Recent News
On Sept. 15, 2025 Dutch Bros and the Dutch Bros Foundation announced a Buck For Kids fundraising drive, donating $1 per drink sold at company locations and coordinating with franchise partners for local youth organizations.
Local reporting noted Dutch Bros’ Texas shops ran a donation promotion tied to flood relief following July floods, with proceeds directed to disaster assistance organizations.
Technical Analysis
ADX at 27.34 indicates a strong trend environment; directional indicators show DI+ at 24.93 increasing and DI- at 19.99 decreasing, which together point to bullish directional pressure supporting short-term upside versus valuation headwinds.
MACD reads -0.01 while the MACD signal sits at -1.19 and MACD trend shows increasing momentum; the MACD has crossed above its signal line, a bullish momentum signal that aligns with recent positive directional indicator movement.
MRO stands at 12.49 and trending higher; the positive MRO indicates price sits above model target and therefore implies a higher probability of downward mean reversion if momentum cools, adding a counterweight to MACD/DI+ bullishness.
RSI at 47.12 and rising places momentum near neutral territory rather than overbought, suggesting continuation of the recent directional move remains possible but not yet overstretched.
Price sits above the 20-day average ($55.15) and roughly in line with the 50-day average ($59.36), while remaining below the 200-day average ($63.86); price trades slightly above the 1x Bollinger upper band ($58.83), indicating short-term stretch relative to recent volatility and leaving room for consolidation near the super trend support at $54.32.
Fundamental Analysis
Revenue totaled $415,813,000 with YoY revenue growth at -5.68% and trailing revenue growth overall at 17.08%; quarterly revenue growth shows a sharp QoQ uptick of 373.52%, reflecting recent acceleration in store openings and same-store activity.
Operating income registered $54,659,000 and EBIT $52,676,000. Operating margin measured 13.15%, rising 50.33% QoQ and 29.38% YoY, while EBIT margin stands at 12.67%, which sits slightly below the industry peer mean of 13.15% but above the industry peer median of 9.20%, indicating margins compare favorably to the typical peer but just under the peer mean. EBIT margin QoQ improved 44.88% and YoY improved 24.69%.
Net income reached $25,624,000 with EPS of $0.20 versus an estimate of $0.18, producing an EPS surprise of 11.11% (EPS surprise ratio 0.11111). Forward EPS sits at $0.135 and forward P/E rises to 496.69, reflecting low forward earnings and carrying elevated forward multiples.
Leverage remains elevated: total debt equals $980,938,000, debt-to-assets at 34.88% and debt-to-equity at 154.20%. Interest coverage reads 7.44x, indicating operating earnings cover interest expense comfortably but debt levels remain material relative to equity.
Cash and short-term investments total $254,415,000 with operating cash flow at $89,897,000 and free cash flow $35,686,000. Free cash flow yield equals 0.43%, which sits above the industry peer mean free cash flow yield of 0.30% (industry peer mean 0.297%). Free cash growth displays mixed signals: a YoY increase versus QoQ volatility in yield metrics.
Valuation multiples remain extended: P/E of 246.70, P/B of 13.13, and P/S of 20.08 reflect rich market pricing relative to earnings and book value. WMDST values the stock as over-valued based on these multiples alongside near-term cash-yield and leverage metrics.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-06 |
| NEXT REPORT DATE: | 2025-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 316.4 M |
| Operating Cash Flow | $ 89.9 M | |
| Capital Expenditures | $ -54.21 M | |
| Change In Working Capital | $ 6.7 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -62.03 M | |
| End Period Cash Flow | $ 254.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 415.8 M | |
| Forward Revenue | $ 69.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 295.8 M | |
| Depreciation | $ 27.5 M | |
| Depreciation and Amortization | $ 27.9 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 361.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 120.0 M | |
| EBITDA | $ 80.6 M | |
| EBIT | $ 52.7 M | |
| Operating Income | $ 54.7 M | |
| Interest Income | — | |
| Interest Expense | $ 7.1 M | |
| Net Interest Income | $ -7.08 M | |
| Income Before Tax | $ 45.6 M | |
| Tax Provision | $ 7.2 M | |
| Tax Rate | 15.9 % | |
| Net Income | $ 25.6 M | |
| Net Income From Continuing Operations | $ 38.4 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.18 | |
| EPS Actual | $ 0.20 | |
| EPS Difference | $ 0.02 | |
| EPS Surprise | 11.111 % | |
| Forward EPS | $ 0.14 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.8 B | |
| Intangible Assets | $ 23.7 M | |
| Net Tangible Assets | $ 612.5 M | |
| Total Current Assets | $ 325.6 M | |
| Cash and Short-Term Investments | $ 254.4 M | |
| Cash | $ 254.4 M | |
| Net Receivables | $ 13.5 M | |
| Inventory | $ 42.4 M | |
| Long-Term Investments | $ 2.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 33.6 M | |
| Short-Term Debt | $ 3.9 M | |
| Total Current Liabilities | $ 198.9 M | |
| Net Debt | — | |
| Total Debt | $ 980.9 M | |
| Total Liabilities | $ 2.0 B | |
| EQUITY | ||
| Total Equity | $ 636.2 M | |
| Retained Earnings | $ 60.6 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 5.01 | |
| Shares Outstanding | 126.932 M | |
| Revenue Per-Share | $ 3.28 | |
| VALUATION | Market Capitalization | $ 8.4 B |
| Enterprise Value | $ 9.1 B | |
| Enterprise Multiple | 112.669 | |
| Enterprise Multiple QoQ | -22.631 % | |
| Enterprise Multiple YoY | 54.761 % | |
| Enterprise Multiple IPRWA | high: 218.482 median: 196.872 mean: 164.423 BROS: 112.669 low: -54.215 |
|
| EV/R | 21.831 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 4.421 | |
| Asset To Liability | 1.422 | |
| Debt To Capital | 0.607 | |
| Debt To Assets | 0.349 | |
| Debt To Assets QoQ | -5.548 % | |
| Debt To Assets YoY | 5742.714 % | |
| Debt To Assets IPRWA | high: 1.328 mean: 0.418 BROS: 0.349 median: 0.336 low: 0.145 |
|
| Debt To Equity | 1.542 | |
| Debt To Equity QoQ | -9.545 % | |
| Debt To Equity YoY | 5436.625 % | |
| Debt To Equity IPRWA | high: 5.238 BROS: 1.542 median: 0.578 mean: 0.347 low: -1.9 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 13.127 | |
| Price To Book QoQ | 2.577 % | |
| Price To Book YoY | 56.258 % | |
| Price To Book IPRWA | BROS: 13.127 high: 7.503 mean: 4.349 median: 3.493 low: -1.247 |
|
| Price To Earnings (P/E) | 246.702 | |
| Price To Earnings QoQ | -43.607 % | |
| Price To Earnings YoY | 24.729 % | |
| Price To Earnings IPRWA | high: 541.61 mean: 326.421 median: 315.598 BROS: 246.702 low: -186.596 |
|
| PE/G Ratio | 2.878 | |
| Price To Sales (P/S) | 20.084 | |
| Price To Sales QoQ | -6.96 % | |
| Price To Sales YoY | 52.564 % | |
| Price To Sales IPRWA | BROS: 20.084 high: 8.931 mean: 4.725 median: 3.479 low: 0.25 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 496.685 | |
| Forward PE/G | 5.795 | |
| Forward P/S | 120.129 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 4.076 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.149 | |
| Asset Turnover Ratio QoQ | 10.543 % | |
| Asset Turnover Ratio YoY | 2.116 % | |
| Asset Turnover Ratio IPRWA | high: 0.466 mean: 0.242 median: 0.223 BROS: 0.149 low: 0.119 |
|
| Receivables Turnover | 33.043 | |
| Receivables Turnover Ratio QoQ | 3.427 % | |
| Receivables Turnover Ratio YoY | 22.02 % | |
| Receivables Turnover Ratio IPRWA | high: 149.802 BROS: 33.043 mean: 23.509 median: 11.024 low: 3.605 |
|
| Inventory Turnover | 7.335 | |
| Inventory Turnover Ratio QoQ | 3.34 % | |
| Inventory Turnover Ratio YoY | 43.873 % | |
| Inventory Turnover Ratio IPRWA | high: 66.413 median: 26.965 mean: 26.057 BROS: 7.335 low: 0.888 |
|
| Days Sales Outstanding (DSO) | 2.762 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 5.409 | |
| Cash Conversion Cycle Days QoQ | 12.606 % | |
| Cash Conversion Cycle Days YoY | -25.146 % | |
| Cash Conversion Cycle Days IPRWA | high: 9.181 BROS: 5.409 mean: -2.97 median: -5.739 low: -18.761 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 3.283 | |
| CapEx To Revenue | -0.13 | |
| CapEx To Depreciation | -1.973 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 833.0 M | |
| Net Invested Capital | $ 836.9 M | |
| Invested Capital | $ 836.9 M | |
| Net Tangible Assets | $ 612.5 M | |
| Net Working Capital | $ 126.7 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.279 | |
| Current Ratio | 1.637 | |
| Current Ratio QoQ | -15.899 % | |
| Current Ratio YoY | -25.115 % | |
| Current Ratio IPRWA | high: 4.669 mean: 2.744 median: 2.723 BROS: 1.637 low: 0.258 |
|
| Quick Ratio | 1.423 | |
| Quick Ratio QoQ | -18.744 % | |
| Quick Ratio YoY | -24.321 % | |
| Quick Ratio IPRWA | high: 2.671 median: 2.671 mean: 1.804 BROS: 1.423 low: 0.155 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 12.175 | |
| Cost Of Debt | 0.595 % | |
| Interest Coverage Ratio | 7.444 | |
| Interest Coverage Ratio QoQ | 70.562 % | |
| Interest Coverage Ratio YoY | 57.78 % | |
| Interest Coverage Ratio IPRWA | high: 32.12 mean: 11.088 BROS: 7.444 median: 5.341 low: -29.832 |
|
| Operating Cash Flow Ratio | 0.249 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 11.228 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.701 % | |
| Revenue Growth | 17.08 % | |
| Revenue Growth QoQ | 373.524 % | |
| Revenue Growth YoY | -5.682 % | |
| Revenue Growth IPRWA | high: 19.65 % BROS: 17.08 % median: 1.891 % mean: -2.421 % low: -15.433 % |
|
| Earnings Growth | 85.714 % | |
| Earnings Growth QoQ | -14.286 % | |
| Earnings Growth YoY | -22.857 % | |
| Earnings Growth IPRWA | BROS: 85.714 % high: 73.134 % median: -2.913 % mean: -4.129 % low: -40.0 % |
|
| MARGINS | ||
| Gross Margin | 28.87 % | |
| Gross Margin QoQ | 13.935 % | |
| Gross Margin YoY | 3.901 % | |
| Gross Margin IPRWA | high: 57.761 % median: 39.105 % mean: 36.356 % BROS: 28.87 % low: -11.149 % |
|
| EBIT Margin | 12.668 % | |
| EBIT Margin QoQ | 44.876 % | |
| EBIT Margin YoY | 24.685 % | |
| EBIT Margin IPRWA | high: 25.947 % mean: 13.147 % BROS: 12.668 % median: 9.199 % low: -30.075 % |
|
| Return On Sales (ROS) | 13.145 % | |
| Return On Sales QoQ | 50.332 % | |
| Return On Sales YoY | 29.38 % | |
| Return On Sales IPRWA | high: 25.947 % mean: 13.358 % BROS: 13.145 % median: 9.199 % low: -10.902 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 35.7 M | |
| Free Cash Flow Yield | 0.427 % | |
| Free Cash Flow Yield QoQ | -477.876 % | |
| Free Cash Flow Yield YoY | -471.304 % | |
| Free Cash Flow Yield IPRWA | high: 4.389 % BROS: 0.427 % mean: 0.297 % median: 0.207 % low: -11.081 % |
|
| Free Cash Growth | -511.746 % | |
| Free Cash Growth QoQ | 254.103 % | |
| Free Cash Growth YoY | 633.076 % | |
| Free Cash Growth IPRWA | high: 610.548 % mean: 173.699 % median: -53.838 % low: -481.345 % BROS: -511.746 % |
|
| Free Cash To Net Income | 1.393 | |
| Cash Flow Margin | 11.895 % | |
| Cash Flow To Earnings | 1.93 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.919 % | |
| Return On Assets QoQ | 57.633 % | |
| Return On Assets YoY | 71.136 % | |
| Return On Assets IPRWA | high: 6.018 % mean: 2.137 % median: 1.75 % BROS: 0.919 % low: -6.328 % |
|
| Return On Capital Employed (ROCE) | 2.016 % | |
| Return On Equity (ROE) | 0.04 | |
| Return On Equity QoQ | 57.16 % | |
| Return On Equity YoY | 71.77 % | |
| Return On Equity IPRWA | high: 0.137 BROS: 0.04 median: 0.024 mean: 0.013 low: -0.257 |
|
| DuPont ROE | 4.148 % | |
| Return On Invested Capital (ROIC) | 5.295 % | |
| Return On Invested Capital QoQ | 60.212 % | |
| Return On Invested Capital YoY | -146.451 % | |
| Return On Invested Capital IPRWA | high: 8.642 % median: 5.572 % BROS: 5.295 % mean: 3.959 % low: -15.429 % |
|