Dutch Bros Inc. (BROS)

Retail-Eating & Drinking Places

Latest Price

$43.44

TTM P/E

60.33

Normalized P/E

206.86

Div Yield

Book Value

5.93

P/B Ratio

7.32

Valuation metrics

EPS: $0.64

Book value / share: $4.42

Formula: √(22.5 × EPS × BVPS)

Graham Number

$7.97

81% downside

Norm. op. income: $46M (median of 5yr)

Tax rate: 14%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$3.03

93% downside

Base FCF: $40M (median of recent 5yr)

Growth: 25%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$19.52

53% downside

EPS: $0.64

Target P/E: 58×

Formula: EPS × P/E

P/E Fair Value

$37.12

12% downside

99.1% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
FMR LLC	16.72M	$1.20B	12.43%	+7.16M	2026-06-30
BlackRock, Inc.	14.66M	$1.05B	10.90%	+784.9K	2026-06-30
PRICE T ROWE ASSOCIATES INC /MD/	9.59M	$688.0M	7.13%	+1.96M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	6.07M	$435.0M	4.51%	+376.5K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	5.94M	$426.0M	4.42%	+466.1K	2026-06-30
T. Rowe Price Investment Management, Inc.	4.27M	$306.0M	3.17%	-364.5K	2026-06-30
STATE STREET CORP	3.85M	$276.0M	2.86%	+71.8K	2026-06-30
WELLINGTON MANAGEMENT GROUP LLP	3.09M	$221.0M	2.30%	+851.1K	2026-06-30
CITADEL ADVISORS LLC	3.00M	$215.0M	2.23%	-397.8K	2026-06-30
BAILLIE GIFFORD & CO	2.74M	$196.0M	2.04%	-255.3K	2026-06-30