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First Watch Restaurant Group, Inc. FWRG Return on invested capital

Return on invested capital at other companies

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-2.1%-1.0pp
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SweetgreenSG
-23%+10.3pp
Wingstop logo
WingstopWING
43%-7.7pp
BJ's Restaurants logo
BJ's RestaurantsBJRI
5%
Wendy's logo
Wendy'sWEN
6.1%-0.9pp

Other financials

Income statement

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Revenue$331.0M+17.3%
Operating income$999.0K-10.2%
Net income-$2.7M-224%
EPS (diluted)-$0.04-300%

Balance sheet

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Cash & equivalents$23.6M+26.6%
Total debt$1.0B+24.1%
Total equity$627.7M+5.3%
Total assets$1.8B+14.9%

Cash flow

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Operating cash flow$34.5M+71.1%
CapEx$29.3M-19.7%
Free cash flow$5.1M+131%

Valuation

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Market cap$744.67M-22.9%
Enterprise value$1.75B-1.4%
P/E42.4×-46.4×
P/S0.6×-0.3×

Profitability

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Operating margin2.2%-0.5pp
Net margin1.4%+0.4pp
FCF margin-2.6%

Returns & leverage

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Return on equity2.9%+1.0pp
Debt / equity1.6×+0.3×
Current ratio0.3×0.0×

Where this comes from

Calculated from First Watch Restaurant Group, Inc.’s reported figures.

Based on trailing twelve months.

The official record: First Watch Restaurant Group, Inc.’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is First Watch Restaurant Group, Inc.'s return on invested capital?
First Watch Restaurant Group, Inc. (FWRG) reported return on invested capital of 1.8% in Q1 2026.
How has First Watch Restaurant Group, Inc.'s return on invested capital changed year-over-year?
First Watch Restaurant Group, Inc.'s return on invested capital increased by 25.2% year-over-year, from 1.4% to 1.8%.
What is the long-term trend for First Watch Restaurant Group, Inc.'s return on invested capital?
Over 4 years (2021 to 2025), First Watch Restaurant Group, Inc.'s return on invested capital has grown at a -7.5% compound annual growth rate (CAGR), from 2.5% to 1.8%.
What does return on invested capital mean?
Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.