BID TerminalOpen complete report
Research library Consumer

Back of Napkin

Dutch Bros Inc. BROS

Three-pass checkedFresh as companies report

Revenue growth accelerated to 32.5% last quarter. The number of customers walking up to the window grew 1.7%, down from 3.7% a year ago.

Both are true, both are in the same filing, and which one is the real business decides whether $9.0B is a reasonable price.

BROS · price with moving averages

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

Source: market data.

The business

Dutch Bros runs 1,225 drive-thru coffee shops across 25 states, 888 company-operated and 337 franchised. No dining room, no seating, no wifi. A customer pulls up to a window and a staffer takes an order for what is usually a cold, sweet, heavily customized drink rather than plain coffee, and the chain's actual product is the thirty seconds of relentless cheerfulness that comes with it. Company shops throw off 93% of revenue; franchising sells beans and collects royalties. Growth comes from pouring concrete, which is why capital spending runs close to operating cash flow every single year.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

Continue with BROS

Get the complete Back of Napkin free.

Choose this as your free complete report. No card required.

Read the complete report

More company research

View all research
Wingstop Inc. WINGThey pay Michael Skipworth to grow adjusted profit and to open new restaurants, with nothing in the plan tied to the sales of the restaurants already open, which means he will keep the development machine at full speed through a demand slump, because franchisees fund the buildings and every opening pays the scoreboard twice. Proxy Report Wingstop Inc. WINGWingstop's franchise machine is still opening a restaurant nearly every day while the customers inside its existing restaurants quietly thin out. Moat Dive SharkNinja, Inc. SNSharkNinja's growth just reaccelerated to 22%, its fastest quarter since 2024, and the stock has responded by doubling off its April low to 38 times trailing earnings. Back of Napkin AutoZone, Inc. AZOAutoZone's operating income fell in two consecutive quarters and then grew 6.6%, while revenue growth sat perfectly still at roughly 8% throughout. Back of Napkin