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Starbucks Corporation (SBUX)

Fair bewertet
Consumer CyclicalRestaurantsUnited States

Fundamental

65

Kurs

$94.71

Marktkapitalisierung

$106.76B

Teil 1 · Was das Unternehmen wert ist

Übersicht

Starbucks operates and licenses coffeehouses that sell brewed coffee, espresso drinks, tea, food and branded merchandise, mostly for consumption on the spot or on the go. Company-operated stores generate the bulk of revenue directly; a separate network of licensed stores, run by other operators under the Starbucks name, pays royalties and fees instead. A third, smaller business sells Starbucks-branded coffee and ready-to-drink beverages through grocery stores under long-term arrangements with other companies.

Wie das Geld verdient wird

Most revenue is the retail price customers pay in company-operated stores for drinks and food, net of the cost of coffee, milk, labor and rent that goes into each cup. Licensed stores instead generate a smaller royalty and product-supply fee per transaction, since the licensee — not Starbucks — collects the retail price and pays store-level costs. The grocery channel earns a share of sales made under the Starbucks brand by manufacturing partners.

Umsatz nach Segment

North America73.6%

Company-operated and licensed stores across the United States and Canada, still Starbucks' core and largest business by far.

International21%

Company-operated and licensed stores outside North America, including China, historically Starbucks' fastest-growing region though recently under pressure.

Channel Development5%

Royalties and product sales from Starbucks-branded coffee and ready-to-drink beverages sold through grocery stores by manufacturing partners.

Wettbewerbsvorteil

Marke · Breit

The Starbucks name lets the company charge a premium for coffee that costs little to make, built on decades of consistent store experience and marketing. That brand recognition supports both the roughly 40,000-store retail network and the licensing fees collected from grocery products bearing the Starbucks name.

Was die Nachfrage antreibt

Mäßig zyklisch

A daily coffee habit makes demand fairly resilient, but the price of a specialty drink is still discretionary spending that shrinks when household budgets tighten, and comparable-store sales have recently declined in Starbucks' largest market. Demand also depends on execution in China, a market undergoing its own economic slowdown.

Wichtigste Risiken

  • Labor relations and unionization — Starbucks faces ongoing unionization efforts and labor disputes among its store employees, including strikes over pay, staffing and working conditions, which can disrupt operations and raise labor costs.
  • Declining US comparable sales — Comparable store sales in the United States, Starbucks' largest market, have recently declined, reflecting weaker customer traffic that management is trying to reverse through a turnaround plan.
  • China execution and joint venture — Starbucks is restructuring its China business through a joint venture with an outside investor, a market facing its own economic slowdown and intense local competition on price.
  • Commodity cost volatility — The price of coffee beans, dairy and other ingredients is volatile and outside Starbucks' control, and the company may not always be able to pass higher costs on to customers through price increases.

Die Argumente dafür

Buyers argue that the Starbucks brand still commands loyalty and pricing power strong enough to fund a turnaround of its underperforming US stores, while the China joint venture reduces capital risk in a market that still offers long-term growth.

Die Argumente dagegen

Sellers worry that declining US comparable sales reflect a weakening brand rather than a temporary stumble, that labor disputes raise costs at a time management is trying to cut them, and that competition and a slowing economy in China limit the international growth story investors have relied on.

Written by the editors, published on 18. August 2026

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

Bilanz & Liquidität

Umsatz

$38.34B

Letzte 12 Monate (bis 28.6.2026)

Nettogewinn

$1.98B

Letzte 12 Monate (bis 28.6.2026)

Freier Cashflow

$2.44B

Gesamtes Eigenkapital

$-8.10B

Gesamtverbindlichkeiten

$40.11B

Current Ratio

0.76

Zinsdeckungsgrad

5.35

Schulden/EBITDA

4.77

Gewinn je Aktie

Umsatz & Nettogewinn

Freier Cashflow

Ertragsaufschlüsselung

Historische Aufstellung

Margen im Zeitverlauf

Verschuldung im Zeitverlauf

Wie schwer die Schulden wiegen

Wachstumsraster

Wachstum — Umsatz

Innerer-Wert-Schätzung

Allgemeiner FallFair bewertet

Innerer Wert

$117.25

Aktueller Kurs

$94.71

Sicherheitsmarge

+19.2%

Innerer-Wert-Spanne

$76.21 - $158.29

Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.

Bewertungsmethoden

Kursziel der Analysten:$112.23
Diskontierter Cashflow (DCF):$238.66
Gewinnmultiplikator (P/E):$52.50
Graham-Wachstumsformel:$60.74
Ertragskraftwert (EPV):$23.86
Gerechtfertigtes P/B:$10.16
Dividendendiskontierung (Gordon):Nicht genügend Daten zur Berechnung
P/FFO, Funds from Operations:$50.92
Gewinn im Zyklusmittel:$68.81
Umsatzmultiplikator:$57.45
Analystenkonsens:Kaufen (22B / 20H / 4S)
Letzte Gewinnüberraschung:+26.06%

Bewertungskennzahlen

P/E-Verhältnis

54.31

ROE

-22.9%

P/B-Verhältnis

-

P/FCF

29.41

Bruttomarge

-

ROIC

12.8%

Rentabilitäts-Radar

Wertschöpfung (Wettbewerbsvorteil)

ROIC

12.8%

WACC

8.7%

ROIC − WACC

+4.1 pp

Der ROIC übersteigt die Kapitalkosten: Das Unternehmen schafft Wert für die Aktionäre.

Fundamentalanalyse-Kriterien

Bestanden (17)

  • EPS shows upward trend
  • Price CAGR 5.42%
  • ROIC 12.8%
  • P/FCF 29.41
  • Operating Margin 7.8%
  • Positive Free Cash Flow
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • Low reliance on intangibles
  • ROE 115.7%
  • Revenue Growth 5Y 9.6%
  • Earnings Surprise avg 6.1%
  • Earnings Quality (OCF/NI) 2.51
  • Share Dilution 0.2%
  • Piotroski F-Score 5/9

Nicht bestanden (6)

  • EPS CAGR 3.55%
  • CapEx intensity
  • DCF valuation (Overvalued)
  • Analyst Consensus 48% Buy
  • PEG Ratio 3.40
  • Net Margin Trend 5.2% vs 7.2%

Nicht verfügbar (5)

  • Gross Margin NaN%
  • P/B Ratio NaN
  • Dividend Payout NaN%
  • Debt/Equity ratio
  • Price below Graham Number

Piotroski F-Score

5/9

Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit

score
criteria

Gewinnqualität

2.51

Hohe Qualität: Gewinne durch Cashflow gedeckt

Aktienverwässerung

0.2%

Aktienanzahl ist stabil

Institutionelle Beteiligungen

Unternehmensführung

Führungsteam

NamePositionAlter
Mr. Brian R. NiccolChairman & CEO51
Ms. Catherine R. Smith CPAExecutive VP & CFO61
Mr. Mike GramsEVP & COO54
Mr. Bao Giang Val BauduinPrincipal Accounting Officer and Senior VP of Corporate Finance & Development49
Mr. Brady BrewerChief Executive Officer of Starbucks International52
Ms. Sara KellyExecutive VP & Chief Partner Officer45
Mr. Anand VaradarajanEVP & CTO-
Ms. Pilar RamosExecutive VP & Chief Legal Officer52
Mr. Andy AdamsSenior Vice President of Global Growth & Concepts-
Ms. Janet LandersSenior Vice President of Business Technology-

Prüfungsrisiko

8

Vorstandsrisiko

5

Vergütungsrisiko

9

Aktionärsrechterisiko

2

Teil 2 · Der Preis und der Einstiegszeitpunkt

Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.

Dokumente

  • Jahresbericht (10-K)

    Ein jährlicher Überblick über das Geschäft, die Finanzergebnisse und die Risiken des Unternehmens.

    Eingereicht am 2025-11-14

    Dokument ansehen
  • Quartalsbericht (10-Q)

    Ein Update zur finanziellen Entwicklung der letzten drei Monate.

    Eingereicht am 2026-07-29

    Dokument ansehen
  • Ad-hoc-Meldung (8-K)

    Eine Mitteilung über ein wichtiges Ereignis, etwa einen Führungswechsel oder eine bedeutende Ankündigung.

    Eingereicht am 2026-09-24

    Dokument ansehen

via SEC EDGAR

Ertragshistorie

via SEC EDGAR

Latest News

Recent headlines for SBUX, sourced from Markets Gazette.

  • 7d agoNEGATIVE
    Starbucks prevede di chiudere l'1% dei punti vendita in Nord America

    Starbucks Corporation announced plans to close approximately 1% of its North American stores, marking the final phase of its restructuring and relaunch initiative. This move, initiated under CEO Brian's leadership, is part of a broader strategy to optimize store performance and adapt to evolving consumer behaviors. While store closures can indicate challenges, investors will watch for signs that this rationalization will lead to improved profitability and a more focused operational footprint, potentially enhancing long-term shareholder value despite short-term disruption.

  • 8/20/2026NEGATIVE
    Starbucks taglia oltre 100 posti di lavoro e completa la ristrutturazione

    Starbucks has eliminated 104 positions as part of a restructuring plan aimed at supporting growth. The layoffs reportedly affected employees who refused a transfer. This move signals a significant internal reorganization and cost-cutting effort by the coffee giant. Investors may view these layoffs as a sign of underlying business challenges or a strategic pivot to improve efficiency and profitability, potentially impacting short-term morale but aiming for long-term financial health.

  • 8/18/2026NEUTRAL
    Nasdaq-100® Inside the Index: Starbucks (SBUX)

    Starbucks Corporation (SBUX), a prominent component of the Nasdaq-100 Index, is undergoing a strategic turnaround. The company-operated store model is reportedly contributing to renewed sales and profit growth. This analysis focuses on the company's internal efforts to revitalize performance, suggesting a potential positive trajectory for the coffeehouse giant. Investors will monitor the effectiveness of these turnaround initiatives in translating into sustained financial gains and market share expansion.

  • 6/19/2026NEGATIVE
    Starbucks Cuts UK, Hong Kong Office Jobs in Restructuring Effort

    Starbucks has initiated layoffs affecting corporate employees in its London and Hong Kong offices as part of a broader restructuring strategy. This move signals a shift towards granting more operational control to third-party licensees for its international store management outside of North America. While the direct impact on store-level operations is not immediately clear, such corporate workforce reductions can be interpreted as a cost-saving measure or a response to evolving business strategies, potentially raising concerns among investors about the company's near-term operational stability and international growth trajectory.

  • 5/15/2026NEUTRAL
    Starbucks Stock Holds Steady As Investors Digest Extensive Corporate Restructuring Plan

    Starbucks Corporation's stock is trading flat as investors analyze a recently filed Form 8-K detailing a significant corporate restructuring plan. While the specifics of the restructuring are still being absorbed by the market, the lack of immediate price movement suggests a neutral short-term reaction. Investors are likely weighing the potential long-term benefits of the restructuring against any immediate costs or uncertainties. Further analysis of the plan's details will be crucial for determining the future impact on the company's performance and stock valuation.

  • 4/29/2026POSITIVE
    Starbucks is winning customers back after investing $500 million in workers and stores

    Starbucks is reportedly regaining customer loyalty following a substantial $500 million investment in its workforce and store infrastructure. The company's strategy focused on increasing barista staffing, optimizing work schedules, and enhancing employee benefits appears to be yielding positive results. This initiative aims to improve customer experience and operational efficiency, potentially leading to increased sales and market share. Investors may view this as a strategic move that strengthens Starbucks' competitive position and long-term growth prospects.

  • 4/29/2026NEUTRAL
    Starbucks CEO on Earnings, Sales Growth, Speedy Service

    Starbucks CEO Brian Niccol discussed the company's recent earnings report, focusing on enhancements to the mobile order experience and the introduction of new menu items. The conversation also touched upon efforts to improve drink consistency. While these initiatives aim to boost customer satisfaction and potentially sales, the news itself is an overview of ongoing strategies rather than a definitive performance indicator. Investors will await concrete sales figures and profit margins to assess the impact of these operational improvements.

  • 4/28/2026POSITIVE
    Starbucks is seeing a resurgence, thanks to younger and lower-income customers

    Starbucks Corporation has announced a significant hike in its outlook, driven by a resurgence in sales that have surpassed Wall Street expectations. The coffee giant is experiencing increased patronage from younger demographics and lower-income customers, a trend that has boosted same-store sales. This strategic shift in customer base is expected to translate into higher revenue and profitability. For investors, this indicates a successful adaptation to evolving consumer preferences and a potential for sustained growth, possibly leading to upward revisions in earnings forecasts and stock price targets.

via Markets Gazette