Discounted Cash Flow

Dutch Bros Inc.

BROS · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2019 $238.4m $0 $17.2m 0.0%
2020 $327.4m (37.4%) $0 $13.0m (-24.7%) 0.0%
2021 $497.9m (52.1%) $-38.5m $-38.1m (-393.4%) -7.7% $-2.62
2022 $739.0m (48.4%) $-14.5m (62.3%) $-128.0m (-236.2%) -2.0% (74.6%) $-0.37 (85.8%)
2023 $965.8m (30.7%) $8.2m (156.8%) $-88.5m (30.8%) 0.9% (143.5%) $0.16 (143.2%)
2024 $1.3b (32.6%) $31.2m (278.8%) $24.7m (127.9%) 2.4% (185.6%) $0.64 (300.4%)
2025 $1.6b (27.9%) $37.4m (20.0%) $54.4m (120.3%) 2.3% (-6.2%) $0.94 (45.8%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model