Stock Analysis on Net
Stock Analysis on Net

Keurig Dr Pepper Inc. (NASDAQ:KDP)

This company has been moved to the archive! The financial data has not been updated since July 28, 2022.

Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

Keurig Dr Pepper Inc., FCFE calculation

US$ in millions

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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
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) —
Proceeds from issuance of Notes 2,150 1,500 — 8,000
Repayment of Notes (3,595) (250) (250) —
Proceeds from issuance of commercial paper 5,406 7,288 16,197 1,080
Repayments of commercial paper (5,257) (8,534) (16,030) —
Proceeds from KDP Revolver — 1,850 — 1,900
Repayment of KDP Revolver — (1,850) — (1,900)
Proceeds from term loan — — 2,000 2,700
Repayments of term loan (425) (955) (3,203) (3,447)
Payments on finance leases (54) (52) (38) (17)
Free cash flow to equity (FCFE) 766 1,139 1,032 9,752

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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Keurig Dr Pepper Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Keurig Dr Pepper Inc. FCFE increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Price to FCFE Ratio, Current

Keurig Dr Pepper Inc., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 1,416,070,252
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 766
FCFE per share 0.54
Current share price (P) 38.50
Valuation Ratio
P/FCFE 71.17
Benchmarks
P/FCFE, Competitors1
Altria Group Inc. 11.14
Coca-Cola Co. 23.52
PepsiCo Inc. 17.06
Philip Morris International Inc. 17.61
P/FCFE, Sector
Food, Beverage & Tobacco 26.49
P/FCFE, Industry
Consumer Staples 30.43

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

1 Click competitor name to see calculations.

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

Price to FCFE Ratio, Historical

Keurig Dr Pepper Inc., historical P/FCFE calculation, comparison to benchmarks

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
No. shares of common stock outstanding1 1,418,158,363 1,407,267,272 1,406,986,313 1,406,081,521
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 766 1,139 1,032 9,752
FCFE per share3 0.54 0.81 0.73 6.94
Share price1, 4 36.65 30.86 28.24 25.15
Valuation Ratio
P/FCFE5 67.85 38.13 38.50 3.63
Benchmarks
P/FCFE, Competitors6
Altria Group Inc. 13.06 8.86 7.97 —
Coca-Cola Co. 23.29 30.91 33.31 —
PepsiCo Inc. 77.00 10.51 38.90 —
Philip Morris International Inc. 20.46 15.06 15.65 —
P/FCFE, Sector
Food, Beverage & Tobacco 25.49 14.44 21.35 —
P/FCFE, Industry
Consumer Staples 22.89 17.29 18.06 —

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 Data adjusted for splits and stock dividends.

2 See details »

3 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 766,000,000 ÷ 1,418,158,363 = 0.54

4 Closing price as at the filing date of Keurig Dr Pepper Inc. Annual Report.

5 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 36.65 ÷ 0.54 = 67.85

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Keurig Dr Pepper Inc. P/FCFE ratio decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.