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Dutch Bros Inc. BROS

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At $49.87 you are paying 69.3 times earnings and 90.7 times free cash flow for a company that grew revenue 32.5% and opened 48 shops in the June quarter.

Only 26% of operating cash flow survives capital spending, which is the model working and also why there is no dividend, no buyback, and no valuation floor.

Key data

ItemValue
Price (2026-08-21)$49.87
Market capitalization$8.6B
FY2025 revenue$1.64B, up 27.9%
FY2025 operating margin9.8%
Trailing P/E, diluted69.3x
Trailing price to free cash flow90.7x
Free cash flow conversion26% of operating cash flow
Debt to equity1.51x

BROS · price with moving averages

Daily · 6MWeekly · 3Y
$19$36$53$70$87 Sep '23Apr '24Nov '24Jun '25Jan '26Sep '26 BID
EMAs82140

Source: market data.

The business

Dutch Bros sells drive-through beverages, mostly cold, mostly sweet, mostly to people in their twenties, mostly in the western United States. There is no dining room. Two lanes, an order taker on a tablet in the lane, and staff trained to be conspicuously friendly. Company-operated shops book the full ticket, so Dutch Bros collects all of the revenue and carries all of the cost, unlike a franchisor.

Growth comes from store count. The company opened 48 shops in the June quarter, 44 of them company-operated, and revenue rose 32.5% to $550.9 million while company-operated same shop sales rose 8.3%. Operating margin has gone from negative 0.4% in 2022 to 9.8% in 2025. What changed is that profitability arrived on schedule and management raised full year revenue guidance to between $2.1 billion and $2.13 billion.

Inside the complete One Pager

  1. 01The business
  2. 02Things you might not know
  3. 03Fundamentals
  4. 04Valuation
  5. 05Management
  6. 06Compensation
  7. 07The linchpins
  8. 08Last word

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