First Watch Restaurant (FWRG) Return on Invested Capital [ROIC] (2021 - 2026)
First Watch Restaurant's Return on Invested Capital [ROIC] was 3.14% in Q3 2026, up 1.62 percentage points from 1.51% a year earlier and up 0.07 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.
- The Q3 2026 figure marks the highest quarterly Return on Invested Capital [ROIC] since Q4 2024.
- Compared with a year earlier, Return on Invested Capital [ROIC] has increased for three straight quarters, with an average year-over-year change of -0.41 percentage points over the last eight quarters.
- 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 Q3 2026 was 3.07% (Q2 2026), 3.01% (Q1 2026) and 3.09% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | Mcdonalds | 199.07 Bn | 195.11 Bn | 6.47 Bn | 26.52% |
| 2 | Starbucks | 125.34 Bn | 125.35 Bn | - | - |
| 3 | Chipotle Mexican Grill | 45.50 Bn | 42.00 Bn | - | - |
| 4 | Yum Brands | 42.97 Bn | 38.79 Bn | 1.38 Bn | 73.43% |
| 5 | Restaurant Brands International | 27.07 Bn | 24.44 Bn | 1.40 Bn | 13.74% |
| 6 | Darden Restaurants | 25.87 Bn | 24.97 Bn | 1.68 Bn | 31.98% |
| 7 | Restaurant Brands International Limited Partnership | 24.67 Bn | 20.46 Bn | 1.40 Bn | 13.74% |
| 8 | Yum China Holdings | 16.86 Bn | 11.73 Bn | 652.00 Mn | 15.15% |
| 9 | Texas Roadhouse | 12.35 Bn | 11.68 Bn | 1.02 Bn | 25.83% |
| 10 | First Watch Restaurant | 829.60 Mn | 743.24 Mn | 3.14 Mn | 3.14% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 27, 2026 | 3.14% |
| 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();