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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 Group's quarterly market cap
declined
from Dec. 2025 ($922 Mil) to Mar. 2026 ($646 Mil) but then
increased
from Mar. 2026 ($646 Mil) to Jun. 2026 ($795 Mil).
First Watch Restaurant Group's annual market cap
declined
from Dec. 2023 ($1,204 Mil) to Dec. 2024 ($1,130 Mil) and
declined
from Dec. 2024 ($1,130 Mil) to Dec. 2025 ($922 Mil).
Enterprise Value is the theoretical takeover price. It is more comprehensive than market capitalization (market cap), which only includes common equity. Enterprise Value is calculated as the market cap plus debt and minority interest and preferred shares, minus total cash and cash equivalents. First Watch Restaurant Group's Enterprise Value for Today is $1,794 Mil.
First Watch Restaurant Group (NAS:FWRG) Market Cap Explanation
Market cap is not the real price you pay for a company. If you buy the company and become its owner, you become the owner of the cash the company has, and you also assume the companys debt. The real price you pay is the Enterprise Value.
Warren Buffett uses the ratio of total market cap of all public traded companies over GDP to measure if the market is expensive. As of April 2012, the US total market cap is about $14.7 trillion, while the US GDP is about $15 trillion. The market was modestly overvalued.
First Watch Restaurant Group Market Cap Related Terms
First Watch Restaurant Group Market Cap 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 Market Cap, along with its competitors' market caps and Market Cap 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 Market Cap vs Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, First Watch Restaurant Group's Market Cap distribution charts can be found below:
* The bar in red indicates where First Watch Restaurant Group's Market Cap falls into.
First Watch Restaurant Group Market Cap Calculation
Market cap is the short version of market capitalization. It is the total market value to buy the whole company. It is equal to the share price times the number of shares outstanding.
* 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 Market Cap of $741 Mil as of Aug. 19, 2026. Market cap equals the total value of a company's shares: price times shares outstanding. View historical data on First Watch Restaurant Group and its competitors. According to the industry distribution chart, First Watch Restaurant Group ranks #70 out of 367 companies in the Restaurants industry, placing it in the top 19.1%.
Is First Watch Restaurant Group's Market Cap too high?
First Watch Restaurant Group's current Market Cap is $741 Mil. The Restaurants industry median Market Cap is 92.71. First Watch Restaurant Group's value of $741 Mil is 699.3% above this industry median. Based on the distribution chart, First Watch Restaurant Group ranks #70 out of 367 companies in the Restaurants industry, which is in the top quartile — a strong position relative to peers. 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 Market Cap compare to SG and BLMN?
According to the Restaurants industry distribution chart, First Watch Restaurant Group ranks #70 out of 367 companies for Market Cap. This places First Watch Restaurant Group in the top 19% of its industry — outperforming the majority of peers. The industry median Market Cap is 92.71. First Watch Restaurant Group's value of $741 Mil is 699.3% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Market Cap for a Restaurants company?
The median Market Cap among Restaurants companies is 92.71, based on 367 companies in the industry. Companies in the top quartile (top 25%) have a Market Cap significantly above this median, while those in the bottom quartile fall well below. However, Market Cap should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. First Watch Restaurant Group's current Market Cap of $741 Mil is 699.3% 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 Market Cap mean?
A high Market Cap can signal that a stock is expensive relative to its fundamentals. Market cap equals the total value of a company's shares: price times shares outstanding. View historical data on First Watch Restaurant Group and its competitors. For the Restaurants industry, the median Market Cap is 92.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. First Watch Restaurant Group's current Market Cap is $741 Mil. 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 $12.01 — trading 46.4% below its estimated fair value. The current Market Cap is $741 Mil and 699.3% above the Restaurants industry median of 92.71. 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 Market Cap calculated?
Market Cap is calculated from a company's financial statements. For First Watch Restaurant Group (FWRG), the current Market Cap is $741 Mil 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 $12.01 is trading 46.4% below its estimated GF Value™ of $22.39.
GuruFocus considers First Watch Restaurant Group to be Possible Value Trap.
Key valuation signals for FWRG:
Market Cap: $741 Mil
GF Value™: $22.39 vs. price of $12.01 (46.4% below fair value)
Industry Position: 699.3% above the Restaurants median (#70 of 367)
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
Market Cap is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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