Keurig Dr Pepper Inc., current enterprise value calculation

Current share price (P)	$38.50
No. shares of common stock outstanding	1,416,070,252
US$ in millions
Common equity (market value)¹	54,519)
Add: Preferred stock, $0.01 par value, no shares issued (per books)	—)
Add: Non-controlling interest (per books)	—)
Total equity	54,519)
Add: Short-term borrowings and current portion of long-term obligations (per books)	304)
Add: Current finance lease liability (per books)	79)
Add: Long-term obligations, excluding current portion (per books)	11,578)
Add: Non-current finance lease liability (per books)	621)
Total equity and debt	67,101)
Less: Cash and cash equivalents	567)
Less: Restricted cash and restricted cash equivalents	1)
Enterprise value (EV)	66,533)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 38.50 × 1,416,070,252

Keurig Dr Pepper Inc., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$36.65	$30.86	$28.24	$25.15
No. shares of common stock outstanding¹	1,418,158,363	1,407,267,272	1,406,986,313	1,406,081,521
US$ in millions
Common equity (market value)³	51,976)	43,428)	39,733)	35,363)
Add: Preferred stock, $0.01 par value, no shares issued (book value)	—)	—)	—)	—)
Add: Non-controlling interest (book value)	—)	1)	—)	—)
Total equity	51,976)	43,429)	39,733)	35,363)
Add: Short-term borrowings and current portion of long-term obligations (book value)	304)	2,345)	1,593)	1,458)
Add: Current finance lease liability (book value)	79)	44)	41)	26)
Add: Long-term obligations, excluding current portion (book value)	11,578)	11,143)	12,827)	14,201)
Add: Non-current finance lease liability (book value)	621)	298)	269)	305)
Total equity and debt	64,558)	57,259)	54,463)	51,353)
Less: Cash and cash equivalents	567)	240)	75)	83)
Less: Restricted cash and restricted cash equivalents	1)	15)	26)	46)
Enterprise value (EV)	63,990)	57,004)	54,362)	51,224)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Keurig Dr Pepper Inc. Annual Report.

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 36.65 × 1,418,158,363

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Keurig Dr Pepper Inc. EV increased from 2019 to 2020 and from 2020 to 2021.

Keurig Dr Pepper Inc. (NASDAQ:KDP)

Enterprise Value (EV)