First Watch Restaurant (FWRG) Enterprise Value (2021 - 2026)
First Watch Restaurant (FWRG) posted Enterprise Value of $604.84 million for Q3 2026, down 36.7% from $955.8 million a year earlier and down 21.0% from the prior quarter.
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Analysis
First Watch Restaurant (FWRG) Enterprise Value (2021 - 2026) Analysis & Trends
For the trailing twelve months through Sep 27, 2026, Enterprise Value at First Watch Restaurant was $539.55 million, down 39.0% year-over-year; for FY2025, it was $951.36 million, down 13.7% from FY2024.
- Annual Enterprise Value shows a four-year compound annual growth rate of 7.3% (FY2021 to FY2025).
- In prior years, First Watch Restaurant's Enterprise Value was $1.1 billion in FY2024 (-4.5%), $1.15 billion in FY2023 (+45.8%), $791.72 million in FY2022 (+10.2%) and $718.11 million in FY2021.
- The Q3 2026 figure stands as the lowest quarterly Enterprise Value in data going back to Q4 2021.
- On a year-over-year basis, Enterprise Value has declined in each of the last four quarters, with an average decline of 18.0% over the last eight quarters.
- The strongest year-over-year quarter for Enterprise Value in the past five years was Q1 2024, with growth of 68.7%; the weakest was Q1 2026, with a decline of 39.4%.
- According to Business Quant data, Enterprise Value for the three prior quarters was $765.73 million (Q2 2026), $611.79 million (Q1 2026) and $951.36 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Mcdonalds | 198.08 Bn | 192.90 Bn | 6.42 Bn |
| 2 | Starbucks | 123.34 Bn | 110.96 Bn | - |
| 3 | Chipotle Mexican Grill | 45.28 Bn | 41.78 Bn | - |
| 4 | Yum Brands | 43.42 Bn | 40.31 Bn | 1.47 Bn |
| 5 | Restaurant Brands International | 26.75 Bn | 22.54 Bn | 1.40 Bn |
| 6 | Darden Restaurants | 25.71 Bn | 24.80 Bn | 1.68 Bn |
| 7 | Restaurant Brands International Limited Partnership | 24.67 Bn | 20.46 Bn | 1.40 Bn |
| 8 | Yum China Holdings | 17.17 Bn | 10.82 Bn | 537.00 Mn |
| 9 | Texas Roadhouse | 12.34 Bn | 11.68 Bn | - |
| 10 | First Watch Restaurant | 835.07 Mn | 748.71 Mn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 27, 2026 | 604.84 Mn |
| Jun 28, 2026 | 765.73 Mn |
| Mar 29, 2026 | 611.79 Mn |
| Dec 28, 2025 | 951.36 Mn |
| Sep 28, 2025 | 955.80 Mn |
| Jun 29, 2025 | 963.92 Mn |
| Mar 30, 2025 | 1.01 Bn |
| Dec 29, 2024 | 1.10 Bn |
| Sep 29, 2024 | 901.96 Mn |
| Jun 30, 2024 | 1.02 Bn |
| Mar 31, 2024 | 1.44 Bn |
| Dec 31, 2023 | 1.15 Bn |
| Sep 24, 2023 | 1.03 Bn |
| Jun 25, 2023 | 890.60 Mn |
| Mar 26, 2023 | 855.60 Mn |
| Dec 25, 2022 | 791.72 Mn |
| Sep 25, 2022 | 808.41 Mn |
| Jun 26, 2022 | 803.03 Mn |
| Mar 27, 2022 | 696.31 Mn |
| Dec 26, 2021 | 718.11 Mn |
API Access
First Watch Restaurant Enterprise Value API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=enterprise-value&ticker=FWRG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "enterprise-value", "ticker": "FWRG", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=enterprise-value&ticker=FWRG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();