3 models fit Dutch Bros Inc. Class A Common Stock and they disagree: 1 of 3 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)
Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionDutch Bros Inc. Class A Common Stock (BROS)
Fair value (3 models)
$15.89
ACCE price target
$39.00
Rating
Overvalued
Horizon
12 months
Fair value published on 18 Oct 2026, 16:04 CEST; previously $13.90 since 14 Oct 2026, 00:00 CEST.
ACCE price target published on 10 Oct 2026, 00:00 CEST.
Rating published on 18 Oct 2026, 16:04 CEST.
Price used: $41.49 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
161.1% above
-61.7% to fair value
ACCE score
48
out of 100
Analysts
96% buy
26 covering
P/E
58.0x
forward 32.6x
1-year return
-27.4%
Dividend yield
0.00%
Dutch Bros Inc. Class A Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Dutch Bros runs drive-thru coffee shops in the western US, built around its own espresso drinks, cold brews and energy-style beverages, with a fast-growing store base and a loyal, app-driven customer following. Its edge is a drive-thru-first format with lean, scalable store economics, which lets it expand quickly without a large in-store footprint. The main growth lever is continued new-store openings and rising same-store sales, and revenue growth of 32.5% shows that expansion is still compounding. At a 57.1x trailing P/E and 32.6x forward, the market is paying for that growth to continue, and with a 12.9% operating margin and 14.6% ROE, the case rests on margins widening as the store base matures. The name carries a 48/100 score and no index membership, so it deserves a deeper look mainly on whether unit economics hold up as openings slow.
⚠ Investor warnings · 4 flagsAI-assisted·How I use AI
high
Stretched valuation multiples
P/E of 57.2 and EV/EBITDA of 19.5 leave little room for error. Price trades 161.1% above the model fair value of $15.89, and 6.4% above the ACCE price target of $39.00.
high
Heavy short interest
Short interest stands at 50.5% of ownership, a very large bearish position that can amplify volatility in either direction.
moderate
Leveraged balance sheet
Debt/Equity of 1.60 with free cash flow of only $54M gives thin cushion against any slowdown in growth or margins.
moderate
Score down five points
ACCE score fell from 53 to 48 over 90 days, with Momentum at 17 and Value at 25 driving the weakness.
AI research notes
AI-assisted·How I use AIWritten Oct 20, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 32.5% year over year, and the five-year average growth rate is 38.0% per year.
Latest earnings beat expectations, with earnings per share of 0.28 against 0.27 expected.
Why it could disappoint
The stock trades 161.1% above the model fair value of $15.89, and all three valuation models flag it as overpriced.
Free cash flow over the last 12 months was only $54M, a 0.8% yield at today's price.
Return on invested capital is just 3.7%, and the diluted share count rose 9.6% last fiscal year.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 4, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where BROS's valuation models land
Price
$41.49
Model fair value
$15.89
Model range
$10.54 to $20.14
Fair value $15.89
Price $41.49
The price is above the whole model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
P/E comparison
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
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+Conviction breakdown and growth / value / quality / momentum scores