Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Debt to Equity since 2008
- Price to Book Value (P/BV) since 2008
- Price to Sales (P/S) since 2008
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Solvency Ratios (Summary)
Keurig Dr Pepper Inc., solvency ratios
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Keurig Dr Pepper Inc. debt to equity ratio improved from 2019 to 2020 and from 2020 to 2021. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Keurig Dr Pepper Inc. debt to equity ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Keurig Dr Pepper Inc. debt to capital ratio improved from 2019 to 2020 and from 2020 to 2021. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Keurig Dr Pepper Inc. debt to capital ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Keurig Dr Pepper Inc. debt to assets ratio improved from 2019 to 2020 and from 2020 to 2021. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Keurig Dr Pepper Inc. debt to assets ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Keurig Dr Pepper Inc. financial leverage ratio decreased from 2019 to 2020 and from 2020 to 2021. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Keurig Dr Pepper Inc. interest coverage ratio improved from 2019 to 2020 and from 2020 to 2021. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Keurig Dr Pepper Inc. fixed charge coverage ratio improved from 2019 to 2020 and from 2020 to 2021. |
Debt to Equity
Keurig Dr Pepper Inc., debt to equity calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Short-term borrowings and current portion of long-term obligations | |||||
| Current finance lease liability | |||||
| Long-term obligations, excluding current portion | |||||
| Non-current finance lease liability | |||||
| Total debt | |||||
| Stockholders’ equity | |||||
| Solvency Ratio | |||||
| Debt to equity1 | |||||
| Benchmarks | |||||
| Debt to Equity, Competitors2 | |||||
| Altria Group Inc. | |||||
| Coca-Cola Co. | |||||
| PepsiCo Inc. | |||||
| Philip Morris International Inc. | |||||
| Debt to Equity, Sector | |||||
| Food, Beverage & Tobacco | |||||
| Debt to Equity, Industry | |||||
| Consumer Staples | |||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2021 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Keurig Dr Pepper Inc. debt to equity ratio improved from 2019 to 2020 and from 2020 to 2021. |
Debt to Equity (including Operating Lease Liability)
Keurig Dr Pepper Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Short-term borrowings and current portion of long-term obligations | |||||
| Current finance lease liability | |||||
| Long-term obligations, excluding current portion | |||||
| Non-current finance lease liability | |||||
| Total debt | |||||
| Current operating lease liability | |||||
| Non-current operating lease liability | |||||
| Total debt (including operating lease liability) | |||||
| Stockholders’ equity | |||||
| Solvency Ratio | |||||
| Debt to equity (including operating lease liability)1 | |||||
| Benchmarks | |||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||
| Coca-Cola Co. | |||||
| PepsiCo Inc. | |||||
| Philip Morris International Inc. | |||||
| Debt to Equity (including Operating Lease Liability), Sector | |||||
| Food, Beverage & Tobacco | |||||
| Debt to Equity (including Operating Lease Liability), Industry | |||||
| Consumer Staples | |||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2021 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Keurig Dr Pepper Inc. debt to equity ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021. |
Debt to Capital
Keurig Dr Pepper Inc., debt to capital calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Short-term borrowings and current portion of long-term obligations | |||||
| Current finance lease liability | |||||
| Long-term obligations, excluding current portion | |||||
| Non-current finance lease liability | |||||
| Total debt | |||||
| Stockholders’ equity | |||||
| Total capital | |||||
| Solvency Ratio | |||||
| Debt to capital1 | |||||
| Benchmarks | |||||
| Debt to Capital, Competitors2 | |||||
| Altria Group Inc. | |||||
| Coca-Cola Co. | |||||
| PepsiCo Inc. | |||||
| Philip Morris International Inc. | |||||
| Debt to Capital, Sector | |||||
| Food, Beverage & Tobacco | |||||
| Debt to Capital, Industry | |||||
| Consumer Staples | |||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Keurig Dr Pepper Inc. debt to capital ratio improved from 2019 to 2020 and from 2020 to 2021. |
Debt to Capital (including Operating Lease Liability)
Keurig Dr Pepper Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Short-term borrowings and current portion of long-term obligations | |||||
| Current finance lease liability | |||||
| Long-term obligations, excluding current portion | |||||
| Non-current finance lease liability | |||||
| Total debt | |||||
| Current operating lease liability | |||||
| Non-current operating lease liability | |||||
| Total debt (including operating lease liability) | |||||
| Stockholders’ equity | |||||
| Total capital (including operating lease liability) | |||||
| Solvency Ratio | |||||
| Debt to capital (including operating lease liability)1 | |||||
| Benchmarks | |||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||
| Coca-Cola Co. | |||||
| PepsiCo Inc. | |||||
| Philip Morris International Inc. | |||||
| Debt to Capital (including Operating Lease Liability), Sector | |||||
| Food, Beverage & Tobacco | |||||
| Debt to Capital (including Operating Lease Liability), Industry | |||||
| Consumer Staples | |||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2021 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Keurig Dr Pepper Inc. debt to capital ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021. |
Debt to Assets
Keurig Dr Pepper Inc., debt to assets calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Short-term borrowings and current portion of long-term obligations | |||||
| Current finance lease liability | |||||
| Long-term obligations, excluding current portion | |||||
| Non-current finance lease liability | |||||
| Total debt | |||||
| Total assets | |||||
| Solvency Ratio | |||||
| Debt to assets1 | |||||
| Benchmarks | |||||
| Debt to Assets, Competitors2 | |||||
| Altria Group Inc. | |||||
| Coca-Cola Co. | |||||
| PepsiCo Inc. | |||||
| Philip Morris International Inc. | |||||
| Debt to Assets, Sector | |||||
| Food, Beverage & Tobacco | |||||
| Debt to Assets, Industry | |||||
| Consumer Staples | |||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2021 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Keurig Dr Pepper Inc. debt to assets ratio improved from 2019 to 2020 and from 2020 to 2021. |
Debt to Assets (including Operating Lease Liability)
Keurig Dr Pepper Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Short-term borrowings and current portion of long-term obligations | |||||
| Current finance lease liability | |||||
| Long-term obligations, excluding current portion | |||||
| Non-current finance lease liability | |||||
| Total debt | |||||
| Current operating lease liability | |||||
| Non-current operating lease liability | |||||
| Total debt (including operating lease liability) | |||||
| Total assets | |||||
| Solvency Ratio | |||||
| Debt to assets (including operating lease liability)1 | |||||
| Benchmarks | |||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||
| Coca-Cola Co. | |||||
| PepsiCo Inc. | |||||
| Philip Morris International Inc. | |||||
| Debt to Assets (including Operating Lease Liability), Sector | |||||
| Food, Beverage & Tobacco | |||||
| Debt to Assets (including Operating Lease Liability), Industry | |||||
| Consumer Staples | |||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2021 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Keurig Dr Pepper Inc. debt to assets ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021. |
Financial Leverage
Keurig Dr Pepper Inc., financial leverage calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Total assets | |||||
| Stockholders’ equity | |||||
| Solvency Ratio | |||||
| Financial leverage1 | |||||
| Benchmarks | |||||
| Financial Leverage, Competitors2 | |||||
| Altria Group Inc. | |||||
| Coca-Cola Co. | |||||
| PepsiCo Inc. | |||||
| Philip Morris International Inc. | |||||
| Financial Leverage, Sector | |||||
| Food, Beverage & Tobacco | |||||
| Financial Leverage, Industry | |||||
| Consumer Staples | |||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2021 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Keurig Dr Pepper Inc. financial leverage ratio decreased from 2019 to 2020 and from 2020 to 2021. |
Interest Coverage
Keurig Dr Pepper Inc., interest coverage calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net income attributable to KDP | |||||
| Add: Net income attributable to noncontrolling interest | |||||
| Add: Income tax expense | |||||
| Add: Interest expense | |||||
| Earnings before interest and tax (EBIT) | |||||
| Solvency Ratio | |||||
| Interest coverage1 | |||||
| Benchmarks | |||||
| Interest Coverage, Competitors2 | |||||
| Altria Group Inc. | |||||
| Coca-Cola Co. | |||||
| PepsiCo Inc. | |||||
| Philip Morris International Inc. | |||||
| Interest Coverage, Sector | |||||
| Food, Beverage & Tobacco | |||||
| Interest Coverage, Industry | |||||
| Consumer Staples | |||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2021 Calculation
Interest coverage = EBIT ÷ Interest expense
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Keurig Dr Pepper Inc. interest coverage ratio improved from 2019 to 2020 and from 2020 to 2021. |
Fixed Charge Coverage
Keurig Dr Pepper Inc., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net income attributable to KDP | |||||
| Add: Net income attributable to noncontrolling interest | |||||
| Add: Income tax expense | |||||
| Add: Interest expense | |||||
| Earnings before interest and tax (EBIT) | |||||
| Add: Operating lease cost | |||||
| Earnings before fixed charges and tax | |||||
| Interest expense | |||||
| Operating lease cost | |||||
| Fixed charges | |||||
| Solvency Ratio | |||||
| Fixed charge coverage1 | |||||
| Benchmarks | |||||
| Fixed Charge Coverage, Competitors2 | |||||
| Coca-Cola Co. | |||||
| PepsiCo Inc. | |||||
| Philip Morris International Inc. | |||||
| Fixed Charge Coverage, Sector | |||||
| Food, Beverage & Tobacco | |||||
| Fixed Charge Coverage, Industry | |||||
| Consumer Staples | |||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2021 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Keurig Dr Pepper Inc. fixed charge coverage ratio improved from 2019 to 2020 and from 2020 to 2021. |