Updated from 12:43 p.m. EDT: Starbucks closed Friday at $64.69, off 53 cents, or down 0.81%.NEW YORK ( F.A.S.T. Graphs) -- This article will evaluate Starbucks ( SBUX) the company and Starbucks the stock, based on its price to fundamentals relationships. Before analyzing a company for investment, it's important to have a perspective on how well the business has performed. At the end of the day, if you are a true investor you are buying the business. Moreover, when you are buying the business as a passive investor, you are really buying the company's earnings power. Few companies on the planet can match the earnings record of Starbucks Corp. The following F.A.S.T. Graphs plots Starbucks' earnings per share since 1999. The orange line on the graph represents a P/E ratio of 21.7, which is equal to Starbucks' operating earnings growth rate of 21.7% per annum. As I will reveal later, this represents the intrinsic value of Starbucks based on the PE equals growth rate formula popularized by the iconic Peter Lynch. The only blemish on Starbucks' impeccable record of earnings growth was a 21% drop in earnings in fiscal year 2008, the Great Recession. However, this simply led to an acceleration of earnings growth in fiscal years 2009 and 2010, reestablishing Starbucks' earnings record back to its trend line norms.