First Watch Restaurant Group (FWRG) vs Papa John's International (PZZA)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 7, 2026.
Summary
First Watch Restaurant Group (FWRG) has outperformed Papa John's International (PZZA) over the past year, losing 34.0% versus a loss of 56.5%. Over five years, FWRG leads with a -51.4% price change compared with -84.2% for PZZA. First Watch Restaurant Group is the larger company by market cap ($648.0 million vs $637.4 million), about 1.0 times the size.
On valuation, Papa John's International trades at a lower forward P/E (14.5x vs 42.7x for First Watch Restaurant Group). Papa John's International pays a dividend yielding 9.50%, 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 | PZZA |
|---|---|---|
| Share price | $10.50 | $19.36 |
| Market cap | $647.98M | $637.36M |
| 1-day change | -1.04% | -1.12% |
| YTD return | -30.37% | -49.70% |
| 1-year return | -34.05% | -56.53% |
| 5-year return | -51.37% | -84.18% |
| P/E ratio (TTM) | 37.50 | 24.20 |
| Forward P/E | 42.72 | 14.54 |
| EPS (TTM) | $0.28 | $0.80 |
| Dividend yield | 0.00% | 9.50% |
| Annual dividend | $0.00 | $1.84 |
| 52-week high | $18.82 | $55.74 |
| 52-week low | $9.88 | $18.92 |
| Distance from 52-week high | -44.22% | -65.27% |
| Average volume | 1.14M | 1.42M |
| Shares outstanding | 61.71M | 32.92M |
| 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
- FWRG has outperformed PZZA by 22.5 percentage points over the past year.
- First Watch Restaurant Group trades at a higher earnings multiple (37.5x vs 24.2x trailing P/E).
- Papa John's International offers a meaningfully higher dividend yield (9.50% vs 0.00%).
FWRG vs PZZA FAQ
Which is bigger, First Watch Restaurant Group or Papa John's International?
First Watch Restaurant Group (FWRG) is larger, with a market capitalization of $647.98M compared with $637.36M for Papa John's International (PZZA).
Which stock has performed better over the past year, FWRG or PZZA?
FWRG returned -34.05% over the past 12 months, compared with -56.53% for PZZA (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, FWRG or PZZA?
PZZA has the lower trailing P/E at 24.2, versus 37.5 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 Papa John's International?
Papa John's International pays a dividend yielding 9.50%, while First Watch Restaurant Group does not currently pay a regular dividend.
Are First Watch Restaurant Group and Papa John's International in the same industry?
Yes. Both are classified in the Restaurants industry within the Consumer Discretionary sector.