First Watch Restaurant (FWRG) Return on Invested Capital [ROIC] (2021 - 2026)
First Watch Restaurant's Return on Invested Capital [ROIC] was 3.07% in Q2 2026, up 1.61 percentage points from 1.46% a year earlier and up 0.06 percentage points from the prior quarter.
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Analysis
First Watch Restaurant (FWRG) Return on Invested Capital [ROIC] (2021 - 2026) Analysis & Trends
For FY2025, Return on Invested Capital [ROIC] at First Watch Restaurant came in at 3.23%, down 0.32 percentage points from FY2024.
- Return on Invested Capital [ROIC] shows a four-year change of +3.23 percentage points (FY2021 to FY2025).
- In earlier years, Return on Invested Capital [ROIC] was 3.55% in FY2024 (-0.88 pp), 4.43% in FY2023 (+2.92 pp), 1.50% in FY2022 (+1.50 pp) and 0.00% in FY2021.
- Quarterly Return on Invested Capital [ROIC] has moved between 0.00% (Q4 2021) and 4.33% (Q4 2023) over five years.
- Compared with a year earlier, Return on Invested Capital [ROIC] was higher in two of the last eight quarters, with an average year-over-year change of -0.69 percentage points.
- The best year-over-year quarter for Return on Invested Capital [ROIC] over five years was Q3 2023 (a gain of 3.14 percentage points); the worst was Q2 2025 (a drop of 2.47 percentage points).
- Per Business Quant data, FWRG's Return on Invested Capital [ROIC] in the three quarters before Q2 2026 was 3.01% (Q1 2026), 3.09% (Q4 2025) and 1.51% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | Mcdonalds | 164.13 Bn | 158.95 Bn | 6.42 Bn | 25.90% |
| 2 | Starbucks | 107.97 Bn | 95.60 Bn | - | 31.38% |
| 3 | Chipotle Mexican Grill | 41.04 Bn | 37.02 Bn | - | - |
| 4 | Yum Brands | 37.16 Bn | 34.04 Bn | 1.47 Bn | 54.94% |
| 5 | Restaurant Brands International | 24.42 Bn | 21.52 Bn | 1.38 Bn | 12.13% |
| 6 | Darden Restaurants | 22.67 Bn | 21.77 Bn | 1.68 Bn | 41.06% |
| 7 | Restaurant Brands International Limited Partnership | 17.01 Bn | 12.57 Bn | 1.38 Bn | 12.13% |
| 8 | Yum China Holdings | 13.79 Bn | 8.16 Bn | 537.00 Mn | 16.46% |
| 9 | Texas Roadhouse | 10.24 Bn | 9.60 Bn | - | 26.02% |
| 10 | First Watch Restaurant | 652.30 Mn | 566.29 Mn | - | 3.07% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 28, 2026 | 3.07% |
| Mar 29, 2026 | 3.01% |
| Dec 28, 2025 | 3.09% |
| Sep 28, 2025 | 1.51% |
| Jun 29, 2025 | 1.46% |
| Mar 30, 2025 | 2.30% |
| Dec 29, 2024 | 3.33% |
| Sep 29, 2024 | 3.40% |
| Jun 30, 2024 | 3.92% |
| Mar 31, 2024 | 3.98% |
| Dec 31, 2023 | 4.33% |
| Sep 24, 2023 | 3.99% |
| Jun 25, 2023 | 3.18% |
| Mar 26, 2023 | 2.31% |
| Dec 25, 2022 | 1.49% |
| Sep 25, 2022 | 0.84% |
| Jun 26, 2022 | 1.43% |
| Mar 27, 2022 | 2.06% |
| Dec 26, 2021 | 0.00% |
API Access
First Watch Restaurant Return on Invested Capital [ROIC] 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=return-on-invested-capital-%5Broic%5D&ticker=FWRG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-invested-capital-[roic]", "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=return-on-invested-capital-%5Broic%5D&ticker=FWRG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();