公司概述
Starbucks Corporation operates globally as a primary roaster, marketer, and retailer of coffee, executing its business model through three distinct segments: North America, International, and Channel Development. Within the Consumer Cyclical sector, the company functions specifically within the Restaurants industry, positioning itself as a key player in the food and beverage retail landscape. The entity employs a substantial workforce of 381,000 individuals and holds a total market capitalization of $110.75 billion, reflecting its status as a major public entity. Its annual revenue reaches $37.70 billion, a figure that underscores the company's significant market presence and scale relative to peers in the restaurant industry. These valuation metrics indicate that the market assigns a high value to Starbucks' brand equity and international reach, suggesting that the company possesses substantial pricing power and a wide distribution network that allows it to generate massive top-line growth despite cyclical economic pressures.
财务健康
The company reported a total revenue of $37.70 billion over the trailing twelve months, yet this generated a net income of only $1.37 billion, highlighting a cost structure where non-operating expenses or tax burdens consume a significant portion of top-line earnings. EBITDA stands at $5.30 billion, providing a clearer view of operational profitability before financing and non-cash items. However, the free cash flow is reported as a negative $1,439,387,520, which indicates a temporary cash conversion challenge where capital expenditures or working capital requirements exceed operating cash generation in the current period. The gross margin sits at 22.2%, while the operating margin is 9.3% and the profit margin is 3.6%, collectively revealing that the business model relies on high volume to offset the substantial costs required to roast beans, operate stores, and manage a global supply chain. On the balance sheet, the company holds $3.60 billion in cash against $25.49 billion in debt, a disparity that necessitates careful scrutiny regarding its leverage position despite the lack of a calculated debt-to-equity ratio in the available data. The current ratio of 1.05 suggests that the company's short-term assets are only marginally higher than its short-term liabilities, indicating a tight liquidity position with limited buffer against sudden cash outflows. Furthermore, the return on assets is 6.9%, while the return on equity is marked as N/A, implying that the company's asset base generates modest returns relative to the total capital employed, and equity metrics are either unavailable or not applicable under the current reporting framework.
估值评估
Starbucks trades with a trailing twelve-month P/E ratio of 81.01, which contrasts sharply with a forward P/E of 32.92, implying that the market expects a substantial increase in earnings per share in the coming years to justify the current high valuation multiple. The price-to-book ratio is listed as -13.20, a negative figure that typically occurs when book value is negative or not applicable, suggesting the market is pricing the stock based on future earnings potential rather than tangible asset backing. Alternative valuation metrics such as the price-to-sales ratio of 2.94 and an EV/EBITDA of 25.04 suggest that investors are willing to pay a premium for the company's revenue stream and earnings power, expecting high growth rates that offset the high entry cost. Regarding trading range, the stock has a 52-week high of $104.82 and a 52-week low of $75.50, meaning the current price sits between these bounds and reflects recent market volatility within a defined historical corridor. The stock exhibits a beta of 0.94, indicating that its price volatility is slightly lower than the broader market, suggesting it may act as a slightly less volatile component within a diversified portfolio compared to the overall market index.
Growth & Income
Revenue growth for the trailing twelve months is recorded at 5.5%, whereas earnings growth is -62.5%, indicating that while top-line sales are expanding, profitability has contracted significantly, likely due to the aforementioned negative free cash flow and margin compression. The company offers a dividend yield of 2.5%, but this comes with a payout ratio of 204.2%, which is mathematically unsustainable as it exceeds 100% of the available net income. This high payout ratio suggests that the company is funding its dividend payments through cash reserves or debt rather than current earnings, a strategy that cannot be maintained indefinitely without impacting financial flexibility. Consequently, the overall growth and income profile presents a mixed picture of modest revenue expansion coupled with deteriorating earnings quality and a dividend policy that relies heavily on balance sheet liquidity rather than organic profit generation.