Keurig Dr Pepper Inc. (KDP) intrinsic value & 10-year financials
Keurig Dr Pepper Inc. (KDP) has a Graham intrinsic value of $32.34 per share. At $34.62 on Oct 17, 2026, the stock trades 7% above that value. Over the last 10 fiscal years revenue grew 11.1% a year to $16.6B, with an average return on invested capital of 8.6%.
- Graham intrinsic value
- $32.34
- Share price (Oct 17, 2026)
- $34.62
- Price vs Graham value
- 7% above
- Market cap
- $47.2B
- Revenue (FY2025)
- $16.6B
- Revenue growth (10-yr CAGR)
- 11.1%
- ROIC (10-yr avg)
- 8.6%
- Free cash flow (FY2025)
- $1.5B
KDP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $16.6B | $2.1B | $1.53 | $1.5B | 21.5% | 7.0% |
| FY2024 | $15.4B | $1.4B | $1.05 | $1.7B | 16.9% | 5.1% |
| FY2023 | $14.8B | $2.2B | $1.55 | $904.0M | 21.5% | 6.7% |
| FY2022 | $14.1B | $1.4B | $1.01 | $2.5B | 18.5% | 5.8% |
| FY2021 | $12.7B | $2.1B | $1.50 | $2.5B | 22.8% | 5.9% |
| FY2020 | $11.6B | $1.3B | $0.93 | $2.0B | 21.3% | 5.0% |
| FY2019 | $11.1B | $1.3B | $0.88 | $2.1B | 21.4% | 4.7% |
| FY2018 | $7.4B | $586.0M | $0.53 | $1.4B | 16.6% | 4.2% |
| FY2017 | $6.7B | $1.1B | $0.98 | $836.0M | 20.7% | 21.9% |
| FY2016 | $6.4B | $847.0M | $0.76 | $759.0M | 22.3% | 19.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Keurig Dr Pepper is a consistent compounder, expanding top-line revenue at 11.1% annually over the past decade.
Keurig Dr Pepper returns on capital have been average, hovering around 8.6% ROIC over the decade.
Over the decade, Keurig Dr Pepper shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Keurig Dr Pepper is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $32.34 per share.