First Watch Valuation Multiples

First Watch Overview

About First Watch

First Watch Restaurant Group Inc is a daytime restaurant concept serving made-to-order breakfast, brunch, and lunch using fresh ingredients. The company generates revenues from Restaurant sales and Franchise revenues. It generates maximum revenue from Restaurant sales.

Founded

2017

HQ

Employees

17.5K

Website

firstwatch.com

Sectors

Restaurants & Nightlife

Financials (LTM)

Revenue: $1B

EBITDA: $125M

EV

$2B

Valuation Multiples

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First Watch Financials

First Watch reported last 12-month revenue of $1B and EBITDA of $125M.

In the same LTM period, First Watch generated $981M in gross profit, $125M in EBITDA, and $17M in net income.

First Watch P&L

In the most recent fiscal year, First Watch reported revenue of $1B and EBITDA of $121M.

First Watch expects next 12-month revenue of XXX and NTM EBITDA of XXX

First Watch Stock Performance

First Watch has current market cap of $785M, and enterprise value of $2B.

First Watch's stock price is $12.74.

First Watch Valuation Multiples

First Watch trades at 1.4x EV/Revenue multiple, and 14.2x EV/EBITDA.

First Watch Financial Valuation Multiples

As of April 19, 2026, First Watch has market cap of $785M and EV of $2B.

Equity research analysts estimate First Watch's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

First Watch has a P/E ratio of 45.9x.

First Watch Margins & Growth Rates

First Watch's revenue in the last 12 month grew by 13%.

First Watch's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $0.0M for the same period.

First Watch's rule of 40 is 23% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

First Watch's rule of X is 43% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

First Watch Public Comps

See public comps and valuation multiples for other Restaurants & Nightlife comps.

First Watch M&A Activity

First Watch acquired XXX companies to date.

Last acquisition by First Watch was on XXXXXXXX, XXXXX. First Watch acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

First Watch Investment Activity

First Watch invested in XXX companies to date.

First Watch made its latest investment on XXXXXXXX, XXXXX. First Watch invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).