vs
Dutch Bros Inc.（BROS）与Healthpeak Properties（DOC）财务数据对比。点击上方公司名可切换其他公司
Healthpeak Properties的季度营收约是Dutch Bros Inc.的1.6倍（$719.4M vs $443.6M），Healthpeak Properties净利率更高（73.2% vs 4.8%，领先68.4%），Dutch Bros Inc.同比增速更快（29.4% vs 3.1%），Healthpeak Properties自由现金流更多（$357.0M vs $8.5M），过去两年Dutch Bros Inc.的营收复合增速更高（27.0% vs 8.9%）
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。
Healthpeak Properties是美国医疗地产领域的房地产投资信托基金，核心投资范畴覆盖老年住宅、生命科学相关物业及医疗办公楼三类资产。公司2007年于马里兰州组建，总部设在科罗拉多州丹佛市，在尔湾、纳什维尔、旧金山均设有办事处，截至2019年12月31日共持有617处物业的权益。
BROS vs DOC — 直观对比
营收规模更大
DOC
是对方的1.6倍
$443.6M
营收增速更快
BROS
高出26.3%
3.1%
净利率更高
DOC
高出68.4%
4.8%
自由现金流更多
DOC
多$348.5M
$8.5M
两年增速更快
BROS
近两年复合增速
8.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $443.6M | $719.4M |
| 净利润 | $21.4M | $114.0M |
| 毛利率 | 24.1% | — |
| 营业利润率 | 7.7% | 17.4% |
| 净利率 | 4.8% | 73.2% |
| 营收同比 | 29.4% | 3.1% |
| 净利润同比 | 491.6% | 2406.4% |
| 每股收益（稀释后） | $0.17 | $0.16 |
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BROSDOC
| Q4 25 | $443.6M | $719.4M | ||
| Q3 25 | $423.6M | $705.9M | ||
| Q2 25 | $415.8M | $694.3M | ||
| Q1 25 | $355.2M | $702.9M | ||
| Q4 24 | $342.8M | $698.0M | ||
| Q3 24 | $338.2M | $700.4M | ||
| Q2 24 | $324.9M | $695.5M | ||
| Q1 24 | $275.1M | $606.6M |
净利润BROSDOC
| Q4 25 | $21.4M | $114.0M | ||
| Q3 25 | $17.5M | $-117.1M | ||
| Q2 25 | $25.6M | $31.7M | ||
| Q1 25 | $15.4M | $42.8M | ||
| Q4 24 | $3.6M | $4.5M | ||
| Q3 24 | $12.6M | $85.9M | ||
| Q2 24 | $11.9M | $146.0M | ||
| Q1 24 | $7.1M | $6.7M |
毛利率BROSDOC
| Q4 25 | 24.1% | — | ||
| Q3 25 | 25.2% | 58.6% | ||
| Q2 25 | 28.9% | 60.2% | ||
| Q1 25 | 25.3% | 61.1% | ||
| Q4 24 | 25.7% | 60.3% | ||
| Q3 24 | 26.6% | 60.0% | ||
| Q2 24 | 27.8% | 60.6% | ||
| Q1 24 | 26.1% | 59.8% |
营业利润率BROSDOC
| Q4 25 | 7.7% | 17.4% | ||
| Q3 25 | 9.8% | 9.2% | ||
| Q2 25 | 13.1% | 5.7% | ||
| Q1 25 | 8.7% | 7.7% | ||
| Q4 24 | 4.6% | -2.2% | ||
| Q3 24 | 9.6% | 14.1% | ||
| Q2 24 | 9.9% | 22.3% | ||
| Q1 24 | 9.3% | 3.7% |
净利率BROSDOC
| Q4 25 | 4.8% | 73.2% | ||
| Q3 25 | 4.1% | -16.6% | ||
| Q2 25 | 6.2% | 4.6% | ||
| Q1 25 | 4.3% | 6.1% | ||
| Q4 24 | 1.1% | 0.7% | ||
| Q3 24 | 3.7% | 12.3% | ||
| Q2 24 | 3.7% | 21.0% | ||
| Q1 24 | 2.6% | 1.1% |
每股收益（稀释后）BROSDOC
| Q4 25 | $0.17 | $0.16 | ||
| Q3 25 | $0.14 | $-0.17 | ||
| Q2 25 | $0.20 | $0.05 | ||
| Q1 25 | $0.13 | $0.06 | ||
| Q4 24 | $0.03 | $0.02 | ||
| Q3 24 | $0.11 | $0.12 | ||
| Q2 24 | $0.12 | $0.21 | ||
| Q1 24 | $0.08 | $0.01 |
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 | $467.5M |
| 总债务越低越好 | $202.5M | $9.8B |
| 股东权益账面价值 | $680.8M | $7.5B |
| 总资产 | $3.0B | $20.3B |
| 负债/权益比越低杠杆越低 | 0.30× | 1.31× |
8季度趋势，按日历期对齐
现金及短期投资BROSDOC
| Q4 25 | $269.4M | $467.5M | ||
| Q3 25 | $267.2M | $91.0M | ||
| Q2 25 | $254.4M | $89.4M | ||
| Q1 25 | $316.4M | $70.6M | ||
| Q4 24 | $293.4M | $119.8M | ||
| Q3 24 | $281.1M | $180.4M | ||
| Q2 24 | $260.9M | $106.9M | ||
| Q1 24 | $262.7M | $101.8M |
总债务BROSDOC
| Q4 25 | $202.5M | $9.8B | ||
| Q3 25 | $202.3M | $9.1B | ||
| Q2 25 | $203.3M | $9.0B | ||
| Q1 25 | $284.2M | $8.9B | ||
| Q4 24 | $238.0M | $8.7B | ||
| Q3 24 | $241.2M | $8.6B | ||
| Q2 24 | $244.3M | $8.6B | ||
| Q1 24 | $247.5M | $8.8B |
股东权益BROSDOC
| Q4 25 | $680.8M | $7.5B | ||
| Q3 25 | $656.6M | $7.6B | ||
| Q2 25 | $636.2M | $7.9B | ||
| Q1 25 | $599.1M | $8.2B | ||
| Q4 24 | $537.4M | $8.4B | ||
| Q3 24 | $523.1M | $8.6B | ||
| Q2 24 | $509.1M | $8.8B | ||
| Q1 24 | $417.1M | $8.9B |
总资产BROSDOC
| Q4 25 | $3.0B | $20.3B | ||
| Q3 25 | $2.9B | $19.6B | ||
| Q2 25 | $2.8B | $19.8B | ||
| Q1 25 | $2.8B | $19.8B | ||
| Q4 24 | $2.5B | $19.9B | ||
| Q3 24 | $2.4B | $20.0B | ||
| Q2 24 | $2.4B | $20.2B | ||
| Q1 24 | $2.1B | $20.5B |
负债/权益比BROSDOC
| Q4 25 | 0.30× | 1.31× | ||
| Q3 25 | 0.31× | 1.20× | ||
| Q2 25 | 0.32× | 1.14× | ||
| Q1 25 | 0.47× | 1.08× | ||
| Q4 24 | 0.44× | 1.04× | ||
| Q3 24 | 0.46× | 1.00× | ||
| Q2 24 | 0.48× | 0.98× | ||
| Q1 24 | 0.59× | 0.99× |
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 | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $8.5M | $357.0M |
| 自由现金流率自由现金流/营收 | 1.9% | 49.6% |
| 资本支出强度资本支出/营收 | 16.0% | 124.4% |
| 现金转化率经营现金流/净利润 | 3.73× | 10.99× |
| 过去12个月自由现金流最近4个季度 | $54.4M | — |
8季度趋势，按日历期对齐
经营现金流BROSDOC
| Q4 25 | $79.6M | $1.3B | ||
| Q3 25 | $89.1M | $315.0M | ||
| Q2 25 | $89.9M | $363.5M | ||
| Q1 25 | $36.9M | $279.4M | ||
| Q4 24 | $62.2M | $1.1B | ||
| Q3 24 | $83.5M | $318.2M | ||
| Q2 24 | $59.5M | $316.2M | ||
| Q1 24 | $41.2M | $152.6M |
自由现金流BROSDOC
| Q4 25 | $8.5M | $357.0M | ||
| Q3 25 | $18.9M | — | ||
| Q2 25 | $35.7M | — | ||
| Q1 25 | $-8.7M | — | ||
| Q4 24 | $19.5M | $333.7M | ||
| Q3 24 | $26.4M | — | ||
| Q2 24 | $-4.9M | — | ||
| Q1 24 | $-16.3M | — |
自由现金流率BROSDOC
| Q4 25 | 1.9% | 49.6% | ||
| Q3 25 | 4.5% | — | ||
| Q2 25 | 8.6% | — | ||
| Q1 25 | -2.4% | — | ||
| Q4 24 | 5.7% | 47.8% | ||
| Q3 24 | 7.8% | — | ||
| Q2 24 | -1.5% | — | ||
| Q1 24 | -5.9% | — |
资本支出强度BROSDOC
| Q4 25 | 16.0% | 124.4% | ||
| Q3 25 | 16.6% | — | ||
| Q2 25 | 13.0% | — | ||
| Q1 25 | 12.8% | — | ||
| Q4 24 | 12.5% | 105.6% | ||
| Q3 24 | 16.9% | — | ||
| Q2 24 | 19.8% | — | ||
| Q1 24 | 20.9% | — |
现金转化率BROSDOC
| Q4 25 | 3.73× | 10.99× | ||
| Q3 25 | 5.09× | — | ||
| Q2 25 | 3.51× | 11.48× | ||
| Q1 25 | 2.40× | 6.52× | ||
| Q4 24 | 17.23× | 235.43× | ||
| Q3 24 | 6.60× | 3.71× | ||
| Q2 24 | 4.99× | 2.17× | ||
| Q1 24 | 5.83× | 22.85× |
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% |
DOC
暂无分部数据
