Consumer Discretionary · Restaurants · US stock · price as of 22 Oct 2026
Key indicators
Price
$101.91
52-week range
$77.99 – $110.51
Market cap
$116.6B
P/E (trailing)
58.7×
EV / EBITDA
27.2×
Free-cash-flow yield
3.1%
Dividend yield
2.4%
Revenue (last 12 months)
$38.3B
Revenue growth (3y a year)
4.9%
Operating margin
7.8%
Return on invested capital
18.7%
Net debt / EBITDA
4.1×
Fair value
Fair value (average of valid models)$97.69 middle half of models $89 – $100
Versus priceFair−4% to fair value
P/E multiple
$94.74
P/S multiple
$100.13
EV/EBITDA multiple
$84.65
EV/EBIT multiple
$70.08
EV/revenue multiple
$99.64
10-year DCF, EBITDA exit
$91.59
5-year DCF, EBITDA exit
$96.05
10-year DCF, revenue exit
$91.07
5-year DCF, revenue exit
$98.94
Dividend discount, stable
$105.50
Dividend discount, multi-stage
$187.44
Earnings power value
$52.48
Model uncertainty
High
X-Ray Score
31/ 100 · High confidence · ahead of 6% of sector peers
Valuation24
Growth25
Profitability46
Financial health15
Dividends54
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Coffee, tea, cold drinks and food are served by Starbucks, a coffeehouse company, through stores it operates and through licensed stores run by partners. It also offers packaged coffee and ready-to-drink products through grocery stores and other channels, with a long-running partnership with Nestle. Customers are everyday consumers who visit stores, order ahead or use its app. The business is organised into North America, international and channel development segments.
Starbucks earns its revenue mainly from drinks and food served in its stores, with licensing income and packaged products adding to the total. Revenue was $38.3 billion over the last twelve months and has grown at 4.9% a year across the last three years. The operating margin is 7.8%, and the business earns 19% on the capital invested in it. Net debt is 4.1 times EBITDA, and the dividend yield is 2.4%.
StocksXray gives Starbucks Corp an X-Ray Score of 31 out of 100 (high confidence), ahead of 6% of the S&P 500 stocks in its sector. Its strongest lens is dividends (54) and its weakest is financial health (15).
Our fair value (the average of the valid models) is $97.69 (range $89.46 to $99.76). At $101.91 the stock trades 4% above that value, so the label is "Fair" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Starbucks Corp (SBUX)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$100.30
$76.51
$84.64
$92.58
$81.31
$101.91
Market cap
$118.9B
$88.6B
$97.4B
$105.3B
$92.7B
$116.6B
P/E
28.3×
27.0×
23.6×
28.0×
49.9×
58.7×
EV / revenue
4.4×
3.1×
3.0×
3.2×
2.8×
3.3×
EV / EBITDA
19.8×
16.3×
14.9×
16.8×
22.4×
27.2×
Price / free cash flow
26.3×
34.7×
26.5×
31.7×
38.0×
32.0×
Free-cash-flow yield
3.8%
2.9%
3.8%
3.2%
2.6%
3.1%
Price / book
–
–
–
–
–
–
Dividend yield
2.28%
2.61%
2.55%
2.51%
3.01%
2.43%
Fundamentals checklist ● 1 Good · ● 1 Average · ● 13 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−10.6%Good
Free-cash-flow yield3.1%Bad
Risk models
Altman Z score-1.1×Bad
Piotroski F-Score4 of 9Bad
Growth
EPS growth (3y)−16.8%Bad
Free-cash-flow growth (3y)−1.5%Bad
Revenue growth (3y)4.9%Bad
Growth consistency50%Bad
Balance sheet
Current ratio0.8×Bad
Net debt / EBITDA4.1×Bad
Interest cover5.4×Bad
Valuation
Fair value vs price1.0×Bad
EBIT / EV yield2.2%Bad
Profitability
Return on invested capital18.7%Average
Operating margin7.8%Bad
Red flags
Negative equity — Book equity is negative
Negative equity — Book equity is negative
Negative equity — Book equity is negative
Negative equity — Book equity is negative
Negative equity — Book equity is negative
XStocksXray
Starbucks Corp (SBUX)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
29,061
32,250
35,976
36,176
37,184
38,338
Gross profit
–
–
–
–
–
–
Operating income
4,872
4,618
5,871
5,409
2,937
2,978
Net income
4,199
3,282
4,125
3,761
1,856
1,983
Diluted EPS ($)
3.54
2.83
3.58
3.31
1.63
1.74
Free cash flow
4,519
2,556
3,675
3,318
2,442
3,642
Gross margin
–
–
–
–
–
–
Operating margin
16.8%
14.3%
16.3%
15.0%
7.9%
7.8%
Net margin
14.5%
10.2%
11.5%
10.4%
5.0%
5.2%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
31,393
27,978
29,446
31,339
32,020
28,295
Cash
6,456
2,818
3,552
3,286
3,220
3,450
Total debt
14,616
15,044
15,400
15,568
16,075
13,279
Equity
-5,321
-8,707
-7,995
-7,449
-8,097
-7,674
Dividend per share ($)
2.29
2.00
2.16
2.32
2.45
2.48
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
