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Drive-thru coffee chain known for fast service and customizable cold/hot drinks, expanding rapidly across the US.
Drive-thru coffee chain known for fast service and customizable cold/hot drinks, expanding rapidly across the US.
Most revenue comes from drinks sold at shops it owns and runs, with franchisees adding royalties. Growth comes from opening new drive-thru shops, many without indoor seating, and moving from its home in the western states into the South and Midwest. Founded in Oregon, it listed in 2021.
Moat: narrow (brand). Distinctive brand and fast drive-thru format are driving growth, but the moat is unproven at national scale.
Headquarters: Grants Pass, Oregon, United States · Founded: 1992 · Employees: 32,000
Size Dutch Bros (BROS) is a United States Consumer Discretionary company (Restaurants) with a market value of $5.90B, the 1072nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $33.77 on 6 Nov 2026.
Performance Over six months the shares fell 35.9%, against +16.6% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 29.6% over the last twelve months (peer median +10.3%); the operating margin is 9.7% (peer median 7.9%).
Valuation It trades at 31.0× forward earnings against a peer median of 29.4× (11th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 36% a year for seven years (Req g). Recent delivered growth is +38%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.6 points below its cost of capital (13.2% WACC).
Backlog Backlog (remaining performance obligations) was $2.60M at 31 Dec 2025, flat on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Short interest Short interest is 14.7% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.88B | $1.64B | $1.28B | $966M | $739M |
| Revenue growth | — | +28% | +33% | +31% | — |
| Gross profit | $467M | $421M | $339M | $250M | $178M |
| EBITDA | $287M | $249M | $173M | $94.1M | $42.6M |
| Net income | $92.4M | $79.8M | $35.3M | $1.72M | -$4.75M |
| Free cash flow | $75.2M | $54.4M | $24.7M | -$88.5M | -$128M |
| Capital expenditure | $290M | $241M | $222M | $228M | $194M |
| Total debt | $1.21B | $1.09B | $943M | $677M | $625M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Dutch Bros BROS | $5.90B | -36% | +30% | 10% | 31.0× | 36.3% |
| Starbucks SBUX | $120B | +1% | +2% | 11% | 32.6× | 18.5% |
| Restaurant Brands International QSR | $35.1B | -3% | +6% | 27% | 18.1× | 6.3% |
| McDonald's MCD | $196B | 0% | +6% | 46% | 20.7× | 4.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BROS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.1% | +10.1% | lowest of 21 |
| 6-month return | -35.9% | +16.6% | lowest of 20 |
| Distance from 52-week high | -54.4% | -15.6% | lowest of 21 |
| Revenue growth (TTM) | +29.6% | +10.3% | highest of 21 |
| Operating margin | 9.7% | 7.9% | 8th highest of 21 |
| Forward P/E | 31.0× | 29.4× | 11th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 36.3% | 6.6% | 2nd most demanding of 19 |
| Growth delivered (Del g) | +38.0% | +14.6% | highest of 19 |
| Hurdle (Req g minus delivered) | -1.7 pp | -2.9 pp | 8th most demanding of 19 |
| ROIC minus cost of capital | -6.6 pp | +6.2 pp | lowest of 21 |
| EV / EBITDA | 25.0× | 14.4× | 3rd most expensive of 21 |
| Net debt / EBITDA | 3.3× | 2.1× | 6th most indebted of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dutch Bros BROS | United States | $5.90B | -36% | +30% | 10% | 31.0× | 36.3% | +38.0% |
| Jersey Mike's Subs JMKE | United States | $6.03B | n/a | +11% | 21% | 26.3× | n/a | n/a |
| Cheesecake Factory CAKE | United States | $5.32B | +73% | +8% | 7% | 21.2× | 16.7% | +13.6% |
| Skylark 3197.T | Japan | $5.18B | +19% | +11% | 7% | 38.5× | 6.4% | +9.7% |
| CAVA CAVA | United States | $6.91B | -26% | +27% | 7% | 85.5× | 41.5% | +27.9% |
| Haidilao 6862.HK | Hong Kong | $7.24B | -28% | +11% | 12% | 11.4× | 2.0% | +7.8% |
| McDonald's Holdings Company (Japan) 2702.T | Japan | $7.33B | +7% | +2% | 14% | 32.0× | 1.8% | +7.6% |
| Food & Life Companies 3563.T | Japan | $7.34B | +12% | +24% | 10% | 35.6× | 6.9% | +16.0% |
| Wingstop WING | United States | $4.42B | +26% | +7% | 28% | 35.3× | 21.9% | +22.9% |
| Brinker International EAT | United States | $8.58B | +49% | +6% | 11% | 14.7× | 9.3% | +11.7% |
| Sodexo SW.PA | France | $9.91B | +28% | 0% | 3% | 17.7× | 6.0% | +6.6% |
| Jubilant Foodworks JUBLFOOD.NS | India | $3.20B | -5% | +16% | 10% | 61.4× | 28.6% | +23.5% |
| Domino's DPZ | United States | $11.0B | +4% | +4% | 20% | 16.3× | 1.8% | +3.7% |
| Shake Shack SHAK | United States | $3.08B | +2% | +17% | 5% | 55.7× | n/a | n/a |
| Texas Roadhouse TXRH | United States | $12.1B | +4% | +10% | 8% | 26.8× | 13.8% | +19.6% |
| Zensho 7550.T | Japan | $12.2B | +41% | +12% | 7% | 34.3× | 6.1% | +16.3% |
| TORIDOLL 3397.T | Japan | $2.68B | +19% | +3% | 7% | 57.7× | 5.9% | +15.6% |
| Mitchells & Butlers MAB.L | United Kingdom | $2.56B | +25% | +3% | 12% | 10.2× | 4.7% | +12.9% |
| Saizeriya 7581.T | Japan | $2.52B | +60% | +17% | 5% | 26.9× | 4.6% | +19.0% |
| Aramark ARMK | United States | $13.9B | +17% | +11% | 4% | 19.8× | 16.1% | +7.6% |
| create restaurants 3387.T | Japan | $2.34B | +14% | +3% | 5% | 65.7× | 17.8% | +17.3% |
Dutch Bros reported $2.60M of remaining performance obligations at 31 Dec 2025, flat from a year earlier and up 4% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.