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ROC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROIC %. First Watch Restaurant Group's annualized return on capital (ROC %) for the quarter that ended in Dec. 2024 was 1.20%.
As of today (2025-03-15), First Watch Restaurant Group's WACC % is 6.23%. First Watch Restaurant Group's ROC % is 2.01% (calculated using TTM income statement data). First Watch Restaurant Group earns returns that do not match up to its cost of capital. It will destroy value as it grows.
The historical data trend for First Watch Restaurant Group's ROC % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
First Watch Restaurant Group Annual Data | |||||||||||||||
Trend | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | Dec24 | |||||||||
ROC % | Get a 7-Day Free Trial | -3.32 | -11.82 | 1.03 | 2.71 | 2.01 |
First Watch Restaurant Group Quarterly Data | ||||||||||||||||||||
Dec19 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
ROC % | Get a 7-Day Free Trial |
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1.27 | 2.95 | 3.28 | 1.12 | 1.20 |
First Watch Restaurant Group's annualized Return on Capital (ROC %) for the fiscal year that ended in Dec. 2024 is calculated as:
ROC % (A: Dec. 2024 ) | ||||||
= | NOPAT | / | Average Invested Capital | |||
= | Operating Income * ( 1 - Tax Rate % ) | / | ( (Invested Capital (A: Dec. 2023 ) | + | Invested Capital (A: Dec. 2024 )) | / count ) |
= | 42.019 * ( 1 - 32.47% ) | / | ( (1270.567 | + | 1552.905) | / 2 ) |
= | 28.3754307 | / | 1411.736 | |||
= | 2.01 % |
where
Invested Capital | (A: Dec. 2023 ) | |||||||||||
= | Total Assets | - | Accounts Payable & Accrued Expense | - | Excess Cash | |||||||
= | Total Assets | - | Accounts Payable & Accrued Expense | - | ( Cash, Cash Equivalents, Marketable Securities | - | max(0, Total Current Liabilities | - | Total Current Assets | + | Cash, Cash Equivalents, Marketable Securities | )) |
= | 1267.045 | - | 40.361 | - | ( 49.632 | - | max(0, 115.073 | - | 71.19 | + | 49.632 | )) |
= | 1270.567 |
Invested Capital | (A: Dec. 2024 ) | |||||||||||
= | Total Assets | - | Accounts Payable & Accrued Expense | - | Excess Cash | |||||||
= | Total Assets | - | Accounts Payable & Accrued Expense | - | ( Cash, Cash Equivalents, Marketable Securities | - | max(0, Total Current Liabilities | - | Total Current Assets | + | Cash, Cash Equivalents, Marketable Securities | )) |
= | 1514.356 | - | 44.047 | - | ( 33.312 | - | max(0, 138.472 | - | 55.876 | + | 33.312 | )) |
= | 1552.905 |
First Watch Restaurant Group's annualized Return on Capital (ROC %) for the quarter that ended in Dec. 2024 is calculated as:
ROC % (Q: Dec. 2024 ) | ||||||
= | NOPAT | / | Average Invested Capital | |||
= | Operating Income * ( 1 - Tax Rate % ) | / | ( (Invested Capital (Q: Sep. 2024 ) | + | Invested Capital (Q: Dec. 2024 )) | / count ) |
= | 19.272 * ( 1 - 5.28% ) | / | ( (1498.324 | + | 1552.905) | / 2 ) |
= | 18.2544384 | / | 1525.6145 | |||
= | 1.20 % |
where
Invested Capital | (Q: Sep. 2024 ) | |||||||||||
= | Total Assets | - | Accounts Payable & Accrued Expense | - | Excess Cash | |||||||
= | Total Assets | - | Accounts Payable & Accrued Expense | - | ( Cash, Cash Equivalents, Marketable Securities | - | max(0, Total Current Liabilities | - | Total Current Assets | + | Cash, Cash Equivalents, Marketable Securities | )) |
= | 1484.957 | - | 47.639 | - | ( 51.129 | - | max(0, 134.015 | - | 73.009 | + | 51.129 | )) |
= | 1498.324 |
Invested Capital | (Q: Dec. 2024 ) | |||||||||||
= | Total Assets | - | Accounts Payable & Accrued Expense | - | Excess Cash | |||||||
= | Total Assets | - | Accounts Payable & Accrued Expense | - | ( Cash, Cash Equivalents, Marketable Securities | - | max(0, Total Current Liabilities | - | Total Current Assets | + | Cash, Cash Equivalents, Marketable Securities | )) |
= | 1514.356 | - | 44.047 | - | ( 33.312 | - | max(0, 138.472 | - | 55.876 | + | 33.312 | )) |
= | 1552.905 |
Note: The Operating Income data used here is four times the quarterly (Dec. 2024) data.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
First Watch Restaurant Group (NAS:FWRG) ROC % Explanation
ROC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROIC %. The reason book values of debt and equity are used is because the book values are the capital the company received when issuing the debt or receiving the equity investments.
There are four key components to this definition. The first is the use of operating income or EBIT rather than net income in the numerator. The second is the tax adjustment to this operating income or EBIT, computed as a hypothetical tax based on an effective or marginal tax rate. The third is the use of book values for invested capital, rather than market values. The final is the timing difference; the capital invested is from the end of the prior year whereas the operating income or EBIT is the current year's number.
Why is ROC % important?
Because it costs money to raise capital. A firm that generates higher returns on investment than it costs the company to raise the capital needed for that investment is earning excess returns. A firm that expects to continue generating positive excess returns on new investments in the future will see its value increase as growth increases, whereas a firm that earns returns that do not match up to its cost of capital will destroy value as it grows.
As of today, First Watch Restaurant Group's WACC % is 6.23%. First Watch Restaurant Group's ROC % is 2.01% (calculated using TTM income statement data). First Watch Restaurant Group earns returns that do not match up to its cost of capital. It will destroy value as it grows.
Be Aware
Like ROE % and ROA %, ROC % is calculated with only 12 months of data. Fluctuations in the company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Thank you for viewing the detailed overview of First Watch Restaurant Group's ROC % provided by GuruFocus.com. Please click on the following links to see related term pages.
Advent International Corp/ma | 10 percent owner | 800 BOYLSTON STREET SUITE 3300, BOSTON MA 02199 |
Advent Partners Gpe Viii Limited Partnership | 10 percent owner | C/O ADVENT INTERNATIONAL CORPORATION, 800 BOYLSON STREET, SUITE 3300, BOSTON MA 02199 |
Advent International Gpe Viii-i Limited Partnership | 10 percent owner | 800 BOYLSTON STREET, SUITE 3300, BOSTON MA 02199 |
William A Kussell | director | C/O ADVENT INTERNATIONAL CORPORATION, 75 STATE STREET 29TH FLOOR, BOSTON MA 02109 |
Jay Anthony Wolszczak | officer: General Counsel and Secretary | C/O FIRST WATCH RESTAURANT GROUP, INC., 8725 PENDERY PLACE, SUITE 201, BRADENTON FL 34201 |
Matthew Eisenacher | officer: Chief Brand Officer | 8725 PENDERY PLACE, STE. 201, BRADENTON FL 34201 |
John Daniel Jones | officer: Chief Operations Officer | C/O FIRST WATCH RESTAURANT GROUP, INC., 8725 PENDERY PLACE, SUITE 201, BRADENTON FL 34201 |
Laura Anne Sorensen | officer: Chief People Officer | C/O FIRST WATCH RESTAURANT GROUP, INC., 8725 PENDERY PLACE, SUITE 201, BRADENTON FL 34201 |
David Paresky | director | ADVENT INTERNATIONAL, PRUDENTIAL TOWER, 800 BOYLSTON STREET, BOSTON MA 02199 |
Tricia Glynn | director | C/O ADVENT INERNATIONAL CORPORATION, PRUDENTIAL TOWER, 800 BOYLSTON STREET, BOSTON MA 02199 |
Eric Richard Hartman | officer: Chief Development Officer | C/O FIRST WATCH RESTAURANT GROUP, INC., 8725 PENDERY PLACE, SUITE 201, BRADENTON FL 34201 |
Christopher Anthony Tomasso | director, officer: President and CEO | C/O FIRST WATCH RESTAURANT GROUP, INC., 8725 PENDERY PLACE, SUITE 201, BRADENTON FL 34201 |
Hope H Melville Iii | officer: CFO and Treasurer | AFC ENTERPRISES INC, SIX CONCOURSE PKWY STE 1700, ATLANTA GA 30328-5352 |
Irene Chang Britt | director | CAMPBELL SOUP COMPANY, ONE CAMPBELL PLACE, CAMDEN NJ 08103 |
Advent International Gp, Llc | 10 percent owner | 800 BOYLSTON STREET SUITE 3300, BOSTON MA 02199 |
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