Latest Ratios: P/E Ratio 105.2x · EV/EBITDA 33.4x · ROE 9.6%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.4B | $7.7B | $6.0B | $2.0B | $1.5B | $2.3B | — | — |
| Enterprise Value | $9.2B | $8.5B | $6.7B | $2.5B | $2.1B | $2.5B | — | — |
| P/E Ratio → | 105.21 | 97.17 | 168.97 | 1143.32 | — | — | — | — |
| P/S Ratio | 5.13 | 4.70 | 4.69 | 2.04 | 1.98 | 4.69 | — | — |
| P/B Ratio | 9.28 | 8.58 | 7.87 | 2.91 | 5.80 | 10.92 | — | — |
| P/FCF | 154.59 | 141.50 | 243.40 | — | — | — | — | — |
| P/OCF | 28.46 | 26.05 | 24.39 | 14.05 | 24.42 | 29.05 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.20 | 5.20 | 2.60 | 2.80 | 4.96 | — | — |
| EV / EBITDA | 33.41 | 30.83 | 33.45 | 21.75 | 49.09 | — | — | — |
| EV / EBIT | 57.27 | 51.97 | 59.52 | 50.95 | 1515.75 | — | — | — |
| EV / FCF | — | 156.57 | 269.71 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.9% | 25.9% | 26.6% | 26.0% | 24.5% | 30.8% | 35.4% | 40.3% |
| Operating Margin | 9.8% | 9.8% | 8.3% | 4.8% | -0.4% | -22.3% | 3.4% | 12.7% |
| Net Profit Margin | 4.9% | 4.9% | 2.8% | 0.2% | -0.6% | -2.5% | 1.7% | 11.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 9.6% | 9.6% | 4.9% | 0.4% | -2.0% | -8.8% | 7.4% | 36.4% |
| ROA | 2.9% | 2.9% | 1.7% | 0.1% | -0.5% | -3.1% | 2.7% | 16.9% |
| ROIC | 7.7% | 7.7% | 6.0% | 3.3% | -0.3% | -34.4% | 6.6% | 20.6% |
| ROCE | 6.4% | 6.4% | 5.4% | 3.6% | -0.4% | -36.2% | 6.6% | 22.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.21 | 1.21 | 1.23 | 1.00 | 2.48 | 0.71 | 1.25 | 0.61 |
| Debt / EBITDA | 3.94 | 3.94 | 4.74 | 5.87 | 14.85 | — | 3.58 | 1.20 |
| Net Debt / Equity | — | 0.91 | 0.85 | 0.80 | 2.40 | 0.62 | 0.84 | 0.41 |
| Net Debt / EBITDA | 2.97 | 2.97 | 3.26 | 4.71 | 14.37 | — | 2.39 | 0.81 |
| Debt / FCF | — | 15.06 | 26.30 | — | — | — | 4.89 | 1.88 |
| Interest Coverage | 5.79 | 5.79 | 4.14 | 1.52 | 0.08 | -15.86 | 2.85 | 13.14 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.49 | 1.49 | 1.76 | 1.49 | 0.39 | 0.44 | 1.05 | 1.12 |
| Quick Ratio | 1.28 | 1.28 | 1.58 | 1.15 | 0.20 | 0.27 | 0.79 | 0.79 |
| Cash Ratio | 1.12 | 1.12 | 1.44 | 0.97 | 0.09 | 0.13 | 0.53 | 0.47 |
| Asset Turnover | — | 0.54 | 0.51 | 0.55 | 0.62 | 0.90 | 1.26 | 1.42 |
| Inventory Turnover | 24.82 | 24.82 | 25.79 | 15.22 | 14.23 | 14.76 | 13.57 | 13.04 |
| Days Sales Outstanding | — | 4.10 | 3.02 | 3.45 | 5.91 | 7.80 | 12.08 | 10.14 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | 9.1% | — | — |
| Payout Ratio | — | — | — | — | — | — | 135.4% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.0% | 1.0% | 0.6% | 0.1% | — | — | — | — |
| FCF Yield | 0.6% | 0.7% | 0.4% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 12.3% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 21.5% | — | — |
| Shares Outstanding | — | $126M | $115M | $62M | $52M | $46M | $47M | $47M |
Regulatory wage cost pressure
Based on current market data, the forward P/E of 78.41 suggests investors are pricing in aggressive long-term unit expansion, a valuation that appears elevated compared to broader restaurant peers and warrants caution given the inherent volatility in scaling a company-operated model across diverse geographic markets.
The current valuation multiples imply that the market is discounting a successful national rollout that mirrors the density achieved in the Pacific Northwest. However, the disconnect between the high P/E and the moderate net margins suggests that any deceleration in the shop opening cadence could lead to significant multiple compression.
As reported in financial statements, the ROIC of 1.5% in 2026Q1 highlights the capital-intensive nature of the current expansion phase, where the rapid deployment of new company-operated shops temporarily suppresses returns on invested capital compared to more mature, asset-light franchise-based restaurant models.
The modest ROIC trend suggests that the company is still in the early stages of compounding returns, as the heavy investment in physical infrastructure has yet to be fully offset by the profitability of the established shop base. Investors should monitor whether ROIC improves as the shop portfolio matures and the need for initial capital outlays per unit stabilizes.
According to recent quarterly filings, the cash conversion cycle remains lean at 6 days, indicating that the company maintains strong control over its inventory and payables despite the operational complexities of managing a rapidly growing network of company-operated beverage drive-thru locations.
The low CCC is a positive indicator of operational efficiency, suggesting that the company effectively leverages its high-frequency transaction model to manage working capital. However, the low asset turnover of 0.15 reflects the significant capital tied up in fixed assets, which is a structural reality of the company-operated strategy.
Based on reported figures, the interest coverage ratio of 4.75 in 2026Q1 indicates a moderate improvement in debt service comfort, though the debt-to-EBITDA ratio of 28.13 remains elevated, reflecting the substantial leverage utilized to fund the aggressive, capital-heavy national shop expansion strategy.
While the debt-to-equity ratio has moderated to 1.05, the high debt-to-EBITDA level suggests that the company remains sensitive to interest rate fluctuations and the ongoing cost of financing its growth. The ability to maintain this coverage will depend heavily on the continued growth of EBITDA from the maturing shop base.
As noted in institutional research, the P/E ratio is frequently misapplied to this business model because it obscures the platform's unique role as a high-velocity energy drink retailer, which operates with different daypart utilization and margin profiles than traditional, legacy-style coffee house competitors.
Valuing the company solely on coffee-based multiples ignores the proprietary nature of the 'Blue Rebel' energy base, which drives higher-margin, afternoon-heavy traffic. Analysts should instead focus on unit-level economics and AUV growth to better capture the true value of the company's specialized operational model.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying BROS stock.
Dutch Bros Inc.'s current P/E ratio is 105.2x. The historical average is 133.1x. This places it at the 50th percentile of its historical range.
Dutch Bros Inc.'s current EV/EBITDA is 33.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 33.8x.
Dutch Bros Inc.'s return on equity (ROE) is 9.6%. The historical average is 6.8%.
Based on historical data, Dutch Bros Inc. is trading at a P/E of 105.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Dutch Bros Inc. has 25.9% gross margin and 9.8% operating margin.
Dutch Bros Inc.'s Debt/EBITDA ratio is 3.9x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.