Starbucks Corp., current enterprise value calculation

Current share price (P)	$98.26
No. shares of common stock outstanding	1,133,200,000
US$ in thousands
Common equity (market value)¹	111,348,232)
Add: Noncontrolling interests (per books)	7,000)
Total equity	111,355,232)
Add: Current portion of long-term debt (per books)	1,818,600)
Add: Long-term debt, excluding current portion (per books)	13,547,600)
Total equity and debt	126,721,432)
Less: Cash and cash equivalents	3,551,500)
Less: Short-term investments	401,500)
Enterprise value (EV)	122,768,432)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 98.26 × 1,133,200,000

Starbucks Corp., EV calculation

	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
Share price^1, 2	$105.57	$97.95	$110.78	$93.53	$84.21	$68.16
No. shares of common stock outstanding¹	1,136,700,000	1,147,800,000	1,173,200,000	1,173,700,000	1,181,000,000	1,240,600,000
US$ in thousands
Common equity (market value)³	120,001,419)	112,427,010)	129,967,096)	109,776,161)	99,452,010)	84,559,296)
Add: Noncontrolling interests (book value)	7,000)	7,900)	6,700)	5,700)	1,200)	6,300)
Total equity	120,008,419)	112,434,910)	129,973,796)	109,781,861)	99,453,210)	84,565,596)
Add: Current portion of long-term debt (book value)	1,818,600)	1,749,000)	998,900)	1,249,900)	—)	349,900)
Add: Long-term debt, excluding current portion (book value)	13,547,600)	13,119,900)	13,616,900)	14,659,600)	11,167,000)	9,090,200)
Total equity and debt	135,374,619)	127,303,810)	144,589,596)	125,691,361)	110,620,210)	94,005,696)
Less: Cash and cash equivalents	3,551,500)	2,818,400)	6,455,700)	4,350,900)	2,686,600)	8,756,300)
Less: Short-term investments	401,500)	364,500)	162,200)	281,200)	70,500)	181,500)
Enterprise value (EV)	131,421,619)	124,120,910)	137,971,696)	121,059,261)	107,863,110)	85,067,896)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Starbucks Corp. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 105.57 × 1,136,700,000

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Starbucks Corp. EV decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

Starbucks Corp. (NASDAQ:SBUX)

Enterprise Value (EV)