Is the business good?
How good a business is BROS?
Dutch Bros Inc. earns 21% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
21%
Return on invested capital · cost of capital 9.0% · 12 points above what the capital costs: growth creates value
- Operating margin
- 9.4%
Operating margin · Restaurants median 8.6% · 12 months to Q1 2026
- Cash conversion
- 1.13×
Cash conversion · 0.74× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- +4.8%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 3.4% |
| FY2021 | −22% |
| FY2022 | −0.35% |
| FY2023 | 4.8% |
| FY2024 | 8.3% |
| FY2025 | 9.8% |
Details›
- Gross margin12 months to Q1 2026
- 25%
- Operating margin12 months to Q1 2026
- 9.4%
- Net margin12 months to Q1 2026
- 4.6%
- Free cash flow margin
- 5.2%
- Revenue, trailing twelve months
- $1.75B
- Free cash flow, trailing twelve months
- $91M
- Net income, trailing twelve months
- $81M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 21%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.