Recent News
January 8, 2026 — Barclays raised its price target on Dutch Bros to $76.00 following coverage updates from several brokerages.
Late 2025 — Dutch Bros agreed to acquire a regional drive‑thru chain, transitioning those sites into Dutch Bros locations as part of continued geographic expansion.
Technical Analysis
ADX at 16.55 signals no trend; price action therefore carries a higher probability of range-bound trading rather than a sustained directional move, limiting immediate trend follow‑through.
DI+ dip & reversal reads as bullish, while DI- peak & reversal also reads as bullish; the paired signals indicate directional pressure currently favors the upside but lacks confirmed trend strength given ADX below 20.
MACD_trend peak & reversal with MACD at -1.81 and the signal line at -1.48 indicates bearish momentum; the negative MACD below its signal line weighs against prompt upside continuation.
MRO_trend peak & reversal with MRO at 3.59 places the price modestly above the model target and implies a bias toward mean reversion, creating short-term downside potential relative to valuation.
RSI_trend peak & reversal at 45.92 sits below neutral and reflects a recent peak and rollover, reinforcing the short-term momentum weakening signaled by MACD and MRO.
Price sits below the 20‑day average ($54.68), the 50‑day average ($59.76), and the 200‑day average ($61.53); the 12‑day EMA shows a peak & reversal, so moving averages present near-term resistance that must resolve before trend acceleration.
Bollinger bands place the lower 1x band at $52.42 and the upper 1x band at $56.95; the close at $53.61 sits near the lower half of the band, suggesting limited immediate upside room without a momentum shift.
Trading volume at 7.62M exceeds the 10‑day average and remains above longer averages, indicating elevated participation on recent moves but not yet confirming directional conviction.
Fundamental Analysis
Revenue for the period reported at $443,610,000 and adjusted EPS at $0.17 exceeded consensus estimates; management reiterated aggressive unit growth targets and guidance for higher revenue in 2026.
Profitability shows gross margin at 24.15% and operating margin at 7.66%; EBIT margin registers 8.69%, below the industry peer mean of 11.18% and slightly below the industry peer median of 9.68%, indicating modest margin compression versus typical peers.
Quarterly dynamics display a sharp QoQ swing in several metrics: EBIT margin fell -11.58% QoQ while rising 109.35% YoY; operating margin declined -21.85% QoQ but improved 84.37% YoY. Revenue growth sits at 4.73% YoY with a large QoQ increase of 152.97%, reflecting period seasonality and the late‑cycle shop openings cadence.
Liquidity and cash generation present mixed signals: cash and short‑term investments total $269,404,000 and operating cash flow reached $44,791,000; free cash flow remained modest at $8,472,000, producing a free cash flow yield of approximately 0.11%.
Leverage metrics show total debt of $1,089,022,000 with debt to EBITDA at 15.49x and debt to equity near 160.0%; interest coverage stands at 5.20x. High leverage relative to operating cash flow raises sensitivity to margin and same‑store sales volatility.
Return metrics reside at single-digit percentages: return on assets ~0.72%, return on equity ~3.14%, and return on invested capital ~4.10%, while asset turnover remains low at 0.15x. These figures underline capital intensity tied to rapid unit growth and unit‑level investment.
Valuation sits extended: trailing PE at 345.40x, forward PE near 200.36x, price‑to‑sales ~16.82x, and price‑to‑book ~10.96x; enterprise multiple registers 117.78x. WMDST values the stock as over‑valued, a view supported by thin free cash flow yield, high leverage, and elevated multiples despite improving top‑line performance.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-12 |
| NEXT REPORT DATE: | 2026-05-14 |
| CASH FLOW | Begin Period Cash Flow | $ 267.2 M |
| Operating Cash Flow | $ 44.8 M | |
| Capital Expenditures | $ -71.17 M | |
| Change In Working Capital | $ 9.9 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 2.2 M | |
| End Period Cash Flow | $ 269.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 443.6 M | |
| Forward Revenue | $ 196.1 M | |
| COSTS | ||
| Cost Of Revenue | $ 336.5 M | |
| Depreciation | $ 31.7 M | |
| Depreciation and Amortization | $ 31.7 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 409.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 107.1 M | |
| EBITDA | $ 70.3 M | |
| EBIT | $ 38.6 M | |
| Operating Income | $ 34.0 M | |
| Interest Income | — | |
| Interest Expense | $ 7.4 M | |
| Net Interest Income | $ -7.42 M | |
| Income Before Tax | $ 31.1 M | |
| Tax Provision | $ 2.0 M | |
| Tax Rate | 6.374 % | |
| Net Income | $ 21.4 M | |
| Net Income From Continuing Operations | $ 29.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.10 | |
| EPS Actual | $ 0.17 | |
| EPS Difference | $ 0.07 | |
| EPS Surprise | 70.0 % | |
| Forward EPS | $ 0.30 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.0 B | |
| Intangible Assets | $ 1.5 M | |
| Net Tangible Assets | $ 679.3 M | |
| Total Current Assets | $ 357.4 M | |
| Cash and Short-Term Investments | $ 269.4 M | |
| Cash | $ 269.4 M | |
| Net Receivables | $ 18.4 M | |
| Inventory | $ 48.9 M | |
| Long-Term Investments | $ 25.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 37.6 M | |
| Short-Term Debt | $ 3.9 M | |
| Total Current Liabilities | $ 240.5 M | |
| Net Debt | — | |
| Total Debt | $ 1.1 B | |
| Total Liabilities | $ 2.1 B | |
| EQUITY | ||
| Total Equity | $ 680.8 M | |
| Retained Earnings | $ 99.5 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 5.36 | |
| Shares Outstanding | 127.054 M | |
| Revenue Per-Share | $ 3.49 | |
| VALUATION | Market Capitalization | $ 7.5 B |
| Enterprise Value | $ 8.3 B | |
| Enterprise Multiple | 117.776 | |
| Enterprise Multiple QoQ | 1.914 % | |
| Enterprise Multiple YoY | -23.298 % | |
| Enterprise Multiple IPRWA | high: 254.211 mean: 120.315 BROS: 117.776 median: 101.997 low: -30.533 |
|
| EV/R | 18.665 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 4.42 | |
| Asset To Liability | 1.425 | |
| Debt To Capital | 0.615 | |
| Debt To Assets | 0.362 | |
| Debt To Assets QoQ | 2.01 % | |
| Debt To Assets YoY | 5129.48 % | |
| Debt To Assets IPRWA | high: 1.04 median: 0.564 mean: 0.487 BROS: 0.362 low: 0.004 |
|
| Debt To Equity | 1.6 | |
| Debt To Equity QoQ | 1.316 % | |
| Debt To Equity YoY | 4866.097 % | |
| Debt To Equity IPRWA | high: 4.649 BROS: 1.6 median: 0.201 mean: -1.081 low: -7.692 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 10.958 | |
| Price To Book QoQ | -2.797 % | |
| Price To Book YoY | -7.708 % | |
| Price To Book IPRWA | high: 26.359 BROS: 10.958 median: 3.693 mean: 0.462 low: -26.316 |
|
| Price To Earnings (P/E) | 345.402 | |
| Price To Earnings QoQ | 12.633 % | |
| Price To Earnings YoY | -56.257 % | |
| Price To Earnings IPRWA | BROS: 345.402 high: 229.383 mean: 152.026 median: 87.91 low: -78.89 |
|
| PE/G Ratio | -32.814 | |
| Price To Sales (P/S) | 16.817 | |
| Price To Sales QoQ | -3.755 % | |
| Price To Sales YoY | -9.647 % | |
| Price To Sales IPRWA | high: 27.836 BROS: 16.817 mean: 15.53 median: 12.243 low: 0.815 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 200.364 | |
| Forward PE/G | -19.035 | |
| Forward P/S | 38.048 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -1.565 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.15 | |
| Asset Turnover Ratio QoQ | 1.245 % | |
| Asset Turnover Ratio YoY | 7.619 % | |
| Asset Turnover Ratio IPRWA | high: 0.603 mean: 0.215 median: 0.185 BROS: 0.15 low: 0.06 |
|
| Receivables Turnover | 27.14 | |
| Receivables Turnover Ratio QoQ | -10.823 % | |
| Receivables Turnover Ratio YoY | -17.024 % | |
| Receivables Turnover Ratio IPRWA | high: 47.268 BROS: 27.14 mean: 13.521 median: 7.943 low: 0.752 |
|
| Inventory Turnover | 7.143 | |
| Inventory Turnover Ratio QoQ | -1.115 % | |
| Inventory Turnover Ratio YoY | 4.928 % | |
| Inventory Turnover Ratio IPRWA | high: 47.627 mean: 13.914 BROS: 7.143 median: 6.244 low: 0.689 |
|
| Days Sales Outstanding (DSO) | 3.362 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 6.004 | |
| Cash Conversion Cycle Days QoQ | 10.379 % | |
| Cash Conversion Cycle Days YoY | 25.905 % | |
| Cash Conversion Cycle Days IPRWA | high: 124.096 median: 16.201 mean: 10.21 BROS: 6.004 low: -41.072 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 3.795 | |
| CapEx To Revenue | -0.16 | |
| CapEx To Depreciation | -2.242 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 877.1 M | |
| Net Invested Capital | $ 881.0 M | |
| Invested Capital | $ 881.0 M | |
| Net Tangible Assets | $ 679.3 M | |
| Net Working Capital | $ 116.9 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.12 | |
| Current Ratio | 1.486 | |
| Current Ratio QoQ | -2.227 % | |
| Current Ratio YoY | -15.695 % | |
| Current Ratio IPRWA | high: 2.73 BROS: 1.486 median: 1.047 mean: 1.009 low: 0.36 |
|
| Quick Ratio | 1.283 | |
| Quick Ratio QoQ | -2.69 % | |
| Quick Ratio YoY | -18.975 % | |
| Quick Ratio IPRWA | high: 2.688 BROS: 1.283 mean: 1.048 median: 0.863 low: 0.162 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 15.49 | |
| Cost Of Debt | 0.518 % | |
| Interest Coverage Ratio | 5.197 | |
| Interest Coverage Ratio QoQ | -16.434 % | |
| Interest Coverage Ratio YoY | 146.885 % | |
| Interest Coverage Ratio IPRWA | high: 96.404 mean: 11.246 BROS: 5.197 median: 4.294 low: -37.232 |
|
| Operating Cash Flow Ratio | 0.186 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 10.926 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.988 % | |
| Revenue Growth | 4.728 % | |
| Revenue Growth QoQ | 152.97 % | |
| Revenue Growth YoY | 249.704 % | |
| Revenue Growth IPRWA | high: 10.553 % BROS: 4.728 % median: 1.885 % mean: -2.48 % low: -21.769 % |
|
| Earnings Growth | -10.526 % | |
| Earnings Growth QoQ | 110.52 % | |
| Earnings Growth YoY | -81.287 % | |
| Earnings Growth IPRWA | high: 233.333 % BROS: -10.526 % mean: -26.027 % median: -40.0 % low: -215.0 % |
|
| MARGINS | ||
| Gross Margin | 24.15 % | |
| Gross Margin QoQ | -4.197 % | |
| Gross Margin YoY | -5.874 % | |
| Gross Margin IPRWA | high: 82.469 % mean: 36.027 % BROS: 24.15 % median: 23.421 % low: 8.168 % |
|
| EBIT Margin | 8.692 % | |
| EBIT Margin QoQ | -11.577 % | |
| EBIT Margin YoY | 109.345 % | |
| EBIT Margin IPRWA | high: 24.777 % mean: 11.176 % median: 9.683 % BROS: 8.692 % low: -27.381 % |
|
| Return On Sales (ROS) | 7.655 % | |
| Return On Sales QoQ | -21.848 % | |
| Return On Sales YoY | 84.369 % | |
| Return On Sales IPRWA | high: 25.012 % mean: 11.374 % median: 9.683 % BROS: 7.655 % low: -7.28 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 8.5 M | |
| Free Cash Flow Yield | 0.114 % | |
| Free Cash Flow Yield QoQ | -55.469 % | |
| Free Cash Flow Yield YoY | -62.623 % | |
| Free Cash Flow Yield IPRWA | high: 3.996 % mean: 0.788 % median: 0.68 % BROS: 0.114 % low: -1.958 % |
|
| Free Cash Growth | -55.222 % | |
| Free Cash Growth QoQ | 17.539 % | |
| Free Cash Growth YoY | 110.153 % | |
| Free Cash Growth IPRWA | high: 149.518 % mean: -20.645 % median: -30.915 % BROS: -55.222 % low: -365.169 % |
|
| Free Cash To Net Income | 0.396 | |
| Cash Flow Margin | 10.097 % | |
| Cash Flow To Earnings | 2.096 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.721 % | |
| Return On Assets QoQ | 18.197 % | |
| Return On Assets YoY | 393.836 % | |
| Return On Assets IPRWA | high: 5.42 % median: 1.506 % mean: 1.479 % BROS: 0.721 % low: -4.422 % |
|
| Return On Capital Employed (ROCE) | 1.393 % | |
| Return On Equity (ROE) | 0.031 | |
| Return On Equity QoQ | 17.786 % | |
| Return On Equity YoY | 367.113 % | |
| Return On Equity IPRWA | high: 0.339 BROS: 0.031 median: 0.012 mean: 0.003 low: -0.202 |
|
| DuPont ROE | 3.196 % | |
| Return On Invested Capital (ROIC) | 4.098 % | |
| Return On Invested Capital QoQ | 7.927 % | |
| Return On Invested Capital YoY | -193.264 % | |
| Return On Invested Capital IPRWA | high: 18.398 % mean: 5.488 % median: 4.858 % BROS: 4.098 % low: -5.84 % |
|