Dutch Bros vs Papa John's
Papa John's reported revenue of $2.1 billion in fiscal 2025, 1.3 times Dutch Bros' $1.6 billion in fiscal 2025. Dutch Bros' revenue grew 27.9% in its latest year, and Papa John's fell 0.3%. Dutch Bros had an operating margin of 9.8%, against 4.3% at Papa John's. Free cash flow was $54 million at Dutch Bros and $61 million at Papa John's. Their fiscal years end in different months (December 31 and December 28), so the periods don't line up exactly.
Side by side
| Dutch Bros | Papa John's | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 28, 2025 |
| Revenue | $1.6B | $2.1B |
| Revenue growth | 27.9% | −0.3% |
| Revenue growth a year, last 5 years | 38.0% | 2.5% |
| Gross margin | 25.9% | — |
| Operating margin | 9.8% | 4.3% |
| Net margin | 4.9% | 1.5% |
| Free cash flow | $54M | $61M |
| Free cash flow margin | 3.3% | 3.0% |
| Return on capital | 11.9% | 19.3% |
| Net debt to EBITDA | 1.3x | 4.0x |
| Dividends and buybacks | $0M | $61M |
| Change in diluted share count | 20.8% | 0.4% |
| Last close | $42.02 | $18.23 |
| P/E at the last close | 58.4× | 23.1× |
| Insider trades, last 12 months | bought $205,480, sold $646.0 million | — |
| Piotroski F-score | 5 of 9 | 4 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Dutch BrosPapa John's
Operating margin
Percent of revenue
Dutch BrosPapa John's
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Dutch BrosPapa John's
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Dutch Bros and Papa John's pages.