Enterprise Value to EBITDA (EV/EBITDA)
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Enterprise Value (EV)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
- Aggregate Accruals
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Starbucks Corp., EBITDA calculation
US$ in thousands
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).
- Net Earnings Attributable to Starbucks
- The net earnings displayed significant volatility over the analyzed periods. Starting from 3,599,200 thousand USD in 2019, there was a sharp decline in 2020 to 928,300 thousand USD, likely reflecting challenging conditions during that period. Subsequently, earnings recovered substantially in 2021, reaching 4,199,300 thousand USD. There was a decline again in 2022 to 3,281,600 thousand USD, followed by a recovery in 2023 to 4,124,500 thousand USD. The most recent figure in 2024 showed a modest decrease to 3,760,900 thousand USD. Overall, the net earnings indicate resilience with fluctuations likely influenced by external economic factors.
- Earnings Before Tax (EBT)
- EBT mirrored the fluctuations seen in net earnings but at higher absolute values. Beginning at 4,466,200 thousand USD in 2019, it dropped significantly in 2020 to 1,164,400 thousand USD. The figure then rebounded strongly in 2021 to 5,356,900 thousand USD. A moderate decline occurred in 2022 to 4,231,900 thousand USD, followed by an increase to 5,401,900 thousand USD in 2023. In 2024, EBT decreased to 4,969,600 thousand USD. This trend suggests variability in profitability before tax impacts but an overall recovery trend after the trough in 2020.
- Earnings Before Interest and Tax (EBIT)
- EBIT values correspond closely with the EBT trend, emphasizing similar operational performance dynamics. In 2019, EBIT was 4,797,200 thousand USD, dropping sharply in 2020 to 1,601,400 thousand USD. It increased robustly in 2021 to 5,826,700 thousand USD, declined in 2022 to 4,714,800 thousand USD, then rose again in 2023 to a peak of 5,952,000 thousand USD. The 2024 figure showed a slight decrease to 5,531,600 thousand USD. This pattern highlights operational earnings volatility but demonstrates a recovery and strengthening operational performance overall post-2020.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- EBITDA followed a similar pattern of decline and recovery, indicating the company's ability to generate cash flow before non-cash expenses and financial costs. It started at 6,246,500 thousand USD in 2019, fell to 3,104,600 thousand USD in 2020, and then increased substantially to 7,350,800 thousand USD by 2021. In 2022, EBITDA decreased to 6,244,200 thousand USD, rebounded again in 2023 to 7,402,300 thousand USD, and slightly declined to 7,124,000 thousand USD in 2024. The data indicates resilience and strong cash generation capabilities with marked recovery following the 2020 downturn.
- Summary Insights
- Across all financial metrics examined—net earnings, EBT, EBIT, and EBITDA—there is a clear pattern of steep declines in 2020 followed by significant recovery starting in 2021. This suggests an external shock impacting profitability largely during 2020, with progressive restoration of financial health in subsequent years. While fluctuations persist in the later years, the general trend points to a rebound in operational efficiency and profitability. EBITDA figures indicate consistent cash flow generation capacity post-2020, supporting operational sustainability. The data collectively reflects resilience amid challenging conditions, with a return towards pre-2020 financial performance levels by 2023 and 2024.
Enterprise Value to EBITDA Ratio, Current
Starbucks Corp., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in thousands) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Airbnb Inc. | |
| Booking Holdings Inc. | |
| Chipotle Mexican Grill Inc. | |
| McDonald’s Corp. | |
| EV/EBITDA, Sector | |
| Consumer Services | |
| EV/EBITDA, Industry | |
| Consumer Discretionary | |
Based on: 10-K (reporting date: 2024-09-29).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Starbucks Corp., historical EV/EBITDA calculation, comparison to benchmarks
| Sep 29, 2024 | Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | Sep 29, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Enterprise value (EV)1 | |||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | |||||||
| Valuation Ratio | |||||||
| EV/EBITDA3 | |||||||
| Benchmarks | |||||||
| EV/EBITDA, Competitors4 | |||||||
| Airbnb Inc. | |||||||
| Booking Holdings Inc. | |||||||
| Chipotle Mexican Grill Inc. | |||||||
| McDonald’s Corp. | |||||||
| EV/EBITDA, Sector | |||||||
| Consumer Services | |||||||
| EV/EBITDA, Industry | |||||||
| Consumer Discretionary | |||||||
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).
3 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value showed an overall upward trend from approximately 107.9 billion US dollars in late 2019 to a peak at about 138.0 billion US dollars in 2021. Following this peak, there was a notable decline in 2022 to around 124.1 billion dollars. The value then experienced a slight recovery in 2023, rising to approximately 131.4 billion dollars, before declining again to about 123.4 billion dollars in 2024. This fluctuating pattern indicates some volatility in the market valuation over the years.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA displayed significant variability over the period. It decreased sharply from about 6.25 billion dollars in 2019 to around 3.10 billion dollars in 2020, likely reflecting external challenges impacting profitability. Thereafter, it rebounded strongly to 7.35 billion dollars in 2021. After a subsequent reduction in 2022 to approximately 6.24 billion dollars, EBITDA again increased to 7.40 billion dollars in 2023 before slightly declining to about 7.12 billion dollars in 2024. This pattern suggests resilience and recovery in operational earnings following the 2020 drop.
- EV/EBITDA Ratio
- The EV/EBITDA ratio reflects the valuation multiples applied in relation to earnings. Initially, the ratio was moderately high at 17.27 in 2019, then spiked sharply to nearly 39.00 in 2020, driven by the significant reduction in EBITDA while enterprise value increased. In 2021, the ratio normalized to 18.77, followed by a moderate rise in 2022 to 19.88. The ratio then decreased gradually to 17.75 in 2023 and further to 17.33 in 2024. The return to a lower multiple closer to 2019 levels suggests improved earnings relative to valuation and a stabilization of market perception.