Stock Analysis on Net

Starbucks Corp. (NASDAQ:SBUX)

Adjusted Financial Ratios

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Adjusted Financial Ratios (Summary)

Starbucks Corp., adjusted financial ratios

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Oct 3, 2021 Sep 27, 2020 Sep 29, 2019 Sep 30, 2018 Oct 1, 2017 Oct 2, 2016
Activity Ratio
Total Asset Turnover
Reported 0.93 0.80 1.38 1.02 1.56 1.49
Adjusted 0.98 0.85 0.99 0.99 1.05 1.08
Liquidity Ratio
Current Ratio
Reported 1.20 1.06 0.92 2.20 1.25 1.05
Adjusted 1.49 1.33 1.16 3.09 1.81 1.41
Solvency Ratios
Debt to Equity
Reported 8.07 0.72 0.61
Adjusted 22.61 95.22 1.81 1.96 1.63
Debt to Capital
Reported 1.57 1.96 2.26 0.89 0.42 0.38
Adjusted 0.96 1.06 0.99 0.64 0.66 0.62
Financial Leverage
Reported 20.66 2.64 2.44
Adjusted 28.30 125.23 3.31 3.58 3.22
Profitability Ratios
Net Profit Margin
Reported 14.45% 3.95% 13.58% 18.28% 12.89% 13.22%
Adjusted 15.79% 4.64% 6.00% 38.29% 13.66% 15.75%
Return on Equity (ROE)
Reported 386.34% 52.93% 47.89%
Adjusted 439.67% 746.92% 125.22% 51.49% 54.62%
Return on Assets (ROA)
Reported 13.38% 3.16% 18.73% 18.70% 20.08% 19.66%
Adjusted 15.54% 3.96% 5.96% 37.85% 14.39% 16.95%

Based on: 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Starbucks Corp. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Starbucks Corp. adjusted current ratio improved from 2019 to 2020 and from 2020 to 2021.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Starbucks Corp. adjusted debt-to-capital ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Starbucks Corp. adjusted net profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Starbucks Corp. adjusted ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Starbucks Corp., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

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Oct 3, 2021 Sep 27, 2020 Sep 29, 2019 Sep 30, 2018 Oct 1, 2017 Oct 2, 2016
Reported
Selected Financial Data (US$ in thousands)
Net revenues 29,060,600  23,518,000  26,508,600  24,719,500  22,386,800  21,315,900 
Total assets 31,392,600  29,374,500  19,219,600  24,156,400  14,365,600  14,329,500 
Activity Ratio
Total asset turnover1 0.93 0.80 1.38 1.02 1.56 1.49
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net revenues2 29,064,700  23,559,600  26,103,400  31,845,200  22,508,500  21,503,300 
Adjusted total assets3 29,543,400  27,611,700  26,260,137  32,213,040  21,358,382  19,980,364 
Activity Ratio
Adjusted total asset turnover4 0.98 0.85 0.99 0.99 1.05 1.08

Based on: 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).

1 2021 Calculation
Total asset turnover = Net revenues ÷ Total assets
= 29,060,600 ÷ 31,392,600 = 0.93

2 Adjusted net revenues. See details »

3 Adjusted total assets. See details »

4 2021 Calculation
Adjusted total asset turnover = Adjusted net revenues ÷ Adjusted total assets
= 29,064,700 ÷ 29,543,400 = 0.98

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Starbucks Corp. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Adjusted Current Ratio

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Oct 3, 2021 Sep 27, 2020 Sep 29, 2019 Sep 30, 2018 Oct 1, 2017 Oct 2, 2016
Reported
Selected Financial Data (US$ in thousands)
Current assets 9,756,400  7,806,400  5,653,900  12,494,200  5,283,400  4,760,500 
Current liabilities 8,151,400  7,346,800  6,168,700  5,684,200  4,220,700  4,546,900 
Liquidity Ratio
Current ratio1 1.20 1.06 0.92 2.20 1.25 1.05
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets2 9,782,000  7,833,500  5,660,600  12,502,200  5,293,200  4,769,900 
Adjusted current liabilities3 6,555,300  5,890,300  4,899,700  4,041,300  2,932,200  3,375,700 
Liquidity Ratio
Adjusted current ratio4 1.49 1.33 1.16 3.09 1.81 1.41

Based on: 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).

1 2021 Calculation
Current ratio = Current assets ÷ Current liabilities
= 9,756,400 ÷ 8,151,400 = 1.20

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2021 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 9,782,000 ÷ 6,555,300 = 1.49

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Starbucks Corp. adjusted current ratio improved from 2019 to 2020 and from 2020 to 2021.

Adjusted Debt to Equity

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Oct 3, 2021 Sep 27, 2020 Sep 29, 2019 Sep 30, 2018 Oct 1, 2017 Oct 2, 2016
Reported
Selected Financial Data (US$ in thousands)
Total debt 14,615,800  15,909,500  11,167,000  9,440,100  3,932,600  3,602,200 
Shareholders’ equity (deficit) (5,321,200) (7,805,100) (6,232,200) 1,169,500  5,450,100  5,884,000 
Solvency Ratio
Debt to equity1 8.07 0.72 0.61
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 23,605,100  24,820,000  19,966,637  17,623,440  11,710,982  10,129,064 
Adjusted total equity (deficit)3 1,043,900  (1,349,100) 209,700  9,737,900  5,970,600  6,200,600 
Solvency Ratio
Adjusted debt to equity4 22.61 95.22 1.81 1.96 1.63

Based on: 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).

1 2021 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity (deficit)
= 14,615,800 ÷ -5,321,200 =

2 Adjusted total debt. See details »

3 Adjusted total equity (deficit). See details »

4 2021 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity (deficit)
= 23,605,100 ÷ 1,043,900 = 22.61


Adjusted Debt to Capital

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Oct 3, 2021 Sep 27, 2020 Sep 29, 2019 Sep 30, 2018 Oct 1, 2017 Oct 2, 2016
Reported
Selected Financial Data (US$ in thousands)
Total debt 14,615,800  15,909,500  11,167,000  9,440,100  3,932,600  3,602,200 
Total capital 9,294,600  8,104,400  4,934,800  10,609,600  9,382,700  9,486,200 
Solvency Ratio
Debt to capital1 1.57 1.96 2.26 0.89 0.42 0.38
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 23,605,100  24,820,000  19,966,637  17,623,440  11,710,982  10,129,064 
Adjusted total capital3 24,649,000  23,470,900  20,176,337  27,361,340  17,681,582  16,329,664 
Solvency Ratio
Adjusted debt to capital4 0.96 1.06 0.99 0.64 0.66 0.62

Based on: 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).

1 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 14,615,800 ÷ 9,294,600 = 1.57

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2021 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 23,605,100 ÷ 24,649,000 = 0.96

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Starbucks Corp. adjusted debt-to-capital ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Adjusted Financial Leverage

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Oct 3, 2021 Sep 27, 2020 Sep 29, 2019 Sep 30, 2018 Oct 1, 2017 Oct 2, 2016
Reported
Selected Financial Data (US$ in thousands)
Total assets 31,392,600  29,374,500  19,219,600  24,156,400  14,365,600  14,329,500 
Shareholders’ equity (deficit) (5,321,200) (7,805,100) (6,232,200) 1,169,500  5,450,100  5,884,000 
Solvency Ratio
Financial leverage1 20.66 2.64 2.44
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets2 29,543,400  27,611,700  26,260,137  32,213,040  21,358,382  19,980,364 
Adjusted total equity (deficit)3 1,043,900  (1,349,100) 209,700  9,737,900  5,970,600  6,200,600 
Solvency Ratio
Adjusted financial leverage4 28.30 125.23 3.31 3.58 3.22

Based on: 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).

1 2021 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity (deficit)
= 31,392,600 ÷ -5,321,200 =

2 Adjusted total assets. See details »

3 Adjusted total equity (deficit). See details »

4 2021 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity (deficit)
= 29,543,400 ÷ 1,043,900 = 28.30


Adjusted Net Profit Margin

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Oct 3, 2021 Sep 27, 2020 Sep 29, 2019 Sep 30, 2018 Oct 1, 2017 Oct 2, 2016
Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks 4,199,300  928,300  3,599,200  4,518,300  2,884,700  2,817,700 
Net revenues 29,060,600  23,518,000  26,508,600  24,719,500  22,386,800  21,315,900 
Profitability Ratio
Net profit margin1 14.45% 3.95% 13.58% 18.28% 12.89% 13.22%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net earnings including noncontrolling interests2 4,589,700  1,092,100  1,566,300  12,194,000  3,074,000  3,386,500 
Adjusted net revenues3 29,064,700  23,559,600  26,103,400  31,845,200  22,508,500  21,503,300 
Profitability Ratio
Adjusted net profit margin4 15.79% 4.64% 6.00% 38.29% 13.66% 15.75%

Based on: 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).

1 2021 Calculation
Net profit margin = 100 × Net earnings attributable to Starbucks ÷ Net revenues
= 100 × 4,199,300 ÷ 29,060,600 = 14.45%

2 Adjusted net earnings including noncontrolling interests. See details »

3 Adjusted net revenues. See details »

4 2021 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings including noncontrolling interests ÷ Adjusted net revenues
= 100 × 4,589,700 ÷ 29,064,700 = 15.79%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Starbucks Corp. adjusted net profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Oct 3, 2021 Sep 27, 2020 Sep 29, 2019 Sep 30, 2018 Oct 1, 2017 Oct 2, 2016
Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks 4,199,300  928,300  3,599,200  4,518,300  2,884,700  2,817,700 
Shareholders’ equity (deficit) (5,321,200) (7,805,100) (6,232,200) 1,169,500  5,450,100  5,884,000 
Profitability Ratio
ROE1 386.34% 52.93% 47.89%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net earnings including noncontrolling interests2 4,589,700  1,092,100  1,566,300  12,194,000  3,074,000  3,386,500 
Adjusted total equity (deficit)3 1,043,900  (1,349,100) 209,700  9,737,900  5,970,600  6,200,600 
Profitability Ratio
Adjusted ROE4 439.67% 746.92% 125.22% 51.49% 54.62%

Based on: 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).

1 2021 Calculation
ROE = 100 × Net earnings attributable to Starbucks ÷ Shareholders’ equity (deficit)
= 100 × 4,199,300 ÷ -5,321,200 =

2 Adjusted net earnings including noncontrolling interests. See details »

3 Adjusted total equity (deficit). See details »

4 2021 Calculation
Adjusted ROE = 100 × Adjusted net earnings including noncontrolling interests ÷ Adjusted total equity (deficit)
= 100 × 4,589,700 ÷ 1,043,900 = 439.67%


Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Oct 3, 2021 Sep 27, 2020 Sep 29, 2019 Sep 30, 2018 Oct 1, 2017 Oct 2, 2016
Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks 4,199,300  928,300  3,599,200  4,518,300  2,884,700  2,817,700 
Total assets 31,392,600  29,374,500  19,219,600  24,156,400  14,365,600  14,329,500 
Profitability Ratio
ROA1 13.38% 3.16% 18.73% 18.70% 20.08% 19.66%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net earnings including noncontrolling interests2 4,589,700  1,092,100  1,566,300  12,194,000  3,074,000  3,386,500 
Adjusted total assets3 29,543,400  27,611,700  26,260,137  32,213,040  21,358,382  19,980,364 
Profitability Ratio
Adjusted ROA4 15.54% 3.96% 5.96% 37.85% 14.39% 16.95%

Based on: 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).

1 2021 Calculation
ROA = 100 × Net earnings attributable to Starbucks ÷ Total assets
= 100 × 4,199,300 ÷ 31,392,600 = 13.38%

2 Adjusted net earnings including noncontrolling interests. See details »

3 Adjusted total assets. See details »

4 2021 Calculation
Adjusted ROA = 100 × Adjusted net earnings including noncontrolling interests ÷ Adjusted total assets
= 100 × 4,589,700 ÷ 29,543,400 = 15.54%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Starbucks Corp. adjusted ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.