vs
Dutch Bros Inc.（BROS）与COMPASS MINERALS INTERNATIONAL INC（CMP）财务数据对比。点击上方公司名可切换其他公司
Dutch Bros Inc.的季度营收约是COMPASS MINERALS INTERNATIONAL INC的1.1倍（$443.6M vs $396.1M），Dutch Bros Inc.净利率更高（4.8% vs 4.7%，领先0.1%），Dutch Bros Inc.同比增速更快（29.4% vs 28.9%），Dutch Bros Inc.自由现金流更多（$8.5M vs $-59.8M），过去两年Dutch Bros Inc.的营收复合增速更高（27.0% vs 4.3%）
Dutch Bros Inc.是美国上市得来速咖啡连锁品牌，1992年由戴恩·博尔斯马与特拉维斯·博尔斯马创立，原总部位于俄勒冈州格兰茨帕斯，2025年迁至亚利桑那州坦佩。品牌拥有直营及加盟门店，主力布局美国西部市场，目前扩张范围最东已覆盖佛罗里达州奥兰多。
指南针矿产国际是一家美国上市矿产企业，总部位于堪萨斯州欧弗兰帕克，是盐、氯化镁和硫酸钾等产品的领先生产商。公司面向北美和英国客户供应经处理与未经处理的散装道路除冰盐，同时向全球种植者提供植物营养产品，此外也生产民用除冰、水质调节产品及相关商用产品。
BROS vs CMP — 直观对比
营收规模更大
BROS
是对方的1.1倍
$396.1M
营收增速更快
BROS
高出0.5%
28.9%
净利率更高
BROS
高出0.1%
4.7%
自由现金流更多
BROS
多$68.3M
$-59.8M
两年增速更快
BROS
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $443.6M | $396.1M |
| 净利润 | $21.4M | $18.6M |
| 毛利率 | 24.1% | 16.0% |
| 营业利润率 | 7.7% | 9.2% |
| 净利率 | 4.8% | 4.7% |
| 营收同比 | 29.4% | 28.9% |
| 净利润同比 | 491.6% | 178.8% |
| 每股收益（稀释后） | $0.17 | $0.43 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收BROSCMP
| Q4 25 | $443.6M | $396.1M | ||
| Q3 25 | $423.6M | $227.5M | ||
| Q2 25 | $415.8M | $214.6M | ||
| Q1 25 | $355.2M | $494.6M | ||
| Q4 24 | $342.8M | $307.2M | ||
| Q3 24 | $338.2M | $208.8M | ||
| Q2 24 | $324.9M | $202.9M | ||
| Q1 24 | $275.1M | $364.0M |
净利润BROSCMP
| Q4 25 | $21.4M | $18.6M | ||
| Q3 25 | $17.5M | $-7.2M | ||
| Q2 25 | $25.6M | $-17.0M | ||
| Q1 25 | $15.4M | $-32.0M | ||
| Q4 24 | $3.6M | $-23.6M | ||
| Q3 24 | $12.6M | $-48.3M | ||
| Q2 24 | $11.9M | $-43.6M | ||
| Q1 24 | $7.1M | $-38.9M |
毛利率BROSCMP
| Q4 25 | 24.1% | 16.0% | ||
| Q3 25 | 25.2% | 16.9% | ||
| Q2 25 | 28.9% | 19.2% | ||
| Q1 25 | 25.3% | 15.5% | ||
| Q4 24 | 25.7% | 11.2% | ||
| Q3 24 | 26.6% | 9.3% | ||
| Q2 24 | 27.8% | 16.1% | ||
| Q1 24 | 26.1% | 19.7% |
营业利润率BROSCMP
| Q4 25 | 7.7% | 9.2% | ||
| Q3 25 | 9.8% | 5.3% | ||
| Q2 25 | 13.1% | 7.4% | ||
| Q1 25 | 8.7% | -0.6% | ||
| Q4 24 | 4.6% | 0.2% | ||
| Q3 24 | 9.6% | -14.3% | ||
| Q2 24 | 9.9% | 2.9% | ||
| Q1 24 | 9.3% | -10.8% |
净利率BROSCMP
| Q4 25 | 4.8% | 4.7% | ||
| Q3 25 | 4.1% | -3.2% | ||
| Q2 25 | 6.2% | -7.9% | ||
| Q1 25 | 4.3% | -6.5% | ||
| Q4 24 | 1.1% | -7.7% | ||
| Q3 24 | 3.7% | -23.1% | ||
| Q2 24 | 3.7% | -21.5% | ||
| Q1 24 | 2.6% | -10.7% |
每股收益（稀释后）BROSCMP
| Q4 25 | $0.17 | $0.43 | ||
| Q3 25 | $0.14 | — | ||
| Q2 25 | $0.20 | $-0.41 | ||
| Q1 25 | $0.13 | $-0.77 | ||
| Q4 24 | $0.03 | $-0.57 | ||
| Q3 24 | $0.11 | $-1.17 | ||
| Q2 24 | $0.12 | $-1.05 | ||
| Q1 24 | $0.08 | $-0.94 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $269.4M | $46.7M |
| 总债务越低越好 | $202.5M | $890.0M |
| 股东权益账面价值 | $680.8M | $260.5M |
| 总资产 | $3.0B | $1.5B |
| 负债/权益比越低杠杆越低 | 0.30× | 3.42× |
8季度趋势，按日历期对齐
现金及短期投资BROSCMP
| Q4 25 | $269.4M | $46.7M | ||
| Q3 25 | $267.2M | $59.7M | ||
| Q2 25 | $254.4M | $79.4M | ||
| Q1 25 | $316.4M | $49.5M | ||
| Q4 24 | $293.4M | $45.8M | ||
| Q3 24 | $281.1M | $20.2M | ||
| Q2 24 | $260.9M | $12.8M | ||
| Q1 24 | $262.7M | $38.3M |
总债务BROSCMP
| Q4 25 | $202.5M | $890.0M | ||
| Q3 25 | $202.3M | $839.8M | ||
| Q2 25 | $203.3M | $833.4M | ||
| Q1 25 | $284.2M | $807.6M | ||
| Q4 24 | $238.0M | $974.4M | ||
| Q3 24 | $241.2M | $921.2M | ||
| Q2 24 | $244.3M | $875.1M | ||
| Q1 24 | $247.5M | $877.2M |
股东权益BROSCMP
| Q4 25 | $680.8M | $260.5M | ||
| Q3 25 | $656.6M | $234.1M | ||
| Q2 25 | $636.2M | $249.8M | ||
| Q1 25 | $599.1M | $236.5M | ||
| Q4 24 | $537.4M | $263.0M | ||
| Q3 24 | $523.1M | $316.6M | ||
| Q2 24 | $509.1M | $352.1M | ||
| Q1 24 | $417.1M | $400.4M |
总资产BROSCMP
| Q4 25 | $3.0B | $1.5B | ||
| Q3 25 | $2.9B | $1.5B | ||
| Q2 25 | $2.8B | $1.5B | ||
| Q1 25 | $2.8B | $1.5B | ||
| Q4 24 | $2.5B | $1.7B | ||
| Q3 24 | $2.4B | $1.6B | ||
| Q2 24 | $2.4B | $1.6B | ||
| Q1 24 | $2.1B | $1.7B |
负债/权益比BROSCMP
| Q4 25 | 0.30× | 3.42× | ||
| Q3 25 | 0.31× | 3.59× | ||
| Q2 25 | 0.32× | 3.34× | ||
| Q1 25 | 0.47× | 3.41× | ||
| Q4 24 | 0.44× | 3.70× | ||
| Q3 24 | 0.46× | 2.91× | ||
| Q2 24 | 0.48× | 2.49× | ||
| Q1 24 | 0.59× | 2.19× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $79.6M | $-37.0M |
| 自由现金流经营现金流 - 资本支出 | $8.5M | $-59.8M |
| 自由现金流率自由现金流/营收 | 1.9% | -15.1% |
| 资本支出强度资本支出/营收 | 16.0% | 5.8% |
| 现金转化率经营现金流/净利润 | 3.73× | -1.99× |
| 过去12个月自由现金流最近4个季度 | $54.4M | $94.1M |
8季度趋势，按日历期对齐
经营现金流BROSCMP
| Q4 25 | $79.6M | $-37.0M | ||
| Q3 25 | $89.1M | $-6.9M | ||
| Q2 25 | $89.9M | $21.8M | ||
| Q1 25 | $36.9M | $186.9M | ||
| Q4 24 | $62.2M | $-4.1M | ||
| Q3 24 | $83.5M | $-12.7M | ||
| Q2 24 | $59.5M | $-6.8M | ||
| Q1 24 | $41.2M | $86.2M |
自由现金流BROSCMP
| Q4 25 | $8.5M | $-59.8M | ||
| Q3 25 | $18.9M | $-22.8M | ||
| Q2 25 | $35.7M | $3.8M | ||
| Q1 25 | $-8.7M | $172.9M | ||
| Q4 24 | $19.5M | $-25.9M | ||
| Q3 24 | $26.4M | $-33.6M | ||
| Q2 24 | $-4.9M | $-21.5M | ||
| Q1 24 | $-16.3M | $56.2M |
自由现金流率BROSCMP
| Q4 25 | 1.9% | -15.1% | ||
| Q3 25 | 4.5% | -10.0% | ||
| Q2 25 | 8.6% | 1.8% | ||
| Q1 25 | -2.4% | 35.0% | ||
| Q4 24 | 5.7% | -8.4% | ||
| Q3 24 | 7.8% | -16.1% | ||
| Q2 24 | -1.5% | -10.6% | ||
| Q1 24 | -5.9% | 15.4% |
资本支出强度BROSCMP
| Q4 25 | 16.0% | 5.8% | ||
| Q3 25 | 16.6% | 7.0% | ||
| Q2 25 | 13.0% | 8.4% | ||
| Q1 25 | 12.8% | 2.8% | ||
| Q4 24 | 12.5% | 7.1% | ||
| Q3 24 | 16.9% | 10.0% | ||
| Q2 24 | 19.8% | 7.2% | ||
| Q1 24 | 20.9% | 8.2% |
现金转化率BROSCMP
| Q4 25 | 3.73× | -1.99× | ||
| Q3 25 | 5.09× | — | ||
| Q2 25 | 3.51× | — | ||
| Q1 25 | 2.40× | — | ||
| Q4 24 | 17.23× | — | ||
| Q3 24 | 6.60× | — | ||
| Q2 24 | 4.99× | — | ||
| Q1 24 | 5.83× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
BROS
| Company Operated Shops | $409.6M | 92% |
| Franchise Fees | $32.3M | 7% |
| Other | $1.8M | 0% |
CMP
| Highway Deicing Salt | $210.8M | 53% |
| Consumer Industrial Salt | $120.7M | 30% |
| Plant Nutrition | $60.8M | 15% |
| Transferred Over Time | $2.8M | 1% |
| Other | $1.0M | 0% |
