Dutch Bros vs Papa John's
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The short version
- Papa John'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 −0.3%).
- Dutch Bros kept more of each dollar of sales as operating profit (9.8% operating margin, against 4.3%).
- Papa John's earned a higher return on the capital invested in it (19.3%, against 11.9%).
- Investors pay more for each dollar of Dutch Bros’s earnings: a P/E of 57.6x against 22.9x for Papa John's.
| Latest fiscal year | BROS · FY25 | PZZA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.6B | $599M |
| Revenue | $1.6B | $2.1B |
| Free cash flow | $54.4M | $61.3M |
| Net income | $79.8M | $30.5M |
| Growth | ||
| Revenue growth | 27.9% | −0.3% |
| 5-year growth | 38.0% | 2.5% |
| Share count change | 20.8% | 0.4% |
| Profitability | ||
| Gross margin | 25.9% | — |
| Operating margin | 9.8% | 4.3% |
| Net margin | 4.9% | 1.5% |
| FCF margin | 3.3% | 3.0% |
| Return on capital | 11.9% | 19.3% |
| Return on equity | 13.1% | — |
| Balance sheet | ||
| Net debt | $353M | $729M |
| Net debt / EBITDA | 1.3x | 4.0x |
| Dividends and buybacks | $0.0M | $61.1M |
| Valuation & quality | ||
| P/E | 57.6x | 22.9x |
| Piotroski F-score | 5 | 4 |
Revenue
FY16
BROS —
PZZA $1.7B
FY17
BROS —
PZZA $1.8B
FY18
BROS —
PZZA $1.7B
FY19
BROS $238M
PZZA $1.6B
FY20
BROS $327M
PZZA $1.8B
FY21
BROS $498M
PZZA $2.1B
FY22
BROS $739M
PZZA $2.1B
FY23
BROS $966M
PZZA $2.1B
FY24
BROS $1.3B
PZZA $2.1B
FY25
BROS $1.6B
PZZA $2.1B
BROS
PZZA
Operating margin
FY16
BROS —
PZZA 9.6%
FY17
BROS —
PZZA 8.5%
FY18
BROS —
PZZA 1.9%
FY19
BROS 12.7%
PZZA 1.5%
FY20
BROS 3.4%
PZZA 5.0%
FY21
BROS −22.3%
PZZA 8.1%
FY22
BROS −0.4%
PZZA 5.2%
FY23
BROS 4.8%
PZZA 6.9%
FY24
BROS 8.3%
PZZA 7.6%
FY25
BROS 9.8%
PZZA 4.3%
BROS
PZZA
Free cash flow
FY16
BROS —
PZZA $94.7M
FY17
BROS —
PZZA $82.4M
FY18
BROS —
PZZA $50.4M
FY19
BROS $17.2M
PZZA $24.0M
FY20
BROS $13.0M
PZZA $151M
FY21
BROS −$38.1M
PZZA $116M
FY22
BROS −$128M
PZZA $39.4M
FY23
BROS −$88.5M
PZZA $116M
FY24
BROS $24.7M
PZZA $34.2M
FY25
BROS $54.4M
PZZA $61.3M
BROS
PZZA
Return on capital
FY16
BROS —
PZZA 39.6%
FY17
BROS —
PZZA 36.3%
FY18
BROS —
PZZA 6.2%
FY19
BROS —
PZZA 15.5%
FY20
BROS —
PZZA —
FY21
BROS −64.4%
PZZA 122.5%
FY22
BROS −0.5%
PZZA 32.0%
FY23
BROS 3.4%
PZZA 38.5%
FY24
BROS 7.9%
PZZA 36.9%
FY25
BROS 11.9%
PZZA 19.3%
BROS
PZZA
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.