Starbucks Corp., FCFF calculation

US$ in thousands

12 months ended:	Sep 29, 2024	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019
Net earnings attributable to Starbucks	3,760,900)	4,124,500)	3,281,600)	4,199,300)	928,300)	3,599,200)
Net (earnings) loss attributable to noncontrolling interests	1,400)	200)	1,800)	1,000)	(3,600)	(4,600)
Net noncash charges	3,382,100)	3,017,400)	3,246,900)	2,290,000)	3,349,500)	(196,300)
Cash provided by (used in) changes in operating assets and liabilities	(1,048,800)	(1,133,400)	(2,133,000)	(501,200)	(2,676,400)	1,648,700)
Net cash provided by operating activities	6,095,600)	6,008,700)	4,397,300)	5,989,100)	1,597,800)	5,047,000)
Cash paid during the period for interest, net of capitalized interest, net of tax¹	432,020)	400,565)	368,367)	392,862)	315,139)	241,098)
Additions to property, plant and equipment	(2,777,500)	(2,333,600)	(1,841,300)	(1,470,000)	(1,483,600)	(1,806,600)
Free cash flow to the firm (FCFF)	3,750,120)	4,075,665)	2,924,367)	4,911,962)	429,339)	3,481,498)

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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Starbucks Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Starbucks Corp. FCFF increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Starbucks Corp., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Sep 29, 2024	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019
Effective Income Tax Rate (EITR)
EITR¹	24.30%	23.60%	22.40%	21.60%	20.60%	19.50%
Interest Paid, Net of Tax
Cash paid during the period for interest, net of capitalized interest, before tax	570,700)	524,300)	474,700)	501,100)	396,900)	299,500)
Less: Cash paid during the period for interest, net of capitalized interest, tax²	138,680)	123,735)	106,333)	108,238)	81,761)	58,403)
Cash paid during the period for interest, net of capitalized interest, net of tax	432,020)	400,565)	368,367)	392,862)	315,139)	241,098)

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 See details »

² 2024 Calculation
Cash paid during the period for interest, net of capitalized interest, tax = Cash paid during the period for interest, net of capitalized interest × EITR
= 570,700 × 24.30% = 138,680

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

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	119,890,891)
Free cash flow to the firm (FCFF)	3,750,120)
Valuation Ratio
EV/FCFF	31.97
Benchmarks
EV/FCFF, Competitors¹
Airbnb Inc.	19.99
Booking Holdings Inc.	21.50
Chipotle Mexican Grill Inc.	—
McDonald’s Corp.	28.63
EV/FCFF, Sector
Consumer Services	23.48
EV/FCFF, Industry
Consumer Discretionary	44.48

Based on: 10-K (reporting date: 2024-09-29).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the 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 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	123,439,688)	131,421,619)	124,120,910)	137,971,696)	121,059,261)	107,863,110)
Free cash flow to the firm (FCFF)²	3,750,120)	4,075,665)	2,924,367)	4,911,962)	429,339)	3,481,498)
Valuation Ratio
EV/FCFF³	32.92	32.25	42.44	28.09	281.97	30.98
Benchmarks
EV/FCFF, Competitors⁴
Airbnb Inc.	—	23.35	22.46	42.36	—	—
Booking Holdings Inc.	—	17.62	14.11	36.39	—	15.01
Chipotle Mexican Grill Inc.	—	57.71	51.53	50.61	146.36	56.84
McDonald’s Corp.	—	30.11	35.39	26.32	34.80	29.06
EV/FCFF, Sector
Consumer Services	—	26.60	27.99	31.26	115.64	25.85
EV/FCFF, Industry
Consumer Discretionary	—	33.08	50.80	60.24	46.23	31.28

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 See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 123,439,688 ÷ 3,750,120 = 32.92

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Starbucks Corp. EV/FCFF ratio decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

Starbucks Corp. (NASDAQ: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