Price to Book Value (P/BV)
since 2008
Calculation
Keurig Dr Pepper Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2022 | 2.08 | = | 36.65 | ÷ | 17.61 | 17.61 | = | 24,972 | ÷ | 1,418,158,363 | |
| Feb 25, 2021 | 1.82 | = | 30.86 | ÷ | 16.93 | 16.93 | = | 23,829 | ÷ | 1,407,267,272 | |
| Feb 27, 2020 | 1.71 | = | 28.24 | ÷ | 16.53 | 16.53 | = | 23,257 | ÷ | 1,406,986,313 | |
| Feb 28, 2019 | 1.57 | = | 25.15 | ÷ | 16.03 | 16.03 | = | 22,533 | ÷ | 1,406,081,521 | |
| Feb 14, 2018 | 8.43 | = | 114.91 | ÷ | 13.64 | 13.64 | = | 2,451 | ÷ | 179,744,078 | |
| Feb 14, 2017 | 7.99 | = | 93.07 | ÷ | 11.66 | 11.66 | = | 2,134 | ÷ | 183,094,247 | |
| Feb 23, 2016 | 7.90 | = | 92.09 | ÷ | 11.65 | 11.65 | = | 2,183 | ÷ | 187,349,988 | |
| Feb 19, 2015 | 6.58 | = | 78.22 | ÷ | 11.89 | 11.89 | = | 2,294 | ÷ | 192,962,748 | |
| Feb 20, 2014 | 4.46 | = | 51.47 | ÷ | 11.54 | 11.54 | = | 2,277 | ÷ | 197,274,122 | |
| Feb 21, 2013 | 3.80 | = | 42.57 | ÷ | 11.20 | 11.20 | = | 2,280 | ÷ | 203,632,429 | |
| Feb 22, 2012 | 3.64 | = | 38.88 | ÷ | 10.67 | 10.67 | = | 2,263 | ÷ | 212,073,549 | |
| Feb 22, 2011 | 3.26 | = | 35.80 | ÷ | 10.98 | 10.98 | = | 2,459 | ÷ | 223,974,770 | |
| Mar 1, 2010 | 2.49 | = | 31.18 | ÷ | 12.54 | 12.54 | = | 3,187 | ÷ | 254,115,758 | |
| Mar 26, 2009 | 1.74 | = | 17.87 | ÷ | 10.27 | 10.27 | = | 2,607 | ÷ | 253,827,507 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Keurig Dr Pepper Inc. Annual Report.
An analysis of the price-to-book value (P/BV) trajectory reveals two distinct financial phases separated by a significant valuation reset in 2019. The initial period is characterized by aggressive multiple expansion, while the subsequent period shows a shift toward more conservative valuation multiples alongside a consistent increase in the underlying book value per share.
- Valuation Expansion Phase (2009–2018)
- Between 2009 and 2018, a consistent upward trend in the P/BV ratio is observed, rising from 1.74 to a peak of 8.43. This expansion was primarily driven by a substantial increase in the share price, which grew from US$ 17.87 to US$ 114.91. During this same interval, the book value per share (BVPS) grew at a much slower pace, moving from US$ 10.27 to US$ 13.64, indicating that the market attributed an increasing premium to the company's assets over time.
- Structural Valuation Reset (2019)
- A sharp contraction in the P/BV ratio occurred in February 2019, where the ratio dropped from 8.43 to 1.57. This decline was associated with a significant adjustment in the share price to US$ 25.15. Notably, the book value per share did not decline during this transition, instead increasing to US$ 16.03, which suggests that the reset was the result of corporate restructuring or a change in equity composition rather than a deterioration of asset value.
- Stabilization and Moderate Growth (2019–2022)
- From 2019 to 2022, the P/BV ratio demonstrated a gradual recovery, increasing from 1.57 to 2.08. This period is marked by a more synchronized relationship between share price and book value. While the share price rose modestly to US$ 36.65, the BVPS continued a steady climb to US$ 17.61, reflecting a period of stable growth in the company's net asset value.
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Comparison to Competitors
Keurig Dr Pepper Inc., P/BV, long-term trends, comparison to competitors
| Keurig Dr Pepper Inc. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Feb 24, 2022 | 2.08 | 11.74 | 3.29 | 14.52 | — |
| Feb 25, 2021 | 1.82 | 11.20 | 2.88 | 13.84 | — |
| Feb 27, 2020 | 1.71 | 13.26 | 3.08 | 13.76 | — |
| Feb 28, 2019 | 1.57 | 11.55 | 2.64 | 11.21 | — |
| Feb 14, 2018 | 8.43 | 11.00 | 2.40 | 14.62 | — |
| Feb 14, 2017 | 7.99 | 7.78 | 2.75 | 13.73 | — |
| Feb 23, 2016 | 7.90 | 7.48 | 2.23 | 11.75 | — |
| Feb 19, 2015 | 6.58 | 6.06 | 2.20 | 8.52 | — |
| Feb 20, 2014 | 4.46 | 5.06 | 1.78 | 4.90 | — |
| Feb 21, 2013 | 3.80 | 5.23 | 1.46 | 5.22 | — |
| Feb 22, 2012 | 3.64 | 4.95 | 1.90 | 4.83 | 624.24 |
| Feb 22, 2011 | 3.26 | 4.73 | 1.55 | 4.75 | 31.91 |
| Mar 1, 2010 | 2.49 | 4.90 | 1.65 | 5.83 | 16.12 |
| Mar 26, 2009 | 1.74 | 4.64 | 1.51 | 6.71 | 9.14 |
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., P/BV, long-term trends, comparison to sector (food, beverage & tobacco)
| Keurig Dr Pepper Inc. | Food, Beverage & Tobacco | |
|---|---|---|
| Feb 24, 2022 | 2.08 | 13.34 |
| Feb 25, 2021 | 1.82 | 12.88 |
| Feb 27, 2020 | 1.71 | 13.65 |
| Feb 28, 2019 | 1.57 | 12.22 |
| Feb 14, 2018 | 8.43 | 13.57 |
| Feb 14, 2017 | 7.99 | 12.01 |
| Feb 23, 2016 | 7.90 | 10.24 |
| Feb 19, 2015 | 6.58 | 8.30 |
| Feb 20, 2014 | 4.46 | 5.72 |
| Feb 21, 2013 | 3.80 | 5.83 |
| Feb 22, 2012 | 3.64 | 5.32 |
| Feb 22, 2011 | 3.26 | 4.53 |
| Mar 1, 2010 | 2.49 | 4.84 |
| Mar 26, 2009 | 1.74 | 4.47 |
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 Industry (Consumer Staples)
Keurig Dr Pepper Inc., P/BV, long-term trends, comparison to industry (consumer staples)
| Keurig Dr Pepper Inc. | Consumer Staples | |
|---|---|---|
| Feb 24, 2022 | 2.08 | 8.15 |
| Feb 25, 2021 | 1.82 | 7.44 |
| Feb 27, 2020 | 1.71 | 7.21 |
| Feb 28, 2019 | 1.57 | 5.76 |
| Feb 14, 2018 | 8.43 | 5.70 |
| Feb 14, 2017 | 7.99 | 5.35 |
| Feb 23, 2016 | 7.90 | 5.06 |
| Feb 19, 2015 | 6.58 | 4.55 |
| Feb 20, 2014 | 4.46 | 4.08 |
| Feb 21, 2013 | 3.80 | 3.89 |
| Feb 22, 2012 | 3.64 | 3.50 |
| Feb 22, 2011 | 3.26 | 3.45 |
| Mar 1, 2010 | 2.49 | 3.38 |
| Mar 26, 2009 | 1.74 | 3.48 |
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).