Dutch Bros vs Dave & Buster's
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The short version
- Dave & Buster's is the larger business, with $2.1B of revenue in fiscal 2025 against $1.6B for Dutch Bros.
- Dutch Bros grew revenue faster (27.9%, against −1.4%).
- Dutch Bros kept more of each dollar of sales as operating profit (9.8% operating margin, against 4.1%).
- Dutch Bros turned more of its sales into free cash flow (3.3% FCF margin, against −4.8%).
- Dutch Bros earned a higher return on the capital invested in it (11.9%, against 4.1%).
| Latest fiscal year | BROS · FY25 | PLAY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.6B | $242M |
| Revenue | $1.6B | $2.1B |
| Free cash flow | $54.4M | −$101M |
| Net income | $79.8M | −$48.7M |
| Growth | ||
| Revenue growth | 27.9% | −1.4% |
| 5-year growth | 38.0% | 37.0% |
| Share count change | 20.8% | −13.4% |
| Profitability | ||
| Gross margin | 25.9% | 85.7% |
| Operating margin | 9.8% | 4.1% |
| Net margin | 4.9% | −2.3% |
| FCF margin | 3.3% | −4.8% |
| Return on capital | 11.9% | 4.1% |
| Return on equity | 13.1% | — |
| Balance sheet | ||
| Net debt | $353M | $1.6B |
| Net debt / EBITDA | 1.3x | 4.3x |
| Dividends and buybacks | $0.0M | $23.9M |
| Valuation & quality | ||
| P/E | 57.6x | — |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
BROS —
PLAY $1.0B
FY17
BROS —
PLAY $1.1B
FY18
BROS —
PLAY $1.3B
FY19
BROS $238M
PLAY $1.4B
FY20
BROS $327M
PLAY $437M
FY21
BROS $498M
PLAY $1.3B
FY22
BROS $739M
PLAY $2.0B
FY23
BROS $966M
PLAY $2.2B
FY24
BROS $1.3B
PLAY $2.1B
FY25
BROS $1.6B
PLAY $2.1B
BROS
PLAY
Operating margin
FY16
BROS —
PLAY 15.0%
FY17
BROS —
PLAY 14.5%
FY18
BROS —
PLAY 12.7%
FY19
BROS 12.7%
PLAY 10.9%
FY20
BROS 3.4%
PLAY −57.9%
FY21
BROS −22.3%
PLAY 14.4%
FY22
BROS −0.4%
PLAY 13.4%
FY23
BROS 4.8%
PLAY 13.9%
FY24
BROS 8.3%
PLAY 10.3%
FY25
BROS 9.8%
PLAY 4.1%
BROS
PLAY
Free cash flow
FY16
BROS —
PLAY $50.8M
FY17
BROS —
PLAY $44.8M
FY18
BROS —
PLAY $121M
FY19
BROS $17.2M
PLAY $60.9M
FY20
BROS $13.0M
PLAY −$132M
FY21
BROS −$38.1M
PLAY $191M
FY22
BROS −$128M
PLAY $210M
FY23
BROS −$88.5M
PLAY $34.0M
FY24
BROS $24.7M
PLAY −$218M
FY25
BROS $54.4M
PLAY −$101M
BROS
PLAY
Return on capital
FY16
BROS —
PLAY 14.2%
FY17
BROS —
PLAY 17.6%
FY18
BROS —
PLAY 16.7%
FY19
BROS —
PLAY 15.0%
FY20
BROS —
PLAY −25.8%
FY21
BROS −64.4%
PLAY 22.1%
FY22
BROS −0.5%
PLAY 18.8%
FY23
BROS 3.4%
PLAY 15.6%
FY24
BROS 7.9%
PLAY 11.4%
FY25
BROS 11.9%
PLAY 4.1%
BROS
PLAY
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.