BROS NYSE Restaurants Financials FY2019βFY2025
Dutch Bros operates and franchises drive-thru shops that sell hand-crafted hot, iced and blended drinks, plus a few food items. It was founded in 1992 in Grants Pass, Oregon. As of December 31, 2025, it had 1,136 shops in 25 states: 811 run by the company and 325 run by franchisees. Employees who make the drinks are called broistas.
Hi! I read Dutch Brosβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+27.9%
Yes. Sales grew 27.9% last year.
Does it make a profit?
4.9%
A little. It keeps 4.9% of every sale as profit.
Does profit turn into cash?
3.3%
Partly. 3.3% of sales ends up as free cash.
Is debt under control?
1.3x
Keep an eye on it. Repaying its debt would take 1.3 years of operating profit.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
How is the share priced?
57.6x
One share costs 57.6 times its yearly profit per share. Typical for its sector: 17.7x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Dutch Bros had $1.6B of revenue in fiscal 2025, up 27.9% on the year before. Over five years, revenue changed +38.0% a year on average. Its operating margin was 9.8%, up 1.6Β pts: of every 100 in sales, about 10 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Dutch Bros made $79.8M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $54.4M in fiscal 2025, 3.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Dutch Bros returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 20.8%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.2M and sold $646M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.2M
1 insider
Sold, 12 months
$646M
4 insiders
Of sales under plans
100%
$646M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 20, 2026 | Travis BoersmaExecutive Chairman of Board, Director, 10% owner | Sold plan | 145,687 | $44.01 | $6.4M | Form 4 |
| Oct 20, 2026 | DM Trust Aggregator, LLC10% owner | Sold plan | 94,978 | $44.01 | $4.2M | Form 4 |
| Oct 20, 2026 | DM Individual Aggregator, LLC10% owner | Sold plan | 50,709 | $44.01 | $2.2M | Form 4 |
| Aug 13, 2026 | Todd Allan PenegorDirector | Bought | 2,000 | $51.56 | $0.1M | Form 4 |
| Jun 11, 2026 | Travis BoersmaExecutive Chairman of Board, Director, 10% owner | Sold plan | 750,000 | $63.03 | $47.3M | Form 4 |
| Jun 11, 2026 | DM Individual Aggregator, LLC10% owner | Sold plan | 261,055 | $63.03 | $16.5M | Form 4 |
| Jun 11, 2026 | DM Trust Aggregator, LLC10% owner | Sold plan | 488,945 | $63.03 | $30.8M | Form 4 |
| Jun 10, 2026 | Travis BoersmaExecutive Chairman of Board, Director, 10% owner | Sold plan | 749,999 | $60.39 | $45.3M | Form 4 |
| Jun 10, 2026 | DM Individual Aggregator, LLC10% owner | Sold plan | 261,054 | $60.38 | $15.8M | Form 4 |
| Jun 10, 2026 | DM Trust Aggregator, LLC10% owner | Sold plan | 488,945 | $60.39 | $29.5M | Form 4 |
| Jun 10, 2026 | Christine BaroneCEO and President, Director | Sold plan | 42,031 | $60.13 | $2.5M | Form 4 |
| Jun 1, 2026 | DM Trust Aggregator, LLC10% owner | Sold plan | 291,607 | $58.26 | $17.0M | Form 4 |
| Jun 1, 2026 | Travis BoersmaExecutive Chairman of Board, Director, 10% owner | Sold plan | 447,299 | $58.26 | $26.1M | Form 4 |
| Jun 1, 2026 | DM Individual Aggregator, LLC10% owner | Sold plan | 155,692 | $58.26 | $9.1M | Form 4 |
| May 29, 2026 | DM Trust Aggregator, LLC10% owner | Sold plan | 197,338 | $58.27 | $11.5M | Form 4 |
| May 29, 2026 | DM Individual Aggregator, LLC10% owner | Sold plan | 105,362 | $58.27 | $6.1M | Form 4 |
| May 29, 2026 | Travis BoersmaExecutive Chairman of Board, Director, 10% owner | Sold plan | 302,700 | $58.27 | $17.6M | Form 4 |
| May 28, 2026 | DM Trust Aggregator, LLC10% owner | Sold plan | 133,728 | $56.16 | $7.5M | Form 4 |
| May 28, 2026 | Travis BoersmaExecutive Chairman of Board, Director, 10% owner | Sold plan | 205,127 | $56.16 | $11.5M | Form 4 |
| May 28, 2026 | DM Individual Aggregator, LLC10% owner | Sold plan | 71,399 | $56.16 | $4.0M | Form 4 |
| May 27, 2026 | DM Trust Aggregator, LLC10% owner | Sold plan | 355,217 | $56.21 | $20.0M | Form 4 |
| May 27, 2026 | Travis BoersmaExecutive Chairman of Board, Director, 10% owner | Sold plan | 544,872 | $56.21 | $30.6M | Form 4 |
| May 27, 2026 | DM Individual Aggregator, LLC10% owner | Sold plan | 189,655 | $56.21 | $10.7M | Form 4 |
| May 15, 2026 | Todd Allan PenegorDirector | Bought | 2,000 | $51.18 | $0.1M | Form 4 |
| Nov 25, 2025 | DM Trust Aggregator, LLC10% owner | Sold plan | 1,030,527 | $55.44 | $57.1M | Form 4 |
| Nov 25, 2025 | DM Individual Aggregator, LLC10% owner | Sold plan | 648,089 | $55.44 | $35.9M | Form 4 |
| Nov 25, 2025 | Travis BoersmaExecutive Chairman of Board, Director, 10% owner | Sold plan | 1,678,616 | $55.44 | $93.1M | Form 4 |
| Nov 24, 2025 | DM Individual Aggregator, LLC10% owner | Sold plan | 317,125 | $53.41 | $16.9M | Form 4 |
| Nov 24, 2025 | Travis BoersmaExecutive Chairman of Board, Director, 10% owner | Sold plan | 821,384 | $53.41 | $43.9M | Form 4 |
| Nov 24, 2025 | DM Trust Aggregator, LLC10% owner | Sold plan | 504,259 | $53.41 | $26.9M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Dutch Bros owes $353M more than it holds in cash, about 1.3 years of operating profit.
Cash, debt and the ratios that show how comfortably Dutch Bros can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $18.5M | $20.2M | $134M | $293M | $269M |
| Debt incl. finance leases | $3.6M | $345M | $476M | $621M | $623M |
| Net debt / EBITDA | β | 7.7x | 3.0x | 1.6x | 1.3x |
| Debt / equity | 0.0x | 2.7x | 1.3x | 1.2x | 0.9x |
| Interest coverage | β15.1x | β0.2x | 1.3x | 2.7x | 4.1x |
| Current ratio | 0.4x | 0.4x | 1.5x | 1.8x | 1.5x |
| Quick ratio | 0.3x | 0.2x | 1.2x | 1.6x | 1.3x |
| Total assets | $554M | $1.2B | $1.8B | $2.5B | $3.0B |
| Total liabilities | $340M | $934M | $1.1B | $1.7B | $2.1B |
| Shareholders' equity | $94.5M | $129M | $364M | $537M | $681M |
| Net debt (β = net cash) | β$14.9M | $325M | $343M | $327M | $353M |
KIRA Β· Its return on capital was 11.9%: every 100 invested in the business earned about 12 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Dutch Bros passes 5 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 7 / 9 | 6 / 9 | 5 / 9 |
| Accruals ratio | β9.4% | β9.9% | β7.8% |
| Altman Z'' | 1.05 | 1.18 | 1.17 |
What does the share cost, and how does it compare?
KIRA Β· At $41.49 a share, the company is worth $5.6B: 57.6 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of β$353M and divides by 125.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 57.6x Β· peers 30.2x Β· sector 17.7x.
KIRA Β· Dutch Bros grew sales faster than 4 of its 4 similar companies. Its P/E is higher than 2 of 3.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Dutch Bros BROS | $5.6B | 27.9% | 9.8% | 3.3% | 11.9% | 57.6x | 5 | |
| Shake Shack SHAK | $2.7B | 15.4% | 4.3% | 3.9% | 9.6% | 68.6x | 7 | Compare β |
| BJ's Restaurants BJRI | $1.2B | 3.1% | 3.3% | 2.9% | 11.1% | 30.2x | 7 | Compare β |
| Papa John's PZZA | $603M | β0.3% | 4.3% | 3.0% | 19.3% | 23.1x | 4 | Compare β |
| Dave & Buster's PLAY | $246M | β1.4% | 4.1% | β4.8% | 4.1% | β | 6 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $238M | $327M | $498M | $739M | $966M | $1.3B | $1.6B |
| Gross profit | $96.1M | $116M | $153M | $181M | $251M | $340M | $424M |
| Operating income | $30.3M | $11.0M | β$111M | β$2.6M | $46.2M | $106M | $161M |
| Interest expense | $2.4M | $3.8M | $7.3M | $17.6M | $35.0M | $39.1M | $39.0M |
| Pretax income | $0.1M | $0.8M | β$14.3M | β$2.2M | $16.9M | $84.9M | $136M |
| Income tax | $0.1M | $0.8M | β$1.6M | $2.6M | $7.0M | $18.4M | $18.3M |
| Net income | $0.0M | $0.0M | β$12.7M | β$4.8M | $1.7M | $35.3M | $79.8M |
| Diluted EPS | β | β | β$0.28 | β$0.09 | $0.03 | $0.34 | $0.64 |
| Diluted shares | β | β | 0.05B | 0.05B | 0.06B | 0.10B | 0.13B |
| Cash flow | |||||||
| Cash from operations | $56.7M | $53.5M | $80.4M | $59.9M | $140M | $246M | $296M |
| Capital expenditure | $39.5M | $40.6M | $118M | $188M | $229M | $222M | $241M |
| Free cash flow | $17.2M | $13.0M | β$38.1M | β$128M | β$88.5M | $24.7M | $54.4M |
| Depreciation and amortization | $9.7M | $15.5M | $25.2M | $44.7M | $69.1M | $93.0M | $115M |
| Stock-based compensation | $6.8M | $35.1M | $158M | $41.7M | $39.2M | $11.5M | $18.0M |
| Acquisitions | $0.5M | $5.1M | $5.4M | $6.1M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $288M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $288M | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | |||||||
| Cash and short-term investments | $15.6M | $31.6M | $18.5M | $20.2M | $134M | $293M | $269M |
| Total debt | β | $28.2M | $3.6M | $100M | $99.1M | $238M | $203M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $245M | $377M | $383M | $420M |
| Current assets | β | $63.1M | $61.3M | $82.3M | $205M | $358M | $357M |
| Current liabilities | β | $59.9M | $139M | $213M | $138M | $203M | $241M |
| Inventory | $0.0M | $15.6M | $23.3M | $39.2M | $47.0M | $36.5M | $48.9M |
| Property and equipment, net | β | $165M | $302M | $366M | $542M | $684M | $825M |
| Total assets | β | $260M | $554M | $1.2B | $1.8B | $2.5B | $3.0B |
| Total liabilities | β | $184M | $340M | $934M | $1.1B | $1.7B | $2.1B |
| Shareholders' equity | β | $76.0M | $94.5M | $129M | $364M | $537M | $681M |
| Margins | |||||||
| Gross margin | 40.3% | 35.4% | 30.8% | 24.5% | 26.0% | 26.6% | 25.9% |
| Operating margin | 12.7% | 3.4% | β22.3% | β0.4% | 4.8% | 8.3% | 9.8% |
| EBITDA margin | 16.8% | 8.1% | β17.3% | 5.7% | 11.9% | 15.5% | 16.9% |
| Net margin | 0.0% | 0.0% | β2.6% | β0.6% | 0.2% | 2.8% | 4.9% |
| FCF margin | 7.2% | 4.0% | β7.7% | β17.3% | β9.2% | 1.9% | 3.3% |
| Returns | |||||||
| Return on capital | β | β | β64.4% | β0.5% | 3.4% | 7.9% | 11.9% |
| Return on capital employed | β | β | β36.2% | β0.4% | 3.6% | 5.4% | 6.4% |
| Return on equity | β | β | β14.9% | β4.3% | 0.7% | 7.8% | 13.1% |
| Return on assets | β | β | β3.1% | β0.6% | 0.1% | 1.7% | 2.9% |
| Growth | |||||||
| Revenue growth | β | 37.4% | 52.1% | 48.4% | 30.7% | 32.6% | 27.9% |
| Net income growth | β | β | β | β | β | 1,952.3% | 126.5% |
| EPS growth | β | β | β | β | β | 1,033.3% | 88.2% |
| FCF growth | β | β24.7% | β393.4% | β | β | β | 120.3% |
| Share count change | β | β | β | 13.1% | 19.7% | 67.8% | 20.8% |
| Financial health | |||||||
| Net debt / EBITDA | β | β0.1x | β | 7.7x | 3.0x | 1.6x | 1.3x |
| Debt / equity | β | 0.4x | 0.0x | 2.7x | 1.3x | 1.2x | 0.9x |
| Interest coverage | 12.6x | 2.9x | β15.1x | β0.2x | 1.3x | 2.7x | 4.1x |
| Current ratio | β | 1.1x | 0.4x | 0.4x | 1.5x | 1.8x | 1.5x |
| Quick ratio | β | 0.8x | 0.3x | 0.2x | 1.2x | 1.6x | 1.3x |
| Capital allocation | |||||||
| Capex / revenue | 16.6% | 12.4% | 23.8% | 25.4% | 23.7% | 17.3% | 14.7% |
| Stock comp / revenue | 2.8% | 10.7% | 31.7% | 5.6% | 4.1% | 0.9% | 1.1% |
| Payouts / FCF | 0.0% | 0.0% | β | β | β | 0.0% | 0.0% |
| Quality scores | |||||||
| Piotroski F-score | β | β | β | 3.0 | 7.0 | 6.0 | 5.0 |
| Altman Z'' | β | 0.8 | β1.7 | β0.5 | 1.1 | 1.2 | 1.2 |
| Accruals ratio | β | β | β22.9% | β7.4% | β9.4% | β9.9% | β7.8% |
Source: SEC EDGAR XBRL filings (CIK 0001866581). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
