Stock Analysis on Net

Starbucks Corp. (NASDAQ:SBUX)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel LibreOffice Calc

Two-Component Disaggregation of ROE

Starbucks Corp., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = ROA × Financial Leverage
Oct 3, 2021 = 13.38% ×
Jun 27, 2021 = 9.59% ×
Mar 28, 2021 = 3.51% ×
Dec 27, 2020 = 2.22% ×
Sep 27, 2020 = 3.16% ×
Jun 28, 2020 = 4.59% ×
Mar 29, 2020 = 12.33% ×
Dec 29, 2019 = 13.43% ×
Sep 29, 2019 = 18.73% ×
Jun 30, 2019 = 17.00% ×
Mar 31, 2019 = 17.19% ×
Dec 30, 2018 = 15.16% ×
Sep 30, 2018 386.34% = 18.70% × 20.66
Jul 1, 2018 114.05% = 26.49% × 4.31
Apr 1, 2018 93.19% = 25.01% × 3.73
Dec 31, 2017 76.20% = 23.67% × 3.22
Oct 1, 2017 52.93% = 20.08% × 2.64
Jul 2, 2017 49.58% = 19.95% × 2.49
Apr 2, 2017 52.80% = 20.80% × 2.54
Jan 1, 2017 49.72% = 20.56% × 2.42
Oct 2, 2016 47.89% = 19.66% × 2.44
Jun 26, 2016 = × 2.42
Mar 27, 2016 = × 2.46
Dec 27, 2015 = × 2.16

Based on: 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27), 10-K (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-Q (reporting date: 2019-12-29), 10-K (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-30), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-Q (reporting date: 2017-01-01), 10-K (reporting date: 2016-10-02), 10-Q (reporting date: 2016-06-26), 10-Q (reporting date: 2016-03-27), 10-Q (reporting date: 2015-12-27).


Three-Component Disaggregation of ROE

Starbucks Corp., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Oct 3, 2021 = 14.45% × 0.93 ×
Jun 27, 2021 = 10.43% × 0.92 ×
Mar 28, 2021 = 4.18% × 0.84 ×
Dec 27, 2020 = 2.87% × 0.77 ×
Sep 27, 2020 = 3.95% × 0.80 ×
Jun 28, 2020 = 5.56% × 0.83 ×
Mar 29, 2020 = 12.71% × 0.97 ×
Dec 29, 2019 = 13.81% × 0.97 ×
Sep 29, 2019 = 13.58% × 1.38 ×
Jun 30, 2019 = 13.63% × 1.25 ×
Mar 31, 2019 = 11.86% × 1.45 ×
Dec 30, 2018 = 11.98% × 1.27 ×
Sep 30, 2018 386.34% = 18.28% × 1.02 × 20.66
Jul 1, 2018 114.05% = 18.87% × 1.40 × 4.31
Apr 1, 2018 93.19% = 18.71% × 1.34 × 3.73
Dec 31, 2017 76.20% = 19.29% × 1.23 × 3.22
Oct 1, 2017 52.93% = 12.89% × 1.56 × 2.64
Jul 2, 2017 49.58% = 12.93% × 1.54 × 2.49
Apr 2, 2017 52.80% = 13.47% × 1.54 × 2.54
Jan 1, 2017 49.72% = 13.30% × 1.55 × 2.42
Oct 2, 2016 47.89% = 13.22% × 1.49 × 2.44
Jun 26, 2016 = × × 2.42
Mar 27, 2016 = × × 2.46
Dec 27, 2015 = × × 2.16

Based on: 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27), 10-K (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-Q (reporting date: 2019-12-29), 10-K (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-30), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-Q (reporting date: 2017-01-01), 10-K (reporting date: 2016-10-02), 10-Q (reporting date: 2016-06-26), 10-Q (reporting date: 2016-03-27), 10-Q (reporting date: 2015-12-27).


Five-Component Disaggregation of ROE

Starbucks Corp., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Oct 3, 2021 = 0.78 × 0.92 × 20.05% × 0.93 ×
Jun 27, 2021 = 0.80 × 0.88 × 14.84% × 0.92 ×
Mar 28, 2021 = 0.75 × 0.73 × 7.59% × 0.84 ×
Dec 27, 2020 = 0.80 × 0.64 × 5.60% × 0.77 ×
Sep 27, 2020 = 0.79 × 0.73 × 6.82% × 0.80 ×
Jun 28, 2020 = 0.77 × 0.81 × 8.88% × 0.83 ×
Mar 29, 2020 = 0.80 × 0.92 × 17.22% × 0.97 ×
Dec 29, 2019 = 0.80 × 0.93 × 18.53% × 0.97 ×
Sep 29, 2019 = 0.81 × 0.93 × 18.11% × 1.38 ×
Jun 30, 2019 = 0.81 × 0.94 × 18.02% × 1.25 ×
Mar 31, 2019 = 0.81 × 0.94 × 15.68% × 1.45 ×
Dec 30, 2018 = 0.81 × 0.94 × 15.66% × 1.27 ×
Sep 30, 2018 386.34% = 0.78 × 0.97 × 24.07% × 1.02 × 20.66
Jul 1, 2018 114.05% = 0.76 × 0.98 × 25.42% × 1.40 × 4.31
Apr 1, 2018 93.19% = 0.73 × 0.98 × 26.13% × 1.34 × 3.73
Dec 31, 2017 76.20% = 0.71 × 0.98 × 27.65% × 1.23 × 3.22
Oct 1, 2017 52.93% = 0.67 × 0.98 × 19.70% × 1.56 × 2.64
Jul 2, 2017 49.58% = 0.66 × 0.98 × 19.98% × 1.54 × 2.49
Apr 2, 2017 52.80% = 0.67 × 0.98 × 20.45% × 1.54 × 2.54
Jan 1, 2017 49.72% = 0.67 × 0.98 × 20.16% × 1.55 × 2.42
Oct 2, 2016 47.89% = 0.67 × 0.98 × 20.07% × 1.49 × 2.44
Jun 26, 2016 = × × × × 2.42
Mar 27, 2016 = × × × × 2.46
Dec 27, 2015 = × × × × 2.16

Based on: 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27), 10-K (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-Q (reporting date: 2019-12-29), 10-K (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-30), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-Q (reporting date: 2017-01-01), 10-K (reporting date: 2016-10-02), 10-Q (reporting date: 2016-06-26), 10-Q (reporting date: 2016-03-27), 10-Q (reporting date: 2015-12-27).


Two-Component Disaggregation of ROA

Starbucks Corp., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Oct 3, 2021 13.38% = 14.45% × 0.93
Jun 27, 2021 9.59% = 10.43% × 0.92
Mar 28, 2021 3.51% = 4.18% × 0.84
Dec 27, 2020 2.22% = 2.87% × 0.77
Sep 27, 2020 3.16% = 3.95% × 0.80
Jun 28, 2020 4.59% = 5.56% × 0.83
Mar 29, 2020 12.33% = 12.71% × 0.97
Dec 29, 2019 13.43% = 13.81% × 0.97
Sep 29, 2019 18.73% = 13.58% × 1.38
Jun 30, 2019 17.00% = 13.63% × 1.25
Mar 31, 2019 17.19% = 11.86% × 1.45
Dec 30, 2018 15.16% = 11.98% × 1.27
Sep 30, 2018 18.70% = 18.28% × 1.02
Jul 1, 2018 26.49% = 18.87% × 1.40
Apr 1, 2018 25.01% = 18.71% × 1.34
Dec 31, 2017 23.67% = 19.29% × 1.23
Oct 1, 2017 20.08% = 12.89% × 1.56
Jul 2, 2017 19.95% = 12.93% × 1.54
Apr 2, 2017 20.80% = 13.47% × 1.54
Jan 1, 2017 20.56% = 13.30% × 1.55
Oct 2, 2016 19.66% = 13.22% × 1.49
Jun 26, 2016 = ×
Mar 27, 2016 = ×
Dec 27, 2015 = ×

Based on: 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27), 10-K (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-Q (reporting date: 2019-12-29), 10-K (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-30), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-Q (reporting date: 2017-01-01), 10-K (reporting date: 2016-10-02), 10-Q (reporting date: 2016-06-26), 10-Q (reporting date: 2016-03-27), 10-Q (reporting date: 2015-12-27).

The primary reason for the increase in return on assets ratio (ROA) over Q4 2021 is the increase in profitability measured by net profit margin ratio.


Four-Component Disaggregation of ROA

Starbucks Corp., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Oct 3, 2021 13.38% = 0.78 × 0.92 × 20.05% × 0.93
Jun 27, 2021 9.59% = 0.80 × 0.88 × 14.84% × 0.92
Mar 28, 2021 3.51% = 0.75 × 0.73 × 7.59% × 0.84
Dec 27, 2020 2.22% = 0.80 × 0.64 × 5.60% × 0.77
Sep 27, 2020 3.16% = 0.79 × 0.73 × 6.82% × 0.80
Jun 28, 2020 4.59% = 0.77 × 0.81 × 8.88% × 0.83
Mar 29, 2020 12.33% = 0.80 × 0.92 × 17.22% × 0.97
Dec 29, 2019 13.43% = 0.80 × 0.93 × 18.53% × 0.97
Sep 29, 2019 18.73% = 0.81 × 0.93 × 18.11% × 1.38
Jun 30, 2019 17.00% = 0.81 × 0.94 × 18.02% × 1.25
Mar 31, 2019 17.19% = 0.81 × 0.94 × 15.68% × 1.45
Dec 30, 2018 15.16% = 0.81 × 0.94 × 15.66% × 1.27
Sep 30, 2018 18.70% = 0.78 × 0.97 × 24.07% × 1.02
Jul 1, 2018 26.49% = 0.76 × 0.98 × 25.42% × 1.40
Apr 1, 2018 25.01% = 0.73 × 0.98 × 26.13% × 1.34
Dec 31, 2017 23.67% = 0.71 × 0.98 × 27.65% × 1.23
Oct 1, 2017 20.08% = 0.67 × 0.98 × 19.70% × 1.56
Jul 2, 2017 19.95% = 0.66 × 0.98 × 19.98% × 1.54
Apr 2, 2017 20.80% = 0.67 × 0.98 × 20.45% × 1.54
Jan 1, 2017 20.56% = 0.67 × 0.98 × 20.16% × 1.55
Oct 2, 2016 19.66% = 0.67 × 0.98 × 20.07% × 1.49
Jun 26, 2016 = × × ×
Mar 27, 2016 = × × ×
Dec 27, 2015 = × × ×

Based on: 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27), 10-K (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-Q (reporting date: 2019-12-29), 10-K (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-30), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-Q (reporting date: 2017-01-01), 10-K (reporting date: 2016-10-02), 10-Q (reporting date: 2016-06-26), 10-Q (reporting date: 2016-03-27), 10-Q (reporting date: 2015-12-27).

The primary reason for the increase in return on assets ratio (ROA) over Q4 2021 is the increase in operating profitability measured by EBIT margin ratio.


Disaggregation of Net Profit Margin

Starbucks Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel LibreOffice Calc
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Oct 3, 2021 14.45% = 0.78 × 0.92 × 20.05%
Jun 27, 2021 10.43% = 0.80 × 0.88 × 14.84%
Mar 28, 2021 4.18% = 0.75 × 0.73 × 7.59%
Dec 27, 2020 2.87% = 0.80 × 0.64 × 5.60%
Sep 27, 2020 3.95% = 0.79 × 0.73 × 6.82%
Jun 28, 2020 5.56% = 0.77 × 0.81 × 8.88%
Mar 29, 2020 12.71% = 0.80 × 0.92 × 17.22%
Dec 29, 2019 13.81% = 0.80 × 0.93 × 18.53%
Sep 29, 2019 13.58% = 0.81 × 0.93 × 18.11%
Jun 30, 2019 13.63% = 0.81 × 0.94 × 18.02%
Mar 31, 2019 11.86% = 0.81 × 0.94 × 15.68%
Dec 30, 2018 11.98% = 0.81 × 0.94 × 15.66%
Sep 30, 2018 18.28% = 0.78 × 0.97 × 24.07%
Jul 1, 2018 18.87% = 0.76 × 0.98 × 25.42%
Apr 1, 2018 18.71% = 0.73 × 0.98 × 26.13%
Dec 31, 2017 19.29% = 0.71 × 0.98 × 27.65%
Oct 1, 2017 12.89% = 0.67 × 0.98 × 19.70%
Jul 2, 2017 12.93% = 0.66 × 0.98 × 19.98%
Apr 2, 2017 13.47% = 0.67 × 0.98 × 20.45%
Jan 1, 2017 13.30% = 0.67 × 0.98 × 20.16%
Oct 2, 2016 13.22% = 0.67 × 0.98 × 20.07%
Jun 26, 2016 = × ×
Mar 27, 2016 = × ×
Dec 27, 2015 = × ×

Based on: 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27), 10-K (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-Q (reporting date: 2019-12-29), 10-K (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-30), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-Q (reporting date: 2017-01-01), 10-K (reporting date: 2016-10-02), 10-Q (reporting date: 2016-06-26), 10-Q (reporting date: 2016-03-27), 10-Q (reporting date: 2015-12-27).

The primary reason for the increase in net profit margin ratio over Q4 2021 is the increase in operating profitability measured by EBIT margin ratio.