What is the 13F Pro Quality Score for FWRG?

13F Pro ranks First Watch Restaurant Group, Inc. (FWRG) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View FWRG's current score at https://13fpro.ai/research/FWRG (free sign-up required for the full ranking).

Which hedge funds own the most FWRG stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of FWRG include BlackRock,, Bank of New York Mellon, Neuberger Berman Group. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/FWRG as soon as new 13F filings post.

Where does 13F Pro source FWRG data?

All First Watch Restaurant Group, Inc. fundamentals and ownership data come directly from SEC EDGAR. First Watch Restaurant Group, Inc. files with the SEC under CIK 1789940. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is FWRG in?

First Watch Restaurant Group, Inc. (FWRG) is classified in the Consumer Discretionary sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/consumer-discretionary.

How often is FWRG research updated on 13F Pro?

FWRG's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

First Watch Restaurant Group, Inc.(FWRG)Stock Analysis

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Consumer Discretionary →Nasdaq

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SEC EDGAR: CIK 1789940 FWRG stock profile & AI dashboard →

13F Pro Quality Score

46.0/100

Rank #1,690 of 2,879 stocks

View Consumer Discretionary peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

79.2/100

Profitability

32.5/100

Balance Sheet

36.5/100

Earnings Quality

1.0/100

Free Cash Flow

32.2/100

Institutional Flow

45.5/100

Revenue Scale

53.4/100

Dilution Risk

60.6/100

FWRG Stock Analysis & AI Quality Score

AI stock analysis and institutional research for First Watch Restaurant Group, Inc. (FWRG), a Consumer Discretionary sector company. 13F Pro's AI-powered ranking engine scores FWRG at 46.0/100 on a 32-signal composite quality model, placing it at rank #1,690 of 2,879 stocks — the bottom half of the AI-ranked universe. FWRG scores in the top quartile across revenue growth (79.2). Areas of concern include earnings quality (1.0) and free cash flow (32.2), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q1 2026), First Watch Restaurant Group, Inc. reports quarterly revenue of $331.0M, net income of $-2.7M, an operating margin of 0.3%. Top institutional holders of FWRG by reported 13-F value include BlackRock,, Bank of New York Mellon, Neuberger Berman Group, based on the most recent SEC filings. FWRG trades on the Nasdaq exchange and files with the SEC under CIK 1789940. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate FWRG daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for First Watch Restaurant Group, Inc. directly from SEC EDGAR. First Watch Restaurant Group, Inc.'s 13F Pro composite quality score has ranged between 8 and 66 since 2022, currently 46.0 — an improving long-term trajectory across 51 quarterly and live scoring snapshots.

Revenue

Q1 2026

$331.0M

Net Income

Q1 2026

$-2.7M

Free Cash Flow

Q1 2026

$5.1M

Operating Margin

Q1 2026

0.3%

ROIC

Q1 2026

0.1%

D/E Ratio

Q1 2026

0.45

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+37.1% YoY

$1.22BFY 2025

FY19 $436.4MFY20 $342.4MFY23 $891.6MFY25 $1.22B

Net Income

-23.5% YoY

$19.4MFY 2025

FY19 $-45.4MFY20 $-49.7MFY23 $25.4MFY25 $19.4M

Operating Income

-33.3% YoY

$27.5MFY 2025

FY19 $-37.6MFY20 $-47.2MFY23 $41.3MFY25 $27.5M

EPS (Diluted)

-24.4% YoY

$0.31FY 2025

FY19 $-0.09FY20 $-0.09FY23 $0.41FY25 $0.31

Total Assets

+37.5% YoY

$1.74BFY 2025

FY19 —FY20 $1.01BFY23 $1.27BFY25 $1.74B

Total Debt

+125.2% YoY

$282.4MFY 2025

FY19 —FY20 $290.0MFY23 $125.4MFY25 $282.4M

Op. Cash Flow

+32.1% YoY

$125.9MFY 2025

FY19 $21.5MFY20 $-18.4MFY23 $95.3MFY25 $125.9M

Metric	FY 2025	FY 2023	FY 2020	FY 2019	FY 2018
Revenue	$1.22B +37.1%	$891.6M +160.4%	$342.4M -21.5%	$436.4M	—
Net Income	$19.4M -23.5%	$25.4M +151.1%	$-49.7M -9.3%	$-45.4M	—
Operating Income	$27.5M -33.3%	$41.3M +187.4%	$-47.2M -25.7%	$-37.6M	—
EPS (Diluted)	$0.31 -24.4%	$0.41 +541.3%	$-0.09 -8.9%	$-0.09	—
Total Assets	$1.74B +37.5%	$1.27B +25.8%	$1.01B	—	—
Total Debt	$282.4M +125.2%	$125.4M -56.8%	$290.0M	—	—
Operating Cash Flow	$125.9M +32.1%	$95.3M +619.2%	$-18.4M -185.6%	$21.5M	—

AI Insight: FWRG Financial Trends

Revenue grew 17% year-over-year in Q1 2026 but operating leverage remains elusive with operating income margins stuck near breakeven.

• Revenue increased from $282M in Q1 2025 to $331M in Q1 2026, showing 17% year-over-year growth.

• Operating income remained weak at $1M in Q1 2026 versus $1M in Q1 2025 despite revenue growth.

• Total debt increased from $199M in Q2 2024 to $282M in Q1 2026.

⚠ Operating cash flow declined to $18M in Q4 2025 from $48M in Q3 2025.

⚠ Company posted net losses in Q1 2025 and Q1 2026 despite revenue growth trajectory.

AI Insight: FWRG Ratio Trends

First Watch shows severe Q1 2026 profitability deterioration with operating margin collapsing from 2.9% to 0.3% and net margin turning negative to -0.8%.

• Operating margin declined from 6.4% in Q2 2024 to 0.3% in Q1 2026, representing a 6.1pp deterioration.

• Net margin turned negative in Q1 2026 at -0.8% after reaching 4.8% in Q4 2025.

• ROIC compressed from 8.4% in Q2 2024 to 0.4% in Q1 2026, indicating declining capital efficiency.

• Debt-to-equity ratio increased from 0.33 in Q4 2024 to 0.45 in Q1 2026.

⚠ First quarter appears to be seasonally weak with both Q1 2025 and Q1 2026 showing negative margins.

⚠ Q4 2025 showed exceptional net margin spike to 4.8% versus typical 0.3-0.9% range, suggesting potential one-time item.

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Available Research

13F Pro tracks comprehensive data for First Watch Restaurant Group, Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of FWRG

BlackRock, Inc.
$42.7M4,071,745 sh
Bank of New York Mellon Corp
$41.5M3,957,697 sh
Neuberger Berman Group LLC
$37.5M3,574,318 sh
MANUFACTURERS LIFE INSURANCE COMPANY, THE
$35.2M3,357,950 sh
MILLENNIUM MANAGEMENT LLC
$33.9M3,232,247 sh
DIMENSIONAL FUND ADVISORS LP
$32.3M3,084,886 sh
VANGUARD CAPITAL MANAGEMENT LLC
$25.2M2,402,388 sh
RIVERBRIDGE PARTNERS LLC
$21.9M2,091,700 sh
FMR LLC
$20.9M1,995,121 sh
LAZARD ASSET MANAGEMENT LLC
$18.7M1,780,839 sh

Fund	Value	Shares
BlackRock, Inc.	$42.7M	4,071,745
Bank of New York Mellon Corp	$41.5M	3,957,697
Neuberger Berman Group LLC	$37.5M	3,574,318
MANUFACTURERS LIFE INSURANCE COMPANY, THE	$35.2M	3,357,950
MILLENNIUM MANAGEMENT LLC	$33.9M	3,232,247
DIMENSIONAL FUND ADVISORS LP	$32.3M	3,084,886
VANGUARD CAPITAL MANAGEMENT LLC	$25.2M	2,402,388
RIVERBRIDGE PARTNERS LLC	$21.9M	2,091,700
FMR LLC	$20.9M	1,995,121
LAZARD ASSET MANAGEMENT LLC	$18.7M	1,780,839

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Is FWRG a good stock to buy?

13F Pro's AI-powered analysis of First Watch Restaurant Group, Inc. (FWRG) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Consumer Discretionary sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for FWRG are available on the FWRG stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own FWRG?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling FWRG. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of First Watch Restaurant Group, Inc.'s investment landscape.