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General information

Country: UNITED STATES

Sector: Restaurants

Dutch Bros Inc. operates and franchises drive-thru shops. It offers Dutch Bros hot and cold espresso-based beverages, and cold brew coffee products, as well as Blue Rebel energy drinks, tea, lemonade, smoothies, and other beverages through company-operated shops and online channels. As of May 11, 2022, it operated 572 drive-thru coffee locations across 12 states in the United States. The company was founded in 1992 and is headquartered in Grants Pass, Oregon.
Website: dutchbros.com



Growth: Good revenue growth rate 39.6%, there is acceleration compared to average historical growth rates 37.1%. The revenue growth dynamics is stable

Profitability: LTM EBITDA margin is positive, +10.1%. On average the margin is improving steadily. Gross margin is normal, +26.0%. In the last quarter the company beat the estimated EPS. The company was ahead of estimated EPS in 40% of quarters (showing a gain of -$0.01 per share on average)

Cash Flow Generation: Dividend yield for the last twelve months 0.0%. Free cash flow yield -2.1% (LTM)

Undervaluation: Fundamental value created in LTM (estimate)


Entry Point: Share price is 64.8% higher than minimum and 50.7% lower than maximum for the last 3 years

AI Insight: the companies with similar growth trajectories, EBITDA margin, industries and geography on average are valued 3.9x by EV / Sales multiple , the company can be 7.7% undervalued

Insiders: For the last 3 months insiders sold company shares on $4.1 mln (-0.137% of cap.)

Key Financials (Download financials)

Ticker: BROS
Share price, USD:  (+4.2%)37.6
year average price 28.76  


year start price 28.35 2023-05-17

min close price 22.81 2023-09-27

max close price 36.07 2024-05-14

current price 37.60 2024-05-15
Common stocks: 83 328 000

Dividend Yield:  0.0%
FCF Yield LTM: -2.1%
EV / LTM EBITDA: 36.3x
EV / EBITDA annualized: 20.3x
Last revenue growth (y/y):  39.6%
Last growth of EBITDA (y/y):  123.8%
Historical revenue growth:  37.1%
Historical growth of EBITDA:  148.3%
EV / Sales: 3.6x
Margin (EBITDA LTM / Revenue): 10.1%
Fundamental value created in LTM:
Market Cap ($m): 2 931
Net Debt ($m): 877
EV (Enterprise Value): 3 808
Price to Book: 7.0x

Revenue and EBITDA

Quarterly values ($m)

Change (y/y)

Cash Flow

FCF ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends (Download history)

Share price

Payment USD per share

Multiple and potential

EV / Sales

Potential dynamics

More information for subscribed users:
detailed calculation of
Fundamental value created in LTM

Financial reporting

Income Statement

Property 2024 q1 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol BROS BROS BROS BROS BROS BROS BROS
reportedCurrency USD USD USD USD USD USD USD
cik 2M 2M 2M 2M 2M 2M 2M
fillingDate 2024-05-08 2024-02-21 2023-11-08 2023-08-09 2023-05-10 2023-02-27 2022-11-10
acceptedDate 2024-05-08 17:04:51 2024-02-21 16:12:32 2023-11-08 16:27:30 2023-08-09 08:42:58 2023-05-10 07:54:03 2023-02-27 16:06:54 2022-11-10 16:07:34
calendarYear 2024.000 2023.000 2023.000 2023.000 2023.000 2022.000 2022.000
period Q1 Q4 Q3 Q2 Q1 Q4 Q3
revenue 275M 254M 265M 250M 197M 202M 199M
costOfRevenue 204M 195M 189M 179M 152M 147M 148M
grossProfit 72M 59M 75M 71M 46M 54M 51M
grossProfitRatio 0.260 0.231 0.284 0.285 0.232 0.269 0.255
researchAndDevelopmentExpenses 0 0 0 0 0 0 0
generalAndAdministrativeExpenses 0 0 0 0 0 0 0
sellingAndMarketingExpenses 0 0 0 0 0 0 0
sellingGeneralAndAdministrativeExpenses 46M 57M 50M 52M 46M 51M 45M
otherExpenses 6M 812 000 -140 000 1M 1M 6M 0
operatingExpenses 46M 57M 50M 52M 46M 51M 45M
costAndExpenses 250M 252M 240M 230M 197M 198M 193M
interestIncome 0 0 9M 0 0 0 0
interestExpense 6M 6M 9M 9M 8M 7M 5M
depreciationAndAmortization 15M 20M -140 000 17M 15M 13M 12M
ebitda 41M 22M 25M 21M 1M 9M 3M
ebitdaratio 0.147 0.086 0.093 0.083 0.005 0.047 0.016
operatingIncome 26M 2M 25M 20M -232 000 -4M -9M
operatingIncomeRatio 0.093 0.009 0.093 0.078 -0.001 -0.019 -0.043
totalOtherIncomeExpensesNet -592 000 -5M -140 000 1M 1M 6M 7M
incomeBeforeTax 25M -3M 15M 12M -7M 2M -2M
incomeBeforeTaxRatio 0.091 -0.012 0.058 0.046 -0.035 0.012 -0.009
incomeTaxExpense 9M 708 000 2M 2M 3M 5M -3M
netIncome 7M -1M 4M 3M -4M -3M 2M
netIncomeRatio 0.026 -0.006 0.016 0.011 -0.019 -0.014 0.009
eps 0.085 -0.019 0.071 0.050 -0.068 -0.051 0.030
epsdiluted 0.085 -0.019 0.070 0.050 -0.068 -0.051 0.030
weightedAverageShsOut 83M 75M 59M 57M 57M 55M 53M
weightedAverageShsOutDil 83M 75M 60M 57M 57M 55M 54M
link Link Link Link Link Link Link Link
finalLink Link Link Link Link Link Link Link

Balance Sheet Statement

Property 2024 q1 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol BROS BROS BROS BROS BROS BROS BROS
reportedCurrency USD USD USD USD USD USD USD
cik 2M 2M 2M 2M 2M 2M 2M
fillingDate 2024-05-08 2024-02-21 2023-11-08 2023-08-09 2023-05-10 2023-02-27 2022-11-10
acceptedDate 2024-05-08 17:04:51 2024-02-21 16:12:32 2023-11-08 16:27:30 2023-08-09 08:42:58 2023-05-10 07:54:03 2023-02-27 16:06:54 2022-11-10 16:07:34
calendarYear 2024.000 2023.000 2023.000 2023.000 2023.000 2022.000 2022.000
period Q1 Q4 Q3 Q2 Q1 Q4 Q3
cashAndCashEquivalents 263M 134M 150M 24M 14M 20M 35M
shortTermInvestments 0 1M 2M 0 0 0 0
cashAndShortTermInvestments 263M 134M 150M 24M 14M 20M 35M
netReceivables 12M 9M 9M 9M 9M 12M 14M
inventory 45M 47M 50M 48M 44M 39M 34M
otherCurrentAssets 15M 16M 12M 14M 14M 11M 11M
totalCurrentAssets 335M 205M 221M 95M 81M 82M 94M
propertyPlantEquipmentNet 1 201M 1 125M 1 054M 957M 866M 783M 708M
goodwill 22M 22M 22M 22M 22M 22M 22M
intangibleAssets 5M 5M 6M 7M 8M 9M 10M
goodwillAndIntangibleAssets 26M 27M 28M 29M 30M 30M 31M
longTermInvestments 1M 837 000 2M 0 0 0 0
taxAssets 507M 403M 330M 285M 286M 289M 293M
otherNonCurrentAssets 3M 3M 3M 3M 2M 2M 3M
totalNonCurrentAssets 1 738M 1 559M 1 418M 1 273M 1 184M 1 104M 1 035M
otherAssets 0 0 0 0 0 0 0
totalAssets 2 073M 1 764M 1 639M 1 368M 1 265M 1 186M 1 129M
accountPayables 39M 30M 28M 25M 24M 21M 27M
shortTermDebt 33M 24M 23M 204M 171M 131M 105M
taxPayables 0 0 0 0 0 0 0
deferredRevenue 29M 30M 22M 22M 22M 25M 29M
otherCurrentLiabilities 46M 54M 48M 43M 36M 35M 30M
totalCurrentLiabilities 147M 138M 121M 294M 253M 213M 190M
longTermDebt 234M 93M 623M 579M 538M 495M 463M
deferredRevenueNonCurrent 6M 7M 6M 6M 6M 6M 5M
deferredTaxLiabilitiesNonCurrent -6M 559M 0 0 0 0 0
otherNonCurrentLiabilities 997M 291M 219M 219M 220M 221M 534M
totalNonCurrentLiabilities 1 231M 950M 848M 804M 763M 722M 695M
otherLiabilities 0 0 0 0 0 0 0
capitalLeaseObligations 595M 559M 549M 504M 460M 416M 383M
totalLiabilities 1 377M 1 088M 968M 1 098M 1 016M 934M 885M
preferredStock 0 0 0 0 0 0 0
commonStock 2000.000 2000.000 2000.000 2000.000 2000.000 2000.000 2000.000
retainedEarnings -9M -16M -14M -18M -21M -17M -17M
accumulatedOtherComprehensiveIncomeLoss 925 000 544 000 1M 905 000 590 000 813 000 848 000
othertotalStockholdersEquity 425M 379M 345M 153M 149M 146M 141M
totalStockholdersEquity 417M 364M 332M 135M 128M 129M 126M
totalEquity 696M 676M 671M 270M 249M 129M 126M
totalLiabilitiesAndStockholdersEquity 2 073M 1 764M 1 639M 1 368M 1 265M 1 186M 1 129M
minorityInterest 279M 312M 339M 135M 120M 123M 0
totalLiabilitiesAndTotalEquity 2 073M 1 764M 1 639M 1 368M 1 265M 1 186M 1 129M
totalInvestments 1M 837 000 2M 0 0 0 0
totalDebt 861M 677M 646M 783M 709M 625M 568M
netDebt 599M 543M 496M 759M 695M 605M 534M
link Link Link Link Link Link Link Link
finalLink Link Link Link Link Link Link Link

Cash Flow Statement

Property 2024 q1 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol BROS BROS BROS BROS BROS BROS BROS
reportedCurrency USD USD USD USD USD USD USD
cik 2M 2M 2M 2M 2M 2M 2M
fillingDate 2024-05-08 2024-02-21 2023-11-08 2023-08-09 2023-05-10 2023-02-27 2022-11-10
acceptedDate 2024-05-08 17:04:51 2024-02-21 16:12:32 2023-11-08 16:27:30 2023-08-09 08:42:58 2023-05-10 07:54:03 2023-02-27 16:06:54 2022-11-10 16:07:34
calendarYear 2024.000 2023.000 2023.000 2023.000 2023.000 2022.000 2022.000
period Q1 Q4 Q3 Q2 Q1 Q4 Q3
netIncome 7M -1M 13M 10M -9M -3M 2M
depreciationAndAmortization 15M 20M 18M 17M 15M 13M 12M
deferredIncomeTax 8M 346 000 2M 2M 2M 5M -4M
stockBasedCompensation 2M 10M 10M 10M 9M 11M 11M
changeInWorkingCapital -5M 16M 3M 2M -15M -6M 1M
accountsReceivables -3M 12 000 243 000 -601 000 3M 2M -345 000
inventory 2M 3M -3M -4M -5M -6M -859 000
accountsPayables 8M 474 000 842 000 2M 462 000 -2M 3M
otherWorkingCapital -12M 12M 4M 4M -14M -685 000 -644 000
otherNonCashItems 38M 285 000 4M 2M 1M -3M 5M
netCashProvidedByOperatingActivities 41M 45M 49M 43M 3M 17M 26M
investmentsInPropertyPlantAndEquipment -57M -61M -65M -59M -43M -53M -51M
acquisitionsNet 0 906 000 22 000 0 0 6M 0
purchasesOfInvestments 0 0 0 0 0 0 0
salesMaturitiesOfInvestments 0 0 0 0 0 0 0
otherInvestingActivites -57M 906 000 22 000 9000.000 240 000 -6M 0
netCashUsedForInvestingActivites -57M -60M -65M -59M -43M -53M -51M
debtRepayment -146M -2M -207M -4M -4M -13M -2M
commonStockIssued 0 -540 000 331M 0 0 0 0
commonStockRepurchased 0 0 0 0 0 0 0
dividendsPaid 0 0 0 0 0 0 0
otherFinancingActivites -873 000 1M 19M 30M 38M 35M 40M
netCashUsedProvidedByFinancingActivities 145M -1M 142M 26M 34M 22M 38M
effectOfForexChangesOnCash 0 34M 0 0 0 0 0
netChangeInCash 129M -16M 126M 9M -6M -14M 13M
cashAtEndOfPeriod 263M 134M 150M 24M 14M 20M 35M
cashAtBeginningOfPeriod 134M 150M 24M 14M 20M 35M 21M
operatingCashFlow 41M 45M 49M 43M 3M 17M 26M
capitalExpenditure -57M -61M -65M -59M -43M -53M -51M
freeCashFlow -16M -16M -16M -16M -40M -36M -25M
link Link Link Link Link Link Link Link
finalLink Link Link Link Link Link Link Link

Earning call transcript

2024 q1
2024-05-07 ET (fiscal 2024 q1)
2023 q4
2024-02-21 ET (fiscal 2023 q4)
2023 q3
2023-11-07 ET (fiscal 2023 q3)
2023 q2
2023-08-08 ET (fiscal 2023 q2)
2023 q1
2023-05-09 ET (fiscal 2023 q1)
2022 q4
2023-02-22 ET (fiscal 2022 q4)
2022 q3
2022-11-09 ET (fiscal 2022 q3)
2022 q2
2022-08-10 ET (fiscal 2022 q2)
2022 q1
2022-05-11 ET (fiscal 2022 q1)

Press-releases

Show financial reports only

2024-05-07 20:05 ET
Dutch Bros Inc. Reports First Quarter 2024 Financial Results
2024-04-24 20:05 ET
Dutch Bros Inc. to Host First Quarter 2024 Conference Call and Webcast on May 7, 2024
2024-03-21 23:24 ET
Dutch Bros Inc. Announces Pricing of Secondary Public Offering of Class A Common Stock
2024-03-21 20:36 ET
Dutch Bros Inc. Announces Launch of Secondary Public Offering of Class A Common Stock
2024-03-01 12:22 ET
Dutch Bros Adds A Pop of Flavor with new Poppin' Boba
2024-02-29 14:00 ET
Dutch Bros Inc. to Participate at the J.P. Morgan Gaming, Lodging, Restaurant and Leisure Management Access Forum on March 14, 2024
2024-02-28 01:00 ET
Dutch Bros Inc. Announces Pricing of Secondary Public Offering of Class A Common Stock
2024-02-27 21:50 ET
Dutch Bros Inc. Announces Launch of Secondary Public Offering of Class A Common Stock
2024-02-21 21:05 ET
Dutch Bros Inc. Reports Fourth Quarter 2023 Financial Results
2024-02-07 21:05 ET
Dutch Bros Inc. to Host Fourth Quarter and Fiscal Year 2023 Conference Call and Webcast on February 21, 2024
2024-01-17 21:05 ET
Dutch Bros Inc. Announces Expanded Operations Support Center in Phoenix, Arizona
2024-01-08 12:00 ET
Dutch Bros Inc. Reports Fourth Quarter and Fiscal Year 2023 New Shop Openings
2023-11-21 21:15 ET
Dutch Bros Inc. to Participate at the Barclays Eat, Sleep, Play Conference
2023-11-07 21:05 ET
Dutch Bros Inc. Reports Third Quarter 2023 Financial Results and Announces Two New Directors
2023-10-24 20:05 ET
Dutch Bros Inc. to Host Third Quarter 2023 Conference Call and Webcast on November 7, 2023
2023-09-08 02:59 ET
Dutch Bros Inc. Announces Pricing of $300 Million Offering of Class A Common Stock
2023-09-06 20:15 ET
Dutch Bros Inc. Announces Proposed Public Offering of Class A Common Stock
2023-08-08 20:05 ET
Dutch Bros Inc. Reports Second Quarter 2023 Financial Results
2023-07-25 20:05 ET
Dutch Bros Inc. to Host Second Quarter 2023 Conference Call and Webcast on August 8, 2023
2023-06-20 13:00 ET
Dutch Bros Appoints Tana Davila as Chief Marketing Officer
2023-05-30 20:05 ET
Dutch Bros Inc. to Participate in Four Spring Investor Conferences
2023-05-09 20:05 ET
Dutch Bros Inc. Reports First Quarter 2023 Financial Results
2023-04-25 20:05 ET
Dutch Bros Inc. to Host First Quarter 2023 Conference Call and Webcast on May 9, 2023
2023-04-16 12:07 ET
Dutch Bros launches new drink for National Cold Brew Day
2023-03-02 21:05 ET
Dutch Bros Inc. to Participate in the Bank of America Consumer & Retail Technology Conference and the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum
2023-02-22 21:23 ET
Dutch Bros Inc. Reports Fourth Quarter and Fiscal Year 2022 Financial Results
2023-02-08 21:05 ET
Dutch Bros Inc. to Host Fourth Quarter and Fiscal Year 2022 Conference Call and Webcast on February 22, 2023
2023-01-09 12:00 ET
Dutch Bros Inc. Reports Preliminary Fourth Quarter and Fiscal Year 2022 New Shop Openings and Same Shop Sales Results
2022-11-28 21:47 ET
Industry Veteran Christine Barone Named President at Dutch Bros Inc.
2022-11-17 13:00 ET
Dutch Bros Inc. to Participate in the Barclays Eat, Sleep, Play Conference
2022-11-09 21:05 ET
Dutch Bros Inc. Announces Third Quarter 2022 Financial Results
2022-11-01 12:14 ET
IT REALLY IS THE MOST EXCELLENT TIME OF YEAR AT DUTCH BROS
2022-10-26 20:05 ET
Dutch Bros Inc. to Host Third Quarter 2022 Conference Call and Webcast on November 9, 2022
2022-09-26 12:17 ET
Dutch Bros and its customers raise more than $1.1M for local youth
2022-09-20 13:00 ET
Victoria Tullett Joins Dutch Bros Coffee as Company’s Chief Legal Officer
2022-09-19 12:13 ET
Celebrate national coffee day with Dutch Bros and win free Dutch!
2022-09-13 12:00 ET
Dutch Bros and customers to raise funds for local youth
2022-09-01 12:03 ET
Dutch Bros is fall ready with featured seasonal sips
2022-08-25 20:05 ET
NIKE Executive Joins Dutch Bros Board of Directors
2022-08-17 12:00 ET
Summer isn't over yet: Dutch Bros continues the summertime vibes with its newest featured drink
2022-08-10 20:05 ET
Dutch Bros Inc. Announces Second Quarter 2022 Financial Results
2022-07-28 12:00 ET
Dutch Bros Inc. to Host Second Quarter 2022 Conference Call and Webcast on August 10, 2022
2022-07-01 12:00 ET
Dutch Bros takes us back with new nostalgic drinks
2022-06-01 20:05 ET
Dutch Bros Inc. to Participate in Four Spring Investor Conferences
2022-05-16 12:30 ET
Dutch Bros holds 16th Annual Drink One for Dane fundraiser to support the fight against ALS
2022-05-11 20:05 ET
Dutch Bros Inc. Announces First Quarter 2022 Financial Results
2022-05-02 12:00 ET
Level up your summer with Dutch Bros' newest drink!
2022-04-27 20:15 ET
Dutch Bros Inc. to Host First Quarter 2022 Conference Call and Webcast on May 11, 2022
2022-03-01 21:07 ET
Dutch Bros Inc. Reports Strong Fourth Quarter and Full Year 2021 Financial Results
2022-02-15 21:05 ET
Dutch Bros Inc. to Host Fourth Quarter and Fiscal Year 2021 Conference Call and Webcast on March 1, 2022
2022-01-10 12:00 ET
Dutch Bros Inc. Announces Preliminary Fourth Quarter and Fiscal Year 2021 Development and Same Shop Sales Results
2022-01-04 20:25 ET
Leigh Gower Joins Dutch Bros Coffee as Company's First Chief Technology Officer
2021-12-15 21:05 ET
Celebrated Tech Leader Joins Dutch Bros Coffee’s Board of Directors
2021-12-01 13:00 ET
Dutch Bros Inc. to Participate in the Barclays Eat, Sleep, Play Conference
2021-11-10 21:05 ET
Dutch Bros Inc. Reports Third Quarter 2021 Financial Results
2021-10-27 20:05 ET
Dutch Bros Inc. to Host Third Quarter 2021 Conference Call and Webcast on November 10, 2021
2021-10-06 09:00 ET
Dutch Bros and its customers raise more than $695K for local youth
2021-09-22 13:00 ET
Celebrate National Coffee Day with Dutch Bros for a chance to win Dutch for a Year
2021-09-17 20:05 ET
Dutch Bros Inc. Announces Closing of Initial Public Offering, Including Exercise of Underwriters’ Option

SEC forms

Show financial reports only

SEC form 10
2024-05-08 00:00 ET
Dutch Bros Inc. published news for 2024 q1
SEC form 8
2024-05-07 16:15 ET
Dutch Bros Inc. reported for 2024 q1
SEC form 8
2024-05-07 16:15 ET
Dutch Bros Inc. published news for 2024 q1
SEC form 8
2024-05-07 16:15 ET
Dutch Bros Inc. published news for 2024 q1
SEC form 8
2024-05-07 16:15 ET
Dutch Bros Inc. published news for 2024 q1
SEC form 10
2024-02-23 00:00 ET
Dutch Bros Inc. published news for 2023 q4
SEC form 8
2024-02-21 16:12 ET
Dutch Bros Inc. published news for 2023 q4
SEC form 8
2024-02-21 16:12 ET
Dutch Bros Inc. reported for 2023 q4
SEC form 8
2024-01-08 00:00 ET
Dutch Bros Inc. published news for 2023 q4
SEC form 8
2024-01-08 00:00 ET
Dutch Bros Inc. published news for 2023 q4
SEC form 10
2023-11-08 16:27 ET
Dutch Bros Inc. published news for 2023 q3
SEC form 10
2023-11-08 00:00 ET
Dutch Bros Inc. published news for 2023 q3
SEC form 8
2023-11-07 16:09 ET
Dutch Bros Inc. reported for 2023 q3
SEC form 10
2023-08-09 08:42 ET
Dutch Bros Inc. reported for 2023 q2
SEC form 10
2023-08-09 00:00 ET
Dutch Bros Inc. published news for 2023 q2
SEC form 10
2023-05-10 00:00 ET
Dutch Bros Inc. published news for 2023 q1
SEC form 8
2023-05-09 00:00 ET
Dutch Bros Inc. published news for 2023 q1
SEC form 10
2023-02-27 00:00 ET
Dutch Bros Inc. reported for 2022 q4
SEC form 8
2023-02-22 00:00 ET
Dutch Bros Inc. reported for 2022 q4
SEC form 8
2023-01-09 00:00 ET
Dutch Bros Inc. published news for 2022 q4
SEC form 10
2022-11-10 00:00 ET
Dutch Bros Inc. reported for 2022 q3
SEC form 8
2022-11-09 00:00 ET
Dutch Bros Inc. reported for 2022 q3
SEC form 10
2022-08-11 00:00 ET
Dutch Bros Inc. reported for 2022 q2
SEC form 8
2022-08-10 00:00 ET
Dutch Bros Inc. reported for 2022 q2
SEC form 10
2022-05-12 00:00 ET
Dutch Bros Inc. reported for 2022 q1
SEC form 8
2022-05-11 00:00 ET
Dutch Bros Inc. reported for 2022 q1
SEC form 10
2022-03-11 00:00 ET
Dutch Bros Inc. published news for 2021 q4
SEC form 8
2022-01-10 00:00 ET
Dutch Bros Inc. published news for 2021 q4
SEC form 10
2021-11-12 00:00 ET
Dutch Bros Inc. published news for 2021 q3
SEC form 8
2021-11-10 00:00 ET
Dutch Bros Inc. published news for 2021 q3