First Watch Restaurant Group Management
Management criteria checks 2/4
First Watch Restaurant Group's CEO is Chris Tomasso, appointed in Aug 2017, has a tenure of 9.08 years. total yearly compensation is $11.52M, comprised of 8.1% salary and 91.9% bonuses, including company stock and options. directly owns 0.28% of the company’s shares, worth $1.75M. The average tenure of the management team and the board of directors is 5.3 years and 3.2 years respectively.
Key information
Chris Tomasso
Chief executive officer
US$11.5m
Total compensation
| CEO salary percentage | 8.09% |
| CEO tenure | 9.1yrs |
| CEO ownership | 0.3% |
| Management average tenure | 5.3yrs |
| Board average tenure | 3.2yrs |
Recent management updates
Recent updates
Analysis Article • Aug 07
First Watch Restaurant Group, Inc. Just Missed EPS By 18%: Here's What Analysts Think Will Happen Next
Shareholders might have noticed that First Watch Restaurant Group, Inc. ( NASDAQ:FWRG ) filed its quarterly result this...
Narrative Update • Jul 15
FWRG: Better Breakfast Leader Will Rely On Long Runway For Future Upside
The analyst price target for First Watch Restaurant Group has been reduced from $26.00 to $22.00, as analysts factor in a higher discount rate along with updated assumptions for revenue growth, profit margins, and future P/E multiples following recent Street research that includes both new coverage and modest target cuts. Analyst Commentary Recent Street research on First Watch Restaurant Group reflects a mix of target cuts and fresh coverage, but bullish analysts still highlight several positives for the stock, especially around its positioning in the breakfast category and perceived valuation following the recent pullback.Analysis Article • Jul 09
Why First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Could Be Worth Watching
First Watch Restaurant Group, Inc. ( NASDAQ:FWRG ), might not be a large cap stock, but it saw a significant share...
Narrative Update • Jul 01
FWRG: Index Shift And New CFO Will Support Long-Term Outlook
Analysts have raised the fair value estimate for First Watch Restaurant Group to $17.00 from $15.00, reflecting updated assumptions for the discount rate, revenue growth, profit margins, and future P/E in light of recent price target revisions across the Street. Analyst Commentary Recent research on First Watch Restaurant Group shows a cluster of modest price target trims, with several bearish analysts reducing their expectations by US$1 to US$2.Seeking Alpha • Jun 23
First Watch: A Long-Term Buy For Investors With The Stomach For Risk
Summary First Watch Restaurant Group is rated a Modest Buy, reflecting a balance between low current profitability and strong long-term growth potential. FWRG's aggressive expansion has driven revenue CAGR of 18.3% over three years, but operating margins compressed from 4.6% to 2.3% due to rising costs. Valuation is rich on earnings multiples (78x forward P/E), but price-to-sales is modest; the market is betting on future margin expansion. I recommend gradual accumulation via dollar-cost averaging, as near-term catalysts are lacking and margin recovery may take time. Read the full article on Seeking Alpha
Narrative Update • Jun 17
FWRG: Geographic Expansion And New Leadership Will Support Long Term Upside
Analysts have lowered their average price targets on First Watch Restaurant Group by $1 to reflect updated views on discount rates, profit margins, and long term P/E assumptions, while keeping fair value estimates broadly in line with prior levels. Analyst Commentary Recent Street research on First Watch Restaurant Group points to generally fine tuned views rather than a major reset, with several firms trimming price targets by US$1 to US$2 while keeping overall fair value assessments broadly aligned with prior work.Narrative Update • Jun 03
FWRG: Geographic Portability And 10% Unit Growth Will Drive Long Term Upside
Analysts now set a higher fair value estimate for First Watch Restaurant Group at about $19.45 per share, up from roughly $18.73. This reflects updated assumptions around discount rate, revenue growth, profit margin and future P/E, even as several firms recently trimmed their price targets while another initiated coverage with a $17 target and a positive two year outlook.Analysis Article • May 12
First Watch Restaurant Group's (NASDAQ:FWRG) Earnings Are Weaker Than They Seem
First Watch Restaurant Group, Inc.'s ( NASDAQ:FWRG ) robust earnings report didn't manage to move the market for its...Narrative Update • May 10
FWRG: Unit Expansion And Marketing Investments Will Support Long Term Upside
The analyst price target for First Watch Restaurant Group has been reduced by roughly $1. Analysts attribute this change to slightly lower revenue growth assumptions, a modestly higher discount rate, and a small adjustment to the projected future P/E multiple, while profit margin expectations remain broadly unchanged.Narrative Update • Apr 25
FWRG: Unit Expansion And Marketing Investments Will Drive Long Term Upside
Analysts have trimmed the blended price target for First Watch Restaurant Group by about $0.17 to $19.33 as they factor in slower same-restaurant sales growth and softer recent EBITDA results, while still highlighting long term plans for unit expansion and brand awareness initiatives. Analyst Commentary Recent research updates paint a mixed picture, with most firms trimming price targets while still highlighting First Watch Restaurant Group's long term expansion plans and brand building efforts.New Narrative • Apr 18
Traffic Pressures And Menu Changes Will Test Expansion Plans Yet Support Long Term Potential
Catalysts About First Watch Restaurant Group First Watch Restaurant Group operates a daytime-focused full service restaurant concept across the United States. What are the underlying business or industry changes driving this perspective?Narrative Update • Apr 10
FWRG: Ongoing Unit Expansion And Marketing Initiatives Will Support Future Upside
The analyst price target for First Watch Restaurant Group is now set at $19.50, reflecting a modest recalibration as analysts balance reduced same-store sales and EBITDA expectations with continued unit growth, geographic expansion, and ongoing marketing and menu initiatives that they see as supportive for the brand. Analyst Commentary Recent research paints a mixed picture, with many firms trimming price targets while still expressing confidence in First Watch Restaurant Group's long term growth potential and unit expansion.Narrative Update • Mar 27
FWRG: Ongoing Unit Expansion And New Store Economics Will Support Future Upside
Narrative Update The analyst price target for First Watch Restaurant Group has been revised to $19.50. Analysts cite recent same-store sales and EBITDA estimate adjustments, along with ongoing unit growth, digital and paid marketing efforts, and new store economics as key factors in their updated views.Narrative Update • Mar 12
FWRG: Unit Expansion And New Store Openings Will Drive Future Upside
Our updated narrative price target for First Watch Restaurant Group edges down from about $19.91 to $19.50 per share, as analysts generally trim targets across the sector on softer recent EBITDA and same-store sales expectations. They still point to unit growth, menu and marketing initiatives, and what they view as mispricing as key supports for the long term story.Narrative Update • Feb 26
FWRG: Long Term Unit Expansion Will Drive Future Upside Potential
The analyst price target for First Watch Restaurant Group has been revised lower to about $19.91 from $22, as analysts factor in slower expected same-restaurant sales growth, softer recent EBITDA results, and more conservative assumptions for margins and revenue growth. Analyst Commentary Recent research updates show a cluster of lower price targets for First Watch Restaurant Group, with most analysts pointing to softer adjusted EBITDA, more modest same restaurant sales expectations, and reduced pricing assumptions.New Narrative • Feb 25
Expanding Daytime Dining Footprint Will Unlock Long Runway For Breakfast And Brunch
Catalysts About First Watch Restaurant Group First Watch Restaurant Group operates a growing, full service daytime dining concept focused on breakfast, brunch and lunch across the United States. What are the underlying business or industry changes driving this perspective?Analysis Article • Nov 08
First Watch Restaurant Group, Inc. Just Missed EPS By 25%: Here's What Analysts Think Will Happen Next
It's been a good week for First Watch Restaurant Group, Inc. ( NASDAQ:FWRG ) shareholders, because the company has just...Analysis Article • Jul 31
First Watch Restaurant Group (NASDAQ:FWRG) Is Looking To Continue Growing Its Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Amongst...Analysis Article • Jul 04
Here's Why First Watch Restaurant Group (NASDAQ:FWRG) Is Weighed Down By Its Debt Load
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Analysis Article • Jun 13
Market Cool On First Watch Restaurant Group, Inc.'s (NASDAQ:FWRG) Revenues
First Watch Restaurant Group, Inc.'s ( NASDAQ:FWRG ) price-to-sales (or "P/S") ratio of 0.9x might make it look like a...Analysis Article • May 09
First Watch Restaurant Group, Inc. Just Reported A Surprise Loss: Here's What Analysts Think Will Happen Next
There's been a notable change in appetite for First Watch Restaurant Group, Inc. ( NASDAQ:FWRG ) shares in the week...Analysis Article • May 07
Calculating The Fair Value Of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)
Key Insights First Watch Restaurant Group's estimated fair value is US$14.81 based on 2 Stage Free Cash Flow to Equity...Analysis Article • Apr 19
First Watch Restaurant Group (NASDAQ:FWRG) Shareholders Will Want The ROCE Trajectory To Continue
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...Analysis Article • Apr 03
Is First Watch Restaurant Group (NASDAQ:FWRG) Using Too Much Debt?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Seeking Alpha • Mar 16
First Watch Restaurant: Why Daytime Meals Aren't My Bet For Q1
Summary First Watch's traffic and same-store sales are declining, with breakfast seeing the steepest drop, raising concerns about its premium positioning and value-per-dollar equation. Despite revenue growth driven by new openings, First Watch faces negative free cash flow and increasing debt, complicating its financial stability and ability to return capital to shareholders. FWRG stock is not cheap, trading at high multiples with a PEG ratio that doesn't justify its growth prospects, making it a hold rather than a buy. Economic uncertainties, including fears of stagflation and tariffs, further cloud the outlook for consumer discretionary stocks like First Watch, suggesting caution before investing. Read the full article on Seeking AlphaAnalysis Article • Mar 12
Is It Too Late To Consider Buying First Watch Restaurant Group, Inc. (NASDAQ:FWRG)?
While First Watch Restaurant Group, Inc. ( NASDAQ:FWRG ) might not have the largest market cap around , it received a...Analysis Article • Feb 19
Why Investors Shouldn't Be Surprised By First Watch Restaurant Group, Inc.'s (NASDAQ:FWRG) 25% Share Price Surge
First Watch Restaurant Group, Inc. ( NASDAQ:FWRG ) shareholders have had their patience rewarded with a 25% share price...Seeking Alpha • Jan 21
First Watch Restaurant: A Dull Morning In Q4 Overshadowed By Other Family Dining Competitors
Summary First Watch is a unique, fast-growing family dining chain with a focus on breakfast, brunch, and lunch, avoiding discounts and maintaining high unit-level margins. Despite industry recovery, First Watch's same-store sales fell 0.3% in Q4 FY 2024, with traffic declining 3% year-over-year, raising concerns about future growth. The chain's valuation appears stretched, trading at a P/E of 41.67, significantly above the industry median, making it potentially overvalued compared to peers. I recommend waiting for a better entry point around $15-$14, considering ongoing traffic declines and competitive pressures in the family dining sector. Read the full article on Seeking AlphaAnalysis Article • Dec 11
When Should You Buy First Watch Restaurant Group, Inc. (NASDAQ:FWRG)?
First Watch Restaurant Group, Inc. ( NASDAQ:FWRG ), might not be a large cap stock, but it saw a significant share...Seeking Alpha • Nov 18
First Watch Restaurant: Between Hurricanes And Acquisitions, The Sun Shines
Summary First Watch Restaurant Group maintains its stance against value promotions, focusing on targeted advertising, resulting in a 1.9% year-over-year decline in comparable sales due to lower traffic. The company is aggressively expanding by acquiring franchises and opening new restaurants, aiming for 10% net year-over-year growth and a long-term goal of 2,200 locations. Hurricanes in key operating areas significantly impacted Q4 traffic, but recovery is expected as headwinds subside, with a focus on improving on-premise sales. Despite high-growth potential, First Watch's valuation appears inflated; a more appropriate price target is $16, leading to a 'Hold' rating amid current macroeconomic pressures. Read the full article on Seeking AlphaAnalysis Article • Nov 12
Market Participants Recognise First Watch Restaurant Group, Inc.'s (NASDAQ:FWRG) Earnings Pushing Shares 53% Higher
First Watch Restaurant Group, Inc. ( NASDAQ:FWRG ) shareholders would be excited to see that the share price has had a...Analysis Article • Oct 18
Investors Will Want First Watch Restaurant Group's (NASDAQ:FWRG) Growth In ROCE To Persist
There are a few key trends to look for if we want to identify the next multi-bagger. In a perfect world, we'd like to...CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Jun 28 2026 | n/a | n/a | US$18m |
| Mar 29 2026 | n/a | n/a | US$18m |
| Dec 28 2025 | US$12m | US$933k | US$19m |
| Sep 28 2025 | n/a | n/a | US$5m |
| Jun 29 2025 | n/a | n/a | US$4m |
| Mar 30 2025 | n/a | n/a | US$11m |
| Dec 29 2024 | US$5m | US$906k | US$19m |
| Sep 29 2024 | n/a | n/a | US$21m |
| Jun 30 2024 | n/a | n/a | US$24m |
| Mar 31 2024 | n/a | n/a | US$23m |
| Dec 31 2023 | US$5m | US$892k | US$25m |
| Sep 24 2023 | n/a | n/a | US$22m |
| Jun 25 2023 | n/a | n/a | US$17m |
| Mar 26 2023 | n/a | n/a | US$12m |
| Dec 25 2022 | US$3m | US$625k | US$7m |
| Sep 25 2022 | n/a | n/a | US$3m |
| Jun 26 2022 | n/a | n/a | US$3m |
| Mar 27 2022 | n/a | n/a | US$5m |
| Dec 26 2021 | US$1m | US$468k | -US$2m |
| Sep 26 2021 | n/a | n/a | -US$5m |
| Jun 27 2021 | n/a | n/a | -US$16m |
| Mar 28 2021 | n/a | n/a | -US$36m |
| Dec 27 2020 | US$665k | US$439k | -US$50m |
Compensation vs Market: Chris's total compensation ($USD11.52M) is above average for companies of similar size in the US market ($USD3.51M).
Compensation vs Earnings: Chris's compensation has increased by more than 20% in the past year.
CEO
Chris Tomasso (55 yo)
9.1yrs
Tenure
US$11,523,150
Compensation
Mr. Christopher A. Tomasso, also known as Chris, is the President of First Watch Restaurant Group, Inc since August 2017 and serves as its Chief Executive Officer since December 2019. He has been a Directo...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO, President & Director | 9.1yrs | US$11.52m | 0.28% $ 1.8m | |
| Chief Legal Officer | 6.8yrs | US$3.46m | 0.043% $ 268.6k | |
| Chief People Officer | 5yrs | US$3.13m | 0.052% $ 323.6k | |
| Executive VP & Chief Development Officer | 9.8yrs | US$3.21m | 0.099% $ 617.2k | |
| CFO & Principal Accounting Officer | less than a year | no data | 0.010% $ 64.7k | |
| Chief Information Officer | 2yrs | no data | no data | |
| Vice President of Investor Relations | no data | no data | no data | |
| Senior Vice President of Culinary Strategy of First Watch Restaurants Inc | 5.3yrs | no data | no data | |
| Senior Vice President of Supply Chain of First Watch Restaurants | 5.3yrs | no data | no data | |
| Chief Brand Officer | 7.4yrs | no data | 0.027% $ 167.5k | |
| Senior Vice President of Legal | 2.7yrs | no data | no data | |
| Senior Vice President of Accounting & Financial Reporting | no data | no data | no data |
5.3yrs
Average Tenure
53yo
Average Age
Experienced Management: FWRG's management team is seasoned and experienced (5.3 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO, President & Director | 6.8yrs | US$11.52m | 0.28% $ 1.8m | |
| Independent Director | 1.8yrs | US$239.99k | 0.013% $ 82.7k | |
| Independent Director | 6.8yrs | US$230.99k | 0.093% $ 584.1k | |
| Independent Chairman | 6.8yrs | US$378.49k | 0.66% $ 4.2m | |
| Independent Director | 3.2yrs | US$241.99k | 0.017% $ 106.5k | |
| Independent Director | 2.8yrs | US$234.99k | 0.017% $ 106.0k | |
| Independent Director | 2.1yrs | US$249.99k | 0.037% $ 234.6k | |
| Independent Director | 4.3yrs | US$244.99k | 0.030% $ 184.7k | |
| Director | less than a year | no data | no data |
3.2yrs
Average Tenure
61.5yo
Average Age
Experienced Board: FWRG's board of directors are considered experienced (3.2 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/22 21:46 |
| End of Day Share Price | 2026/09/22 00:00 |
| Earnings | 2026/06/28 |
| Annual Earnings | 2025/12/28 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
First Watch Restaurant Group, Inc. is covered by 13 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Jeffrey Bernstein | Barclays |
| Sara Senatore | BofA Global Research |
| Jon Tower | Citigroup Inc |