Discounted Cash Flow

First Watch Restaurant Group, Inc.

FWRG · Based on 10 years of SEC filings

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Average annual growth rates

Metric	10-Year	5-Year	3-Year
Sales	—	—	—
Free Cash Flow	—	—	—
Average (FCF & NI)	—	—	—
Net Income	—	—	—

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric	10-Year	5-Year	3-Year
Sales	—	—	—
Free Cash Flow	—	—	—
Average (FCF & NI)	—	—	—
Net Income	—	—	—

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

—

Free cash flow growth —

10-year: — 5-year: — 3-year: —

Averaged growth (FCF & NI) —

10-year: — 5-year: — 3-year: —

Net income growth —

10-year: — 5-year: — 3-year: —

Sales growth (not added to calculations) —

10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

Or enter your own rate

Inflation rate (used with B/E only)

Historical inputs (10 fiscal years)

YEAR	Sales	Net Income	Free Cash Flow	Net Margin	EPS (diluted)
2019	$436.4m	$-45.4m	$-37.7m	-10.4%	$-1.01
2020	$342.4m (-21.5%)	$-49.7m (-9.3%)	$-45.1m (-19.7%)	-14.5% (-39.3%)	$-1.10 (-8.9%)
2021	$601.2m (75.6%)	$-2.1m (95.8%)	$27.7m (161.3%)	-0.4% (97.6%)	$-0.04 (96.4%)
2022	$730.2m (21.5%)	$6.9m (427.8%)	$718.0k (-97.4%)	0.9% (369.9%)	$0.12 (400.0%)
2023	$891.6m (22.1%)	$25.4m (267.5%)	$10.8m (1405.7%)	2.8% (201.0%)	$0.43 (258.3%)
2024	$1.0b (13.9%)	$18.9m (-25.4%)	$-12.3m (-213.6%)	1.9% (-34.6%)	$0.31 (-27.9%)
2025	$1.2b (20.3%)	$19.4m (2.7%)	$-31.0m (-152.5%)	1.6% (-14.7%)	$0.32 (3.2%)

Base FCF: — (latest fiscal year)

Discount rate: %

Terminal growth: —

Projection period: — years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year	Projected cash flow	Discount Factor	Present Value

PV of projected FCF: —

Terminal FCF: —

Terminal value: —

PV of terminal value: —

Enterprise value (DCF): —

Current price: —

Alternative DCF Models

Model	Fair Value	Upside	PV(FCFs)	PV(Terminal)	Total Years
Standard (10yr→TV) ⓘ	—	—	—	—	10 + TV
Alt A (Gradual Decline) ⓘ	—	—	—	—	—
Alt B (30yr Hard Stop) ⓘ	—	—	—	N/A	—

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model