Dutch Bros Inc.
- Open
- 46.00
- Day high
- 48.29
- Day low
- 46.00
- Prev close
- 46.31
- Volume
- 4.4M
- Mkt cap
- $6.6B
- P/E (TTM)
- 66.8
- EPS (TTM)
- $0.72
- P/B
- 8.3
- P/S
- 3.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$187.5M over the last 3 months (1 open-market buy, 21 sales)
- 🏛Institutions accumulating (13F)
Dutch Bros Inc. (BROS) is a Consumer Cyclical company listed on NYSE. The stock is down 33% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 21 sales (SEC Form 4). Drillr has 1 published research article covering BROS.
Dutch Bros Inc. (BROS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 9 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BROS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $0.29 | $0.33 | +14.0% | $551M | +4.8% |
| May 6, 2026 | $0.16 | $0.16 | +0.0% | $464M | +3.3% |
| Feb 12, 2026 | $0.10 | $0.17 | +70.0% | $444M | -1.0% |
| Nov 5, 2025 | $0.17 | $0.19 | +13.6% | $424M | +2.4% |
| Aug 6, 2025 | $0.18 | $0.26 | +44.4% | $416M | +1.0% |
| Feb 12, 2025 | $0.02 | $0.07 | +250.0% | $343M | +7.5% |
| Feb 21, 2024 | $0.02 | $0.04 | +113.9% | $254M | +0.5% |
| Feb 22, 2023 | $0.07 | $0.03 | -57.1% | $202M | -3.5% |
| Nov 9, 2022 | $0.06 | $0.09 | +50.0% | $199M | +2.0% |
| Aug 10, 2022 | $0.07 | $0.05 | -28.6% | $186M | +2.3% |
| Mar 1, 2022 | $0.02 | $0.02 | +25.9% | $140M | +4.0% |
| Nov 10, 2021 | $0.08 | $0.23 | +187.5% | $130M | +14.3% |
BROS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 21, 2026 | Maw Scott Harlandirector | Option | 775 | — |
| Aug 21, 2026 | MARCHISOTTO KORYdirector | Option | 775 | — |
| Aug 21, 2026 | Cone C. Daviddirector | Option | 775 | — |
| Aug 21, 2026 | Hart Gerard Johandirector | Option | 775 | — |
| Aug 21, 2026 | Penegor Todd Allandirector | Option | 775 | — |
| Aug 21, 2026 | Gillett Stephendirector | Option | 775 | — |
| Aug 21, 2026 | Miller Ann Mdirector | Option | 775 | — |
| Aug 14, 2026 | Penegor Todd Allandirector | Buy | 2,000 | $51.56 |
| Jul 6, 2026 | DAVILA TANAofficer: Chief Marketing Officer | Tax | 2,367 | $73.31 |
| Jul 6, 2026 | DAVILA TANAofficer: Chief Marketing Officer | Option | 5,655 | — |
| Jul 6, 2026 | DAVILA TANAofficer: Chief Marketing Officer | Tax | 3,678 | $73.31 |
| Jul 6, 2026 | DAVILA TANAofficer: Chief Marketing Officer | Option | 8,787 | — |
| Jun 12, 2026 | DM Individual Aggregator, LLC10 percent owner | Sell | 124,771 | $62.47 |
| Jun 12, 2026 | Boersma Travisdirector, 10 percent owner, officer: Executive Chairman of Board | Sell | 226,120 | $63.46 |
| Jun 12, 2026 | DM Trust Aggregator, LLC10 percent owner | Sell | 27,413 | $61.08 |
Source: BROS SEC Form 4 filings, latest Aug 21, 2026. For informational purposes only — not investment advice.
See the full BROS insider & 13F page →Dutch Bros Inc. company profile
Overview
Dutch Bros Inc. (NYSE:BROS) is a drive-thru coffee chain founded in 1992 by brothers Dane and Travis Boersma in Grants Pass, Oregon. What began as a single pushcart operation has evolved into one of the fastest-growing coffee chains in the United States, going public in September 2021. The company operates primarily through drive-thru locations across the western United States, serving specialty coffee drinks, energy beverages, and other refreshments with an emphasis on customer service and community connection.
Business
Dutch Bros operates in the quick-service restaurant industry, specifically focusing on drive-thru coffee and beverage service. The company's core offering centers around specialty coffee drinks, energy beverages, and smoothies served through a distinctive drive-thru model that emphasizes speed, convenience, and personalized customer interaction. The company operates through two primary business segments. **Company-operated shops** represent the majority of the business, generating approximately 92% of total revenue ($1.18 billion of $1.28 billion in 2024). These locations are directly owned and managed by Dutch Bros, allowing for greater control over operations, customer experience, and financial performance. The **franchising and other segment** contributes roughly 8% of revenue ($100 million in 2024), consisting of franchise fees, royalties from franchised locations, and other ancillary revenue streams. Dutch Bros' menu features a wide variety of beverages including coffee-based drinks, energy drinks under the "Blue Rebel" brand, smoothies, teas, and seasonal limited-time offerings. The company has built its reputation on customization, allowing customers to modify drinks with various flavor combinations, milk alternatives, and caffeine levels. Recent innovations include protein-enhanced beverages and the introduction of boba (bubble tea) options. The company is also piloting food offerings in select locations, focusing primarily on breakfast items that complement their beverage-centric model. The drive-thru format is central to Dutch Bros' operational strategy, designed to serve customers quickly while maintaining personal connection through their "Broista" employees who are trained to engage customers in brief, friendly conversations during the ordering process.
Revenue model
Dutch Bros generates revenue primarily through direct product sales at company-operated locations and franchise-related income from licensed operators. The company-operated segment drives the majority of revenue through beverage sales, with average unit volumes of approximately $2 million per location annually. Franchise revenue comes from initial franchise fees, ongoing royalty payments typically based on a percentage of franchisee sales, and other support services. The company's business model benefits from several margin-enhancing factors. **High customer frequency and loyalty** drive consistent revenue, with the Dutch Rewards program now accounting for 71% of transactions, enabling targeted marketing and customer retention. **Operational efficiency improvements** through mobile ordering, which reached 8% of channel mix by late 2024, help optimize labor deployment and reduce wait times. **Geographic expansion** into new markets provides revenue growth opportunities while leveraging existing infrastructure and brand recognition. However, several factors present margin pressures. **Commodity price volatility**, particularly in coffee and dairy products, directly impacts cost of goods sold, with management noting 110 basis points of margin pressure expected in 2025 from coffee price increases alone. **Labor cost inflation** remains a significant challenge, especially in states with rising minimum wages like California. **Competitive pressure** in the broader coffee and quick-service restaurant market may limit pricing flexibility. **Real estate costs** continue to rise as the company expands into new markets, potentially affecting new store economics. The company's emphasis on maintaining premium customer service and employee satisfaction also requires ongoing investment in wages and benefits that may pressure short-term margins but supports long-term brand differentiation.
Competitive moat
Dutch Bros possesses a **moderate but developing competitive moat** built primarily around brand loyalty, operational efficiency, and cultural differentiation. The company's strongest defensive characteristic is its distinctive brand culture that emphasizes personal customer connections and community engagement, creating emotional loyalty that extends beyond product quality alone. This is evidenced by the high participation rate in their rewards program and strong same-store sales growth even during challenging economic periods. The **drive-thru format specialization** provides operational advantages in terms of real estate flexibility, lower labor costs compared to full-service restaurants, and alignment with consumer convenience preferences that accelerated during the pandemic. The company's focus on speed of service while maintaining personal interaction creates a differentiated customer experience that competitors find difficult to replicate at scale. However, the moat faces several vulnerabilities. **Low barriers to entry** in the coffee industry mean established players like Starbucks, Dunkin', and regional competitors can adapt their formats or expand drive-thru offerings. **Limited product differentiation** exists since coffee and energy drinks are commoditized products that competitors can easily replicate. **Geographic concentration** in western states makes the company vulnerable to regional economic downturns or increased local competition. **Potential disruption** could come from several sources: major coffee chains expanding their drive-thru presence, convenience stores and gas stations upgrading their coffee offerings, or new entrants leveraging technology for faster service. The company's expansion into food service, while potentially additive, also increases operational complexity and competition with established quick-service restaurant chains. The sustainability of the moat will largely depend on Dutch Bros' ability to maintain its cultural differentiation and customer loyalty as it scales nationally.
Risks & safety
Dutch Bros demonstrates **moderate financial safety** with some areas of concern around valuation and capital intensity. **Liquidity and Solvency:** - Strong cash position: $293 million in cash and short-term investments as of Q1 2025 - Current ratio of 1.95, indicating adequate short-term liquidity - Debt-to-equity ratio of 1.70, reflecting moderate leverage primarily from expansion financing - Positive free cash flow generation in recent quarters, though historically volatile due to expansion capital requirements **Valuation Metrics:** - EV/EBITDA of 35.5x (Q1 2025), indicating expensive valuation relative to mature restaurant chains - Price-to-book ratio of 12.5x, reflecting significant premium to tangible assets - Graham number suggests potential overvaluation at current price levels **Other Considerations:** - Capital-intensive growth model with $240-260 million annual capex requirements - Revenue growth of 29% year-over-year provides some justification for premium valuation - Young public company (IPO 2021) with limited operating history during economic downturns
Recent development
Over the past few years, Dutch Bros has executed several strategic initiatives focused on technology integration, geographic expansion, and operational optimization. The most significant development has been the **mobile ordering rollout**, which began as pilot programs in 2023 and achieved nearly complete system coverage by 2024, now representing 11% of transaction mix. This technology investment aims to improve operational efficiency while maintaining the brand's emphasis on customer connection. **Geographic expansion** has accelerated substantially, with the company opening 151 new shops in 2024 and targeting at least 160 openings in 2025. Notable market entries include Florida and continued expansion in Texas, representing the company's push beyond its traditional western United States footprint. The company has also refined its real estate strategy, incorporating more data-driven site selection and exploring build-to-suit lease arrangements to improve new store productivity. **Product innovation** has focused on category expansion while maintaining operational simplicity. The company successfully launched protein-enhanced coffee beverages, boba options, and seasonal limited-time offerings. Most recently, Dutch Bros initiated a **limited food pilot program** starting with 8 stores in 2024 and expanding to 32 stores by early 2025, focusing on breakfast items that complement beverage sales and potentially capture additional morning daypart occasions. **Marketing and customer engagement** strategies have evolved significantly, with increased investment in paid digital advertising, particularly in new markets. The Dutch Rewards loyalty program has become central to the customer experience, growing to 71% transaction penetration and enabling more sophisticated customer segmentation and targeted promotions. The company has also invested in organizational capabilities, hiring specialized leadership in development and marketing to support continued expansion.
BROS company profile · for informational purposes only — not investment advice.
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