vs
Dutch Bros Inc.（BROS）与Shake Shack Inc.（SHAK）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Shake Shack Inc.的1.1倍（$443.6M vs $400.5M）。Dutch Bros Inc.净利率更高（4.8% vs 3.0%，领先1.9%）。Dutch Bros Inc.同比增速更快（29.4% vs 21.9%）。Dutch Bros Inc.自由现金流更多（$8.5M vs $4.0M）。过去两年Dutch Bros Inc.的营收复合增速更高（27.0% vs 17.4%）
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。
Shake Shack是源自美国纽约的跨国休闲快餐连锁品牌，2001年以麦迪逊广场公园内的热狗餐车起家，人气逐步攀升。2004年品牌获得许可在公园内开设永久门店，菜单也从最初的纽约风味热狗，拓展至汉堡、薯条以及同名奶昔等多款餐品。
BROS vs SHAK — 直观对比
营收规模更大
BROS
是对方的1.1倍
$400.5M
营收增速更快
BROS
高出7.6%
21.9%
净利率更高
BROS
高出1.9%
3.0%
自由现金流更多
BROS
多$4.5M
$4.0M
两年增速更快
BROS
近两年复合增速
17.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $443.6M | $400.5M |
| 净利润 | $21.4M | $11.8M |
| 毛利率 | 24.1% | — |
| 营业利润率 | 7.7% | 4.7% |
| 净利率 | 4.8% | 3.0% |
| 营收同比 | 29.4% | 21.9% |
| 净利润同比 | 491.6% | 35.8% |
| 每股收益（稀释后） | $0.17 | $0.28 |
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BROSSHAK
| Q4 25 | $443.6M | $400.5M | ||
| Q3 25 | $423.6M | $367.4M | ||
| Q2 25 | $415.8M | $356.5M | ||
| Q1 25 | $355.2M | $320.9M | ||
| Q4 24 | $342.8M | $328.7M | ||
| Q3 24 | $338.2M | $316.9M | ||
| Q2 24 | $324.9M | $316.5M | ||
| Q1 24 | $275.1M | $290.5M |
净利润BROSSHAK
| Q4 25 | $21.4M | $11.8M | ||
| Q3 25 | $17.5M | $12.5M | ||
| Q2 25 | $25.6M | $17.1M | ||
| Q1 25 | $15.4M | $4.2M | ||
| Q4 24 | $3.6M | $8.7M | ||
| Q3 24 | $12.6M | $-10.2M | ||
| Q2 24 | $11.9M | $9.7M | ||
| Q1 24 | $7.1M | $2.0M |
毛利率BROSSHAK
| 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BROSSHAK
| Q4 25 | 7.7% | 4.7% | ||
| Q3 25 | 9.8% | 5.0% | ||
| Q2 25 | 13.1% | 6.3% | ||
| Q1 25 | 8.7% | 0.9% | ||
| Q4 24 | 4.6% | 3.1% | ||
| Q3 24 | 9.6% | -5.7% | ||
| Q2 24 | 9.9% | 3.4% | ||
| Q1 24 | 9.3% | 0.0% |
净利率BROSSHAK
| Q4 25 | 4.8% | 3.0% | ||
| Q3 25 | 4.1% | 3.4% | ||
| Q2 25 | 6.2% | 4.8% | ||
| Q1 25 | 4.3% | 1.3% | ||
| Q4 24 | 1.1% | 2.6% | ||
| Q3 24 | 3.7% | -3.2% | ||
| Q2 24 | 3.7% | 3.1% | ||
| Q1 24 | 2.6% | 0.7% |
每股收益（稀释后）BROSSHAK
| Q4 25 | $0.17 | $0.28 | ||
| Q3 25 | $0.14 | $0.30 | ||
| Q2 25 | $0.20 | $0.41 | ||
| Q1 25 | $0.13 | $0.10 | ||
| Q4 24 | $0.03 | $0.22 | ||
| Q3 24 | $0.11 | $-0.26 | ||
| Q2 24 | $0.12 | $0.23 | ||
| Q1 24 | $0.08 | $0.05 |
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 | $360.1M |
| 总债务越低越好 | $202.5M | $247.7M |
| 股东权益账面价值 | $680.8M | $525.3M |
| 总资产 | $3.0B | $1.9B |
| 负债/权益比越低杠杆越低 | 0.30× | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资BROSSHAK
| Q4 25 | $269.4M | $360.1M | ||
| Q3 25 | $267.2M | $357.8M | ||
| Q2 25 | $254.4M | $336.8M | ||
| Q1 25 | $316.4M | $312.9M | ||
| Q4 24 | $293.4M | $320.7M | ||
| Q3 24 | $281.1M | $310.9M | ||
| Q2 24 | $260.9M | $304.4M | ||
| Q1 24 | $262.7M | $284.8M |
总债务BROSSHAK
| Q4 25 | $202.5M | $247.7M | ||
| Q3 25 | $202.3M | $247.5M | ||
| Q2 25 | $203.3M | $247.2M | ||
| Q1 25 | $284.2M | $246.9M | ||
| Q4 24 | $238.0M | $246.7M | ||
| Q3 24 | $241.2M | $246.4M | ||
| Q2 24 | $244.3M | $246.2M | ||
| Q1 24 | $247.5M | $245.9M |
股东权益BROSSHAK
| Q4 25 | $680.8M | $525.3M | ||
| Q3 25 | $656.6M | $509.0M | ||
| Q2 25 | $636.2M | $494.1M | ||
| Q1 25 | $599.1M | $473.3M | ||
| Q4 24 | $537.4M | $470.0M | ||
| Q3 24 | $523.1M | $456.1M | ||
| Q2 24 | $509.1M | $462.4M | ||
| Q1 24 | $417.1M | $446.4M |
总资产BROSSHAK
| Q4 25 | $3.0B | $1.9B | ||
| Q3 25 | $2.9B | $1.8B | ||
| Q2 25 | $2.8B | $1.8B | ||
| Q1 25 | $2.8B | $1.7B | ||
| Q4 24 | $2.5B | $1.7B | ||
| Q3 24 | $2.4B | $1.7B | ||
| Q2 24 | $2.4B | $1.7B | ||
| Q1 24 | $2.1B | $1.6B |
负债/权益比BROSSHAK
| Q4 25 | 0.30× | 0.47× | ||
| Q3 25 | 0.31× | 0.49× | ||
| Q2 25 | 0.32× | 0.50× | ||
| Q1 25 | 0.47× | 0.52× | ||
| Q4 24 | 0.44× | 0.52× | ||
| Q3 24 | 0.46× | 0.54× | ||
| Q2 24 | 0.48× | 0.53× | ||
| Q1 24 | 0.59× | 0.55× |
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 | $63.1M |
| 自由现金流经营现金流 - 资本支出 | $8.5M | $4.0M |
| 自由现金流率自由现金流/营收 | 1.9% | 1.0% |
| 资本支出强度资本支出/营收 | 16.0% | 14.8% |
| 现金转化率经营现金流/净利润 | 3.73× | 5.34× |
| 过去12个月自由现金流最近4个季度 | $54.4M | $56.5M |
8季度趋势，按日历期对齐
经营现金流BROSSHAK
| Q4 25 | $79.6M | $63.1M | ||
| Q3 25 | $89.1M | $63.0M | ||
| Q2 25 | $89.9M | $65.0M | ||
| Q1 25 | $36.9M | $31.2M | ||
| Q4 24 | $62.2M | $45.1M | ||
| Q3 24 | $83.5M | $41.9M | ||
| Q2 24 | $59.5M | $53.5M | ||
| Q1 24 | $41.2M | $30.7M |
自由现金流BROSSHAK
| Q4 25 | $8.5M | $4.0M | ||
| Q3 25 | $18.9M | $23.7M | ||
| Q2 25 | $35.7M | $26.9M | ||
| Q1 25 | $-8.7M | $1.9M | ||
| Q4 24 | $19.5M | $10.4M | ||
| Q3 24 | $26.4M | $7.1M | ||
| Q2 24 | $-4.9M | $20.6M | ||
| Q1 24 | $-16.3M | $-2.4M |
自由现金流率BROSSHAK
| Q4 25 | 1.9% | 1.0% | ||
| Q3 25 | 4.5% | 6.5% | ||
| Q2 25 | 8.6% | 7.5% | ||
| Q1 25 | -2.4% | 0.6% | ||
| Q4 24 | 5.7% | 3.2% | ||
| Q3 24 | 7.8% | 2.2% | ||
| Q2 24 | -1.5% | 6.5% | ||
| Q1 24 | -5.9% | -0.8% |
资本支出强度BROSSHAK
| Q4 25 | 16.0% | 14.8% | ||
| Q3 25 | 16.6% | 10.7% | ||
| Q2 25 | 13.0% | 10.7% | ||
| Q1 25 | 12.8% | 9.1% | ||
| Q4 24 | 12.5% | 10.6% | ||
| Q3 24 | 16.9% | 11.0% | ||
| Q2 24 | 19.8% | 10.4% | ||
| Q1 24 | 20.9% | 11.4% |
现金转化率BROSSHAK
| Q4 25 | 3.73× | 5.34× | ||
| Q3 25 | 5.09× | 5.04× | ||
| Q2 25 | 3.51× | 3.79× | ||
| Q1 25 | 2.40× | 7.36× | ||
| Q4 24 | 17.23× | 5.18× | ||
| Q3 24 | 6.60× | — | ||
| Q2 24 | 4.99× | 5.54× | ||
| Q1 24 | 5.83× | 15.03× |
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% |
SHAK
暂无分部数据
