First Watch Restaurant (FWRG) Invested Capital (2020 - 2026)
First Watch Restaurant's Invested Capital was $926.7 million in Q2 2026, up 7.4% from $863.14 million a year earlier and up 1.9% from the prior quarter.
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Analysis
First Watch Restaurant (FWRG) Invested Capital (2020 - 2026) Analysis & Trends
For FY2025, Invested Capital at First Watch Restaurant came in at $908.66 million, up 14.5% from FY2024.
- Invested Capital has now increased for four consecutive years, with a five-year compound annual growth rate of 8.3% (FY2020 to FY2025).
- In earlier years, Invested Capital was $793.66 million in FY2024 (+15.6%), $686.68 million in FY2023 (+9.8%), $625.44 million in FY2022 (+2.6%) and $609.77 million in FY2021 (-0.2%).
- The Q2 2026 figure marks the highest quarterly Invested Capital in data going back to Q4 2020.
- Compared with a year earlier, Invested Capital has increased for 16 straight quarters, with growth averaging 13.3% over the last eight quarters.
- The best year-over-year quarter for Invested Capital over five years was Q2 2024 (growth of 21.6%); the worst was Q4 2021 (a decline of 0.2%).
- Per Business Quant data, FWRG's Invested Capital in the three quarters before Q2 2026 was $909.76 million (Q1 2026), $908.66 million (Q4 2025) and $871.42 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Invested Cap. (Qtr) |
|---|---|---|---|---|---|
| 1 | Mcdonalds | 164.07 Bn | 158.89 Bn | 6.42 Bn | 38.84 Bn |
| 2 | Starbucks | 108.16 Bn | 95.79 Bn | - | 5.60 Bn |
| 3 | Chipotle Mexican Grill | 40.91 Bn | 36.89 Bn | - | - |
| 4 | Yum Brands | 37.32 Bn | 34.20 Bn | 1.47 Bn | 5.17 Bn |
| 5 | Restaurant Brands International | 24.36 Bn | 21.46 Bn | 1.38 Bn | 18.68 Bn |
| 6 | Darden Restaurants | 22.52 Bn | 21.62 Bn | -113.70 Mn | 2.90 Bn |
| 7 | Restaurant Brands International Limited Partnership | 17.01 Bn | 12.57 Bn | 1.38 Bn | 18.68 Bn |
| 8 | Yum China Holdings | 14.14 Bn | 8.50 Bn | 537.00 Mn | 6.13 Bn |
| 9 | Texas Roadhouse | 10.28 Bn | 9.64 Bn | - | 1.63 Bn |
| 10 | First Watch Restaurant | 631.32 Mn | 545.31 Mn | - | 926.70 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 28, 2026 | 926.70 Mn |
| Mar 29, 2026 | 909.76 Mn |
| Dec 28, 2025 | 908.66 Mn |
| Sep 28, 2025 | 871.42 Mn |
| Jun 29, 2025 | 863.14 Mn |
| Mar 30, 2025 | 798.10 Mn |
| Dec 29, 2024 | 793.66 Mn |
| Sep 29, 2024 | 786.61 Mn |
| Jun 30, 2024 | 784.50 Mn |
| Mar 31, 2024 | 700.18 Mn |
| Dec 31, 2023 | 686.68 Mn |
| Sep 24, 2023 | 654.93 Mn |
| Jun 25, 2023 | 645.24 Mn |
| Mar 26, 2023 | 634.45 Mn |
| Dec 25, 2022 | 625.44 Mn |
| Sep 25, 2022 | 621.81 Mn |
| Jun 26, 2022 | 619.22 Mn |
| Mar 27, 2022 | 614.91 Mn |
| Dec 26, 2021 | 609.77 Mn |
| Sep 26, 2021 | 615.44 Mn |
API Access
First Watch Restaurant Invested Capital API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=invested-capital&ticker=FWRG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "invested-capital", "ticker": "FWRG", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=invested-capital&ticker=FWRG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();