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Dutch Bros Inc.（BROS）与ROYAL GOLD INC（RGLD）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ROYAL GOLD INC的1.2倍（$443.6M vs $375.3M），ROYAL GOLD INC净利率更高（24.9% vs 4.8%，领先20.1%），ROYAL GOLD INC同比增速更快（85.3% vs 29.4%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% vs 27.0%）
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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
BROS vs RGLD — 直观对比
营收规模更大
BROS
是对方的1.2倍
$375.3M
营收增速更快
RGLD
高出55.9%
29.4%
净利率更高
RGLD
高出20.1%
4.8%
两年增速更快
RGLD
近两年复合增速
27.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $443.6M | $375.3M |
| 净利润 | $21.4M | $93.6M |
| 毛利率 | 24.1% | 64.6% |
| 营业利润率 | 7.7% | 56.2% |
| 净利率 | 4.8% | 24.9% |
| 营收同比 | 29.4% | 85.3% |
| 净利润同比 | 491.6% | -12.8% |
| 每股收益（稀释后） | $0.17 | $1.04 |
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BROSRGLD
| Q4 25 | $443.6M | $375.3M | ||
| Q3 25 | $423.6M | $252.1M | ||
| Q2 25 | $415.8M | $209.6M | ||
| Q1 25 | $355.2M | $193.4M | ||
| Q4 24 | $342.8M | $202.6M | ||
| Q3 24 | $338.2M | $193.8M | ||
| Q2 24 | $324.9M | $174.1M | ||
| Q1 24 | $275.1M | $148.9M |
净利润BROSRGLD
| Q4 25 | $21.4M | $93.6M | ||
| Q3 25 | $17.5M | $126.8M | ||
| Q2 25 | $25.6M | $132.3M | ||
| Q1 25 | $15.4M | $113.5M | ||
| Q4 24 | $3.6M | $107.4M | ||
| Q3 24 | $12.6M | $96.2M | ||
| Q2 24 | $11.9M | $81.2M | ||
| Q1 24 | $7.1M | $47.2M |
毛利率BROSRGLD
| Q4 25 | 24.1% | 64.6% | ||
| Q3 25 | 25.2% | 73.6% | ||
| Q2 25 | 28.9% | 72.6% | ||
| Q1 25 | 25.3% | 69.4% | ||
| Q4 24 | 25.7% | 70.3% | ||
| Q3 24 | 26.6% | 66.6% | ||
| Q2 24 | 27.8% | 64.7% | ||
| Q1 24 | 26.1% | 58.4% |
营业利润率BROSRGLD
| Q4 25 | 7.7% | 56.2% | ||
| Q3 25 | 9.8% | 64.4% | ||
| Q2 25 | 13.1% | 67.7% | ||
| Q1 25 | 8.7% | 63.6% | ||
| Q4 24 | 4.6% | 65.9% | ||
| Q3 24 | 9.6% | 61.3% | ||
| Q2 24 | 9.9% | 58.6% | ||
| Q1 24 | 9.3% | 50.7% |
净利率BROSRGLD
| Q4 25 | 4.8% | 24.9% | ||
| Q3 25 | 4.1% | 50.3% | ||
| Q2 25 | 6.2% | 63.1% | ||
| Q1 25 | 4.3% | 58.7% | ||
| Q4 24 | 1.1% | 53.0% | ||
| Q3 24 | 3.7% | 49.7% | ||
| Q2 24 | 3.7% | 46.6% | ||
| Q1 24 | 2.6% | 31.7% |
每股收益（稀释后）BROSRGLD
| Q4 25 | $0.17 | $1.04 | ||
| Q3 25 | $0.14 | $1.92 | ||
| Q2 25 | $0.20 | $2.01 | ||
| Q1 25 | $0.13 | $1.72 | ||
| Q4 24 | $0.03 | $1.63 | ||
| Q3 24 | $0.11 | $1.46 | ||
| Q2 24 | $0.12 | $1.23 | ||
| Q1 24 | $0.08 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | $202.5M | — |
| 股东权益账面价值 | $680.8M | $7.2B |
| 总资产 | $3.0B | $9.5B |
| 负债/权益比越低杠杆越低 | 0.30× | — |
8季度趋势，按日历期对齐
现金及短期投资BROSRGLD
| Q4 25 | $269.4M | $233.7M | ||
| Q3 25 | $267.2M | $172.8M | ||
| Q2 25 | $254.4M | $248.2M | ||
| Q1 25 | $316.4M | $240.8M | ||
| Q4 24 | $293.4M | $195.5M | ||
| Q3 24 | $281.1M | $127.9M | ||
| Q2 24 | $260.9M | $74.2M | ||
| Q1 24 | $262.7M | $137.9M |
总债务BROSRGLD
| Q4 25 | $202.5M | — | ||
| Q3 25 | $202.3M | — | ||
| Q2 25 | $203.3M | — | ||
| Q1 25 | $284.2M | — | ||
| Q4 24 | $238.0M | — | ||
| Q3 24 | $241.2M | $0 | ||
| Q2 24 | $244.3M | $50.0M | ||
| Q1 24 | $247.5M | — |
股东权益BROSRGLD
| Q4 25 | $680.8M | $7.2B | ||
| Q3 25 | $656.6M | $3.4B | ||
| Q2 25 | $636.2M | $3.3B | ||
| Q1 25 | $599.1M | $3.2B | ||
| Q4 24 | $537.4M | $3.1B | ||
| Q3 24 | $523.1M | $3.0B | ||
| Q2 24 | $509.1M | $3.0B | ||
| Q1 24 | $417.1M | $2.9B |
总资产BROSRGLD
| Q4 25 | $3.0B | $9.5B | ||
| Q3 25 | $2.9B | $4.5B | ||
| Q2 25 | $2.8B | $3.6B | ||
| Q1 25 | $2.8B | $3.5B | ||
| Q4 24 | $2.5B | $3.4B | ||
| Q3 24 | $2.4B | $3.3B | ||
| Q2 24 | $2.4B | $3.3B | ||
| Q1 24 | $2.1B | $3.3B |
负债/权益比BROSRGLD
| Q4 25 | 0.30× | — | ||
| Q3 25 | 0.31× | — | ||
| Q2 25 | 0.32× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.46× | 0.00× | ||
| Q2 24 | 0.48× | 0.02× | ||
| Q1 24 | 0.59× | — |
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 | $241.7M |
| 自由现金流经营现金流 - 资本支出 | $8.5M | — |
| 自由现金流率自由现金流/营收 | 1.9% | — |
| 资本支出强度资本支出/营收 | 16.0% | — |
| 现金转化率经营现金流/净利润 | 3.73× | 2.58× |
| 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BROSRGLD
| Q4 25 | $79.6M | $241.7M | ||
| Q3 25 | $89.1M | $174.0M | ||
| Q2 25 | $89.9M | $152.8M | ||
| Q1 25 | $36.9M | $136.4M | ||
| Q4 24 | $62.2M | $141.1M | ||
| Q3 24 | $83.5M | $136.7M | ||
| Q2 24 | $59.5M | $113.5M | ||
| Q1 24 | $41.2M | $138.3M |
自由现金流BROSRGLD
| 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 | — | ||
| Q1 24 | $-16.3M | — |
自由现金流率BROSRGLD
| 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% | — | ||
| Q1 24 | -5.9% | — |
资本支出强度BROSRGLD
| 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% | — | ||
| Q1 24 | 20.9% | — |
现金转化率BROSRGLD
| Q4 25 | 3.73× | 2.58× | ||
| Q3 25 | 5.09× | 1.37× | ||
| Q2 25 | 3.51× | 1.15× | ||
| Q1 25 | 2.40× | 1.20× | ||
| Q4 24 | 17.23× | 1.31× | ||
| Q3 24 | 6.60× | 1.42× | ||
| Q2 24 | 4.99× | 1.40× | ||
| Q1 24 | 5.83× | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
