First Watch Restaurant (FWRG) EV to EBITDA (2021 - 2026)
First Watch Restaurant's EV to EBITDA came in at 6.85 for Q2 2026, down 40.2% from 11.45 a year earlier but up 20.1% from the prior quarter.
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Analysis
First Watch Restaurant (FWRG) EV to EBITDA (2021 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 28, 2026, First Watch Restaurant reported EV to EBITDA of 6.27, down 38.7% year-over-year; for FY2025, it was 9.28, down 18.6% from FY2024.
- EV to EBITDA has declined in each of the last three years.
- Going back by year, EV to EBITDA was 11.40 in FY2024 (-18.5%), 13.99 in FY2023 (-9.6%), 15.48 in FY2022 (+17.7%) and 13.15 in FY2021.
- The five-year range for quarterly EV to EBITDA is 5.70 (Q1 2026) to 17.47 (Q1 2024).
- Year-over-year, EV to EBITDA has declined for three consecutive quarters, with an average decline of 22.5% over the last eight quarters.
- The fastest year-over-year change in EV to EBITDA over five years came in Q1 2024 (growth of 21.7%), and the weakest in Q1 2026 (a decline of 49.3%).
- Business Quant data shows FWRG's EV to EBITDA at 5.70 (Q1 2026), 9.28 (Q4 2025) and 10.34 (Q3 2025) in the three quarters before Q2 2026.
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 | 6.85 |
| Mar 29, 2026 | 5.70 |
| Dec 28, 2025 | 9.28 |
| Sep 28, 2025 | 10.34 |
| Jun 29, 2025 | 11.45 |
| Mar 30, 2025 | 11.25 |
| Dec 29, 2024 | 11.40 |
| Sep 29, 2024 | 9.39 |
| Jun 30, 2024 | 10.94 |
| Mar 31, 2024 | 17.47 |
| Dec 31, 2023 | 13.99 |
| Sep 24, 2023 | 13.96 |
| Jun 25, 2023 | 13.30 |
| Mar 26, 2023 | 14.35 |
| Dec 25, 2022 | 15.48 |
| Sep 25, 2022 | 16.81 |
| Jun 26, 2022 | 15.40 |
| Mar 27, 2022 | 11.81 |
| Dec 26, 2021 | 13.15 |
API Access
First Watch Restaurant EV to EBITDA 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-ebitda&ticker=FWRG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-ebitda", "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-ebitda&ticker=FWRG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();