Nike vs Starbucks
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The short version
- Nike is the larger business, with $46.4B of revenue in fiscal 2026 against $37.2B for Starbucks.
- Starbucks grew revenue faster (2.8%, against 0.2%).
- Starbucks turned more of its sales into free cash flow (6.6% FCF margin, against 4.7%).
- Starbucks earned a higher return on the capital invested in it (47.8%, against 26.1%).
- Investors pay more for each dollar of Starbucks’s earnings: a P/E of 57.9x against 17.9x for Nike.
| Latest fiscal year | NKE · FY26 | SBUX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $55.4B | $115.3B |
| Revenue | $46.4B | $37.2B |
| Free cash flow | $2.2B | $2.4B |
| Net income | $3.1B | $1.9B |
| Growth | ||
| Revenue growth | 0.2% | 2.8% |
| 5-year growth | 0.8% | 9.6% |
| Share count change | −0.4% | 0.2% |
| Profitability | ||
| Gross margin | 42.9% | — |
| Operating margin | — | 7.9% |
| Net margin | 6.7% | 5.0% |
| FCF margin | 4.7% | 6.6% |
| Return on capital | 26.1% | 47.8% |
| Return on equity | 22.1% | — |
| Balance sheet | ||
| Net debt | −$1.1B | $12.6B |
| Net debt / EBITDA | −0.2x | 2.7x |
| Dividends and buybacks | $2.6B | $2.8B |
| Valuation & quality | ||
| P/E | 17.9x | 57.9x |
| Piotroski F-score | 7 | 4 |
Revenue
FY17
NKE $34.4B
SBUX $22.4B
FY18
NKE $36.4B
SBUX $24.7B
FY19
NKE $39.1B
SBUX $26.5B
FY20
NKE $37.4B
SBUX $23.5B
FY21
NKE $44.5B
SBUX $29.1B
FY22
NKE $46.7B
SBUX $32.3B
FY23
NKE $51.2B
SBUX $36.0B
FY24
NKE $51.4B
SBUX $36.2B
FY25
NKE $46.3B
SBUX $37.2B
FY26
NKE $46.4B
SBUX —
NKE
SBUX
Operating margin
FY17
NKE —
SBUX 18.5%
FY18
NKE —
SBUX 15.7%
FY19
NKE —
SBUX 15.4%
FY20
NKE —
SBUX 6.6%
FY21
NKE —
SBUX 16.8%
FY22
NKE —
SBUX 14.3%
FY23
NKE —
SBUX 16.3%
FY24
NKE —
SBUX 15.0%
FY25
NKE —
SBUX 7.9%
FY26
NKE —
SBUX —
NKE
SBUX
Free cash flow
FY17
NKE $2.7B
SBUX $2.7B
FY18
NKE $3.9B
SBUX $10.0B
FY19
NKE $4.8B
SBUX $3.2B
FY20
NKE $1.4B
SBUX $114M
FY21
NKE $6.0B
SBUX $4.5B
FY22
NKE $4.4B
SBUX $2.6B
FY23
NKE $4.9B
SBUX $3.7B
FY24
NKE $6.6B
SBUX $3.3B
FY25
NKE $3.3B
SBUX $2.4B
FY26
NKE $2.2B
SBUX —
NKE
SBUX
Return on capital
FY17
NKE 74.5%
SBUX 39.7%
FY18
NKE 21.4%
SBUX 72.5%
FY19
NKE 51.2%
SBUX —
FY20
NKE 31.7%
SBUX 40.7%
FY21
NKE 67.8%
SBUX 115.8%
FY22
NKE 61.8%
SBUX —
FY23
NKE 44.7%
SBUX 135.4%
FY24
NKE 50.2%
SBUX 101.8%
FY25
NKE 29.8%
SBUX 47.8%
FY26
NKE 26.1%
SBUX —
NKE
SBUX
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.