Directions Forecast & Analysis Assignment

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starbucks.corporation.eval-2.xls
Home>Business & Finance homework help>Directions Forecast & Analysis Assignment

Intro

STEPS:
1) enter financial data on the Financial Statements Sheet,
2) examine the Ratio Analysis and Cash Flow Analysis,
3) enter forecasts on the Forecasting Assumptions Sheet to create future Financial Statement predictions,
4) enter cost of capital assumptions on the Valuation Parameters Sheet to determine the company's value,
5) evaluate the details of the resulting valuation for either the Residual Income of Discounted Cash Flow models.
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© 2012, Russell Lundholm and Richard Sloan.
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Russell Lundholm
Richard Sloan

Financial Statements

Financial Statements ($000s) Data can be entered manually in financial statements or as a block cut-and-paste from the Case Data Sheet to the Raw Data Input section below.
Jump to Raw Data Input
Company Name and Ticker Starbucks Corporation SBUX Link to Form 10-Ks
Common Shares Outstanding 1,485,100 (in 000s at most recent fiscal year end)
Estimated Price/Share=$47.53
Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Fiscal Year End (YYYY-MM-DD) 2007/10/01 2008/09/29 2009/09/28 2010/09/27 2011/09/26 2012/09/26 2013/09/26 2014/09/26 2015/09/26 2016/09/26 2017/09/26 2018/09/26 2019/09/26 2020/09/26 2021/09/26 2022/09/26 2023/09/26
Income Statement
Sales (Net) 11,700,400 13,276,800 14,866,800 16,447,800 19,162,700 22,090,440 25,194,256 28,424,830 31,720,640 35,009,117 38,208,658 41,231,471 43,987,175 46,386,968 48,348,132 49,798,576 51,292,533
Cost of Goods Sold (8,483,700) (9,701,100) (10,634,200) (11,458,200) (13,158,700) (15,169,129) (17,300,467) (19,518,847) (21,782,024) (24,040,165) (26,237,235) (28,312,949) (30,205,245) (31,853,142) (33,199,839) (34,195,834) (35,221,709)
Gross Profit 3,216,700 3,575,700 4,232,600 4,989,600 6,004,000 6,921,311 7,893,789 8,905,983 9,938,616 10,968,952 11,971,423 12,918,521 13,781,931 14,533,827 15,148,292 15,602,741 16,070,823
R&D Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expense (1,142,100) (1,208,400) (1,369,700) (1,448,600) (1,707,200) (1,968,032) (2,244,550) (2,532,361) (2,825,984) (3,118,953) (3,403,999) (3,673,301) (3,918,806) (4,132,603) (4,307,323) (4,436,542) (4,569,639)
EBITDA 2,074,600 2,367,300 2,862,900 3,541,000 4,296,800 4,953,279 5,649,239 6,373,622 7,112,633 7,849,999 8,567,423 9,245,220 9,863,124 10,401,223 10,840,970 11,166,199 11,501,185
Depreciation & Amortization (550,000) (580,600) (655,600) (748,400) (933,800) (1,147,598) (1,315,387) (1,491,600) (1,673,154) (1,856,318) (2,036,805) (2,209,901) (2,370,651) (2,514,069) (2,635,384) (2,730,289) (2,812,198)
EBIT 1,524,600 1,786,700 2,207,300 2,792,600 3,363,000 3,805,681 4,333,852 4,882,022 5,439,479 5,993,680 6,530,618 7,035,319 7,492,474 7,887,155 8,205,586 8,435,910 8,688,987
Net Interest Expense (19,500) (32,700) (17,600) (64,100) (70,500) (81,051) (92,901) (105,346) (118,169) (131,105) (143,852) (156,077) (167,431) (177,560) (186,128) (192,831) (198,615)
Non-Operating Income (Loss) 306,000 305,100 (2,419,600) 431,200 610,500 703,774 802,658 905,580 1,010,580 1,115,347 1,217,281 1,313,584 1,401,377 1,477,832 1,540,312 1,586,521 1,634,117
EBT 1,811,100 2,059,100 (229,900) 3,159,700 3,903,000 4,428,404 5,043,609 5,682,256 6,331,890 6,977,923 7,604,047 8,192,825 8,726,420 9,187,427 9,559,770 9,829,600 10,124,488
Income Taxes (563,100) (674,400) 238,700 (1,092,000) (1,143,700) (1,297,660) (1,477,934) (1,665,077) (1,855,440) (2,044,748) (2,228,221) (2,400,752) (2,557,112) (2,692,201) (2,801,309) (2,880,378) (2,966,789)
Other Income (Loss) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Income Before Ext. Items 1,248,000 1,384,700 8,800 2,067,700 2,759,300 3,130,744 3,565,675 4,017,179 4,476,450 4,933,175 5,375,825 5,792,074 6,169,309 6,495,226 6,758,461 6,949,223 7,157,699
Ext. Items & Disc. Ops. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Minority Interest in Earnings (2,300) (900) (500) 400 (1,900) (2,156) (2,455) (2,766) (3,082) (3,397) (3,702) (3,988) (4,248) (4,472) (4,654) (4,785) (4,929)
Preferred Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Income (available to common) 1,245,700 1,383,800 8,300 2,068,100 2,757,400 3,128,589 3,563,220 4,014,413 4,473,368 4,929,778 5,372,123 5,788,085 6,165,061 6,490,753 6,753,807 6,944,438 7,152,771
0
Balance Sheet
Operating Cash and Market. Sec. 2,050,700 2,037,000 3,233,800 1,843,800 1,611,400 1,857,595 2,118,596 2,390,257 2,667,403 2,943,932 3,212,983 3,467,173 3,698,901 3,900,701 4,065,616 4,187,584 4,313,212
Receivables 386,500 485,900 561,400 631,000 719,000 828,851 945,309 1,066,523 1,190,184 1,313,570 1,433,620 1,547,038 1,650,434 1,740,477 1,814,061 1,868,483 1,924,537
Inventories 965,800 1,241,500 1,111,200 1,090,900 1,306,400 1,505,996 1,717,596 1,937,837 2,162,526 2,386,715 2,604,841 2,810,919 2,998,786 3,162,390 3,296,091 3,394,974 3,496,823
Other Current Assets 391,900 435,200 565,000 603,000 715,900 825,278 941,233 1,061,924 1,185,053 1,307,907 1,427,439 1,540,368 1,643,318 1,732,972 1,806,240 1,860,427 1,916,240
Total Current Assets 3,794,900 4,199,600 5,471,400 4,168,700 4,352,700 5,017,720 5,722,734 6,456,541 7,205,166 7,952,125 8,678,883 9,365,498 9,991,441 10,536,540 10,982,007 11,311,468 11,650,812
PP&E (Net) 2,355,000 2,658,900 3,200,500 3,519,000 4,088,300 4,712,924 5,375,113 6,064,345 6,767,496 7,469,082 8,151,693 8,796,601 9,384,521 9,896,509 10,314,917 10,624,365 10,943,096
Investments 479,300 575,900 554,800 833,300 664,500 766,024 873,655 985,680 1,099,968 1,214,002 1,324,952 1,429,773 1,525,332 1,608,549 1,676,556 1,726,852 1,778,658
Intangibles 433,500 542,800 1,137,700 1,129,700 2,095,800 2,416,003 2,755,464 3,108,787 3,469,246 3,828,902 4,178,832 4,509,433 4,810,821 5,073,283 5,287,773 5,446,407 5,609,799
Other Assets 297,700 242,000 1,152,300 1,102,200 1,244,800 1,434,985 1,636,607 1,846,464 2,060,558 2,274,176 2,482,016 2,678,377 2,857,386 3,013,276 3,140,672 3,234,892 3,331,939
Total Assets 7,360,400 8,219,200 11,516,700 10,752,900 12,446,100 14,347,656 16,363,572 18,461,818 20,602,434 22,738,287 24,816,376 26,779,682 28,569,501 30,128,158 31,401,926 32,343,983 33,314,303
Current Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Accounts Payable 540,000 398,100 491,700 533,700 684,200 788,734 899,555 1,014,902 1,132,578 1,249,993 1,364,232 1,472,161 1,570,552 1,656,237 1,726,259 1,778,047 1,831,389
Income Taxes Payable 109,200 138,300 125,000 272,000 259,000 298,571 340,522 384,185 428,731 473,178 516,422 557,278 594,524 626,959 653,466 673,070 693,262
Other Current Liabilities 1,426,600 1,673,400 4,760,600 2,233,000 2,710,300 3,124,388 3,563,380 4,020,301 4,486,448 4,951,557 5,404,088 5,831,624 6,221,380 6,560,798 6,838,177 7,043,323 7,254,622
Total Current Liabilities 2,075,800 2,209,800 5,377,300 3,038,700 3,653,500 4,211,694 4,803,457 5,419,388 6,047,757 6,674,728 7,284,742 7,861,062 8,386,456 8,843,993 9,217,902 9,494,440 9,779,273
Long-Term Debt 549,500 549,600 1,299,400 2,048,300 2,347,500 2,706,159 3,086,387 3,482,144 3,885,893 4,288,743 4,680,699 5,051,004 5,388,588 5,682,571 5,922,821 6,100,505 6,283,521
Other Liabilities 347,800 334,700 347,600 385,300 557,500 642,677 732,976 826,963 922,848 1,018,519 1,111,604 1,199,546 1,279,718 1,349,535 1,406,591 1,448,789 1,492,253
Deferred Taxes 0 10,600 10,100 6,900 67,800 78,159 89,140 100,571 112,232 123,867 135,187 145,882 155,632 164,123 171,062 176,194 181,479
Total Liabilities 2,973,100 3,104,700 7,034,400 5,479,200 6,626,300 7,638,688 8,711,961 9,829,066 10,968,730 12,105,857 13,212,231 14,257,495 15,210,394 16,040,222 16,718,376 17,219,927 17,736,525
Minority Interest 2,400 5,500 2,100 1,700 1,800 2,075 2,367 2,670 2,980 3,288 3,589 3,873 4,132 4,357 4,541 4,678 4,818
Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Paid in Common Capital (Net) 41,200 40,100 282,900 40,100 42,600 (1,044,099) (2,351,795) (3,905,917) (5,730,046) (7,844,609) (10,265,499) (13,002,711) (16,059,066) (19,429,143) (23,098,502) (27,043,297) (31,106,436)
Retained Earnings 4,343,700 5,068,900 4,197,300 5,231,900 5,775,400 7,750,992 10,001,039 12,535,998 15,360,770 18,473,750 21,866,055 25,521,025 29,414,041 33,512,721 37,777,510 42,162,675 46,679,396
Total Common Equity 4,384,900 5,109,000 4,480,200 5,272,000 5,818,000 6,706,893 7,649,245 8,630,081 9,630,724 10,629,141 11,600,556 12,518,314 13,354,975 14,083,578 14,679,008 15,119,378 15,572,960
Total Liabilities and Equity 7,360,400 8,219,200 11,516,700 10,752,900 12,446,100 14,347,656 16,363,572 18,461,818 20,602,434 22,738,287 24,816,376 26,779,682 28,569,501 30,128,158 31,401,926 32,343,983 33,314,303
Statement of Retained Earnings
Beg. Retained Earnings 4,343,700 5,068,900 4,197,300 5,231,900 5,775,400 7,750,992 10,001,039 12,535,998 15,360,770 18,473,750 21,866,055 25,521,025 29,414,041 33,512,721 37,777,510 42,162,675
+Net Income 1,383,800 8,300 2,068,100 2,757,400 3,128,589 3,563,220 4,014,413 4,473,368 4,929,778 5,372,123 5,788,085 6,165,061 6,490,753 6,753,807 6,944,438 7,152,771
-Common Dividends 0 (543,700) (668,600) (827,000) (1,016,200) (1,152,996) (1,313,173) (1,479,454) (1,648,595) (1,816,799) (1,979,819) (2,133,115) (2,272,044) (2,392,074) (2,489,018) (2,559,272) (2,636,050)
+/-Clean Surplus Plug (Ignore) (114,900) (211,300) (206,500) (1,197,700) 0 0 0 0 0 0 0 0 0 0 0 0
=End. Retained Earnings 5,068,900 4,197,300 5,231,900 5,775,400 7,750,992 10,001,039 12,535,998 15,360,770 18,473,750 21,866,055 25,521,025 29,414,041 33,512,721 37,777,510 42,162,675 46,679,396
Values for Dupont Analysis and Valuation
Net Operating Income 1,261,437 1,406,690 8,126 2,109,647 2,809,141 3,188,045 3,631,353 4,091,655 4,559,992 5,025,862 5,477,524 5,902,415 6,287,677 6,620,755 6,890,048 7,085,548 7,298,114
Net Financial Expense (15,737) (22,890) 174 (41,547) (51,741) (59,456) (68,133) (77,243) (86,624) (96,084) (105,401) (114,330) (122,616) (130,002) (136,240) (141,110) (145,344)
Net Income 1,245,700 1,383,800 8,300 2,068,100 2,757,400 3,128,589 3,563,220 4,014,413 4,473,368 4,929,778 5,372,123 5,788,085 6,165,061 6,490,753 6,753,807 6,944,438 7,152,771
Effective Tax Rate 0.3109 0.3275 1.0383 0.3456 0.2930 0.2930 0.2930 0.2930 0.2930 0.2930 0.2930 0.2930 0.2930 0.2930 0.2930 0.2930 0.2930
Net Operating Assets 4,936,800 5,664,100 5,781,700 7,322,000 8,167,300 9,415,127 10,737,999 12,114,896 13,519,597 14,921,173 16,284,843 17,573,191 18,747,695 19,770,507 20,606,370 21,224,562 21,861,298
Net Financial Obligations 551,900 555,100 1,301,500 2,050,000 2,349,300 2,708,234 3,088,754 3,484,814 3,888,873 4,292,032 4,684,288 5,054,877 5,392,720 5,686,928 5,927,362 6,105,183 6,288,339
Total Common Equity 4,384,900 5,109,000 4,480,200 5,272,000 5,818,000 6,706,893 7,649,245 8,630,081 9,630,724 10,629,141 11,600,556 12,518,314 13,354,975 14,083,578 14,679,008 15,119,378 15,572,960
Raw Data Inputs cut-and-paste raw data block from DataMaker file here
Company Name and Ticker Starbucks Corporation SBUX A Windows vs Macintosh issue can cause the fiscal year end dates to be off by roughly 4 years. If this occurs, select and copy the 1462 cell below, select the cells with the dates, choose Paste Special Values and select Subtract or Add.
Common Shares Outstanding 1,485,100
Fiscal Year End (YYYY-MM-DD) 2007/10/01 2008/09/29 2009/09/28 2010/09/27 2011/09/26
Sales (Net) 11,700,400 13,276,800 14,866,800 16,447,800 19,162,700
Cost of Goods Sold (8,483,700) (9,701,100) (10,634,200) (11,458,200) (13,158,700)
R&D Expense 0 0 0 0 0 1462
SG&A Expense (1,142,100) (1,208,400) (1,369,700) (1,448,600) (1,707,200)
Depreciation & Amortization (550,000) (580,600) (655,600) (748,400) (933,800)
Interest Expense (19,500) (32,700) (17,600) (64,100) (70,500)
Non-Operating Income (Loss) 306,000 305,100 (2,419,600) 431,200 610,500
Income Taxes (563,100) (674,400) 238,700 (1,092,000) (1,143,700)
Minority Interest in Earnings (2,300) (900) (500) 400 (1,900)
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 2,050,700 2,037,000 3,233,800 1,843,800 1,611,400
Receivables 386,500 485,900 561,400 631,000 719,000
Inventories 965,800 1,241,500 1,111,200 1,090,900 1,306,400
Other Current Assets 391,900 435,200 565,000 603,000 715,900
PP&E (Net) 2,355,000 2,658,900 3,200,500 3,519,000 4,088,300
Investments 479,300 575,900 554,800 833,300 664,500
Intangibles 433,500 542,800 1,137,700 1,129,700 2,095,800
Other Assets 297,700 242,000 1,152,300 1,102,200 1,244,800
Current Debt 0 0 0 0 0
Accounts Payable 540,000 398,100 491,700 533,700 684,200
Income Taxes Payable 109,200 138,300 125,000 272,000 259,000
Other Current Liabilities 1,426,600 1,673,400 4,760,600 2,233,000 2,710,300
Long-Term Debt 549,500 549,600 1,299,400 2,048,300 2,347,500
Other Liabilities 347,800 334,700 347,600 385,300 557,500
Deferred Taxes 0 10,600 10,100 6,900 67,800
Minority Interest 2,400 5,500 2,100 1,700 1,800
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 41,200 40,100 282,900 40,100 42,600
Retained Earnings 4,343,700 5,068,900 4,197,300 5,231,900 5,775,400
Common Dividends 0 543,700 668,600 827,000 1,016,200

Ratio Analysis

Ratio Analysis
Company Name Starbucks Corporation
Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Fiscal Year End Date 2007/10/01 2008/09/29 2009/09/28 2010/09/27 2011/09/26 2012/09/26 2013/09/26 2014/09/26 2015/09/26 2016/09/26 2017/09/26 2018/09/26 2019/09/26 2020/09/26 2021/09/26 2022/09/26 2023/09/26
Annual Growth Rates
Sales 13.5% 12.0% 10.6% 16.5% 15.3% 14.1% 12.8% 11.6% 10.4% 9.1% 7.9% 6.7% 5.5% 4.2% 3.0% 3.0%
Assets 11.7% 40.1% -6.6% 15.7% 15.3% 14.1% 12.8% 11.6% 10.4% 9.1% 7.9% 6.7% 5.5% 4.2% 3.0% 3.0%
Common Equity 16.5% -12.3% 17.7% 10.4% 15.3% 14.1% 12.8% 11.6% 10.4% 9.1% 7.9% 6.7% 5.5% 4.2% 3.0% 3.0%
Earnings 11.1% -99.4% 24816.9% 33.3% 13.5% 13.9% 12.7% 11.4% 10.2% 9.0% 7.7% 6.5% 5.3% 4.1% 2.8% 3.0%
Free Cash Flow to Investors -156.8% 0.0% 111.1% 153.2% 19.0% 17.6% 16.2% 14.9% 13.5% 12.2% 10.8% 9.5% 8.2% 6.8% 3.0%
Sustainable Growth Rate -13.8% 25.5% 31.4% 31.5% 31.3% 31.1% 30.9% 30.7% 30.5% 30.3% 30.1% 29.9% 29.7% 29.4% 29.4%
Profitability
Return on Equity 0.292 0.002 0.424 0.497 0.500 0.496 0.493 0.490 0.487 0.483 0.480 0.477 0.473 0.470 0.466 0.466
Return on Equity (b4 non-recurring) 0.248 (0.018) 0.366 0.419 0.420 0.417 0.415 0.412 0.409 0.406 0.403 0.400 0.397 0.394 0.391 0.391
Return on Net Operating Assets 0.265 0.001 0.322 0.363 0.363 0.360 0.358 0.356 0.353 0.351 0.349 0.346 0.344 0.341 0.339 0.339
Basic Dupont Model
Net Profit Margin 0.106 0.104 0.001 0.126 0.144 0.142 0.141 0.141 0.141 0.141 0.141 0.140 0.140 0.140 0.140 0.139 0.139
x Total Asset Turnover 1.704 1.507 1.477 1.652 1.649 1.641 1.632 1.624 1.616 1.607 1.598 1.589 1.581 1.572 1.562 1.562
x Total Leverage 1.641 2.058 2.284 2.092 2.139 2.139 2.139 2.139 2.139 2.139 2.139 2.139 2.139 2.139 2.139 2.139
= Return on Equity 0.292 0.002 0.424 0.497 0.500 0.496 0.493 0.490 0.487 0.483 0.480 0.477 0.473 0.470 0.466 0.466
Advanced Dupont Model
Net Operating Margin 0.108 0.106 0.001 0.128 0.147 0.144 0.144 0.144 0.144 0.144 0.143 0.143 0.143 0.143 0.143 0.142 0.142
x Net Operating Asset Turnover 2.505 2.598 2.510 2.474 2.513 2.500 2.488 2.475 2.462 2.449 2.436 2.422 2.409 2.395 2.381 2.381
= Return on Net Operating Assets 0.265 0.001 0.322 0.363 0.363 0.360 0.358 0.356 0.353 0.351 0.349 0.346 0.344 0.341 0.339 0.339
Net Borrowing Cost (NBC) 0.041 (0.000) 0.025 0.024 0.024 0.024 0.024 0.023 0.023 0.023 0.023 0.023 0.023 0.023 0.023 0.023
Spread (RNOA - NBC) 0.224 0.002 0.297 0.339 0.339 0.337 0.335 0.332 0.330 0.328 0.325 0.323 0.320 0.318 0.315 0.315
Financial Leverage (LEV) 0.117 0.194 0.344 0.397 0.404 0.404 0.404 0.404 0.404 0.404 0.404 0.404 0.404 0.404 0.404 0.404
ROE = RNOA + LEV*Spread 0.292 0.002 0.424 0.497 0.500 0.496 0.493 0.490 0.487 0.483 0.480 0.477 0.473 0.470 0.466 0.466
Margin Analysis
Gross Margin 0.275 0.269 0.285 0.303 0.313 0.313 0.313 0.313 0.313 0.313 0.313 0.313 0.313 0.313 0.313 0.313 0.313
EBITDA Margin 0.177 0.178 0.193 0.215 0.224 0.224 0.224 0.224 0.224 0.224 0.224 0.224 0.224 0.224 0.224 0.224 0.224
EBIT Margin 0.130 0.135 0.148 0.170 0.175 0.172 0.172 0.172 0.171 0.171 0.171 0.171 0.170 0.170 0.170 0.169 0.169
Net Operating Margin (b4 non-rec.) 0.090 0.090 (0.006) 0.111 0.124 0.122 0.122 0.121 0.121 0.121 0.121 0.121 0.120 0.120 0.120 0.120 0.120
Net Operating Margin 0.108 0.106 0.001 0.128 0.147 0.144 0.144 0.144 0.144 0.144 0.143 0.143 0.143 0.143 0.143 0.142 0.142
Turnover Analysis
Net Operating Asset Turnover 2.505 2.598 2.510 2.474 2.513 2.500 2.488 2.475 2.462 2.449 2.436 2.422 2.409 2.395 2.381 2.381
Net Working Capital Turnover 7.159 14.268 26.873 20.952 29.352 29.206 29.058 28.908 28.757 28.604 28.449 28.293 28.134 27.974 27.812 27.812
Avge Days to Collect Receivables 11.992 12.856 13.231 12.857 12.788 12.852 12.917 12.984 13.052 13.122 13.193 13.266 13.341 13.417 13.496 13.496
Avge Inventory Holding Period 41.524 40.376 35.074 33.249 33.836 34.005 34.178 34.355 34.535 34.720 34.909 35.102 35.300 35.502 35.710 35.710
Avge Days to Pay Payables 17.160 15.460 16.361 16.619 17.491 17.594 17.700 17.809 17.920 18.034 18.151 18.270 18.393 18.519 18.648 18.648
PP&E Turnover 5.296 5.075 4.896 5.038 5.020 4.995 4.970 4.944 4.918 4.892 4.866 4.839 4.812 4.784 4.756 4.756
Analysis of Leverage
- Long-Term Capital Structure
Debt to Equity Ratio 0.125 0.108 0.290 0.389 0.403 0.403 0.403 0.403 0.403 0.403 0.403 0.403 0.403 0.403 0.403 0.403 0.403
FFO to Total Debt 3.572 0.732 1.703 1.786 1.731 1.720 1.709 1.698 1.687 1.676 1.665 1.653 1.642 1.630 1.618 1.618
CFO to Total Debt 3.054 4.077 0.254 1.877 1.786 1.771 1.756 1.741 1.726 1.710 1.694 1.678 1.662 1.646 1.629 1.629
Analysis of Leverage
- Short-Term Liquidity
Current Ratio 1.828 1.900 1.017 1.372 1.191 1.191 1.191 1.191 1.191 1.191 1.191 1.191 1.191 1.191 1.191 1.191 1.191
Quick Ratio 1.174 1.142 0.706 0.814 0.638 0.638 0.638 0.638 0.638 0.638 0.638 0.638 0.638 0.638 0.638 0.638 0.638
EBIT Interest Coverage 78.185 54.639 125.415 43.566 47.702 46.954 46.650 46.343 46.031 45.717 45.398 45.076 44.750 44.420 44.086 43.748 43.748
EBITDA Interest Coverage 106.390 72.394 162.665 55.242 60.948 61.113 60.809 60.502 60.190 59.876 59.557 59.235 58.909 58.579 58.245 57.907 57.907
Fiscal Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Cash Flow Analysis

Cash Flow Analysis ($000)
Company Name Starbucks Corporation
Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Fiscal Year End Date 2008/09/29 2009/09/28 2010/09/27 2011/09/26 2012/09/26 2013/09/26 2014/09/26 2015/09/26 2016/09/26 2017/09/26 2018/09/26 2019/09/26 2020/09/26 2021/09/26 2022/09/26 2023/09/26
Pro Forma Statement of Cash Flows
Operating:
Net Income 1,383,800 8,300 2,068,100 2,757,400 3,128,589 3,563,220 4,014,413 4,473,368 4,929,778 5,372,123 5,788,085 6,165,061 6,490,753 6,753,807 6,944,438 7,152,771
+Depreciation & Amortization 580,600 655,600 748,400 933,800 1,147,598 1,315,387 1,491,600 1,673,154 1,856,318 2,036,805 2,209,901 2,370,651 2,514,069 2,635,384 2,730,289 2,812,198
+Increase in Deferred Taxes 10,600 (500) (3,200) 60,900 10,359 10,982 11,430 11,661 11,635 11,320 10,695 9,750 8,491 6,939 5,132 5,286
+Increase in Other Liabilities (13,100) 12,900 37,700 172,200 85,177 90,299 93,987 95,885 95,672 93,084 87,943 80,172 69,817 57,056 42,198 43,464
+Minority Interest in Earnings 900 500 (400) 1,900 2,156 2,455 2,766 3,082 3,397 3,702 3,988 4,248 4,472 4,654 4,785 4,929
+Preferred Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
=Funds From Operations 1,962,800 676,800 2,850,600 3,926,200 4,373,878 4,982,343 5,614,196 6,257,150 6,896,800 7,517,035 8,100,613 8,629,881 9,087,602 9,457,840 9,726,842 10,018,647
-Increase in Receivables (99,400) (75,500) (69,600) (88,000) (109,851) (116,458) (121,214) (123,661) (123,386) (120,049) (113,418) (103,396) (90,042) (73,584) (54,422) (56,054)
-Increase in Inventory (275,700) 130,300 20,300 (215,500) (199,596) (211,600) (220,242) (224,689) (224,189) (218,126) (206,078) (187,868) (163,604) (133,701) (98,883) (101,849)
-Increase in Other Current Assets (43,300) (129,800) (38,000) (112,900) (109,378) (115,956) (120,691) (123,128) (122,854) (119,532) (112,929) (102,950) (89,654) (73,267) (54,187) (55,813)
+Increase in Accounts Payable (141,900) 93,600 42,000 150,500 104,534 110,821 115,347 117,676 117,414 114,239 107,929 98,392 85,684 70,023 51,788 53,341
+Increase in Taxes Payable 29,100 (13,300) 147,000 (13,000) 39,571 41,951 43,664 44,546 44,447 43,244 40,856 37,246 32,435 26,507 19,604 20,192
+Increase in Other Curr. Liabilities 246,800 3,087,200 (2,527,600) 477,300 414,088 438,992 456,920 466,147 465,110 452,531 427,535 389,756 339,418 277,380 205,145 211,300
=Cash From Operations 1,678,400 3,769,300 424,700 4,124,600 4,513,247 5,130,094 5,767,981 6,414,040 7,053,341 7,669,342 8,244,507 8,761,061 9,201,840 9,551,197 9,795,887 10,089,764
Investing:
-Capital Expenditures (884,500) (1,197,200) (1,066,900) (1,503,100) (1,772,222) (1,977,576) (2,180,832) (2,376,304) (2,557,904) (2,719,417) (2,854,809) (2,958,571) (3,026,057) (3,053,792) (3,039,737) (3,130,929)
-Increase in Investments (96,600) 21,100 (278,500) 168,800 (101,524) (107,630) (112,026) (114,288) (114,034) (110,950) (104,821) (95,559) (83,217) (68,007) (50,297) (51,806)
-Purchases of Intangibles (109,300) (594,900) 8,000 (966,100) (320,203) (339,460) (353,324) (360,459) (359,657) (349,930) (330,601) (301,388) (262,462) (214,490) (158,633) (163,392)
-Increase in Other Assets 55,700 (910,300) 50,100 (142,600) (190,185) (201,622) (209,857) (214,094) (213,618) (207,841) (196,361) (179,009) (155,889) (127,396) (94,220) (97,047)
=Cash From Investing (1,034,700) (2,681,300) (1,287,300) (2,443,000) (2,384,135) (2,626,289) (2,856,039) (3,065,145) (3,245,213) (3,388,137) (3,486,592) (3,534,527) (3,527,626) (3,463,685) (3,342,887) (3,443,174)
Financing:
+Increase in Debt 100 749,800 748,900 299,200 358,659 380,229 395,757 403,749 402,850 391,955 370,306 337,584 293,983 240,250 177,685 183,015
-Dividends Paid to Minority Interest 2,200 (3,900) 0 (1,800) (1,881) (2,164) (2,463) (2,773) (3,088) (3,401) (3,704) (3,989) (4,247) (4,470) (4,649) (4,788)
-Dividends Paid on Preferred 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+Increase in Pref. Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-Dividends Paid on Common (543,700) (668,600) (827,000) (1,016,200) (1,152,996) (1,313,173) (1,479,454) (1,648,595) (1,816,799) (1,979,819) (2,133,115) (2,272,044) (2,392,074) (2,489,018) (2,559,272) (2,636,050)
+/-Net Issuance of Common Stock (1,100) 242,800 (242,800) 2,500 (1,086,699) (1,307,695) (1,554,122) (1,824,130) (2,114,563) (2,420,890) (2,737,212) (3,056,355) (3,370,077) (3,669,359) (3,944,795) (4,063,139)
+/-Clean Surplus Plug (Ignore) (114,900) (211,300) (206,500) (1,197,700) 0 0 0 0 0 0 0 0 0 0 0 0
=Cash From Financing (657,400) 108,800 (527,400) (1,914,000) (1,882,918) (2,242,804) (2,640,282) (3,071,749) (3,531,599) (4,012,155) (4,503,726) (4,994,805) (5,472,414) (5,922,597) (6,331,031) (6,520,962)
Net Change in Cash (13,700) 1,196,800 (1,390,000) (232,400) 246,195 261,001 271,660 277,146 276,530 269,051 254,190 231,728 201,800 164,915 121,968 125,628
+ Beginning Cash Balance 2,050,700 2,037,000 3,233,800 1,843,800 1,611,400 1,857,595 2,118,596 2,390,257 2,667,403 2,943,932 3,212,983 3,467,173 3,698,901 3,900,701 4,065,616 4,187,584
= Ending Cash Balance 2,037,000 3,233,800 1,843,800 1,611,400 1,857,595 2,118,596 2,390,257 2,667,403 2,943,932 3,212,983 3,467,173 3,698,901 3,900,701 4,065,616 4,187,584 4,313,212
Free Cash Flow to Common Equity
Net Income 1,383,800 8,300 2,068,100 2,757,400 3,128,589 3,563,220 4,014,413 4,473,368 4,929,778 5,372,123 5,788,085 6,165,061 6,490,753 6,753,807 6,944,438 7,152,771
- Increase in Common Equity (724,100) 628,800 (791,800) (546,000) (888,893) (942,352) (980,837) (1,000,643) (998,417) (971,415) (917,758) (836,661) (728,603) (595,430) (440,370) (453,581)
+/-Clean Surplus Plug (Ignore) (114,900) (211,300) (206,500) (1,197,700) 0 0 0 0 0 0 0 0 0 0 0 0
=Free Cash Flow to Common Equity 544,800 425,800 1,069,800 1,013,700 2,239,696 2,620,868 3,033,576 3,472,725 3,931,361 4,400,709 4,870,327 5,328,399 5,762,151 6,158,377 6,504,067 6,699,189
Computation based on SCF:
+Cash From Operations 1,678,400 3,769,300 424,700 4,124,600 4,513,247 5,130,094 5,767,981 6,414,040 7,053,341 7,669,342 8,244,507 8,761,061 9,201,840 9,551,197 9,795,887 10,089,764
-Increase in Cash 13,700 (1,196,800) 1,390,000 232,400 (246,195) (261,001) (271,660) (277,146) (276,530) (269,051) (254,190) (231,728) (201,800) (164,915) (121,968) (125,628)
+Cash From Investing (1,034,700) (2,681,300) (1,287,300) (2,443,000) (2,384,135) (2,626,289) (2,856,039) (3,065,145) (3,245,213) (3,388,137) (3,486,592) (3,534,527) (3,527,626) (3,463,685) (3,342,887) (3,443,174)
+Increase in Debt 100 749,800 748,900 299,200 358,659 380,229 395,757 403,749 402,850 391,955 370,306 337,584 293,983 240,250 177,685 183,015
-Dividends Paid to Minority Interest 2,200 (3,900) 0 (1,800) (1,881) (2,164) (2,463) (2,773) (3,088) (3,401) (3,704) (3,989) (4,247) (4,470) (4,649) (4,788)
-Dividends Paid on Preferred 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+Increase in Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+/-Clean Surplus Plug (Ignore) (114,900) (211,300) (206,500) (1,197,700) 0 0 0 0 0 0 0 0 0 0 0 0
=Free Cash Flow to Common Equity 544,800 425,800 1,069,800 1,013,700 2,239,696 2,620,868 3,033,576 3,472,725 3,931,361 4,400,709 4,870,327 5,328,399 5,762,151 6,158,377 6,504,067 6,699,189
Financing Flows:
+Dividends Paid 543,700 668,600 827,000 1,016,200 1,152,996 1,313,173 1,479,454 1,648,595 1,816,799 1,979,819 2,133,115 2,272,044 2,392,074 2,489,018 2,559,272 2,636,050
-Net Issuance of Common Stock 1,100 (242,800) 242,800 (2,500) 1,086,699 1,307,695 1,554,122 1,824,130 2,114,563 2,420,890 2,737,212 3,056,355 3,370,077 3,669,359 3,944,795 4,063,139
= Free Cash Flow to Common Equity 544,800 425,800 1,069,800 1,013,700 2,239,696 2,620,868 3,033,576 3,472,725 3,931,361 4,400,709 4,870,327 5,328,399 5,762,151 6,158,377 6,504,067 6,699,189
Free Cash Flow to all Investors
Net Operating Income 1,406,690 8,126 2,109,647 2,809,141 3,188,045 3,631,353 4,091,655 4,559,992 5,025,862 5,477,524 5,902,415 6,287,677 6,620,755 6,890,048 7,085,548 7,298,114
- Increase in Net Operating Assets (727,300) (117,600) (1,540,300) (845,300) (1,247,827) (1,322,872) (1,376,897) (1,404,701) (1,401,576) (1,363,670) (1,288,348) (1,174,504) (1,022,811) (835,864) (618,191) (636,737)
+/-Clean Surplus Plug (Ignore) (114,900) (211,300) (206,500) (1,197,700) 0 0 0 0 0 0 0 0 0 0 0 0
=Free Cash Flow to Investors 564,490 (320,774) 362,847 766,141 1,940,218 2,308,482 2,714,758 3,155,291 3,624,286 4,113,854 4,614,068 5,113,173 5,597,944 6,054,184 6,467,357 6,661,377
Computation based on SCF:
Cash From Operations 1,678,400 3,769,300 424,700 4,124,600 4,513,247 5,130,094 5,767,981 6,414,040 7,053,341 7,669,342 8,244,507 8,761,061 9,201,840 9,551,197 9,795,887 10,089,764
-Increase in Operating Cash 13,700 (1,196,800) 1,390,000 232,400 (246,195) (261,001) (271,660) (277,146) (276,530) (269,051) (254,190) (231,728) (201,800) (164,915) (121,968) (125,628)
+Cash from Investing (1,034,700) (2,681,300) (1,287,300) (2,443,000) (2,384,135) (2,626,289) (2,856,039) (3,065,145) (3,245,213) (3,388,137) (3,486,592) (3,534,527) (3,527,626) (3,463,685) (3,342,887) (3,443,174)
+Interest Expense 32,700 17,600 64,100 70,500 81,051 92,901 105,346 118,169 131,105 143,852 156,077 167,431 177,560 186,128 192,831 198,615
-Tax Shield on Interest (10,710) (18,274) (22,153) (20,659) (23,750) (27,223) (30,870) (34,627) (38,418) (42,153) (45,736) (49,062) (52,030) (54,541) (56,505) (58,200)
+/-Clean Surplus Plug (Ignore) (114,900) (211,300) (206,500) (1,197,700) 0 0 0 0 0 0 0 0 0 0 0 0
=Free Cash Flow to Investors 564,490 (320,774) 362,847 766,141 1,940,218 2,308,482 2,714,758 3,155,291 3,624,286 4,113,854 4,614,068 5,113,173 5,597,944 6,054,184 6,467,357 6,661,377
Financing Flows:
+Dividends on Common Stock 543,700 668,600 827,000 1,016,200 1,152,996 1,313,173 1,479,454 1,648,595 1,816,799 1,979,819 2,133,115 2,272,044 2,392,074 2,489,018 2,559,272 2,636,050
+Interest Expense 32,700 17,600 64,100 70,500 81,051 92,901 105,346 118,169 131,105 143,852 156,077 167,431 177,560 186,128 192,831 198,615
-Tax Shield on Interest (10,710) (18,274) (22,153) (20,659) (23,750) (27,223) (30,870) (34,627) (38,418) (42,153) (45,736) (49,062) (52,030) (54,541) (56,505) (58,200)
+Dividends on Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+Dividends Paid to Minority Interest (2,200) 3,900 0 1,800 1,881 2,164 2,463 2,773 3,088 3,401 3,704 3,989 4,247 4,470 4,649 4,788
-Net Issuance of Common Stock 1,100 (242,800) 242,800 (2,500) 1,086,699 1,307,695 1,554,122 1,824,130 2,114,563 2,420,890 2,737,212 3,056,355 3,370,077 3,669,359 3,944,795 4,063,139
-Net Issuance of Debt (100) (749,800) (748,900) (299,200) (358,659) (380,229) (395,757) (403,749) (402,850) (391,955) (370,306) (337,584) (293,983) (240,250) (177,685) (183,015)
-Net Issuance of Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
=Free Cash Flow to Investors 564,490 (320,774) 362,847 766,141 1,940,218 2,308,482 2,714,758 3,155,291 3,624,286 4,113,854 4,614,068 5,113,173 5,597,944 6,054,184 6,467,357 6,661,377
Traditional Computation of FCF:
EBIT 1,786,700 2,207,300 2,792,600 3,363,000 3,805,681 4,333,852 4,882,022 5,439,479 5,993,680 6,530,618 7,035,319 7,492,474 7,887,155 8,205,586 8,435,910 8,688,987
-Taxes on EBIT (685,110) 220,426 (1,114,153) (1,164,359) (1,321,410) (1,505,157) (1,695,947) (1,890,067) (2,083,166) (2,270,375) (2,446,487) (2,606,174) (2,744,231) (2,855,850) (2,936,883) (3,024,989)
+Increase in Deferred Taxes 10,600 (500) (3,200) 60,900 10,359 10,982 11,430 11,661 11,635 11,320 10,695 9,750 8,491 6,939 5,132 5,286
= NOPLAT 1,112,190 2,427,226 1,675,247 2,259,541 2,494,629 2,839,677 3,197,505 3,561,072 3,922,150 4,271,564 4,599,527 4,896,050 5,151,414 5,356,675 5,504,158 5,669,283
+Depreciation & Amortization 580,600 655,600 748,400 933,800 1,147,598 1,315,387 1,491,600 1,673,154 1,856,318 2,036,805 2,209,901 2,370,651 2,514,069 2,635,384 2,730,289 2,812,198
+Non-Operating Income (Loss) 305,100 (2,419,600) 431,200 610,500 703,774 802,658 905,580 1,010,580 1,115,347 1,217,281 1,313,584 1,401,377 1,477,832 1,540,312 1,586,521 1,634,117
+Other Income (Loss) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+Ext. Items & Disc. Ops. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
=Gross Cash Flow 1,997,890 663,226 2,854,847 3,803,841 4,346,002 4,957,722 5,594,685 6,244,807 6,893,816 7,525,650 8,123,012 8,668,078 9,143,315 9,532,370 9,820,969 10,115,598
-Increase in Working Capital (270,700) 1,895,700 (1,035,900) 430,800 (106,826) (113,251) (117,876) (120,256) (119,988) (116,743) (110,295) (100,549) (87,563) (71,558) (52,923) (54,511)
-Capital Expenditures (884,500) (1,197,200) (1,066,900) (1,503,100) (1,772,222) (1,977,576) (2,180,832) (2,376,304) (2,557,904) (2,719,417) (2,854,809) (2,958,571) (3,026,057) (3,053,792) (3,039,737) (3,130,929)
-Increase in Investments (96,600) 21,100 (278,500) 168,800 (101,524) (107,630) (112,026) (114,288) (114,034) (110,950) (104,821) (95,559) (83,217) (68,007) (50,297) (51,806)
-Purchases of Intangibles (109,300) (594,900) 8,000 (966,100) (320,203) (339,460) (353,324) (360,459) (359,657) (349,930) (330,601) (301,388) (262,462) (214,490) (158,633) (163,392)
-Increase in Other Assets 55,700 (910,300) 50,100 (142,600) (190,185) (201,622) (209,857) (214,094) (213,618) (207,841) (196,361) (179,009) (155,889) (127,396) (94,220) (97,047)
+Increase in Other Liabilities (13,100) 12,900 37,700 172,200 85,177 90,299 93,987 95,885 95,672 93,084 87,943 80,172 69,817 57,056 42,198 43,464
+/-Clean Surplus Plug (Ignore) (114,900) (211,300) (206,500) (1,197,700) 0 0 0 0 0 0 0 0 0 0 0 0
=Free Cash Flow to Investors 564,490 (320,774) 362,847 766,141 1,940,218 2,308,482 2,714,758 3,155,291 3,624,286 4,113,854 4,614,068 5,113,173 5,597,944 6,054,184 6,467,357 6,661,377
Analysis of Earnings Quality
(Red Shading = Quality Flag)
Current Op. Accruals/NOA 0.099 (0.853) 0.952 (0.036) (0.021) (0.020) (0.018) (0.016) (0.014) (0.013) (0.011) (0.009) (0.008) (0.006) (0.004) (0.004)
+ Non-Current Op. Accruals/NOA 0.159 0.554 0.198 0.233 0.174 0.160 0.146 0.132 0.118 0.104 0.090 0.076 0.062 0.048 0.034 0.034
= Operating Accruals/NOA 0.257 (0.298) 1.150 0.197 0.153 0.141 0.128 0.116 0.104 0.091 0.079 0.067 0.055 0.042 0.030 0.030
Sales Growth 0.135 0.120 0.106 0.165 0.153 0.141 0.128 0.116 0.104 0.091 0.079 0.067 0.055 0.042 0.030 0.030
- NOA Turnover Growth 0.108 (0.373) 0.943 0.027 0.000 0.000 (0.000) (0.000) 0.000 0.000 (0.000) 0.000 (0.000) 0.000 (0.000) 0.000
- Interaction 0.014 (0.045) 0.100 0.004 0.000 0.000 (0.000) (0.000) 0.000 0.000 (0.000) 0.000 (0.000) 0.000 (0.000) 0.000
= Operating Accruals/NOA 0.257 (0.298) 1.150 0.197 0.153 0.141 0.128 0.116 0.104 0.091 0.079 0.067 0.055 0.042 0.030 0.030
Fiscal Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Credit Analysis

Credit Analysis
Company Name Starbucks Corporation
Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Fiscal Year End Date 2007/10/01 2008/09/29 2009/09/28 2010/09/27 2011/09/26 2012/09/26 2013/09/26 2014/09/26 2015/09/26 2016/09/26 2017/09/26 2018/09/26 2019/09/26 2020/09/26 2021/09/26 2022/09/26 2023/09/26
Analysis of Leverage
- Long-Term Capital Structure
Debt to Equity Ratio 0.125 0.108 0.290 0.389 0.403 0.403 0.403 0.403 0.403 0.403 0.403 0.403 0.403 0.403 0.403 0.403 0.403
FFO to Total Debt 3.572 0.732 1.703 1.786 1.731 1.720 1.709 1.698 1.687 1.676 1.665 1.653 1.642 1.630 1.618 1.618
CFO to Total Debt 3.054 4.077 0.254 1.877 1.786 1.771 1.756 1.741 1.726 1.710 1.694 1.678 1.662 1.646 1.629 1.629
Analysis of Leverage
- Short-Term Liquidity
Current Ratio 1.828 1.900 1.017 1.372 1.191 1.191 1.191 1.191 1.191 1.191 1.191 1.191 1.191 1.191 1.191 1.191 1.191
Quick Ratio 1.174 1.142 0.706 0.814 0.638 0.638 0.638 0.638 0.638 0.638 0.638 0.638 0.638 0.638 0.638 0.638 0.638
EBIT Interest Coverage 78.185 54.639 125.415 43.566 47.702 46.954 46.650 46.343 46.031 45.717 45.398 45.076 44.750 44.420 44.086 43.748 43.748
EBITDA Interest Coverage 106.390 72.394 162.665 55.242 60.948 61.113 60.809 60.502 60.190 59.876 59.557 59.235 58.909 58.579 58.245 57.907 57.907
Analysis of Credit Risk
Net Income to Total Assets 0.170 0.168 0.001 0.192 0.222 0.218 0.218 0.218 0.217 0.217 0.217 0.216 0.216 0.216 0.215 0.215 0.215
implied default probability 2.0% 2.0% 5.5% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Total Liabilities to Total Assets 0.404 0.378 0.611 0.510 0.532 0.532 0.532 0.532 0.532 0.532 0.532 0.532 0.532 0.532 0.532 0.532 0.532
implied default probability 3.0% 2.5% 4.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%
Quick Ratio 1.174 1.142 0.706 0.814 0.638 0.638 0.638 0.638 0.638 0.638 0.638 0.638 0.638 0.638 0.638 0.638 0.638
implied default probability 4.0% 4.0% 5.0% 4.2% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
EBIT to Interest Expense 78.18 54.64 125.41 43.57 47.70 46.95 46.65 46.34 46.03 45.72 45.40 45.08 44.75 44.42 44.09 43.75 43.75
implied default probability 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
Inventory Holding Period 41.55 46.71 38.14 34.75 36.24 36.24 36.24 36.24 36.24 36.24 36.24 36.24 36.24 36.24 36.24 36.24 36.24
implied default probability 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2%
Annual Sales Growth 0.0% 13.5% 12.0% 10.6% 16.5% 15.3% 14.1% 12.8% 11.6% 10.4% 9.1% 7.9% 6.7% 5.5% 4.2% 3.0% 3.0%
implied default probability 4.2% 3.0% 3.0% 3.0% 3.2% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
Average Implied Default Probability 3.1% 2.8% 3.9% 3.0% 3.2% 3.1% 3.1% 3.1% 3.1% 3.1% 3.1% 3.1% 3.1% 3.1% 3.2% 3.2% 3.2%
Fiscal Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Lookup Table of default probability decile 1 min decile 2 min decile 3 min decile 4 min decile 5 min decile 6 min decile 7 min decile 8 min decile 9 min decile 10
NI to TA thresholds -0.448 -0.161 -0.049 0.001 0.022 0.038 0.056 0.079 0.118
NI to TA default rates 0.083 0.08 0.072 0.055 0.045 0.030 0.025 0.020 0.020 0.020
TL to TA thresholds 0.175 0.283 0.385 0.476 0.558 0.633 0.709 0.816 1.030
TL to TA default rates 0.02 0.022 0.025 0.030 0.035 0.045 0.055 0.070 0.090 0.100
Quick Ratio thresholds 0.382 0.522 0.809 0.994 1.200 1.470 1.890 2.530 4.550
Quick Ratio default rates 0.09 0.065 0.05 0.042 0.040 0.035 0.025 0.020 0.015 0.010
EBIT to Int thresholds -17.4 -3.6 -0.139 1.25 2.210 3.380 5.210 9.160 23.800
EBIT to Int default rates 0.075 0.09 0.085 0.070 0.050 0.030 0.021 0.018 0.015 0.010
Inv Holding thresholds 0.365 2.56 14.24 31.39 50 70.080 91.980 121.540 174.470
Inv Holding default rates 0.03 0.035 0.039 0.040 0.042 0.045 0.049 0.055 0.060 0.070
Sales Growth thresholds -0.203 -0.063 0.003 0.05 0.098 0.158 0.244 0.398 0.797
Sales Growth default rates 0.069 0.055 0.042 0.032 0.030 0.030 0.032 0.042 0.050 0.065

Forecasting Assumptions

Forecasting Assumptions
Company Name Starbucks Corporation
TERMINAL
Estimated Price/Share=$47.53 YEAR
Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Fiscal Year End Date 2007/10/01 2008/09/29 2009/09/28 2010/09/27 2011/09/26 2012/09/26 2013/09/26 2014/09/26 2015/09/26 2016/09/26 2017/09/26 2018/09/26 2019/09/26 2020/09/26 2021/09/26 2022/09/26 2023/09/26
Implied Return on Equity 0.292 0.002 0.424 0.497 0.500 0.496 0.493 0.490 0.487 0.483 0.480 0.477 0.473 0.470 0.466 0.466
Income Statement Assumptions
Sales Growth 13.5% 12.0% 10.6% 16.5% 15.3% 14.1% 12.8% 11.6% 10.4% 9.1% 7.9% 6.7% 5.5% 4.2% 3.0% 3.0%
Cost of Goods Sold/Sales 72.5% 73.1% 71.5% 69.7% 68.7% 68.7% 68.7% 68.7% 68.7% 68.7% 68.7% 68.7% 68.7% 68.7% 68.7% 68.7% 68.7%
R&D/Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
SG&A/Sales 9.8% 9.1% 9.2% 8.8% 8.9% 8.9% 8.9% 8.9% 8.9% 8.9% 8.9% 8.9% 8.9% 8.9% 8.9% 8.9% 8.9%
Dep&Amort/Avge PP&E and Intang. 19.4% 17.4% 16.7% 17.2% 17.2% 17.2% 17.2% 17.2% 17.2% 17.2% 17.2% 17.2% 17.2% 17.2% 17.2% 17.2%
Net Interest Expense/Avge Net Debt 6.0% 1.9% 3.8% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2%
Non-Operating Income/Sales 2.6% 2.3% -16.3% 2.6% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2%
Effective Tax Rate 31.1% 32.8% 103.8% 34.6% 29.3% 29.3% 29.3% 29.3% 29.3% 29.3% 29.3% 29.3% 29.3% 29.3% 29.3% 29.3% 29.3%
Minority Interest/After Tax Income 0.2% 0.1% 5.7% -0.0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
Other Income/Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Ext. Items & Disc. Ops./Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Pref. Dividends/Avge Pref. Stock 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Balance Sheet Assumptions
Working Capital Assumptions
Ending Operating Cash/Sales 17.5% 15.3% 21.8% 11.2% 8.4% 8.4% 8.4% 8.4% 8.4% 8.4% 8.4% 8.4% 8.4% 8.4% 8.4% 8.4% 8.4%
Ending Receivables/Sales 3.3% 3.7% 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 3.8%
Ending Inventories/COGS 11.4% 12.8% 10.4% 9.5% 9.9% 9.9% 9.9% 9.9% 9.9% 9.9% 9.9% 9.9% 9.9% 9.9% 9.9% 9.9% 9.9%
Ending Other Current Assets/Sales 3.3% 3.3% 3.8% 3.7% 3.7% 3.7% 3.7% 3.7% 3.7% 3.7% 3.7% 3.7% 3.7% 3.7% 3.7% 3.7% 3.7%
Ending Accounts Payable/COGS 6.4% 4.1% 4.6% 4.7% 5.2% 5.2% 5.2% 5.2% 5.2% 5.2% 5.2% 5.2% 5.2% 5.2% 5.2% 5.2% 5.2%
Ending Taxes Payable/Sales 0.9% 1.0% 0.8% 1.7% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4%
Ending Other Current Liabs/Sales 12.2% 12.6% 32.0% 13.6% 14.1% 14.1% 14.1% 14.1% 14.1% 14.1% 14.1% 14.1% 14.1% 14.1% 14.1% 14.1% 14.1%
Other Operating Asset Assumptions
Ending Net PP&E/Sales 20.1% 20.0% 21.5% 21.4% 21.3% 21.3% 21.3% 21.3% 21.3% 21.3% 21.3% 21.3% 21.3% 21.3% 21.3% 21.3% 21.3%
Ending Investments/Sales 4.1% 4.3% 3.7% 5.1% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%
Ending Intangibles/Sales 3.7% 4.1% 7.7% 6.9% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9%
Ending Other Assets/Sales 2.5% 1.8% 7.8% 6.7% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5%
Other Operating Liability Assumptions
Other Liabilities/Sales 3.0% 2.5% 2.3% 2.3% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9%
Deferred Taxes/Sales 0.0% 0.1% 0.1% 0.0% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4%
Financing Assumptions
Current Debt/Total Assets 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Long-Term Debt/Total Assets 7.5% 6.7% 11.3% 19.0% 18.9% 18.9% 18.9% 18.9% 18.9% 18.9% 18.9% 18.9% 18.9% 18.9% 18.9% 18.9% 18.9%
Minority Interest/Total Assets 0.0% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock/Total Assets 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Dividend Payout Ratio 0.0% 39.3% 8055.4% 40.0% 36.9% 36.9% 36.9% 36.9% 36.9% 36.9% 36.9% 36.9% 36.9% 36.9% 36.9% 36.9% 36.9%

Valuation Parameters

Valuation Parameters
Estimated Price/Share=$47.53
Company Name: Starbucks Corporation
Required Valuation Parameters (to compute value of common equity):
Enter Cost of Equity Capital: 10.00%
Enter Value of Contingent Claims on Common Equity ($000): 0
Enter Date of Valuation: 2013/01/20
Enter Dilution Factor for Splits Occurring Since Latest Fiscal Year End: 1.00
Optional Valuation Parameters (to compute value to all investors):
Enter Cost of Net Debt: 8.00%
Enter Cost of Preferred Stock: 9.00%
Enter Cost of Minority Interest: 10.00%
Adjust the Weighted Average Cost of Capital Input 9.3720% up
such that the two equity values below are approximately equal:
Equity Value computed directly Equity Value computed indirectly approximate weighted average
from flows to equityholders: as the Entity Value less non-equity claims: cost of capital to use as starting point:
47.53 52.39 10.11%

Residual Income Valuations

Residual Income Valuation ($000)
Company Name Starbucks Corporation
Most Recent Fiscal Year End 9/26/11
Date of Valuation 1/20/13
Cost of Common Equity 10.00%
Teriminal Growth Rate 3.00%
Fiscal Year of Forecast 2012/09/26 2013/09/26 2014/09/26 2015/09/26 2016/09/26 2017/09/26 2018/09/26 2019/09/26 2020/09/26 2021/09/26 2022/09/26 2023/09/26
(6,113,812)
Valuation to Common Equity
Net Income 3,128,589 3,563,220 4,014,413 4,473,368 4,929,778 5,372,123 5,788,085 6,165,061 6,490,753 6,753,807 6,944,438 7,152,771
Common Equity at Beginning of Year 5,818,000 6,706,893 7,649,245 8,630,081 9,630,724 10,629,141 11,600,556 12,518,314 13,354,975 14,083,578 14,679,008 15,119,378
Residual Income 2,546,789 2,892,531 3,249,488 3,610,360 3,966,706 4,309,209 4,628,030 4,913,229 5,155,256 5,345,450 5,476,537 5,640,833
Present Value of Residual Income 2,315,262 2,390,521 2,441,389 2,465,924 2,463,012 2,432,436 2,374,911 2,292,058 2,186,332 2,060,902 1,919,493 1,797,343
Present Value Beyond 10 Years 30,163,457
Present Value of First 10 Years 23,422,748
Common Equity as of
9/26/11 5,818,000
Forecast Equity Value Before Time Adj. 59,404,204
Forecasted Value as of Valuation Date 70,587,046
Less Value of Contingent Equity Claims 0
Value Attributable to Common Equity 70,587,046
Common Shares Outstanding at BS Date 1,485,100
Equivalent Shares at Valuation Date 1,485,100
Forecast Price/Share $47.53
Valuation to All Investors
Cost of Debt 8.00%
Cost of Preferred Stock 9.00%
Cost of Minority Interest 10.00%
After Tax Weighted Average Cost of Capital 9.37%
Net Interest Expense to Net Debtholders 81,051 92,901 105,346 118,169 131,105 143,852 156,077 167,431 177,560 186,128 192,831 198,615
Beginning Book Value of Debt 2,347,500 2,706,159 3,086,387 3,482,144 3,885,893 4,288,743 4,680,699 5,051,004 5,388,588 5,682,571 5,922,821 6,100,505
Residual Interest Expense (106,749) (123,592) (141,565) (160,403) (179,766) (199,247) (218,378) (236,650) (253,527) (268,478) (280,995) (289,425)
Present Value of Residual Interest Income (98,842) (105,960) (112,379) (117,901) (122,346) (125,560) (127,422) (127,855) (126,827) (124,357) (120,514) (114,935)
Value of Debt (1,445,049)
Dividends to Preferred Stockholders 0 0 0 0 0 0 0 0 0 0 0 0
Beginning Book Value of Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0
Residual Income to Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0
Present Value of Preferred Residual Income 0 0 0 0 0 0 0 0 0 0 0 0
Value of Preferred Stock 0
Minority Interest in Earnings 2,156 2,455 2,766 3,082 3,397 3,702 3,988 4,248 4,472 4,654 4,785 4,929
Beginning Book Value of Minority Interest 1,800 2,075 2,367 2,670 2,980 3,288 3,589 3,873 4,132 4,357 4,541 4,678
Residual Income to Minority Interest 1,976 2,248 2,529 2,815 3,099 3,373 3,629 3,861 4,059 4,218 4,331 4,461
Present Value of MI Residual Income 1,796 1,858 1,900 1,923 1,924 1,904 1,862 1,801 1,722 1,626 1,518 1,421
Value of Minority Interest 43,970
Net Operating Income 3,188,045 3,631,353 4,091,655 4,559,992 5,025,862 5,477,524 5,902,415 6,287,677 6,620,755 6,890,048 7,085,548 7,298,114
Beginning Net Operating Assets 8,167,300 9,415,127 10,737,999 12,114,896 13,519,597 14,921,173 16,284,843 17,573,191 18,747,695 19,770,507 20,606,370 21,224,562
Residual Income to all Investors 2,422,605 2,748,968 3,085,290 3,424,584 3,758,806 4,079,112 4,376,200 4,640,717 4,863,721 5,037,156 5,154,319 5,308,948
Present Value of Residual Investor Income 2,215,014 2,298,039 2,358,183 2,393,223 2,401,702 2,383,026 2,337,513 2,266,396 2,171,767 2,056,477 1,923,993 1,811,902
Entity Value 64,072,967
Less Value of Debt 1,445,049
Less Value of Preferred Stock 0
Less Value of Minority Interest (43,970)
Forecast Equity Value Before Time Adj. 65,474,046
Forecasted Value as of Valuation Date 77,799,535
Less Value of Contingent Equity Claims 0
Value Attributable to Common Equity 77,799,535
Common Shares Outstanding at BS Date 1,485,100
Equivalent Shares at Valuation Date 1,485,100
Forecast Price/Share $52.39

DCF Valuations

DCF Valuations ($000)
Company Name Starbucks Corporation
Most Recent Fiscal Year End 9/26/11
Date of Valuation 1/20/13
Cost of Common Equity 10.00%
Terminal Growth Rate 3.00%
Fiscal Year of Forecast 2012/09/26 2013/09/26 2014/09/26 2015/09/26 2016/09/26 2017/09/26 2018/09/26 2019/09/26 2020/09/26 2021/09/26 2022/09/26 2023/09/26
-6113812.2149
Valuation to Common Equity
Free Cash Flow to Common Equity 2,239,696 2,620,868 3,033,576 3,472,725 3,931,361 4,400,709 4,870,327 5,328,399 5,762,151 6,158,377 6,504,067 6,699,189
Present Value of FCF 2,036,087 2,166,007 2,279,170 2,371,918 2,441,066 2,484,085 2,499,248 2,485,738 2,443,714 2,374,321 2,279,636 2,134,568
Present Value Beyond 10 Years 35,822,850
Present Value of First 10 Years 23,581,354
Forecast Equity Value Before Time Adj. 59,404,204
Forecasted Value as of Valuation Date 70,587,046
Less Value of Contingent Equity Claims 0
Value Attributable to Common Equity 70,587,046
Common Shares Outstanding at BS Date 1,485,100
Equivalent Shares at Valuation Date 1,485,100
Forecast Price/Share $47.53
Valuation to All Investors
Cost of Net Debt 8.00%
Cost of Preferred Stock 9.00%
Cost of Minority Interest 10.00%
After Tax Weighted Average Cost of Capital 9.37%
Free Cash Flow to Debt (277,608) (287,328) (290,411) (285,580) (271,745) (248,103) (214,228) (170,153) (116,424) (54,122) 15,146 15,600
Present Value of FCF to Debt (257,044) (246,337) (230,537) (209,910) (184,945) (156,347) (125,000) (91,928) (58,241) (25,069) 6,496 6,195
Value of Debt (1,445,049)
Free Cash Flow to Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0
Present Value of FCF to Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0
Value of Preferred Stock 0
Free Cash Flow to Minority Interest 1,881 2,164 2,463 2,773 3,088 3,401 3,704 3,989 4,247 4,470 4,649 4,788
Present Value of FCF to Minority Interest 1,710 1,788 1,850 1,894 1,917 1,920 1,901 1,861 1,801 1,723 1,629 1,526
Value of Minority Interest 43,970
Free Cash Flows to Investors 1,940,218 2,308,482 2,714,758 3,155,291 3,624,286 4,113,854 4,614,068 5,113,173 5,597,944 6,054,184 6,467,357 6,661,377
Present Value of FCF to Investors 1,773,962 1,929,808 2,074,974 2,205,031 2,315,750 2,403,322 2,464,568 2,497,131 2,499,615 2,471,690 2,414,121 2,273,475
Entity Value 64,072,967
Less Value of Net Debt 1,445,049
Less Value of Preferred Stock 0
Less Value of Minority Interest (43,970)
Forecast Equity Value Before Time Adj. 65,474,046
Forecasted Value as of Valuation Date 77,799,535
Less Value of Contingent Equity Claims 0
Value Attributable to Common Equity 77,799,535
Common Shares Outstanding at BS Date 1,485,100
Equivalent Shares at Valuation Date 1,485,100
Forecast Price/Share $52.39

EPS Forecaster

EPS Forecaster ($000, except per share amounts)
Company Name Starbucks Corporation
Common Shares Outstanding at BS Date 1,485,100
Equivalent Shares at Valuation Date 1,485,100
Forecasted Price at Valuation Date $47.53
Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Fiscal Year of Forecast 2012/09/26 2013/09/26 2014/09/26 2015/09/26 2016/09/26 2017/09/26 2018/09/26 2019/09/26 2020/09/26 2021/09/26 2022/09/26 2023/09/26
Net Income 3,128,589 3,563,220 4,014,413 4,473,368 4,929,778 5,372,123 5,788,085 6,165,061 6,490,753 6,753,807 6,944,438 7,152,771
Common Equity Issued (Repurchased) (1,086,699) (1,307,695) (1,554,122) (1,824,130) (2,114,563) (2,420,890) (2,737,212) (3,056,355) (3,370,077) (3,669,359) (3,944,795) (4,063,139)
Forecasted Price at Year End $46.27 $50.00 $53.97 $58.19 $62.69 $67.49 $72.60 $78.07 $83.93 $90.23 $97.02 $104.34
New Shares Issued (Repurchased) (23,486) (26,154) (28,797) (31,346) (33,729) (35,873) (37,702) (39,150) (40,154) (40,668) (40,659) (38,940)
Shares Outstanding at End of Year 1,461,614 1,435,460 1,406,664 1,375,318 1,341,588 1,305,716 1,268,013 1,228,864 1,188,710 1,148,042 1,107,383 1,068,443
Forecast EPS $2.12 $2.46 $2.82 $3.22 $3.63 $4.06 $4.50 $4.94 $5.37 $5.78 $6.16 $6.57
Consensus Analyst Forecast of EPS
Forecast Five Year Growth Rate in EPS 14%
Consensus Analyst Forecast of Growth Rate
To obtain analyst forecasts, click here
Although not a necessary input for eVal, we recommend that you find the analyst forecasts for your company and store them in the yellow-shaded cells for comparison purposes.

Model Summary

Model Summary
Historical Data For:
Starbucks Corporation
Most Recent Fiscal Year End: 2011/09/26
Average ROE (last five years) 30.37%
Sales Growth (last five years) 13.13%
Forecast Data:
Forecast Horizon 10 years
This Year's ROE 49.96%
Terminal Year's ROE 46.61%
This Year's Sales Growth 15.28%
Terminal Year's Sales Growth 3.00%
This Year's Forecast EPS $2.12
Forecast 5 Year EPS Growth 13.83%
Valuation Data:
Cost of Equity Capital 10.00%
Valuation Date 2013/01/20
Estimated Price/Share $47.53
Estimated Price/Earnings Ratio 22.38
Estimated Market/Book Ratio 12.13

Case Data

Cut-and-Paste the yellow block of case data into the Raw Data Input section on the lower part of the eVal financial statements
America Online Amazon.com Four Models Intel Cabelas
Netflix Overstock Royal Caribbean Carnival Sporting Goods Industry
Salton City Screens Country Cinema Sirius Verizon
Nordstrom Ross Stores Kohls Apple IBM
Company Name and Ticker AMERICA ONLINE INC AOL
Common Shares Outstanding (000) 2,255,000
Fiscal Year End (YYYY-MM-DD) 1991/06/29 1992/06/29 1993/06/29 1994/06/29 1995/06/29
Sales (Net) 394,290 1,094,000 2,197,000 3,091,000 4,777,000
Cost of Goods Sold (229,724) (654,000) (1,770,000) (2,434,000) (3,465,000)
R&D Expense (64,598) (75,000) (204,000) (333,000) (286,000)
SG&A Expense (119,764) (293,000) (605,000) (328,000) (408,000)
Depreciation & Amortization (1,653) (7,000) (6,000) (24,000) (65,000)
Interest Expense 0 0 0 0 0
Non-Operating Income (Loss) 867 (3,000) (87,000) (62,000) 543,000
Income Taxes (15,169) (32,000) (10,000) 16,000 (334,000)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 64,549 129,133 124,000 823,000 1,424,000
Receivables 32,176 42,939 65,000 192,000 323,000
Inventories 0 0 0 0 0
Other Current Assets 36,908 98,506 134,000 248,000 232,000
PP&E (Net) 70,919 101,277 233,000 503,000 657,000
Investments 0 0 81,000 531,000 2,151,000
Intangibles 59,935 56,638 59,000 472,000 454,000
Other Assets 140,926 530,261 137,000 105,000 107,000
Current Debt 2,329 2,435 0 0 0
Accounts Payable 84,640 105,904 68,000 120,000 74,000
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 46,393 181,567 485,000 1,035,000 1,651,000
Long-Term Debt 17,369 19,306 50,000 372,000 348,000
Other Liabilities 2,243 1,168 4,000 7,000 15,000
Deferred Taxes 35,627 135,872 86,000 344,000 227,000
Minority Interest 0 0 0 0 0
Preferred Stock 0 1 0 0 0
Paid in Common Capital (Net) 253,435 520,268 647,000 1,586,000 2,882,000
Retained Earnings (36,623) (7,767) (507,000) (590,000) 151,000
-Common Dividends 0 0 0 0
Company Name and Ticker AMAZON.COM INC AMZN back to top
Common Shares Outstanding (000) 357,140
Fiscal Year End (YYYY-MM-DD) 1992/12/30 1993/12/30 1994/12/30 1995/12/30 1996/12/30
Sales (Net) 15,746 147,787 609,819 1,639,839 2,761,983
Cost of Goods Sold (12,287) (118,969) (476,155) (1,349,194) (2,106,206)
R&D Expense (2,401) 0 0 0 0
SG&A Expense (7,501) (60,202) (194,696) (643,016) (972,777)
Depreciation & Amortization 0 0 (42,599) (214,694) (321,772)
Interest Expense (5) (326) (26,639) (84,566) (130,921)
Non-Operating Income (Loss) 202 690 8,629 8,432 (336,984)
Income Taxes 0 0 0 0 0
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 (2,905) (76,769) (304,596)
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 6,248 125,375 373,445 706,188 1,100,522
Receivables 0 0 0 0 0
Inventories 571 8,971 29,501 220,646 174,563
Other Current Assets 321 3,363 21,308 79,643 86,044
PP&E (Net) 985 9,726 29,791 317,613 366,416
Investments 0 0 7,740 371,462 92,250
Intangibles 0 0 178,638 730,144 255,325
Other Assets 146 2,409 8,037 40,154 60,049
Current Debt 0 1,500 808 14,322 16,577
Accounts Payable 2,852 33,027 113,273 463,026 485,383
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 2,018 10,024 47,494 255,886 472,996
Long-Term Debt 0 76,521 348,140 1,466,338 2,127,464
Other Liabilities 0 181 0 0 0
Deferred Taxes 0 0 0 0 0
Minority Interest 0 0 0 0 0
Preferred Stock 6 0 0 0 0
Paid in Common Capital (Net) 9,420 66,105 300,805 1,148,306 1,326,050
Retained Earnings (6,025) (37,514) (162,060) (882,028) (2,293,301)
-Common Dividends 0 0 0 0
Company Name and Ticker FOUR MODELS FOUR back to top
Common Shares Outstanding (000) 1,000
Fiscal Year End (YYYY-MM-DD) 1992/12/30 1993/12/30 1994/12/30 1995/12/30 1996/12/30
Sales (Net) 20,000 20,000 20,000 20,000 20,000
Cost of Goods Sold (12,000) (12,000) (12,000) (12,000) (12,000)
R&D Expense 0 0 0 0 0
SG&A Expense 0 0 0 0 0
Depreciation & Amortization (2,000) (2,000) (2,000) (2,000) (2,000)
Interest Expense (1,000) (1,000) (1,000) (1,000) (1,000)
Non-Operating Income (Loss) 0 0 0 0 0
Income Taxes (2,000) (2,000) (2,000) (2,000) (2,000)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 1,000 1,000 1,000 1,000 1,000
Receivables 0 0 0 0 0
Inventories 0 0 0 0 0
Other Current Assets 0 0 0 0 0
PP&E (Net) 20,000 20,000 20,000 20,000 20,000
Investments 0 0 0 0 0
Intangibles 0 0 0 0 0
Other Assets 0 0 0 0 0
Current Debt 0 0 0 0 0
Accounts Payable 0 0 0 0 0
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 0 0 0 0 0
Long-Term Debt 10,000 10,000 10,000 10,000 10,000
Other Liabilities 0 0 0 0 0
Deferred Taxes 0 0 0 0 0
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 10,000 10,000 10,000 10,000 10,000
Retained Earnings 1,000 1,000 1,000 1,000 1,000
-Common Dividends 0 0 0 0
Company Name and Ticker INTEL CORP INTC back to top
Common Shares Outstanding (000) 6,668,000
Fiscal Year End (YYYY-MM-DD) 1991/12/30 1992/12/30 1993/12/30 1994/12/30 1995/12/30
Sales (Net) 16,202,000 20,847,000 25,070,000 26,273,000 29,389,000
Cost of Goods Sold (7,811,000) (9,164,000) (9,945,000) (12,144,000) (11,836,000)
R&D Expense (1,296,000) (1,808,000) (2,347,000) (2,674,000) (3,503,000)
SG&A Expense (1,843,000) (2,322,000) (2,891,000) (3,076,000) (3,872,000)
Depreciation & Amortization 0 0 0 0 (411,000)
Interest Expense (29,000) (25,000) (27,000) (34,000) (36,000)
Non-Operating Income (Loss) 415,000 406,000 799,000 792,000 1,497,000
Income Taxes (2,072,000) (2,777,000) (3,714,000) (3,069,000) (3,914,000)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 2,458,000 7,907,000 9,732,000 7,310,000 11,400,000
Receivables 3,116,000 3,723,000 3,438,000 3,527,000 3,700,000
Inventories 2,004,000 1,293,000 1,697,000 1,582,000 1,478,000
Other Current Assets 519,000 761,000 1,000,000 1,056,000 1,241,000
PP&E (Net) 7,471,000 8,487,000 10,666,000 11,609,000 11,715,000
Investments 1,653,000 1,353,000 1,839,000 5,365,000 7,911,000
Intangibles 0 0 0 111,000 4,934,000
Other Assets 283,000 211,000 508,000 911,000 1,470,000
Current Debt 346,000 389,000 322,000 159,000 230,000
Accounts Payable 864,000 969,000 1,407,000 1,244,000 1,370,000
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 2,409,000 3,505,000 4,291,000 4,401,000 5,499,000
Long-Term Debt 400,000 728,000 448,000 702,000 955,000
Other Liabilities 0 0 0 0 0
Deferred Taxes 620,000 997,000 1,076,000 1,387,000 3,130,000
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 3,308,000 3,172,000 5,352,000 5,626,000 11,237,000
Retained Earnings 9,557,000 13,975,000 15,984,000 17,952,000 21,428,000
-Common Dividends (147,780) (188,848) (165,750) (366,740)
Company Name and Ticker NETFLIX INC NFLX back to top
Common Shares Outstanding 52,732
Fiscal Year End (YYYY-MM-DD) 1996/12/30 1997/12/30 1998/12/30 1999/12/30 2000/12/30
Sales (Net) 0 75,912 152,806 272,243 506,228
Cost of Goods Sold 0 (20,110) (51,659) (97,369) (188,254)
R&D Expense 0 (17,734) (14,625) (17,884) (22,906)
SG&A Expense 0 (44,827) (71,717) (101,527) (187,510)
Depreciation & Amortization 0 (29,797) (26,477) (50,991) (88,204)
Interest Expense 0 (1,852) (11,972) (417) (170)
Non-Operating Income (Loss) 0 (210) 1,697 2,457 2,592
Income Taxes 0 0 0 0 (181)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 0 16,131 103,610 135,191 174,461
Receivables 0 0 0 0 0
Inventories 0 0 0 0 0
Other Current Assets 0 3,421 3,465 3,755 12,885
PP&E (Net) 0 11,838 15,592 9,772 18,728
Investments 0 0 0 0 0
Intangibles 0 7,917 6,094 2,948 961
Other Assets 0 2,323 1,769 24,346 44,758
Current Debt 0 3,012 1,231 416 68
Accounts Payable 0 13,715 20,350 32,654 49,775
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 0 9,481 18,845 29,949 45,067
Long-Term Debt 0 3,856 460 44 0
Other Liabilities 0 240 288 241 600
Deferred Taxes 0 0 0 0 0
Minority Interest 0 101,830 0 0 0
Preferred Stock 0 6 0 0 0
Paid in Common Capital (Net) 0 46,756 248,569 266,001 287,981
Retained Earnings 0 (137,266) (159,213) (153,293) (131,698)
-Common Dividends 0 0 0 0
Company Name and Ticker OVERSTOCK.COM INC OSTK back to top
Common Shares Outstanding (000) 16,025
Fiscal Year End (YYYY-MM-DD) 1997/12/30 1998/12/30 1999/12/30
Sales (Net) 40,003 91,784 238,945
Cost of Goods Sold (32,536) (70,953) (211,077)
R&D Expense 0 0 0
SG&A Expense (15,225) (19,494) (37,084)
Depreciation & Amortization (5,809) (5,391) (3,171)
Interest Expense (729) (465) (76)
Non-Operating Income (Loss) 490 (41) 576
Income Taxes 0 0 0
Minority Interest in Earnings 0 0 0
Other Income (Loss) 0 0 0
Ext. Items & Disc. Ops. 0 0 0
Preferred Dividends 0 (7,013) (262)
Operating Cash and Market. Sec. 3,729 32,662 40,346
Receivables 1,565 6,994 10,183
Inventories 7,586 13,954 29,926
Other Current Assets 476 2,333 4,583
PP&E (Net) 5,018 4,945 9,483
Investments 0 0 0
Intangibles 0 2,784 2,784
Other Assets 3,340 284 427
Current Debt 4,512 124 75
Accounts Payable 3,680 13,731 30,363
Income Taxes Payable 0 0 0
Other Current Liabilities 2,093 6,409 9,316
Long-Term Debt 165 58 86
Other Liabilities 0 0 0
Deferred Taxes 0 0 0
Minority Interest 5,284 0 0
Preferred Stock 0 4,363 2,978
Paid in Common Capital (Net) 50,073 94,937 122,729
Retained Earnings (44,093) (55,666) (67,815)
-Common Dividends 0 (7,013) (262)
Company Name and Ticker ROYAL CARIBBEAN CRUISES LTD RCL back to top
Common Shares Outstanding 168,591
Fiscal Year End (YYYY-MM-DD) 1990/12/30 1991/12/30 1992/12/30 1993/12/30 1994/12/30
Sales (Net) 1,171,423 1,183,952 1,357,325 1,939,007 2,636,291
Cost of Goods Sold (728,760) (742,467) (854,478) (1,219,268) (1,593,728)
R&D Expense 0 0 0 0 0
SG&A Expense (179,051) (177,481) (194,629) (272,368) (359,214)
Depreciation & Amortization (77,892) (80,071) (91,185) (143,816) (194,614)
Interest Expense (43,349) (54,844) (76,540) (128,531) (167,869)
Non-Operating Income (Loss) (46) 19,869 10,373 7,661 9,904
Income Taxes 0 0 0 0 0
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. (6) 0 0 (7,558) 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 23,920 31,256 40,419 110,793 172,921
Receivables 9,424 12,171 15,535 22,628 36,532
Inventories 13,555 16,830 22,665 37,274 31,834
Other Current Assets 71,233 27,563 33,745 40,450 45,044
PP&E (Net) 1,384,814 1,758,446 2,378,934 4,785,291 5,073,008
Investments 0 0 0 0 0
Intangibles 351,456 341,041 330,628 320,214 309,801
Other Assets 10,602 15,936 20,373 23,098 16,936
Current Debt 0 6,234 13,061 141,013 127,919
Accounts Payable 63,181 71,528 69,091 108,474 115,833
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 209,094 230,935 321,307 639,857 646,403
Long-Term Debt 747,107 929,458 1,353,906 2,431,683 2,341,163
Other Liabilities 0 0 0 0 0
Deferred Taxes 0 0 0 0 0
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 172,500 172,500
Paid in Common Capital (Net) 545,061 546,058 549,422 1,185,566 1,358,567
Retained Earnings 300,561 419,030 535,512 660,655 923,691
-Common Dividends (30,489) (34,384) (49,984) (67,734)
Company Name and Ticker CARNIVAL CORP CCL back to top
Common Shares Outstanding (000) 595,448
Fiscal Year End (YYYY-MM-DD) 1990/11/29 1991/11/29 1992/11/29 1993/11/29 1994/11/29
Sales (Net) 1,806,016 1,998,150 2,212,572 2,447,468 3,009,306
Cost of Goods Sold (1,028,475) (1,131,113) (1,241,269) (1,322,669) (1,619,377)
R&D Expense 0 0 0 0 0
SG&A Expense (223,272) (248,566) (274,855) (296,533) (369,469)
Depreciation & Amortization (110,595) (128,433) (144,987) (167,287) (200,668)
Interest Expense (51,378) (63,080) (64,092) (55,898) (57,772)
Non-Operating Income (Loss) (478) 33,507 87,978 67,202 88,782
Income Taxes 10,053 (9,374) (9,045) (6,233) (3,815)
Minority Interest in Earnings 0 0 0 0 (11,102)
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 124,220 103,760 124,115 149,727 143,229
Receivables 20,789 33,080 38,109 57,090 60,837
Inventories 45,122 48,820 53,281 54,970 75,449
Other Current Assets 50,318 70,718 75,428 74,238 90,764
PP&E (Net) 3,071,431 3,414,823 4,099,038 4,327,413 5,768,114
Investments 47,514 51,794 430,330 479,329 546,693
Intangibles 233,553 226,571 219,589 212,607 437,464
Other Assets 76,876 155,921 61,998 71,401 56,773
Current Debt 84,644 72,752 66,369 59,620 67,626
Accounts Payable 86,750 90,237 84,748 106,783 168,546
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 393,563 431,721 511,625 619,739 898,941
Long-Term Debt 1,046,904 1,035,031 1,277,529 1,015,294 1,563,014
Other Liabilities 129,028 130,873 39,103 0 0
Deferred Taxes 0 0 91,630 20,241 63,036
Minority Interest 0 0 0 0 132,684
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 538,345 592,733 823,103 873,885 905,848
Retained Earnings 1,390,589 1,752,140 2,207,781 2,731,213 3,379,628
-Common Dividends (85,098) (103,877) (130,456) (178,458)
Company Name and Ticker SALTON INC SFP back to top
Common Shares Outstanding (000) 11,352
Fiscal Year End (YYYY-MM-DD) 1992/06/28 1993/06/28 1994/06/27 1995/06/25 1996/06/30
Sales (Net) 99,202 182,806 305,599 506,116 837,302
Cost of Goods Sold (72,780) (129,399) (191,703) (307,147) (504,889)
R&D Expense 0 0 0 0 0
SG&A Expense (21,343) (42,944) (84,216) (129,588) (156,749)
Depreciation & Amortization 0 0 0 0 0
Interest Expense (3,934) (4,063) (5,333) (15,518) (28,761)
Non-Operating Income (Loss) 0 0 7,839 0 0
Income Taxes 3,450 (2,001) (12,205) (19,320) (55,087)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 4 2,613 661 11,240 7,606
Receivables 15,871 25,647 43,225 96,179 129,850
Inventories 28,288 41,968 76,506 144,124 219,230
Other Current Assets 3,883 6,556 7,545 9,484 13,859
PP&E (Net) 6,232 8,316 8,315 24,651 34,643
Investments 0 12,157 0 0 0
Intangibles 3,671 4,880 5,145 42,638 159,088
Other Assets 1,532 206 0 0 0
Current Debt 24,512 38,477 50,475 32,229 112,155
Accounts Payable 10,057 17,361 18,960 40,997 35,113
Income Taxes Payable 0 0 6,499 0 4,578
Other Current Liabilities 1,233 2,950 7,235 21,865 21,028
Long-Term Debt 3,754 4,933 0 182,329 215,065
Other Liabilities 0 0 0 0 0
Deferred Taxes 0 0 517 157 2,529
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 29,358 43,656 42,764 1,249 32,502
Retained Earnings (9,433) (5,034) 14,947 49,490 141,306
-Common Dividends 0 0 0 0
Company Name and Ticker CITY SCREENS CSCR back to top
Common Shares Outstanding (000) 23,469
Fiscal Year End (YYYY-MM-DD) 1991/03/30 1992/03/27 1993/04/02 1994/04/01 1995/03/31
Sales (Net) 564,664 657,872 752,904 852,755 1,026,721
Cost of Goods Sold (209,122) (247,740) (295,557) (341,988) (407,124)
R&D Expense 0 0 0 0 0
SG&A Expense (266,600) (297,577) (344,399) (403,866) (517,066)
Depreciation & Amortization (37,913) (43,886) (52,572) (70,117) (89,221)
Interest Expense (35,908) (28,828) (22,022) (35,679) (38,628)
Non-Operating Income (Loss) 9,857 6,830 (6,459) (42,204) (1,198)
Income Taxes 9,000 (19,300) (12,900) 16,600 10,500
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 (19,350) 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 140,377 10,795 24,715 9,881 13,239
Receivables 8,572 20,503 9,837 13,018 18,325
Inventories 0 0 0 0 0
Other Current Assets 12,069 15,179 49,962 84,224 71,024
PP&E (Net) 279,904 355,485 543,058 562,158 726,025
Investments 0 0 0 0 0
Intangibles 42,926 36,483 28,679 22,066 18,723
Other Assets 38,306 45,013 62,804 104,433 128,394
Current Debt 2,516 2,904 3,441 4,017 18,017
Accounts Payable 29,047 64,353 61,876 72,633 69,381
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 33,794 38,319 69,792 97,186 101,658
Long-Term Debt 264,988 185,268 370,283 399,595 591,603
Other Liabilities 34,421 33,696 43,651 82,894 79,606
Deferred Taxes 0 0 0 0 0
Minority Interest 0 0 0 0 0
Preferred Stock 2,667 2,667 2,202 1,200 0
Paid in Common Capital (Net) 118,139 118,648 117,205 117,213 110,439
Retained Earnings 36,582 37,603 50,605 21,042 5,026
-Common Dividends (7,000) (5,993) (5,064) 0
Company Name and Ticker COUNTY CINEMA CCIN back to top
Common Shares Outstanding (000) 11,363
Fiscal Year End (YYYY-MM-DD) 1990/12/30 1991/12/30 1992/12/30 1993/12/30 1994/12/30
Sales (Net) 327,619 364,749 426,726 458,598 481,568
Cost of Goods Sold (126,930) (150,613) (174,220) (188,006) (197,665)
R&D Expense 0 0 0 0 0
SG&A Expense (132,918) (149,164) (170,108) (181,455) (194,985)
Depreciation & Amortization (22,544) (27,216) (28,408) (33,443) (37,502)
Interest Expense (17,028) (16,031) (20,289) (23,142) (27,230)
Non-Operating Income (Loss) 0 0 (45,447) 0 (72,999)
Income Taxes (11,246) (8,638) 4,469 (12,366) 18,166
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 22,687 18,847 13,295 19,587 18,572
Receivables 3,814 12,211 4,822 758 522
Inventories 1,939 2,936 2,631 3,082 3,851
Other Current Assets 5,025 5,632 5,363 7,548 5,886
PP&E (Net) 293,971 371,851 387,915 497,056 573,612
Investments 4,631 4,973 10,324 14,148 20,334
Intangibles 43,156 59,231 62,608 68,149 56,954
Other Assets 2,375 2,331 2,425 9,669 17,812
Current Debt 9,352 12,205 15,026 19,077 1,290
Accounts Payable 23,478 24,873 21,432 26,122 45,533
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 11,327 19,102 17,240 17,833 37,842
Long-Term Debt 143,973 218,305 253,233 341,662 350,470
Other Liabilities 0 0 0 0 36,099
Deferred Taxes 17,512 18,433 4,522 12,431 0
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 550
Paid in Common Capital (Net) 100,098 100,149 100,262 105,018 158,884
Retained Earnings 71,858 84,945 77,668 97,854 66,875
-Common Dividends 0 0 0 0
Company Name and Ticker KOHL'S CORP KSS back to top
Common Shares Outstanding (000) 307,000
Fiscal Year End (YYYY-MM-DD) 2002/01/30 2003/01/30 2004/01/30 2005/01/30 2006/01/30
Sales (Net) 13,402,217 15,544,184 16,473,734 16,389,000 17,178,000
Cost of Goods Sold (8,670,484) (9,890,513) (10,459,549) (10,334,000) (10,680,000)
R&D Expense 0 0 0 0 0
SG&A Expense (3,007,842) (3,451,196) (3,757,563) (3,978,000) (4,196,000)
Depreciation & Amortization (307,710) (387,674) (452,145) (541,000) (590,000)
Interest Expense (79,383) (74,427) (98,712) (140,000) (134,000)
Non-Operating Income (Loss) 8,992 34,071 36,296 29,000 10,000
Income Taxes (503,830) (665,764) (658,210) (540,000) (597,000)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 286,916 620,400 663,671 676,000 2,267,000
Receivables 1,652,065 0 0 0 0
Inventories 2,237,568 2,588,099 2,855,733 2,799,000 2,923,000
Other Current Assets 89,503 192,541 204,485 225,000 295,000
PP&E (Net) 4,543,832 5,352,974 6,509,819 6,984,000 7,018,000
Investments 0 0 0 332,000 321,000
Intangibles 221,718 228,624 219,296 210,000 204,000
Other Assets 121,436 58,539 107,078 108,000 132,000
Current Debt 107,941 18,841 12,701 17,000 16,000
Accounts Payable 829,971 934,376 835,985 881,000 1,188,000
Income Taxes Payable 166,908 233,263 124,254 105,000 184,000
Other Current Liabilities 641,635 732,178 798,508 812,000 1,002,000
Long-Term Debt 1,046,104 1,040,057 2,051,875 2,053,000 2,052,000
Other Liabilities 185,340 235,537 372,705 407,000 488,000
Deferred Taxes 217,801 243,530 262,451 320,000 377,000
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 1,586,485 123,861 (461,782) (663,000) (550,000)
Retained Earnings 4,370,853 5,479,534 6,563,385 7,402,000 8,403,000
-Common Dividends 0 0 0 0 0
Company Name and Ticker NORDSTROM INC JWN back to top
Common Shares Outstanding (000) 217,700
Fiscal Year End (YYYY-MM-DD) 2002/01/30 2003/01/30 2004/01/30 2005/01/30 2006/01/30
Sales (Net) 7,919,214 8,793,637 9,120,000 8,573,000 8,627,000
Cost of Goods Sold (4,611,695) (5,069,429) (5,257,000) (5,115,000) (5,015,000)
R&D Expense 0 0 0 0 0
SG&A Expense (2,100,666) (2,296,863) (2,360,000) (2,386,000) (2,465,000)
Depreciation & Amortization (276,328) (284,520) (269,000) (302,000) (313,000)
Interest Expense (63,378) (62,409) (102,000) (145,000) (148,000)
Non-Operating Income (Loss) 18,078 19,651 28,000 23,000 10,000
Income Taxes (333,886) (427,654) (458,000) (247,000) (255,000)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 5,586 13,000 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 516,656 402,559 358,000 72,000 795,000
Receivables 1,200,694 1,112,551 1,788,000 1,942,000 2,035,000
Inventories 955,978 997,289 956,000 900,000 898,000
Other Current Assets 200,829 229,794 259,000 303,000 326,000
PP&E (Net) 1,773,871 1,757,215 1,983,000 2,221,000 2,242,000
Investments 0 0 0 0 0
Intangibles 140,912 135,714 53,000 53,000 53,000
Other Assets 132,409 186,456 203,000 170,000 230,000
Current Debt 306,618 6,800 261,000 299,000 356,000
Accounts Payable 540,019 576,796 556,000 563,000 726,000
Income Taxes Payable 81,617 76,095 58,000 0 0
Other Current Liabilities 695,058 773,452 760,000 739,000 932,000
Long-Term Debt 627,776 623,652 2,236,000 2,214,000 2,257,000
Other Liabilities 577,580 596,262 614,000 636,000 736,000
Deferred Taxes 0 0 0 0 0
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 685,607 826,421 936,000 997,000 1,066,000
Retained Earnings 1,407,074 1,342,100 179,000 213,000 506,000
-Common Dividends (134,000) 110,158 134,000 138,000 139,000
Company Name and Ticker ROSS STORES INC ROST back to top
Common Shares Outstanding (000) 122,929
Fiscal Year End (YYYY-MM-DD) 2002/01/27 2003/02/02 2004/02/01 2005/01/30 2006/01/29
Sales (Net) 4,944,179 5,570,210 5,975,212 6,486,139 7,184,213
Cost of Goods Sold (3,832,296) (4,317,527) (4,618,220) (4,956,576) (5,327,278)
R&D Expense 0 0 0 0 0
SG&A Expense (786,439) (863,033) (935,901) (1,034,357) (1,130,813)
Depreciation & Amortization 0 0 0 0 0
Interest Expense (4,102) (2,873) (9,771) (8,343) (9,393)
Non-Operating Income (Loss) 7,000 11,500 13,800 8,500 1,800
Income Taxes (128,710) (156,643) (164,069) (189,922) (275,772)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 204,530 372,635 263,678 322,153 770,097
Receivables 29,122 30,105 37,468 96,411 102,852
Inventories 938,091 1,051,729 1,025,295 881,058 872,498
Other Current Assets 57,104 60,487 71,560 14,093 0
PP&E (Net) 639,852 748,233 868,315 951,656 942,999
Investments 11,202 31,136 40,766 38,014 16,848
Intangibles 12,086 13,916 12,796 10,971 2,889
Other Assets 46,751 50,350 51,444 41,155 60,450
Current Debt 50,000 0 0 0 0
Accounts Payable 474,614 698,063 637,158 536,745 658,299
Income Taxes Payable 25,586 33,577 21,818 9,120 54,399
Other Current Liabilities 328,783 351,617 351,629 409,394 477,816
Long-Term Debt 0 150,000 150,000 150,000 150,000
Other Liabilities 122,926 32,510 57,340 61,994 64,883
Deferred Taxes 100,657 182,994 182,728 191,889 205,943
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 476,415 524,910 554,558 595,397 646,443
Retained Earnings 359,757 384,920 416,091 400,972 510,850
-Common Dividends 0 (33,634) (40,638) (49,838) (55,202)
Company Name and Ticker CABELA'S INC CAB back to top
Common Shares Outstanding (000) 66,923
Fiscal Year End (YYYY-MM-DD) 2000/12/30 2001/12/30 2002/12/30 2003/12/30 2004/12/30
Sales (Net) 1,555,974 1,799,661 2,063,524 2,349,599 2,552,721
Cost of Goods Sold (895,822) (1,029,410) (1,158,840) (1,318,523) (1,475,541)
R&D Expense 0 0 0 0 0
SG&A Expense (533,094) (620,376) (715,380) (820,121) (871,468)
Depreciation & Amortization (29,843) (34,912) (45,559) (59,863) (64,673)
Interest Expense (8,178) (10,928) (17,947) (20,243) (29,708)
Non-Operating Income (Loss) 11,044 11,335 11,458 8,378 6,904
Income Taxes (35,085) (42,801) (51,471) (51,348) (41,831)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 248,184 86,923 172,903 131,182 410,104
Receivables 38,733 125,000 196,359 244,270 213,014
Inventories 313,002 396,635 484,414 608,159 517,657
Other Current Assets 128,568 85,469 100,545 110,777 133,439
PP&E (Net) 294,141 459,622 600,065 904,052 920,398
Investments 0 0 0 0 0
Intangibles 4,555 3,617 0 8,123 5,902
Other Assets 201,048 209,014 196,944 206,267 195,552
Current Debt 28,327 21,652 33,294 126,785 179,512
Accounts Payable 100,826 162,305 239,285 281,391 189,766
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 324,588 364,511 346,255 422,928 331,526
Long-Term Debt 119,825 90,777 284,579 376,600 379,336
Other Liabilities 71,686 66,992 83,519 145,454 363,514
Deferred Taxes 16,625 20,190 30,440 31,113 38,707
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 239,560 240,490 248,710 257,287 266,029
Retained Earnings 326,794 399,363 485,148 571,272 647,676
-Common Dividends 0 0 0 0 0
Company Name and Ticker Sporting Goods Stores MG740 back to top
Common Shares Outstanding (000) 36,184
Fiscal Year End (YYYY-MM-DD) 2000/12/30 2001/12/30 2002/12/30 2003/12/30 2004/12/30
Sales (Net) 651,734 872,581 821,884 952,757 1,005,890
Cost of Goods Sold (421,579) (563,859) (528,199) (608,868) (654,521)
R&D Expense (16) 0 0 0 0
SG&A Expense (174,364) (233,253) (223,527) (262,510) (277,137)
Depreciation & Amortization (12,576) (17,408) (16,495) (20,814) (23,708)
Interest Expense (4,537) (6,317) (5,004) (5,199) (5,933)
Non-Operating Income (Loss) 172 (2,556) 178 (3,610) (23,980)
Income Taxes (15,398) (18,753) (19,677) (21,873) (13,577)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 42,632 25,177 38,846 23,553 58,037
Receivables 11,656 25,127 30,569 38,123 33,992
Inventories 144,192 194,027 185,408 235,144 220,261
Other Current Assets 22,476 18,525 20,651 25,673 26,659
PP&E (Net) 99,332 144,468 143,097 191,863 195,647
Investments 0 0 0 0 0
Intangibles 31,898 36,124 28,497 50,143 33,253
Other Assets 30,888 37,687 29,621 28,502 35,707
Current Debt 4,838 4,404 9,047 21,659 23,772
Accounts Payable 62,191 85,744 82,179 99,914 79,343
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 75,927 97,766 83,285 105,453 85,203
Long-Term Debt 70,604 66,984 62,413 75,812 81,123
Other Liabilities 24,750 31,116 33,827 47,818 78,891
Deferred Taxes 2,409 2,884 3,518 3,676 6,264
Minority Interest 0 0 5 0 0
Preferred Stock 376 0 0 0 0
Paid in Common Capital (Net) 83,749 96,119 94,620 102,424 106,572
Retained Earnings 58,230 96,118 107,797 136,246 142,389
-Common Dividends 198 907 857 898 865
Company Name SIRIUS SATELLITE RADIO INC SIRI back to top
Common Shares Outstanding 1,346,227
Fiscal Year End (YYYY-MM-DD) 1997/12/30 1998/12/30 1999/12/30 2000/12/30 2001/12/30
Sales (Net) 0 805 12,872 66,854 242,245
Cost of Goods Sold (47,464) (69,898) (86,774) (120,914) (184,943)
R&D Expense (47,794) (30,087) (24,534) (30,520) (44,745)
SG&A Expense (64,146) (131,200) (243,741) (498,354) (743,142)
Depreciation & Amortization (9,052) (82,747) (95,353) (95,370) (98,555)
Interest Expense (89,686) (106,163) (50,510) (41,386) (45,361)
Non-Operating Income (Loss) 22,379 (3,191) 261,825 11,729 13,815
Income Taxes 0 0 0 (4,201) (2,311)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 323,742 173,702 551,880 763,874 904,422
Receivables 0 0 0 0 31,688
Inventories 0 0 0 0 14,256
Other Current Assets 12,303 25,907 27,784 47,166 61,082
PP&E (Net) 1,082,915 1,032,874 941,052 881,280 828,357
Investments 7,200 7,200 6,750 92,615 82,450
Intangibles 83,654 83,654 83,654 83,654 83,654
Other Assets 17,791 17,603 6,197 89,024 79,453
Current Debt 0 0 0 0 0
Accounts Payable 39,836 43,336 65,919 5,525 6,829
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 20,477 4,984 16,084 263,989 600,138
Long-Term Debt 639,990 670,357 194,803 656,274 1,084,437
Other Liabilities 19,485 54,264 11,593 15,501 12,511
Deferred Taxes 0 0 3,724 15,691 56,479
Minority Interest 0 0 0 0 0
Preferred Stock 485,168 531,153 0 0 0
Paid in Common Capital (Net) 827,647 964,325 2,478,888 2,866,489 3,053,821
Retained Earnings (504,998) (927,479) (1,153,694) (1,865,856) (2,728,853)
Common Dividends 0 0 0 0 0
Company Name VERIZON COMMUNICATIONS VZ back to top
Common Shares Outstanding 1,979,509
Fiscal Year End (YYYY-MM-DD) 2000/12/30 2001/12/30 2002/12/30 2003/12/30 2004/12/30
Sales (Net) 71,283,000 75,112,000 88,144,000 93,469,000 97,354,000
Cost of Goods Sold (23,168,000) (25,469,000) (34,994,000) (37,547,000) (39,007,000)
R&D Expense 0 0 0 0 0
SG&A Expense (21,088,000) (21,312,000) (25,232,000) (25,967,000) (26,898,000)
Depreciation & Amortization (13,910,000) (14,047,000) (14,545,000) (14,377,000) (14,565,000)
Interest Expense (2,384,000) (2,180,000) (2,349,000) (1,829,000) (1,819,000)
Non-Operating Income (Loss) 1,788,000 1,548,000 1,168,000 796,000 849,000
Income Taxes (2,851,000) (3,210,000) (2,674,000) (3,982,000) (3,331,000)
Minority Interest in Earnings (2,409,000) (3,045,000) (4,038,000) (5,053,000) (6,155,000)
Other Income (Loss) 0 0 (42,000) 0 0
Ext. Items & Disc. Ops. 570,000 0 759,000 11,000 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 4,547,000 3,274,000 5,653,000 3,397,000 10,291,000
Receivables 9,801,000 9,171,000 10,891,000 11,736,000 11,703,000
Inventories 1,535,000 1,780,000 1,514,000 1,729,000 2,092,000
Other Current Assets 3,596,000 2,223,000 4,480,000 1,836,000 1,989,000
PP&E (Net) 74,124,000 75,305,000 82,356,000 85,294,000 86,546,000
Investments 0 0 0 0 0
Intangibles 47,448,000 52,933,000 61,754,000 61,029,000 73,208,000
Other Assets 24,907,000 23,444,000 22,156,000 21,938,000 16,523,000
Current Debt 3,593,000 7,141,000 7,715,000 2,954,000 4,993,000
Accounts Payable 13,177,000 12,351,000 14,320,000 4,491,000 3,856,000
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 6,359,000 5,571,000 10,245,000 17,296,000 17,057,000
Long-Term Debt 35,674,000 31,869,000 28,646,000 28,203,000 46,959,000
Other Liabilities 22,010,000 22,353,000 34,736,000 36,362,000 38,813,000
Deferred Taxes 22,532,000 22,411,000 16,270,000 14,784,000 11,769,000
Minority Interest 25,053,000 26,754,000 28,337,000 32,288,000 37,199,000
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 24,576,000 23,775,000 31,211,000 32,697,000 22,456,000
Retained Earnings 12,984,000 15,905,000 17,324,000 17,884,000 19,250,000
Common Dividends 4,262,000 4,427,000 4,719,000 4,773,000 4,994,000
Company Name APPLE INC AAPL back to top
Common Shares Outstanding 899,806
Fiscal Year End (YYYY-MM-DD) 2001/09/23 2002/09/29 2003/09/28 2004/09/26 2005/09/25
Sales (Net) 13,931,000 19,315,000 24,006,000 32,479,000 36,537,000
Cost of Goods Sold (9,889,000) (13,717,000) (15,852,000) (21,334,000) (23,397,000)
R&D Expense (535,000) (712,000) (782,000) (1,109,000) (1,333,000)
SG&A Expense (1,864,000) (2,433,000) (2,963,000) (3,761,000) (4,149,000)
Depreciation & Amortization 0 0 0 0 0
Interest Expense 0 0 0 0 0
Non-Operating Income (Loss) 165,000 365,000 599,000 620,000 326,000
Income Taxes (480,000) (829,000) (1,512,000) (2,061,000) (2,280,000)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 8,261,000 10,110,000 15,386,000 24,490,000 23,501,000
Receivables 1,312,000 2,845,000 4,029,000 4,704,000 5,057,000
Inventories 165,000 270,000 346,000 509,000 455,000
Other Current Assets 562,000 1,284,000 2,195,000 4,987,000 7,252,000
PP&E (Net) 817,000 1,281,000 1,832,000 2,455,000 2,954,000
Investments 0 0 0 0 10,528,000
Intangibles 134,000 198,000 420,000 559,000 559,000
Other Assets 265,000 1,217,000 1,139,000 1,868,000 3,545,000
Current Debt 0 0 0 0 0
Accounts Payable 1,779,000 3,390,000 4,970,000 5,520,000 5,601,000
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 1,708,000 3,081,000 4,329,000 8,572,000 13,681,000
Long-Term Debt 0 0 0 0 0
Other Liabilities 293,000 369,000 897,000 746,000 1,286,000
Deferred Taxes 308,000 381,000 619,000 3,704,000 5,451,000
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 3,503,000 4,377,000 5,431,000 7,185,000 8,294,000
Retained Earnings 3,925,000 5,607,000 9,101,000 13,845,000 19,538,000
Common Dividends 0 0 0 0 0
Company Name INTERNATIONAL BUSINESS MACHINES CORP IBM back to top
Common Shares Outstanding 1,305,337
Fiscal Year End (YYYY-MM-DD) 2001/12/30 2002/12/30 2003/12/30 2004/12/30 2005/12/30
Sales (Net) 91,134,000 91,424,000 98,786,000 103,630,000 95,758,000
Cost of Goods Sold (54,602,000) (53,129,000) (57,057,000) (57,969,000) (51,973,000)
R&D Expense (5,842,000) (6,107,000) (6,153,000) (6,337,000) (5,820,000)
SG&A Expense (21,314,000) (20,259,000) (22,060,000) (23,386,000) (20,952,000)
Depreciation & Amortization 0 0 0 0 0
Interest Expense (220,000) (278,000) (611,000) (673,000) (498,000)
Non-Operating Income (Loss) 3,070,000 1,666,000 1,584,000 1,450,000 1,623,000
Income Taxes (4,232,000) (3,901,000) (4,071,000) (4,381,000) (4,713,000)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. (60,000) 76,000 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 13,686,000 10,656,000 16,146,000 12,907,000 14,247,000
Receivables 24,428,000 26,848,000 28,789,000 31,854,000 30,464,000
Inventories 2,841,000 2,810,000 2,664,000 2,701,000 2,494,000
Other Current Assets 4,706,000 4,346,000 5,578,000 1,542,000 1,730,000
PP&E (Net) 13,756,000 14,440,000 15,081,000 14,305,000 14,165,000
Investments 1,174,000 1,618,000 1,940,000 0 1,157,000
Intangibles 11,104,000 15,056,000 16,392,000 21,104,000 23,015,000
Other Assets 34,053,000 27,460,000 33,841,000 25,111,000 21,750,000
Current Debt 7,216,000 8,902,000 12,235,000 11,236,000 4,168,000
Accounts Payable 7,349,000 7,964,000 8,054,000 7,014,000 7,436,000
Income Taxes Payable 4,710,000 4,670,000 3,673,000 2,743,000 3,826,000
Other Current Liabilities 15,877,000 18,555,000 20,348,000 21,442,000 20,572,000
Long-Term Debt 15,425,000 13,780,000 23,039,000 22,689,000 21,932,000
Other Liabilities 18,020,000 17,690,000 20,489,000 30,815,000 24,301,000
Deferred Taxes 4,053,000 3,167,000 4,124,000 0 4,032,000
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) (11,636,000) (23,926,000) (32,171,000) (56,768,000) (58,144,000)
Retained Earnings 44,734,000 52,432,000 60,640,000 70,353,000 80,899,000
Common Dividends 0 0 0 0 0
IBM