Positive context积极背景
Stocks股票 / Consumer Disc. / BROS
Dutch Bros Inc. · Consumer Disc.
BROS US listed · USD美股 · 美元
Dutch Bros Inc., originally written Dutch Bros., is a publicly held drive-through coffee chain in the United States. Founded in 1992 by Dane and Travis Boersma, it is headquartered in Tempe, Arizona, after having been based in Grants Pass, Oregon,...Dutch Bros Inc.，原名Dutch Bros.，是美国一家公开上市的驾车通过式咖啡连锁店。由Dane和Travis Boersma于1992年创立，总部位于亚利桑那州坦佩，此前多年至2025年一直设在俄勒冈州格兰茨帕斯。
Consumer Disc.
S&P 400标普400中盘
Rate-sensitive利率敏感
$37.89
-$0.62 · -1.61%
52w low52周低 $36.98high高 $74.83
Hold off — timing against you暂缓 — 时机不利
Downtrend — stand aside until a new cycle low forms and confirms.下跌趋势——观望，直至新的周期低点形成并确认。
As of 2026-09-29截至 2026-09-29
Company intelligence公司情报
The latest call, in context把最新财报放回历史脉络
A synthesized event record across management commentary and recorded metrics. Read as context; verify exact wording in the transcript before relying.综合管理层表述与记录指标形成事件档案。仅供参考；使用前请在电话会原文中核对准确措辞。
Live company record实时公司记录
JavaScript loads the source-bounded event record here. Open Terminal if the live module does not start.JavaScript 会在此加载受来源约束的事件记录。如实时模块未启动，请打开终端。
Continue with full transcript history继续查看完整电话会历史 ↗Pressure context压力背景
History mode历史模式
Context only仅供参考 · not a signal or recommendation不构成信号或建议
Narrative claims may await line-level citation; verify in the transcript.叙述性内容可能仍待逐行引用，请在电话会原文中核对。
Price chart价格图表
daily · interactive日线 · 可交互
Open in Terminal打开终端 ↗
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Open the live chart in Terminal在终端中打开实时图表 ↗
Candles, volume and moving averages — pan and zoom inside the chart.蜡烛图、成交量与均线 — 图内可缩放拖动。
MMastermind Terminal — live & interactiveMastermind 终端 — 实时互动 ↗
Technicals技术面
daily bars日线数据 · 2026-09-29
Momentum (RSI 14)动量（RSI 14）
21
Oversold超卖区域
vs 50-day average相对50日均线
-27.0% below下方
Below trend跌破趋势
vs 200-day average相对200日均线
-32.5% below下方
Long trend down长期向下
Volatility波动率
11th percentile第11百分位
These readings feed the stance at the top — one source per number, refreshed nightly.以上读数构成页首的引擎立场 — 每个数字只有一个来源，每晚更新。
Earnings财务业绩
next report下次财报 2026-11-0437
Estimates roughly stable预期基本稳定
Mixed — beat 2 of last 4 quarters表现不稳 — 近 4 季中 2 季超预期
EPS surprise vs consensus, last quarters每股收益相对预期的超预期幅度（近几个季度） · average平均 17.9%
Financials财务数据
fiscal years财年Revenue营业收入
$1.6B2025
20212025
5-yr growth5年复合增速 34.7%
Earnings per share每股收益
$0.642025
20212025
Free cash flow自由现金流
$54.4M2025
20212025
Operating margin营业利润率
9.8%
Net margin净利率
4.9%
FCF margin自由现金流利润率
18.0%
Balance-sheet quality财务体质 6/8
Return on equity股本回报率 12%
Warning警示
Leverage杠杆
Net debt / EBITDA净债务/EBITDA-0.25
Current ratio流动比率1.49
Debt coming due到期债务
FY2025 10-KIn the 12-month bucket following fiscal period end 2025-12-31, it reported $3.9M due — about 2% of its disclosed principal.在财年期末 2025-12-31 之后12个月的区间内，已披露到期本金为 $3.9M，约占其披露本金的 2%。
All maturity buckets are measured from fiscal period end 2025-12-31, not from today.所有到期区间均从财年期末 2025-12-31 起算，而非从今天起算。
First 12 months after period end报告期末之后首12个月
$3.9M
Year 2第2年
$5.7M
Year 3第3年
$7.5M
Year 4第4年
$11.2M
Year 5第5年
$170.0M
After year 55年以后
$4.2M
Cash reported at 2025-12-31: $269404000.截至 2025-12-31 披露的现金：$269404000。 Operating cash flow exceeded or equaled equipment spending over 2025-01-01 to 2025-12-31; no cash burn to measure.在 2025-01-01 至 2025-12-31 期间，经营现金流不低于设备支出，无可衡量的现金消耗。
Cash reported at 2025-12-31 covers 6942% of issuer-reported principal in the 12-month bucket following that fiscal period end.截至 2025-12-31 披露的现金可覆盖该财年期末之后12个月区间内发行人已披露到期本金的 6942%。
Cash shortfall against that reported principal: $0相对该已披露本金的现金缺口：$0。
Sources and cash-flow calculation来源与现金流计算
Figures are XBRL facts from one filing — no two years are mixed. Filing数据取自同一份文件中的 XBRL 事实，不跨文件拼接。文件
0001866581-26-000006, period ending报告期截至 2025-12-31, unit单位 USD.
Cache acquired缓存获取时间: 2026-09-22T07:58:35.410039+00:00.
6/6 buckets reported.个区间有披露。
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonthsLongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwoLongTermDebtMaturitiesRepaymentsOfPrincipalInYearThreeLongTermDebtMaturitiesRepaymentsOfPrincipalInYearFourLongTermDebtMaturitiesRepaymentsOfPrincipalInYearFiveLongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
Annual period年度区间 2025-01-01 — 2025-12-31 · USD · 10-K · 0001866581-26-000006 · Filed提交日期 2026-02-13.
Cache acquired缓存获取时间: 2026-09-22T07:58:35.410039+00:00 · Evaluated as of评估截至 2026-09-29.
- Reported operating cash flow已披露经营活动现金流: $295545000
- Reported equipment spending (capex outflow)已披露设备支出（资本开支流出）: $241134000
- Derived free cash flow (operating cash flow minus capex)计算所得自由现金流（经营现金流减资本开支）: $54411000
Cash is the reported balance at period end. The runway scenario holds this annual cash-flow pace constant and excludes debt payments, restricted-cash adjustments and future financing.现金为期末已披露余额。现金跑道情景假设本年度现金流速度保持不变，不包括债务偿还、受限现金调整与未来融资。
Research context only — reported figures from SEC filings, not a rating, a signal or investment advice.仅供研究参考 — 数据摘自 SEC 文件披露口径，不构成评级、信号或投资建议。
Why is it moving为何波动
6 checks · nightly六项检查 · 每晚
Macro宏观
Long-duration name into a restrictive, rising-real-rate regime → rate headwind.长久期标的进入偏紧、实际利率上行的环境→利率逆风。
Positioning持仓
Insider cluster activity内部人集中交易
Technical技术面
BROS made a new 52-week lowBROS 创52周新低
Ownership & smart money持仓与聪明钱
13FInsider activity:内部人动向： -$359.2M net (1 buyers, 4 sellers)-$359.2M 净值（1 买家，4 卖家）
Signal history信号历史
engine events引擎事件
UNCONFIRMED TURN → DOWNTREND未确认转向 → 下跌趋势
AVOID. Failed cycle — price broke below the low that started this cycle, which historically means the larger trend is rolling over (~80% of cases)回避。失败周期——价格跌破了启动本周期的低点，历史上这通常意味着更大的趋势正在掉头向下（约 80% 的情形）
Sep 25, 2026
BROS made a new 52-week lowBROS 创52周新低
Price reached a fresh 52-week low — a momentum / trend extreme the whole market watches. $37.89.价格创出52周新低 — 全市场关注的动量/趋势极值。$37.89。
Sep 15, 2026
BROS made a new 52-week lowBROS 创52周新低
Price reached a fresh 52-week low — a momentum / trend extreme the whole market watches. $41.98.价格创出52周新低 — 全市场关注的动量/趋势极值。$41.98。
Sep 15, 2026
BROS RSI reached oversoldBROS RSI进入超卖
RSI(14) crossed below 30 — washed out; context, not a timing trigger alone. $41.98.RSI(14)下穿30 — 超卖；仅作背景，单独不构成择时。$41.98。
Sep 14, 2026
Death cross on BROSBROS 死叉
The 50-day average crossed below the 200-day — a slow, widely-watched bearish trend signal. $44.05.50日均线下穿200日均线 — 一个滞后但广受关注的看空趋势信号。$44.05。
Sep 10, 2026
BROS RSI reached oversoldBROS RSI进入超卖
RSI(14) crossed below 30 — washed out; context, not a timing trigger alone. $43.44.RSI(14)下穿30 — 超卖；仅作背景，单独不构成择时。$43.44。
Sep 9, 2026
BROS daily MACD crossed downBROS 日线MACD下穿
The daily MACD histogram turned negative — fast and noisy, context rather than a standalone trigger. $44.96.日线MACD柱状图转负 — 快速且嘈杂，仅作背景。$44.96。
Sep 8, 2026
BROS made a new 52-week lowBROS 创52周新低
Price reached a fresh 52-week low — a momentum / trend extreme the whole market watches. $45.88.价格创出52周新低 — 全市场关注的动量/趋势极值。$45.88。
Sep 3, 2026
BROS made a new 52-week lowBROS 创52周新低
Price reached a fresh 52-week low — a momentum / trend extreme the whole market watches. $46.24.价格创出52周新低 — 全市场关注的动量/趋势极值。$46.24。
Showing the last 15 of显示最近15条，共 262 signals条信号
Company profile公司档案
Dutch Bros Inc., originally written Dutch Bros., is a publicly held drive-through coffee chain in the United States. Founded in 1992 by Dane and Travis Boersma, it is headquartered in Tempe, Arizona, after having been based in Grants Pass, Oregon,...Dutch Bros Inc.，原名Dutch Bros.，是美国一家公开上市的驾车通过式咖啡连锁店。由Dane和Travis Boersma于1992年创立，总部位于亚利桑那州坦佩，此前多年至2025年一直设在俄勒冈州格兰茨帕斯。
Style DNA — how it trades vs the market风格基因 — 相对市场的交易特征
Quality质量
Above market高于市场
Investment资本投入
Below market低于市场
Low volatility低波动
Below market低于市场
Low market beta低市场敏感度
Below market低于市场
Earnings quality盈利质量
Below market低于市场
Short interest空头兴趣
Below market低于市场
Watch items — what could change the story关注项 — 可能改变故事的因素
- Margin compression despite revenue growth
- Receivables stretch
The whole US universe — S&P 1500 and Russell 2000 — read nightly.覆盖标普1500与罗素2000全部成分股 — 每晚更新解读。
Signals, options positioning, smart-money moves and factor DNA — the same engine that wrote this page covers 2,700+ US stocks.信号、期权持仓、聪明钱动向与因子基因 — 撰写本页的引擎覆盖2700多只美股。
Statistics — full detail统计数据 — 完整明细
Relative strength相对强度
vs market, 1 month相对大盘（1个月）
13/100 — weaker than most弱于多数
vs market, 3 months相对大盘（3个月）
1/100 — weaker than most弱于多数
vs market, 6 months相对大盘（6个月）
12/100 — weaker than most弱于多数
vs market, 12 months相对大盘（12个月）
14/100 — weaker than most弱于多数
Rank in sector行业内排名
#166 / 210
0–100 percentile of total return vs all covered stocks.总回报在全部覆盖股票中的百分位（0–100）。
Price history价格历史
| Period周期 | This stock本股 | S&P 500标普500 |
|---|---|---|
| 1 Week近1周 | -5.3% | +1.3% |
| 1 Month近1月 | -26.0% | +0.9% |
| 3 Months近3月 | -47.3% | +6.1% |
| 6 Months近6月 | -18.8% | +22.3% |
| Year to date年初至今 | -39.0% | +13.8% |
| 1 Year近1年 | -29.0% | +18.5% |
| 3 Years近3年 | +62.3% | +87.8% |
Trading information交易信息
Beta vs market贝塔
1.36
Volatility rank波动率分位
11th pctile
Off 52-week high距52周高点
-48.3%
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Financials — full detail财务数据 — 完整明细
Multi-year record多年财务记录
| 20212021 | 20222022 | 20232023 | 20242024 | 20252025 | |
|---|---|---|---|---|---|
| Revenue营业收入 | $498M | $739M | $966M | $1.3B | $1.6B |
| EPS每股收益 | $-0.28 | $-0.09 | $0.03 | $0.34 | $0.64 |
| Free cash flow自由现金流 | $-38M | $-128M | $-89M | $25M | $54M |
| Gross margin毛利率 | 30.5% | 24.5% | 26.0% | 26.6% | 25.9% |
| Net margin净利率 | -2.6% | -0.6% | 0.2% | 2.8% | 4.9% |
| FCF margin自由现金流利润率 | -7.6% | -17.3% | -9.2% | 1.9% | 3.3% |
Latest fiscal year最近财年
Revenue (FY)营业收入（财年）
$1.6B
Net income净利润
$80M
Operating cash flow经营现金流
$296M
Total assets总资产
$3.0B
Shareholder equity股东权益
$681M
Long-term debt长期负债
$196M
Returns & growth回报与增长
Return on equity股本回报率
11.7%
Return on assets资产回报率
2.7%
Debt / assets负债/资产
6.5%
Profit growth利润增速
+126.5%
Asset growth资产增速
+20.3%
Accounting quality checks会计质量检查
- Earnings quality: accruals trending up over 5 fiscal years — earnings increasingly not cash-backed盈利质量：应计利润在 5 个财年间走高——盈利的现金支撑减弱
- Working capital: inventory & receivables lean vs sales营运资本：存货与应收相对销售保持精简
- Pricing power: gross margin −4.6pts over 5 years定价能力：毛利率 5 年下降 4.6 个百分点
- Capital discipline: assets +20.3% (aggressive expansion)资本纪律：资产 +20.3%（扩张激进）
- Balance sheet: leverage unremarkable资产负债表：杠杆水平一般
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Technicals — full detail技术面 — 完整明细
Indicator readings指标读数
RSI (14-day)RSI（14日）
21
RSI (2-day)RSI（2日）
5
vs 20-day average相对20日均线
-12.3%
vs 50-day average相对50日均线
-27.0%
vs 200-day average相对200日均线
-32.5%
Golden cross (50>200)金叉（50>200）
not in effect未生效
MACDMACD
below signal位于信号线下方
Timeframe alignment多周期共振
Daily日线
momentum down — turning up soon动能向下——接近转强
3-day3日线
momentum down动能向下
Weekly周线
momentum down动能向下
When daily through monthly point the same way, moves carry further.当日线到月线方向一致时，行情往往更有延续性。
Volatility regime波动状态
Range width percentile波幅宽度分位
88/100
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Earnings — full detail财务业绩 — 完整明细
Surprise history超预期历史
| Quarter季度 | Reported实际 | Expected预期 | Surprise超预期 |
|---|---|---|---|
| Jun 2026 | $0.28 | $0.27 | +3.7% |
| Mar 2026 | $0.13 | $0.14 | -7.1% |
| Dec 2025 | $0.14 | $0.08 | +75.0% |
| Sep 2025 | $0.15 | $0.15 | 0.0% |
Estimate revisions预期修正
Analysts covering覆盖分析师
14
Estimate direction预期调整方向
mixed分歧
Estimate change, 90 days预期变化（90天）
+6.7%
Net upgrades, 30 days净上调（30天）
+6
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Ownership — full detail持仓 — 完整明细
Insiders & shorts内部人与空头
Insider net buying (6 months)内部人净买入（6个月）
-$359.2M
Insider buyers vs sellers内部人买家vs卖家
1 : 4
Days to cover回补天数
3.9
Short interest change空头变化
-4.2%
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Seasonality — full detail季节性 — 完整明细
Strongest month最强月份
Feb · 100%
Weakest month最弱月份
Jul · 0%
Month by month逐月统计
| Month月份 | Closed higher收涨占比 | Median move中位涨跌 | Years年数 |
|---|---|---|---|
| Jan1月 | 33% | -11.3% | 3 |
| Feb2月 | 100% | +8.7% | 3 |
| Mar3月 | 33% | -4.3% | 3 |
| Apr4月 | 33% | -0.8% | 3 |
| May5月 | 100% | +20.5% | 3 |
| Jun6月 | 67% | +16.4% | 3 |
| Jul7月 | 0% | -8.0% | 3 |
| Aug8月 | 25% | -3.3% | 4 |
| Sep9月 | 25% | -23.7% | 4 |
| Oct10月 | 100% | +5.1% | 3 |
| Nov11月 | 100% | +10.7% | 3 |
| Dec12月 | 67% | +4.8% | 3 |
History is a tendency, not a promise — small samples wobble.历史规律只是倾向而非保证 — 样本少时波动大。
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。