vs
Dutch Bros Inc.（BROS）与美泰（MAT）财务数据对比。点击上方公司名可切换其他公司
美泰的季度营收约是Dutch Bros Inc.的1.9倍（$862.2M vs $443.6M），美泰净利率更高（7.1% vs 4.8%，领先2.3%），Dutch Bros Inc.同比增速更快（29.4% vs 4.3%），Dutch Bros Inc.自由现金流更多（$8.5M vs $-88.1M），过去两年Dutch Bros Inc.的营收复合增速更高（27.0% vs -10.6%）
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。
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
BROS vs MAT — 直观对比
营收规模更大
MAT
是对方的1.9倍
$443.6M
营收增速更快
BROS
高出25.1%
4.3%
净利率更高
MAT
高出2.3%
4.8%
自由现金流更多
BROS
多$96.6M
$-88.1M
两年增速更快
BROS
近两年复合增速
-10.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $443.6M | $862.2M |
| 净利润 | $21.4M | $61.0M |
| 毛利率 | 24.1% | 44.9% |
| 营业利润率 | 7.7% | — |
| 净利率 | 4.8% | 7.1% |
| 营收同比 | 29.4% | 4.3% |
| 净利润同比 | 491.6% | 251.4% |
| 每股收益（稀释后） | $0.17 | $0.20 |
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BROSMAT
| Q1 26 | — | $862.2M | ||
| Q4 25 | $443.6M | $1.8B | ||
| Q3 25 | $423.6M | $1.7B | ||
| Q2 25 | $415.8M | $1.0B | ||
| Q1 25 | $355.2M | $826.6M | ||
| Q4 24 | $342.8M | $1.6B | ||
| Q3 24 | $338.2M | $1.8B | ||
| Q2 24 | $324.9M | $1.1B |
净利润BROSMAT
| Q1 26 | — | $61.0M | ||
| Q4 25 | $21.4M | $106.2M | ||
| Q3 25 | $17.5M | $278.4M | ||
| Q2 25 | $25.6M | $53.4M | ||
| Q1 25 | $15.4M | $-40.3M | ||
| Q4 24 | $3.6M | $140.9M | ||
| Q3 24 | $12.6M | $372.4M | ||
| Q2 24 | $11.9M | $56.9M |
毛利率BROSMAT
| Q1 26 | — | 44.9% | ||
| Q4 25 | 24.1% | 45.9% | ||
| Q3 25 | 25.2% | 50.0% | ||
| Q2 25 | 28.9% | 50.9% | ||
| Q1 25 | 25.3% | 49.4% | ||
| Q4 24 | 25.7% | 50.7% | ||
| Q3 24 | 26.6% | 53.1% | ||
| Q2 24 | 27.8% | 49.2% |
营业利润率BROSMAT
| Q1 26 | — | — | ||
| Q4 25 | 7.7% | 8.0% | ||
| Q3 25 | 9.8% | 21.9% | ||
| Q2 25 | 13.1% | 7.7% | ||
| Q1 25 | 8.7% | -6.4% | ||
| Q4 24 | 4.6% | 9.6% | ||
| Q3 24 | 9.6% | 26.5% | ||
| Q2 24 | 9.9% | 7.7% |
净利率BROSMAT
| Q1 26 | — | 7.1% | ||
| Q4 25 | 4.8% | 6.0% | ||
| Q3 25 | 4.1% | 16.0% | ||
| Q2 25 | 6.2% | 5.2% | ||
| Q1 25 | 4.3% | -4.9% | ||
| Q4 24 | 1.1% | 8.6% | ||
| Q3 24 | 3.7% | 20.2% | ||
| Q2 24 | 3.7% | 5.3% |
每股收益（稀释后）BROSMAT
| Q1 26 | — | $0.20 | ||
| Q4 25 | $0.17 | $0.32 | ||
| Q3 25 | $0.14 | $0.88 | ||
| Q2 25 | $0.20 | $0.16 | ||
| Q1 25 | $0.13 | $-0.12 | ||
| Q4 24 | $0.03 | $0.40 | ||
| Q3 24 | $0.11 | $1.09 | ||
| Q2 24 | $0.12 | $0.17 |
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 | $866.0M |
| 总债务越低越好 | $202.5M | $2.3B |
| 股东权益账面价值 | $680.8M | $2.1B |
| 总资产 | $3.0B | $6.3B |
| 负债/权益比越低杠杆越低 | 0.30× | 1.11× |
8季度趋势，按日历期对齐
现金及短期投资BROSMAT
| Q1 26 | — | $866.0M | ||
| Q4 25 | $269.4M | $1.2B | ||
| Q3 25 | $267.2M | $691.9M | ||
| Q2 25 | $254.4M | $870.5M | ||
| Q1 25 | $316.4M | $1.2B | ||
| Q4 24 | $293.4M | $1.4B | ||
| Q3 24 | $281.1M | $723.5M | ||
| Q2 24 | $260.9M | $722.4M |
总债务BROSMAT
| Q1 26 | — | $2.3B | ||
| Q4 25 | $202.5M | $2.3B | ||
| Q3 25 | $202.3M | $2.3B | ||
| Q2 25 | $203.3M | $2.3B | ||
| Q1 25 | $284.2M | $2.3B | ||
| Q4 24 | $238.0M | $2.3B | ||
| Q3 24 | $241.2M | $2.3B | ||
| Q2 24 | $244.3M | $2.3B |
股东权益BROSMAT
| Q1 26 | — | $2.1B | ||
| Q4 25 | $680.8M | $2.2B | ||
| Q3 25 | $656.6M | $2.3B | ||
| Q2 25 | $636.2M | $2.2B | ||
| Q1 25 | $599.1M | $2.1B | ||
| Q4 24 | $537.4M | $2.3B | ||
| Q3 24 | $523.1M | $2.3B | ||
| Q2 24 | $509.1M | $2.0B |
总资产BROSMAT
| Q1 26 | — | $6.3B | ||
| Q4 25 | $3.0B | $6.6B | ||
| Q3 25 | $2.9B | $6.6B | ||
| Q2 25 | $2.8B | $6.2B | ||
| Q1 25 | $2.8B | $6.2B | ||
| Q4 24 | $2.5B | $6.5B | ||
| Q3 24 | $2.4B | $6.5B | ||
| Q2 24 | $2.4B | $5.9B |
负债/权益比BROSMAT
| Q1 26 | — | 1.11× | ||
| Q4 25 | 0.30× | 1.04× | ||
| Q3 25 | 0.31× | 1.03× | ||
| Q2 25 | 0.32× | 1.08× | ||
| Q1 25 | 0.47× | 1.10× | ||
| Q4 24 | 0.44× | 1.03× | ||
| Q3 24 | 0.46× | 1.01× | ||
| Q2 24 | 0.48× | 1.18× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $8.5M | $-88.1M |
| 自由现金流率自由现金流/营收 | 1.9% | -10.2% |
| 资本支出强度资本支出/营收 | 16.0% | 7.6% |
| 现金转化率经营现金流/净利润 | 3.73× | — |
| 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BROSMAT
| Q1 26 | — | — | ||
| Q4 25 | $79.6M | $796.6M | ||
| Q3 25 | $89.1M | $72.0M | ||
| Q2 25 | $89.9M | $-300.1M | ||
| Q1 25 | $36.9M | $24.8M | ||
| Q4 24 | $62.2M | $862.1M | ||
| Q3 24 | $83.5M | $155.8M | ||
| Q2 24 | $59.5M | $-252.9M |
自由现金流BROSMAT
| Q1 26 | — | $-88.1M | ||
| Q4 25 | $8.5M | — | ||
| Q3 25 | $18.9M | — | ||
| Q2 25 | $35.7M | — | ||
| Q1 25 | $-8.7M | — | ||
| Q4 24 | $19.5M | — | ||
| Q3 24 | $26.4M | — | ||
| Q2 24 | $-4.9M | — |
自由现金流率BROSMAT
| Q1 26 | — | -10.2% | ||
| Q4 25 | 1.9% | — | ||
| Q3 25 | 4.5% | — | ||
| Q2 25 | 8.6% | — | ||
| Q1 25 | -2.4% | — | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | 7.8% | — | ||
| Q2 24 | -1.5% | — |
资本支出强度BROSMAT
| Q1 26 | — | 7.6% | ||
| Q4 25 | 16.0% | — | ||
| Q3 25 | 16.6% | — | ||
| Q2 25 | 13.0% | — | ||
| Q1 25 | 12.8% | — | ||
| Q4 24 | 12.5% | — | ||
| Q3 24 | 16.9% | — | ||
| Q2 24 | 19.8% | — |
现金转化率BROSMAT
| Q1 26 | — | — | ||
| Q4 25 | 3.73× | 7.50× | ||
| Q3 25 | 5.09× | 0.26× | ||
| Q2 25 | 3.51× | -5.62× | ||
| Q1 25 | 2.40× | — | ||
| Q4 24 | 17.23× | 6.12× | ||
| Q3 24 | 6.60× | 0.42× | ||
| Q2 24 | 4.99× | -4.45× |
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% |
MAT
暂无分部数据
