FWRGFirst Watch Restaurant Group, Inc.
Retail-Eating Places
- Revenue
- $1.2B
- 20% YoY
- Operating margin
- 2.3%
- 41% YoY
- EBITDA
- $103M
- 6.1% YoY
- Market cap
- $786M
- Employees
- —
- Net debt / EBITDA
- 2.5×
- $257M net debt
- AI in 10-K
- 2.0
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo2 of 3 years3+ of last 5 years
- High CEO pay despite TSRNo$5M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo648% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo23% of assetsOver 40% of assets
- Shareholder dissentYes64% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo2.0 per 10K words · 55th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.5× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$786M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $601M | $730M | $892M | $1.0B | $1.2B | 20% |
| Operating income | $22M | $17M | $41M | $39M | $28M | 29% |
| Net income | −$2M | $7M | $25M | $19M | $19M | 2.7% |
| Operating cash flow | $63M | $63M | $95M | $116M | $126M | 8.9% |
| Capex | $35M | $62M | $83M | $128M | $157M | 23% |
| Stock-based comp | $9M | $10M | $8M | $9M | $11M | 26% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $2M · 16
- Net
- −$2M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $12M | $11M | 112 | 124 |
| FY2024 | $5M | $4M | 132 | 142 |
| FY2023 | $5M | $7M | 141 | 118 |