Does DUTCH BROS INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores DUTCH BROS INC. (BROS) 50.4 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 29, returns on capital 43, balance-sheet safety 100, capital discipline 44.

How has BROS's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 50.4 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

DUTCH BROS INC.

BROS · Consumer Discretionary · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power29

Median gross margin 26.6% over 7y, stable.

Returns on capital43

Median ROIC 9.5%, above the 9% hurdle in 67% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): $1.7M
Est. intrinsic value / share: —
Recent price: $68.36
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

8 years of fundamentals

The business, in plain English

DUTCH BROS INC. booked $1.6B of revenue in FY2025 in the Consumer Discretionary sector and kept 25.9% of it as gross profit — a moderate-margin business by that measure. After every other cost, 4.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $238.4M (FY2019) to $1.6B (FY2025) — about 37.9% a year compounded over 6 years.

It earned 22.8% on invested capital in FY2025, with a median of 9.5% across 6 filed years. The Returns on Capital filter above scores it 43/100.

The balance sheet carried $200.2M of total debt in FY2025 against $79.8M of owner earnings — roughly 2.5 years of owner earnings to retire it all. Balance-Sheet Safety scores it 100/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (100/100) and Pricing Power the weakest (29/100), which is how BROS lands at 50/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.6B FY2025

Gross marginRevenue kept after cost of goods25.9% FY2025

Return on invested capitalOperating profit on the capital employed22.8% FY2025

Owner earningsCash an owner could take out$79.8M FY2025

Gaps in a line mean that item isn’t in BROS’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale50.4 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — BROS has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Consumer Discretionary context

#150 of 340 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

#148MLR MILLER INDUSTRIES, INC.50.9 out of 100, Shallow moatShallow moat
#149FOXF Fox Factory Holding Corp.50.5 out of 100, Shallow moatShallow moat
#151PII POLARIS INC.50.3 out of 100, Shallow moatShallow moat
#152REBN REBORN COFFEE, INC.49.8 out of 100, Shallow moatShallow moat

Compare BROS with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about BROS

Does DUTCH BROS INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores DUTCH BROS INC. (BROS) 50.4 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 29, returns on capital 43, balance-sheet safety 100, capital discipline 44.
How has BROS's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 50.4 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell BROS. See the disclaimer.