Dutch Bros Inc. (BROS) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Retail / Consumer Discretionary · as of Sep 25, 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
4.1
Distress distance
Clean
Earnings quality
4
Forensic signals
75.7
P / E (ttm)
11.7%
ROE
$6.7B
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, going concern, valuation). 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 4.1, placing it in the Safe zone. 4 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 across FY2023–FY2025 from 2.0%. After-tax operating profit was $30M in FY2023 and $139M in FY2025, with operating income at 4.8% of revenue in FY2023, 8.3% in FY2024 and 9.8% in FY2025. The capital base behind it grew +67% across FY2023–FY2025, from $1.5B to $2.5B, and the return did not fall doing it, so the dollars added over that window earned at least the 2.0% the older base was already earning.
+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 by total assets, which is what the Forensic Screens card's own accrual row divides by. 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. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 28% of net operating assets, against an accruals ratio of 15.8%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
n/m (stock split)
FY2023–FY2025
Share count (stock split).Diluted share count changed +103% over the last 2 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 +42.3%/yr figure isn't a real buyback/dilution read here.
1.1% of rev
Key fundamentals
Latest Revenue$1.64B
Revenue Growth YoY+27.9%
Revenue CAGR (2yr)+30.2%
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 Sep 25, 2026. Forensic signals flag probability, not certainty.
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. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 20.8% a year, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.