WallStSmart

First Watch Restaurant Group Inc (FWRG)vsRestaurant Brands International Inc (QSR)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Restaurant Brands International Inc generates 636% more annual revenue ($9.70B vs $1.32B). QSR leads profitability with a 13.1% profit margin vs 1.4%. QSR trades at a lower P/E of 19.7x. QSR earns a higher WallStSmart Score of 68/100 (B-).

FWRG

Buy

52

out of 100

Grade: C-

Growth: 8.0Profit: 4.0Value: 5.0Quality: 3.0
Piotroski: 2/9Altman Z: 0.98

QSR

Strong Buy

68

out of 100

Grade: B-

Growth: 7.3Profit: 8.0Value: 6.7Quality: 3.5
Piotroski: 5/9Altman Z: 0.90
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

FWRGUndervalued (+3.5%)

Margin of Safety

+3.5%

Fair Value

$17.19

Current Price

$11.35

$5.84 discount

UndervaluedFair: $17.19Overvalued
QSRUndervalued (+25.1%)

Margin of Safety

+25.1%

Fair Value

$94.35

Current Price

$76.96

$17.39 discount

UndervaluedFair: $94.35Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

FWRG3 strengths · Avg: 8.7/10
Price/BookValuation
1.1x10/10

Reasonable price relative to book value

Revenue GrowthGrowth
15.2%8/10

15.2% revenue growth

EPS GrowthGrowth
26.4%8/10

Earnings expanding 26.4% YoY

QSR3 strengths · Avg: 9.3/10
Return on EquityProfitability
33.1%10/10

Every $100 of equity generates 33 in profit

EPS GrowthGrowth
151.2%10/10

Earnings expanding 151.2% YoY

Operating MarginProfitability
27.7%8/10

Strong operational efficiency at 27.7%

Areas to Watch

FWRG4 concerns · Avg: 3.0/10
Market CapQuality
$758.45M3/10

Smaller company, higher risk/reward

Return on EquityProfitability
2.8%3/10

ROE of 2.8% — below average capital efficiency

Profit MarginProfitability
1.4%3/10

1.4% margin — thin

Operating MarginProfitability
2.5%3/10

Operating margin of 2.5%

QSR3 concerns · Avg: 2.3/10
Revenue GrowthGrowth
4.6%4/10

4.6% revenue growth

Altman Z-ScoreHealth
0.902/10

Distress zone — elevated risk

Debt/EquityHealth
4.071/10

Elevated debt levels

Comparative Analysis Report

WallStSmart Research

Bull Case : FWRG

The strongest argument for FWRG centers on Price/Book, Revenue Growth, EPS Growth. Revenue growth of 15.2% demonstrates continued momentum.

Bull Case : QSR

The strongest argument for QSR centers on Return on Equity, EPS Growth, Operating Margin. PEG of 1.24 suggests the stock is reasonably priced for its growth.

Bear Case : FWRG

The primary concerns for FWRG are Market Cap, Return on Equity, Profit Margin. A P/E of 43.9x leaves little room for execution misses. Debt-to-equity of 1.69 is elevated, increasing financial risk.

Bear Case : QSR

The primary concerns for QSR are Revenue Growth, Altman Z-Score, Debt/Equity. Debt-to-equity of 4.07 is elevated, increasing financial risk.

Key Dynamics to Monitor

FWRG profiles as a growth stock while QSR is a value play — different risk/reward profiles.

FWRG carries more volatility with a beta of 1.03 — expect wider price swings.

FWRG is growing revenue faster at 15.2% — sustainability is the question.

QSR generates stronger free cash flow (479M), providing more financial flexibility.

Bottom Line

QSR scores higher overall (68/100 vs 52/100). Both earn "Strong Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

First Watch Restaurant Group Inc

CONSUMER CYCLICAL · RESTAURANTS · USA

First Watch Restaurant Group Inc (FWRG) is a prominent fast-casual dining chain specializing in breakfast, brunch, and lunch, renowned for its health-conscious menu and high-quality ingredients. Founded in 1983, the company has cultivated a loyal customer base by innovatively adapting its menu to reflect contemporary culinary trends while prioritizing exceptional service. With a strategic focus on expanding its footprint in both existing and new markets, First Watch is well-positioned for sustained growth, making it a compelling investment opportunity in the dynamic dining sector.

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Restaurant Brands International Inc

CONSUMER CYCLICAL · RESTAURANTS · USA

Restaurant Brands International Inc. owns, operates and franchises quick-service restaurants under the Tim Hortons (TH), Burger King (BK) and Popeyes (PLK) brands. The company is headquartered in Toronto, Canada.

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