Free Cash Flow to The Firm (FCFF)
Interest Paid, Net of Tax
EV to FCFF Ratio, Current
EV to FCFF Ratio, Historical

Starbucks Corp., FCFF calculation

USD $ in thousands

	12 months ended	Sep 30, 2018	Oct 1, 2017	Oct 2, 2016	Sep 27, 2015	Sep 28, 2014	Sep 29, 2013
	Net earnings attributable to Starbucks
	Net (earnings) loss attributable to noncontrolling interests
	Net noncash charges
	Cash provided (used) by changes in operating assets and liabilities
	Net cash provided by operating activities
	Cash paid during the period for interest, net of capitalized interest, net of tax¹
	Additions to property, plant and equipment
	Free cash flow to the firm (FCFF)

Based on: 10-K (filing date: 2018-11-16), 10-K (filing date: 2017-11-17), 10-K (filing date: 2016-11-18), 10-K (filing date: 2015-11-12), 10-K (filing date: 2014-11-14), 10-K (filing date: 2013-11-18).

¹ See Details »

Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Starbucks Corp.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Starbucks Corp.’s FCFF declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.

Starbucks Corp., interest paid, net of tax calculation

USD $ in thousands

	12 months ended	Sep 30, 2018	Oct 1, 2017	Oct 2, 2016	Sep 27, 2015	Sep 28, 2014	Sep 29, 2013
	Effective Income Tax Rate (EITR)

	EITR¹
	Interest Paid, Net of Tax
	Cash paid during the period for interest, net of capitalized interest, before tax
	Less: Cash paid during the period for interest, net of capitalized interest, tax²
	Cash paid during the period for interest, net of capitalized interest, net of tax

Based on: 10-K (filing date: 2018-11-16), 10-K (filing date: 2017-11-17), 10-K (filing date: 2016-11-18), 10-K (filing date: 2015-11-12), 10-K (filing date: 2014-11-14), 10-K (filing date: 2013-11-18).

¹ See Details »

2018 Calculations

² Cash paid during the period for interest, net of capitalized interest, tax = Cash paid during the period for interest, net of capitalized interest × EITR
= hidden × hidden = hidden

Starbucks Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (USD $ in thousands)
Enterprise value (EV)
Free cash flow to the firm (FCFF)
Ratio
EV/FCFF
Benchmarks
EV/FCFF, Competitors
Booking Holdings Inc.
Delta Air Lines Inc.
Marriott International Inc.
McDonald’s Corp.
EV/FCFF, Sector
Travel & Leisure
EV/FCFF, Industry
Consumer Services

Based on: 10-K (filing date: 2018-11-16).

If company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.

Otherwise, if company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Starbucks Corp., historical EV/FCFF calculation, comparison to benchmarks

		Sep 30, 2018	Oct 1, 2017	Oct 2, 2016	Sep 27, 2015	Sep 28, 2014	Sep 29, 2013
	Selected Financial Data (USD $ in thousands)
	Enterprise value (EV)¹
	Free cash flow to the firm (FCFF)²
	Ratio
	EV/FCFF³
	Benchmarks
	EV/FCFF, Competitors
	Booking Holdings Inc.
	Delta Air Lines Inc.
	Marriott International Inc.
	McDonald’s Corp.
	EV/FCFF, Sector
	Travel & Leisure
	EV/FCFF, Industry
	Consumer Services

Based on: 10-K (filing date: 2018-11-16), 10-K (filing date: 2017-11-17), 10-K (filing date: 2016-11-18), 10-K (filing date: 2015-11-12), 10-K (filing date: 2014-11-14), 10-K (filing date: 2013-11-18).

¹ See Details »

² See Details »

2018 Calculations

³ EV/FCFF = EV ÷ FCFF
= hidden ÷ hidden = hidden

Ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Starbucks Corp.’s EV/FCFF ratio increased from 2016 to 2017 but then declined significantly from 2017 to 2018.

	Starbucks Corp.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

	All companies
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

Starbucks Corp. (SBUX)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical