vs
Dutch Bros Inc.（BROS）与Forestar Group Inc.（FOR）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Forestar Group Inc.的1.7倍（$464.4M vs $273.0M），Forestar Group Inc.净利率更高（5.6% vs 5.1%，领先0.5%），Dutch Bros Inc.同比增速更快（30.8% vs 9.0%），过去两年Dutch Bros Inc.的营收复合增速更高（19.6% vs -9.6%）
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。
福雷斯特集团是一家住宅地块开发企业，总部位于得克萨斯州阿灵顿，业务覆盖美国21个州的51个市场。截至2020年12月31日的12个月内，该公司交付了11518块住宅地块，目前在纽约证券交易所上市，自2002年起就是美国规模最大的住宅建筑商D.R. Horton的控股子公司。
BROS vs FOR — 直观对比
营收规模更大
BROS
是对方的1.7倍
$273.0M
营收增速更快
BROS
高出21.7%
9.0%
净利率更高
FOR
高出0.5%
5.1%
两年增速更快
BROS
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $464.4M | $273.0M |
| 净利润 | $23.7M | $15.4M |
| 毛利率 | 23.1% | 20.1% |
| 营业利润率 | 7.4% | 7.6% |
| 净利率 | 5.1% | 5.6% |
| 营收同比 | 30.8% | 9.0% |
| 净利润同比 | 5.3% | -6.7% |
| 每股收益（稀释后） | $0.13 | $0.30 |
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BROSFOR
| Q1 26 | $464.4M | — | ||
| Q4 25 | $443.6M | $273.0M | ||
| Q3 25 | $423.6M | $670.5M | ||
| Q2 25 | $415.8M | $390.5M | ||
| Q1 25 | $355.2M | $351.0M | ||
| Q4 24 | $342.8M | $250.4M | ||
| Q3 24 | $338.2M | $551.3M | ||
| Q2 24 | $324.9M | $318.4M |
净利润BROSFOR
| Q1 26 | $23.7M | — | ||
| Q4 25 | $21.4M | $15.4M | ||
| Q3 25 | $17.5M | $86.9M | ||
| Q2 25 | $25.6M | $32.9M | ||
| Q1 25 | $15.4M | $31.6M | ||
| Q4 24 | $3.6M | $16.5M | ||
| Q3 24 | $12.6M | $81.5M | ||
| Q2 24 | $11.9M | $38.7M |
毛利率BROSFOR
| Q1 26 | 23.1% | — | ||
| Q4 25 | 24.1% | 20.1% | ||
| Q3 25 | 25.2% | 22.3% | ||
| Q2 25 | 28.9% | 20.4% | ||
| Q1 25 | 25.3% | 22.6% | ||
| Q4 24 | 25.7% | 22.0% | ||
| Q3 24 | 26.6% | 23.9% | ||
| Q2 24 | 27.8% | 22.5% |
营业利润率BROSFOR
| Q1 26 | 7.4% | — | ||
| Q4 25 | 7.7% | 7.6% | ||
| Q3 25 | 9.8% | 16.9% | ||
| Q2 25 | 13.1% | 11.2% | ||
| Q1 25 | 8.7% | 11.6% | ||
| Q4 24 | 4.6% | 8.7% | ||
| Q3 24 | 9.6% | 19.7% | ||
| Q2 24 | 9.9% | 16.2% |
净利率BROSFOR
| Q1 26 | 5.1% | — | ||
| Q4 25 | 4.8% | 5.6% | ||
| Q3 25 | 4.1% | 13.0% | ||
| Q2 25 | 6.2% | 8.4% | ||
| Q1 25 | 4.3% | 9.0% | ||
| Q4 24 | 1.1% | 6.6% | ||
| Q3 24 | 3.7% | 14.8% | ||
| Q2 24 | 3.7% | 12.2% |
每股收益（稀释后）BROSFOR
| Q1 26 | $0.13 | — | ||
| Q4 25 | $0.17 | $0.30 | ||
| Q3 25 | $0.14 | $1.70 | ||
| Q2 25 | $0.20 | $0.65 | ||
| Q1 25 | $0.13 | $0.62 | ||
| Q4 24 | $0.03 | $0.32 | ||
| Q3 24 | $0.11 | $1.59 | ||
| Q2 24 | $0.12 | $0.76 |
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 | $263.5M | $211.7M |
| 总债务越低越好 | $199.3M | $793.2M |
| 股东权益账面价值 | $920.5M | $1.8B |
| 总资产 | $3.1B | $3.2B |
| 负债/权益比越低杠杆越低 | 0.22× | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资BROSFOR
| Q1 26 | $263.5M | — | ||
| Q4 25 | $269.4M | $211.7M | ||
| Q3 25 | $267.2M | $379.2M | ||
| Q2 25 | $254.4M | $189.2M | ||
| Q1 25 | $316.4M | $174.3M | ||
| Q4 24 | $293.4M | $132.0M | ||
| Q3 24 | $281.1M | $481.2M | ||
| Q2 24 | $260.9M | $359.2M |
总债务BROSFOR
| Q1 26 | $199.3M | — | ||
| Q4 25 | $202.5M | $793.2M | ||
| Q3 25 | $202.3M | $802.7M | ||
| Q2 25 | $203.3M | $872.8M | ||
| Q1 25 | $284.2M | $872.5M | ||
| Q4 24 | $238.0M | $806.8M | ||
| Q3 24 | $241.2M | $706.4M | ||
| Q2 24 | $244.3M | $706.1M |
股东权益BROSFOR
| Q1 26 | $920.5M | — | ||
| Q4 25 | $680.8M | $1.8B | ||
| Q3 25 | $656.6M | $1.8B | ||
| Q2 25 | $636.2M | $1.7B | ||
| Q1 25 | $599.1M | $1.6B | ||
| Q4 24 | $537.4M | $1.6B | ||
| Q3 24 | $523.1M | $1.6B | ||
| Q2 24 | $509.1M | $1.5B |
总资产BROSFOR
| Q1 26 | $3.1B | — | ||
| Q4 25 | $3.0B | $3.2B | ||
| Q3 25 | $2.9B | $3.1B | ||
| Q2 25 | $2.8B | $3.1B | ||
| Q1 25 | $2.8B | $3.0B | ||
| Q4 24 | $2.5B | $3.0B | ||
| Q3 24 | $2.4B | $2.8B | ||
| Q2 24 | $2.4B | $2.7B |
负债/权益比BROSFOR
| Q1 26 | 0.22× | — | ||
| Q4 25 | 0.30× | 0.44× | ||
| Q3 25 | 0.31× | 0.45× | ||
| Q2 25 | 0.32× | 0.52× | ||
| Q1 25 | 0.47× | 0.53× | ||
| Q4 24 | 0.44× | 0.50× | ||
| Q3 24 | 0.46× | 0.44× | ||
| Q2 24 | 0.48× | 0.47× |
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 | $84.7M | $-157.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-157.1M |
| 自由现金流率自由现金流/营收 | — | -57.5% |
| 资本支出强度资本支出/营收 | — | 0.0% |
| 现金转化率经营现金流/净利润 | 3.58× | -10.19× |
| 过去12个月自由现金流最近4个季度 | — | $93.0M |
8季度趋势，按日历期对齐
经营现金流BROSFOR
| Q1 26 | $84.7M | — | ||
| Q4 25 | $79.6M | $-157.0M | ||
| Q3 25 | $89.1M | $256.3M | ||
| Q2 25 | $89.9M | $15.8M | ||
| Q1 25 | $36.9M | $-19.8M | ||
| Q4 24 | $62.2M | $-450.0M | ||
| Q3 24 | $83.5M | $119.2M | ||
| Q2 24 | $59.5M | $-61.7M |
自由现金流BROSFOR
| Q1 26 | — | — | ||
| Q4 25 | $8.5M | $-157.1M | ||
| Q3 25 | $18.9M | $255.6M | ||
| Q2 25 | $35.7M | $15.0M | ||
| Q1 25 | $-8.7M | $-20.5M | ||
| Q4 24 | $19.5M | — | ||
| Q3 24 | $26.4M | $118.4M | ||
| Q2 24 | $-4.9M | $-62.3M |
自由现金流率BROSFOR
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | -57.5% | ||
| Q3 25 | 4.5% | 38.1% | ||
| Q2 25 | 8.6% | 3.8% | ||
| Q1 25 | -2.4% | -5.8% | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | 7.8% | 21.5% | ||
| Q2 24 | -1.5% | -19.6% |
资本支出强度BROSFOR
| Q1 26 | — | — | ||
| Q4 25 | 16.0% | 0.0% | ||
| Q3 25 | 16.6% | 0.1% | ||
| Q2 25 | 13.0% | 0.2% | ||
| Q1 25 | 12.8% | 0.2% | ||
| Q4 24 | 12.5% | 0.0% | ||
| Q3 24 | 16.9% | 0.1% | ||
| Q2 24 | 19.8% | 0.2% |
现金转化率BROSFOR
| Q1 26 | 3.58× | — | ||
| Q4 25 | 3.73× | -10.19× | ||
| Q3 25 | 5.09× | 2.95× | ||
| Q2 25 | 3.51× | 0.48× | ||
| Q1 25 | 2.40× | -0.63× | ||
| Q4 24 | 17.23× | -27.27× | ||
| Q3 24 | 6.60× | 1.46× | ||
| Q2 24 | 4.99× | -1.59× |
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 | $429.1M | 92% |
| Franchising and other | $35.4M | 8% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
