Explain this page
Arphra AIPlain-English read on Keurig Dr Pepper Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Headline | ||||||||
| Market cap | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — |
| Multiples | ||||||||
| P / E | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
| Yields | ||||||||
| Earnings yield | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +55.01% | +52.10% | +54.54% | +55.56% | +52.41% | +55.01% | +55.18% | +54.48% |
| Operating margin | +22.82% | +18.53% | +21.55% | +16.88% | +21.97% | +20.30% | +19.67% | +20.42% |
| EBITDA margin | +31.59% | +22.20% | +26.82% | +22.03% | +25.26% | +24.97% | +24.40% | +24.70% |
| EBIT margin | +26.00% | +17.16% | +21.96% | +17.26% | +20.73% | +20.46% | +20.37% | +20.53% |
| Pre-tax margin | +22.06% | +12.23% | +18.61% | +12.47% | +16.18% | +16.02% | +15.63% | +16.05% |
| Net margin | +16.92% | +10.22% | +14.72% | +9.39% | +12.52% | +12.47% | +11.96% | +12.03% |
| Cost structure | ||||||||
| Cost of revenue / sales | +44.99% | +47.90% | +45.46% | +44.44% | +47.59% | +45.26% | +44.96% | +46.89% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +32.74% | +33.04% | +33.16% | +32.66% | +30.43% | +32.99% | +31.64% | +31.86% |
| Effective tax rate | +23.34% | +16.52% | +20.89% | +24.71% | +22.63% | +22.75% | +22.62% | +22.43% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | +8.59% | +5.72% | +8.49% | +5.94% | +8.15% | +7.77% | +7.51% | +7.31% |
| Return on assets (ROA) | +4.24% | +2.77% | +4.18% | +2.70% | +3.75% | +3.72% | +3.44% | +3.53% |
| Return on capital (ROC) | +7.57% | +6.73% | +7.88% | +6.24% | +8.76% | +7.69% | +7.56% | +7.67% |
| Return on invested capital (ROIC) | +5.61% | +3.71% | +5.39% | +3.47% | +4.99% | +4.72% | +4.60% | +4.52% |
| Asset turnover | +25.07% | +27.12% | +28.42% | +28.73% | +29.94% | +29.87% | +28.76% | +29.39% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +16.92% | +10.22% | +14.72% | +9.39% | +12.52% | +12.47% | +11.96% | +12.03% |
| Asset turnover (× revenue / assets) | +25.07% | +27.12% | +28.42% | +28.73% | +29.94% | +29.87% | +28.76% | +29.39% |
| Equity multiplier (× assets / equity) | +202.62% | +206.32% | +203.03% | +220.39% | +217.35% | +208.54% | +218.27% | +206.78% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.25 | 0.27 | 0.28 | 0.29 | 0.30 | 0.30 | 0.29 | 0.29 |
| Fixed-asset turnover | 4.00 | 4.17 | 4.14 | 3.99 | 5.14 | — | — | — |
| Inventory turnover | 6.38 | 5.12 | 5.90 | 5.25 | 4.56 | — | — | — |
| Receivables turnover | 9.96 | 8.43 | 9.75 | 8.91 | 9.94 | — | — | — |
| Payables turnover | 1.32 | 1.29 | 1.87 | 2.29 | 2.64 | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 36.66 | 43.31 | 37.43 | 40.97 | 36.74 | — | — | — |
| Days inventory outstanding (DIO) | 57.19 | 71.22 | 61.90 | 69.50 | 80.05 | — | — | — |
| Days payables outstanding (DPO) | 276.08 | 282.18 | 194.97 | 159.71 | 138.39 | — | — | — |
| Cash conversion cycle | -182.23 | -167.65 | -95.64 | -49.24 | -21.60 | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.34 | 1.98 | 0.61 | 1.54 | 0.96 | 0.94 | 0.99 | 0.98 |
| FCF / Net income | 1.13 | 1.71 | 0.39 | 1.15 | 0.72 | 0.67 | 0.71 | 0.72 |
| FCF margin | +19.07% | +17.49% | +5.72% | +10.79% | +9.06% | +8.35% | +8.49% | +8.64% |
| OCF margin | +22.66% | +20.18% | +8.97% | +14.46% | +11.99% | +11.71% | +11.86% | +11.82% |
| CapEx / Revenue | +3.59% | +2.70% | +3.25% | +3.67% | +2.93% | +3.23% | +3.28% | +3.36% |
| CapEx / D&A | 0.64 | 0.53 | 0.67 | 0.77 | 0.65 | — | — | — |
| Stock-based comp / Revenue | +0.69% | +0.37% | +0.78% | +0.64% | +0.58% | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 1.50 | 1.01 | 1.55 | 1.05 | 1.53 | 2.28 | 2.51 | 2.66 |
| EPS · basic | 1.52 | 1.01 | 1.56 | 1.06 | 1.53 | 2.26 | 2.49 | 2.67 |
| Book value / share | 17.49 | 17.59 | 18.23 | 17.72 | 18.72 | 31.01 | 34.62 | 36.78 |
| Tangible BV / share | -13.35 | -12.69 | -12.65 | -14.21 | -13.54 | 31.01 | 34.62 | 36.78 |
| Sales / share | 8.88 | 9.84 | 10.52 | 11.22 | 12.18 | 19.31 | 21.73 | 22.35 |
| Operating CF / share | 2.01 | 1.99 | 0.94 | 1.62 | 1.46 | 2.26 | 2.58 | 2.64 |
| Free cash flow / share | 1.69 | 1.72 | 0.60 | 1.21 | 1.10 | 1.61 | 1.84 | 1.93 |
| Dividends / share | 0.67 | 0.76 | 0.81 | 0.87 | 0.92 | 1.48 | 1.68 | 1.69 |
| Payout ratio | +44.50% | +75.21% | +52.36% | +82.86% | +60.13% | +61.46% | +64.51% | +62.74% |
| Retention ratio | +55.50% | +24.79% | +47.64% | +17.14% | +39.87% | +38.54% | +35.49% | +37.26% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | +10.83% | +5.39% | +3.62% | +8.16% | +58.21% | +13.51% | +2.97% | +13.46% |
| Gross profit · YoY | — | +4.96% | +10.34% | +5.56% | +2.02% | +66.06% | +13.86% | +1.67% | +13.30% |
| Profit | |||||||||
| Operating income · YoY | — | -9.99% | +22.53% | -18.83% | +40.80% | +46.14% | +9.98% | +6.91% | +11.67% |
| EBITDA · YoY | — | -22.09% | +27.30% | -14.88% | +24.01% | +56.37% | +10.93% | +4.24% | +9.55% |
| Net income · YoY | — | -33.08% | +51.88% | -33.93% | +44.27% | +57.53% | +8.88% | +3.53% | +8.06% |
| Operating | |||||||||
| EBIT · YoY | — | -26.86% | +34.87% | -18.57% | +29.90% | +56.21% | +12.99% | +3.80% | +9.70% |
| R&D · YoY | — | — | — | — | — | — | — | — | — |
| Per-share | |||||||||
| EPS · diluted · YoY | — | -32.67% | +53.47% | -32.26% | +45.71% | +48.77% | +10.20% | +6.22% | +8.55% |
| EPS · basic · YoY | — | -33.55% | +54.46% | -32.05% | +44.34% | +47.80% | +10.18% | +7.19% | +8.38% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $13.27B | $13.58B | $14.82B | $17.27B | $16.14B | $27.18B | $30.04B | $31.19B |
| Net debt | $12.7B | $13.05B | $14.56B | $16.76B | $15.12B | $26.18B | $28.92B | $30.04B |
| Net debt / EBITDA | 3.17 | 4.18 | 3.66 | 4.96 | 3.60 | 3.99 | 3.97 | 3.96 |
| Debt / equity | 0.53 | 0.54 | 0.58 | 0.71 | 0.63 | 0.64 | 0.63 | 0.62 |
| Debt / assets | +26.22% | +26.20% | +28.44% | +32.33% | +29.10% | +30.90% | +28.98% | +29.86% |
| Equity / assets | +49.35% | +48.47% | +49.25% | +45.37% | +46.01% | +47.95% | +45.82% | +48.36% |
| Coverage | ||||||||
| EBITDA / interest expense | 7.63 | 6.67 | 6.67 | 4.94 | 5.56 | 5.77 | 5.59 | 5.57 |
| Operating income / interest | 5.51 | 5.57 | 5.36 | 3.79 | 4.84 | 4.69 | 4.51 | 4.60 |
| Interest expense | $525M | $468M | $596M | $684M | $754M | $1.14B | $1.3B | $1.36B |
| Liquidity | ||||||||
| Current ratio | 0.47 | 0.47 | 0.38 | 0.49 | 0.64 | — | — | — |
| Quick ratio | 0.28 | 0.27 | 0.20 | 0.28 | 0.33 | — | — | — |
| Cash ratio | 0.09 | 0.07 | 0.03 | 0.06 | 0.12 | — | — | — |
| Working capital | -$3.43B | -$4.27B | -$5.54B | -$4.09B | -$3.02B | — | — | — |
| Working capital / revenue | -27.03% | -30.39% | -37.40% | -26.64% | -18.21% | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).