KDPKeurig Dr Pepper Inc.
Beverages
- Revenue
- $16.6B
- 8.2% YoY
- Operating margin
- 21.5%
- 28% YoY
- EBITDA
- $4.0B
- 34% YoY
- Market cap
- $48.8B
- Employees
- 30,600
- $543K revenue each
- Net debt / EBITDA
- 0.4×
- $1.8B net debt
- AI in 10-K
- 0.3
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo96% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo63% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo34% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$543K · 29th pctBottom quartile of its SIC industry
- Quiet on AIYes0.3 per 10K words · 15th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.4× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$48.8B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$1M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $12.7B | $14.1B | $14.8B | $15.4B | $16.6B | 8.2% |
| Operating income | $2.9B | $2.6B | $3.2B | $2.6B | $3.6B | 38% |
| Net income | $2.1B | $1.4B | $2.2B | $1.4B | $2.1B | 44% |
| Operating cash flow | $2.9B | $2.8B | $1.3B | $2.2B | $2.0B | 10% |
| Capex | $423M | $353M | $425M | $563M | $486M | 14% |
| Stock-based comp | $88M | $52M | $116M | $98M | $97M | 1.0% |
| Buybacks | $0 | $379M | $706M | $1.1B | $9M | 99% |
| Dividends | $955M | $1.1B | $1.1B | $1.2B | $1.3B | 4.7% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| May 29, 2018 | DEFM14A | JAB Holding Company S.à r.l. | $66.00 | 77.9% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| May 5, 2025 | JAB BevCo B.V. | SCHEDULE 13D/A | 4.4% | Passive |
| Feb 28, 2025 | JAB BevCo B.V. | SCHEDULE 13D/A | 9.9% | Passive |
| Oct 30, 2024 | JAB BevCo B.V. | SC 13D/A | 15.8% | Passive |
| Mar 18, 2024 | JAB BevCo B.V. | SC 13D/A | 21.0% | Passive |
| Mar 12, 2024 | JAB BevCo B.V. | SC 13D/A | 21.9% | Passive |
| Mar 7, 2024 | JAB BevCo B.V. | SC 13D/A | 23.9% | Passive |
| Mar 4, 2024 | JAB BevCo B.V. | SC 13D/A | 27.6% | Passive |
| May 3, 2023 | JAB BevCo B.V. | SC 13D/A | 27.3% | Passive |
| Mar 2, 2023 | Mondelez International, Inc. | SC 13D/A | 3.2% | Passive |
| Nov 14, 2022 | JAB BevCo B.V. | SC 13D/A | 31.1% | Passive |
Insider trading
- Open-market buys, 12 mo
- $250K · 1
- Open-market sells, 12 mo
- $1M · 4
- Net
- −$1M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 99 | 105 |
| FY2024 | — | — | 110 | 102 |
| FY2023 | — | — | 111 | 111 |
| FY2022 | — | — | 116 | 115 |
| FY2021 | — | — | 117 | 116 |