Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.

Solvency Ratios (Summary)
Debt to Equity
Debt to Equity (including Operating Lease Liability)
Debt to Capital
Debt to Capital (including Operating Lease Liability)
Debt to Assets
Debt to Assets (including Operating Lease Liability)
Financial Leverage
Interest Coverage
Fixed Charge Coverage

Keurig Dr Pepper Inc., solvency ratios

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Debt Ratios
Debt to equity	0.50	0.58	0.63	0.71
Debt to equity (including operating lease liability)	0.53	0.61	0.65	0.71
Debt to capital	0.34	0.37	0.39	0.42
Debt to capital (including operating lease liability)	0.35	0.38	0.40	0.42
Debt to assets	0.25	0.28	0.30	0.33
Debt to assets (including operating lease liability)	0.26	0.29	0.31	0.33
Financial leverage	2.03	2.09	2.13	2.17
Coverage Ratios
Interest coverage	6.60	3.90	3.59	2.75
Fixed charge coverage	5.51	3.44	3.30	2.58

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).

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Solvency ratio	Description	The company
Debt to equity ratio	A solvency ratio calculated as total debt divided by total shareholders’ equity.	Keurig Dr Pepper Inc. debt to equity ratio improved from 2019 to 2020 and from 2020 to 2021.
Debt to equity ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity.	Keurig Dr Pepper Inc. debt to equity ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021.
Debt to capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.	Keurig Dr Pepper Inc. debt to capital ratio improved from 2019 to 2020 and from 2020 to 2021.
Debt to capital ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity.	Keurig Dr Pepper Inc. debt to capital ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021.
Debt to assets ratio	A solvency ratio calculated as total debt divided by total assets.	Keurig Dr Pepper Inc. debt to assets ratio improved from 2019 to 2020 and from 2020 to 2021.
Debt to assets ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total assets.	Keurig Dr Pepper Inc. debt to assets ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021.
Financial leverage ratio	A solvency ratio calculated as total assets divided by total shareholders’ equity.	Keurig Dr Pepper Inc. financial leverage ratio decreased from 2019 to 2020 and from 2020 to 2021.

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Solvency ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	Keurig Dr Pepper Inc. interest coverage ratio improved from 2019 to 2020 and from 2020 to 2021.
Fixed charge coverage ratio	A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges.	Keurig Dr Pepper Inc. fixed charge coverage ratio improved from 2019 to 2020 and from 2020 to 2021.

Keurig Dr Pepper Inc., debt to equity calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Short-term borrowings and current portion of long-term obligations	304)	2,345)	1,593)	1,458)
Current finance lease liability	79)	44)	41)	26)
Long-term obligations, excluding current portion	11,578)	11,143)	12,827)	14,201)
Non-current finance lease liability	621)	298)	269)	305)
Total debt	12,582)	13,830)	14,730)	15,990)

Stockholders’ equity	24,972)	23,829)	23,257)	22,533)
Solvency Ratio
Debt to equity¹	0.50	0.58	0.63	0.71
Benchmarks
Debt to Equity, Competitors²
Altria Group Inc.	—	10.38	4.51	—
Coca-Cola Co.	1.86	2.22	2.25	—
Mondelēz International Inc.	0.69	0.73	0.68	—
PepsiCo Inc.	2.51	3.28	2.17	—
Debt to Equity, Sector
Food, Beverage & Tobacco	1.99	2.16	1.80	—
Debt to Equity, Industry
Consumer Staples	1.03	1.14	1.07	—

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
Debt to equity = Total debt ÷ Stockholders’ equity
= 12,582 ÷ 24,972 = 0.50

² Click competitor name to see calculations.

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Solvency ratio	Description	The company
Debt to equity ratio	A solvency ratio calculated as total debt divided by total shareholders’ equity.	Keurig Dr Pepper Inc. debt to equity ratio improved from 2019 to 2020 and from 2020 to 2021.

Keurig Dr Pepper Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Short-term borrowings and current portion of long-term obligations	304)	2,345)	1,593)	1,458)
Current finance lease liability	79)	44)	41)	26)
Long-term obligations, excluding current portion	11,578)	11,143)	12,827)	14,201)
Non-current finance lease liability	621)	298)	269)	305)
Total debt	12,582)	13,830)	14,730)	15,990)
Current operating lease liability	76)	72)	69)	—)
Non-current operating lease liability	608)	580)	427)	—)
Total debt (including operating lease liability)	13,266)	14,482)	15,226)	15,990)

Stockholders’ equity	24,972)	23,829)	23,257)	22,533)
Solvency Ratio
Debt to equity (including operating lease liability)¹	0.53	0.61	0.65	0.71
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors²
Coca-Cola Co.	1.92	2.30	2.33	—
Mondelēz International Inc.	0.71	0.75	0.70	—
PepsiCo Inc.	2.64	3.41	2.27	—
Debt to Equity (including Operating Lease Liability), Sector
Food, Beverage & Tobacco	2.05	2.22	1.86	—
Debt to Equity (including Operating Lease Liability), Industry
Consumer Staples	1.14	1.28	1.09	—

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
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 13,266 ÷ 24,972 = 0.53

² Click competitor name to see calculations.

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Solvency ratio	Description	The company
Debt to equity ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity.	Keurig Dr Pepper Inc. debt to equity ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021.

Keurig Dr Pepper Inc., debt to capital calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Short-term borrowings and current portion of long-term obligations	304)	2,345)	1,593)	1,458)
Current finance lease liability	79)	44)	41)	26)
Long-term obligations, excluding current portion	11,578)	11,143)	12,827)	14,201)
Non-current finance lease liability	621)	298)	269)	305)
Total debt	12,582)	13,830)	14,730)	15,990)
Stockholders’ equity	24,972)	23,829)	23,257)	22,533)
Total capital	37,554)	37,659)	37,987)	38,523)
Solvency Ratio
Debt to capital¹	0.34	0.37	0.39	0.42
Benchmarks
Debt to Capital, Competitors²
Altria Group Inc.	1.06	0.91	0.82	—
Coca-Cola Co.	0.65	0.69	0.69	—
Mondelēz International Inc.	0.41	0.42	0.40	—
PepsiCo Inc.	0.72	0.77	0.68	—
Debt to Capital, Sector
Food, Beverage & Tobacco	0.67	0.68	0.64	—
Debt to Capital, Industry
Consumer Staples	0.51	0.53	0.52	—

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
Debt to capital = Total debt ÷ Total capital
= 12,582 ÷ 37,554 = 0.34

² Click competitor name to see calculations.

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Solvency ratio	Description	The company
Debt to capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.	Keurig Dr Pepper Inc. debt to capital ratio improved from 2019 to 2020 and from 2020 to 2021.

Keurig Dr Pepper Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Short-term borrowings and current portion of long-term obligations	304)	2,345)	1,593)	1,458)
Current finance lease liability	79)	44)	41)	26)
Long-term obligations, excluding current portion	11,578)	11,143)	12,827)	14,201)
Non-current finance lease liability	621)	298)	269)	305)
Total debt	12,582)	13,830)	14,730)	15,990)
Current operating lease liability	76)	72)	69)	—)
Non-current operating lease liability	608)	580)	427)	—)
Total debt (including operating lease liability)	13,266)	14,482)	15,226)	15,990)
Stockholders’ equity	24,972)	23,829)	23,257)	22,533)
Total capital (including operating lease liability)	38,238)	38,311)	38,483)	38,523)
Solvency Ratio
Debt to capital (including operating lease liability)¹	0.35	0.38	0.40	0.42
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors²
Coca-Cola Co.	0.66	0.70	0.70	—
Mondelēz International Inc.	0.42	0.43	0.41	—
PepsiCo Inc.	0.73	0.77	0.69	—
Debt to Capital (including Operating Lease Liability), Sector
Food, Beverage & Tobacco	0.67	0.69	0.65	—
Debt to Capital (including Operating Lease Liability), Industry
Consumer Staples	0.53	0.56	0.52	—

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
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 13,266 ÷ 38,238 = 0.35

² Click competitor name to see calculations.

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Solvency ratio	Description	The company
Debt to capital ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity.	Keurig Dr Pepper Inc. debt to capital ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021.

Keurig Dr Pepper Inc., debt to assets calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Short-term borrowings and current portion of long-term obligations	304)	2,345)	1,593)	1,458)
Current finance lease liability	79)	44)	41)	26)
Long-term obligations, excluding current portion	11,578)	11,143)	12,827)	14,201)
Non-current finance lease liability	621)	298)	269)	305)
Total debt	12,582)	13,830)	14,730)	15,990)

Total assets	50,598)	49,779)	49,518)	48,918)
Solvency Ratio
Debt to assets¹	0.25	0.28	0.30	0.33
Benchmarks
Debt to Assets, Competitors²
Altria Group Inc.	0.71	0.62	0.57	—
Coca-Cola Co.	0.45	0.49	0.50	—
Mondelēz International Inc.	0.29	0.30	0.29	—
PepsiCo Inc.	0.44	0.48	0.41	—
Debt to Assets, Sector
Food, Beverage & Tobacco	0.45	0.46	0.44	—
Debt to Assets, Industry
Consumer Staples	0.30	0.33	0.33	—

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
Debt to assets = Total debt ÷ Total assets
= 12,582 ÷ 50,598 = 0.25

² Click competitor name to see calculations.

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Solvency ratio	Description	The company
Debt to assets ratio	A solvency ratio calculated as total debt divided by total assets.	Keurig Dr Pepper Inc. debt to assets ratio improved from 2019 to 2020 and from 2020 to 2021.

Keurig Dr Pepper Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Short-term borrowings and current portion of long-term obligations	304)	2,345)	1,593)	1,458)
Current finance lease liability	79)	44)	41)	26)
Long-term obligations, excluding current portion	11,578)	11,143)	12,827)	14,201)
Non-current finance lease liability	621)	298)	269)	305)
Total debt	12,582)	13,830)	14,730)	15,990)
Current operating lease liability	76)	72)	69)	—)
Non-current operating lease liability	608)	580)	427)	—)
Total debt (including operating lease liability)	13,266)	14,482)	15,226)	15,990)

Total assets	50,598)	49,779)	49,518)	48,918)
Solvency Ratio
Debt to assets (including operating lease liability)¹	0.26	0.29	0.31	0.33
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors²
Coca-Cola Co.	0.47	0.51	0.51	—
Mondelēz International Inc.	0.30	0.31	0.29	—
PepsiCo Inc.	0.46	0.49	0.43	—
Debt to Assets (including Operating Lease Liability), Sector
Food, Beverage & Tobacco	0.46	0.48	0.45	—
Debt to Assets (including Operating Lease Liability), Industry
Consumer Staples	0.33	0.36	0.33	—

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
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 13,266 ÷ 50,598 = 0.26

² Click competitor name to see calculations.

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Solvency ratio	Description	The company
Debt to assets ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total assets.	Keurig Dr Pepper Inc. debt to assets ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021.

Keurig Dr Pepper Inc., financial leverage calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Total assets	50,598)	49,779)	49,518)	48,918)
Stockholders’ equity	24,972)	23,829)	23,257)	22,533)
Solvency Ratio
Financial leverage¹	2.03	2.09	2.13	2.17
Benchmarks
Financial Leverage, Competitors²
Altria Group Inc.	—	16.70	7.92	—
Coca-Cola Co.	4.10	4.52	4.55	—
Mondelēz International Inc.	2.37	2.46	2.37	—
PepsiCo Inc.	5.76	6.91	5.31	—
Financial Leverage, Sector
Food, Beverage & Tobacco	4.46	4.68	4.14	—
Financial Leverage, Industry
Consumer Staples	3.45	3.50	3.28	—

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
Financial leverage = Total assets ÷ Stockholders’ equity
= 50,598 ÷ 24,972 = 2.03

² Click competitor name to see calculations.

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Solvency ratio	Description	The company
Financial leverage ratio	A solvency ratio calculated as total assets divided by total shareholders’ equity.	Keurig Dr Pepper Inc. financial leverage ratio decreased from 2019 to 2020 and from 2020 to 2021.

Keurig Dr Pepper Inc., interest coverage calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Net income attributable to KDP	2,146)	1,325)	1,254)	586)
Add: Net income attributable to noncontrolling interest	(1)	—)	—)	3)
Add: Income tax expense	653)	428)	440)	202)
Add: Interest expense	500)	604)	654)	452)
Earnings before interest and tax (EBIT)	3,298)	2,357)	2,348)	1,243)
Solvency Ratio
Interest coverage¹	6.60	3.90	3.59	2.75
Benchmarks
Interest Coverage, Competitors²
Altria Group Inc.	4.22	6.63	1.58	—
Coca-Cola Co.	8.78	7.78	12.40	—
Mondelēz International Inc.	16.08	12.33	9.03	—
PepsiCo Inc.	5.94	8.24	9.20	—
Interest Coverage, Sector
Food, Beverage & Tobacco	7.15	8.04	7.37	—
Interest Coverage, Industry
Consumer Staples	10.01	10.46	7.90	—

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
Interest coverage = EBIT ÷ Interest expense
= 3,298 ÷ 500 = 6.60

² Click competitor name to see calculations.

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Solvency ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	Keurig Dr Pepper Inc. interest coverage ratio improved from 2019 to 2020 and from 2020 to 2021.

Keurig Dr Pepper Inc., fixed charge coverage calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Net income attributable to KDP	2,146)	1,325)	1,254)	586)
Add: Net income attributable to noncontrolling interest	(1)	—)	—)	3)
Add: Income tax expense	653)	428)	440)	202)
Add: Interest expense	500)	604)	654)	452)
Earnings before interest and tax (EBIT)	3,298)	2,357)	2,348)	1,243)
Add: Operating lease cost	121)	113)	82)	48)
Earnings before fixed charges and tax	3,419)	2,470)	2,430)	1,291)

Interest expense	500)	604)	654)	452)
Operating lease cost	121)	113)	82)	48)
Fixed charges	621)	717)	736)	500)
Solvency Ratio
Fixed charge coverage¹	5.51	3.44	3.30	2.58
Benchmarks
Fixed Charge Coverage, Competitors²
Coca-Cola Co.	7.41	6.45	9.47	—
Mondelēz International Inc.	10.28	8.27	6.51	—
PepsiCo Inc.	4.85	6.06	6.79	—
Fixed Charge Coverage, Sector
Food, Beverage & Tobacco	6.03	6.58	6.04	—
Fixed Charge Coverage, Industry
Consumer Staples	6.77	6.80	5.01	—

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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 3,419 ÷ 621 = 5.51

² Click competitor name to see calculations.

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Solvency ratio	Description	The company
Fixed charge coverage ratio	A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges.	Keurig Dr Pepper Inc. fixed charge coverage ratio improved from 2019 to 2020 and from 2020 to 2021.

Keurig Dr Pepper Inc. (NASDAQ:KDP)

Analysis of Solvency Ratios

Solvency Ratios (Summary)

Debt to Equity

Debt to Equity (including Operating Lease Liability)

Debt to Capital

Debt to Capital (including Operating Lease Liability)

Debt to Assets

Debt to Assets (including Operating Lease Liability)

Financial Leverage

Interest Coverage

Fixed Charge Coverage