First Watch Restaurant (FWRG) Return on Capital Employed (2021 - 2026)

First Watch Restaurant's (FWRG) quarterly Return on Capital Employed came in at 1.73% in Q1 2026, down 27.0% year-on-year from 2.37% in Q1 2025, and down 1.48% quarter-over-quarter from 1.76% in Q4 2025.

First Watch Restaurant (FWRG) Return on Capital Employed (2021 - 2026) Analysis & Trends

First Watch Restaurant's Return on Capital Employed history runs 6 years deep, the most recent figure standing at 1.73% for Q1 2026.

  • On a quarterly basis, Return on Capital Employed fell 27.0% year-over-year to 1.73% in Q1 2026; TTM through Mar 2026 was 1.73%, a 27.0% decrease from a year earlier, with the FY2025 full-year figure at 1.88%, down 122.0% from the prior year.
  • Return on Capital Employed retreated to 1.73% in Q1 2026 per FWRG's latest filing, from 1.76% in the prior quarter.
  • Across five years, Return on Capital Employed topped out at 3.68% in Q4 2023 and bottomed at 1.28% in Q2 2025.
  • The 5-year median for Return on Capital Employed is 2.4% (2023), against an average of 2.43%.
  • Across the five-year window, Return on Capital Employed surged 198 bps in 2023 and slumped 222 bps in 2025, its largest moves.
  • Year by year, Return on Capital Employed stood at 1.7% in 2022, then surged by 117 bps to 3.68% in 2023, then declined by 22 bps to 2.86% in 2024, then sank by 38 bps to 1.76% in 2025, then declined by 1 bps to 1.73% in 2026.
  • Per Business Quant, the three latest FWRG Return on Capital Employed figures stand at 1.73% (Q1 2026), 1.76% (Q4 2025), and 1.47% (Q3 2025).

Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) ROCE (Qtr)
1 Starbucks 117.61 Bn 115.91 Bn 6.32 Bn 14.71%
2 Chipotle Mexican Grill 41.20 Bn 40.33 Bn 2.61 Bn 24.19%
3 Yum Brands 40.68 Bn 39.99 Bn 1.38 Bn 52.50%
4 Restaurant Brands International 25.13 Bn 25.66 Bn 2.14 Bn 10.29%
5 Darden Restaurants 22.23 Bn 21.99 Bn 3.68 Bn 16.04%
6 Yum China Holdings 15.22 Bn 14.47 Bn 2.31 Bn 15.73%
7 Texas Roadhouse 12.56 Bn 12.37 Bn 1.40 Bn 17.54%
8 Dominos Pizza 10.74 Bn 10.60 Bn 478.23 Mn 80.74%
9 Dutch Bros 8.14 Bn 8.10 Bn 107.48 Mn 5.87%
10 First Watch Restaurant 737.04 Mn 713.47 Mn 279.06 Mn 1.73%

Historic Data

Download Data
DateValue
Mar 29, 2026 1.73%
Dec 28, 2025 1.76%
Sep 28, 2025 1.47%
Jun 29, 2025 1.28%
Mar 30, 2025 2.00%
Dec 29, 2024 2.86%
Sep 29, 2024 3.16%
Jun 30, 2024 3.50%
Mar 31, 2024 3.28%
Dec 31, 2023 3.68%
Sep 24, 2023 3.34%
Jun 25, 2023 2.99%
Mar 26, 2023 2.40%
Dec 25, 2022 1.70%
Sep 25, 2022 1.45%
Jun 26, 2022 1.94%
Mar 27, 2022 2.71%
Dec 26, 2021 2.35%