First Watch vs Wings Etc.
Franchise Comparison 2026
Both First Watch and Wings Etc. are full-service restaurants franchises. First Watch requires an investment of $1.2M – $2.0M while Wings Etc. requires $369K – $2.9M. Wings Etc. discloses average revenue of $1.6M; First Watch does not report Item 19 data. On SBA loan performance, First Watch has a lower charge-off rate (0.0%) compared to Wings Etc. (12.2%). FranchiseVerdict rates First Watch A (Top Quintile) and Wings Etc. A (Top Quintile).
| Metric | First Watch | Wings Etc. |
|---|---|---|
| Verdict Grade | ATop QuintileTop Quintile | ATop QuintileTop Quintile |
| Investment Range | $1.2M – $2.0M | $369K – $2.9M |
| Franchise Fee | $40K | $25K |
| Royalty Rate | 4.0% | 5.0% |
| Average Revenue (Item 19) | N/A | $1.6M |
| SBA Charge-Off Rate | 0.0% (12 loans) | 12.2% (53 loans) |
| Total Units | 474 | 80 |
| Unit Growth (YoY) | N/A | N/A |
| Year Began Franchising | 2008 | 2005 |
| FDD Year | 2023 | 2025 |
Investment Range
$1.2M – $2.0M
$369K – $2.9M
Franchise Fee
$40K
$25K
Royalty Rate
4.0%
5.0%
Average Revenue (Item 19)
N/A
$1.6M
SBA Charge-Off Rate
0.0% (12 loans)
12.2% (53 loans)
Total Units
474
80
Unit Growth (YoY)
N/A
N/A
Year Began Franchising
2008
2005
FDD Year
2023
2025