First Watch Restaurant Group (FWRG) vs Nathan's Famous (NATH)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 9, 2026.
Summary
Nathan's Famous (NATH) has outperformed First Watch Restaurant Group (FWRG) over the past year, losing 3.7% versus a loss of 29.3%. Over five years, NATH leads with a +63.8% price change compared with -49.2% for FWRG. First Watch Restaurant Group is the larger company by market cap ($676.4 million vs $416.9 million), about 1.6 times the size.
On valuation, Nathan's Famous trades at a lower trailing P/E (21.1x vs 39.1x for First Watch Restaurant Group). Nathan's Famous pays a dividend yielding 1.97%, while First Watch Restaurant Group does not currently pay one.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | FWRG | NATH |
|---|---|---|
| Share price | $10.96 | $101.75 |
| Market cap | $676.37M | $416.94M |
| 1-day change | +4.38% | +0.03% |
| YTD return | -27.32% | +8.74% |
| 1-year return | -29.29% | -3.70% |
| 5-year return | -49.24% | +63.82% |
| P/E ratio (TTM) | 39.14 | 21.07 |
| Forward P/E | 44.59 | — |
| EPS (TTM) | $0.28 | $4.83 |
| Dividend yield | 0.00% | 1.97% |
| Annual dividend | $0.00 | $2.00 |
| 52-week high | $18.82 | $111.39 |
| 52-week low | $9.88 | $88.67 |
| Distance from 52-week high | -41.77% | -8.65% |
| Analyst consensus | strong_buy | — |
| Avg. price target upside | +76.09% | — |
| Average volume | 1.19M | 27.42K |
| Shares outstanding | 61.71M | 4.10M |
| Employees | 18,000 | 129 |
| Sector | Consumer Discretionary | Consumer Discretionary |
| Industry | Restaurants | Restaurants |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- NATH has outperformed FWRG by 25.6 percentage points over the past year.
- First Watch Restaurant Group trades at a higher earnings multiple (39.1x vs 21.1x trailing P/E).
- Nathan's Famous offers a meaningfully higher dividend yield (1.97% vs 0.00%).
About First Watch Restaurant Group
FWRG stock →First Watch Restaurant Group, Inc., through its subsidiaries, operates and franchises restaurants under the First Watch trade name in the United States. The company was formerly known as AI Fresh Super Holdco, Inc.
Consumer Discretionary · Restaurants · 18,000 employees
About Nathan's Famous
NATH stock →Nathan's Famous, Inc., along with its subsidiaries, operates in the foodservice industry both in the United States and internationally. It operates through three segments: Branded Product Program; Product licensing; and Restaurant operations.
Consumer Discretionary · Restaurants · 129 employees
FWRG vs NATH FAQ
Which is bigger, First Watch Restaurant Group or Nathan's Famous?
First Watch Restaurant Group (FWRG) is larger, with a market capitalization of $676.37M compared with $416.94M for Nathan's Famous (NATH).
Which stock has performed better over the past year, FWRG or NATH?
NATH returned -3.70% over the past 12 months, compared with -29.29% for FWRG (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, FWRG or NATH?
NATH has the lower trailing P/E at 21.1, versus 39.1 for FWRG. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, First Watch Restaurant Group or Nathan's Famous?
Nathan's Famous pays a dividend yielding 1.97%, while First Watch Restaurant Group does not currently pay a regular dividend.
Are First Watch Restaurant Group and Nathan's Famous in the same industry?
Yes. Both are classified in the Restaurants industry within the Consumer Discretionary sector.