Analysis of Geographic Areas
Keurig Dr Pepper Inc. operates in 2 regions: U.S. and International.
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2008
- Price to Earnings (P/E) since 2008
- Analysis of Debt
- Aggregate Accruals
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Area Asset Turnover
Keurig Dr Pepper Inc., asset turnover by geographic area
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| U.S. | ||||
| International |
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).
- U.S. Asset Turnover
- The U.S. asset turnover ratio exhibited a marked increase from 3.19 in 2018 to a peak of 5.56 in 2019, indicating a significant improvement in asset utilization during this period. After 2019, the ratio slightly declined, remaining relatively stable at 5.45 in 2020 and slightly decreasing again to 5.41 in 2021. This suggests that while efficiency in the U.S. market improved sharply early on, it plateaued and experienced minor attrition in subsequent years.
- International Asset Turnover
- For the international segment, asset turnover demonstrated a consistent declining trend from 3.52 in 2018 to 3.45 in 2021. The ratio decreased moderately in 2019 to 4.95 but then declined more significantly over the next two years, falling to 4.08 in 2020 and further to 3.45 in 2021. This indicates a gradual deterioration in the efficiency of asset utilization internationally over the observed period.
- Comparative Insights
- Comparing the two geographic areas, the U.S. consistently reported higher asset turnover ratios than the international segment from 2019 onwards. The U.S. market showed a strong efficiency improvement initially and maintained a higher level of asset turnover, while the international market's asset efficiency declined steadily. This divergence suggests differing operational dynamics or market conditions between the U.S. and international regions, with the U.S. demonstrating more effective use of assets over time.
Area Asset Turnover: U.S.
Keurig Dr Pepper Inc.; U.S.; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||
| Net sales | ||||
| Property, plant and equipment, net | ||||
| Area Activity Ratio | ||||
| Area asset turnover1 | ||||
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 2021 Calculation
Area asset turnover = Net sales ÷ Property, plant and equipment, net
= ÷ =
- Net Sales
- Net sales exhibited a consistent upward trend over the analyzed period. Starting at 6,608 million US dollars in 2018, net sales increased significantly to 9,843 million in 2019, followed by continued growth to 10,318 million in 2020, and reached 11,267 million by the end of 2021. This steady increase indicates a strengthening market presence or increased sales volume within the U.S. geographic area.
- Property, Plant and Equipment, net
- The net value of property, plant, and equipment showed some fluctuation but an overall recovery by the end of the period. It decreased from 2,073 million US dollars in 2018 to 1,770 million in 2019, implying possible asset disposals, impairments, or reduced capital investment. After 2019, the value rose to 1,893 million in 2020 and further increased to 2,084 million in 2021, surpassing the 2018 level. This suggests renewed or increased investment in fixed assets during the latter years.
- Area Asset Turnover Ratio
- The area asset turnover ratio, which measures the efficiency of assets in generating sales, displayed a significant increase from 3.19 in 2018 to 5.56 in 2019. Following that peak, the ratio slightly declined but remained relatively stable at 5.45 in 2020 and 5.41 in 2021. This pattern reflects improved efficiency in utilizing assets from 2018 to 2019, with sustained operational efficiency in subsequent years despite minor reductions.
Area Asset Turnover: International
Keurig Dr Pepper Inc.; International; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||
| Net sales | ||||
| Property, plant and equipment, net | ||||
| Area Activity Ratio | ||||
| Area asset turnover1 | ||||
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 2021 Calculation
Area asset turnover = Net sales ÷ Property, plant and equipment, net
= ÷ =
- Net Sales
- The net sales for the international geographic area showed a consistent upward trend over the four-year period. Starting at $834 million in 2018, net sales increased significantly to $1,277 million in 2019. Growth continued more modestly thereafter, reaching $1,300 million in 2020 and further increasing to $1,416 million by the end of 2021. This reflects a cumulative increase of approximately 70% over the period, indicating expansion in international market revenues.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment in the international area demonstrated a steady rise throughout the years. The assets grew from $237 million in 2018 to $258 million in 2019, followed by a more substantial increase to $319 million in 2020, and reaching $410 million in 2021. This progression suggests ongoing investments in fixed assets to support growing operations or capacity enhancements in the international segment.
- Area Asset Turnover Ratio
- The area asset turnover ratio experienced fluctuating performance. It improved from 3.52 in 2018 to a peak of 4.95 in 2019, indicating enhanced efficiency in utilizing assets to generate sales during that year. However, the ratio declined to 4.08 in 2020 and further decreased to 3.45 in 2021. The downward trend in the last two years may suggest that asset growth outpaced sales growth, resulting in reduced asset utilization efficiency.
Net sales
Keurig Dr Pepper Inc., net sales by geographic area
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| U.S. | ||||
| International | ||||
| Total |
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).
- U.S. Net Sales
- The net sales in the U.S. region exhibited a consistent growth trend over the analyzed four-year period. Starting at $6,608 million in 2018, the figure increased to $9,843 million in 2019, representing a significant rise. This upward trajectory continued in subsequent years with sales reaching $10,318 million in 2020 and further growing to $11,267 million by the end of 2021.
- International Net Sales
- International net sales also showed steady growth, albeit at smaller absolute values compared to the U.S. market. Sales increased from $834 million in 2018 to $1,277 million in 2019. This was followed by a more moderate rise to $1,300 million in 2020 and then to $1,416 million in 2021, indicating a stable but slower rate of expansion internationally.
- Total Net Sales
- Total net sales, encompassing both U.S. and international markets, reflected the combined growth patterns, rising from $7,442 million in 2018 to $11,120 million in 2019. Growth continued to $11,618 million in 2020 and reached $12,683 million in 2021. This overall upward trend suggests strong market performance and expansion across geographic regions.
- Trend Insights
- Overall, the data reveals consistent year-over-year growth in net sales across all geographic areas, with the U.S. market contributing the majority of revenues and driving total sales increases. The international segment, while smaller, has demonstrated steady growth, indicating progressive market penetration overseas. The increasing total sales figures highlight the company's successful revenue expansion during the period under review.
Property, plant and equipment, net
Keurig Dr Pepper Inc., property, plant and equipment, net by geographic area
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| U.S. | ||||
| International | ||||
| Total |
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).
The property, plant, and equipment, net data over the four-year period exhibits several notable trends across geographic areas. The total net value of property, plant, and equipment experienced an overall increase from 2018 to 2021. Specifically, the total increased from $2,310 million in 2018 to $2,494 million in 2021, representing a growth of approximately 8% over the period.
Breaking down the data by region reveals distinct patterns. The U.S. segment showed a decline from 2018 to 2019, dropping from $2,073 million to $1,770 million. However, it rebounded in subsequent years, rising to $1,893 million in 2020 and reaching $2,084 million in 2021. This indicates a recovery and slight growth in the U.S. property, plant, and equipment net value after an initial downturn.
In contrast, the International segment demonstrated consistent growth throughout the four years. The net value increased steadily from $237 million in 2018 to $410 million in 2021. This represents an increase of approximately 73%, signifying a significant expansion or investment in international property, plant, and equipment.
The rising contribution from the International segment appears to have partially offset the volatility observed in the U.S. segment. Overall, the data suggests a strategic emphasis on international growth and investment while maintaining stability and recovery within the domestic market.