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First Watch Restaurant Group ( (FWRG) ) just unveiled an announcement.
First Watch Restaurant Group reported strong financial results for Q3 2025, with a 25.6% increase in total revenues and a net income of $3.0 million. The company opened 21 new restaurants and plans aggressive growth, projecting a robust finish to the year with adjusted EBITDA guidance at the high end of its previous range.
The most recent analyst rating on (FWRG) stock is a Buy with a $21.00 price target. To see the full list of analyst forecasts on First Watch Restaurant Group stock, see the FWRG Stock Forecast page.
Spark’s Take on FWRG Stock
According to Spark, TipRanks’ AI Analyst, FWRG is a Neutral.
First Watch Restaurant Group shows strong revenue growth and strategic expansion, which are positive indicators. However, high leverage, low profitability margins, and a high P/E ratio present significant risks. The earnings call provided a positive outlook, but the financial performance and valuation concerns weigh heavily on the overall score.
To see Spark’s full report on FWRG stock, click here.
More about First Watch Restaurant Group
First Watch Restaurant Group is a leading Daytime Dining concept specializing in breakfast, brunch, and lunch. Known for its chef-driven menu and commitment to quality, the company operates over 620 restaurants across 32 states, focusing on fresh ingredients and community impact.
Average Trading Volume: 1,224,824
Technical Sentiment Signal: Sell
Current Market Cap: $967.2M
Find detailed analytics on FWRG stock on TipRanks’ Stock Analysis page.

