FWRG (First Watch Restaurant Group) Moat Score: 4/10 (As of Aug. 19, 2026)

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FWRG First Watch Restaurant Group Inc FWRG
75 GF Score
Price $12.01
GF Value $22.39
Valuation Possible Value Trap
! 5 Warning Signs
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What is First Watch Restaurant Group Moat Score?

First Watch Restaurant Group FWRG -2.44% 75 Moat Score is 4 as of Aug. 19, 2026. GuruFocus rates FWRG with a GF Score™ of 75/100 and a GF Value™ of $22.39 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 366 Restaurants companies, First Watch Restaurant Group ranks better than 88.25% on this metric.

First Watch Restaurant Group has the Moat Score of 4, which implies that the company might have Narrow Moat - Discernible but modest moat.

First Watch Restaurant Group has Narrow Moat: First Watch has a modest moat due to its brand strength and customer loyalty in the restaurant industry. However, it faces intense competition and lacks significant cost advantages, limiting its moat to a discernible but modest level.

Moat Score is a ranking system developed by GuruFocus to assess a company's ability to sustain a competitive advantage, rated on a scale from 0 to 10. It takes into account key factors such as market leadership, cost advantages, network effects, customer switching costs, and more.

The company's Moat Score is based on these criteria:

1. Market leadership and sustainable market share
2. Network effects and significant customer switching costs
3. Valuable intellectual property and patents
4. Strong brand strength and deep customer loyalty
5. Durable cost advantages (e.g., economies of scale, proprietary technology)
6. Significant regulatory barriers and exclusive licenses
7. Superior distribution network
8. Strong and sustainable pricing power
9. Consistent and impactful innovation and R&D capabilities

Based on the research, GuruFocus believes First Watch Restaurant Group might have Narrow Moat - Discernible but modest moat.

First Watch Restaurant Group  (NAS:FWRG) Moat Score Explanation

The Moat Score ranges from 0 to 10, with 10 as the highest. GuruFocus divided Moat Score into following 8 categories:

Moat Score Moat Level
10Wide Moat - Exceptionally dominant and durable wide moat
8 - 9Wide Moat - Clear and robust wide moat
7Wide Moat - Entry-level wide moat, clearly possessing durable advantages
6Narrow Moat - Strong narrow moat, clearly distinguishable but not wide
5Narrow Moat - Solid narrow moat
4Narrow Moat - Discernible but modest moat
1 - 3No Moat - Very weak/transient advantages
0No Moat - No discernible moat

First Watch Restaurant Group Moat Score Related Terms

FWRG vs SG, BLMN, CNNE: Moat Score Comparison

For the Restaurants subindustry, First Watch Restaurant Group's Moat Score, along with its competitors' market caps and Moat Score 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 Moat Score vs Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, First Watch Restaurant Group's Moat Score distribution charts can be found below:

* The bar in red indicates where First Watch Restaurant Group's Moat Score falls into.


FWRG
75GF Score
First Watch Restaurant Group Inc FWRG
Moat Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Frequently Asked Questions Learn more about Moat Score →
What does a Moat Score of 4 mean?
First Watch Restaurant Group (FWRG) has a Moat Score of 4 as of Aug. 19, 2026. Moat Score is a ranking system developed by GuruFocus to assess a company's ability to sustain a competitive advantage, rated on a scale from 0 to 10. It takes into account key factors such as market leadership, cost advantages, network effects, customer switching costs, and more. According to the industry distribution chart, First Watch Restaurant Group ranks #43 out of 366 companies in the Restaurants industry, placing it in the top 11.7%.
Is First Watch Restaurant Group's Moat Score too high?
First Watch Restaurant Group's current Moat Score is 4. Based on the distribution chart, First Watch Restaurant Group ranks #43 out of 366 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 75/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does First Watch Restaurant Group's Moat Score compare to SG and BLMN?
According to the Restaurants industry distribution chart, First Watch Restaurant Group ranks #43 out of 366 companies for Moat Score. This places First Watch Restaurant Group in the top 12% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Moat Score for a Restaurants company?
A good Moat Score depends on the Restaurants industry context. However, Moat Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Moat Score mean?
A high Moat Score can signal that a stock is expensive relative to its fundamentals. Moat Score is a ranking system developed by GuruFocus to assess a company's ability to sustain a competitive advantage, rated on a scale from 0 to 10. It takes into account key factors such as market leadership, cost advantages, network effects, customer switching costs, and more. First Watch Restaurant Group's current Moat Score is 4. 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 Moat Score is 4. First Watch Restaurant Group's overall GF Score™ is 75/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Moat Score calculated?
Moat Score is calculated from a company's financial statements. For First Watch Restaurant Group (FWRG), the current Moat Score is 4 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:

  • Moat Score: 4
  • GF Value™: $22.39 vs. price of $12.01 (46.4% below fair value)
  • GF Score™: 75/100 with 5 warning signs

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 Business Description

Address 8725 Pendery Place, Suite 201, Bradenton, FL, USA, 34201
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.
75GF Score

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Moat Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$12.01
Price
$22.39
GF Value