Dutch Bros vs Shake Shack
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The short version
- Dutch Bros is the larger business, with $1.6B of revenue in fiscal 2025 against $1.4B for Shake Shack.
- Dutch Bros grew revenue faster (27.9%, against 15.4%).
- Dutch Bros kept more of each dollar of sales as operating profit (9.8% operating margin, against 4.3%).
- Shake Shack turned more of its sales into free cash flow (3.9% FCF margin, against 3.3%).
- Dutch Bros earned a higher return on the capital invested in it (11.9%, against 9.6%).
- Investors pay more for each dollar of Shake Shack’s earnings: a P/E of 68.6x against 57.6x for Dutch Bros.
| Latest fiscal year | BROS · FY25 | SHAK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.6B | $2.7B |
| Revenue | $1.6B | $1.4B |
| Free cash flow | $54.4M | $56.5M |
| Net income | $79.8M | $45.7M |
| Growth | ||
| Revenue growth | 27.9% | 15.4% |
| 5-year growth | 38.0% | 22.6% |
| Share count change | 20.8% | −5.3% |
| Profitability | ||
| Gross margin | 25.9% | — |
| Operating margin | 9.8% | 4.3% |
| Net margin | 4.9% | 3.2% |
| FCF margin | 3.3% | 3.9% |
| Return on capital | 11.9% | 9.6% |
| Return on equity | 13.1% | 9.2% |
| Balance sheet | ||
| Net debt | $353M | −$96.7M |
| Net debt / EBITDA | 1.3x | −0.6x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | 57.6x | 68.6x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
BROS —
SHAK $269M
FY17
BROS —
SHAK $359M
FY18
BROS —
SHAK $459M
FY19
BROS $238M
SHAK $595M
FY20
BROS $327M
SHAK $523M
FY21
BROS $498M
SHAK $740M
FY22
BROS $739M
SHAK $901M
FY23
BROS $966M
SHAK $1.1B
FY24
BROS $1.3B
SHAK $1.3B
FY25
BROS $1.6B
SHAK $1.4B
BROS
SHAK
Operating margin
FY16
BROS —
SHAK 10.4%
FY17
BROS —
SHAK 9.4%
FY18
BROS —
SHAK 6.9%
FY19
BROS 12.7%
SHAK 4.3%
FY20
BROS 3.4%
SHAK −8.4%
FY21
BROS −22.3%
SHAK −2.1%
FY22
BROS −0.4%
SHAK −3.0%
FY23
BROS 4.8%
SHAK 0.5%
FY24
BROS 8.3%
SHAK 0.2%
FY25
BROS 9.8%
SHAK 4.3%
BROS
SHAK
Free cash flow
FY16
BROS —
SHAK −$0.2M
FY17
BROS —
SHAK $9.4M
FY18
BROS —
SHAK −$2.1M
FY19
BROS $17.2M
SHAK −$16.7M
FY20
BROS $13.0M
SHAK −$31.7M
FY21
BROS −$38.1M
SHAK −$43.1M
FY22
BROS −$128M
SHAK −$65.8M
FY23
BROS −$88.5M
SHAK −$14.0M
FY24
BROS $24.7M
SHAK $35.7M
FY25
BROS $54.4M
SHAK $56.5M
BROS
SHAK
Return on capital
FY16
BROS —
SHAK 20.2%
FY17
BROS —
SHAK 12.6%
FY18
BROS —
SHAK 13.8%
FY19
BROS —
SHAK 10.2%
FY20
BROS —
SHAK −13.3%
FY21
BROS −64.4%
SHAK −4.3%
FY22
BROS −0.5%
SHAK −6.1%
FY23
BROS 3.4%
SHAK 1.5%
FY24
BROS 7.9%
SHAK 0.5%
FY25
BROS 11.9%
SHAK 9.6%
BROS
SHAK
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.