A forensic read on Keurig Dr Pepper Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Grey Zone
Financial health
1.3
Distress distance
Clean
Earnings quality
4
Forensic signals
8.4%
ROE
8.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Keurig Dr Pepper Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 1.3, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by goodwill impairments.
What the filings flag
$306M
FY2024
Goodwill impairments.Took $306M of goodwill writedowns across 1 year (FY2024 ($306M)) — about 21% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.
0.92×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was 0.92× cumulative net income before $306.0M of non-cash goodwill impairment. Cash is lagging reported profit. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.
73d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 65 to 73 FY2024→FY2025 (against cost of goods sold; inventory +33% vs +11% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
6.0%
FY2025
Return on invested capital.Return on invested capital is 6.0% in the latest fiscal year, against 5.7% in FY2023, having run between 4.3% and 6.0% across FY2023–FY2025 with no direction held. After-tax operating profit was $2.5B in FY2023 and $2.8B in FY2025, with operating income at 21.5% of revenue in FY2023, 16.9% in FY2024 and 21.5% in FY2025. The capital base behind it went from $44.1B in FY2023 to $46.4B in FY2025 (+5%), while the revenue it carried went from $14.8B to $16.6B. FY2024's operating profit carried a $412M asset write-down, a $306M goodwill write-off and a $91M restructuring charge that alone took about 1.4 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
Key fundamentals
Latest Revenue$16.60B
Revenue Growth YoY+8.2%
Revenue CAGR (2yr)+5.9%
Net Margin12.5%
Free Cash Flow$1.50B
Return on Equity8.4%
Debt / Equity0.55x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Keurig Dr Pepper Inc.'s actual 10-K/10-Q/8-K filings?