Latest Ratios: P/E Ratio 20.8x · EV/EBITDA 13.2x · ROE 8.4%. (2004–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $43.2B | $38.2B | $43.9B | $46.9B | $50.9B | $52.6B | $45.5B | $41.1B | $28.1B | $2.9B | $2.7B |
| Enterprise Value | $58.3B | $53.3B | $60.7B | $61.5B | $64.0B | $65.3B | $59.7B | $56.2B | $44.0B | $7.3B | $5.4B |
| P/E Ratio → | 20.76 | 18.31 | 30.59 | 21.50 | 35.31 | 24.57 | 34.41 | 32.90 | 48.38 | 2.65 | 3.22 |
| P/S Ratio | 2.60 | 2.30 | 2.86 | 3.17 | 3.62 | 4.15 | 3.92 | 3.69 | 3.78 | 0.43 | 0.42 |
| P/B Ratio | 1.70 | 1.50 | 1.81 | 1.83 | 2.03 | 2.11 | 1.91 | 1.77 | 1.25 | 1.17 | 1.28 |
| P/FCF | 28.71 | 25.36 | 26.54 | 55.34 | 20.72 | 21.76 | 23.47 | 19.48 | 19.64 | 3.44 | 3.60 |
| P/OCF | 21.70 | 19.17 | 19.81 | 35.31 | 17.96 | 18.31 | 18.53 | 16.61 | 17.45 | 2.75 | 2.90 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.21 | 3.96 | 4.15 | 4.55 | 5.15 | 5.14 | 5.06 | 5.92 | 1.09 | 0.84 |
| EV / EBITDA | 13.24 | 12.09 | 15.02 | 15.71 | 18.32 | 18.14 | 19.07 | 18.52 | 26.36 | 4.50 | 3.27 |
| EV / EBIT | 15.97 | 15.49 | 22.92 | 18.90 | 26.53 | 19.81 | 25.35 | 23.95 | 35.44 | 5.44 | 3.79 |
| EV / FCF | — | 35.41 | 36.66 | 72.51 | 26.03 | 27.01 | 30.81 | 26.66 | 30.74 | 8.77 | 7.15 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.2% | 54.2% | 55.6% | 54.5% | 52.1% | 55.0% | 55.8% | 57.0% | 52.2% | 59.7% | 59.9% |
| Operating Margin | 22.0% | 22.0% | 21.6% | 21.6% | 19.8% | 22.8% | 21.3% | 21.4% | 16.6% | 20.7% | 22.3% |
| Net Profit Margin | 12.5% | 12.5% | 9.4% | 14.7% | 10.2% | 16.9% | 11.4% | 11.3% | 7.9% | 16.1% | 13.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.4% | 8.4% | 5.8% | 8.6% | 5.7% | 8.8% | 5.6% | 5.5% | 4.7% | 46.9% | 39.2% |
| ROA | 3.8% | 3.8% | 2.7% | 4.2% | 2.8% | 4.3% | 2.7% | 2.5% | 2.0% | 10.9% | 9.1% |
| ROIC | 6.7% | 6.7% | 6.1% | 6.1% | 5.5% | 5.7% | 4.9% | 4.6% | 4.1% | 17.8% | 22.7% |
| ROCE | 7.9% | 7.9% | 7.5% | 7.3% | 6.3% | 6.7% | 5.8% | 5.5% | 4.8% | 15.8% | 17.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.63 | 0.63 | 0.71 | 0.58 | 0.54 | 0.53 | 0.61 | 0.65 | 0.71 | 1.83 | 2.10 |
| Debt / EBITDA | 3.66 | 3.66 | 4.27 | 3.79 | 3.89 | 3.68 | 4.62 | 5.02 | 9.57 | 2.77 | 2.70 |
| Net Debt / Equity | — | 0.59 | 0.69 | 0.57 | 0.52 | 0.51 | 0.60 | 0.65 | 0.71 | 1.80 | 1.26 |
| Net Debt / EBITDA | 3.43 | 3.43 | 4.15 | 3.72 | 3.74 | 3.53 | 4.55 | 4.99 | 9.52 | 2.73 | 1.62 |
| Debt / FCF | — | 10.04 | 10.12 | 17.17 | 5.31 | 5.25 | 7.35 | 7.18 | 11.10 | 5.32 | 3.55 |
| Interest Coverage | 4.56 | 4.56 | 3.87 | 5.46 | 5.15 | 6.28 | 3.95 | 3.63 | 2.79 | 7.96 | 10.21 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.64 | 0.64 | 0.49 | 0.38 | 0.47 | 0.47 | 0.31 | 0.35 | 0.38 | 0.90 | 2.60 |
| Quick Ratio | 0.43 | 0.43 | 0.33 | 0.25 | 0.31 | 0.33 | 0.21 | 0.25 | 0.27 | 0.72 | 2.41 |
| Cash Ratio | 0.12 | 0.12 | 0.06 | 0.03 | 0.07 | 0.09 | 0.03 | 0.01 | 0.01 | 0.05 | 1.70 |
| Asset Turnover | — | 0.30 | 0.29 | 0.28 | 0.27 | 0.25 | 0.23 | 0.22 | 0.15 | 0.67 | 0.66 |
| Inventory Turnover | 4.39 | 4.39 | 5.25 | 5.90 | 5.12 | 6.38 | 6.73 | 7.31 | 5.69 | 11.77 | 12.78 |
| Days Sales Outstanding | — | 36.74 | 40.97 | 37.43 | 43.31 | 36.66 | 35.94 | 38.86 | 59.98 | 38.74 | 36.61 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.9% | 3.3% | 2.7% | 2.4% | 2.1% | 1.8% | 1.9% | 2.1% | 0.8% | 14.5% | 14.2% |
| Payout Ratio | 60.1% | 60.1% | 82.9% | 52.4% | 75.2% | 44.5% | 63.8% | 67.3% | 39.6% | 38.5% | 45.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.8% | 5.5% | 3.3% | 4.7% | 2.8% | 4.1% | 2.9% | 3.0% | 2.1% | 37.7% | 31.1% |
| FCF Yield | 3.5% | 3.9% | 3.8% | 1.8% | 4.8% | 4.6% | 4.3% | 5.1% | 5.1% | 29.0% | 27.8% |
| Buyback Yield | 0.0% | 0.0% | 2.5% | 1.5% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 14.0% | 19.1% |
| Total Shareholder Yield | 2.9% | 3.3% | 5.2% | 3.9% | 2.9% | 1.8% | 1.9% | 2.1% | 0.8% | 28.5% | 33.2% |
| Shares Outstanding | — | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.1B | $183M | $187M |
Includes 30+ ratios · 22 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying KDP stock.
Keurig Dr Pepper Inc.'s current P/E ratio is 20.8x. The historical average is 15.9x. This places it at the 59th percentile of its historical range.
Keurig Dr Pepper Inc.'s current EV/EBITDA is 13.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.1x.
Keurig Dr Pepper Inc.'s return on equity (ROE) is 8.4%. The historical average is 17.6%.
Based on historical data, Keurig Dr Pepper Inc. is trading at a P/E of 20.8x. This is at the 59th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Keurig Dr Pepper Inc.'s current dividend yield is 2.89% with a payout ratio of 60.1%.
Keurig Dr Pepper Inc. has 54.2% gross margin and 22.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Keurig Dr Pepper Inc.'s Debt/EBITDA ratio is 3.7x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Coffee segment margin pressure
Metrics are mathematically derived from official filings.
Margin Compression from Acquisition Mix
Gross margin fell from 55.9% in 2024Q1 to 41.9% in 2026Q2, a 14-point decline, while operating margin dropped to 9.2% in 2026Q2 from 22.1% in 2024Q1, reflecting acquisition-related mix shifts and integration costs.
The sharp margin deterioration aligns with the JDE Peet's acquisition, which introduced lower-margin coffee and hardware sales into the mix. Net margin of 1.9% in 2026Q2 versus 13.1% in 2024Q2 underscores the earnings dilution from higher interest expense and integration charges. Investors should monitor whether cost synergies can restore operating margins toward the 22% level seen pre-acquisition, as the current trajectory suggests structural pressure on profitability.
ROIC Decay Post-Acquisition
ROIC fell to 0.9% in 2026Q2 from 1.6% in 2024Q2, while ROE dropped to 0.5% from 2.1% over the same period, indicating that the JDE Peet's acquisition has temporarily depressed returns on invested capital.
The decline in ROIC and ROE is consistent with the debt-funded acquisition that expanded the asset base without immediate profit contribution. The 2026Q2 ROIC of 0.9% is well below the 1.7% peak in 2025Q4, suggesting that integration costs and margin pressure are eroding capital efficiency. If synergies materialize as management expects, returns could recover, but the current data points to a period of capital allocation drag.
Working Capital Efficiency Improves
Cash conversion cycle improved to -12 days in 2026Q2 from -93 days in 2024Q1, driven by a DPO of 98 days versus 202 days, indicating KDP is leveraging supplier financing more aggressively.
The negative CCC reflects KDP's ability to collect cash from customers before paying suppliers, a structural advantage in the beverage industry. However, the improvement is partly due to acquisition-related changes in payables and inventory management. Asset turnover remains low at 0.09 in 2026Q2, consistent with the capital-intensive nature of the coffee business, but the working capital efficiency suggests management is actively optimizing cash conversion.
Leverage Spikes with JDE Deal
Debt-to-equity rose to 1.18 in 2026Q2 from 0.67 in 2024Q1, while interest coverage fell to 1.99 from 5.08, indicating that the JDE Peet's acquisition has significantly increased financial risk.
The elevated leverage and reduced interest coverage suggest that KDP's debt service is becoming less comfortable, with interest expense consuming a larger share of operating income. The D/EBITDA of 51.42 in 2026Q2 is unusually high, likely reflecting the acquisition's impact on EBITDA, but it warrants monitoring for covenant compliance and refinancing risk. Management's focus on deleveraging will be critical to restoring balance sheet flexibility.
Liquidity Squeeze Amidst Expansion
Current ratio fell to 0.48 in 2026Q2 from 0.51 in 2024Q1, while quick ratio dropped to 0.28, indicating a tight liquidity position that could strain under stress.
The current ratio below 1.0 suggests that KDP relies on operating cash flow and short-term borrowings to meet obligations, which is typical for large beverage companies but leaves little buffer. The quick ratio of 0.28 highlights inventory dependence, as inventory is less liquid. Given the acquisition-related cash outflows, investors should monitor whether KDP can maintain adequate liquidity without further debt issuance.
Misapplied P/E on Acquisition Distortions
The trailing P/E of 20.55 is misleading given the JDE Peet's acquisition, as forward P/E of 13.72 better reflects normalized earnings, but the 2026Q2 net margin of 1.9% suggests earnings power is still depressed.
The most commonly misapplied ratio for KDP is the P/E, because the acquisition has temporarily depressed net income, inflating the trailing multiple. Investors should instead focus on EV/EBITDA, which at 13.14 (or 8.61 forward) better captures the company's operating performance and leverage-adjusted value. Additionally, the PEG of 1.96 may understate growth potential if synergies are realized, but the current earnings quality is too volatile to rely on P/E alone.