F-Score?

FWRG's Piotroski F-Score is 4 out of 9, indicating moderate financial health. The Piotroski F-Score evaluates nine criteria across profitability, leverage, and operating efficiency. Scores of 7 or above are considered strong; 3 or below indicate financial weakness.

Is FWRG (First Watch Restaurant Group, Inc. - Common Stock) undervalued?

FWRG scores 48/100 on StockPik's Value Score. The stock trades 209% above its Graham Number of $4.22.

What is FWRG's P/E ratio?

FWRG's trailing P/E ratio is 169.3x — an elevated earnings multiple, potentially pricing in high growth expectations. The Consumer Cyclical sector average P/E is 24.5x. Compare against other Consumer Cyclical stocks in the StockPik screener.

What sector is First Watch Restaurant Group, Inc. - Common Stock (FWRG) in?

First Watch Restaurant Group, Inc. - Common Stock (FWRG) is in the Consumer Cyclical sector, specifically in the Retail-Eating Places industry. Compare it against other Consumer Cyclical stocks by Value Score, P/E ratio, and Piotroski F-Score on StockPik.

Back to Screener

First Watch Restaurant Group, Inc. - Common Stock (FWRG)

NASDAQ Small Cap

Consumer Cyclical › Retail-Eating Places

$13.03

Market Cap: $804M

Data as of Jun 28, 2026 (TTM)

Price History

Feb 9, 2026 — Aug 23, 2026

Investment Snapshot

Trading 209% above Graham Number — above intrinsic value estimate
Piotroski F-Score 4/9 — moderate financial health
ROE of 0.7% — below-average profitability
Revenue growing at 20% annually

First Watch Restaurant Group, Inc. - Common Stock (FWRG) is a Consumer Cyclical company operating in Retail-Eating Places, listed on the NASDAQ , with a market capitalisation of $804 million . Key value metrics: P/E ratio 169.3, P/B ratio 1.27, Piotroski F-Score 4 out of 9 (moderate financial health) .

Value Score

out of 100

Try PRO Free — See Full Breakdown

Key Metrics

P/E Ratio

169.25

P/B Ratio

1.27

EPS

$0.08

Div. Yield

—

PEG Ratio

—

P/S Ratio

—

EV/EBITDA

—

ROE

—

ROA

—

Gross Margin

—

Op. Margin

—

Net Margin

—

Debt/Equity

—

Current Ratio

—

Unlock 19 More Metrics — 7 Days Free

Current vs 5-Year Average

Based on 5 years of SEC filings

Net Margin

—

↑ +2.1pp avg —

Gross Margin

—

↑ +2.1pp avg —

Operating Margin

—

↑ +2.1pp avg —

Return on Equity

—

↑ +2.1pp avg —

Debt / Equity

—

↑ +2.1pp avg —

See How Margins & ROE Have Trended — Try PRO

Revenue & Net Income

Profit Margins

Track Gross, Operating & Net Margins — Try PRO

EPS & Free Cash Flow Per Share

See EPS & Free Cash Flow Trends — Try PRO

Financial Statements

Metric	FY22	FY23	FY24
Revenue	$X.XB	$X.XB	$X.XB
Gross Profit	$X.XB	$X.XB	$X.XB
Operating Income	$X.XB	$X.XB	$X.XB
Net Income	$X.XB	$X.XB	$X.XB
EBITDA	$X.XB	$X.XB	$X.XB
Total Assets	$X.XB	$X.XB	$X.XB
Total Liabilities	$X.XB	$X.XB	$X.XB

Unlock 5 Years of Financials — Start Free Trial

Data sourced from SEC EDGAR and Polygon.io. Methodology. View more Consumer Cyclical stocks →

First Watch Restaurant Group, Inc. - Common Stock — Fundamental Analysis Summary

First Watch Restaurant Group, Inc. - Common Stock (FWRG) is currently trading 209% above its Graham Number of $4.22, suggesting the market price exceeds Benjamin Graham's intrinsic value estimate. The stock carries an elevated trailing P/E ratio of 169.3x.

On financial health, FWRG shows a moderate Piotroski F-Score of 4/9, and modest return on equity of 0.7% (sector average: 2.6%), and manageable leverage with a debt-to-equity ratio of 0.46.

StockPik's composite Value Score for FWRG is 48/100 — reflecting current market or financial concerns. The score is built from ten fundamental signals: P/E, P/B, PEG ratio, P/S ratio, return on equity, gross margin, debt-to-equity, current ratio, dividend yield, and Piotroski F-Score.

FWRG reports a high gross margin of 99.9% (sector average: 16.4%) and a modest operating margin of 2.0%.

FWRG shows revenue growing at 20% year-over-year, with earnings growing at 3%.

Top Value Stocks in Consumer Cyclical

Symbol	Name	Price	P/E	Score
BLBD	Blue Bird Corporation - Common Stock	$77.88	8.8	100
CAAS	China Automotive Systems, Inc. - Ordinary Share	$4.51	3.2	100
ASO	Academy Sports and Outdoors, Inc. - Common Stock	$47.13	9.9	100
DORM	Dorman Products, Inc. - Common Stock	$123.64	13.8	100
CRWS	Crown Crafts, Inc. - Common Stock	$2.95	8.8	100

Browse all Consumer Cyclical value stocks →

How is the Value Score calculated?

Read our full methodology →

How is the Graham Number calculated?

Benjamin Graham's intrinsic value formula, worked examples, and how to use it →

FWRD — Forward Air Corporation - Common Stock

UTime Limited - Class A Ordinary Shares — FXHO