BJ's Restaurants
BJRI · Restaurants
$56.51
3.9%Dutch Bros
BROS · Restaurants
$41.49
0.6%The short version
- Dutch Bros is the larger business, with $1.6B of revenue in fiscal 2025 against $1.4B for BJ's Restaurants.
- Dutch Bros grew revenue faster (27.9%, against 3.1%).
- Dutch Bros kept more of each dollar of sales as operating profit (9.8% operating margin, against 3.3% operating margin).
- Dutch Bros earned a higher return on the capital invested in it (11.9%, against 11.1%).
- Investors pay more for each dollar of Dutch Bros’s earnings: a P/E of 57.6x against 30.2x for BJ's Restaurants.
| Latest fiscal year | BJRI · FY25 | BROS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.2B | $5.6B |
| Revenue | $1.4B | $1.6B |
| Free cash flow | $40.9M | $54.4M |
| Net income | $48.8M | $79.8M |
| Growth | ||
| Revenue growth | 3.1% | 27.9% |
| 5-year growth | 12.4% | 38.0% |
| Share count change | −4.8% | 20.8% |
| Profitability | ||
| Gross margin | 74.8% | 25.9% |
| Operating margin | 3.3% | 9.8% |
| Net margin | 3.5% | 4.9% |
| FCF margin | 2.9% | 3.3% |
| Return on capital | 11.1% | 11.9% |
| Return on equity | 13.3% | 13.1% |
| Balance sheet | ||
| Net debt | $61.2M | $353M |
| Net debt / EBITDA | 0.5x | 1.3x |
| Dividends and buybacks | $67.8M | $0.0M |
| Valuation & quality | ||
| P/E | 30.2x | 57.6x |
| Piotroski F-score | 7 | 5 |
FY16
BJRI $993M
BROS —
FY17
BJRI $1.0B
BROS —
FY18
BJRI $1.1B
BROS —
FY19
BJRI $1.2B
BROS $238M
FY20
BJRI $779M
BROS $327M
FY21
BJRI $1.1B
BROS $498M
FY22
BJRI $1.3B
BROS $739M
FY23
BJRI $1.3B
BROS $966M
FY24
BJRI $1.4B
BROS $1.3B
FY25
BJRI $1.4B
BROS $1.6B
BJRI
BROS
FY16
BJRI 6.2%
BROS —
FY17
BJRI 3.7%
BROS —
FY18
BJRI 5.2%
BROS —
FY19
BJRI 4.2%
BROS 12.7%
FY20
BJRI −11.1%
BROS 3.4%
FY21
BJRI −1.5%
BROS −22.3%
FY22
BJRI −0.4%
BROS −0.4%
FY23
BJRI 1.0%
BROS 4.8%
FY24
BJRI 1.0%
BROS 8.3%
FY25
BJRI 3.3%
BROS 9.8%
BJRI
BROS
FY16
BJRI $29.0M
BROS —
FY17
BJRI $36.3M
BROS —
FY18
BJRI $72.0M
BROS —
FY19
BJRI $33.8M
BROS $17.2M
FY20
BJRI −$2.8M
BROS $13.0M
FY21
BJRI $22.1M
BROS −$38.1M
FY22
BJRI −$27.5M
BROS −$128M
FY23
BJRI $6.9M
BROS −$88.5M
FY24
BJRI $24.6M
BROS $24.7M
FY25
BJRI $40.9M
BROS $54.4M
BJRI
BROS
FY16
BJRI 11.8%
BROS —
FY17
BJRI 9.5%
BROS —
FY18
BJRI 14.6%
BROS —
FY19
BJRI 12.2%
BROS —
FY20
BJRI −17.7%
BROS —
FY21
BJRI −3.7%
BROS −64.4%
FY22
BJRI −1.2%
BROS −0.5%
FY23
BJRI 3.5%
BROS 3.4%
FY24
BJRI 3.5%
BROS 7.9%
FY25
BJRI 11.1%
BROS 11.9%
BJRI
BROS
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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.