Starbucks Corp. (NASDAQ:SBUX)

Net Fixed Asset Turnover

The net fixed asset turnover ratio exhibits a fluctuating pattern over the observed periods. Starting at 4.12 in late 2019, the ratio slightly increased to 4.22 in the first quarter of 2020, followed by a decline to 3.75 by the end of 2020. From early 2021 onwards, the ratio generally trended upward, reaching a peak of 4.99 during mid-2022. Subsequently, it showed minor variations but remained relatively stable around the 4.8 to 4.9 range until a gradual decline towards the end of 2024, finishing near 4.12 in early 2025. Overall, the ratio indicates moderate improvement in asset utilization post-2020 with some decline approaching 2025.

Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Asset

This metric initially mirrors the net fixed asset turnover but declines sharply following the inclusion of operating leases and right-of-use assets. Beginning at 4.12 in late 2019, it drops substantially to about 1.61–1.68 range through 2020, reflecting the impact of new accounting standards or lease capitalization effects. From early 2021, the ratio exhibits gradual improvement, increasing to a peak near 2.30 around the third quarter of 2023. However, a slow downward trend occurs thereafter, with the ratio decreasing to approximately 1.99 by early 2025. The pattern suggests ongoing adjustments in asset usage when leasing assets are considered, with recovering operational efficiency tempered by recent declines.

Total Asset Turnover

The total asset turnover ratio reveals a noticeable dip at the start of the pandemic period, dropping from 1.38 in late 2019 to a low of around 0.77 by the end of 2020. This decline likely reflects reduced asset productivity amid challenging market conditions. From 2021 forward, a consistent recovery trend is apparent, with steady rises through 2022 and 2023, peaking at 1.26 in early 2024. The latter periods show a slight decrease but overall remain elevated above 1.10 until early 2025. This trend indicates a strong rebound in asset efficiency following the initial economic disruptions.

Equity Turnover

No data is available for the equity turnover ratio across the observed periods, making it impossible to comment on changes or trends relating to equity turnover.

The financial data reveals several notable trends over the examined periods. Net revenues demonstrate a fluctuating pattern with a significant dip observed in early 2020, coinciding with a likely external disruption. Following this low point, there is a recovery trend with revenues increasing steadily through 2021 and into the first half of 2023. However, towards late 2023 and early 2024, net revenues exhibit some volatility, with a partial decline noted in certain quarters.

The property, plant, and equipment, net figures show a consistent upward trajectory without significant interruptions. This steady increase suggests ongoing investments or acquisitions in fixed assets over time, supporting operational capacity expansion or upgrades. The growth in these assets appears to be continuous from 2018 through the early months of 2025, indicative of sustained capital expenditure strategies.

The net fixed asset turnover ratio, available from mid-2019 onward, illustrates how effectively the company is utilizing its fixed assets to generate revenue. Initially, the ratio sits around the low 4s, then exhibits growth reaching a peak above 4.9 in early 2023. Subsequently, it declines gradually through 2023 and into 2024, reflecting a possible decrease in revenue efficiency relative to the asset base during this period.

Net Revenues

Displayed a significant decline starting in early 2020, followed by a robust recovery. The recovery phase sees revenues reaching near or above pre-decline levels by late 2022 and early 2023. Revenue figures fluctuate moderately in 2023 and early 2024, signaling potential market uncertainties or changes in operational dynamics.

Property, Plant, and Equipment, Net

Consistently increased throughout the periods, indicating ongoing capital investments. This growth suggests strategic capacity expansions or modernizations to support business operations and future revenue growth.

Net Fixed Asset Turnover

Improved from mid-2019 through early 2023, reflecting enhanced asset utilization. The subsequent downward trend starting in 2023 may imply challenges in maintaining revenue growth proportional to asset base increments or possible overextension of fixed assets relative to sales.

The trends observed in the quarterly financial data indicate several notable changes and patterns over the time covered. Net revenues have exhibited fluctuations with a general upward tendency towards the later periods, despite some declines during the earlier quarters of 2020. This dip corresponds to a period likely affected by external disruptions, followed by a recovery and gradual growth trend through subsequent quarters until early 2025.

Property, plant, and equipment, net, including operating lease right-of-use assets, show a significant increase starting from the end of 2019, with a pronounced jump between the third quarter of 2019 and subsequent quarters. This upward movement continues steadily through the periods, reflecting ongoing investments or capital expenditures increasing the asset base substantially over the years up to early 2025.

Net fixed asset turnover, which measures the efficiency of the company in generating revenue from its fixed assets, demonstrates a sharp decline beginning from the end of 2018 to early 2020, dropping below 2.0 during 2020. This decline coincides with the period when net revenues were also weaker, implying less efficient use of assets possibly due to reduced operational activity. However, from mid-2020 onward, this ratio shows a recovery trend, gradually increasing to values above 2.0 and stabilizing around 2.0 in the most recent quarters. This suggests an improvement in asset utilization efficiency as revenues recover and grow.

Net Revenues

Experienced a downturn during early 2020 followed by a recovery and general growth trend until early 2025.

Property, Plant, and Equipment, Net

Substantial increase starting late 2019 with steady growth continuing through the entire period, indicative of increased capital investment.

Net Fixed Asset Turnover

Declined sharply in early 2020, reflecting reduced revenue efficiency from assets, then steadily recovered and stabilized above 2.0 in recent quarters, pointing to improved operational efficiency.

Overall, the financial data reveal resilience and recovery following a period of stress around early 2020, with strategic asset growth and improving asset utilization efficiency supporting robust revenue performance in subsequent years.

The data exhibits several noteworthy trends in the financial performance and asset management of the company over the period analyzed.

Net Revenues

Net revenues show a varying pattern over the quarters, with initial values around the 6.6 to 7.1 billion mark (US$ in thousands) in 2018 and 2019. There is a marked decrease during early 2020, likely influenced by external adverse conditions, with the lowest revenue approximately 4.2 billion observed in the second quarter of 2020. Following this decline, revenues demonstrate a steady recovery, reaching over 9 billion by the end of 2023. However, the first quarter of 2024 shows a noticeable drop to around 8.7 billion, suggesting some volatility or transitional challenges in the current period.

Total Assets

Total assets present a general upward trend from about 19.98 billion at the end of 2018 to approximately 31.6 billion by the third quarter of 2024. There is some fluctuation, particularly a notable increase in 2019 to beyond 27 billion, followed by more stabilized growth thereafter. Asset levels appear relatively stable from mid-2021 onwards, mostly oscillating around the 28 to 31 billion range, indicating steady investment and capital base expansion.

Total Asset Turnover

The total asset turnover ratio data starts mid-2019, with an initial high value of 1.38, followed by a sharp decrease to below 1.0 during 2019 and early into 2020, coinciding with the revenue decline period. From late 2020, the ratio shows consistent improvement, increasing beyond 1.0 and reaching about 1.26 by mid-2023. This trend suggests improving efficiency in asset utilization to generate revenue. In 2024, the ratio maintains a level slightly above 1.1, indicating ongoing effective asset management despite some fluctuations in net revenues.

Overall, the financial data indicates that the company experienced a significant revenue impact likely due to external factors in early 2020, with subsequent recovery and strengthening of revenue streams. The steady increase in total assets alongside an improving asset turnover ratio reflects enhanced operational efficiency and solid asset investment strategy over the medium term. Recent slight declines in revenue and asset turnover in early 2024 may warrant further monitoring to assess if they represent short-term variability or emerging challenges.

The quarterly financial data reveals several key trends and fluctuations over the observed periods.

Net Revenues

Net revenues showed variability throughout the periods, beginning at approximately $6.63 billion in December 2018. There was a general upward trend until the end of 2019, with revenues peaking around $7.10 billion in December 2019 before a noticeable decline occurred in early 2020. The lowest revenue point was during June 2020, coinciding with $4.22 billion, likely reflecting external adverse conditions affecting sales. Following this trough, revenues progressively recovered, reaching new highs exceeding $9 billion in several quarters in 2023 and 2024. However, a slight dip in revenues is evident in the early part of 2025 with a reduction to approximately $8.76 billion in March 2025.

Shareholders’ Deficit

The shareholders’ deficit consistently remained in the negative range, indicating a deficit situation for the company’s equity throughout. The deficit worsened significantly from around -$2.88 billion at the end of 2018, escalating to a peak negative shock near -$8.77 billion in April 2022. After this peak, a modest improvement trend is observed, with the deficit narrowing somewhat through 2023 and into early 2024. By the first quarter of 2024, the deficit had improved closer to approximately -$7.44 billion but remained substantial at roughly -$7.62 billion by March 2025. This sustained deficit signals ongoing challenges in equity-related financial health.

Equity Turnover

The equity turnover ratio is not reported or missing throughout all the quarters, preventing analysis of the operational efficiency in the use of shareholders' equity.

Overall, the analysis shows that while net revenues demonstrated resilience and recovering growth after a steep fall in early 2020, the shareholders’ deficit remained significantly negative and volatile, with only moderate improvements in recent quarters. The absence of data for equity turnover limits insight into how effectively equity resources were being utilized over the periods.