Forensic Analysis · Retail / Consumer Discretionary · as of Aug 11, 2026
Dutch Bros Inc. (BROS)
A forensic read on Dutch Bros Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
5.2
Distress distance
Clean
Earnings quality
5
Forensic signals
134.3
P / E (ttm)
11.7%
ROE
$8.9B
Market cap
27.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Dutch Bros Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 5.2, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
5.6%
FY2025
Return on invested capital.Return on invested capital is 5.6% in the latest fiscal year and rising from -0% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
1.1% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.1% of revenue and 33% of free cash flow in FY2025 — about $0.14 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 17.8% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
stopped
FY2021→FY2023
Shareholder returns — halted.Capital returns have STOPPED — $288M of buybacks + dividends in FY2021, but ~$0 in FY2023. A halt usually means the company is conserving cash.
+15.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +15.8% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +73% against revenue +28% and inventory up +34% against +29% in cost of sales. This is the fourth straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 28% of net operating assets, diverging from the balance-sheet accrual read.
Key fundamentals
Latest Revenue$1.64B
Revenue Growth YoY+27.9%
Revenue CAGR (3yr)+30.4%
Net Margin4.9%
Free Cash Flow$54.4M
Return on Equity11.7%
Debt / Equity0.29x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Dutch Bros Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed +142% over the last 3 years to FY2025, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +34.3%/yr figure isn't a real buyback/dilution read here.
Dutch Bros Inc. (BROS) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy