Current Ratio
since 2008
Calculation
Keurig Dr Pepper Inc., current ratio, long-term trends, calculation
| Current ratio | = | Current assets1 | ÷ | Current liabilities1 | |
|---|---|---|---|---|---|
| Dec 31, 2021 | 0.47 | = | 3,057) | ÷ | 6,485) |
| Dec 31, 2020 | 0.31 | = | 2,388) | ÷ | 7,694) |
| Dec 31, 2019 | 0.35 | = | 2,273) | ÷ | 6,474) |
| Dec 31, 2018 | 0.38 | = | 2,159) | ÷ | 5,702) |
| Dec 31, 2017 | 0.90 | = | 1,117) | ÷ | 1,238) |
| Dec 31, 2016 | 2.60 | = | 2,736) | ÷ | 1,051) |
| Dec 31, 2015 | 1.15 | = | 1,817) | ÷ | 1,583) |
| Dec 31, 2014 | 1.17 | = | 1,211) | ÷ | 1,038) |
| Dec 31, 2013 | 1.09 | = | 1,119) | ÷ | 1,030) |
| Dec 31, 2012 | 1.08 | = | 1,335) | ÷ | 1,232) |
| Dec 31, 2011 | 0.92 | = | 1,757) | ÷ | 1,915) |
| Dec 31, 2010 | 0.98 | = | 1,309) | ÷ | 1,338) |
| Dec 31, 2009 | 1.50 | = | 1,279) | ÷ | 854) |
| Dec 31, 2008 | 1.54 | = | 1,237) | ÷ | 801) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
1 US$ in millions
The analysis of the current ratio indicates a significant long-term deterioration in short-term liquidity, transitioning from a stable position to a period of high financial leverage and constrained working capital.
- Initial Stability and Moderate Fluctuations (2008–2015)
- During the period from 2008 to 2015, the current ratio exhibited relative stability, generally hovering around the 1.0 threshold. The period opened with a ratio of 1.54 in 2008, followed by a brief decline below 1.0 in 2010 and 2011. A recovery phase ensued between 2012 and 2015, during which the ratio stabilized between 1.08 and 1.17, suggesting a consistent ability to cover short-term obligations with current assets.
- Period of High Volatility (2016–2017)
- A significant outlier is observed in 2016, where the current ratio peaked at 2.60. This spike was the result of current assets increasing to 2,736 million USD while current liabilities decreased to 1,051 million USD. This trend reversed sharply in 2017, as the ratio fell to 0.90, marking the beginning of a sustained downward trajectory.
- Severe Liquidity Contraction (2018–2021)
- Beginning in 2018, a precipitous decline in the current ratio occurred, falling to 0.38 and reaching a low of 0.31 in 2020. This collapse in liquidity is primarily driven by an exponential increase in current liabilities, which surged from 1,238 million USD in 2017 to 7,694 million USD in 2020. While current assets grew during this period, the expansion of liabilities far exceeded asset growth. A slight recovery to 0.47 was recorded in 2021, though the ratio remained substantially below historical norms.
The overall data suggests a fundamental shift in the financial structure, moving from a conservative liquidity profile to one characterized by substantial short-term debt or obligations relative to available liquid assets.
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Comparison to Competitors
Keurig Dr Pepper Inc., current ratio, long-term trends, comparison to competitors
| Keurig Dr Pepper Inc. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Dec 31, 2021 | 0.47 | 1.13 | 0.74 | 0.83 | 0.92 |
| Dec 31, 2020 | 0.31 | 1.32 | 0.66 | 0.98 | 1.10 |
| Dec 31, 2019 | 0.35 | 0.76 | 0.50 | 0.86 | 1.09 |
| Dec 31, 2018 | 0.38 | 1.05 | 0.45 | 0.99 | 1.13 |
| Dec 31, 2017 | 0.90 | 1.34 | 0.48 | 1.51 | 1.35 |
| Dec 31, 2016 | 2.60 | 1.28 | 0.59 | 1.28 | 1.07 |
| Dec 31, 2015 | 1.15 | 1.24 | 0.82 | 1.31 | 1.03 |
| Dec 31, 2014 | 1.17 | 1.02 | 0.84 | 1.14 | 1.02 |
| Dec 31, 2013 | 1.09 | 1.13 | 0.92 | 1.24 | 0.99 |
| Dec 31, 2012 | 1.08 | 1.09 | 1.05 | 1.10 | 0.97 |
| Dec 31, 2011 | 0.92 | 1.05 | 0.88 | 0.96 | 1.00 |
| Dec 31, 2010 | 0.98 | 1.17 | 1.04 | 1.11 | 1.07 |
| Dec 31, 2009 | 1.50 | 1.28 | 1.08 | 1.44 | 1.31 |
| Dec 31, 2008 | 1.54 | 0.94 | 1.03 | 1.23 | 1.47 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
Comparison to Sector (Food, Beverage & Tobacco)
Keurig Dr Pepper Inc., current ratio, long-term trends, comparison to sector (food, beverage & tobacco)
| Keurig Dr Pepper Inc. | Food, Beverage & Tobacco | |
|---|---|---|
| Dec 31, 2021 | 0.47 | 0.91 |
| Dec 31, 2020 | 0.31 | 1.01 |
| Dec 31, 2019 | 0.35 | 0.81 |
| Dec 31, 2018 | 0.38 | 0.93 |
| Dec 31, 2017 | 0.90 | 1.22 |
| Dec 31, 2016 | 2.60 | 1.11 |
| Dec 31, 2015 | 1.15 | 1.15 |
| Dec 31, 2014 | 1.17 | 1.02 |
| Dec 31, 2013 | 1.09 | 1.08 |
| Dec 31, 2012 | 1.08 | 1.06 |
| Dec 31, 2011 | 0.92 | 0.98 |
| Dec 31, 2010 | 0.98 | 1.10 |
| Dec 31, 2009 | 1.50 | 1.27 |
| Dec 31, 2008 | 1.54 | 1.15 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
Comparison to Industry (Consumer Staples)
Keurig Dr Pepper Inc., current ratio, long-term trends, comparison to industry (consumer staples)
| Keurig Dr Pepper Inc. | Consumer Staples | |
|---|---|---|
| Dec 31, 2021 | 0.47 | 0.93 |
| Dec 31, 2020 | 0.31 | 0.92 |
| Dec 31, 2019 | 0.35 | 0.82 |
| Dec 31, 2018 | 0.38 | 0.87 |
| Dec 31, 2017 | 0.90 | 1.02 |
| Dec 31, 2016 | 2.60 | 1.04 |
| Dec 31, 2015 | 1.15 | 1.06 |
| Dec 31, 2014 | 1.17 | 0.97 |
| Dec 31, 2013 | 1.09 | 0.97 |
| Dec 31, 2012 | 1.08 | 0.99 |
| Dec 31, 2011 | 0.92 | 0.97 |
| Dec 31, 2010 | 0.98 | 1.01 |
| Dec 31, 2009 | 1.50 | 1.03 |
| Dec 31, 2008 | 1.54 | 0.98 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).