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No insider purchase over the last 90 days. The latest was filed 14 May 2025.
First Watch Restaurant Group, Inc.: what insiders have been doing
First Watch Restaurant Group, Inc., classified in the Retail sector, is a listed company. Its insiders report their share dealings to SEC (Form 4). 12 insiders have disclosed 29 filings since 18 October 2025.
Only sales appear on the open market, 14 sales in all totalling €1.2M, filed by 7 insiders. Tomasso Christopher Anthony filed the largest sale, €361k, on 12 March 2026.
For context, the typical company on the same exchange (median of 5,810 companies) published 19 filings over the same period, against 29 filings here. Over the whole record (from 2021), the tally stands at 5 purchases and 46 sales. On the fundamentals side, the SEC filing (10-K) for the period ending 28 December 2025 lists revenue at 1.22 bn USD and net income at 19.4 m USD.
Between a trade and the moment it shows up on SEC (Form 4), the median delay is 2 days. For comparison, the SEC allows two business days to file a Form 4. Selling is not necessarily a view on the stock: liquidity needs and diversification are common motives.
For comparison within the same sector, see the insider buying recorded at GameStop Corp. and Celsius Holdings, Inc. Source: insider filings from SEC (Form 4). Past trades are no guide to future returns.
Insider Decl.
130
Thresholds
n/a
Buy Volume
€293,141
5 ops. · all time
Sell Volume
€694M
46 ops. · all time
Who traded when
BuySaleChristopher Anthony Tomasso5 sales
Advent International, L.P.4 sales
Eric Richard Hartman3 sales
H. Melville Hope III3 sales
Jay Anthony Wolszczak3 sales
John Daniel Jones3 sales
+5 other insiders
Since the insiders bought
- -34.1%Entry US$17.05 · Close at T+365 US$11.23
- +33.5%Entry US$13.50 · Close at T+365 US$18.02
- +40.7%Entry US$12.81 · Close at T+365 US$18.03
Entry is the close on the day after publication, the first price a reader could act on. Prices in the listing currency. Past moves are not a forecast.
Analyst consensus: bullish or bearish?
Analysts rate First Watch Restaurant Group, Inc. Strong Buy (bullish), based on 10 analysts. Average price target: US$19.30.
This score ranks the purchase within its own market. A position size is suggested only on the venues of the backtested strategy universe; elsewhere, signals stay on watch. Not investment advice.
Fundamental score
Ranked 19,498 of 24,148 companies
30.3
score / 100
Value36
Quality25
FCF yld-4.9%
Earn yld3.0%
EV/EBITDA16.0x
ROE2.9%
Gross mgn19%
Net mgn1.6%
Debt/EBITDA9.7x
Pillars2/3
Transparent value + quality ranking, distinct from the insider signal.
Financial data
as of FY 2025FY ended December 2025 · cache
US$10.61
Analyst consensus
10 analystsStrong buy
US$15.00Target US$19.30(+82%)US$22.00
Income statement
RevenueUS$1.2B
Gross profitUS$234.5M19% margin
EBITDAUS$103.8M8% margin
Net incomeUS$19.4M1.4% margin
Valuation
PER (trailing)37.9x
PER (forward)43.2x
P/Book1.0x
Beta1.05
Balance sheet & cash
Market capUS$654.8M
Total debtUS$1B
Free Cash Flow-US$31.8M
Debt / Equity169%
Profitability & ownership
ROE2.9%
ROA1.2%
% insiders1.9%
% institutions109.1%
Last declaration on 10 June 2026
Declarations130 total
26,595 sharesCommon StockSEC:0001789940-26-000079:0
17,636 shares0Common StockSEC:0001789940-26-000072:0
12,345 shares0Common StockSEC:0001789940-26-000074:0
2,760 shares@ US$12.523.8% of flowCommon StockSEC:0001988417-26-000002:0
1,697 shares@ US$12.5211.0% of flowCommon StockSEC:0001789940-26-000040:0
1,819 shares@ US$12.5210.2% of flowCommon StockSEC:0001789940-26-000039:0
25,062 shares@ US$12.525.9% of flowCommon StockSEC:0001789940-26-000038:0
1,697 shares@ US$12.5210.7% of flowCommon StockSEC:0001789940-26-000037:0
3,878 shares@ US$12.5210.8% of flowCommon StockSEC:0001789940-26-000036:0
3,161 shares@ US$12.528.9% of flowCommon StockSEC:0001789940-26-000035:0
33,314 shares@ US$12.597.8% of flowCommon StockSEC:0001789940-26-000034:0
4,820 shares@ US$12.5927.0% of flowCommon StockSEC:0001789940-26-000033:0
7,358 shares@ US$12.5920.5% of flowCommon StockSEC:0001789940-26-000032:0
6,998 shares@ US$12.5919.6% of flowCommon StockSEC:0001789940-26-000031:0
4,600 shares@ US$12.5929.8% of flowCommon StockSEC:0001789940-26-000030:0
6,070 shares@ US$12.598.2% of flowCommon StockSEC:0001789940-26-000029:0
4,732 shares@ US$12.5929.6% of flowCommon StockSEC:0001789940-26-000028:0
36,115 shares0Common StockSEC:0001789940-26-000025:0
30,096 shares0Common StockSEC:0001789940-26-000024:0
321,027 shares0Common StockSEC:0001789940-26-000026:0
30,096 shares0Common StockSEC:0001789940-26-000023:0
30,096 shares0Common StockSEC:0001789940-26-000022:0
28,089 shares0Common StockSEC:0001789940-26-000021:0
6,165 shares@ US$8.457.4% of flowCommon StockSEC:0001789940-26-000004:0
9,302 shares0Common StockSEC:0001789940-25-000096:0
25 of 130 declarations
About First Watch Restaurant Group, Inc.
First Watch Restaurant Group, Inc. (ticker: FWRG) is a U.S.-based restaurant company listed on the NASDAQ in the United States, focused on daytime dining. Its concept is built around breakfast, brunch, and lunch, with a menu designed to emphasize freshness, made-to-order preparation, and frequent seasonal rotation. For investors, First Watch should be viewed less as a broad-based casual-dining operator and more as a specialized, occasion-driven restaurant brand, with demand concentrated in daytime traffic and a business model shaped around that operating window.
The company was founded in 1983. Its brand identity is anchored in a service culture described as “You First” and a culinary philosophy called “Follow the Sun,” which highlights dishes and ingredients at their seasonal peak. Over time, First Watch has built a predominantly company-operated restaurant base, allowing it to maintain tighter control over guest experience, menu execution, and operating standards. Its corporate headquarters is in Bradenton, Florida.
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First Watch’s core product set includes elevated breakfast and brunch classics, fresh juices, coffee beverages, bowls, omelets, pancakes, and lunch items, with signature offerings such as Million Dollar Bacon, Lemon Ricotta Pancakes, and the Quinoa Power Bowl. This assortment helps differentiate the brand from quick-service breakfast competitors and traditional family-dining chains by combining a premium feel with broad consumer accessibility. The company has also developed strong brand recognition within its niche, supported by a reputation for menu quality and a distinctive daypart-focused concept.
Geographically, First Watch has historically been concentrated in the southeastern United States and has steadily expanded into additional U.S. markets. That regional footprint has supported growth, but it also leaves the business more concentrated than some larger national restaurant peers, which is relevant when assessing execution risk and market diversification. Recent company disclosures indicate continued restaurant expansion and a focus on 2025 operating performance, reinforcing the view that organic unit growth remains a central part of the investment case. Overall, First Watch combines a differentiated daytime dining concept, a recognizable brand, and an expansion strategy still largely driven by new unit development across the United States on the NASDAQ market.
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