A Business at a Glance
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Dutch Bros Inc. is a Delaware corporation, and its Class A common stock trades on the New York Stock Exchange under the symbol “BROS”. Our Company Dutch Bros is a high growth operator and franchisor of drive-thru shops that focus on serving high- QUALITY, hand-crafted beverages with unparalleled SPEED and superior SERVICE. Founded in 1992 by brothers Dane and Travis Boersma, Dutch Bros began with a double-head espresso machine and a pushcart in Grants Pass, Oregon. Today, we believe that Dutch Bros is one of the fastest-growing brands in the quick service beverage industry in the United States. As of December 31, 2025, we had 1,136 shops, of which 811 were company-operated and 325 were franchise, across 25 states as shown in the graphic below. For additional information regarding company-operated and franchise shops by state, refer to Part I, Item 2 Properties of this Form 10-K. Dutch Bros Inc.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.6B | 1.6B | 1.3B | 966M | 739M | 498M |
| Net Income | 80M | 80M | 35M | 1.7M | -4.8M | -13M |
| EPS | $0.64 | $0.64 | $0.34 | $0.03 | $-0.09 | $-0.28 |
| Free Cash Flow | 54M | 54M | 25M | -89M | -128M | -38M |
| ROIC | 12.1% | 17.9% | 14.7% | 7.5% | -2.9% | -12.8% |
| Gross Margin | 25.9% | 25.9% | 26.6% | 26.0% | 24.5% | 30.8% |
| Debt/Equity | 0.98 | 0.98 | 1.04 | 0.82 | 2.09 | 0.04 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 161M | 161M | 106M | 46M | -2.6M | -111M |
| Operating Margin | 9.8% | 9.8% | 8.3% | 4.8% | -0.4% | -22.3% |
| ROE | 11.7% | 13.1% | 7.8% | 0.7% | -4.3% | -14.9% |
| Shares Outstanding | 125M | 125M | 104M | 57M | 53M | 45M |
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 238M | 327M | 498M | 739M | 966M | 1.3B | 1.6B | 1.6B |
| Gross Margin | 40.3% | 35.4% | 30.8% | 24.5% | 26.0% | 26.6% | 25.9% | 25.9% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 66M | 105M | 265M | 184M | 205M | 234M | 263M | 263M |
| EBIT | 30M | 11M | -111M | -2.6M | 46M | 106M | 161M | 161M |
| Op. Margin | 12.7% | 3.4% | -22.3% | -0.4% | 4.8% | 8.3% | 9.8% | 9.8% |
| Net Income | N/A | N/A | -13M | -4.8M | 1.7M | 35M | 80M | 80M |
| Net Margin | N/A | N/A | -2.5% | -0.6% | 0.2% | 2.8% | 4.9% | 4.9% |
| Non-Recurring | -232K | -475K | -657K | 340K | 23K | 1.3M | -300K | -300K |
| Returns on Capital | ||||||||
| ROIC | N/A | N/A | -12.8% | -2.9% | 7.5% | 14.7% | 17.9% | 12.1% |
| ROE | N/A | N/A | -14.9% | -4.3% | 0.7% | 7.8% | 13.1% | 11.7% |
| ROA | N/A | N/A | -3.1% | -0.5% | 0.1% | 1.7% | 2.9% | 2.7% |
| Cash Flow | ||||||||
| Op. Cash Flow | 57M | 54M | 80M | 60M | 140M | 246M | 296M | 296M |
| Free Cash Flow | 17M | 13M | -38M | -128M | -89M | 25M | 54M | 54M |
| Owner Earnings | 40M | 2.9M | -103M | -27M | 32M | 142M | 162M | 162M |
| CapEx | 39M | 41M | 118M | 188M | 228M | 222M | 241M | 241M |
| Maint. CapEx | 9.7M | 16M | 25M | 45M | 69M | 93M | 115M | 115M |
| Growth CapEx | 30M | 25M | 93M | 143M | 159M | 129M | 126M | 126M |
| D&A | 9.7M | 16M | 25M | 45M | 69M | 93M | 115M | 115M |
| CapEx/OCF | N/A | N/A | 147.4% | 313.7% | 163.3% | 90.0% | 81.6% | 81.6% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 288M | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | 3.5% | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 6.8M | 35M | 158M | 42M | 39M | 11M | 18M | 18M |
| Debt Repayment | 0 | 0 | 2.4M | 2.7M | 1.4M | 0 | 1.5M | 1.5M |
| Balance Sheet | ||||||||
| Net Debt | -16M | -3.5M | -15M | 249M | 166M | 267M | 400M | 400M |
| Cash & Equiv. | 16M | 32M | 19M | 20M | 134M | 293M | 269M | 269M |
| Long-Term Debt | 0 | 24M | 3.5M | 96M | 93M | 220M | 196M | 196M |
| Debt/Equity | 0.00 | 0.37 | 0.04 | 2.09 | 0.82 | 1.04 | 0.98 | 0.98 |
| Interest Coverage | 12.5 | 268.3 | N/A | -0.3 | 2.6 | 4.8 | 6.9 | 6.9 |
| Equity | -859M | 76M | 95M | 129M | 364M | 537M | 681M | 681M |
| Total Assets | -495K | 260M | 554M | 1.2B | 1.8B | 2.5B | 3.0B | 3.0B |
| Total Liabilities | 2.9M | 184M | 340M | 934M | 1.1B | 1.7B | 2.1B | 2.1B |
| Intangibles | N/A | 11M | 11M | 8.8M | 5.4M | 2.9M | 1.5M | 1.5M |
| Retained Earnings | N/A | 0 | -13M | -17M | -16M | 20M | 100M | 100M |
| Working Capital | -712K | 3.2M | -77M | -130M | 67M | 155M | 117M | 117M |
| Current Assets | -495K | 63M | 61M | 82M | 205M | 358M | 357M | 357M |
| Current Liabilities | 217K | 60M | 139M | 213M | 138M | 203M | 240M | 240M |
| Per Share Data | ||||||||
| EPS | N/A | N/A | -0.28 | -0.09 | 0.03 | 0.34 | 0.64 | 0.64 |
| Owner EPS | N/A | N/A | -2.26 | -0.50 | 0.55 | 1.37 | 1.30 | 1.30 |
| Book Value | N/A | N/A | 2.09 | 2.44 | 6.36 | 5.18 | 5.46 | 5.46 |
| Cash Flow/Share | N/A | N/A | 1.77 | 1.13 | 2.44 | 2.38 | 2.37 | 1.56 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | N/A | N/A | 45.3M | 52.8M | 57.3M | 103.7M | 124.8M | 124.8M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 156.9 | 100.0 | 81.4 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | 224.1 | 146.8 | 119.5 |
| EV/EBIT | N/A | N/A | N/A | N/A | 103.0 | 49.0 | 47.5 | 42.8 |
| Price/Book | N/A | N/A | 87.4 | 38.1 | 13.5 | 10.3 | 11.7 | 9.5 |
| Price/Sales | N/A | N/A | 17.9 | 9.8 | 4.8 | 2.9 | 4.8 | 4.0 |
| FCF Yield | N/A | N/A | -0.5% | -2.6% | -1.8% | 0.4% | 0.7% | 0.8% |
| Market Cap | 0 | N/A | 8.3B | 4.9B | 4.9B | 5.5B | 8.0B | 6.5B |
| Avg. Price | 0.00 | N/A | 54.35 | 40.90 | 29.76 | 35.74 | 62.63 | 52.11 |
| Year-End Price | 0.00 | N/A | 50.44 | 27.79 | 31.90 | 53.36 | 64.01 | 52.11 |
Dutch Bros Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Dutch Bros Inc. trades at 81.4x trailing earnings, compared to its 15-year median P/E of 15.0x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 4.9% with a gross margin of 26.7%. At current prices, the estimated annualized return to fair value is +142.8%.
Dutch Bros Inc. (BROS) has a current P/E ratio of 81.4, compared to its historical median P/E of 15.0. The stock is currently considered Expensive based on its historical valuation range.
Dutch Bros Inc. (BROS) has a 5-year average return on invested capital (ROIC) of 4.9%. This is below average and may indicate limited pricing power.
Dutch Bros Inc. (BROS) has a market capitalization of $6.5B. It is classified as a mid-cap stock.
Dutch Bros Inc. (BROS) does not currently pay a regular dividend.
Based on historical P/E analysis, Dutch Bros Inc. (BROS) appears expensive. The current P/E of 81.4 is 443% above its historical median of 15.0. The estimated fair value CAGR (P/E method) is 142.8%.
Dutch Bros Inc. (BROS) operates in the Retail-Eating & Drinking Places industry, within the Consumer Cyclical sector.
Dutch Bros Inc. (BROS) reported annual revenue of $1.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
Dutch Bros Inc. (BROS) has a net profit margin of 4.9%. This is a modest margin.
Dutch Bros Inc. (BROS) generated $54 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Dutch Bros Inc. (BROS) has a debt-to-equity ratio of 0.98. This indicates moderate leverage.
Dutch Bros Inc. (BROS) reported earnings per share (EPS) of $0.64 in its most recent fiscal year.
Dutch Bros Inc. (BROS) has a return on equity (ROE) of 13.1%. This indicates moderate shareholder returns.
Dutch Bros Inc. (BROS) has a 5-year average gross margin of 26.7%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 7 years of financial data for Dutch Bros Inc. (BROS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Dutch Bros Inc. (BROS) has a book value per share of $5.46, based on its most recent annual SEC filing.