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Starbucks's net profit rose 561% yoy to USD 4,393 mil in 2021

By Helgi Analytics - May 9, 2022

Starbucks made a net profit of USD 4,393 mil with revenues of USD 30,362 mil in 2021, up by 561% and up by 31%, res...

Starbucks's price/earnings (P/E) fell 83.4% yoy to 31.6 in 2021

By Helgi Analytics - May 9, 2022

Starbucks stock traded at USD 117 per share at the end 2021 translating into a market capitalization of USD 138,704 mil. Since th...

Starbucks's Capital Expenditures fell 10.5% yoy to USD 1,563 mil in 2021

By Helgi Analytics - May 9, 2022

Starbucks invested a total of USD 1,563 mil in 2021, up 10.5% compared to the previous year. Historically, between 2009 ...

Profit Statement 2019 2020 2021
Sales USD mil 26,973 23,170 30,362
Gross Profit USD mil 7,657 4,853 8,682
EBITDA USD mil 6,123 4,388 8,214
EBIT USD mil 4,282 1,255 5,136
Financing Cost USD mil 348 466 464
Pre-Tax Profit USD mil 4,645 829 5,611
Net Profit USD mil 3,725 665 4,393
Dividends USD mil 1,850 2,545 2,201
Balance Sheet 2019 2020 2021
Total Assets USD mil 27,731 29,968 28,834
Non-Current Assets USD mil 21,832 21,611 21,579
Current Assets USD mil 5,900 8,358 7,255
Working Capital USD mil 1,231 1,309 1,379
Shareholders' Equity USD mil -6,759 -7,904 -8,450
Liabilities USD mil 34,490 37,872 37,284
Total Debt USD mil 20,630 24,938 23,747
Net Debt USD mil 17,522 19,675 19,690
Ratios 2019 2020 2021
ROE % -77.3 -9.07 -53.7
ROCE % 20.5 2.89 19.2
Gross Margin % 28.4 20.9 28.6
EBITDA Margin % 22.7 18.9 27.1
EBIT Margin % 15.9 5.42 16.9
Net Margin % 13.8 2.87 14.5
Net Debt/EBITDA 2.86 4.48 2.40
Net Debt/Equity % -259 -249 -233
Cost of Financing % 2.34 2.04 1.91
Valuation 2019 2020 2021
Market Capitalisation USD mil 108,682 126,453 138,704
Enterprise Value (EV) USD mil 126,203 146,127 158,394
Number Of Shares mil 1,233 1,182 1,186
Share Price USD 88.1 107 117
EV/EBITDA 20.6 33.3 19.3
EV/Sales 4.68 6.31 5.22
Price/Earnings (P/E) 29.2 190 31.6
Price/Book Value (P/BV) -16.1 -16.0 -16.4
Dividend Yield % 1.72 2.03 1.60

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overview Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
income statement                                          
Sales USD mil                     19,733 21,675 22,728 25,278 26,973            
Gross Profit USD mil                     6,149 6,859 6,891 7,376 7,657            
EBIT USD mil                     3,683 4,247 4,118 3,783 4,282            
Net Profit USD mil                     2,462 2,882 4,383 3,029 3,725            
                                             
ROE %                     40.6 48.9 75.8 210 -77.3            
EBIT Margin %                     18.7 19.6 18.1 15.0 15.9            
Net Margin %                     12.5 13.3 19.3 12.0 13.8            
Employees                     238,000 254,000 277,000 291,000 346,000     ... ... ... ...
balance sheet                                          
Total Assets USD mil                     12,944 14,017 18,519 19,981 27,731            
Non-Current Assets USD mil                     8,216 9,401 11,635 12,305 21,832            
Current Assets USD mil                     4,728 4,616 6,884 7,676 5,900            
                                             
Shareholders' Equity USD mil                     5,983 5,803 5,759 -2,879 -6,759            
Liabilities USD mil                     6,960 8,214 12,760 22,860 34,490            
Non-Current Liabilities USD mil                     2,540 3,817 5,919 17,433 25,815            
Current Liabilities USD mil                     4,420 4,397 6,841 5,428 8,676            
                                             
Net Debt/EBITDA                     -0.007 0.191 0.221 0.801 2.86            
Net Debt/Equity %                     -0.538 17.4 19.9 -144 -259            
Cost of Financing %                     3.22 3.20 2.34 3.12 2.34     ... ... ... ...
cash flow                                          
Total Cash From Operations USD mil                     3,960 4,469 4,557 12,483 4,504            
Total Cash From Investing USD mil                     -1,358 -2,264 -53.5 -3,267 -887            
Total Cash From Financing USD mil                     -2,117 -2,410 -2,930 -8,062 -5,321            
Net Change In Cash USD mil                     407 -229 1,628 1,100 -1,721            
valuation                                          
Market Capitalisation USD mil ... ... ... ... ... ... ... ... ... ... ... ... 83,744 86,465 108,682            
Enterprise Value (EV) USD mil ... ... ... ... ... ... ... ... ... ... ... ... 84,892 90,604 126,203            
Number Of Shares mil ... ... ... ... ... ... ... ... ... ... ... ... 1,462 1,395 1,233            
Share Price USD ... ... ... ... ... ... ... ... ... ... ... ... 57.3 62.0 88.1            
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ... ... 19.1 28.5 29.2            
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ... ... ... ... ... ... 15.6 21.0 22.2            
EV/EBITDA ... ... ... ... ... ... ... ... ... ... ... ... 16.3 17.5 20.6            
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ... ... 14.5 -30.0 -16.1            
Dividend Yield % ... ... ... ... ... ... ... ... ... ... ... ... 1.91 2.15 1.72            
income statement Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
income statement                                          
Sales USD mil                     19,733 21,675 22,728 25,278 26,973            
Cost of Goods & Services USD mil                     13,584 14,816 15,836 17,902 19,316     ... ... ... ...
Gross Profit USD mil                     6,149 6,859 6,891 7,376 7,657            
Selling, General & Admin USD mil ... ... ... ...             1,204 1,412 1,447 1,799 1,810     ... ... ... ...
Research & Development USD mil       ... ... ... ... ...     0 0 0 0 0     ... ... ... ...
Other Operating Expense USD mil ... ... ... ...             338 291 702 752 474     ... ... ... ...
Other Operating Cost (Income) USD mil ... ... ... ...             0 84.4 396 280 304     ... ... ... ...
EBITDA USD mil                     4,648 5,293 5,195 5,167 6,123            
Depreciation USD mil                     864 931 981 1,082 1,160            
EBIT USD mil                     3,683 4,247 4,118 3,783 4,282            
Net Financing Cost USD mil   ...   ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Financing Cost USD mil                     70.7 88.6 94.6 219 348     ... ... ... ...
Financing Income USD mil   ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
FX (Gain) Loss USD mil                     0 0 0 0 0            
(Income) / Loss from Affiliates USD mil                     0 0 0 0 0            
Extraordinary Cost USD mil   ... ... ...             0 0 0 0 0            
Pre-Tax Profit USD mil                     3,653 4,282 6,191 3,740 4,645            
Tax USD mil                     1,191 1,399 1,807 711 925            
Minorities USD mil   ... ... ...             0.600 0.800 0.400 -0.400 -4.80            
Net Profit USD mil                     2,462 2,882 4,383 3,029 3,725            
Net Profit Avail. to Common USD mil                     2,462 2,882 4,383 3,029 3,725            
Dividends USD mil ... ... ... ...             1,078 1,321 1,587 1,847 1,850            
growth rates                                          
Total Revenue Growth % ...                   16.0 9.84 4.85 11.2 6.70            
Operating Cost Growth % ...                   23.6 9.39 17.5 22.2 -5.00     ... ... ... ...
EBITDA Growth % ...                   17.2 13.9 -1.85 -0.524 18.5            
EBIT Growth % ...                   15.7 15.3 -3.02 -8.14 13.2            
Pre-Tax Profit Growth % ...                   0.346 17.2 44.6 -39.6 24.2            
Net Profit Growth % ...                   -1.95 17.1 52.1 -30.9 23.0            
ratios                                          
ROE %                     40.6 48.9 75.8 210 -77.3            
ROA %                     19.5 21.4 26.9 15.7 15.6            
ROCE %                     26.6 28.3 36.9 23.1 20.5            
Gross Margin %                     31.2 31.6 30.3 29.2 28.4            
EBITDA Margin %                     23.6 24.4 22.9 20.4 22.7            
EBIT Margin %                     18.7 19.6 18.1 15.0 15.9            
Net Margin %                     12.5 13.3 19.3 12.0 13.8            
Payout Ratio % ... ... ... ...             43.8 45.9 36.2 61.0 49.7            
Cost of Financing %                     3.22 3.20 2.34 3.12 2.34     ... ... ... ...
Net Debt/EBITDA                     -0.007 0.191 0.221 0.801 2.86            
balance sheet Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
balance sheet                                          
Cash & Cash Equivalents USD mil ... ... ...               2,380 2,175 3,768 4,992 3,109            
Receivables USD mil                     764 865 852 721 908            
Inventories USD mil                     1,243 1,219 1,313 1,355 1,409            
Other ST Assets USD mil                     341 357 951 609 474            
Current Assets USD mil                     4,728 4,616 6,884 7,676 5,900            
Property, Plant & Equipment USD mil                     4,123 4,479 5,379 6,039 14,749            
LT Investments & Receivables USD mil                     367 1,278 364 265 200            
Intangible Assets USD mil                     2,081 2,070 4,921 4,542 4,255            
Goodwill USD mil                     1,572 1,599 3,675 3,560 3,516            
Non-Current Assets USD mil                     8,216 9,401 11,635 12,305 21,832            
Total Assets USD mil                     12,944 14,017 18,519 19,981 27,731            
                                             
Trade Payables USD mil                     648 663 852 1,101 1,086            
Short-Term Debt USD mil                     400 0 350 0 2,266            
Other ST Liabilities USD mil                     1,714 1,803 1,899 1,782 1,698            
Current Liabilities USD mil                     4,420 4,397 6,841 5,428 8,676            
Long-Term Debt USD mil                     1,948 3,186 4,567 9,131 18,365            
Other LT Liabilities USD mil                     636 631 1,356 8,302 7,450            
Non-Current Liabilities USD mil                     2,540 3,817 5,919 17,433 25,815            
Liabilities USD mil                     6,960 8,214 12,760 22,860 34,490            
Preferred Equity and Hybrid Capital USD mil   ... ...               0 0 0 0 0            
Share Capital USD mil                     42.6 42.6 42.5 42.3 42.3            
Treasury Stock USD mil                     0 0 0 0 0            
Equity Before Minority Interest USD mil                     5,982 5,797 5,752 -2,885 -6,760            
Minority Interest USD mil   ... ... ...             1.90 6.50 6.80 6.10 0.800            
Equity USD mil                     5,983 5,803 5,759 -2,879 -6,759            
growth rates                                          
Total Asset Growth % ...                   4.80 8.30 32.1 7.90 38.8            
Shareholders' Equity Growth % ...                   -2.83 -3.01 -0.762 -150 135            
Net Debt Growth % ...                   -134 -3,238 13.7 260 323            
Total Debt Growth % ...                   14.6 35.7 54.3 85.7 126            
ratios                                          
Total Debt USD mil                     2,348 3,186 4,916 9,131 20,630            
Net Debt USD mil                     -32.2 1,010 1,148 4,139 17,522            
Working Capital USD mil                     1,359 1,421 1,313 976 1,231            
Capital Employed USD mil                     9,575 10,822 12,948 13,281 23,063            
Net Debt/Equity %                     -0.538 17.4 19.9 -144 -259            
Current Ratio                     1.07 1.05 1.01 1.41 0.680            
Quick Ratio ... ... ...               0.711 0.691 0.675 1.05 0.463            
cash flow Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
cash flow                                          
Net Profit USD mil                     2,462 2,882 4,383 3,029 3,725            
Depreciation USD mil                     864 931 981 1,082 1,160            
Non-Cash Items USD mil                     587 465 -941 -170 -1,297            
Change in Working Capital USD mil                     -54.2 76.0 38.0 8,240 609            
Total Cash From Operations USD mil                     3,960 4,469 4,557 12,483 4,504            
                                             
Capital Expenditures USD mil ... ... ... ...             -1,344 -1,416 -1,641 -1,979 -1,770            
Net Change in LT Investment USD mil                     0 0 0 0 0     ... ... ... ...
Net Cash From Acquisitions USD mil ... ... ... ...             30.2 39.4 612 -1,838 684     ... ... ... ...
Other Investing Activities USD mil                     -44.4 -888 976 550 199            
Total Cash From Investing USD mil                     -1,358 -2,264 -53.5 -3,267 -887            
                                             
Dividends Paid USD mil                     -986 -1,245 -1,515 -1,762 -1,799            
Issuance Of Shares USD mil                     -1,250 -2,012 -3,152 -10,501 -5,999            
Issuance Of Debt USD mil                     238 855 1,749 4,236 2,494            
Other Financing Activities USD mil                     -120 -8.10 -11.7 -34.3 -17.2     ... ... ... ...
Total Cash From Financing USD mil                     -2,117 -2,410 -2,930 -8,062 -5,321            
                                             
Effect of FX Rates USD mil ... ... ... ...             -78.6 -23.1 54.0 -54.0 -17.2     ... ... ... ...
Net Change In Cash USD mil                     407 -229 1,628 1,100 -1,721            
ratios                                          
Days Sales Outstanding days                     14.1 14.6 13.7 10.4 12.3            
Days Sales Of Inventory days                     33.4 30.0 30.3 27.6 26.6     ... ... ... ...
Days Payable Outstanding days                     17.4 16.3 19.6 22.4 20.5     ... ... ... ...
Cash Conversion Cycle days                     30.1 28.3 24.3 15.6 18.4     ... ... ... ...
Cash Earnings USD mil                     3,326 3,813 5,364 4,111 4,885            
Free Cash Flow USD mil                     2,602 2,205 4,503 9,216 3,617            
Capital Expenditures (As % of Sales) % ... ... ... ...             6.81 6.53 7.22 7.83 6.56            
other ratios Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
                                           
Employees                     238,000 254,000 277,000 291,000 346,000     ... ... ... ...
Operating Cost (As % of Sales) %                     12.5 12.4 13.9 15.3 13.6     ... ... ... ...
Research & Development (As % of Sales) %       ... ... ... ... ...     0 0 0 0 0     ... ... ... ...
Effective Tax Rate %                     32.6 32.7 29.2 19.0 19.9            
Total Revenue Growth (5-year average) % ... ... ... ... ...           12.5 12.2 10.7 10.5 9.66            
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... 11.4 10.2 8.75 9.47 10.6            
valuation Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
                                           
Market Capitalisation USD mil ... ... ... ... ... ... ... ... ... ... ... ... 83,744 86,465 108,682            
Enterprise Value (EV) USD mil ... ... ... ... ... ... ... ... ... ... ... ... 84,892 90,604 126,203            
Number Of Shares mil ... ... ... ... ... ... ... ... ... ... ... ... 1,462 1,395 1,233            
Share Price USD ... ... ... ... ... ... ... ... ... ... ... ... 57.3 62.0 88.1            
EV/EBITDA ... ... ... ... ... ... ... ... ... ... ... ... 16.3 17.5 20.6            
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ... ... 19.1 28.5 29.2            
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ... ... ... ... ... ... 15.6 21.0 22.2            
P/FCF ... ... ... ... ... ... ... ... ... ... ... ... 18.6 9.38 30.0            
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ... ... 14.5 -30.0 -16.1            
Dividend Yield % ... ... ... ... ... ... ... ... ... ... ... ... 1.91 2.15 1.72            
Free Cash Flow Yield % ... ... ... ... ... ... ... ... ... ... ... ... 5.38 10.7 3.33            
Earnings Per Share (EPS) USD ... ... ... ... ... ... ... ... ... ... ... ... 3.00 2.17 3.02            
Cash Earnings Per Share USD ... ... ... ... ... ... ... ... ... ... ... ... 3.67 2.95 3.96            
Free Cash Flow Per Share USD ... ... ... ... ... ... ... ... ... ... ... ... 3.08 6.61 2.93            
Book Value Per Share USD ... ... ... ... ... ... ... ... ... ... ... ... 3.94 -2.06 -5.48            
Dividend Per Share USD ... ... ... ... ... ... ... ... ... ... ... ... 1.09 1.34 1.52            
EV/Sales ... ... ... ... ... ... ... ... ... ... ... ... 3.74 3.58 4.68            
EV/EBIT ... ... ... ... ... ... ... ... ... ... ... ... 20.6 24.0 29.5            
EV/Free Cash Flow ... ... ... ... ... ... ... ... ... ... ... ... 18.9 9.83 34.9            
EV/Capital Employed ... ... ... ... ... ... ... ... ... ... ... ... 6.56 6.82 5.47            
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... -27.6 39.1            
Cash Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... -19.7 34.4            
Book Value Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... -152 166            

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Starbucks's P/FCF rose 100% yoy to 24.9 in 2021

By Helgi Analytics - May 9, 2022

Starbucks stock traded at USD 117 per share at the end 2021 translating into a market capitalization of USD 138,704 mil. Since the end of 2016, the stock has appreciated by 0% representing an annual average growth of %. At the end of 2021, the firm trade...

Starbucks's Net Debt/EBITDA fell 46.5% yoy to 2.40 in 2021

By Helgi Analytics - May 9, 2022

Starbucks's net debt stood at USD 19,690 mil and accounted for -233% of equity at the end of 2021. The ratio is up 15.9 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 24.2% in 2007 and a low of ...

Starbucks's ROCE rose 562% yoy to 19.2% in 2021

By Helgi Analytics - May 9, 2022

Starbucks made a net profit of USD 4,393 mil in 2021, up 561% compared to the previous year. Historically, between 2005 and 2021, the company's net profit reached a high of USD 4,393 mil in 2021 and a low of USD 117 mil in 2013. The result implies a retur...

Starbucks's Net Margin rose 404% yoy to 14.5% in 2021

By Helgi Analytics - May 9, 2022

Starbucks made a net profit of USD 4,393 mil with revenues of USD 30,362 mil in 2021, up by 561% and up by 31.0%, respectively, compared to the previous year. This translates into a net margin of 14.5%. Historically, between 2005 and 2021, the firm...

Starbucks's Share Price rose 9.35% yoy to USD 117 in 2021

By Helgi Analytics - May 9, 2022

Starbucks stock traded at USD 117 per share at the end 2021 implying a market capitalization of USD 138,704 mil. Since the end of 2016, stock has appreciated by % implying an annual average growth of % In absolute terms, the value of the company rose ...

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Finance

Starbucks has been growing its sales by 13.1% a year on average in the last 5 years. EBITDA has grown on average by 15.6% a year during that time to total of USD 9,061 mil in 2025, or 21.1% of sales. That’s compared to 22.0% average margin seen in last five years.

The company netted USD 5,485 mil in 2025 implying ROE of -314% and ROCE of 20.0%. Again, the average figures were -120% and 17.7%, respectively when looking at the previous 5 years.

Starbucks’s net debt amounted to USD 10,807 mil at the end of 2025, or -2,289% of equity. When compared to EBITDA, net debt was 1.19x, down when compared to average of 1.64x seen in the last 5 years.

Valuation

Starbucks stock traded at USD 76.5 per share at the end of 2025 resulting in a market capitalization of USD 90,110 mil. Over the previous five years, stock price fell by 28.5% or -6.49% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 11.1x and price to earnings (PE) of 16.4x as of 2025.