BROSDutch Bros Inc.

Retail-Eating & Drinking Places

Revenue: $1.6B; 28% YoY
Operating margin: 9.8%; 19% YoY
EBITDA: $276M; 39% YoY
Market cap: $6.6B
Employees: 32,000; $51K revenue each
Net debt / EBITDA: -0.2×; −$68M net debt
AI in 10-K: 3.8; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
370% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
100% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$51K · 4th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.8 per 10K words · 76th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.2× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$687M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$498M	$739M	$966M	$1.3B	$1.6B	28%
Operating income	−$111M	−$3M	$46M	$106M	$161M	52%
Net income	−$13M	−$5M	$2M	$35M	$80M	126%
Operating cash flow	$80M	$60M	$140M	$246M	$296M	20%
Capex	$118M	$188M	$228M	$222M	$241M	8.7%
Stock-based comp	$158M	$42M	$39M	$11M	$18M	57%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 16, 2023	Ricci Joth	SC 13D/A	4.8%	Passive
Feb 21, 2023	Ricci Joth	SC 13D	5.0%	Passive
Mar 2, 2022	Ricci Joth	SC 13D	7.7%	Passive

Insider trading

Open-market buys, 12 mo: $205K · 2
Open-market sells, 12 mo: $687M · 81
Net: −$687M

Pay vs performance

No pay-versus-performance disclosure yet.