Which has the lower trailing P/E, FWRG or XMAX?

XMAX has the lower trailing P/E: FWRG trades at 37.39 and XMAX at 20.33. P/E is one valuation measure and does not by itself establish which business is cheaper.

Is FWRG or XMAX more profitable?

XMAX runs the higher net margin — FWRG at 1.35% versus XMAX at 185.87%.

First Watch Restaurant Group, Inc. (FWRG) vs XMAX, Inc. (XMAX)

A side-by-side comparison of First Watch Restaurant Group, Inc. and XMAX, Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of October 6, 2026. Differences are shown without an overall score or investment verdict.

FWRG

First Watch Restaurant Group, Inc.

$655M

$10.61Consumer CyclicalDelayed quote: Oct 6, 2026, 4:00 PM EDT

XMAX

XMAX, Inc.

$559M

$8.79Consumer CyclicalDelayed quote: Oct 6, 2026, 3:59 PM EDT

Total return — FWRG vs XMAX

growth of $100 · dividends reinvested · last 1y

FWRG -18.3% (-18.3%/yr)XMAX +18.7% (+18.7%/yr)XMAX compounded faster over this window

FWRG XMAX

FWRG vs XMAX: by the numbers

•FWRG is the larger company ($655M vs $559M market cap).
•XMAX trades at the lower trailing earnings multiple (20.33 vs 37.39 P/E), one valuation lens rather than an overall verdict.
•XMAX converts more revenue to profit (185.87% vs 1.35% net margin).

Metrics side by side

Valuation

Metric	FWRG	XMAX
P/E ratio	37.39	20.33
Forward P/E	91.50	N/A
P/S ratio	0.50	34.81
P/B ratio	1.03	5.26
EV / EBITDA	12.23	N/A

Profitability

Metric	FWRG	XMAX
Gross margin	13.04%	22.86%
Operating margin	4.25%	-11.53%
Net margin	1.35%	185.87%
ROE	2.81%	28.06%
ROIC	3.38%	-2.21%

Growth (annualized)

Metric	FWRG	XMAX
Revenue CAGR (5Y)	25.36%	N/A
Total return CAGR (5Y)	-13.18%	N/A

Frequently asked

Which has the lower trailing P/E, FWRG or XMAX?: XMAX has the lower trailing P/E: FWRG trades at 37.39 and XMAX at 20.33. P/E is one valuation measure and does not by itself establish which business is cheaper.
Is FWRG or XMAX more profitable?: XMAX runs the higher net margin — FWRG at 1.35% versus XMAX at 185.87%.

Go deeper

Full FWRG analysis Full XMAX analysis Interactive comparison tool

Dig into the metrics

First Watch Restaurant P/E ratio XMAX P/E ratio First Watch Restaurant ROE XMAX ROE First Watch Restaurant operating margin XMAX operating margin First Watch Restaurant revenue growth XMAX revenue growth First Watch Restaurant free cash flow XMAX free cash flow

First Watch Restaurant & XMAX appear in these rankings

Fastest Revenue Growth Stocks Highest ROE Stocks

Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified October 6, 2026.