Starbucks is an iconic brand and most of its customers are in the habit of going to Starbucks. I suspect if consumer spending drops that Starbucks margins will hold up nicely. A dollar of fixed assets generates sales of about $3.50 whereas McDonald’s FA turnover is 1.0x and Panera Bread’s about 2.4x.

Market Cap: 13+ Billion spread over about 700 million shares with 12-16 million shares changing hands each day...given earnings of about $.90/share the key fact is that revenue is still growing at 15-20% annually and with a few tweaks per store earnings should be +20%. Currently revenue/share is about $13.20 with a price/sales ratio of about 1.3 and a forward P/E of about 16.