Market value added (MVA) is the difference between a firm fair value and its invested capital. MVA is a measure of the value a company has created in excess of the resources already committed to the enterprise.

MVA
MVA Spread Ratio
MVA Margin

Starbucks Corp., MVA calculation

US$ in thousands

	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
Fair value of debt¹	13,459,700)	13,227,000)	16,014,100)	17,937,500)	12,033,000)	9,322,000)
Operating lease liability	9,200,100)	8,760,900)	8,989,300)	8,910,500)	8,799,637)	8,183,340)
Market value of common equity	120,001,419)	112,427,010)	129,967,096)	109,776,161)	99,452,010)	84,559,296)
Noncontrolling interests	7,000)	7,900)	6,700)	5,700)	1,200)	6,300)
Less: Marketable securities	648,800)	643,600)	443,900)	487,300)	290,500)	449,200)
Market (fair) value of Starbucks	142,019,419)	133,779,210)	154,533,296)	136,142,561)	119,995,347)	101,621,736)
Less: Invested capital²	22,171,000)	20,459,700)	23,683,800)	22,970,900)	20,030,637)	26,740,540)
MVA	119,848,419)	113,319,510)	130,849,496)	113,171,661)	99,964,710)	74,881,196)

Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).

¹ Fair value of debt. See details »

² Invested capital. See details »

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Item	Description	The company
MVA	Starbucks Corp. market (fair) value less invested capital.	Starbucks Corp. MVA decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Starbucks Corp., MVA spread ratio calculation, comparison to benchmarks

	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
Selected Financial Data (US$ in thousands)
Market value added (MVA)¹	119,848,419)	113,319,510)	130,849,496)	113,171,661)	99,964,710)	74,881,196)
Invested capital²	22,171,000)	20,459,700)	23,683,800)	22,970,900)	20,030,637)	26,740,540)
Performance Ratio
MVA spread ratio³	540.56%	553.87%	552.49%	492.67%	499.06%	280.03%
Benchmarks
MVA Spread Ratio, Competitors⁴
Airbnb Inc.	1,574.38%	1,127.97%	1,610.92%	2,575.01%	—	—
Booking Holdings Inc.	1,200.63%	645.29%	637.90%	662.28%	576.91%	—
Carnival Corp. & plc	31.19%	0.38%	20.45%	1.99%	22.47%	46.60%
Chipotle Mexican Grill Inc.	1,142.83%	775.53%	750.93%	835.30%	518.95%	—
McDonald’s Corp.	430.22%	426.12%	393.79%	359.83%	386.54%	—

Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).

¹ MVA. See details »

² Invested capital. See details »

³ 2023 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 119,848,419 ÷ 22,171,000 = 540.56%

⁴ Click competitor name to see calculations.

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Performance ratio	Description	The company
MVA spread ratio	The ratio of MVA to invested capital. It measures the efficiency with which investors’ capital investment has translated into a franchise value and into an aggregate net present value premium.	Starbucks Corp. MVA spread ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Starbucks Corp., MVA margin calculation, comparison to benchmarks

	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
Selected Financial Data (US$ in thousands)
Market value added (MVA)¹	119,848,419)	113,319,510)	130,849,496)	113,171,661)	99,964,710)	74,881,196)

Net revenues	35,975,600)	32,250,300)	29,060,600)	23,518,000)	26,508,600)	24,719,500)
Add: Increase (decrease) in stored value card liability and deferred revenue	(119,600)	(137,500)	4,100)	41,600)	(405,200)	7,125,700)
Adjusted net revenues	35,856,000)	32,112,800)	29,064,700)	23,559,600)	26,103,400)	31,845,200)
Performance Ratio
MVA margin²	334.25%	352.88%	450.20%	480.36%	382.96%	235.14%
Benchmarks
MVA Margin, Competitors³
Airbnb Inc.	903.08%	890.34%	1,449.11%	3,942.51%	—	—
Booking Holdings Inc.	641.48%	515.10%	873.43%	1,419.18%	422.06%	—
Carnival Corp. & plc	56.95%	1.40%	498.53%	17.42%	41.35%	86.56%
Chipotle Mexican Grill Inc.	693.54%	483.19%	544.85%	685.47%	390.98%	—
McDonald’s Corp.	844.34%	834.91%	808.92%	875.15%	781.31%	—

Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).

¹ MVA. See details »

² 2023 Calculation
MVA margin = 100 × MVA ÷ Adjusted net revenues
= 100 × 119,848,419 ÷ 35,856,000 = 334.25%

³ Click competitor name to see calculations.

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Performance ratio	Description	The company
MVA margin	The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value.	Starbucks Corp. MVA margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Starbucks Corp. (NASDAQ:SBUX)

Market Value Added (MVA)

MVA

MVA Spread Ratio

MVA Margin