Stock Analysis on Net
Stock Analysis on Net

Starbucks Corp. (NASDAQ:SBUX)

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

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Starbucks Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2023 — = 14.71% × —
Oct 1, 2023 — = 14.01% × —
Jul 2, 2023 — = 13.17% × —
Apr 2, 2023 — = 12.43% × —
Jan 1, 2023 — = 11.75% × —
Oct 2, 2022 — = 11.73% × —
Jul 3, 2022 — = 14.80% × —
Apr 3, 2022 — = 15.19% × —
Jan 2, 2022 — = 15.24% × —
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 — = — × 4.31
Apr 1, 2018 — = — × 3.73
Dec 31, 2017 — = — × 3.22

Based on: 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 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).

Three-Component Disaggregation of ROE

Starbucks Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 — = 11.70% × 1.26 × —
Oct 1, 2023 — = 11.46% × 1.22 × —
Jul 2, 2023 — = 10.80% × 1.22 × —
Apr 2, 2023 — = 10.46% × 1.19 × —
Jan 1, 2023 — = 10.09% × 1.16 × —
Oct 2, 2022 — = 10.18% × 1.15 × —
Jul 3, 2022 — = 13.03% × 1.14 × —
Apr 3, 2022 — = 14.07% × 1.08 × —
Jan 2, 2022 — = 14.47% × 1.05 × —
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 — = — × — × 4.31
Apr 1, 2018 — = — × — × 3.73
Dec 31, 2017 — = — × — × 3.22

Based on: 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 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).

Five-Component Disaggregation of ROE

Starbucks Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 — = 0.76 × 0.91 × 16.92% × 1.26 × —
Oct 1, 2023 — = 0.76 × 0.91 × 16.54% × 1.22 × —
Jul 2, 2023 — = 0.77 × 0.90 × 15.54% × 1.22 × —
Apr 2, 2023 — = 0.77 × 0.90 × 15.15% × 1.19 × —
Jan 1, 2023 — = 0.77 × 0.90 × 14.58% × 1.16 × —
Oct 2, 2022 — = 0.78 × 0.90 × 14.61% × 1.15 × —
Jul 3, 2022 — = 0.78 × 0.92 × 18.31% × 1.14 × —
Apr 3, 2022 — = 0.79 × 0.92 × 19.36% × 1.08 × —
Jan 2, 2022 — = 0.78 × 0.92 × 20.01% × 1.05 × —
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 — = — × — × — × — × 4.31
Apr 1, 2018 — = — × — × — × — × 3.73
Dec 31, 2017 — = — × — × — × — × 3.22

Based on: 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 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).

Two-Component Disaggregation of ROA

Starbucks Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2023 14.71% = 11.70% × 1.26
Oct 1, 2023 14.01% = 11.46% × 1.22
Jul 2, 2023 13.17% = 10.80% × 1.22
Apr 2, 2023 12.43% = 10.46% × 1.19
Jan 1, 2023 11.75% = 10.09% × 1.16
Oct 2, 2022 11.73% = 10.18% × 1.15
Jul 3, 2022 14.80% = 13.03% × 1.14
Apr 3, 2022 15.19% = 14.07% × 1.08
Jan 2, 2022 15.24% = 14.47% × 1.05
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 — = — × —
Apr 1, 2018 — = — × —
Dec 31, 2017 — = — × —

Based on: 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 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).

The primary reason for the increase in return on assets ratio (ROA) over Q1 2024 is the increase in asset turnover ratio.

Four-Component Disaggregation of ROA

Starbucks Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2023 14.71% = 0.76 × 0.91 × 16.92% × 1.26
Oct 1, 2023 14.01% = 0.76 × 0.91 × 16.54% × 1.22
Jul 2, 2023 13.17% = 0.77 × 0.90 × 15.54% × 1.22
Apr 2, 2023 12.43% = 0.77 × 0.90 × 15.15% × 1.19
Jan 1, 2023 11.75% = 0.77 × 0.90 × 14.58% × 1.16
Oct 2, 2022 11.73% = 0.78 × 0.90 × 14.61% × 1.15
Jul 3, 2022 14.80% = 0.78 × 0.92 × 18.31% × 1.14
Apr 3, 2022 15.19% = 0.79 × 0.92 × 19.36% × 1.08
Jan 2, 2022 15.24% = 0.78 × 0.92 × 20.01% × 1.05
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 — = — × — × — × —
Apr 1, 2018 — = — × — × — × —
Dec 31, 2017 — = — × — × — × —

Based on: 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 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).

The primary reason for the increase in return on assets ratio (ROA) over Q1 2024 is the increase in efficiency measured by asset turnover ratio.

Disaggregation of Net Profit Margin

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

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2023 11.70% = 0.76 × 0.91 × 16.92%
Oct 1, 2023 11.46% = 0.76 × 0.91 × 16.54%
Jul 2, 2023 10.80% = 0.77 × 0.90 × 15.54%
Apr 2, 2023 10.46% = 0.77 × 0.90 × 15.15%
Jan 1, 2023 10.09% = 0.77 × 0.90 × 14.58%
Oct 2, 2022 10.18% = 0.78 × 0.90 × 14.61%
Jul 3, 2022 13.03% = 0.78 × 0.92 × 18.31%
Apr 3, 2022 14.07% = 0.79 × 0.92 × 19.36%
Jan 2, 2022 14.47% = 0.78 × 0.92 × 20.01%
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 — = — × — × —
Apr 1, 2018 — = — × — × —
Dec 31, 2017 — = — × — × —

Based on: 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 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).

The primary reason for the increase in net profit margin ratio over Q1 2024 is the increase in operating profitability measured by EBIT margin ratio.