Keurig Dr Pepper Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income attributable to KDP	2,146)	1,325)	1,254)	586)
Net (income) loss attributable to non-controlling interest	(1)	—)	—)	3)
Net noncash charges	378)	965)	854)	567)
Net change in operating assets and liabilities	351)	166)	366)	457)
Net cash provided by operating activities	2,874)	2,456)	2,474)	1,613)
Cash paid for interest, net of tax¹	366)	389)	386)	172)
Purchases of property, plant and equipment	(423)	(461)	(330)	(180)
Proceeds from sales of property, plant and equipment	122)	203)	247)	3)
Purchases of intangibles	(32)	(56)	(35)	—)
Right-of-use assets obtained in exchange for finance lease obligations	(408)	(90)	(71)	—)
Free cash flow to the firm (FCFF)	2,499)	2,441)	2,671)	1,608)

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 See details »

Download chart

Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Keurig Dr Pepper Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Keurig Dr Pepper Inc. FCFF decreased from 2019 to 2020 but then slightly increased from 2020 to 2021.

Keurig Dr Pepper Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Effective Income Tax Rate (EITR)
EITR¹	23.30%	24.40%	26.00%	25.50%
Interest Paid, Net of Tax
Cash paid for interest, before tax	477)	515)	521)	231)
Less: Cash paid for interest, tax²	111)	126)	135)	59)
Cash paid for interest, net of tax	366)	389)	386)	172)

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 See details »

² 2021 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 477 × 23.30% = 111

Download chart

Keurig Dr Pepper Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	66,533)
Free cash flow to the firm (FCFF)	2,499)
Valuation Ratio
EV/FCFF	26.63
Benchmarks
EV/FCFF, Competitors¹
Altria Group Inc.	12.05
Coca-Cola Co.	27.67
PepsiCo Inc.	27.90
Philip Morris International Inc.	28.05
EV/FCFF, Sector
Food, Beverage & Tobacco	22.32
EV/FCFF, Industry
Consumer Staples	26.93

Based on: 10-K (reporting date: 2021-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Keurig Dr Pepper Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	63,990)	57,004)	54,362)	51,224)
Free cash flow to the firm (FCFF)²	2,499)	2,441)	2,671)	1,608)
Valuation Ratio
EV/FCFF³	25.61	23.35	20.36	31.85
Benchmarks
EV/FCFF, Competitors⁴
Altria Group Inc.	13.00	11.79	12.41	—
Coca-Cola Co.	25.28	26.04	28.08	—
PepsiCo Inc.	33.08	30.09	35.72	—
Philip Morris International Inc.	16.35	16.31	16.47	—
EV/FCFF, Sector
Food, Beverage & Tobacco	21.47	20.59	22.56	—
EV/FCFF, Industry
Consumer Staples	19.85	21.73	22.08	—

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 See details »

² See details »

³ 2021 Calculation
EV/FCFF = EV ÷ FCFF
= 63,990 ÷ 2,499 = 25.61

⁴ Click competitor name to see calculations.

Download chart

Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Keurig Dr Pepper Inc. EV/FCFF ratio increased from 2019 to 2020 and from 2020 to 2021.

Keurig Dr Pepper Inc. (NASDAQ:KDP)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical