Enterprise Value to EBITDA (EV/EBITDA)
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Starbucks Corp., EBITDA calculation
US$ in thousands
Based on: 10-K (reporting date: 2026-09-27), 10-K (reporting date: 2025-09-28), 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).
The financial trajectory of the organization shows significant volatility in operating performance over the analyzed period, characterized by a cyclical pattern of contraction, recovery, and a projected sharp decline followed by a partial rebound.
- EBITDA Trend Analysis
- Earnings before interest, tax, depreciation and amortization exhibited a downward movement from 7,350.8 million in 2021 to 6,244.2 million in 2022. This was followed by a recovery to a peak of 7,402.3 million in 2023. A marginal decline occurred in 2024, with values reaching 7,124.0 million, before a substantial contraction is observed in 2025, where EBITDA drops to 4,821.4 million. A recovery trend is evident in 2026, with an increase to 5,967.4 million.
- Operational Earnings Correlation
- The fluctuations observed in EBITDA are mirrored across Earnings before interest and tax (EBIT) and Earnings before tax (EBT). The consistent gap between EBIT and EBITDA suggests that depreciation and amortization expenses remained relatively stable relative to total operating earnings, while the volatility was primarily driven by changes in operating income.
- Net Earnings Performance
- Net earnings attributable to the company followed a similar volatile pattern, peaking in 2021 and 2023. The sharpest decrease in profitability occurred in 2025, with net earnings falling to 1,856.4 million, coinciding with the trough in EBITDA. The subsequent rise to 2,526.7 million in 2026 aligns with the broader recovery in operating cash flow proxies.
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Enterprise Value to EBITDA Ratio, Current
Starbucks Corp., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in thousands) | |
| Enterprise value (EV) | 130,772,247) |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | 5,967,400) |
| Valuation Ratio | |
| EV/EBITDA | 21.91 |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Airbnb Inc. | 31.71 |
| Booking Holdings Inc. | 13.25 |
| Chipotle Mexican Grill Inc. | 18.38 |
| DoorDash, Inc. | 42.54 |
| McDonald’s Corp. | 15.91 |
| EV/EBITDA, Sector | |
| Consumer Services | 19.67 |
| EV/EBITDA, Industry | |
| Consumer Discretionary | 21.91 |
Based on: 10-K (reporting date: 2026-09-27).
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 27, 2026 | Sep 28, 2025 | Sep 29, 2024 | Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Enterprise value (EV)1 | 131,707,126) | 109,018,538) | 123,439,688) | 131,421,619) | 124,120,910) | 137,971,696) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | 5,967,400) | 4,821,400) | 7,124,000) | 7,402,300) | 6,244,200) | 7,350,800) | |
| Valuation Ratio | |||||||
| EV/EBITDA3 | 22.07 | 22.61 | 17.33 | 17.75 | 19.88 | 18.77 | |
| Benchmarks | |||||||
| EV/EBITDA, Competitors4 | |||||||
| Airbnb Inc. | — | 19.06 | 23.48 | 40.65 | 36.61 | 338.63 | |
| Booking Holdings Inc. | — | 15.08 | 17.99 | 19.60 | 19.20 | 45.39 | |
| Chipotle Mexican Grill Inc. | — | 21.49 | 32.63 | 36.37 | 29.62 | 40.00 | |
| DoorDash, Inc. | — | 42.86 | 117.31 | — | — | — | |
| McDonald’s Corp. | — | 18.95 | 18.72 | 18.04 | 20.87 | 17.49 | |
| EV/EBITDA, Sector | |||||||
| Consumer Services | — | 19.76 | 21.52 | 22.30 | 23.77 | 27.18 | |
| EV/EBITDA, Industry | |||||||
| Consumer Discretionary | — | 20.09 | 20.91 | 18.33 | 20.01 | 21.51 | |
Based on: 10-K (reporting date: 2026-09-27), 10-K (reporting date: 2025-09-28), 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).
3 2026 Calculation
EV/EBITDA = EV ÷ EBITDA
= 131,707,126 ÷ 5,967,400 = 22.07
4 Click competitor name to see calculations.
The financial performance and valuation metrics from 2021 to 2026 exhibit a period of volatility, characterized by fluctuating operational earnings and a subsequent expansion of the valuation multiple in the later years of the period.
- Enterprise Value (EV) Trends
- The enterprise value experienced a non-linear trajectory, starting at 137.97 billion USD in 2021 and reaching a low of 109.02 billion USD in 2025. A notable recovery is observed by 2026, with the value ascending to 131.71 billion USD, nearly returning to the levels seen in 2023.
- EBITDA Performance
- Earnings before interest, tax, depreciation, and amortization showed significant instability. After peaking at 7.40 billion USD in 2023, EBITDA underwent a sharp contraction, falling to a period low of 4.82 billion USD in 2025. A partial recovery occurred in 2026, with earnings rising to 5.97 billion USD.
- EV/EBITDA Ratio Analysis
- The EV/EBITDA ratio remained relatively stable between 17.33 and 19.88 from 2021 through 2024. However, a significant expansion in the multiple occurred in 2025, peaking at 22.61. This spike was primarily driven by the precipitous decline in EBITDA rather than an increase in enterprise value, as the EV reached its lowest point in the same year. The ratio remained elevated at 22.07 in 2026, indicating that the market valuation remained high relative to the recovered earnings levels.
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