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First Watch Valuation Multiples

Discover revenue and EBITDA valuation multiples for First Watch and similar public comparables like Endeavour Group, Domino's Pizza Enterprises, and Americana Restaurants.

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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. It generates revenues from Restaurant sales and Franchise revenues.

Founded

2017

HQ

United States of America
Employees

15K+

Financials

LTM Revenue $1.1B

LTM EBITDA $114M

EV

$1.8B

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First Watch Financials

First Watch has a last 12-month revenue (LTM) of $1.1B and a last 12-month EBITDA of $114M.

In the most recent fiscal year, First Watch achieved revenue of $1.0B and an EBITDA of $98.4M.

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

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First Watch P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $1.1B XXX $1.0B XXX XXX XXX
Gross Profit $848M XXX $213M XXX XXX XXX
Gross Margin 77% XXX 21% XXX XXX XXX
EBITDA $114M XXX $98.4M XXX XXX XXX
EBITDA Margin 10% XXX 10% XXX XXX XXX
EBIT $36.0M XXX $42.0M XXX XXX XXX
EBIT Margin 3% XXX 4% XXX XXX XXX
Net Profit $15.0M XXX $18.9M XXX XXX XXX
Net Margin 1% XXX 2% XXX XXX XXX
Net Debt XXX XXX $165M XXX XXX XXX

Financial data powered by Morningstar, Inc.

First Watch Stock Performance

As of May 30, 2025, First Watch's stock price is $15.

First Watch has current market cap of $941M, and EV of $1.8B.

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First Watch Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$1.8B $941M XXX XXX XXX XXX $0.24

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First Watch Valuation Multiples

As of May 30, 2025, First Watch has market cap of $941M and EV of $1.8B.

First Watch's trades at 1.7x EV/Revenue multiple, and 17.9x EV/EBITDA.

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 62.6x.

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First Watch Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $941M XXX $941M XXX XXX XXX
EV (current) $1.8B XXX $1.8B XXX XXX XXX
EV/Revenue 1.6x XXX 1.7x XXX XXX XXX
EV/EBITDA 15.4x XXX 17.9x XXX XXX XXX
EV/EBIT 48.9x XXX 41.9x XXX XXX XXX
EV/Gross Profit 2.1x XXX n/a XXX XXX XXX
P/E 62.6x XXX 49.7x XXX XXX XXX
EV/FCF -67.9x XXX -142.1x XXX XXX XXX

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First Watch Margins & Growth Rates

First Watch's last 12 month revenue growth is 18%

First Watch's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $11K for the same period.

First Watch's rule of 40 is 27% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

First Watch's rule of X is 54% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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First Watch Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 18% XXX 17% XXX XXX XXX
EBITDA Margin 10% XXX 10% XXX XXX XXX
EBITDA Growth 11% XXX 16% XXX XXX XXX
Rule of 40 27% XXX 27% XXX XXX XXX
Bessemer Rule of X XXX XXX 54% XXX XXX XXX
Revenue per Employee XXX XXX $0.1M XXX XXX XXX
Opex per Employee XXX XXX $11K XXX XXX XXX
S&M Expenses to Revenue XXX XXX n/a XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 17% XXX XXX XXX

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First Watch Public Comps

See public comps and valuation multiples for Restaurants & Nightlife comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Americana Restaurants XXX XXX XXX XXX XXX XXX
Collins Foods XXX XXX XXX XXX XXX XXX
Domino's Pizza Enterprises XXX XXX XXX XXX XXX XXX
Endeavour Group XXX XXX XXX XXX XXX XXX
Guzman y Gomez XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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First Watch M&A and Investment Activity

First Watch acquired  XXX companies to date.

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

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Latest Acquisitions by First Watch

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About First Watch

When was First Watch founded? First Watch was founded in 2017.
Where is First Watch headquartered? First Watch is headquartered in United States of America.
How many employees does First Watch have? As of today, First Watch has 15K+ employees.
Who is the CEO of First Watch? First Watch's CEO is Mr. Christopher A. Tomasso.
Is First Watch publicy listed? Yes, First Watch is a public company listed on NAS.
What is the stock symbol of First Watch? First Watch trades under FWRG ticker.
When did First Watch go public? First Watch went public in 2021.
Who are competitors of First Watch? Similar companies to First Watch include e.g. Americana Restaurants, Collins Foods, Domino's Pizza Enterprises, Endeavour Group.
What is the current market cap of First Watch? First Watch's current market cap is $941M
What is the current revenue of First Watch? First Watch's last 12 months revenue is $1.1B.
What is the current revenue growth of First Watch? First Watch revenue growth (NTM/LTM) is 18%.
What is the current EV/Revenue multiple of First Watch? Current revenue multiple of First Watch is 1.6x.
Is First Watch profitable? Yes, First Watch is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of First Watch? First Watch's last 12 months EBITDA is $114M.
What is First Watch's EBITDA margin? First Watch's last 12 months EBITDA margin is 10%.
What is the current EV/EBITDA multiple of First Watch? Current EBITDA multiple of First Watch is 15.4x.
What is the current FCF of First Watch? First Watch's last 12 months FCF is -$25.9M.
What is First Watch's FCF margin? First Watch's last 12 months FCF margin is -2%.
What is the current EV/FCF multiple of First Watch? Current FCF multiple of First Watch is -67.9x.

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