COMP <GO>
FWRG vs BH // EV/EBITDA & P/E VALUATION
First Watch Restaurant Group Inc. (NASDAQ) VS. Biglari Holdings Inc. (Class B) (NYSE) • 15-METRIC TALLY: FWRG 4
— BH 3
■ METRIC PARITY
LAST: $12.51 (+8.31%) • MKT CAP: $772.0M
valuation
4.7x
LAST: $390.32 (+1.47%) • MKT CAP: $908.1M
valuation
—
15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (FWRG VS. BH)
EMERALD CELL = QUANTITATIVE EDGE
| INSTITUTIONAL METRIC | FWRG | BH | SPREAD (A - B) | ADVANTAGE | DEDICATED URL |
|---|---|---|---|---|---|
| Gross Profit Margin | — | 59.20% | — | TIE | /gross-margins <GO> |
| Return on Invested Capital (ROIC) | 3.60% | -7.20% | +10.80 | FWRG | /roic <GO> |
| EV/EBITDA & P/E Valuation ACTIVE | 4.7x | — | — | TIE | /valuation <GO> |
| Free Cash Flow Yield | -4.01% | 8.44% | -12.45 | BH | /fcf-yield <GO> |
| Operating Margin | 2.30% | — | — | TIE | /operating-margins <GO> |
| Net Profit Margin | 1.60% | -9.50% | +11.10 | FWRG | /net-margins <GO> |
| Revenue Growth (YoY) | 20.30% | 9.20% | +11.10 | FWRG | /revenue-growth <GO> |
| Dividend Yield & FCF Payout Safety | 0.00% | 0.00% | 0.00 | TIE | /dividend-safety <GO> |
| Altman Z-Score & Debt/Equity | 1.06 | — | — | TIE | /balance-sheet <GO> |
| Piotroski F-Score Quality | 5/9 | 7/9 | -2.00 | BH | /piotroski-score <GO> |
| Options Implied Move & Put/Call Skew | — | — | — | TIE | /options-implied-move <GO> |
| RSI-14 & 200D SMA Momentum | 64.3 | 52.5 | +11.81 | FWRG | /rsi-technicals <GO> |
| 10Y Yield & FRED Macro Beta | — | — | — | TIE | /macro-sensitivity <GO> |
| Forward P/E Multiple | 33.3x | — | — | TIE | /forward-pe <GO> |
| Enterprise Scale & Market Cap | $772.0M | $908.1M | -$136.1M | BH | /market-cap <GO> |
5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY
| FISCAL YEAR | FWRG REV | BH REV | FWRG GROSS % | BH GROSS % | FWRG FCF | BH FCF |
|---|---|---|---|---|---|---|
| FY 2025 | $1.22B | $395.3M | — | 59.2% | -$31.0M | $76.6M |
| FY 2024 | $1.02B | $362.1M | — | 60.4% | -$12.2M | $19.1M |
| FY 2023 | $891.6M | $365.3M | — | — | $95.3M | $73.0M |
FRED MACRO REGIME CORRELATION COMPARISON PEARSON r
FWRG // BETA —
BH // BETA —