Down 35% Over the Past Year, Is Dutch Bros Stock a Buy as Same-Store Sales Growth Continues to Shine?

Dutch Bros (NYSE: BROS) erstwhile again delivered beardown results erstwhile it reported its fourth-quarter earnings. Despite the coffeeshop operator's continued beardown operational performance, the banal is down much than 35% implicit the past year, arsenic of this writing.

Let's instrumentality a person look astatine its results and prospects to spot if the banal is simply a buy.

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Dutch Bros continues to spot beardown same-store income (comps) growth, with comparable-restaurant income rising by 7.7% successful the 4th and same-store transactions climbing 5.5%. Company-owned stores erstwhile again outperformed, with comparable-shop income soaring 9.7% connected a 7.6% leap successful transactions.

Order-ahead mobile ordering is helping thrust same-store sales, with mobile ordering present making up astir 14% of its transactions, up from 13% successful Q3 and 11.5% successful Q2. The institution besides continues to rotation retired blistery nutrient items, which person been giving stores a 4% comp lift. Looking ahead, Dutch Bros projected that its 2026 same-store income would emergence betwixt 3% and 5%.

The institution besides continues to aggressively grow its store base. It opened 154 caller shops successful 2025, including 141 company-owned locations, and it expects to adhd astatine slightest 181 caller shops successful 2026. It said the way to opening 2,029 shops by 2029 is precise clear.

Dutch Bros generated $54.4 cardinal successful escaped currency travel for 2025, truthful it continues to money its build-out with its operating currency flow. Importantly, it said it has been capable to trim the superior expenditures (capex) it spends connected each shop, taking it from $1.8 cardinal a twelvemonth agone to $1.3 million.

The operation of beardown comparable-restaurant income and caller stores, meanwhile, led to a 29% summation successful full Q4 gross to $443.6 million. Adjusted net earlier interest, taxes, depreciation, and amortization (EBITDA) surged 49% twelvemonth implicit twelvemonth to $72.6 million, portion adjusted net per stock (EPS) much than doubled from $0.07 to $0.17.

Looking ahead, the institution is projecting 2026 gross to beryllium betwixt $2 cardinal and $2.03 billion, representing maturation of 22% to 24%. It forecast adjusted EBITDA to beryllium betwixt $355 cardinal and $365 million.

Dutch Bros is 1 of the champion enlargement stories successful the edifice space. It's increasing its store basal astatine a bully clip, portion importantly self-funding enlargement done its currency flow. And portion its shops are tiny successful size and don't outgo overmuch to build, they make an awesome $2.1 cardinal successful mean portion measurement (AUV).