Dutch Bros Inc.BROS
NYSE•Consumer Cyclical•Restaurants
Dutch Bros Inc., together with its subsidiaries, operates and franchises drive-thru shops in the United States. The company sells and distributes coffee, coffee-related products, and accessories. It operates through Company-Operated Shops and Franchising and Other segments. The company sells its products under various brands such as Dutch Bros, Dutch Bros Coffee, Dutch Bros Rebel, Dutch Bros, and Blue Rebel. Dutch Bros Inc. was founded in 1992 and is based in Tempe, Arizona.
Dutch Bros Inc. (BROS) reported trailing twelve months revenue of $1.75B as of March 2026, a 28.4% increase year-over-year. Quarterly revenue reached $464.41M, reflecting continued top-line momentum.
Dutch Bros Inc. generated $80.59M in TTM net income, with quarterly EBITDA of $72.56M. The operating margin contracted from 8.7% to 7.4%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (7.4%) and net margin (3.5%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 4.3% a year ago, reflecting increased costs or interest expense.
BROS trades at a P/E of 75.7x (a premium multiple) and a P/S of 3.5x. The price-to-book ratio of 8.8x indicates a significant premium over book value.
The company generated $27.72M in free cash flow over the trailing twelve months, a 419.9% increase year-over-year, indicating cash generation ability. The balance sheet shows $3.11B in total assets with $195.45M in long-term debt against $696.45M in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 19 quarters of fundamental data
Operating margins are positive at ~8.9% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~8.2% on average, adequate but below the threshold typically associated with wide moats.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~56.2% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 19 quarters
Margins are stable or improving at ~9.5% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares outstanding increased 24.7% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation