First Watch Restaurant (FWRG) EV to EBIT (2021 - 2026)
First Watch Restaurant's (FWRG) EV to EBIT stood at 27.14 in Q2 2026, down 47.6% from 51.82 a year earlier but up 21.6% from the prior quarter.
Powered by 
Analysis
First Watch Restaurant (FWRG) EV to EBIT (2021 - 2026) Analysis & Trends
On a TTM basis, First Watch Restaurant's EV to EBIT came in at 24.82 as of Jun 28, 2026, down 46.4% year-over-year; for FY2025, it was 34.58, up 22.1% from FY2024.
- Across earlier years, EV to EBIT came in at 28.32 in FY2024 (+1.2%), 27.97 in FY2023 (-40.3%), 46.81 in FY2022 (+45.0%) and 32.28 in FY2021.
- Quarterly EV to EBIT has ranged from 21.53 in Q3 2024 to 56.27 in Q3 2022 over the past five years.
- On a year-over-year basis, EV to EBIT rose in four of the last eight quarters, with growth averaging 16.0%.
- Peak year-over-year performance for EV to EBIT in the last five years was growth of 121.1% in Q2 2025, against a decline of 49.0% in Q3 2023 at the low end.
- Per Business Quant, the preceding three quarters came in at 22.33 (Q1 2026), 34.58 (Q4 2025) and 42.79 (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Mcdonalds | 165.62 Bn | 160.44 Bn | 6.42 Bn |
| 2 | Starbucks | 108.79 Bn | 96.42 Bn | - |
| 3 | Chipotle Mexican Grill | 40.35 Bn | 36.33 Bn | - |
| 4 | Yum Brands | 37.59 Bn | 34.48 Bn | 1.47 Bn |
| 5 | Restaurant Brands International | 24.96 Bn | 22.07 Bn | 1.38 Bn |
| 6 | Darden Restaurants | 22.28 Bn | 21.39 Bn | -113.70 Mn |
| 7 | Restaurant Brands International Limited Partnership | 17.01 Bn | 12.57 Bn | 1.38 Bn |
| 8 | Yum China Holdings | 14.08 Bn | 8.44 Bn | 537.00 Mn |
| 9 | Texas Roadhouse | 10.31 Bn | 9.67 Bn | - |
| 10 | First Watch Restaurant | 640.58 Mn | 554.57 Mn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 28, 2026 | 27.14 |
| Mar 29, 2026 | 22.33 |
| Dec 28, 2025 | 34.58 |
| Sep 28, 2025 | 42.79 |
| Jun 29, 2025 | 51.82 |
| Mar 30, 2025 | 36.40 |
| Dec 29, 2024 | 28.32 |
| Sep 29, 2024 | 21.53 |
| Jun 30, 2024 | 23.44 |
| Mar 31, 2024 | 37.76 |
| Dec 31, 2023 | 27.97 |
| Sep 24, 2023 | 28.71 |
| Jun 25, 2023 | 28.94 |
| Mar 26, 2023 | 34.95 |
| Dec 25, 2022 | 46.81 |
| Sep 25, 2022 | 56.27 |
| Jun 26, 2022 | 42.49 |
| Mar 27, 2022 | 26.62 |
| Dec 26, 2021 | 32.28 |
API Access
First Watch Restaurant EV to EBIT 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=ev-to-ebit&ticker=FWRG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-ebit", "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=ev-to-ebit&ticker=FWRG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();