Dutch Bros Inc. (BROS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-125.4%

-$11.38

vs $44.80 price

Levered DCF

$1.36

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.83

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	95.66×	168.97×	1,143.32×	-307.75×	-181.82×	299.52×	60.13×
P/B	11.27×	11.14×	5.4×	11.32×	24.7×	22.57×	21.98×
P/S	4.68×	4.67×	2.04×	1.98×	4.69×	5.24×	7.19×
EV / EBITDA	40.37×	42.93×	27.2×	56.32×	-37.95×	91.62×	58.46×
Gross margin	25.9%	26.6%	26.0%	24.5%	30.8%	35.4%	40.3%
Operating margin	9.8%	8.3%	4.8%	-0.4%	-22.3%	3.4%	12.7%
Net margin	4.9%	2.8%	0.2%	-0.6%	-2.5%	1.7%	11.9%
Current ratio	1.49×	1.76×	1.49×	0.39×	0.44×	1.05×	1.12×
Debt / equity	1.6×	1.75×	1.86×	4.84×	1.59×	1.25×	0.61×
Interest coverage	5.69×	3.93×	1.43×	-0.14×	-15.68×	2.94×	12.91×
Dividend yield	0.0%	0.0%	0.0%	0.0%	9.1%	0.5%	0.4%
Payout ratio	0.0%	0.0%	0.0%	0.0%	-1682.4%	135.4%	23.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.7%	6.6%	0.5%	-3.7%	-13.4%	7.5%	36.4%
Return on invested capital	5.0%	3.5%	1.6%	-0.2%	-22.7%	4.1%	21.6%
Return on assets	2.7%	1.4%	0.1%	-0.4%	-2.3%	2.2%	16.9%
Free cash flow yield	0.7%	0.4%	-4.5%	-8.8%	-1.6%	0.8%	1.0%
Earnings yield	1.0%	0.6%	0.1%	-0.3%	-0.5%	0.3%	1.7%
Enterprise value	$11.3B	$8.8B	$3.2B	$2.6B	$3.3B	$2.4B	$2.4B
Net debt / EBITDA	2.94×	3.17×	4.59×	13.13×	-1.51×	2.43×	0.8×
Cash conversion cycle (days)	7	5	12	18	11	11	5