First Watch Restaurant Group (FWRG)
Serves breakfast, brunch, and lunch on a single morning-to-midafternoon restaurant shift.
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Runs breakfast, brunch, and lunch restaurants on a single daily shift that closes before dinner, with company-operated locations concentrated in Florida and the wider Southeast alongside a smaller franchise network. The company has added new restaurants steadily since its 2021 Nasdaq listing and reports its results as a single business segment.
One restaurant concept runs a single daily shift, serving breakfast, brunch, and lunch from morning through midafternoon before closing. Kitchens use made-to-order cooking rather than pre-heated holding equipment, and a seasonal menu rotates several times a year alongside the core lineup.
The chain has grown to 633 restaurants across dozens of states, concentrated in Florida and the wider Southeast, with additional density in Texas, Ohio, North Carolina, and Arizona. Most locations are company-operated, with new openings driving most recent growth alongside occasional buybacks of franchise-run restaurants.
Operations are reported as a single segment at the consolidated level and depend on a handful of suppliers for eggs, coffee, and pork. The concept traces to a 1983 California café; the one-shift schedule functions as a hiring advantage, and trading began on Nasdaq in 2021 after a series of private-equity owners.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| May 5, 2026 | Stifel Nicolaus | Target | Target: $17 | Target: $14 |
| Feb 24, 2026 | Piper Sandler | Target | Target: $20 | Target: $19 |
| Jan 7, 2026 | Barclays | Reiterate | Rating: —Target: $24 | Target: $19 |
| Apr 1, 2025 | TD Securities | Upgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 28, 2026Cash & short-term investments $20.5M · Total debt $1.07B · Total assets $1.82B · Shareholders' equity $634.2M
- Revenue
- $354.7M
- Operating income
- $33.8M
- Net income
- $2.3M
No dividends on record.
| Institutions | ≈ 105.34% | 65.01M shares | |
|---|---|---|---|
| 213 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 4.33% | 2.67M shares | |
| 16 holders · as of Jun 10, 2026 | |||
| Strategic holders | 4.97% | 3.07M shares | |
| 1 holder · as of Mar 31, 2026 | |||
| Adds to | 114.64% | ||
61.71M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 114.64%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 7.35% | 4.53M | as of Jun 30, 2026 |
Manufacturers Life Insurance Company, theInstitution | 6.20% | 3.82M | as of Jun 30, 2026 |
Bank of New York Mellon CorpInstitution | 6.03% | 3.72M | as of Jun 30, 2026 |
Integrated Core Strategies (US) LLCStrategic | 4.97% | 3.07M | filed Mar 31, 2026 |
Dimensional Fund Advisors LPInstitution | 4.21% | 2.60M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 17, 2026 | Matthew Eisenacher | officer: Chief Brand Officer | −2,760 | $12.52 |
| Mar 17, 2026 | Jay Anthony Wolszczak | officer: Chief Legal Officer, GC & Secy | −3,161 | $12.52 |
| Mar 17, 2026 | H. Melville Iii Hope | officer: CFO and Treasurer | −3,878 | $12.52 |
| Mar 17, 2026 | Laura Anne Sorensen | officer: Chief People Officer | −1,697 | $12.52 |
| Mar 17, 2026 | Christopher Anthony Tomasso | director, officer: President and CEO | −25,062 | $12.52 |
- Dine Brands
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- Cracker Barrel
Overlaps on all-day breakfast via Southern full-service dining chain
- BJ's Restaurants
Overlaps on weekend brunch via deep-dish pizza and craft-beer casual dining
- Bloomin' Brands
Shares Southeast footprint via dinner-focused, multi-brand casual dining
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| First Watch Restaurant Group | $10.00 | −3.08% | $636.9M | 36.4 | 40.4 | 0.5 | +15.2% |
| Dine Brands | $29.05 | +1.64% | $362.5M | 58.3 | 6.7 | 0.4 | +4.4% |
| Cracker Barrel | $48.41 | +6.44% | $1.02B | 39.3 | 44.0 | 0.3 | −2.2% |
| BJ's Restaurants | $60.99 | −0.91% | $1.29B | 32.6 | 23.4 | 0.9 | +6.4% |
| Bloomin' Brands | $8.60 | +0.56% | $732.0M | 27.6 | 9.3 | 0.2 | +1.3% |
| Median | 35.9 | 16.3 | 0.4 | +2.9% |