Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Dutch Bros Inc.BROS · shops | |
|---|---|
| Grade |  Astrongest fifth of 258 graded peers; percentile 11.3, sampling error 2.9 points; lower is stronger |
| Rank | 30 of 258 |
| Profitability | Cpercentile 52.5 |
| Solvency | B/Cpercentile 37.9 |
| Growth and financing | Apercentile 9.4 |
| Reliability | 0.94 AUCfailure model, filers with over $2.67B assets; 95% interval 0.88 to 0.97; 61 events, 2020 to 2025 |
| Peer failure rate | 0.52% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | over $2.67B assetstotal assets $3.0B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none active · fortress balance sheetnot computable: dilution, distress |
| Inputs computable | 10 of 14 |
| Graded from | filings received through Feb 13, 2026238 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $39.772026-10-08; market equity $6.1B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 13, 2026; the document on sec.gov.
Dutch Bros Inc. is a Delaware corporation, and its Class A common stock trades on the New York Stock Exchange under the symbol “BROS”. Dutch Bros is a high growth operator and franchisor of drive-thru shops that focus on serving high- QUALITY, hand-crafted beverages with unparalleled SPEED and superior SERVICE. Founded in 1992 by brothers Dane and Travis Boersma, Dutch Bros began with a double-head espresso machine and a pushcart in Grants Pass, Oregon. Today, we believe that Dutch Bros is one of the fastest-growing brands in the quick service beverage industry in the United States.
Warnings [top]
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 52.5 | |||||||
| Gross profitability | 14.1% | [1-2,5] | 42.6% | 85.9 | 242 | 2025-12-31 | |
| Return on invested capital | 25.4% | [3-4,6-12] | 10.9% | 21.7 | 84 | 2025-12-31 | |
| Accruals ratio | (7.8%) | [1,13-15] | (4.9%) | 33.2 | 287 | 2025-12-31 | |
| Gross margin stability, five years | 2.1 pts | [2,5,16-23] | 1.2 pts | 69.3 | 219 | 2025-12-31 | |
| Solvency, sleeve percentile 37.9 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| liabilities and a nearby cover-page share count are required at 2026-06-30 | |||||||
| Altman Z double-prime | 1.06 | [1,6,9,24-27] | 1.92 | 58.0 | 208 | 2025-12-31 | |
| Net debt to EBITDA | (0.24x) | [3-4,6,28] | 1.84x | 11.1 | 100 | 2025-12-31 | |
| Interest coverage | not computable | 2.26x | |||||
| one or more required annual facts are missing | |||||||
| Current ratio | 1.49x | [24-25] | 1.37x | 44.6 | 295 | 2025-12-31 | |
| Growth and financing, sleeve percentile 9.4 | |||||||
| Revenue growth, three-year compound | 30.4% | [2,16,18,20] | 1.5% | 2.6 | 269 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 5.6% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | 63.1% | [6-8,24-25,28-31] | 7.3% | 22.5 | 152 | 2025-12-31 | |
| Asset growth, three years | 36.4% | [1,15,32-33] | 3.4% | 3.0 | 272 | 2025-12-31 | |
| Net share issuance, one year | not computable | (0.6%) | |||||
| two annual share counts are required; found 1 | |||||||
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite -0.353; sampling error 2.9 percentile points on 258 peers.
Among 258 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 25 | FirstCash Holdings, Inc. (FCFS) FirstCash Holdings, Inc. (FCFS) Astrongest fifth; percentile 9.3 Nasdaq · Retail-Miscellaneous Retail market equity $9.2B; last close $211.93 No active warnings; 8 of 14 inputs | 9.3 | A | |
| 26 | Pricesmart Inc. (PSMT) Pricesmart Inc. (PSMT) Astrongest fifth; percentile 9.7 Nasdaq · Retail-Variety Stores market equity $5.2B; last close $167.12 Warnings: fortress balance sheet; 12 of 14 inputs | 9.7 | A | fortress balance sheet |
| 27 | Ulta Beauty, Inc. (ULTA) Ulta Beauty, Inc. (ULTA) Astrongest fifth; percentile 10.1 Nasdaq · Retail-Retail Stores, NEC market equity $24.1B; last close $564.14 No active warnings; 11 of 14 inputs | 10.1 | A | |
| 28 | Eplus Inc. (PLUS) Eplus Inc. (PLUS) Astrongest fifth; percentile 10.5 Nasdaq · Wholesale-Computers & Peripheral Equipment & Software market equity $2.4B; last close $91.24 Warnings: fortress balance sheet; 9 of 14 inputs | 10.5 | A | fortress balance sheet |
| 29 | Lovesac Co. (LOVE) Lovesac Co. (LOVE) Astrongest fifth; percentile 10.9 Nasdaq · Retail-Furniture Stores market equity $210.4M; last close $14.60 Warnings: fortress balance sheet; 9 of 14 inputs | 10.9 | A | fortress balance sheet |
| 30 | Dutch Bros Inc. (BROS) Dutch Bros Inc. (BROS) Astrongest fifth; percentile 11.3 NYSE · Retail-Eating & Drinking Places market equity $6.1B; last close $39.77 Warnings: fortress balance sheet; 10 of 14 inputs | 11.3 | A | fortress balance sheet |
| 31 | Watsco Inc. (WSO) Watsco Inc. (WSO) Astrongest fifth; percentile 11.9 NYSE · Wholesale-Hardware & Plumbing & Heating Equipment & Supplies last close $282.28 Warnings: fortress balance sheet; 10 of 14 inputs | 11.9 | A | fortress balance sheet |
| 32 | Watsco Inc. (WSO-B) Watsco Inc. (WSO-B) Astrongest fifth; percentile 11.9 NYSE · Wholesale-Hardware & Plumbing & Heating Equipment & Supplies last close $312.75 Warnings: fortress balance sheet; 10 of 14 inputs | 11.9 | A | fortress balance sheet |
| 33 | Ollie's Bargain Outlet Holdings, Inc. (OLLI) Ollie's Bargain Outlet Holdings, Inc. (OLLI) Astrongest fifth; percentile 12.5 Nasdaq · Retail-Variety Stores market equity $5.2B; last close $86.75 Warnings: fortress balance sheet; 12 of 14 inputs | 12.5 | A | fortress balance sheet |
| 34 | Unifirst Corp. (UNF) Unifirst Corp. (UNF) Astrongest fifth; percentile 12.8 NYSE · Services-Personal Services last close $259.95 Warnings: late filer, fortress balance sheet; 8 of 14 inputs | 12.8 | A | late filer, fortress balance sheet |
| 35 | Richardson Electronics, Ltd. (RELL) Richardson Electronics, Ltd. (RELL) Astrongest fifth; percentile 13.2 Nasdaq · Wholesale-Electronic Parts & Equipment, NEC last close $20.09 No active warnings; 8 of 14 inputs | 13.2 | A |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | A | 10.6 | 2204 |
| sector peers, equal sleeves (the grade) | A | 11.3 | 258 |
| same exchange, equal sleeves | A | 9.8 | 984 |
| sector peers, equal inputs | A | 12.1 | 258 |
Each letter is one fifth of the 258 graded peers, about 51 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (6.6%) | (0.1%) | 41 | hotter than 41 of 100 peers |
| Distance from 52-week high | (45.7%) | (24.1%) | 21 | closer to its high than 21 of 100 peers |
| EBIT to enterprise value | 2.7% | 5.3% | 24 | pricier than 76 of 100 peers |
| Free cash flow yield | 0.9% | 4.2% | 27 | pricier than 73 of 100 peers |
| Book value to price | 0.13 | 0.36 | 26 | pricier than 74 of 100 peers |
| Sales to price | 0.27 | 1.75 | 4 | pricier than 96 of 100 peers |
| Composite equity issuance, five years | not computable | (16.7%) | a share count from five years earlier is required | |
| Relative strength against the sector, log excess return | (0.05) | 0.02 | 41 | ahead of 41 of 100 peers |
Inputs: market equity $6.1B; EBIT $161.2M; free cash flow $54.4M; book equity $797.7M; sales $1.6B; debt $200.5M; cash $268.6M[34].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 3.2% | ✓ pass[13,15] |
| Operating cash flow above zero | $295.5M | ✓ pass[14] |
| Return on assets improved | 1.2 pts | ✓ pass[13,15,32,35] |
| Operating cash flow exceeds net income | $215.7M | ✓ pass[13-14] |
| Long-term leverage fell | (3.2 pts) | ✓ pass[1,15,32,36-37] |
| Current ratio improved | (27.7 pts) | ✗ fail[24-25,30-31] |
| No new shares issued | n/a[34] | |
| Gross margin improved | (0.7 pts) | ✗ fail[2,5,16-17] |
| Asset turnover improved | (7.1 pts) | ✗ fail[2,15-16,32] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $268.6M[38] |
| Operating cash flow, four quarters | $365.7M[14,38-42] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 64 |
| 10-Q received Aug 6, 2026 | |
| Median daily dollar volume | $182.0M |
| 63 sessions | |
| Days since newest grade input | 238 |
Downloads [top]
|
Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $3.0B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.6B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 3 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $269.4M | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 4 | total debt | us-gaap:LongTermDebtAndCapitalLeaseObligations | $202.5M | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 5 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $1.2B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 6 | operating income | us-gaap:OperatingIncomeLoss | $161.2M | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 7 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $135.6M | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 8 | income tax | us-gaap:IncomeTaxExpenseBenefit | $18.3M | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 9 | book equity | us-gaap:StockholdersEquity | $680.8M | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 10 | total debt | us-gaap:LongTermDebtAndCapitalLeaseObligations | $238.0M | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 11 | book equity | us-gaap:StockholdersEquity | $537.4M | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 12 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $293.4M | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 13 | net income | us-gaap:NetIncomeLoss | $79.8M | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 14 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $295.5M | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 15 | assets | us-gaap:Assets | $2.5B | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 16 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.3B | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 17 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $940.9M | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 18 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $965.8M | 2023-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 19 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $714.5M | 2023-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 20 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $739.0M | 2022-12-31 | 2025-02-13 | 10-K | filing · viewer · series |
| 21 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $558.1M | 2022-12-31 | 2025-02-13 | 10-K | filing · viewer · series |
| 22 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $497.9M | 2021-12-31 | 2024-02-23 | 10-K | filing · viewer · series |
| 23 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $344.6M | 2021-12-31 | 2024-02-23 | 10-K | filing · viewer · series |
| 24 | current assets | us-gaap:AssetsCurrent | $357.4M | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 25 | current liabilities | us-gaap:LiabilitiesCurrent | $240.5M | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 26 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $99.5M | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 27 | liabilities | us-gaap:Liabilities | $2.1B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 28 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $115.1M | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 29 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $241.1M | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 30 | current assets | us-gaap:AssetsCurrent | $357.9M | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 31 | current liabilities | us-gaap:LiabilitiesCurrent | $203.1M | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 32 | assets | us-gaap:Assets | $1.8B | 2023-12-31 | 2025-02-13 | 10-K | filing · viewer · series |
| 33 | assets | us-gaap:Assets | $1.2B | 2022-12-31 | 2024-02-23 | 10-K | filing · viewer · series |
| 34 | shares outstanding | us-gaap:CommonStockSharesOutstanding | 154,204,000 | 2024-12-31 | 2025-02-13 | 10-K | filing · viewer · series |
| 35 | net income | us-gaap:NetIncomeLoss | $35.3M | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 36 | long term debt | us-gaap:LongTermDebtNoncurrent | $196.3M | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 37 | long term debt | us-gaap:LongTermDebtNoncurrent | $219.8M | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 38 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $268.6M | 2026-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
| 39 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $196.9M | 2026-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
| 40 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $84.7M | 2026-03-31 | 2026-05-06 | 10-Q | filing · viewer · series |
| 41 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $215.9M | 2025-09-30 | 2025-11-06 | 10-Q | filing · viewer · series |
| 42 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $126.8M | 2025-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 11.3 is 8.7 points from the nearest band edge; sampling error is 2.9 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}
