Dutch Bros

BROS

Restaurants · Consumer Cyclical

Price

$49.87

+0.50 (+1.01%)

Market Cap

$8.62B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Exceptional

Cash Flow

Strong

Stability

Weak

Valuation

Good

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Share count rising — dilution

+174.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 45.9M (2021) → 125.8M (2025)

Winston Score History

The full picture

Dutch Bros is a drive-through coffee and beverage chain based in the United States. It sells coffee drinks, energy drinks, smoothies, and teas, mostly to everyday consumers who want a fast, affordable alternative to sitting-down coffee shops. The company started in Oregon in 1992 and has grown into one of the largest drive-through coffee chains in the country.

Dutch Bros makes money by operating its own shops and by collecting royalties and fees from franchised locations. It currently has over 900 locations, concentrated mostly in the western and southern United States, with ongoing expansion into new states. The brand has a loyal, younger customer base and a strong drive-through-only format that keeps costs lower than full-service cafes. The key growth driver is opening new shops in markets where Dutch Bros does not yet have a presence, though rising labor and real estate costs could pressure profit margins as it scales.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+32.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+40.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

3.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$269M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Dutch Bros grew revenue 32% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

27.7%

Modest — 27.7% gross margin

Profit after running costs

Operating Margin

12.5%

Healthy — 12.5% operating margin

Return on the money invested

ROCE

10.0%

Below par — 10.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+29.6%

Fast-growing sales (+29.6% YoY)

Profit growth

EPS YoY

+52.7%

Earnings growing fast (+52.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

274%

Turns 274% of profit into real cash

Spare cash per sale

FCF Margin

2.9%

Thin free cash flow (2.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.27

Elevated debt (1.27)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

69.3x

Expensive — P/E 69.3

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+39.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (69.3 → 30.0)

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Dividends

Not applicable for this business.

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