Stock Analysis on Net
Stock Analysis on Net

Starbucks Corp. (NASDAQ:SBUX)

Price to FCFE (P/FCFE)

Microsoft Excel

Free Cash Flow to Equity (FCFE)

Starbucks Corp., FCFE calculation

US$ in thousands

Microsoft Excel
12 months ended: Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019 Sep 30, 2018
Net earnings attributable to Starbucks 4,124,500 3,281,600 4,199,300 928,300 3,599,200 4,518,300
Net (earnings) loss attributable to noncontrolling interests 200 1,800 1,000 (3,600) (4,600) (300)
Net noncash charges 3,017,400 3,246,900 2,290,000 3,349,500 (196,300) 506,100
Cash provided by (used in) changes in operating assets and liabilities (1,133,400) (2,133,000) (501,200) (2,676,400) 1,648,700 6,913,700
Net cash provided by operating activities 6,008,700 4,397,300 5,989,100 1,597,800 5,047,000 11,937,800
Additions to property, plant and equipment (2,333,600) (1,841,300) (1,470,000) (1,483,600) (1,806,600) (1,976,400)
Net proceeds from issuance (payments) of commercial paper (175,000) 175,000 (296,500) — — —
Net proceeds from issuance of short-term debt 114,600 36,600 215,100 1,406,600 — —
Repayments of short-term debt (78,800) (36,600) (349,800) (967,700) — —
Net proceeds from issuance of long-term debt 1,497,800 1,498,100 — 4,727,600 1,996,000 5,584,100
Repayments of long-term debt (1,000,000) (1,000,000) (1,250,000) — (350,000) —
Free cash flow to equity (FCFE) 4,033,700 3,229,100 2,837,900 5,280,700 4,886,400 15,545,500

Based on: 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), 10-K (reporting date: 2018-09-30).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Starbucks Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Starbucks Corp. FCFE increased from 2021 to 2022 and from 2022 to 2023.

Price to FCFE Ratio, Current

Starbucks Corp., current P/FCFE calculation, comparison to benchmarks

Microsoft Excel
No. shares of common stock outstanding 1,132,200,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands) 4,033,700
FCFE per share 3.56
Current share price (P) 88.25
Valuation Ratio
P/FCFE 24.77
Benchmarks
P/FCFE, Competitors1
Airbnb Inc. 27.70
Booking Holdings Inc. 14.34
Carnival Corp. & plc —
Chipotle Mexican Grill Inc. 71.59
McDonald’s Corp. 19.24
P/FCFE, Sector
Consumer Services 26.71
P/FCFE, Industry
Consumer Discretionary 32.50

Based on: 10-K (reporting date: 2023-10-01).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Price to FCFE Ratio, Historical

Starbucks Corp., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019 Sep 30, 2018
No. shares of common stock outstanding1 1,136,700,000 1,147,800,000 1,173,200,000 1,173,700,000 1,181,000,000 1,240,600,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)2 4,033,700 3,229,100 2,837,900 5,280,700 4,886,400 15,545,500
FCFE per share3 3.55 2.81 2.42 4.50 4.14 12.53
Share price1, 4 105.57 97.95 110.78 93.53 84.21 68.16
Valuation Ratio
P/FCFE5 29.75 34.82 45.80 20.79 20.35 5.44
Benchmarks
P/FCFE, Competitors6
Airbnb Inc. 25.72 24.76 54.32 99.90 — —
Booking Holdings Inc. 15.89 11.52 69.03 37.59 15.41 —
Carnival Corp. & plc — — — 3.30 22.56 12.65
Chipotle Mexican Grill Inc. 58.77 52.59 51.88 149.65 59.04 —
McDonald’s Corp. 20.85 28.85 30.21 22.96 17.47 —
P/FCFE, Sector
Consumer Services 27.87 30.20 51.59 24.57 18.91 —
P/FCFE, Industry
Consumer Discretionary 32.07 38.31 86.53 30.52 28.87 —

Based on: 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), 10-K (reporting date: 2018-09-30).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 4,033,700,000 ÷ 1,136,700,000 = 3.55

4 Closing price as at the filing date of Starbucks Corp. Annual Report.

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 105.57 ÷ 3.55 = 29.75

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Starbucks Corp. P/FCFE ratio decreased from 2021 to 2022 and from 2022 to 2023.