Price to Book Value (P/BV)
since 2005
Calculation
Starbucks Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity (deficit)1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nov 20, 2024 | — | = | 98.26 | ÷ | -6.57 | -6.57 | = | -7,448,900 | ÷ | 1,133,800,000 | |
| Nov 17, 2023 | — | = | 105.57 | ÷ | -7.03 | -7.03 | = | -7,994,800 | ÷ | 1,136,700,000 | |
| Nov 18, 2022 | — | = | 97.95 | ÷ | -7.59 | -7.59 | = | -8,706,600 | ÷ | 1,147,800,000 | |
| Nov 19, 2021 | — | = | 110.78 | ÷ | -4.54 | -4.54 | = | -5,321,200 | ÷ | 1,173,200,000 | |
| Nov 12, 2020 | — | = | 93.53 | ÷ | -6.65 | -6.65 | = | -7,805,100 | ÷ | 1,173,700,000 | |
| Nov 15, 2019 | — | = | 84.21 | ÷ | -5.28 | -5.28 | = | -6,232,200 | ÷ | 1,181,000,000 | |
| Nov 16, 2018 | 72.30 | = | 68.16 | ÷ | 0.94 | 0.94 | = | 1,169,500 | ÷ | 1,240,600,000 | |
| Nov 17, 2017 | 14.86 | = | 56.93 | ÷ | 3.83 | 3.83 | = | 5,450,100 | ÷ | 1,422,800,000 | |
| Nov 18, 2016 | 13.79 | = | 55.77 | ÷ | 4.04 | 4.04 | = | 5,884,000 | ÷ | 1,455,400,000 | |
| Nov 12, 2015 | 15.59 | = | 61.07 | ÷ | 3.92 | 3.92 | = | 5,818,000 | ÷ | 1,484,800,000 | |
| Nov 14, 2014 | 11.09 | = | 39.06 | ÷ | 3.52 | 3.52 | = | 5,272,000 | ÷ | 1,496,600,000 | |
| Nov 18, 2013 | 13.55 | = | 40.27 | ÷ | 2.97 | 2.97 | = | 4,480,200 | ÷ | 1,507,200,000 | |
| Nov 16, 2012 | 7.10 | = | 24.38 | ÷ | 3.44 | 3.44 | = | 5,109,000 | ÷ | 1,487,200,000 | |
| Nov 18, 2011 | 7.14 | = | 21.01 | ÷ | 2.94 | 2.94 | = | 4,384,900 | ÷ | 1,490,800,000 | |
| Nov 22, 2010 | 6.23 | = | 15.44 | ÷ | 2.48 | 2.48 | = | 3,674,700 | ÷ | 1,482,200,000 | |
| Nov 20, 2009 | 5.21 | = | 10.71 | ÷ | 2.06 | 2.06 | = | 3,045,700 | ÷ | 1,480,400,000 | |
| Nov 24, 2008 | 2.49 | = | 4.23 | ÷ | 1.70 | 1.70 | = | 2,490,900 | ÷ | 1,466,600,000 | |
| Nov 29, 2007 | 7.37 | = | 11.52 | ÷ | 1.56 | 1.56 | = | 2,284,117 | ÷ | 1,460,800,000 | |
| Dec 14, 2006 | 12.40 | = | 18.30 | ÷ | 1.48 | 1.48 | = | 2,228,506 | ÷ | 1,509,715,456 | |
| Dec 16, 2005 | 11.40 | = | 15.60 | ÷ | 1.37 | 1.37 | = | 2,090,634 | ÷ | 1,528,207,080 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Starbucks Corp. Annual Report.
- Share Price Trend
- The share price exhibited considerable volatility over the analyzed period. Initially, the price increased moderately from 15.6 US$ at the end of 2005 to peaks around 21.01 US$ in 2011, followed by more substantial growth reaching a peak of 110.78 US$ in November 2021. Post this peak, the share price experienced a decline to 97.95 US$ in 2022, followed by a modest recovery to 105.57 US$ in 2023 and then a slight decrease to 98.26 US$ in 2024. This suggests a general upward trend with notable fluctuations, especially in the later years.
- Book Value per Share (BVPS)
- The book value per share showed a consistent increase from 1.37 US$ in 2005 to a peak of 4.04 US$ in 2016. However, from 2017 onwards, the BVPS sharply declined, turning negative from 2018 (-5.28 US$) and remaining negative throughout the subsequent years. This indicates a significant deterioration in the company's net asset position relative to outstanding shares in recent years.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio started at 11.4 in 2005, decreased markedly to around 2.49 in 2008, then gradually climbed back up to around 15.59 in 2015. It peaked sharply at 72.3 in 2018, after which data is missing. The high P/BV ratio in 2018 likely reflects the impact of the negative BVPS values, inflating this ratio abnormally. The missing data after 2018 prevents further direct observation but the previous trends suggest an increasing disparity between market value and book value per share.
- Insights and Observations
- Overall, the share price has shown long-term growth with significant fluctuations, especially considerable gains from around 2013 to 2021. The BVPS indicates healthy growth until 2016, followed by a sharp decline into negative territory, which could signal impairments, losses, or other adverse balance sheet changes. The spike in P/BV ratio in 2018 corresponds with this negative BVPS and suggests the market valuation remained relatively strong despite deteriorating book value. This disparity between share price and book value might imply investor confidence driven by factors beyond tangible net assets, such as growth prospects or intangibles not captured in book value.
Comparison to Competitors
Starbucks Corp., P/BV, long-term trends, comparison to competitors
| Starbucks Corp. | Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | McDonald’s Corp. | |
|---|---|---|---|---|---|
| Nov 20, 2024 | — | 10.57 | — | 21.32 | — |
| Nov 17, 2023 | — | 12.09 | — | 23.47 | — |
| Nov 18, 2022 | — | 15.16 | 32.84 | 18.74 | — |
| Nov 19, 2021 | — | 20.88 | 16.35 | 19.05 | — |
| Nov 12, 2020 | — | 43.27 | 20.46 | 21.52 | — |
| Nov 15, 2019 | — | — | 11.61 | 14.09 | — |
| Nov 16, 2018 | 72.30 | — | 9.77 | 11.19 | — |
| Nov 17, 2017 | 14.86 | — | 8.03 | 5.45 | — |
| Nov 18, 2016 | 13.79 | — | 8.17 | 8.18 | — |
| Nov 12, 2015 | 15.59 | — | 6.97 | 6.49 | 15.06 |
| Nov 14, 2014 | 11.09 | — | 7.38 | 10.42 | 7.10 |
| Nov 18, 2013 | 13.55 | — | 9.68 | 10.94 | 5.97 |
| Nov 16, 2012 | 7.10 | — | 8.91 | 7.98 | 6.30 |
| Nov 18, 2011 | 7.14 | — | 11.44 | 11.27 | 7.10 |
| Nov 22, 2010 | 6.23 | — | 12.47 | 10.16 | 5.31 |
| Nov 20, 2009 | 5.21 | — | 7.95 | 4.71 | 4.90 |
| Nov 24, 2008 | 2.49 | — | 4.70 | 2.76 | 4.52 |
| Nov 29, 2007 | 7.37 | — | 7.55 | 6.13 | 4.22 |
| Dec 14, 2006 | 12.40 | — | 5.73 | 4.44 | 3.57 |
| Dec 16, 2005 | 11.40 | — | 2.53 | 5.68 | 2.92 |
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., P/BV, long-term trends, comparison to sector (consumer services)
| Starbucks Corp. | Consumer Services | |
|---|---|---|
| Nov 20, 2024 | — | — |
| Nov 17, 2023 | — | — |
| Nov 18, 2022 | — | — |
| Nov 19, 2021 | — | 167.21 |
| Nov 12, 2020 | — | — |
| Nov 15, 2019 | — | — |
| Nov 16, 2018 | 72.30 | 63.58 |
| Nov 17, 2017 | 14.86 | 20.82 |
| Nov 18, 2016 | 13.79 | 18.69 |
| Nov 12, 2015 | 15.59 | 11.44 |
| Nov 14, 2014 | 11.09 | 8.15 |
| Nov 18, 2013 | 13.55 | 8.29 |
| Nov 16, 2012 | 7.10 | 6.94 |
| Nov 18, 2011 | 7.14 | 7.80 |
| Nov 22, 2010 | 6.23 | 6.28 |
| Nov 20, 2009 | 5.21 | 5.15 |
| Nov 24, 2008 | 2.49 | 4.17 |
| Nov 29, 2007 | 7.37 | 4.77 |
| Dec 14, 2006 | 12.40 | 4.69 |
| Dec 16, 2005 | 11.40 | 3.95 |
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., P/BV, long-term trends, comparison to industry (consumer discretionary)
| Starbucks Corp. | Consumer Discretionary | |
|---|---|---|
| Nov 20, 2024 | — | 32.00 |
| Nov 17, 2023 | — | 10.11 |
| Nov 18, 2022 | — | 9.55 |
| Nov 19, 2021 | — | 13.30 |
| Nov 12, 2020 | — | 18.17 |
| Nov 15, 2019 | — | 13.59 |
| Nov 16, 2018 | 72.30 | 11.35 |
| Nov 17, 2017 | 14.86 | 10.74 |
| Nov 18, 2016 | 13.79 | 8.39 |
| Nov 12, 2015 | 15.59 | 7.17 |
| Nov 14, 2014 | 11.09 | 5.83 |
| Nov 18, 2013 | 13.55 | 5.12 |
| Nov 16, 2012 | 7.10 | 4.39 |
| Nov 18, 2011 | 7.14 | 3.84 |
| Nov 22, 2010 | 6.23 | 4.04 |
| Nov 20, 2009 | 5.21 | 4.73 |
| Nov 24, 2008 | 2.49 | 4.98 |
| Nov 29, 2007 | 7.37 | 3.91 |
| Dec 14, 2006 | 12.40 | 4.50 |
| Dec 16, 2005 | 11.40 | 3.49 |
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).