Debt to Equity
since 2005
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Starbucks Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Price to Operating Profit (P/OP) since 2005
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Calculation
Starbucks Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity (deficit)1 | |
|---|---|---|---|---|---|
| Sep 29, 2024 | = | ÷ | |||
| Oct 1, 2023 | = | ÷ | |||
| Oct 2, 2022 | = | ÷ | |||
| Oct 3, 2021 | = | ÷ | |||
| Sep 27, 2020 | = | ÷ | |||
| Sep 29, 2019 | = | ÷ | |||
| Sep 30, 2018 | = | ÷ | |||
| Oct 1, 2017 | = | ÷ | |||
| Oct 2, 2016 | = | ÷ | |||
| Sep 27, 2015 | = | ÷ | |||
| Sep 28, 2014 | = | ÷ | |||
| Sep 29, 2013 | = | ÷ | |||
| Sep 30, 2012 | = | ÷ | |||
| Oct 2, 2011 | = | ÷ | |||
| Oct 3, 2010 | = | ÷ | |||
| Sep 27, 2009 | = | ÷ | |||
| Sep 28, 2008 | = | ÷ | |||
| Sep 30, 2007 | = | ÷ | |||
| Oct 1, 2006 | = | ÷ | |||
| Oct 2, 2005 | = | ÷ |
Based on: 10-K (reporting date: 2024-09-29), 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), 10-K (reporting date: 2017-10-01), 10-K (reporting date: 2016-10-02), 10-K (reporting date: 2015-09-27), 10-K (reporting date: 2014-09-28), 10-K (reporting date: 2013-09-29), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-10-02), 10-K (reporting date: 2010-10-03), 10-K (reporting date: 2009-09-27), 10-K (reporting date: 2008-09-28), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-10-01), 10-K (reporting date: 2005-10-02).
1 US$ in thousands
The financial data reveals significant fluctuations in the debt and equity structure over the analyzed periods. Total debt demonstrated a generally rising trend from 2005 through 2024, with some notable accelerations and peaks. Shareholders' equity generally increased from 2005 until around 2017, after which it declined sharply, turning negative and indicating potential financial distress or substantial equity reduction.
- Total Debt
- From 2005 to 2008, total debt increased substantially from approximately $281 million to about $1.26 billion, followed by a sharp decrease in 2009 and 2010 to around $549 million. Post-2010, debt resumed an upward trend with marked increases in the years following 2012. Particularly from 2013 onwards, debt rose rapidly, reaching a peak of approximately $16.3 billion in 2020 before showing some fluctuations but remaining above $15 billion through 2024. This represents a significant increase in the company's financial leverage.
- Shareholders’ Equity
- Shareholders' equity showed consistent growth from 2005 to 2012, peaking at over $5.1 billion in 2012. From 2013 onward, equity was more volatile but remained positive until 2016. Starting in 2017, a sharp decline is observed, turning into a deficit by 2019, with equity reaching negative values close to -$7.8 billion. This deterioration continued through 2024, though the negative equity level slightly improved from its lowest point, still reflecting a significant erosion of shareholder value.
- Debt to Equity Ratio
- The debt to equity ratio initially rose from 0.13 in 2005 to a high of 0.55 in 2007, reflecting increasing leverage. This ratio decreased between 2008 and 2012, reaching a low of 0.11, suggesting relatively lower reliance on debt compared to equity. However, from 2013 to 2017, there was a sharp increase, culminating in an extremely high ratio of 8.07 by 2017. After this point, the ratio data is missing, which may be related to the negative equity, making the ratio less meaningful or undefined.
In summary, the company experienced a considerable increase in total debt over the period, particularly after 2012, accompanied by a marked deterioration in equity resulting in negative net worth from 2019 onward. The escalating debt to equity ratio prior to the data gap implies rising financial leverage and increased risk. The negative shareholders' equity in recent years suggests potential challenges in financial stability and capital structure that warrant further detailed investigation.
Comparison to Competitors
Starbucks Corp., debt to equity, long-term trends, comparison to competitors
| Starbucks Corp. | Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | McDonald’s Corp. | |
|---|---|---|---|---|---|
| Sep 29, 2024 | |||||
| Oct 1, 2023 | |||||
| Oct 2, 2022 | |||||
| Oct 3, 2021 | |||||
| Sep 27, 2020 | |||||
| Sep 29, 2019 | |||||
| Sep 30, 2018 | |||||
| Oct 1, 2017 | |||||
| Oct 2, 2016 | |||||
| Sep 27, 2015 | |||||
| Sep 28, 2014 | |||||
| Sep 29, 2013 | |||||
| Sep 30, 2012 | |||||
| Oct 2, 2011 | |||||
| Oct 3, 2010 | |||||
| Sep 27, 2009 | |||||
| Sep 28, 2008 | |||||
| Sep 30, 2007 | |||||
| Oct 1, 2006 | |||||
| Oct 2, 2005 |
Based on: 10-K (reporting date: 2024-09-29), 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), 10-K (reporting date: 2017-10-01), 10-K (reporting date: 2016-10-02), 10-K (reporting date: 2015-09-27), 10-K (reporting date: 2014-09-28), 10-K (reporting date: 2013-09-29), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-10-02), 10-K (reporting date: 2010-10-03), 10-K (reporting date: 2009-09-27), 10-K (reporting date: 2008-09-28), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-10-01), 10-K (reporting date: 2005-10-02).
Comparison to Sector (Consumer Services)
Starbucks Corp., debt to equity, long-term trends, comparison to sector (consumer services)
| Starbucks Corp. | Consumer Services | |
|---|---|---|
| Sep 29, 2024 | ||
| Oct 1, 2023 | ||
| Oct 2, 2022 | ||
| Oct 3, 2021 | ||
| Sep 27, 2020 | ||
| Sep 29, 2019 | ||
| Sep 30, 2018 | ||
| Oct 1, 2017 | ||
| Oct 2, 2016 | ||
| Sep 27, 2015 | ||
| Sep 28, 2014 | ||
| Sep 29, 2013 | ||
| Sep 30, 2012 | ||
| Oct 2, 2011 | ||
| Oct 3, 2010 | ||
| Sep 27, 2009 | ||
| Sep 28, 2008 | ||
| Sep 30, 2007 | ||
| Oct 1, 2006 | ||
| Oct 2, 2005 |
Based on: 10-K (reporting date: 2024-09-29), 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), 10-K (reporting date: 2017-10-01), 10-K (reporting date: 2016-10-02), 10-K (reporting date: 2015-09-27), 10-K (reporting date: 2014-09-28), 10-K (reporting date: 2013-09-29), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-10-02), 10-K (reporting date: 2010-10-03), 10-K (reporting date: 2009-09-27), 10-K (reporting date: 2008-09-28), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-10-01), 10-K (reporting date: 2005-10-02).
Comparison to Industry (Consumer Discretionary)
Starbucks Corp., debt to equity, long-term trends, comparison to industry (consumer discretionary)
| Starbucks Corp. | Consumer Discretionary | |
|---|---|---|
| Sep 29, 2024 | ||
| Oct 1, 2023 | ||
| Oct 2, 2022 | ||
| Oct 3, 2021 | ||
| Sep 27, 2020 | ||
| Sep 29, 2019 | ||
| Sep 30, 2018 | ||
| Oct 1, 2017 | ||
| Oct 2, 2016 | ||
| Sep 27, 2015 | ||
| Sep 28, 2014 | ||
| Sep 29, 2013 | ||
| Sep 30, 2012 | ||
| Oct 2, 2011 | ||
| Oct 3, 2010 | ||
| Sep 27, 2009 | ||
| Sep 28, 2008 | ||
| Sep 30, 2007 | ||
| Oct 1, 2006 | ||
| Oct 2, 2005 |
Based on: 10-K (reporting date: 2024-09-29), 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), 10-K (reporting date: 2017-10-01), 10-K (reporting date: 2016-10-02), 10-K (reporting date: 2015-09-27), 10-K (reporting date: 2014-09-28), 10-K (reporting date: 2013-09-29), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-10-02), 10-K (reporting date: 2010-10-03), 10-K (reporting date: 2009-09-27), 10-K (reporting date: 2008-09-28), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-10-01), 10-K (reporting date: 2005-10-02).