Keurig Dr Pepper Inc. (KDP) 10-Year Financial Performance & Capital Metrics

KDP • • Industrial / General

Consumer DefensiveNon-Alcoholic BeveragesCarbonated Soft Drinks & BottlersGlobal Beverage Conglomerates

AboutKeurig Dr Pepper Inc. operates as a beverage company in the United States and internationally. It operates through Coffee Systems, Packaged Beverages, Beverage Concentrates, and Latin America Beverages segments. The Coffee Systems segment manufactures and distributes various finished goods related to its coffee systems, K-Cup pods, and brewers, as well as specialty coffee. This segment sells its brewers through third-party distributors and retail partners, as well as through its website at keurig.com. The Packaged Beverages segment engages in the manufacture and distribution of packaged beverages of its brands; contract manufacturing of various private label and emerging brand beverages; and distribution of packaged beverages for its partner brands. The Beverage Concentrates segment manufactures and sells beverage concentrates primarily under the Dr Pepper, Canada Dry, A&W, 7UP, Sunkist, Squirt, Big Red, RC Cola, Vernors, Snapple, Mott's, Bai, Hawaiian Punch, Clamato, Yoo-Hoo, Core, ReaLemon, evian, Vita Coco, and Mr and Mrs T mixers brands. This segment also manufactures beverage concentrates into syrup. The Latin America Beverages segment manufactures and distributes carbonated mineral water, flavored carbonated soft drinks, bottled water, and vegetable juice products under the Peñafiel, Clamato, Squirt, Dr Pepper, Crush, and Aguafiel brands. The company serves retailers, bottlers and distributors, restaurants, hotel chains, office coffee distributors, and end-use consumers. Keurig Dr Pepper Inc. was founded in 1981 and is headquartered in Burlington, Massachusetts.Show more

Revenue $15.35B +3.6%
EBITDA $3.32B -15.0%
Net Income $1.44B -33.9%
EPS (Diluted) 1.05 -32.3%
Gross Margin 55.56% +1.9%
EBITDA Margin 21.65% -18.0%
Operating Margin 16.88% -21.7%
Net Margin 9.39% -36.2%
ROE 5.77% -32.8%
ROIC 4.78% -21.7%
Debt/Equity 0.71 +23.4%
Interest Coverage 3.79 -29.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 3.1%
✓Share count reduced 2.8% through buybacks
✓Healthy 5Y average net margin of 12.5%

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.63%

5Y6.66%

3Y6.57%

TTM4.63%

Profit (Net Income) CAGR

10Y7.44%

5Y2.82%

3Y-12.43%

TTM-29.54%

EPS CAGR

10Y-11.49%

5Y3.6%

3Y-11.21%

TTM-28.66%

ROCE

10Y Avg9.35%

5Y Avg6.33%

3Y Avg6.37%

Latest5.85%

Peer Comparison

Global Beverage Conglomerates

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KOThe Coca-Cola Company	306.45B	71.24	28.96	2.86%	27.34%	39.17%	1.55%	1.73
KDPKeurig Dr Pepper Inc.	37.66B	27.72	26.40	3.62%	9.75%	6.15%	4.4%	0.71
PEPPepsiCo, Inc.	196.19B	143.48	20.64	0.42%	7.82%	36.96%	3.66%	2.47

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	6.28B	6.44B	6.69B	7.44B	11.12B	11.62B	12.68B	14.06B	14.81B	15.35B
Revenue Growth %	0.03%	0.03%	0.04%	0.11%	0.49%	0.04%	0.09%	0.11%	0.05%	0.04%
Cost of Goods Sold+	2.56B	2.58B	2.69B	3.56B	4.78B	5.13B	5.71B	6.73B	6.73B	6.82B
COGS % of Revenue	0.41%	0.4%	0.4%	0.48%	0.43%	0.44%	0.45%	0.48%	0.45%	0.44%
Gross Profit+	3.72B	3.86B	4B	3.88B	6.34B	6.49B	6.98B	7.32B	8.08B	8.53B
Gross Margin %	0.59%	0.6%	0.6%	0.52%	0.57%	0.56%	0.55%	0.52%	0.55%	0.56%
Gross Profit Growth %	0.03%	0.04%	0.04%	-0.03%	0.63%	0.02%	0.08%	0.05%	0.1%	0.06%
Operating Expenses+	2.42B	2.42B	2.61B	2.65B	3.96B	4.01B	4.08B	4.72B	4.89B	5.94B
OpEx % of Revenue	0.39%	0.38%	0.39%	0.36%	0.36%	0.34%	0.32%	0.34%	0.33%	0.39%
Selling, General & Admin	2.31B	2.33B	2.56B	2.63B	3.96B	3.98B	4.15B	4.64B	4.91B	5.01B
SG&A % of Revenue	0.37%	0.36%	0.38%	0.35%	0.36%	0.34%	0.33%	0.33%	0.33%	0.33%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	112M	96M	51M	10M	2M	28M	-70M	73M	-24M	925M
Operating Income+	1.3B	1.43B	1.39B	1.24B	2.38B	2.48B	2.89B	2.6B	3.19B	2.59B
Operating Margin %	0.21%	0.22%	0.21%	0.17%	0.21%	0.21%	0.23%	0.19%	0.22%	0.17%
Operating Income Growth %	0.1%	0.1%	-0.03%	-0.11%	0.92%	0.04%	0.17%	-0.1%	0.23%	-0.19%
EBITDA+	1.52B	1.66B	1.62B	1.67B	3.04B	3.13B	3.6B	3.31B	3.91B	3.32B
EBITDA Margin %	0.24%	0.26%	0.24%	0.22%	0.27%	0.27%	0.28%	0.24%	0.26%	0.22%
EBITDA Growth %	0.08%	0.09%	-0.02%	0.03%	0.82%	0.03%	0.15%	-0.08%	0.18%	-0.15%
D&A (Non-Cash Add-back)	227M	224M	229M	434M	658M	653M	708M	709M	720M	733M
EBIT	1.3B	1.43B	1.34B	1.24B	2.35B	2.36B	3.3B	2.41B	3.25B	2.65B
Net Interest Income+	-124M	-137M	-165M	-446M	-647M	-597M	-525M	-468M	-596M	-684M
Interest Income	2M	3M	3M	0	0	0	0	0	0	0
Interest Expense	126M	140M	168M	446M	647M	597M	525M	468M	596M	684M
Other Income/Expense	-114M	-152M	-217M	-446M	-684M	-727M	-96M	-886M	-435M	-677M
Pretax Income+	1.18B	1.28B	1.17B	791M	1.69B	1.75B	2.8B	1.72B	2.76B	1.91B
Pretax Margin %	0.19%	0.2%	0.18%	0.11%	0.15%	0.15%	0.22%	0.12%	0.19%	0.12%
Income Tax+	420M	434M	95M	202M	440M	428M	653M	284M	576M	473M
Effective Tax Rate %	0.65%	0.66%	0.92%	0.74%	0.74%	0.76%	0.77%	0.84%	0.79%	0.75%
Net Income+	764M	847M	1.08B	586M	1.25B	1.32B	2.15B	1.44B	2.18B	1.44B
Net Margin %	0.12%	0.13%	0.16%	0.08%	0.11%	0.11%	0.17%	0.1%	0.15%	0.09%
Net Income Growth %	0.09%	0.11%	0.27%	-0.46%	1.14%	0.06%	0.62%	-0.33%	0.52%	-0.34%
Net Income (Continuing)	764M	847M	1.08B	589M	1.25B	1.32B	2.15B	1.44B	2.18B	1.44B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	1M	0	-1M	0	0
EPS (Diluted)+	3.97	4.54	5.89	0.53	0.88	0.93	1.50	1.01	1.55	1.05
EPS Growth %	0.12%	0.14%	0.3%	-0.91%	0.66%	0.06%	0.61%	-0.33%	0.53%	-0.32%
EPS (Basic)	4.00	4.57	5.91	0.54	0.89	0.94	1.52	1.01	1.56	1.06
Diluted Shares Outstanding	192.4M	186.6M	182.8M	1.1B	1.42B	1.42B	1.43B	1.43B	1.41B	1.37B
Basic Shares Outstanding	190.9M	185.4M	182M	1.09B	1.41B	1.41B	1.42B	1.42B	1.4B	1.36B
Dividend Payout Ratio	0.46%	0.46%	0.38%	0.4%	0.67%	0.64%	0.45%	0.75%	0.52%	0.83%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.82B	2.74B	1.12B	2.16B	2.27B	2.39B	3.06B	3.8B	3.38B	4B
Cash & Short-Term Investments	911M	1.79B	61M	83M	75M	240M	567M	535M	267M	510M
Cash Only	911M	1.79B	61M	83M	75M	240M	567M	535M	267M	510M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	628M	646M	710M	1.22B	1.18B	1.14B	1.27B	1.67B	1.52B	1.72B
Days Sales Outstanding	36.49	36.61	38.74	59.98	38.86	35.94	36.66	43.31	37.43	40.97
Inventory	209M	202M	229M	626M	654M	762M	894M	1.31B	1.14B	1.3B
Days Inventory Outstanding	29.81	28.56	31.01	64.18	49.96	54.2	57.19	71.22	61.9	69.5
Other Current Assets	69M	83M	110M	198M	343M	227M	305M	219M	231M	403M
Total Non-Current Assets+	7.05B	7.05B	8.9B	46.76B	47.24B	47.39B	47.54B	48.03B	48.76B	49.43B
Property, Plant & Equipment	1.16B	1.14B	1.2B	2.31B	2.52B	2.86B	3.17B	3.37B	3.58B	3.84B
Fixed Asset Turnover	5.43x	5.66x	5.58x	3.22x	4.40x	4.07x	4.00x	4.17x	4.14x	3.99x
Goodwill	2.99B	2.99B	3.56B	20.01B	20.17B	20.18B	20.18B	20.07B	20.2B	20.05B
Intangible Assets	2.66B	2.66B	3.78B	23.97B	24.12B	23.97B	23.86B	23.18B	23.29B	23.63B
Long-Term Investments	71M	74M	73M	231M	192M	130M	89M	1.05B	1.46B	1.63B
Other Non-Current Assets	110M	132M	230M	214M	210M	207M	205M	322M	204M	231M
Total Assets+	8.87B	9.79B	10.02B	48.92B	49.52B	49.78B	50.6B	51.84B	52.13B	53.43B
Asset Turnover	0.71x	0.66x	0.67x	0.15x	0.22x	0.23x	0.25x	0.27x	0.28x	0.29x
Asset Growth %	0.07%	0.1%	0.02%	3.88%	0.01%	0.01%	0.02%	0.02%	0.01%	0.02%
Total Current Liabilities+	1.58B	1.05B	1.24B	5.7B	6.47B	7.69B	6.49B	8.08B	8.92B	8.09B
Accounts Payable	277M	303M	365M	2.3B	3.18B	3.74B	4.32B	5.21B	3.6B	2.98B
Days Payables Outstanding	39.51	42.83	49.43	235.81	242.62	266	276.08	282.18	194.97	159.71
Short-Term Debt	500M	0	66M	1.46B	1.59B	2.35B	304M	895M	3.25B	2.64B
Deferred Revenue (Current)	1000K	1000K	1000K	0	0	0	0	0	0	0
Other Current Liabilities	588M	549M	596M	362M	270M	299M	309M	421M	424M	495M
Current Ratio	1.15x	2.60x	0.90x	0.38x	0.35x	0.31x	0.47x	0.47x	0.38x	0.49x
Quick Ratio	1.02x	2.41x	0.72x	0.27x	0.25x	0.21x	0.33x	0.31x	0.25x	0.33x
Cash Conversion Cycle	26.79	22.34	20.32	-111.65	-153.8	-175.86	-182.23	-167.65	-95.64	-49.24
Total Non-Current Liabilities+	5.1B	6.61B	6.33B	20.68B	19.79B	18.25B	19.14B	18.64B	17.54B	21.1B
Long-Term Debt	2.75B	4.33B	4.23B	14.2B	12.83B	11.14B	11.58B	11.07B	9.95B	12.91B
Capital Lease Obligations	129M	143M	170M	305M	696M	878M	1.23B	1.42B	1.41B	1.47B
Deferred Tax Liabilities	787M	812M	614M	5.92B	6.03B	5.99B	5.99B	5.74B	5.76B	5.43B
Other Non-Current Liabilities	260M	209M	264M	254M	234M	241M	348M	404M	420M	1.29B
Total Liabilities	6.69B	7.66B	7.57B	26.39B	26.26B	25.95B	25.63B	26.71B	26.45B	29.19B
Total Debt+	3.38B	4.48B	4.48B	15.99B	15.23B	14.48B	13.27B	13.58B	14.82B	17.27B
Net Debt	2.47B	2.69B	4.42B	15.91B	15.15B	14.24B	12.7B	13.05B	14.56B	16.76B
Debt / Equity	1.55x	2.10x	1.83x	0.71x	0.65x	0.61x	0.53x	0.54x	0.58x	0.71x
Debt / EBITDA	2.22x	2.70x	2.77x	9.57x	5.02x	4.62x	3.68x	4.10x	3.79x	5.20x
Net Debt / EBITDA	1.62x	1.62x	2.73x	9.52x	4.99x	4.55x	3.53x	3.94x	3.72x	5.04x
Interest Coverage	10.30x	10.24x	8.26x	2.77x	3.68x	4.15x	5.51x	5.57x	5.36x	3.79x
Total Equity+	2.18B	2.13B	2.45B	22.53B	23.26B	23.83B	24.97B	25.13B	25.68B	24.24B
Equity Growth %	-0.05%	-0.02%	0.15%	8.19%	0.03%	0.02%	0.05%	0.01%	0.02%	-0.06%
Book Value per Share	11.35	11.44	13.41	20.53	16.39	16.76	17.49	17.59	18.23	17.72
Total Shareholders' Equity	2.18B	2.13B	2.45B	22.53B	23.26B	23.83B	24.97B	25.13B	25.68B	24.24B
Common Stock	2M	2M	2M	14M	14M	14M	14M	14M	14M	14M
Retained Earnings	2.17B	2.27B	2.65B	1.18B	1.58B	2.06B	3.2B	3.54B	4.56B	4.79B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-195M	-229M	-202M	-130M	104M	77M	-26M	129M	315M	-276M
Minority Interest	0	0	0	0	0	1M	0	-1M	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	991M	939M	1.04B	1.61B	2.47B	2.46B	2.87B	2.84B	1.33B	2.22B
Operating CF Margin %	0.16%	0.15%	0.16%	0.22%	0.22%	0.21%	0.23%	0.2%	0.09%	0.14%
Operating CF Growth %	-0.03%	-0.05%	0.11%	0.55%	0.53%	-0.01%	0.17%	-0.01%	-0.53%	0.67%
Net Income	764M	847M	1.08B	589M	1.25B	1.32B	2.15B	1.44B	2.18B	1.44B
Depreciation & Amortization	227M	224M	229M	462M	698M	653M	708M	709M	720M	733M
Stock-Based Compensation	44M	45M	36M	35M	64M	85M	88M	52M	116M	98M
Deferred Taxes	29M	29M	-201M	-81M	-23M	-51M	31M	-289M	-4M	-254M
Other Non-Cash Items	-67M	-108M	-57M	151M	115M	278M	-450M	1.2B	63M	792M
Working Capital Changes	-6M	-98M	-45M	457M	366M	166M	351M	-275M	-1.75B	-591M
Change in Receivables	-26M	-31M	-47M	82M	-7M	-5M	-152M	-398M	70M	-209M
Change in Inventory	-11M	3M	-3M	185M	-24M	-107M	-133M	-426M	182M	-92M
Change in Payables	-9M	32M	24M	119M	361M	369M	522M	213M	-1.62B	-196M
Cash from Investing+	-194M	-189M	-1.76B	-19.13B	-150M	-316M	210M	-1.14B	-784M	-1.61B
Capital Expenditures	-180M	-182M	-208M	-180M	-365M	-517M	-455M	-379M	-481M	-563M
CapEx % of Revenue	0.03%	0.03%	0.03%	0.02%	0.03%	0.04%	0.04%	0.03%	0.03%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	2M	-6M	-3M	33M	239M	206M	87M	1.07B	13M	-51M
Cash from Financing+	-114M	130M	-907M	17.58B	-2.36B	-1.99B	-2.76B	-1.73B	-832M	-223M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-355M	-386M	-414M	-232M	-844M	-846M	-955M	-1.08B	-1.14B	-1.19B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-9M	-10M	-30M	493M	5M	0	-172M	-49M	-68M	-164M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	811M	757M	830M	1.43B	2.11B	1.94B	2.42B	2.46B	848M	1.66B
FCF Margin %	0.13%	0.12%	0.12%	0.19%	0.19%	0.17%	0.19%	0.17%	0.06%	0.11%
FCF Growth %	-0.05%	-0.07%	0.1%	0.73%	0.47%	-0.08%	0.25%	0.02%	-0.66%	0.95%
FCF per Share	4.22	4.06	4.54	1.31	1.49	1.36	1.69	1.72	0.60	1.21
FCF Conversion (FCF/Net Income)	1.30x	1.11x	0.96x	2.75x	1.97x	1.85x	1.34x	1.98x	0.61x	1.54x
Interest Paid	94M	117M	143M	231M	521M	515M	477M	363M	443M	494M
Taxes Paid	346M	431M	291M	210M	433M	582M	506M	686M	507M	331M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	34.04%	39.24%	46.94%	4.69%	5.48%	5.63%	8.79%	5.73%	8.59%	5.77%
Return on Invested Capital (ROIC)	20.91%	22.68%	17.8%	4.1%	4.64%	4.86%	5.73%	5.15%	6.11%	4.78%
Gross Margin	59.26%	59.91%	59.72%	52.16%	57.03%	55.83%	55.01%	52.09%	54.54%	55.56%
Net Margin	12.16%	13.15%	16.08%	7.87%	11.28%	11.4%	16.92%	10.22%	14.72%	9.39%
Debt / Equity	1.55x	2.10x	1.83x	0.71x	0.65x	0.61x	0.53x	0.54x	0.58x	0.71x
Interest Coverage	10.30x	10.24x	8.26x	2.77x	3.68x	4.15x	5.51x	5.57x	5.36x	3.79x
FCF Conversion	1.30x	1.11x	0.96x	2.75x	1.97x	1.85x	1.34x	1.98x	0.61x	1.54x
Revenue Growth	2.63%	2.52%	3.88%	11.24%	49.42%	4.48%	9.17%	10.83%	5.39%	3.62%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
LRB	-	-	-	-	-	-	-	-	9.9B	10.57B
LRB Growth	-	-	-	-	-	-	-	-	-	6.67%
K-Cup Pods	-	-	-	-	-	-	-	-	3.68B	3.61B
K-Cup Pods Growth	-	-	-	-	-	-	-	-	-	-1.90%
Appliances	-	-	-	-	-	-	-	-	799M	772M
Appliances Growth	-	-	-	-	-	-	-	-	-	-3.38%
Other Products	-	-	-	-	-	-	-	-	426M	399M
Other Products Growth	-	-	-	-	-	-	-	-	-	-6.34%
Packaged Beverages	4.54B	4.7B	4.87B	2.42B	4.95B	5.36B	5.88B	6.61B	-	-
Packaged Beverages Growth	-	3.35%	3.73%	-50.42%	104.76%	8.45%	9.68%	12.33%	-	-
Coffee Systems	-	-	-	4.11B	4.23B	4.43B	4.72B	4.98B	-	-
Coffee Systems Growth	-	-	-	-	2.89%	4.72%	6.38%	5.64%	-	-
Beverage Concentrates	1.24B	1.28B	1.33B	669M	1.41B	1.32B	1.49B	1.73B	-	-
Beverage Concentrates Growth	-	3.46%	3.74%	-49.77%	111.36%	-6.29%	12.15%	16.08%	-	-
Latin America Beverages	497M	460M	487M	244M	528M	497M	599M	743M	-	-
Latin America Beverages Growth	-	-7.44%	5.87%	-49.90%	116.39%	-5.87%	20.52%	24.04%	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	5.58B	5.77B	5.98B	6.61B	9.84B	10.32B	11.27B	12.45B	12.96B	13.37B
UNITED STATES Growth	-	3.46%	3.64%	10.54%	48.96%	4.83%	9.20%	10.54%	4.07%	3.14%
International	707M	672M	712M	834M	1.28B	1.3B	1.42B	1.6B	1.85B	1.98B
International Growth	-	-4.95%	5.95%	17.13%	53.12%	1.80%	8.92%	13.21%	15.60%	7.02%

Frequently Asked Questions

Valuation & Price

Keurig Dr Pepper Inc. (KDP) has a price-to-earnings (P/E) ratio of 26.4x. This suggests investors expect higher future growth.

Growth & Financials

Keurig Dr Pepper Inc. (KDP) reported $15.76B in revenue for fiscal year 2024. This represents a 167% increase from $5.90B in 2011.

Keurig Dr Pepper Inc. (KDP) grew revenue by 3.6% over the past year. Growth has been modest.

Yes, Keurig Dr Pepper Inc. (KDP) is profitable, generating $1.54B in net income for fiscal year 2024 (9.4% net margin).

Dividend & Returns

Yes, Keurig Dr Pepper Inc. (KDP) pays a dividend with a yield of 3.15%. This makes it attractive for income-focused investors.

Keurig Dr Pepper Inc. (KDP) has a return on equity (ROE) of 5.8%. This is below average, suggesting room for improvement.

Keurig Dr Pepper Inc. (KDP) generated $1.59B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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