Total Asset Turnover
since 2008
Calculation
Keurig Dr Pepper Inc., total asset turnover, long-term trends, calculation
| Total asset turnover | = | Net sales1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| Dec 31, 2021 | 0.25 | = | 12,683) | ÷ | 50,598) |
| Dec 31, 2020 | 0.23 | = | 11,618) | ÷ | 49,779) |
| Dec 31, 2019 | 0.22 | = | 11,120) | ÷ | 49,518) |
| Dec 31, 2018 | 0.15 | = | 7,442) | ÷ | 48,918) |
| Dec 31, 2017 | 0.67 | = | 6,690) | ÷ | 10,022) |
| Dec 31, 2016 | 0.66 | = | 6,440) | ÷ | 9,791) |
| Dec 31, 2015 | 0.71 | = | 6,282) | ÷ | 8,869) |
| Dec 31, 2014 | 0.74 | = | 6,121) | ÷ | 8,273) |
| Dec 31, 2013 | 0.73 | = | 5,997) | ÷ | 8,201) |
| Dec 31, 2012 | 0.67 | = | 5,995) | ÷ | 8,928) |
| Dec 31, 2011 | 0.64 | = | 5,903) | ÷ | 9,283) |
| Dec 31, 2010 | 0.64 | = | 5,636) | ÷ | 8,859) |
| Dec 31, 2009 | 0.63 | = | 5,531) | ÷ | 8,776) |
| Dec 31, 2008 | 0.66 | = | 5,710) | ÷ | 8,638) |
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 total asset turnover reveals two distinct operational phases characterized by a significant structural shift in the asset base occurring in 2018. For the first decade of the period analyzed, the company maintained a relatively stable relationship between its revenue generation and its asset base, followed by a sharp decline and a subsequent period of gradual recovery.
- Stability and Efficiency (2008–2017)
- During this period, total asset turnover remained consistent, fluctuating within a narrow range between 0.63 and 0.74. A peak in efficiency was observed between 2013 and 2014, where the ratio reached 0.73 and 0.74, respectively. This stability suggests a period of organic growth where net sales and total assets increased at roughly proportional rates.
- Structural Asset Expansion (2018)
- A dramatic shift occurred in 2018, where total assets increased from 10,022 million US$ to 48,918 million US$, representing an increase of approximately 388%. While net sales also grew during this year, the magnitude of the asset expansion far outweighed the revenue growth, resulting in a precipitous drop in total asset turnover from 0.67 to 0.15. This indicates a substantial acquisition or capital infusion that significantly expanded the balance sheet.
- Post-Expansion Recovery (2019–2021)
- Following the 2018 expansion, a steady upward trend in asset turnover is observed, rising from 0.15 in 2018 to 0.25 by 2021. This improvement is driven by significant growth in net sales, which increased from 7,442 million US$ in 2018 to 12,683 million US$ in 2021. Although the ratio is improving, it remains substantially lower than the pre-2018 levels, indicating that the company is still in the process of optimizing the revenue potential of its expanded asset base.
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Comparison to Competitors
Keurig Dr Pepper Inc., total asset turnover, 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 | 0.25 | 0.41 | 0.43 | 0.86 | 0.76 |
| Dec 31, 2020 | 0.23 | 0.38 | 0.39 | 0.76 | 0.64 |
| Dec 31, 2019 | 0.22 | 0.43 | 0.40 | 0.86 | 0.70 |
| Dec 31, 2018 | 0.15 | 0.38 | 0.41 | 0.83 | 0.74 |
| Dec 31, 2017 | 0.67 | 0.40 | 0.41 | 0.80 | 0.67 |
| Dec 31, 2016 | 0.66 | 0.48 | 0.42 | 0.85 | 0.72 |
| Dec 31, 2015 | 0.71 | 0.49 | 0.47 | 0.91 | 0.79 |
| Dec 31, 2014 | 0.74 | 0.50 | 0.51 | 0.95 | 0.85 |
| Dec 31, 2013 | 0.73 | 0.52 | 0.49 | 0.86 | 0.82 |
| Dec 31, 2012 | 0.67 | 0.56 | 0.46 | 0.88 | 0.83 |
| Dec 31, 2011 | 0.64 | 0.58 | 0.58 | 0.91 | 0.88 |
| Dec 31, 2010 | 0.64 | 0.48 | 0.52 | 0.85 | 0.78 |
| Dec 31, 2009 | 0.63 | 0.64 | 0.61 | 1.08 | 0.72 |
| Dec 31, 2008 | 0.66 | 0.79 | 0.67 | 1.20 | 0.78 |
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., total asset turnover, long-term trends, comparison to sector (food, beverage & tobacco)
| Keurig Dr Pepper Inc. | Food, Beverage & Tobacco | |
|---|---|---|
| Dec 31, 2021 | 0.25 | 0.60 |
| Dec 31, 2020 | 0.23 | 0.54 |
| Dec 31, 2019 | 0.22 | 0.59 |
| Dec 31, 2018 | 0.15 | 0.58 |
| Dec 31, 2017 | 0.67 | 0.56 |
| Dec 31, 2016 | 0.66 | 0.61 |
| Dec 31, 2015 | 0.71 | 0.64 |
| Dec 31, 2014 | 0.74 | 0.67 |
| Dec 31, 2013 | 0.73 | 0.65 |
| Dec 31, 2012 | 0.67 | 0.66 |
| Dec 31, 2011 | 0.64 | 0.70 |
| Dec 31, 2010 | 0.64 | 0.62 |
| Dec 31, 2009 | 0.63 | 0.74 |
| Dec 31, 2008 | 0.66 | 0.83 |
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., total asset turnover, long-term trends, comparison to industry (consumer staples)
| Keurig Dr Pepper Inc. | Consumer Staples | |
|---|---|---|
| Dec 31, 2021 | 0.25 | 1.41 |
| Dec 31, 2020 | 0.23 | 1.32 |
| Dec 31, 2019 | 0.22 | 1.39 |
| Dec 31, 2018 | 0.15 | 1.39 |
| Dec 31, 2017 | 0.67 | 1.34 |
| Dec 31, 2016 | 0.66 | 1.35 |
| Dec 31, 2015 | 0.71 | 1.37 |
| Dec 31, 2014 | 0.74 | 1.32 |
| Dec 31, 2013 | 0.73 | 1.30 |
| Dec 31, 2012 | 0.67 | 1.30 |
| Dec 31, 2011 | 0.64 | 1.27 |
| Dec 31, 2010 | 0.64 | 1.24 |
| Dec 31, 2009 | 0.63 | 1.36 |
| Dec 31, 2008 | 0.66 | 1.35 |
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).