Dutch Bros Inc.
BROS Consumer Cyclical Restaurants
Dutch Bros Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.6 billion, up 27.9% from fiscal 2024. In the quarter to June 2026, revenue grew 32.5%, EPS grew 40.0%, free cash flow grew 12.0% and total debt fell 65.8%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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Dutch Bros Inc. (BROS) Altman Z-score
Dutch Bros Inc.'s Altman Z-score for fiscal 2025 is 2.99, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.99 | 0.38 |
| FY2024 | 2.61 | 0.86 |
| FY2023 | 1.75 | 0.35 |
| FY2022 | 1.40 | (2.75) |
| FY2021 | 4.16 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.04 | — | 0.05 | |
| Retained earnings / total assets | 0.03 | — | 0.05 | |
| EBIT / total assets | 0.05 | — | 0.18 | |
| Market value of equity / total liabilities | 3.63 | — | 2.18 | |
| Sales / total assets | 0.54 | — | 0.54 | |
| Altman Z-score | Safe zone | 2.99 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.17 | ||
Z and Z″ put Dutch Bros Inc. in different zones: safe zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CAVA CAVA Group, Inc. compare | 8.0× |
| TXRH Texas Roadhouse, Inc. compare | 5.7× |
| EAT Brinker International, Inc. compare | 4.8× |
| YUMC Yum China compare | 4.0× |
| WING Wingstop Inc. compare | 3.5× |
| DPZ Domino's Pizza Inc compare | 3.3× |
| BROS Dutch Bros Inc. | 3.0× |
| SHAK Shake Shack, Inc. compare | 2.5× |
| CAKE The Cheesecake Factory Incorporated compare | 2.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets