---
title: Dutch Bros (BROS) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/bros
ticker: BROS
as_of: 2026-10-27
sector: Consumer Cyclical
industry: Restaurants
---
# Dutch Bros (BROS)

Dutch Bros (BROS) closed at $42.02 on Oct 26, 2026, overvalued by 86% vs its model value of $22.64 (from its peers' median P/E).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $42.02 (Oct 26, 2026) |
| Model value (from its peers' median P/E) | $22.64 |
| Price vs model | overvalued by 86% vs model |
| Range of that model | $14.38 – $38.46 |
| Market value | $7.9B |
| P/E (fiscal 2025) | 66.7 |
| Net margin (fiscal 2025) | 4.9% |
| Free cash flow (fiscal 2025) | $54.4M |
| Dividend yield (trailing twelve months) | 0.00% |
| Beta | 2.31 |
| Cost of capital (WACC) | 11.75% |
| Business classification | High Growth (High revenue growth (~30% recent), Thin margins (4.9% net margin), Highly cyclical earnings) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Worst performing this year | #31 | −31.8% | https://sweetvaluelab.com/lists/worst-performing-this-year |
| Insider buying | #42 | $103,120 | https://sweetvaluelab.com/lists/insider-buying |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 27, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $0.00 | $0.00 | $0.00 |
| DCF · Perpetuity growth · 10y | cross check | $2.36 | $0.00 | $8.56 |
| DCF · EBITDA exit · 5y | cross check | $49.28 | $33.90 | $67.30 |
| DCF · EBITDA exit · 10y | cross check | $2.25 | $0.42 | $20.36 |
| P/E · peers | cross check | $22.64 | $14.38 | $38.46 |
| P/E · own history | cross check | $0.00 | $0.00 | $0.00 |
| PEG | sanity check | $23.89 | $23.89 | $23.89 |
| EV/EBITDA · peers | cross check | $40.61 | $32.75 | $57.90 |
| EV/Revenue · peers | cross check | $48.31 | $40.81 | $61.25 |
| Earnings power value | cross check | $0.00 | $0.00 | $0.00 |

## Insider activity (SEC Form 4)

Past 90 days: 1 open-market buy ($103,120) and 4 open-market sales ($12.8M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 20, 2026 | DM Individual Aggregator, LLC | 10% Owner | Open-market sell (10b5-1 plan) | 50,709 | $2.2M |
| Oct 20, 2026 | DM Trust Aggregator, LLC | 10% Owner | Open-market sell (10b5-1 plan) | 94,978 | $4.2M |
| Oct 20, 2026 | Boersma Travis | Executive Chairman of Board | Open-market sell (10b5-1 plan) | 94,978 | $4.2M |
| Oct 20, 2026 | Boersma Travis | Executive Chairman of Board | Open-market sell (10b5-1 plan) | 50,709 | $2.2M |
| Aug 20, 2026 | Gillett Stephen | Director | Option/RSU exercise | 775 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Sep 3, 2026 | S-3ASR | Shelf registration (automatic) | https://www.sec.gov/Archives/edgar/data/1866581/000162828026060458/dutchbross-3asr.htm |
| Aug 6, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1866581/000186658126000133/bros-20260630.htm |
| Aug 5, 2026 | 8-K | 2.02 Results of Operations (Earnings); 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1866581/000186658126000131/bros-20260805.htm |
| May 19, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote | https://www.sec.gov/Archives/edgar/data/1866581/000186658126000101/bros-20260513.htm |
| May 15, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote | https://www.sec.gov/Archives/edgar/data/1866581/000186658126000085/bros-20260513.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Bridgewater | 2026-06-30 | 6,497 | $466,550 |

1 tracked managers in all.

## About

Dutch Bros Inc., in collaboration with its subsidiaries, operates and licenses drive-thru establishments throughout the United States. The company's business model is divided into two primary divisions: its directly owned and managed shops, and its franchising and other related ventures. Customers are served through the firm's corporate-operated locations and its online platforms, utilizing brand names like Dutch Bros, Dutch Bros Coffee, Dutch Bros Rebel, and Blue Rebel. Established in 1992, Dutch Bros Inc. has its corporate headquarters situated in Grants Pass, Oregon.

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Source: https://sweetvaluelab.com/stocks/bros (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.