MeritValue

Dutch Bros Inc.

BROSdata completeness 100%7 fiscal years on file

Data notes: no data for concept 'interestExpense'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$497.9M1$739M2$965.8M3$1.28B3$1.64B3
Net income−$12.7M4−$4.75M5$1.72M6$35.3M6$79.8M6
Operating cash flow$80.4M7$59.9M8$139.9M9$246.4M9$295.5M9
Capital expenditure$118.4M10$187.9M11$228.5M12$221.7M12$241.1M12
Free cash flow (derived)−$38.1M7−$128M8−$88.5M9$24.7M9$54.4M9
Total debt$7.21M13$198.9M14$196.7M15$475.1M16$402.6M16
Cash & equivalents$18.5M17$20.2M18$133.5M19$293.4M20$269.4M20
Diluted shares45.9M51.9M62.1M104.1M125.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000080%
of the whole company
Your share of last year’s profit
$6.35
Your share of its debt
$32.02
Your share of free cash flow
$4.33
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$2.82
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$24.7M
DCF · Growth Exit 5Y
$2.51
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$24.7M
Earnings Power Value
$0.14
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.72M
  • growthAssumed0.0%
Graham Number
$8.83
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $2.51

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001866581-24-000038 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001866581-25-000048 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001866581-26-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001866581-24-000038 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001866581-25-000048 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001866581-26-000006 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001866581-24-000038 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001866581-25-000048 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001866581-26-000006 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001866581-24-000038 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001866581-25-000048 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001866581-26-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001866581-23-000038 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001866581-24-000038 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001866581-25-000048 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001866581-26-000006 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001866581-23-000038 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001866581-24-000038 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001866581-25-000048 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001866581-26-000006 (CashAndCashEquivalentsAtCarryingValue)