Dutch Bros Inc. (BROS) intrinsic value & 10-year financials
Dutch Bros Inc. (BROS) has a Graham intrinsic value of $21.26 per share. At $41.16 on Oct 17, 2026, the stock trades 94% above that value. Over the last 8 fiscal years revenue grew 37.9% a year to $1.6B, with an average return on invested capital of -13.0%.
- Graham intrinsic value
- $21.26
- Share price (Oct 17, 2026)
- $41.16
- Price vs Graham value
- 94% above
- Market cap
- $5.2B
- Revenue (FY2025)
- $1.6B
- Revenue growth (8-yr CAGR)
- 37.9%
- ROIC (10-yr avg)
- -13.0%
- Free cash flow (FY2025)
- $54.4M
BROS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.6B | $79.8M | $0.64 | $54.4M | 9.8% | 23.9% |
| FY2024 | $1.3B | $35.3M | $0.34 | $24.7M | 8.3% | 17.2% |
| FY2023 | $965.8M | $1.7M | $0.03 | -$88.5M | 4.8% | 8.6% |
| FY2022 | $739.0M | -$4.8M | -$0.09 | -$128.0M | -0.4% | -1.8% |
| FY2021 | $497.9M | -$12.9M | -$0.28 | -$38.1M | -22.8% | -133.1% |
| FY2020 | $327.4M | $0 | — | $13.0M | 3.3% | 7.4% |
| FY2019 | $238.4M | $0 | — | $17.2M | 12.7% | — |
| FY2018 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Dutch Bros Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Dutch Bros Inc. has historically struggled to out-earn its cost of capital, averaging just -13.0% ROIC.
Dutch Bros Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Dutch Bros Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $21.26 per share.