vs
Dutch Bros Inc.（BROS）与Wendy's Co（WEN）财务数据对比。点击上方公司名可切换其他公司
Wendy's Co的季度营收约是Dutch Bros Inc.的1.2倍（$543.0M vs $443.6M）。Wendy's Co净利率更高（4.9% vs 4.8%，领先0.1%）。Dutch Bros Inc.同比增速更快（29.4% vs -5.5%）。Wendy's Co自由现金流更多（$31.4M vs $8.5M）。过去两年Dutch Bros Inc.的营收复合增速更高（27.0% vs 0.8%）
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。
温蒂公司是美国知名快餐企业，是温蒂汉堡及First Kitchen的母公司，前身为Deisel-Wemmer公司，总部位于俄亥俄州都柏林。旗下核心子公司温蒂国际是温蒂汉堡餐厅的特许经营授权方，在全球快餐市场拥有较高的品牌辨识度。
BROS vs WEN — 直观对比
营收规模更大
WEN
是对方的1.2倍
$443.6M
营收增速更快
BROS
高出34.9%
-5.5%
净利率更高
WEN
高出0.1%
4.8%
自由现金流更多
WEN
多$22.9M
$8.5M
两年增速更快
BROS
近两年复合增速
0.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $443.6M | $543.0M |
| 净利润 | $21.4M | $26.5M |
| 毛利率 | 24.1% | 62.7% |
| 营业利润率 | 7.7% | 11.8% |
| 净利率 | 4.8% | 4.9% |
| 营收同比 | 29.4% | -5.5% |
| 净利润同比 | 491.6% | -44.2% |
| 每股收益（稀释后） | $0.17 | $0.14 |
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BROSWEN
| Q4 25 | $443.6M | $543.0M | ||
| Q3 25 | $423.6M | $549.5M | ||
| Q2 25 | $415.8M | $560.9M | ||
| Q1 25 | $355.2M | $523.5M | ||
| Q4 24 | $342.8M | $574.3M | ||
| Q3 24 | $338.2M | $566.7M | ||
| Q2 24 | $324.9M | $570.7M | ||
| Q1 24 | $275.1M | $534.8M |
净利润BROSWEN
| Q4 25 | $21.4M | $26.5M | ||
| Q3 25 | $17.5M | $44.3M | ||
| Q2 25 | $25.6M | $55.1M | ||
| Q1 25 | $15.4M | $39.2M | ||
| Q4 24 | $3.6M | $47.5M | ||
| Q3 24 | $12.6M | $50.2M | ||
| Q2 24 | $11.9M | $54.6M | ||
| Q1 24 | $7.1M | $42.0M |
毛利率BROSWEN
| Q4 25 | 24.1% | 62.7% | ||
| Q3 25 | 25.2% | 62.8% | ||
| Q2 25 | 28.9% | 65.0% | ||
| Q1 25 | 25.3% | 64.1% | ||
| Q4 24 | 25.7% | 65.9% | ||
| Q3 24 | 26.6% | 65.5% | ||
| Q2 24 | 27.8% | 65.0% | ||
| Q1 24 | 26.1% | 64.1% |
营业利润率BROSWEN
| Q4 25 | 7.7% | 11.8% | ||
| Q3 25 | 9.8% | 16.8% | ||
| Q2 25 | 13.1% | 18.6% | ||
| Q1 25 | 8.7% | 15.9% | ||
| Q4 24 | 4.6% | 16.7% | ||
| Q3 24 | 9.6% | 16.7% | ||
| Q2 24 | 9.9% | 17.4% | ||
| Q1 24 | 9.3% | 15.2% |
净利率BROSWEN
| Q4 25 | 4.8% | 4.9% | ||
| Q3 25 | 4.1% | 8.1% | ||
| Q2 25 | 6.2% | 9.8% | ||
| Q1 25 | 4.3% | 7.5% | ||
| Q4 24 | 1.1% | 8.3% | ||
| Q3 24 | 3.7% | 8.9% | ||
| Q2 24 | 3.7% | 9.6% | ||
| Q1 24 | 2.6% | 7.9% |
每股收益（稀释后）BROSWEN
| Q4 25 | $0.17 | $0.14 | ||
| Q3 25 | $0.14 | $0.23 | ||
| Q2 25 | $0.20 | $0.29 | ||
| Q1 25 | $0.13 | $0.19 | ||
| Q4 24 | $0.03 | $0.23 | ||
| Q3 24 | $0.11 | $0.25 | ||
| Q2 24 | $0.12 | $0.27 | ||
| Q1 24 | $0.08 | $0.20 |
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 | $300.8M |
| 总债务越低越好 | $202.5M | $2.8B |
| 股东权益账面价值 | $680.8M | $117.4M |
| 总资产 | $3.0B | $5.0B |
| 负债/权益比越低杠杆越低 | 0.30× | 23.51× |
8季度趋势，按日历期对齐
现金及短期投资BROSWEN
| Q4 25 | $269.4M | $300.8M | ||
| Q3 25 | $267.2M | $291.4M | ||
| Q2 25 | $254.4M | $281.2M | ||
| Q1 25 | $316.4M | $335.3M | ||
| Q4 24 | $293.4M | $450.5M | ||
| Q3 24 | $281.1M | $482.2M | ||
| Q2 24 | $260.9M | $465.5M | ||
| Q1 24 | $262.7M | $498.3M |
总债务BROSWEN
| Q4 25 | $202.5M | $2.8B | ||
| Q3 25 | $202.3M | $2.7B | ||
| Q2 25 | $203.3M | $2.7B | ||
| Q1 25 | $284.2M | $2.7B | ||
| Q4 24 | $238.0M | $2.7B | ||
| Q3 24 | $241.2M | — | ||
| Q2 24 | $244.3M | — | ||
| Q1 24 | $247.5M | — |
股东权益BROSWEN
| Q4 25 | $680.8M | $117.4M | ||
| Q3 25 | $656.6M | $109.2M | ||
| Q2 25 | $636.2M | $112.9M | ||
| Q1 25 | $599.1M | $130.2M | ||
| Q4 24 | $537.4M | $259.4M | ||
| Q3 24 | $523.1M | $259.9M | ||
| Q2 24 | $509.1M | $273.8M | ||
| Q1 24 | $417.1M | $293.7M |
总资产BROSWEN
| Q4 25 | $3.0B | $5.0B | ||
| Q3 25 | $2.9B | $5.0B | ||
| Q2 25 | $2.8B | $4.9B | ||
| Q1 25 | $2.8B | $4.9B | ||
| Q4 24 | $2.5B | $5.0B | ||
| Q3 24 | $2.4B | $5.1B | ||
| Q2 24 | $2.4B | $5.1B | ||
| Q1 24 | $2.1B | $5.2B |
负债/权益比BROSWEN
| Q4 25 | 0.30× | 23.51× | ||
| Q3 25 | 0.31× | 24.95× | ||
| Q2 25 | 0.32× | 24.18× | ||
| Q1 25 | 0.47× | 21.00× | ||
| Q4 24 | 0.44× | 10.57× | ||
| Q3 24 | 0.46× | — | ||
| Q2 24 | 0.48× | — | ||
| 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 | $69.3M |
| 自由现金流经营现金流 - 资本支出 | $8.5M | $31.4M |
| 自由现金流率自由现金流/营收 | 1.9% | 5.8% |
| 资本支出强度资本支出/营收 | 16.0% | 7.0% |
| 现金转化率经营现金流/净利润 | 3.73× | 2.62× |
| 过去12个月自由现金流最近4个季度 | $54.4M | $242.6M |
8季度趋势，按日历期对齐
经营现金流BROSWEN
| Q4 25 | $79.6M | $69.3M | ||
| Q3 25 | $89.1M | $129.3M | ||
| Q2 25 | $89.9M | $60.6M | ||
| Q1 25 | $36.9M | $85.4M | ||
| Q4 24 | $62.2M | $68.6M | ||
| Q3 24 | $83.5M | $141.2M | ||
| Q2 24 | $59.5M | $45.5M | ||
| Q1 24 | $41.2M | $100.0M |
自由现金流BROSWEN
| Q4 25 | $8.5M | $31.4M | ||
| Q3 25 | $18.9M | $104.3M | ||
| Q2 25 | $35.7M | $39.2M | ||
| Q1 25 | $-8.7M | $67.7M | ||
| Q4 24 | $19.5M | $26.6M | ||
| Q3 24 | $26.4M | $123.3M | ||
| Q2 24 | $-4.9M | $28.4M | ||
| Q1 24 | $-16.3M | $82.6M |
自由现金流率BROSWEN
| Q4 25 | 1.9% | 5.8% | ||
| Q3 25 | 4.5% | 19.0% | ||
| Q2 25 | 8.6% | 7.0% | ||
| Q1 25 | -2.4% | 12.9% | ||
| Q4 24 | 5.7% | 4.6% | ||
| Q3 24 | 7.8% | 21.8% | ||
| Q2 24 | -1.5% | 5.0% | ||
| Q1 24 | -5.9% | 15.5% |
资本支出强度BROSWEN
| Q4 25 | 16.0% | 7.0% | ||
| Q3 25 | 16.6% | 4.5% | ||
| Q2 25 | 13.0% | 3.8% | ||
| Q1 25 | 12.8% | 3.4% | ||
| Q4 24 | 12.5% | 7.3% | ||
| Q3 24 | 16.9% | 3.2% | ||
| Q2 24 | 19.8% | 3.0% | ||
| Q1 24 | 20.9% | 3.2% |
现金转化率BROSWEN
| Q4 25 | 3.73× | 2.62× | ||
| Q3 25 | 5.09× | 2.92× | ||
| Q2 25 | 3.51× | 1.10× | ||
| Q1 25 | 2.40× | 2.18× | ||
| Q4 24 | 17.23× | 1.44× | ||
| Q3 24 | 6.60× | 2.81× | ||
| Q2 24 | 4.99× | 0.83× | ||
| Q1 24 | 5.83× | 2.38× |
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% |
WEN
| Franchise Royalty Revenueand Fees | $149.3M | 27% |
| Royalty | $103.6M | 19% |
| Advertising | $103.3M | 19% |
| Global Real Estate Development | $60.5M | 11% |
| Real Estate | $59.5M | 11% |
| Wendys International | $39.5M | 7% |
| Franchise | $21.5M | 4% |
