vs
Dutch Bros Inc.（BROS）与Royalty Pharma plc（RPRX）财务数据对比。点击上方公司名可切换其他公司
Royalty Pharma plc的季度营收约是Dutch Bros Inc.的1.4倍（$622.0M vs $443.6M），Royalty Pharma plc净利率更高（34.4% vs 4.8%，领先29.6%），Dutch Bros Inc.同比增速更快（29.4% vs 4.8%），过去两年Dutch Bros Inc.的营收复合增速更高（27.0% vs 4.6%）
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。
本公司是总部位于美国马萨诸塞州剑桥市的临床阶段生物制药企业，专注于研发可调节转化生长因子β（TGF-β）超家族蛋白的药物，该类蛋白在红细胞、肌肉、骨骼、血管等细胞与组织的生长修复过程中发挥核心作用。
BROS vs RPRX — 直观对比
营收规模更大
RPRX
是对方的1.4倍
$443.6M
营收增速更快
BROS
高出24.6%
4.8%
净利率更高
RPRX
高出29.6%
4.8%
两年增速更快
BROS
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $443.6M | $622.0M |
| 净利润 | $21.4M | $214.2M |
| 毛利率 | 24.1% | — |
| 营业利润率 | 7.7% | 62.4% |
| 净利率 | 4.8% | 34.4% |
| 营收同比 | 29.4% | 4.8% |
| 净利润同比 | 491.6% | 2.9% |
| 每股收益（稀释后） | $0.17 | $0.49 |
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BROSRPRX
| Q4 25 | $443.6M | $622.0M | ||
| Q3 25 | $423.6M | $609.3M | ||
| Q2 25 | $415.8M | $578.7M | ||
| Q1 25 | $355.2M | $568.2M | ||
| Q4 24 | $342.8M | $593.6M | ||
| Q3 24 | $338.2M | $564.7M | ||
| Q2 24 | $324.9M | $537.3M | ||
| Q1 24 | $275.1M | $568.0M |
净利润BROSRPRX
| Q4 25 | $21.4M | $214.2M | ||
| Q3 25 | $17.5M | $288.2M | ||
| Q2 25 | $25.6M | $30.2M | ||
| Q1 25 | $15.4M | $238.3M | ||
| Q4 24 | $3.6M | $208.2M | ||
| Q3 24 | $12.6M | $544.0M | ||
| Q2 24 | $11.9M | $102.0M | ||
| Q1 24 | $7.1M | $4.8M |
毛利率BROSRPRX
| Q4 25 | 24.1% | — | ||
| Q3 25 | 25.2% | — | ||
| Q2 25 | 28.9% | — | ||
| Q1 25 | 25.3% | — | ||
| Q4 24 | 25.7% | — | ||
| Q3 24 | 26.6% | — | ||
| Q2 24 | 27.8% | — | ||
| Q1 24 | 26.1% | — |
营业利润率BROSRPRX
| Q4 25 | 7.7% | 62.4% | ||
| Q3 25 | 9.8% | 70.1% | ||
| Q2 25 | 13.1% | 36.3% | ||
| Q1 25 | 8.7% | 94.0% | ||
| Q4 24 | 4.6% | 60.9% | ||
| Q3 24 | 9.6% | — | ||
| Q2 24 | 9.9% | 50.2% | ||
| Q1 24 | 9.3% | -13.0% |
净利率BROSRPRX
| Q4 25 | 4.8% | 34.4% | ||
| Q3 25 | 4.1% | 47.3% | ||
| Q2 25 | 6.2% | 5.2% | ||
| Q1 25 | 4.3% | 41.9% | ||
| Q4 24 | 1.1% | 35.1% | ||
| Q3 24 | 3.7% | 96.3% | ||
| Q2 24 | 3.7% | 19.0% | ||
| Q1 24 | 2.6% | 0.8% |
每股收益（稀释后）BROSRPRX
| Q4 25 | $0.17 | $0.49 | ||
| Q3 25 | $0.14 | $0.67 | ||
| Q2 25 | $0.20 | $0.07 | ||
| Q1 25 | $0.13 | $0.55 | ||
| Q4 24 | $0.03 | $0.46 | ||
| Q3 24 | $0.11 | $1.21 | ||
| Q2 24 | $0.12 | $0.23 | ||
| 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 | $618.7M |
| 总债务越低越好 | $202.5M | $9.0B |
| 股东权益账面价值 | $680.8M | $9.7B |
| 总资产 | $3.0B | $19.6B |
| 负债/权益比越低杠杆越低 | 0.30× | 0.92× |
8季度趋势，按日历期对齐
现金及短期投资BROSRPRX
| Q4 25 | $269.4M | $618.7M | ||
| Q3 25 | $267.2M | $938.9M | ||
| Q2 25 | $254.4M | $631.9M | ||
| Q1 25 | $316.4M | $1.1B | ||
| Q4 24 | $293.4M | $929.0M | ||
| Q3 24 | $281.1M | $950.1M | ||
| Q2 24 | $260.9M | $1.8B | ||
| Q1 24 | $262.7M | $843.0M |
总债务BROSRPRX
| Q4 25 | $202.5M | $9.0B | ||
| Q3 25 | $202.3M | $8.9B | ||
| Q2 25 | $203.3M | $8.0B | ||
| Q1 25 | $284.2M | $7.6B | ||
| Q4 24 | $238.0M | $7.6B | ||
| Q3 24 | $241.2M | $7.6B | ||
| Q2 24 | $244.3M | $7.6B | ||
| Q1 24 | $247.5M | $6.1B |
股东权益BROSRPRX
| Q4 25 | $680.8M | $9.7B | ||
| Q3 25 | $656.6M | $9.6B | ||
| Q2 25 | $636.2M | $9.5B | ||
| Q1 25 | $599.1M | $9.8B | ||
| Q4 24 | $537.4M | $10.3B | ||
| Q3 24 | $523.1M | $10.3B | ||
| Q2 24 | $509.1M | $9.8B | ||
| Q1 24 | $417.1M | $9.9B |
总资产BROSRPRX
| Q4 25 | $3.0B | $19.6B | ||
| Q3 25 | $2.9B | $19.3B | ||
| Q2 25 | $2.8B | $18.3B | ||
| Q1 25 | $2.8B | $17.6B | ||
| Q4 24 | $2.5B | $18.2B | ||
| Q3 24 | $2.4B | $18.0B | ||
| Q2 24 | $2.4B | $17.7B | ||
| Q1 24 | $2.1B | $16.1B |
负债/权益比BROSRPRX
| Q4 25 | 0.30× | 0.92× | ||
| Q3 25 | 0.31× | 0.93× | ||
| Q2 25 | 0.32× | 0.84× | ||
| Q1 25 | 0.47× | 0.78× | ||
| Q4 24 | 0.44× | 0.74× | ||
| Q3 24 | 0.46× | 0.74× | ||
| Q2 24 | 0.48× | 0.78× | ||
| Q1 24 | 0.59× | 0.62× |
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 | $827.1M |
| 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× | 3.86× |
| 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BROSRPRX
| Q4 25 | $79.6M | $827.1M | ||
| Q3 25 | $89.1M | $702.6M | ||
| Q2 25 | $89.9M | $364.0M | ||
| Q1 25 | $36.9M | $596.1M | ||
| Q4 24 | $62.2M | $742.5M | ||
| Q3 24 | $83.5M | $703.6M | ||
| Q2 24 | $59.5M | $658.2M | ||
| Q1 24 | $41.2M | $664.6M |
自由现金流BROSRPRX
| 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BROSRPRX
| 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BROSRPRX
| 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BROSRPRX
| Q4 25 | 3.73× | 3.86× | ||
| Q3 25 | 5.09× | 2.44× | ||
| Q2 25 | 3.51× | 12.06× | ||
| Q1 25 | 2.40× | 2.50× | ||
| Q4 24 | 17.23× | 3.57× | ||
| Q3 24 | 6.60× | 1.29× | ||
| Q2 24 | 4.99× | 6.45× | ||
| Q1 24 | 5.83× | 139.10× |
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% |
RPRX
| Financial Royalty Assets | $592.4M | 95% |
| Royalty Income Other | $29.6M | 5% |
