Starbucks Corp. (SBUX) intrinsic value & 10-year financials
Starbucks Corp. (SBUX) has a Graham intrinsic value of $7.20 per share. At $97.52 on Oct 17, 2026, the stock trades 1254% above that value. Over the last 10 fiscal years revenue grew 6.4% a year to $37.2B, with an average return on invested capital of 48.0%.
- Graham intrinsic value
- $7.20
- Share price (Oct 17, 2026)
- $97.52
- Price vs Graham value
- 1254% above
- Market cap
- $111.2B
- Revenue (FY2025)
- $37.2B
- Revenue growth (10-yr CAGR)
- 6.4%
- ROIC (10-yr avg)
- 48.0%
- Free cash flow (FY2025)
- $2.4B
SBUX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $37.2B | $1.9B | $1.63 | $2.4B | 7.9% | 15.9% |
| FY2024 | $36.2B | $3.8B | $3.31 | $3.3B | 15.0% | 32.3% |
| FY2023 | $36.0B | $4.1B | $3.58 | $3.7B | 16.3% | 39.7% |
| FY2022 | $32.3B | $3.3B | $2.83 | $2.6B | 14.3% | 33.4% |
| FY2021 | $29.1B | $4.2B | $3.54 | $4.5B | 16.8% | 34.7% |
| FY2020 | $23.5B | $928.3M | $0.79 | $114.2M | 6.6% | 18.2% |
| FY2019 | $26.5B | $3.6B | $2.92 | $3.2B | 15.4% | 160.1% |
| FY2018 | $24.7B | $4.5B | $3.24 | $10.0B | 15.7% | 69.2% |
| FY2017 | $22.4B | $2.9B | $1.97 | $2.7B | 18.5% | 38.7% |
| FY2016 | $21.3B | $2.8B | $1.90 | $3.1B | 19.6% | 38.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Starbucks has demonstrated mature, steady growth, with revenue compounding at 6.4% annually over the past decade.
Starbucks has earned high returns on invested capital, averaging 32.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Starbucks shows that management has aggressively returned capital to shareholders by retiring 23.3% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Starbucks is modeled at -1.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $7.20 per share.