Is First Watch Restaurant Group, Inc. overvalued?

First Watch Restaurant Group, Inc. (FWRG) looks undervalued — trading about 24% below its fair value.

Undervalued

Price

$10.15

Fair value

$12.60

Current P/E

36.2

Normal P/E

45.0

Market cap

$626.4M

Dividend yield

0.0%

Return on equity

2.9%

Sector

Consumer Cyclical

Fair value compares FWRG's current P/E to its own historical "normal" P/E (FAST Graphs-style). Updated 24 Sep 2026.

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