First Watch Restaurant price to free cash flow FWRG

Market value divided by free cash flow over the last twelve months, since 2022.

Today, Oct 23, 2026: n/m; not a meaningful number
Last meaningful: 139×; May 2024
Peer median: 17.1×

First Watch Restaurant's price to free cash flow is not a meaningful number today: free cash flow over the last twelve months was zero, negative or not reported.

It was last meaningful in May 2024, at 139×.

Price to free cash flow over time

Open the interactive chart, with overlays and comparisons

Year by year

Year	End of year	Low	High
2024	139×	57.7×	139×
2023	62.2×	45.6×	104×
2022	66.1×	39.5×	76.7×

Against its peers

Companies in Restaurants nearest First Watch Restaurant's size, closest first, today.

Company	Price to free cash flow
FWRGFirst Watch Restaurant	n/m
PZZAPapa Johns International	17.4×
BLMNBloomin' Brands	5.1×
BRCBBlack Rock Coffee Bar	n/m
LOCOEl Pollo Loco	10.7×
NATHNathans Famous	21.9×
SGSweetgreen	n/m
WENWendy's	4.5×
BJRIBJs RESTAURANTS INC	26.1×
PTLOPortillo's	n/m
CBRLCracker Barrel Old Country Store	17.1×
Peer median	17.1×

What the price to free cash flow tells you

Market value divided by free cash flow: the cash left after running the business and paying for equipment. Cash is harder to manage than accounting earnings, so many investors trust this more than PE.

Lumpy: a big year of building factories drops cash flow and inflates the ratio without the business getting worse.

More on First Watch Restaurant

Valuation data, not investment advice. Prices as of Oct 23, 2026. Reported figures come from the company's filings with the SEC.