Dutch Bros Inc. BROS

Consumer DiscretionaryHotels & Entertainment ServicesUnited States of America

Last close 42.87 USD on Nov 1, 2026, −30.0% year to date

Quant rating

Quant rating C Rank 168 of 344 in Consumer Discretionary

Growth A 8 of 344
Valuation C 221 of 344
Quality B 127 of 344
Revisions C 160 of 344
Momentum D 246 of 344

Wall Street consensus Buy (1.65)Average target 69.42 USD +61.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 7.5B
Enterprise value: 8.0B
52-week range: 36.51 – 73.88
3-year range: 23.95 – 85.37
Dividend yield: –
Beta (5 years): 2.00
Shares outstanding: 175M
Next earnings: Nov 4, 2026

About the company

Dutch Bros Inc. is an operator and franchiser of drive-thru shops, which is focused on serving hand-crafted beverages. The Company sells a range of customizable hot, iced and blended beverages. The Company-operated shops segment includes retail coffee shop sales to end consumers. The Franchising and other segment includes bean and product sales to franchise partners, initial franchise fees, royalties, and marketing fees related to the franchise partners, as well as sales of products through its website. It also sells its proprietary coffee-based Freeze blended beverages and cold brew. Its proprietary Dutch Bros Rebel energy drink, which is customizable with flavors and modifiers and can be served blended or over ice. It also offers a variety of teas, lemonades, smoothies, and sodas offering caffeine-lite and caffeine-free beverages. The Company has approximately 1,177 shops, of which over 844 are operated by the Company and 333 are franchised, across 25 states.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,638	1,281	966	739	498	–
Revenue growth	27.9%	32.6%	30.7%	48.4%	52.1%	38.0%
EPS (basic, normalized)	0.76	0.49	0.30	0.16	0.30	–
EPS growth	55.1%	63.3%	87.5%	−46.7%	–	–
Gross margin	30.7%	31.2%	28.9%	27.3%	31.5%	29.9%
Net margin	4.9%	2.8%	0.2%	−0.6%	−2.5%	0.9%
ROE	13.1%	7.8%	0.7%	−4.3%	−93.9%	−15.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	269
Current ratio	1.35x
Long-term debt (mil)	589
Net debt (mil)	518
Total equity (mil)	798
Net debt / equity	0.65x
Net debt / EBITDA	1.71x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,638	+27.9%	4.9x	303	+38.1%	26.5x	0.76	+55.1%	56.4x
2026	2,131	+30.1%	3.8x	384	+27.1%	20.8x	0.97	+27.5%	44.2x
2027	2,651	+24.4%	3.0x	485	+26.1%	16.5x	1.28	+31.9%	33.5x
2028	3,206	+20.9%	2.5x	592	+22.1%	13.5x	1.62	+26.8%	26.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,131	−0.1%	+2.3%	+4.1%	0.97	−0.2%	+3.5%	+6.9%
2027	2,651	+0.1%	+3.1%	+5.3%	1.28	−1.1%	+2.6%	+6.4%
2028	3,206	−0.3%	+2.7%	+5.2%	1.62	−1.6%	+2.9%	+6.4%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	275	325	338	343	355	416	424	444	464	551
Sales mean (mil)	256	317	325	318	345	404	414	425	450	525
Surprise	+7.5%	+2.5%	+4.0%	+7.9%	+3.0%	+3.0%	+2.3%	+4.4%	+3.2%	+4.8%
EPS reported	0.09	0.19	0.16	0.07	0.14	0.26	0.19	0.17	0.16	0.33
EPS mean	0.02	0.13	0.12	0.02	0.11	0.18	0.17	0.10	0.16	0.29
Surprise	+438.0%	+48.4%	+34.1%	+230.7%	+30.1%	+44.2%	+10.0%	+73.2%	+1.8%	+12.0%

Peer comparison Hotels & Entertainment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BROS Dutch Bros Inc.	7.5B	1.71x	4.9%	9.39x	44.2x	33.5x	20.8x	16.5x
MCD McDonald's Corp	182.7B	2.63x	31.9%	−178.54x	20.1x	18.8x	14.2x	13.6x
SBUX Starbucks Corp	118.2B	1.58x	5.0%	−15.40x	32.6x	27.8x	19.2x	17.2x
YUM Yum! Brands, Inc.	42.4B	4.01x	19.0%	−5.97x	24.2x	22.2x	18.2x	17.3x
CMG Chipotle Mexican Grill, Inc.	40.3B	−0.39x	12.9%	16.43x	29.0x	24.0x	17.6x	15.2x
QSR Restaurant Brands International Inc.	25.2B	4.76x	9.6%	8.29x	17.8x	16.4x	12.6x	11.8x
Mean		2.39x	13.9%	−27.63x	28.0x	23.8x	17.1x	15.3x
Median		2.17x	11.2%	1.16x	26.6x	23.1x	17.9x	15.9x

Technical analysis

1M+13.6%
3M−33.7%
1Y−27.7%
3Y+73.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Dutch Bros Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,638	1,281	966	739	498	327
Cost of revenue	1,136	881	686	538	341	209
Gross profit	502	400	279	201	157	119
Selling, general & administrative expenses	328	272	223	197	262	103
Research & development	–	–	–	–	–	–
Depreciation/amortization	4.8	3.7	5.0	6.7	6.2	4.1
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	8.2	18.0	5.1	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	161	106	46.2	−2.6	−111	11.0
Net interest income (expense)	−28.3	−27.0	−32.3	−18.0	−7.1	−3.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	2.7	5.8	3.0	4.0	−1.2	−0.4
Net income before taxes	136	84.9	16.9	−16.7	−120	6.9
Provision for taxes	18.3	18.4	7.0	2.6	−1.6	0.8
Minority interest	−37.4	−31.2	−8.2	14.5	37.9	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	79.8	35.3	1.7	−4.8	−80.1	6.1
Extraordinary items	–	–	–	–	–	–
Net income	79.8	35.3	1.7	−4.8	−80.1	6.1
EBIT, normalized	169	123	51.3	1.2	−108	19.8
EBITDA, normalized	285	216	120	45.9	−82.7	35.4
Basic EPS, normalized	0.76	0.49	0.30	0.16	0.30	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Dutch Bros Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	269	293	134	20.2	18.5	31.6
Receivables	18.4	10.6	9.1	12.0	10.6	10.8
Total inventory	48.9	36.5	47.0	39.2	23.3	15.6
Prepaid expenses	20.7	17.5	15.6	10.9	8.8	5.0
Other current assets	0	0	0	0	0	0
Total current assets	357	358	205	82.3	61.3	63.1
Property, plant & equipment	1,680	1,374	1,125	783	302	165
Goodwill	21.6	21.6	21.6	21.6	18.7	18.1
Intangibles	1.5	2.9	5.4	8.8	11.1	11.3
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	949	745	407	291	161	1.8
Total assets	3,009	2,501	1,764	1,186	554	260
Liabilities
Accounts payable	37.6	32.2	30.0	21.3	20.4	16.1
Payable/accrued	–	–	–	–	–	–
Accrued expenses	103	90.3	57.4	36.8	21.0	10.0
Short-term debt	0	0	0	111	64.1	15.0
Current portion of long-term debt	21.2	30.6	14.0	10.6	3.5	6.1
Other current liabilities	78.7	50.0	36.8	33.2	29.7	12.6
Total current liabilities	240	203	138	213	139	59.9
Long-term debt	599	589	461	333	83.1	74.0
Minority interest	217	226	312	123	119	–
Other liabilities	1,272	945	489	388	118	49.8
Total liabilities	2,328	1,964	1,400	1,057	459	184
Shareholders' equity
Preferred stock	0	–	–	–	–	–
Common stock	0	0	0	0	0	1,536
Additional paid-in capital	581	517	379	146	107	–
Retained earnings (accumulated deficit)	99.5	19.7	−15.6	−17.3	−12.7	−1,460
Treasury stock	–	–	–	–	–	–
Other equity	0	0.6	0.5	0.8	0	0
Total equity	681	537	364	129	94.5	76.0
Total liabilities & shareholders' equity	3,009	2,501	1,764	1,186	554	260

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Dutch Bros Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	117	66.5	10.0	−19.3	−120	5.7
Depreciation, depletion & amortization	115	93.0	69.1	44.7	25.2	15.5
Deferred taxes	–	–	–	–	–	–
Non-cash items	58.2	44.3	57.4	53.0	157	35.7
Changes in working capital	4.9	42.7	3.4	−18.6	17.9	−3.4
Cash from operations	296	246	140	59.9	80.4	53.5
Investing activities
Capital expenditures	−241	−222	−228	−188	−118	−40.6
Other investing cash flows	0.1	9.7	1.2	−4.7	−2.6	−5.0
Cash from investing	−241	−212	−227	−193	−121	−45.6
Financing activities
Financing cash flow items	−25.6	−3.0	−4.4	−6.9	−231	−7.8
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−52.8	128	205	141	258	15.8
Cash from financing	−78.4	125	201	134	27.6	8.1
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−23.9	160	113	1.7	−13.1	16.1
Free cash flow	54.4	24.7	−88.5	−128	−38.1	13.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.