Starbucks Corporation (SBUX)

Executive Summary

We at T&T Capital Management have followed Starbucks Corporation (SBUX) for the better part of two decades — first as a high-quality compounder, then as a stalled franchise wrestling with self-inflicted operational drag, and now as one of the most heavily-watched corporate turnarounds in the consumer sector. The arrival of Brian Niccol as Chairman and CEO in September 2024 fundamentally re-framed the story. Twenty months in, the operational data is vindicating that decision: in the quarter ended March 29, 2026 (Q2 FY2026), Starbucks broke a seven-quarter streak of negative global comparable sales, posting global comp growth of 6.2%, U.S.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers