Beyond 2024, I think SBUX will continue to see more room for growth, both in terms of the greater number of revenue channels it can expand on (branded products sold in stores, financial services on its gift cards and mobile apps, etc.), and in unsaturated foreign markets. According to MCD's 2020 annual report, page 50, over 60% of MCD's revenues, and over 50% of operating profits, from 2018-2020 already came from outside the US. By contrast, if we look at SBUX's 2021 annual report, page 79, we see that less than 33% of SBUX's revenues so far come from outside the United States, and almost 90% of that 33% comes from just four countries: China, Japan, Canada, and the UK.
Although there is of course risk to that future growth, I see SBUX as the more profitable company with more growth ahead of it. It is a clearly better buy than MCD if I can buy them both at the same yield.
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