FWRG
First Watch Restaurant Group
PE ratio, current and historical analysis
- Stocks
- Consumer Cyclical
- NASDAQ: FWRG
- PE Ratio
As of Jul 31, 2026, the FWRG stock has a PE ratio of 44.31. The calculation is based on the latest EPS of $0.29 and the stock price of $12.85 per share. A decrease of 68% has been observed in the PE ratio compared to its average of 138.4 of the last four quarters.
FWRG PE ratio history
The mean historical PE ratio of First Watch Restaurant Group over the last five years is 125.73. The current 44.31 P/E ratio is 65% lower than the historical average. Looking back at the last five years, FWRG's PE ratio peaked in the Sep 2022 quarter at 483.67, with a price of $14.51 and an EPS of $0.03. The Mar 2026 quarter marked the lowest point at 35.55, with a price of $10.31 and an EPS of $0.29.
First Watch Restaurant Group PE ratio by year
Maximum annual increase: 29.05% in 2024
Maximum annual decrease: -60.53% in 2023
| Year | PE ratio | PE change | Price | EPS |
|---|---|---|---|---|
| 2025 | 49.72 | -17.57% | $15.91 | $0.32 |
| 2024 | 60.32 | 29.05% | $18.7 | $0.31 |
| 2023 | 46.74 | -60.53% | $20.1 | $0.43 |
| 2022 | 118.42 | N/A | $14.21 | $0.12 |
| 2021 | N/A | N/A | $15.97 | -$0.04 |
| 2020 | N/A | N/A | N/A | -$1.1 |
| 2019 | N/A | N/A | N/A | -$1.01 |
First Watch Restaurant Group PE ratio by quarter (TTM)
| Year | PE ratio | PE change | Price | EPS |
|---|---|---|---|---|
| Mar 2026 | 35.55 | -28.5% | $10.31 | $0.29 |
| Dec 2025 | 49.72 | -75.14% | $15.91 | $0.32 |
| Sep 2025 | 200 | -25.51% | $16 | $0.08 |
| Jun 2025 | 268.5 | 186.64% | $16.11 | $0.06 |
| Mar 2025 | 93.67 | 55.29% | $16.86 | $0.18 |
| Dec 2024 | 60.32 | 34.13% | $18.7 | $0.31 |
| Sep 2024 | 44.97 | 5% | $15.74 | $0.35 |
| Jun 2024 | 42.83 | -32.16% | $17.56 | $0.41 |
| Mar 2024 | 63.13 | 35.07% | $24.62 | $0.39 |
| Dec 2023 | 46.74 | -3.39% | $20.1 | $0.43 |
| Sep 2023 | 48.38 | -15.86% | $17.9 | $0.37 |
| Jun 2023 | 57.5 | -25.08% | $16.1 | $0.28 |
| Mar 2023 | 76.75 | -35.19% | $15.35 | $0.2 |
| Dec 2022 | 118.42 | -75.52% | $14.21 | $0.12 |
| Sep 2022 | 483.67 | 66.78% | $14.51 | $0.03 |
FWRG Price vs fair value
FWRG average PE ratio chart
What this chart measures
The Historical Valuation Regime chart shows where the stock's current valuation sits relative to its own historical valuation range over the selected lookback period.
This is a history-relative tool, not a market-relative percentile. It does not compare the stock to other companies. Instead, it compares each historical valuation reading to the stock's own past readings.
Percentile logic
The threshold lines are calculated them from the stock's real historical values using percentile interpolation. That is why some colored bands are narrow while others are wide: the band widths reflect how the stock actually traded through time.
Regime map
| Historical percentile | Regime | Chart meaning |
|---|---|---|
| 0-10 | Historically Low | Deep cheap zone |
| >10-25 | Below Average | Cheap relative to history |
| >25-75 | Average | Within the normal historical range |
| >75-90 | Above Average | Expensive relative to history |
| >90-100 | Historically High | Extreme or stretched valuation |
How to read each part
| Chart element | What it tells you |
|---|---|
| Main line | The actual historical valuation values over time for the selected metric. |
| Dashed horizontal lines | The stock's computed P10, P25, Median, P75, and P90 thresholds for the selected period. |
| Colored bands | The historical valuation zones between those thresholds. |
| Metric boxes | Current ratio, historical median, current percentile, and current regime. |
| Timeline strip | A condensed regime history showing how the stock moved between cheap, fair, and expensive states across each observation. |
Important metric definitions
Current Percentile is the percentile rank of the latest valid historical observation within the selected lookback range.
Current Regime is assigned directly from the latest observation's percentile bucket using the fixed 10 / 25 / 75 / 90 cutoffs shown above.
How to use it well
This chart is most useful for answering a narrow question: Is this stock trading high, low, or normal relative to its own history? It works best alongside growth, profitability, and forward-looking business analysis, because a stock can deserve a higher or lower regime if its business quality has changed.
The current PE ratio of FWRG is lower than its 3-year average.
PE comparison
With a price to earnings (P/E) of 44.31, FWRG ranks higher than the Consumer Cyclical sector, the industry and its peers average. In comparison with the Consumer Cyclical sector average of 20.94, First Watch Restaurant Group's price to earnings (P/E) is 112% higher.
FWRG PE vs peers
FWRG's PE ratio stands higher than its peer stocks DRI and TXRH. First Watch Restaurant Group's current PE ratio of 44.31 is higher than the average of its peers, which is 28.46.
| Stock name | PE ratio | Market cap |
|---|---|---|
| DRI Darden Restaurants Inc | 19.48 | $23.22B |
| EAT Brinker International Inc | 20.31 | $9.17B |
| CAKE Cheesecake Factory Inc | 28.65 | $5.04B |
| TXRH Texas Roadhouse Inc | 32.82 | $13.5B |
| BLMN Bloomin Brands Inc | 34.64 | $741.42M |
| BJRI BJs RESTAURANTS INC | 34.85 | $1.44B |
| FWRG First Watch Restaurant Group Inc | 44.31 | $792.14M |
| RRGB Red Robin Gourmet Burgers Inc | N/A | $145.04M |
Frequently asked questions
What is First Watch Restaurant Group's PE ratio?
FWRG's price to earnings ratio is 44.31 as of Jul 31, 2026.
What is the 3-year average PE ratio for First Watch Restaurant Group (FWRG)?
As an average over the last 3 years, FWRG stock has a PE ratio of 86.71.
What is the highest PE ratio for FWRG?
Over the last five years, the Sep 2022 quarter recorded the highest quarterly PE ratio at 483.67.
How does the current PE ratio for FWRG compare to its historical average?
FWRG's current price to earnings ratio is 65% below its 5-year historical average.
How is FWRG's PE ratio calculated (First Watch Restaurant Group PE ratio formula)?
You can calculate the P/E ratio by dividing the most recent stock price by the trailing twelve months EPS. As of today (Jul 31, 2026), First Watch Restaurant Group's share price is $12.85. The company's earnings per share for the trailing twelve months (TTM) ending Mar 2026 is $0.29. Therefore, First Watch Restaurant Group's PE ratio for today is 44.31. PE RATIO(44.31) = STOCK PRICE($12.85) / TTM EPS($0.29)
All PE ratio stats are based on quarterly TTM periods, unless otherwise specified.