STARBUCKS CORP
$106.44
−0.82 (−0.76%) · delayed · Nov 13, 2026
Five-year price
52w $81.97 to $111.50
- Market cap
- $121.4B
- Enterprise value
- $130.9B
- P/E
- 48.2×
- 44.7× on 3y avg EPS
- EV / EBIT
- 35.5×
- FCF yield
- 3.1%
- ROIC
- 125.9%
- Debt / equity
- —
- Piotroski F
- 8/9
Value scorecard · FY2026
Does it pass the value tests?
Quality
100
- ●ROIC > 12% (5y avg)5y avg ROIC 96.2%
- –ROE > 15% (5y avg)5y avg ROE n/a
- ●Stable operating marginsMargin volatility 3.2% (σ, 5y)
- ●Earnings convert to cashFCF / net income 107% (5y avg)
- ●Growing revenueRevenue CAGR 5y 5.5%
- ●Shrinking share countDiluted shares -3.6% over 5y
Value
0
- ○P/E below 15P/E 48.2
- ○EV/EBIT below 12EV/EBIT 35.5
- ○FCF yield above 6%FCF yield 3.1%
- –Price below Graham NumberGraham Number n/a
- –P/B below 3P/B n/a
Safety
50
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $9.6B
- ○Interest coverage > 8xCoverage 6.9x
- ○Current ratio > 1.5Current ratio 0.76
- ●Piotroski F-score ≥ 6F-score 8/9
Graham Defensive
50
- ●Adequate size (revenue > $2B)Revenue $37.9B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.76
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -12%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 44.7
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $106.44, the market is pricing in about 13.1% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $9.6B · 1140M shares · 5y revenue CAGR 5.5%
Intrinsic value
$53.78
Price
$106.44
Premium paid
98%
What the price implies
The market is paying for 13.1% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
57% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 22,387 | 24,720 | 26,509 | 23,518 | 29,061 | 32,250 | 35,976 | 36,176 | 37,184 | 37,911 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 4,135 | 3,883 | 4,078 | 1,562 | 4,872 | 4,618 | 5,871 | 5,409 | 2,937 | 3,691 |
| Operating margin | 18.5% | 15.7% | 15.4% | 6.6% | 16.8% | 14.3% | 16.3% | 15.0% | 7.9% | 9.7% |
| Pre-tax income | 4,318 | 5,780 | 4,466 | 1,164 | 5,357 | 4,232 | 5,402 | 4,970 | 2,507 | 3,841 |
| Income tax | 1,433 | 1,262 | 872 | 240 | 1,157 | 949 | 1,277 | 1,207 | 651 | 1,315 |
| Net income | 2,885 | 4,518 | 3,599 | 928 | 4,199 | 3,282 | 4,125 | 3,761 | 1,856 | 2,527 |
| EPS (diluted) | 1.97 | 3.24 | 2.92 | 0.79 | 3.54 | 2.83 | 3.58 | 3.31 | 1.63 | 2.21 |
| Diluted shares | 1,462 | 1,395 | 1,233 | 1,182 | 1,186 | 1,159 | 1,151 | 1,137 | 1,140 | 1,143 |
Who owns it