Dutch Bros vs Cava Group
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The short version
- Dutch Bros is the larger business, with $1.6B of revenue in fiscal 2025 against $1.2B for Cava Group.
- Dutch Bros grew revenue faster (27.9%, against 22.4%).
- Dutch Bros kept more of each dollar of sales as operating profit (9.8% operating margin, against 4.7%).
- Dutch Bros turned more of its sales into free cash flow (3.3% FCF margin, against 2.2%).
- Cava Group earned a higher return on the capital invested in it (13.9%, against 11.9%).
- Investors pay more for each dollar of Cava Group’s earnings: a P/E of 97.2x against 57.6x for Dutch Bros.
| Latest fiscal year | BROS · FY25 | CAVA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.6B | $6.3B |
| Revenue | $1.6B | $1.2B |
| Free cash flow | $54.4M | $26.1M |
| Net income | $79.8M | $63.7M |
| Growth | ||
| Revenue growth | 27.9% | 22.4% |
| 5-year growth | 38.0% | — |
| Share count change | 20.8% | 0.0% |
| Profitability | ||
| Gross margin | 25.9% | — |
| Operating margin | 9.8% | 4.7% |
| Net margin | 4.9% | 5.4% |
| FCF margin | 3.3% | 2.2% |
| Return on capital | 11.9% | 13.9% |
| Return on equity | 13.1% | 8.6% |
| Balance sheet | ||
| Net debt | $353M | −$393M |
| Net debt / EBITDA | 1.3x | −3.1x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | 57.6x | 97.2x |
| Piotroski F-score | 5 | 4 |
Revenue
FY19
BROS $238M
CAVA —
FY20
BROS $327M
CAVA —
FY21
BROS $498M
CAVA $500M
FY22
BROS $739M
CAVA $564M
FY23
BROS $966M
CAVA $729M
FY24
BROS $1.3B
CAVA $964M
FY25
BROS $1.6B
CAVA $1.2B
BROS
CAVA
Operating margin
FY19
BROS 12.7%
CAVA —
FY20
BROS 3.4%
CAVA —
FY21
BROS −22.3%
CAVA −10.6%
FY22
BROS −0.4%
CAVA −10.6%
FY23
BROS 4.8%
CAVA 0.7%
FY24
BROS 8.3%
CAVA 4.5%
FY25
BROS 9.8%
CAVA 4.7%
BROS
CAVA
Free cash flow
FY19
BROS $17.2M
CAVA —
FY20
BROS $13.0M
CAVA —
FY21
BROS −$38.1M
CAVA −$52.9M
FY22
BROS −$128M
CAVA −$98.1M
FY23
BROS −$88.5M
CAVA −$41.7M
FY24
BROS $24.7M
CAVA $52.9M
FY25
BROS $54.4M
CAVA $26.1M
BROS
CAVA
Return on capital
FY19
BROS —
CAVA —
FY20
BROS —
CAVA —
FY21
BROS −64.4%
CAVA —
FY22
BROS −0.5%
CAVA —
FY23
BROS 3.4%
CAVA —
FY24
BROS 7.9%
CAVA 15.2%
FY25
BROS 11.9%
CAVA 13.9%
BROS
CAVA
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.