Stock Analysis on Net

Starbucks Corp. (NASDAQ:SBUX)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Starbucks Corp., adjusted financial ratios

Microsoft Excel
Sep 29, 2024 Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019
Activity Ratio
Total Asset Turnover
Reported 1.15 1.22 1.15 0.93 0.80 1.38
Adjusted 1.22 1.29 1.23 0.98 0.85 0.99
Liquidity Ratio
Current Ratio
Reported 0.75 0.78 0.77 1.20 1.06 0.92
Adjusted 0.94 0.96 0.94 1.49 1.33 1.16
Solvency Ratios
Debt to Equity
Reported
Adjusted 22.61 95.22
Debt to Capital
Reported 1.92 2.08 2.41 1.57 1.96 2.26
Adjusted 1.06 1.08 1.11 0.96 1.06 0.99
Financial Leverage
Reported
Adjusted 28.30 125.23
Profitability Ratios
Net Profit Margin
Reported 10.40% 11.46% 10.18% 14.45% 3.95% 13.58%
Adjusted 11.18% 10.11% 7.97% 15.79% 4.64% 6.00%
Return on Equity (ROE)
Reported
Adjusted 439.67% 746.92%
Return on Assets (ROA)
Reported 12.00% 14.01% 11.73% 13.38% 3.16% 18.73%
Adjusted 13.65% 13.09% 9.77% 15.54% 3.96% 5.96%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Starbucks Corp. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Starbucks Corp. adjusted current ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Starbucks Corp. adjusted debt-to-capital ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Starbucks Corp. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Starbucks Corp. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

Starbucks Corp., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel
Sep 29, 2024 Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019
Reported
Selected Financial Data (US$ in thousands)
Net revenues 36,176,200 35,975,600 32,250,300 29,060,600 23,518,000 26,508,600
Total assets 31,339,300 29,445,500 27,978,400 31,392,600 29,374,500 19,219,600
Activity Ratio
Total asset turnover1 1.15 1.22 1.15 0.93 0.80 1.38
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net revenues2 36,119,000 35,856,000 32,112,800 29,064,700 23,559,600 26,103,400
Adjusted total assets3 29,593,800 27,699,500 26,205,900 29,543,400 27,611,700 26,260,137
Activity Ratio
Adjusted total asset turnover4 1.22 1.29 1.23 0.98 0.85 0.99

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).

1 2024 Calculation
Total asset turnover = Net revenues ÷ Total assets
= 36,176,200 ÷ 31,339,300 = 1.15

2 Adjusted net revenues. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted total asset turnover = Adjusted net revenues ÷ Adjusted total assets
= 36,119,000 ÷ 29,593,800 = 1.22

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Starbucks Corp. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Current Ratio

Microsoft Excel
Sep 29, 2024 Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019
Reported
Selected Financial Data (US$ in thousands)
Current assets 6,847,400 7,303,400 7,018,700 9,756,400 7,806,400 5,653,900
Current liabilities 9,070,000 9,345,300 9,151,800 8,151,400 7,346,800 6,168,700
Liquidity Ratio
Current ratio1 0.75 0.78 0.77 1.20 1.06 0.92
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets2 6,868,600 7,327,200 7,045,900 9,782,000 7,833,500 5,660,600
Adjusted current liabilities3 7,288,800 7,645,100 7,509,900 6,555,300 5,890,300 4,899,700
Liquidity Ratio
Adjusted current ratio4 0.94 0.96 0.94 1.49 1.33 1.16

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).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 6,847,400 ÷ 9,070,000 = 0.75

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 6,868,600 ÷ 7,288,800 = 0.94

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Starbucks Corp. adjusted current ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.

Adjusted Debt to Equity

Microsoft Excel
Sep 29, 2024 Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019
Reported
Selected Financial Data (US$ in thousands)
Total debt 15,568,400 15,366,200 14,868,900 14,615,800 15,909,500 11,167,000
Shareholders’ deficit (7,448,900) (7,994,800) (8,706,600) (5,321,200) (7,805,100) (6,232,200)
Solvency Ratio
Debt to equity1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 25,803,100 24,566,300 23,629,800 23,605,100 24,820,000 19,966,637
Adjusted total deficit3 (1,421,200) (1,917,200) (2,431,000) 1,043,900 (1,349,100) 209,700
Solvency Ratio
Adjusted debt to equity4 22.61 95.22

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).

1 2024 Calculation
Debt to equity = Total debt ÷ Shareholders’ deficit
= 15,568,400 ÷ -7,448,900 =

2 Adjusted total debt. See details »

3 Adjusted total deficit. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total deficit
= 25,803,100 ÷ -1,421,200 =


Adjusted Debt to Capital

Microsoft Excel
Sep 29, 2024 Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019
Reported
Selected Financial Data (US$ in thousands)
Total debt 15,568,400 15,366,200 14,868,900 14,615,800 15,909,500 11,167,000
Total capital 8,119,500 7,371,400 6,162,300 9,294,600 8,104,400 4,934,800
Solvency Ratio
Debt to capital1 1.92 2.08 2.41 1.57 1.96 2.26
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 25,803,100 24,566,300 23,629,800 23,605,100 24,820,000 19,966,637
Adjusted total capital3 24,381,900 22,649,100 21,198,800 24,649,000 23,470,900 20,176,337
Solvency Ratio
Adjusted debt to capital4 1.06 1.08 1.11 0.96 1.06 0.99

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).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 15,568,400 ÷ 8,119,500 = 1.92

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 25,803,100 ÷ 24,381,900 = 1.06

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Starbucks Corp. adjusted debt-to-capital ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Sep 29, 2024 Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019
Reported
Selected Financial Data (US$ in thousands)
Total assets 31,339,300 29,445,500 27,978,400 31,392,600 29,374,500 19,219,600
Shareholders’ deficit (7,448,900) (7,994,800) (8,706,600) (5,321,200) (7,805,100) (6,232,200)
Solvency Ratio
Financial leverage1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets2 29,593,800 27,699,500 26,205,900 29,543,400 27,611,700 26,260,137
Adjusted total deficit3 (1,421,200) (1,917,200) (2,431,000) 1,043,900 (1,349,100) 209,700
Solvency Ratio
Adjusted financial leverage4 28.30 125.23

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).

1 2024 Calculation
Financial leverage = Total assets ÷ Shareholders’ deficit
= 31,339,300 ÷ -7,448,900 =

2 Adjusted total assets. See details »

3 Adjusted total deficit. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total deficit
= 29,593,800 ÷ -1,421,200 =


Adjusted Net Profit Margin

Microsoft Excel
Sep 29, 2024 Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019
Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks 3,760,900 4,124,500 3,281,600 4,199,300 928,300 3,599,200
Net revenues 36,176,200 35,975,600 32,250,300 29,060,600 23,518,000 26,508,600
Profitability Ratio
Net profit margin1 10.40% 11.46% 10.18% 14.45% 3.95% 13.58%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net earnings including noncontrolling interests2 4,038,700 3,626,700 2,560,200 4,589,700 1,092,100 1,566,300
Adjusted net revenues3 36,119,000 35,856,000 32,112,800 29,064,700 23,559,600 26,103,400
Profitability Ratio
Adjusted net profit margin4 11.18% 10.11% 7.97% 15.79% 4.64% 6.00%

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).

1 2024 Calculation
Net profit margin = 100 × Net earnings attributable to Starbucks ÷ Net revenues
= 100 × 3,760,900 ÷ 36,176,200 = 10.40%

2 Adjusted net earnings including noncontrolling interests. See details »

3 Adjusted net revenues. See details »

4 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings including noncontrolling interests ÷ Adjusted net revenues
= 100 × 4,038,700 ÷ 36,119,000 = 11.18%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Starbucks Corp. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Sep 29, 2024 Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019
Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks 3,760,900 4,124,500 3,281,600 4,199,300 928,300 3,599,200
Shareholders’ deficit (7,448,900) (7,994,800) (8,706,600) (5,321,200) (7,805,100) (6,232,200)
Profitability Ratio
ROE1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net earnings including noncontrolling interests2 4,038,700 3,626,700 2,560,200 4,589,700 1,092,100 1,566,300
Adjusted total deficit3 (1,421,200) (1,917,200) (2,431,000) 1,043,900 (1,349,100) 209,700
Profitability Ratio
Adjusted ROE4 439.67% 746.92%

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).

1 2024 Calculation
ROE = 100 × Net earnings attributable to Starbucks ÷ Shareholders’ deficit
= 100 × 3,760,900 ÷ -7,448,900 =

2 Adjusted net earnings including noncontrolling interests. See details »

3 Adjusted total deficit. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net earnings including noncontrolling interests ÷ Adjusted total deficit
= 100 × 4,038,700 ÷ -1,421,200 =


Adjusted Return on Assets (ROA)

Microsoft Excel
Sep 29, 2024 Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019
Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks 3,760,900 4,124,500 3,281,600 4,199,300 928,300 3,599,200
Total assets 31,339,300 29,445,500 27,978,400 31,392,600 29,374,500 19,219,600
Profitability Ratio
ROA1 12.00% 14.01% 11.73% 13.38% 3.16% 18.73%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net earnings including noncontrolling interests2 4,038,700 3,626,700 2,560,200 4,589,700 1,092,100 1,566,300
Adjusted total assets3 29,593,800 27,699,500 26,205,900 29,543,400 27,611,700 26,260,137
Profitability Ratio
Adjusted ROA4 13.65% 13.09% 9.77% 15.54% 3.96% 5.96%

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).

1 2024 Calculation
ROA = 100 × Net earnings attributable to Starbucks ÷ Total assets
= 100 × 3,760,900 ÷ 31,339,300 = 12.00%

2 Adjusted net earnings including noncontrolling interests. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net earnings including noncontrolling interests ÷ Adjusted total assets
= 100 × 4,038,700 ÷ 29,593,800 = 13.65%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Starbucks Corp. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.