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The historical rank and industry rank for First Watch Restaurant Group's Price-to-Tangible-Book or its related term are showing as below:
FWRG'
s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 15.32 Med: 29.37 Max: 501.25
Current: 15.38
During the past 7 years, First Watch Restaurant Group's highest Price to Tangible Book Ratio was 501.25. The lowest was 15.32. And the median was 29.37.
FWRG's Price-to-Tangible-Book is ranked worse than 91.16% of 294
companies
in the Restaurants industry
Industry Median: 2.59
vs FWRG: 15.38
Some businesses have very light assets, such as software companies or insurance agencies. The Price-to-Book Ratio does not work well for these companies. Some companies even have negative equity, so the Price-to-Book Ratio cannot be applied to them.
First Watch Restaurant Group Price-to-Tangible-Book Related Terms
First Watch Restaurant Group Price-to-Tangible-Book 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.
First Watch Restaurant Group Price-to-Tangible-Book Chart
FWRG vs PZZA, SG, CNNE: Price-to-Tangible-Book Comparison
For the Restaurants subindustry, First Watch Restaurant Group's Price-to-Tangible-Book, along with its competitors' market caps and Price-to-Tangible-Book 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 Price-to-Tangible-Book vs Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, First Watch Restaurant Group's Price-to-Tangible-Book distribution charts can be found below:
* The bar in red indicates where First Watch Restaurant Group's Price-to-Tangible-Book falls into.
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called PB Ratio. The difference between Price-to-Tangible-Book Ratio and PB Ratio is that book value other than intangibles are used in the calculation.
First Watch Restaurant Group (FWRG) has a Price-to-Tangible-Book of 15.38 as of Sep. 15, 2026. Price-to-tangible-book ratio is the ratio of share price to a company's tangible book value per share. View historical data on First Watch Restaurant Group and its competitors. According to the industry distribution chart, First Watch Restaurant Group ranks #268 out of 294 companies in the Restaurants industry, placing it in the top 91.2%.
Is First Watch Restaurant Group's Price-to-Tangible-Book too high?
First Watch Restaurant Group's current Price-to-Tangible-Book is 15.38. The Restaurants industry median Price-to-Tangible-Book is 2.59. First Watch Restaurant Group's value of 15.38 is 493.8% above this industry median. Based on the distribution chart, First Watch Restaurant Group ranks #268 out of 294 companies in the Restaurants industry, which is in the bottom quartile relative to peers. Overall, First Watch Restaurant Group has a GF Score™ of 72/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does First Watch Restaurant Group's Price-to-Tangible-Book compare to PZZA and SG?
According to the Restaurants industry distribution chart, First Watch Restaurant Group ranks #268 out of 294 companies for Price-to-Tangible-Book. This places First Watch Restaurant Group in the lower half of its industry. The industry median Price-to-Tangible-Book is 2.59. First Watch Restaurant Group's value of 15.38 is 493.8% 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 Price-to-Tangible-Book for a Restaurants company?
The median Price-to-Tangible-Book among Restaurants companies is 2.59, based on 294 companies in the industry. Companies in the top quartile (top 25%) have a Price-to-Tangible-Book significantly above this median, while those in the bottom quartile fall well below. However, Price-to-Tangible-Book should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. First Watch Restaurant Group's current Price-to-Tangible-Book of 15.38 is 493.8% 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 Price-to-Tangible-Book mean?
A high Price-to-Tangible-Book can signal that a stock is expensive relative to its fundamentals. Price-to-tangible-book ratio is the ratio of share price to a company's tangible book value per share. View historical data on First Watch Restaurant Group and its competitors. For the Restaurants industry, the median Price-to-Tangible-Book is 2.59 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. First Watch Restaurant Group's current Price-to-Tangible-Book is 15.38. 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 $22.57, compared to a current price of $10.77 — trading 52.3% below its estimated fair value. The current Price-to-Tangible-Book is 15.38 and 493.8% above the Restaurants industry median of 2.59. First Watch Restaurant Group's overall GF Score™ is 72/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Price-to-Tangible-Book calculated?
Price-to-Tangible-Book is calculated from a company's financial statements. For First Watch Restaurant Group (FWRG), the current Price-to-Tangible-Book is 15.38 as of Sep. 15, 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 $10.77 is trading 52.3% below its estimated GF Value™ of $22.57.
GuruFocus considers First Watch Restaurant Group to be Possible Value Trap.
Key valuation signals for FWRG:
Price-to-Tangible-Book: 15.38
GF Value™: $22.57 vs. price of $10.77 (52.3% below fair value)
Industry Position: 493.8% above the Restaurants median (#268 of 294)
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.
72GF Score
Get the complete analysis for FWRG
Price-to-Tangible-Book is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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