Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Starbucks Corp., EBITDA calculation

US$ in thousands

12 months ended:	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
Net earnings attributable to Starbucks	4,124,500)	3,281,600)	4,199,300)	928,300)	3,599,200)	4,518,300)
Add: Net income attributable to noncontrolling interest	200)	1,800)	1,000)	(3,600)	(4,600)	(300)
Add: Income tax expense	1,277,200)	948,500)	1,156,600)	239,700)	871,600)	1,262,000)
Earnings before tax (EBT)	5,401,900)	4,231,900)	5,356,900)	1,164,400)	4,466,200)	5,780,000)
Add: Interest expense	550,100)	482,900)	469,800)	437,000)	331,000)	170,300)
Earnings before interest and tax (EBIT)	5,952,000)	4,714,800)	5,826,700)	1,601,400)	4,797,200)	5,950,300)
Add: Depreciation and amortization	1,450,300)	1,529,400)	1,524,100)	1,503,200)	1,449,300)	1,305,900)
Earnings before interest, tax, depreciation and amortization (EBITDA)	7,402,300)	6,244,200)	7,350,800)	3,104,600)	6,246,500)	7,256,200)

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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Starbucks Corp. EBITDA decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Starbucks Corp., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	110,091,432)
Earnings before interest, tax, depreciation and amortization (EBITDA)	7,402,300)
Valuation Ratio
EV/EBITDA	14.87
Benchmarks
EV/EBITDA, Competitors¹
Airbnb Inc.	42.85
Booking Holdings Inc.	17.26
Carnival Corp. & plc	10.68
Chipotle Mexican Grill Inc.	40.44
McDonald’s Corp.	16.74
EV/EBITDA, Sector
Consumer Services	18.58
EV/EBITDA, Industry
Consumer Discretionary	17.65

Based on: 10-K (reporting date: 2023-10-01).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Starbucks Corp., historical EV/EBITDA 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)
Enterprise value (EV)¹	131,421,619)	124,120,910)	137,971,696)	121,059,261)	107,863,110)	85,067,896)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	7,402,300)	6,244,200)	7,350,800)	3,104,600)	6,246,500)	7,256,200)
Valuation Ratio
EV/EBITDA³	17.75	19.88	18.77	38.99	17.27	11.72
Benchmarks
EV/EBITDA, Competitors⁴
Airbnb Inc.	40.65	36.61	338.63	—	—	—
Booking Holdings Inc.	19.60	19.20	45.39	73.17	10.49	—
Carnival Corp. & plc	11.16	—	—	—	8.11	9.21
Chipotle Mexican Grill Inc.	36.37	29.62	40.00	79.88	34.03	—
McDonald’s Corp.	18.04	20.87	17.49	21.03	17.65	—
EV/EBITDA, Sector
Consumer Services	19.80	26.04	36.44	234.32	14.59	—
EV/EBITDA, Industry
Consumer Discretionary	17.80	20.04	21.99	30.91	17.35	—

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 See details »

² See details »

³ 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 131,421,619 ÷ 7,402,300 = 17.75

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Starbucks Corp. EV/EBITDA ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Starbucks Corp. (NASDAQ:SBUX)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical