Starbucks Corp., FCFE 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)
Additions to property, plant and equipment	(2,777,500)	(2,333,600)	(1,841,300)	(1,470,000)	(1,483,600)	(1,806,600)
Net proceeds from issuance (payments) of commercial paper	—)	(175,000)	175,000)	(296,500)	—)	—)
Net proceeds from issuance of short-term debt	123,800)	114,600)	36,600)	215,100)	1,406,600)	—)
Repayments of short-term debt	(157,500)	(78,800)	(36,600)	(349,800)	(967,700)	—)
Net proceeds from issuance of long-term debt	1,995,300)	1,497,800)	1,498,100)	—)	4,727,600)	1,996,000)
Repayments of long-term debt	(1,825,100)	(1,000,000)	(1,000,000)	(1,250,000)	—)	(350,000)
Free cash flow to equity (FCFE)	3,454,600)	4,033,700)	3,229,100)	2,837,900)	5,280,700)	4,886,400)

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
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 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

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

No. shares of common stock outstanding	1,133,800,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	3,454,600)
FCFE per share	3.05
Current share price (P)	95.13
Valuation Ratio
P/FCFE	31.22
Benchmarks
P/FCFE, Competitors¹
Airbnb Inc.	22.33
Booking Holdings Inc.	19.43
Chipotle Mexican Grill Inc.	0.06
McDonald’s Corp.	19.65
P/FCFE, Sector
Consumer Services	20.12
P/FCFE, Industry
Consumer Discretionary	42.26

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

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.

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

	Sep 29, 2024	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019
No. shares of common stock outstanding¹	1,133,800,000	1,136,700,000	1,147,800,000	1,173,200,000	1,173,700,000	1,181,000,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	3,454,600)	4,033,700)	3,229,100)	2,837,900)	5,280,700)	4,886,400)
FCFE per share³	3.05	3.55	2.81	2.42	4.50	4.14
Share price^1, 4	98.26	105.57	97.95	110.78	93.53	84.21
Valuation Ratio
P/FCFE⁵	32.25	29.75	34.82	45.80	20.79	20.35
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
Chipotle Mexican Grill Inc.	—	58.77	52.59	51.88	149.64	59.04
McDonald’s Corp.	—	20.85	28.85	30.21	22.96	17.47
P/FCFE, Sector
Consumer Services	—	22.99	23.78	42.78	32.80	18.62
P/FCFE, Industry
Consumer Discretionary	—	30.84	36.19	82.92	32.04	28.99

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 Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,454,600,000 ÷ 1,133,800,000 = 3.05

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

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 98.26 ÷ 3.05 = 32.25

⁶ Click competitor name to see calculations.

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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 2022 to 2023 but then slightly increased from 2023 to 2024.

Starbucks Corp. (NASDAQ:SBUX)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical