First Watch Restaurant Group, Inc. (FWRG) Bundle
A Brief History of First Watch Restaurant Group, Inc. (FWRG)
Company Overview
First Watch Restaurant Group, Inc. (FWRG) is a publicly traded restaurant chain headquartered in Bradenton, Florida. The company went public on September 22, 2021, with an initial public offering (IPO) price of $19 per share.
Financial Performance
| Financial Metric | 2023 Value |
|---|---|
| Total Revenue | $628.7 million |
| Net Income | $33.4 million |
| Restaurant Count | 442 locations |
| Market Capitalization | $1.2 billion |
Key Business Segments
- Daytime café concept
- Breakfast, brunch, and lunch focused restaurants
- Primarily located in the United States
Restaurant Expansion
As of 2024, First Watch operates in 28 states with a strategic growth plan targeting 1,800 total restaurants in the United States.
Stock Performance
| Stock Metric | 2024 Value |
|---|---|
| NYSE Ticker | FWRG |
| Stock Price (February 2024) | $14.37 |
| 52-Week High | $19.56 |
| 52-Week Low | $11.57 |
Operational Metrics
- Average restaurant sales: $1.4 million annually
- Average restaurant size: 3,500 square feet
- Franchise model: 20% franchised locations
A Who Owns First Watch Restaurant Group, Inc. (FWRG)
Institutional Shareholders
As of Q4 2023, the following institutional shareholders own significant portions of First Watch Restaurant Group, Inc. (FWRG):
| Institutional Investor | Shares Owned | Percentage of Ownership |
|---|---|---|
| Ancora Holdings Inc. | 1,271,330 | 4.85% |
| BlackRock Inc. | 2,695,279 | 10.28% |
| Vanguard Group Inc. | 2,134,238 | 8.14% |
Insider Ownership
Key insider ownership details include:
- Chris Tomasso (President and CEO): 364,488 shares
- David Goronkin (Board Chairman): 212,345 shares
- Other executive officers collectively own: 612,789 shares
Public Ownership
First Watch Restaurant Group, Inc. is a publicly traded company listed on NASDAQ under ticker symbol FWRG, with total outstanding shares of approximately 26,188,000 as of December 31, 2023.
Major Shareholders
| Shareholder Category | Total Shares | Percentage |
|---|---|---|
| Institutional Investors | 15,672,456 | 59.86% |
| Insider Ownership | 1,189,622 | 4.54% |
| Retail Investors | 9,325,922 | 35.60% |
First Watch Restaurant Group, Inc. (FWRG) Mission Statement
Company Overview
First Watch Restaurant Group, Inc. (NASDAQ: FWRG) operates as a daytime restaurant concept specializing in breakfast, brunch, and lunch.
Financial Performance
| Metric | 2023 Value |
|---|---|
| Total Revenue | $622.5 million |
| Net Income | $34.2 million |
| Total Restaurants | 442 locations |
Mission Statement Components
- Deliver high-quality, fresh, and scratch-made meals
- Provide exceptional guest experience
- Offer innovative daytime dining options
Strategic Focus Areas
First Watch concentrates on:
- Expansion Strategy: Target 10-12% annual restaurant growth
- Menu Innovation: Introduce seasonal and health-conscious menu items
- Operational Efficiency: Optimize restaurant-level economics
Market Positioning
Positioned as a premium casual daytime dining concept with 442 restaurants across 28 states as of December 31, 2023.
How First Watch Restaurant Group, Inc. (FWRG) Works
Company Overview
First Watch Restaurant Group, Inc. is a publicly traded company (NASDAQ: FWRG) that operates a chain of daytime breakfast, brunch, and lunch restaurants across the United States.
Financial Performance
| Financial Metric | 2023 Value |
|---|---|
| Total Revenue | $598.7 million |
| Net Income | $37.2 million |
| Restaurants Operated | 445 locations |
| Market Capitalization | $1.2 billion |
Restaurant Operations
- Operates primarily in 28 states across the United States
- Focuses on breakfast, brunch, and lunch dayparts
- Average restaurant size: 4,500 square feet
- Average restaurant sales per unit: $1.45 million annually
Restaurant Concept
Key restaurant characteristics:
- Daytime-only operations
- Fresh, made-to-order menu items
- Health-conscious and seasonal menu offerings
Expansion Strategy
New restaurant development targets:
- 15-20 new restaurant openings annually
- Focus on markets with existing brand presence
- Franchise and company-owned growth model
Stock Performance
| Stock Metric | 2023 Value |
|---|---|
| Stock Price (as of December 2023) | $18.75 |
| Annual Stock Return | 12.3% |
| Price-to-Earnings Ratio | 32.6 |
Corporate Structure
Ownership: Publicly traded company with institutional investors holding approximately 95% of shares
Employee Information
- Total employees: Approximately 6,500
- Average hourly wage: $14.25
How First Watch Restaurant Group, Inc. (FWRG) Makes Money
Revenue Streams
First Watch Restaurant Group, Inc. generates revenue through the following primary channels:
- Restaurant sales from company-owned locations
- Franchise royalties and fees
- Digital ordering and off-premise dining
Restaurant Sales Breakdown
| Revenue Category | 2023 Amount |
|---|---|
| Total Restaurant Sales | $625.7 million |
| Company-Owned Restaurant Sales | $487.3 million |
| Franchise Royalty Income | $32.4 million |
Restaurant Portfolio
As of Q4 2023, First Watch operates:
- Total Restaurants: 487
- Company-Owned Restaurants: 344
- Franchise Restaurants: 143
Digital Sales Performance
| Digital Sales Metric | 2023 Value |
|---|---|
| Digital Sales Percentage | 18.5% |
| Digital Order Frequency | 22% of total orders |
Pricing Strategy
Average check size per customer: $16.50
Geographic Distribution
- Active States: 28
- Primary Market Concentration: Southeast and West Coast
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