SBUXSTARBUCKS CORP

Retail-Eating & Drinking Places

Revenue: $37.2B; 2.8% YoY
Operating margin: 7.9%; 47% YoY
EBITDA: $4.7B; 33% YoY
Market cap: $117.9B
Employees: 381,000; $98K revenue each
Net debt / EBITDA: 2.1×; $10.1B net debt
AI in 10-K: 1.0; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
256% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
58% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$98K · 61st pct
Bottom quartile of its SIC industry
Quiet on AINo
1.0 per 10K words · 35th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$117.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$29.1B	$32.3B	$36.0B	$36.2B	$37.2B	2.8%
Operating income	$4.9B	$4.6B	$5.9B	$5.4B	$2.9B	46%
Net income	$4.2B	$3.3B	$4.1B	$3.8B	$1.9B	51%
Operating cash flow	$6.0B	$4.4B	$6.0B	$6.1B	$4.7B	22%
Capex	$1.5B	$1.8B	$2.3B	$2.8B	$2.3B	17%
Stock-based comp	$319M	$272M	$303M	$308M	$318M	3.2%
Buybacks	$0	$4.0B	$984M	$1.3B	$0	100%
Dividends	$2.1B	$2.3B	$2.4B	$2.6B	$2.8B	7.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $995K · 1
Open-market sells, 12 mo: $2M · 14
Net: −$1M

Pay vs performance

No pay-versus-performance disclosure yet.