Dutch Bros vs Papa Johns International
Papa Johns International is the larger business, with $2.05bn of revenue in fiscal 2025 against $1.64bn for Dutch Bros (1.3 times as much). Dutch Bros grew faster (27.9% against -0.3%). Dutch Bros kept more of each dollar of sales as profit: a net margin of 4.9% against 1.5%.
| Latest fiscal year | Dutch BrosBROS, 2025 | Papa Johns InternationalPZZA, 2025 |
|---|---|---|
| Revenue | $1.64bn | $2.05bn |
| Revenue growth | 27.9% | -0.3% |
| Net income | $79.8m | $30.5m |
| Operating margin | 9.8% | 4.3% |
| Net margin | 4.9% | 1.5% |
| Return on equity | 13.1% | — |
| Free cash flow | $54.4m | $61.3m |
| Cash | $269m | $34.6m |
| Total debt | $206m | $722m |
| Debt to equity | 30.3% | — |
| Dividend per share | — | $1.84 |
| Dividend yield | — | 9.9% |
| Share buybacks | — | $0 |
| Employees | — | — |
| Market value | $5.86bn | $607m |
| Price vs our value range | Above our value range | — |
| Moat score | 19 (Weak) | 53 (Moderate) |
| Insider trades, 12 months | 2 buys, 81 sales | 0 buys, 0 sales |