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First Watch Valuation Multiples

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

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 $117M

EV

$1.9B

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First Watch Financials

First Watch has a last 12-month revenue of $1.1B and a last 12-month EBITDA of $117M.

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

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $892M $1.0B XXX XXX XXX
Gross Profit $140M $190M XXX XXX XXX
Gross Margin 16% 19% XXX XXX XXX
EBITDA $85.4M $98.4M XXX XXX XXX
EBITDA Margin 10% 10% XXX XXX XXX
Net Profit $6.9M $25.4M XXX XXX XXX
Net Margin 1% 2% XXX XXX XXX
Net Debt $52.6M $75.8M XXX XXX XXX

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First Watch Stock Performance

As of April 15, 2025, First Watch's stock price is $18.

First Watch has current market cap of $1.1B, and EV of $1.9B.

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First Watch Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$1.9B $1.1B XXX XXX XXX XXX $0.32

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First Watch Valuation Multiples

As of April 15, 2025, First Watch has market cap of $1.1B and EV of $1.9B.

First Watch's trades at 1.7x LTM EV/Revenue multiple, and 15.8x LTM EBITDA.

Analysts estimate First Watch's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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First Watch Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $1.9B XXX XXX XXX
EV/Revenue 1.8x XXX XXX XXX
EV/EBITDA 18.9x XXX XXX XXX
P/E 57.2x XXX XXX XXX
P/E/Growth 1.9x XXX XXX XXX
EV/FCF -150.1x XXX XXX XXX

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First Watch Valuation Multiples

First Watch's NTM/LTM revenue growth is 18%

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

Over next 12 months, First Watch's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate First Watch's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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First Watch Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 14% XXX XXX XXX XXX
EBITDA Margin 10% XXX XXX XXX XXX
EBITDA Growth 15% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 28% XXX XXX XXX XXX
Revenue per Employee $0.1M XXX XXX XXX XXX
Opex per Employee $11K XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue 11% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 17% XXX 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 $1.1B
What is the current revenue of First Watch? First Watch's last 12-month revenue is $1.1B.
What is the current EBITDA of First Watch? First Watch's last 12-month EBITDA is $117M.
What is the current EV/Revenue multiple of First Watch? Current revenue multiple of First Watch is 1.7x.
What is the current EV/EBITDA multiple of First Watch? Current EBITDA multiple of First Watch is 15.8x.
What is the current revenue growth of First Watch? First Watch revenue growth between 2023 and 2024 was 14%.
Is First Watch profitable? Yes, First Watch is EBITDA-positive (as of the last 12 months).

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