Black Rock Coffee Bar

BRCB

Food Confectioners · Consumer Defensive

Price

$7.82

-0.19 (-2.37%)

Market Cap

$140.9M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+11.5% over 2y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 15.3M (2023) → 17.0M (2025)

Black Rock Coffee Bar, Inc. is a holding company, which engages in the provision of caffeinated beverages. It offers roasted coffees, teas, smoothies, and flavorful energy drinks. The company was founded by Daniel Brand, Jeff Hernandez, Jake Spellmeyer, and Bryan Pereboom in 2008 and is headquartered in Scottsdale, AZ.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+130.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

0.0%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~6 months

$20M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Black Rock Coffee Bar has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

23.5%

Thin — 23.5% gross margin

Operating Margin

6.9%

Modest — 6.9% operating margin

ROCE

2.0%

Weak — 2.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+22.3%

Fast-growing sales (22.3% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

430%

Turns 430% of profit into real cash

FCF Margin

-18.9%

Burning cash (-18.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

3.08

Heavy debt load (3.08)

Interest Cover

0.68x

Dangerous — barely covers interest (0.7x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

107.1x

Expensive — P/E 107.1

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+68.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (107.1 → 38.3)

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Dividends

Not applicable for this business.

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