Dutch Bros vs Wendy's
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The short version
- Wendy's is the larger business, with $2.2B of revenue in fiscal 2025 against $1.6B for Dutch Bros.
- Dutch Bros grew revenue faster (27.9%, against −3.1%).
- Wendy's kept more of each dollar of sales as operating profit (15.8% operating margin, against 9.8%).
- Wendy's turned more of its sales into free cash flow (11.2% FCF margin, against 3.3%).
- Dutch Bros earned a higher return on the capital invested in it (11.9%, against 7.8%).
- Investors pay more for each dollar of Dutch Bros’s earnings: a P/E of 57.6x against 9.4x for Wendy's.
| Latest fiscal year | BROS · FY25 | WEN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.6B | $1.2B |
| Revenue | $1.6B | $2.2B |
| Free cash flow | $54.4M | $243M |
| Net income | $79.8M | $165M |
| Growth | ||
| Revenue growth | 27.9% | −3.1% |
| 5-year growth | 38.0% | 4.7% |
| Share count change | 20.8% | −5.6% |
| Profitability | ||
| Gross margin | 25.9% | 63.6% |
| Operating margin | 9.8% | 15.8% |
| Net margin | 4.9% | 7.6% |
| FCF margin | 3.3% | 11.2% |
| Return on capital | 11.9% | 7.8% |
| Return on equity | 13.1% | — |
| Balance sheet | ||
| Net debt | $353M | $3.1B |
| Net debt / EBITDA | 1.3x | 6.3x |
| Dividends and buybacks | $0.0M | $330M |
| Valuation & quality | ||
| P/E | 57.6x | 9.4x |
| Piotroski F-score | 5 | 4 |
Revenue
FY16
BROS —
WEN $1.4B
FY17
BROS —
WEN $1.2B
FY18
BROS —
WEN $1.6B
FY19
BROS $238M
WEN $1.7B
FY20
BROS $327M
WEN $1.7B
FY21
BROS $498M
WEN $1.9B
FY22
BROS $739M
WEN $2.1B
FY23
BROS $966M
WEN $2.2B
FY24
BROS $1.3B
WEN $2.2B
FY25
BROS $1.6B
WEN $2.2B
BROS
WEN
Operating margin
FY16
BROS —
WEN 21.9%
FY17
BROS —
WEN 17.6%
FY18
BROS —
WEN 15.7%
FY19
BROS 12.7%
WEN 15.4%
FY20
BROS 3.4%
WEN 15.5%
FY21
BROS −22.3%
WEN 19.3%
FY22
BROS −0.4%
WEN 16.9%
FY23
BROS 4.8%
WEN 17.5%
FY24
BROS 8.3%
WEN 16.5%
FY25
BROS 9.8%
WEN 15.8%
BROS
WEN
Free cash flow
FY16
BROS —
WEN $43.8M
FY17
BROS —
WEN $157M
FY18
BROS —
WEN $154M
FY19
BROS $17.2M
WEN $214M
FY20
BROS $13.0M
WEN $215M
FY21
BROS −$38.1M
WEN $268M
FY22
BROS −$128M
WEN $174M
FY23
BROS −$88.5M
WEN $260M
FY24
BROS $24.7M
WEN $261M
FY25
BROS $54.4M
WEN $243M
BROS
WEN
Return on capital
FY16
BROS —
WEN 7.1%
FY17
BROS —
WEN 7.2%
FY18
BROS —
WEN 7.0%
FY19
BROS —
WEN 7.6%
FY20
BROS —
WEN 6.9%
FY21
BROS −64.4%
WEN 9.9%
FY22
BROS −0.5%
WEN 8.2%
FY23
BROS 3.4%
WEN 8.9%
FY24
BROS 7.9%
WEN 8.4%
FY25
BROS 11.9%
WEN 7.8%
BROS
WEN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.