Dutch Bros Inc. Financial Ratios — BROS Stock

Profitability (USD)

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	-14.87	-4.25	0.7	7.82	13.11
Return on Assets (%)	- -	- -	-3.12	-0.55	0.12	1.65	2.9
Return on Capital (%)	- -	-1.87	- -	- -	1.12	1.65	3.62
Return on Invested Capital (%)	- -	6.5	- -	- -	2.44	5.43	7.55
Gross Margin (%)	40.3	35.41	30.79	24.48	26.02	26.55	25.88
EBITDA Margin (%)	16.77	8.11	-17.28	5.7	11.94	15.54	16.87
Operating Margin (%)	12.71	3.36	-22.34	-0.35	4.79	8.28	9.84
Incremental Operating Margin (%)	- -	- -	- -	45.04	21.54	18.99	15.42
Pretax Margin (%)	11.95	2.11	-24.01	-2.25	1.75	6.63	8.28
Profit Margin (%)	11.91	- -	-2.55	-0.64	0.18	2.75	4.87
Net Income to Common Margin (%)	11.91	- -	-2.55	-0.64	0.18	2.75	4.87
Effective Tax Rate (%)	0.31	12.22	- -	- -	41.18	21.72	13.53
Dvd Payout Ratio (%)	23.34	63.97	-95.58	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	-29.09	-4.25	0.7	7.82	13.11

Credit (USD)

Credit Ratios API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	48	95	151	625	677	943	1,089
ST Debt	4	21	68	131	24	45	40
LT Debt	44	74	83	495	652	898	1,049
Total Debt/EBITDA	1.2	3.58	-1.75	14.85	5.87	4.74	3.94
Net Debt/EBITDA	0.26	0.43	-0.57	4.5	-0.31	-0.28	-0.25
Total Debt/EBIT	1.58	8.65	-1.35	-239.44	14.64	8.89	6.76
Net Debt/EBIT	0.34	1.05	-0.44	-72.59	-0.78	-0.53	-0.43
EBITDA to Interest Expense	17.04	7.1	-12.13	2.34	3.57	7.37	9.76
EBITDA-CapEx/Interest Expense	0.21	-3.76	-28.82	-8.09	-3.5	-0.84	1.24
EBIT to Interest Expense	12.91	2.94	-15.68	-0.14	1.43	3.93	5.69
Interest Expense	2	4	7	18	32	27	28
Common Equity/Total Assets	46.36	29.27	17.07	10.88	20.65	21.49	22.62
Long-Term Debt/Equity (%)	56.03	97.39	38.88	196.31	96.52	117.61	116.8
Long-Term Debt/Capital (%)	34.71	43.25	22.8	56.38	48.23	52.64	52.78
Long-Term Debt/Total Assets (%)	25.98	28.5	15.01	41.7	36.98	35.92	34.85
Total Debt/Equity (%)	61.41	125.18	70.5	248.2	100.1	123.44	121.29
Total Debt/Capital (%)	38.04	55.59	41.35	71.28	50.02	55.25	54.81
Total Debt/Total Assets (%)	28.47	36.63	27.21	52.72	38.35	37.7	36.19
Net Debt to Equity	13.39	15.15	23.02	75.24	-5.31	-7.37	-7.71
Net Debt/Capital (%)	9.47	8.26	14.22	22.12	-2.94	-3.98	-4.03
EBITDA	40	27	-86	42	115	199	276
EBITDA-CapEx	1	-14	-204	-146	-113	-23	35
Operating Income (Loss)	30	11	-111	-3	46	106	161

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.47	0.53	0.13	0.09	0.97	1.44	1.12
Current Ratio	1.12	1.05	0.44	0.39	1.49	1.76	1.49
Quick Ratio	0.67	0.71	0.21	0.15	1.03	1.5	1.2
CFO/Avg Current Liab	- -	1.15	0.81	0.34	0.8	1.44	1.33
Common Equity/Total Assets	46.36	29.27	17.07	10.88	20.65	21.49	22.62
Long-Term Debt/Equity (%)	56.03	97.39	38.88	196.31	96.52	117.61	116.8
Long-Term Debt/Capital (%)	34.71	43.25	22.8	56.38	48.23	52.64	52.78
Long-Term Debt/Total Assets (%)	25.98	28.5	15.01	41.7	36.98	35.92	34.85
Total Debt/Equity (%)	61.41	125.18	70.5	248.2	100.1	123.44	121.29
Total Debt/Capital (%)	38.04	55.59	41.35	71.28	50.02	55.25	54.81
Total Debt/Total Assets (%)	28.47	36.63	27.21	52.72	38.35	37.7	36.19
CFO/Total Liabilities	62.82	29.16	23.64	6.41	12.86	14.19	14
CFO/CapEx	1.44	1.32	0.68	0.32	0.61	1.11	1.23
Altman's Z-Score	- -	- -	- -	- -	- -	- -	2.65

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	37.51	46.36	65.37	91.59	129.91	113.03
Days Sales Outstanding	- -	9.73	7.87	5.58	3.99	2.81	3.23
Inventory Turnover	- -	15.96	17.7	17.84	16.58	22.55	28.43
Days Inventory Outstanding	- -	22.86	20.62	20.46	22.01	16.18	12.84
Accounts Payable Turnover	- -	14.84	19.29	27.52	28.2	29.93	35.12
Accounts Payable Turnover Days	- -	24.6	18.92	13.26	12.94	12.2	10.39
Cash Conversion Cycle	- -	7.99	9.57	12.78	13.05	6.8	5.67
Inventory to Cash Days	- -	-13.13	-12.74	-14.88	-18.03	-13.38	-9.61
Inventories	11	16	23	39	47	36	49
Raw Materials	1	5	8	21	29	15	26
Work In Process	- -	- -	- -	- -	- -	- -	- -
Finished Goods	10	11	15	18	18	22	23
Other Inventory	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	6,471
- Cash & Cash Equivalents	16	32	19	20	134	293	269
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	119	123	312	226	217
+ Total Debt	48	95	151	625	677	943	1,089
Enterprise Value	- -	- -	- -	- -	- -	- -	7,508
Total Capital	126	171	364	877	1,353	1,707	1,987
Total Debt/Capital (%)	38.04	55.59	41.35	71.28	50.02	55.25	54.81
Total Debt / EV	- -	- -	- -	- -	- -	- -	0.15
EV/Sales	- -	- -	- -	- -	- -	- -	4.58
EV/EBITDA	- -	- -	- -	- -	- -	- -	27.17
EV/EBIT	- -	- -	- -	- -	- -	- -	46.58
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	23.46
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	95.17
Diluted Market Cap	- -	- -	- -	- -	- -	- -	6,406
Diluted Enterprise Value	- -	- -	- -	- -	- -	- -	7,442
EV per Share	- -	- -	- -	- -	- -	- -	59.09
TTM Sales	238	327	498	739	966	1,281	1,638
TTM EBITDA	40	27	-86	42	115	199	276
TTM Operating Income	30	11	-111	-3	46	106	161
TTM Cash Flow to Firm	59	57	- -	- -	159	268	320
TTM Free Cash Flow to Firm	20	16	- -	- -	-70	46	79

Multiples (USD)

Valuation Multiples API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	117.73
EV/EBIT	- -	- -	- -	- -	- -	- -	46.58
Enterprise Value	- -	- -	- -	- -	- -	- -	7,508
Low Price	- -	- -	- -	- -	- -	- -	50.93
EV/Sales	- -	- -	- -	- -	- -	- -	4.58
EV/EBITDA	- -	- -	- -	- -	- -	- -	27.17
Price/Earnings	- -	- -	- -	- -	- -	- -	79.95
Price/Earnings Average	- -	- -	- -	- -	- -	- -	91.26
Price/Earnings High	- -	- -	- -	- -	- -	- -	102.58
Price/Earnings Low	- -	- -	- -	- -	- -	- -	79.95
Price/Book Value	- -	- -	- -	- -	- -	- -	9.51
Price/Book Value Average	- -	- -	- -	- -	- -	- -	10.85
Price/Book Value High	- -	- -	- -	- -	- -	- -	12.19
Price/Book Value Low	- -	- -	- -	- -	- -	- -	9.51
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	9.53
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	10.87
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	12.22
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	9.53
Price/Sales	- -	- -	- -	- -	- -	- -	3.9
Price/Sales Average	- -	- -	- -	- -	- -	- -	4.45
Price/Sales High	- -	- -	- -	- -	- -	- -	5
Price/Sales Low	- -	- -	- -	- -	- -	- -	3.9
Price/Cash Flow	- -	- -	- -	- -	- -	- -	21.6
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	24.65
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	27.71
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	21.6
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	134.38
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	151.04
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	117.73
EV/Sales Average	- -	- -	- -	- -	- -	- -	5.14
EV/Sales High	- -	- -	- -	- -	- -	- -	5.7
EV/Sales Low	- -	- -	- -	- -	- -	- -	4.58
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	30.49
EV/EBITDA High	- -	- -	- -	- -	- -	- -	33.8
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	27.17
EV/EBIT Average	- -	- -	- -	- -	- -	- -	52.26
EV/EBIT High	- -	- -	- -	- -	- -	- -	57.94
EV/EBIT Low	- -	- -	- -	- -	- -	- -	46.58
Last Price	- -	- -	- -	- -	- -	- -	50.93
High Price	- -	- -	- -	- -	- -	- -	65.35
Enterprise Value Average	- -	- -	- -	- -	- -	- -	8,424
Enterprise Value High	- -	- -	- -	- -	- -	- -	9,339
Enterprise Value Low	- -	- -	- -	- -	- -	- -	7,508

Per Share Data Items (USD)

Per-Share Data API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Shares Outstanding	47	47	50	58	81	115	127
Diluted Weighted Avg Shares	47	47	46	52	62	104	126
Basic Weighted Avg Shares	47	47	46	52	62	104	125
Revenue per Share	5.1	7	10.86	14.25	15.56	12.38	13.07
EBITDA per Share	0.85	0.57	-1.88	0.81	1.86	1.92	2.2
Operating Income per Share	0.65	0.24	-2.43	-0.05	0.74	1.03	1.29
Basic EPS, GAAP	0.61	- -	-0.28	-0.09	0.03	0.34	0.64
Basic EPS from Cont Ops	0.61	0.13	-2.57	-0.37	0.16	0.64	0.94
Diluted EPS, GAAP	0.61	- -	-0.28	-0.09	0.03	0.34	0.63
Diluted EPS from Cont Ops	0.61	0.13	-2.57	-0.37	0.16	0.64	0.93
Dividend per Share	0.14	0.17	4.65	- -	- -	- -	- -
Cash Flow per Share	1.21	1.15	1.75	1.15	2.25	2.38	2.36
Free Cash Flow per Basic Share	0.37	0.28	-0.83	-2.47	-1.43	0.24	0.43
Cash & Equivalents per Share	0.33	0.68	0.37	0.35	1.66	2.54	2.12
Book Value per Share	1.67	1.62	1.9	2.23	4.52	4.66	5.36
Tangible Book Value per Share	1.09	1	1.3	1.7	4.18	4.63	5.35