Starbucks Corporation (SBUX)
NEUTRALファンダメンタル
65
株価
$105.86
時価総額
$122.54B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
セグメント別売上高
Company-operated and licensed stores across the United States and Canada, still Starbucks' core and largest business by far.
Company-operated and licensed stores outside North America, including China, historically Starbucks' fastest-growing region though recently under pressure.
Royalties and product sales from Starbucks-branded coffee and ready-to-drink beverages sold through grocery stores by manufacturing partners.
競争優位性（moat）
ブランド · 広い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.
需要を左右する要因
中程度の景気循環性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.
主なリスク
- 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.
強気材料
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.
弱気材料
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 2026年8月18日
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.
貸借対照表と流動性
売上高
$38.34B
直近12か月（2026/6/28まで）
純利益
$1.98B
直近12か月（2026/6/28まで）
フリーキャッシュフロー
$2.44B
自己資本合計
$-8.10B
負債合計
$40.11B
流動比率
0.76
利払い倍率
5.35
負債/EBITDA
4.77
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$122.37
現在株価
$105.86
安全マージン
+13.5%
適正価値レンジ
$79.54 - $165.20
推定方法
バリュエーション指標
P/E レシオ
62.13
ROE
-22.9%
P/B レシオ
-
P/FCF
33.65
粗利益率
-
ROIC
12.8%
収益性レーダー
Value Creation (Economic Moat)
ROIC
12.8%
WACC
8.6%
ROIC − WACC
+4.2 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
ファンダメンタル分析基準
合格（16）
- EPS shows upward trend
- Price CAGR 6.79%
- ROIC 12.8%
- 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
不合格（7）
- EPS CAGR 3.55%
- P/FCF 33.65
- CapEx intensity
- DCF valuation (Overvalued)
- Analyst Consensus 48% Buy
- PEG Ratio 4.03
- Net Margin Trend 5.2% vs 7.2%
データなし（5）
- Gross Margin NaN%
- P/B Ratio NaN
- Dividend Payout NaN%
- Debt/Equity ratio
- Price below Graham Number
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式数は安定している
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Brian R. Niccol | Chairman & CEO | 51 |
| Ms. Catherine R. Smith CPA | Executive VP & CFO | 61 |
| Mr. Mike Grams | EVP & COO | 54 |
| Mr. Bao Giang Val Bauduin | Principal Accounting Officer and Senior VP of Corporate Finance & Development | 49 |
| Mr. Brady Brewer | Chief Executive Officer of Starbucks International | 52 |
| Ms. Sara Kelly | Executive VP & Chief Partner Officer | 45 |
| Mr. Anand Varadarajan | EVP & CTO | - |
| Ms. Pilar Ramos | Executive VP & Chief Legal Officer | 52 |
| Mr. Andy Adams | Senior Vice President of Global Growth & Concepts | - |
| Ms. Janet Landers | Senior Vice President of Business Technology | - |
監査リスク
8
取締役会リスク
5
報酬リスク
9
株主権利リスク
2
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for SBUX, sourced from Markets Gazette.
- 5d agoNEGATIVEStarbucks 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.
- 8d agoNEUTRALNasdaq-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.
- 6/19/2026NEGATIVEStarbucks 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.
- 5/15/2026NEUTRALStarbucks 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.
- 4/29/2026POSITIVEStarbucks 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.
- 4/29/2026NEUTRALStarbucks 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.
- 4/28/2026POSITIVEStarbucks 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.
- 4/3/2026NEUTRALStarbucks just made two noteworthy moves to boost its turnaround — but they didn’t help the coffee chain’s stock
Starbucks announced two strategic initiatives: a new employee bonus and tipping program, and a significant deal transferring a substantial portion of its China store operations to an investment firm. While these moves aim to bolster the company's turnaround efforts, the market's reaction was muted, with the stock failing to gain traction. The China deal, in particular, signals a potential shift in operational strategy for a key international market. Investors will be closely watching the impact of these changes on future earnings and market share, especially in China.
via Markets Gazette