Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
First Watch Restaurant GroupFWRG +4.95%71 EV-to-OCF is 14.28 as of Aug. 19, 2026, which is 21% below its 10-year median of 18.03. GuruFocus rates FWRG with a GF Score™ of 71/100 and a GF Value™ of $22.39 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 363 Restaurants companies, First Watch Restaurant Group ranks worse than 64.74% on this metric.
The historical rank and industry rank for First Watch Restaurant Group's EV-to-OCF or its related term are showing as below:
FWRG'
s EV-to-OCF Range Over the Past 10 Years
Min: 11.63 Med: 18.03 Max: 41.03
Current: 14.28
During the past 7 years, the highest EV-to-OCF of First Watch Restaurant Group was 41.03. The lowest was 11.63. And the median was 18.03.
FWRG's EV-to-OCF is ranked worse than 64.74% of 363
companies
in the Restaurants industry
Industry Median: 9.89
vs FWRG: 14.28
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
First Watch Restaurant Group (NAS:FWRG) EV-to-OCF Explanation
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
First Watch Restaurant Group's PE Ratio (TTM) for today is calculated as:
First Watch Restaurant Group's share price for today is $12.605.
First Watch Restaurant Group's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $0.290.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Cash Flow from Operations is an important financial metric because it represents the cash generated from operating activities at a company's disposal. Companies with a low EV-to-OCF ratio, combined with a strong balance sheet are generally considered as undervalued.
First Watch Restaurant Group EV-to-OCF Related Terms
First Watch Restaurant Group EV-to-OCF Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Restaurants subindustry, First Watch Restaurant Group's EV-to-OCF, along with its competitors' market caps and EV-to-OCF data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
First Watch Restaurant Group EV-to-OCF vs Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, First Watch Restaurant Group's EV-to-OCF distribution charts can be found below:
* The bar in red indicates where First Watch Restaurant Group's EV-to-OCF falls into.
First Watch Restaurant Group's current Enterprise Value is $1,831 Mil.
First Watch Restaurant Group's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $128 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
First Watch Restaurant Group (FWRG) has a EV-to-OCF of 14.28 as of Aug. 19, 2026. This is 21% below median its historical median of 18.03. Over the past decade, First Watch Restaurant Group's EV-to-OCF has ranged from 11.63 to 41.03. According to the industry distribution chart, First Watch Restaurant Group ranks #235 out of 363 companies in the Restaurants industry, placing it in the top 64.7%.
Is First Watch Restaurant Group's EV-to-OCF too high?
First Watch Restaurant Group's current EV-to-OCF of 14.28 is 21% below median its 10-year median of 18.03. Over the past 10 years, this metric has ranged from a low of 11.63 to a high of 41.03. The Restaurants industry median EV-to-OCF is 9.89. First Watch Restaurant Group's value of 14.28 is 44.4% above this industry median. Based on the distribution chart, First Watch Restaurant Group ranks #235 out of 363 companies in the Restaurants industry, which is below the industry midpoint. Overall, First Watch Restaurant Group has a GF Score™ of 71/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does First Watch Restaurant Group's EV-to-OCF compare to SG and BLMN?
According to the Restaurants industry distribution chart, First Watch Restaurant Group ranks #235 out of 363 companies for EV-to-OCF. This places First Watch Restaurant Group in the lower half of its industry. The industry median EV-to-OCF is 9.89. First Watch Restaurant Group's value of 14.28 is 44.4% above this benchmark. Historically, First Watch Restaurant Group's own EV-to-OCF has ranged from 11.63 to 41.03 over the past decade. While the company's 10-year median is 18.03 vs. the industry median of 9.89, First Watch Restaurant Group has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EV-to-OCF for a Restaurants company?
The median EV-to-OCF among Restaurants companies is 9.89, based on 363 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-OCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-OCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. First Watch Restaurant Group's current EV-to-OCF of 14.28 is 44.4% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EV-to-OCF mean?
A high EV-to-OCF can signal that a stock is expensive relative to its fundamentals. For the Restaurants industry, the median EV-to-OCF is 9.89 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. First Watch Restaurant Group's current EV-to-OCF is 14.28, which is 21% below median its own 10-year median of 18.03. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Watch Restaurant Group stock overvalued right now?
Based on GuruFocus' analysis, First Watch Restaurant Group (FWRG) is currently considered Possible Value Trap. The stock's GF Value™ is $22.39, compared to a current price of $12.61 — trading 43.7% below its estimated fair value. The current EV-to-OCF is 14.28, which is 21% below median its 10-year median of 18.03 and 44.4% above the Restaurants industry median of 9.89. First Watch Restaurant Group's overall GF Score™ is 71/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-OCF calculated?
EV-to-OCF is calculated from a company's financial statements. For First Watch Restaurant Group (FWRG), the current EV-to-OCF is 14.28 as of Aug. 19, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is First Watch Restaurant Group (FWRG) Overvalued in 2026?
Based on GuruFocus' analysis, First Watch Restaurant Group stock appears to be undervalued.
The current stock price of $12.61 is trading 43.7% below its estimated GF Value™ of $22.39.
GuruFocus considers First Watch Restaurant Group to be Possible Value Trap.
Key valuation signals for FWRG:
EV-to-OCF: 14.28 (21% below median its 10-year median of 18.03)
GF Value™: $22.39 vs. price of $12.61 (43.7% below fair value)
Industry Position: 44.4% above the Restaurants median (#235 of 363)
No single metric tells the full story. See the FWRG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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.
71GF Score
Get the complete analysis for FWRG
EV-to-OCF is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FWRG has been successfully added to your 
