Debt to Equity
since 2008
Calculation
Keurig Dr Pepper Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Short-term borrowings and long-term obligations1 | ÷ | Stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2021 | 0.48 | = | 11,882) | ÷ | 24,972) |
| Dec 31, 2020 | 0.57 | = | 13,488) | ÷ | 23,829) |
| Dec 31, 2019 | 0.62 | = | 14,420) | ÷ | 23,257) |
| Dec 31, 2018 | 0.69 | = | 15,659) | ÷ | 22,533) |
| Dec 31, 2017 | 1.83 | = | 4,479) | ÷ | 2,451) |
| Dec 31, 2016 | 2.10 | = | 4,478) | ÷ | 2,134) |
| Dec 31, 2015 | 1.55 | = | 3,382) | ÷ | 2,183) |
| Dec 31, 2014 | 1.13 | = | 2,591) | ÷ | 2,294) |
| Dec 31, 2013 | 1.13 | = | 2,574) | ÷ | 2,277) |
| Dec 31, 2012 | 1.23 | = | 2,804) | ÷ | 2,280) |
| Dec 31, 2011 | 1.20 | = | 2,708) | ÷ | 2,263) |
| Dec 31, 2010 | 0.85 | = | 2,091) | ÷ | 2,459) |
| Dec 31, 2009 | 0.93 | = | 2,960) | ÷ | 3,187) |
| Dec 31, 2008 | 1.35 | = | 3,522) | ÷ | 2,607) |
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 capital structure of the entity underwent three distinct phases between 2008 and 2021, characterized by an initial period of fluctuation, a peak in leverage, and a substantial structural realignment followed by a consistent reduction in the debt-to-equity ratio.
- Leverage Fluctuations (2008–2017)
- During this timeframe, the debt-to-equity ratio exhibited significant volatility. Following a decline from 1.35 in 2008 to a low of 0.85 in 2010, the ratio trended upward, reaching a peak of 2.10 in 2016. This increase was primarily driven by the growth of short-term borrowings and long-term obligations, which rose from 2,091 million US$ in 2010 to 4,478 million US$ in 2016, while stockholders' equity remained relatively stagnant, fluctuating between approximately 2.1 billion and 2.5 billion US$.
- Structural Capital Realignment (2018)
- A fundamental shift in the balance sheet occurred in 2018. Total obligations increased sharply to 15,659 million US$, but this was offset by a disproportionate surge in stockholders' equity, which rose from 2,451 million US$ to 22,533 million US$. This realignment resulted in a significant compression of the debt-to-equity ratio, which fell to 0.69, marking the transition to a more equity-heavy capital structure.
- Deleveraging Trend (2019–2021)
- The period from 2019 to 2021 is characterized by a steady improvement in solvency metrics. Short-term and long-term obligations were systematically reduced from 14,420 million US$ in 2019 to 11,882 million US$ by 2021. Concurrently, stockholders' equity continued to grow, reaching 24,972 million US$. Consequently, the debt-to-equity ratio declined consistently each year, ending the period at its lowest recorded level of 0.48.
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Comparison to Competitors
Keurig Dr Pepper Inc., debt to equity, 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 | 0.48 | 1.86 | 0.69 | 2.51 | — |
| Dec 31, 2020 | 0.57 | 2.22 | 0.73 | 3.28 | — |
| Dec 31, 2019 | 0.62 | 2.25 | 0.68 | 2.17 | — |
| Dec 31, 2018 | 0.69 | 2.56 | 0.72 | 2.23 | — |
| Dec 31, 2017 | 1.83 | 2.79 | 0.68 | 3.61 | — |
| Dec 31, 2016 | 2.10 | 1.98 | 0.68 | 3.33 | — |
| Dec 31, 2015 | 1.55 | 1.73 | 0.55 | 2.79 | — |
| Dec 31, 2014 | 1.13 | 1.38 | 0.60 | 1.66 | — |
| Dec 31, 2013 | 1.13 | 1.12 | 0.53 | 1.22 | — |
| Dec 31, 2012 | 1.23 | 0.99 | 0.60 | 1.27 | — |
| Dec 31, 2011 | 1.20 | 0.90 | 0.76 | 1.30 | 80.98 |
| Dec 31, 2010 | 0.85 | 0.76 | 0.80 | 1.18 | 4.71 |
| Dec 31, 2009 | 0.93 | 0.48 | 0.73 | 0.47 | 2.70 |
| Dec 31, 2008 | 1.35 | 0.45 | 0.91 | 0.68 | 1.59 |
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., debt to equity, long-term trends, comparison to sector (food, beverage & tobacco)
| Keurig Dr Pepper Inc. | Food, Beverage & Tobacco | |
|---|---|---|
| Dec 31, 2021 | 0.48 | 2.28 |
| Dec 31, 2020 | 0.57 | 2.90 |
| Dec 31, 2019 | 0.62 | 2.51 |
| Dec 31, 2018 | 0.69 | 2.82 |
| Dec 31, 2017 | 1.83 | 3.31 |
| Dec 31, 2016 | 2.10 | 2.76 |
| Dec 31, 2015 | 1.55 | 2.32 |
| Dec 31, 2014 | 1.13 | 1.86 |
| Dec 31, 2013 | 1.13 | 1.36 |
| Dec 31, 2012 | 1.23 | 1.23 |
| Dec 31, 2011 | 1.20 | 1.15 |
| Dec 31, 2010 | 0.85 | 1.02 |
| Dec 31, 2009 | 0.93 | 0.74 |
| Dec 31, 2008 | 1.35 | 0.80 |
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., debt to equity, long-term trends, comparison to industry (consumer staples)
| Keurig Dr Pepper Inc. | Consumer Staples | |
|---|---|---|
| Dec 31, 2021 | 0.48 | 1.07 |
| Dec 31, 2020 | 0.57 | 1.24 |
| Dec 31, 2019 | 0.62 | 1.18 |
| Dec 31, 2018 | 0.69 | 1.11 |
| Dec 31, 2017 | 1.83 | 1.20 |
| Dec 31, 2016 | 2.10 | 1.09 |
| Dec 31, 2015 | 1.55 | 1.00 |
| Dec 31, 2014 | 1.13 | 0.96 |
| Dec 31, 2013 | 1.13 | 0.87 |
| Dec 31, 2012 | 1.23 | 0.83 |
| Dec 31, 2011 | 1.20 | 0.80 |
| Dec 31, 2010 | 0.85 | 0.74 |
| Dec 31, 2009 | 0.93 | 0.69 |
| Dec 31, 2008 | 1.35 | 0.68 |
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).