Starbucks (SBUX) delivered strong operational improvements under Brian Niccol, with Q2 FY26 global comp sales up 6.2% and all major markets positive. SBUX trades at nearly 30x forward earnings, pricing in growth that hasn't materialized; key growth drivers like food innovation and China recovery remain unproven. Operational fixes stabilized the business, but North America margins are still down 170bps YoY and real revenue growth lags peers like Luckin and Chipotle.