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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.
2017
15K+
LTM Revenue $1.1B
LTM EBITDA $117M
$1.9B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
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
See First Watch valuation multiples based on analyst estimates| 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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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.
See First Watch trading valuation 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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Sign UpAs 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
See valuation multiples for First Watch and 10K+ public comps| 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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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Sign UpFirst 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
See operational valuation multiples for First Watch and other 10K+ public comps| 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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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| 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 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 ).
See M&A valuation multiples| 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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Sign Up| 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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