KDP // Keurig Dr Pepper Inc.

Consumer Staples • Beverages (Production/Distribution)

$35.30 ▲ +0.37 (+1.06%)

MKT CAP: $48.04B • VOL: 15.21M

52W L $25 52W H $36

ALTMAN Z

1.55 RISK

PIOTROSKI

7 / 9

KDP // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

KDP // Keurig Dr Pepper Inc.

GROSS MARGIN

54.2%

OP MARGIN

21.5%

ROIC %

7.5%

MKT CAP

$48.04B

UPSTREAM INPUTS ──► KDP OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
KDP ★	Keurig Dr Pepper Inc.	$35.30	$48.04B	54.2%	21.5%	7.5%	15.1x	+8.2%	SUBJECT ISSUER
WMT	Walmart Inc.	$123.51	$972.82B	25.2%	4.4%	20.1%	22.5x	+6.2%	KDP VS WMT <GO>
COST	Costco Wholesale Corporation	$1,012.28	$448.57B	12.8%	3.9%	42.4%	31.4x	+10.1%	KDP VS COST <GO>
KO	Coca-Cola Company (The)	$94.08	$399.30B	61.6%	28.7%	25.3%	26.4x	+1.9%	KDP VS KO <GO>
KOF	Coca Cola Femsa S.A.B. de C.V. American	$115.68	$194.12B	41.0%	13.9%	9.9%	21.0x	+3.3%	KDP VS KOF <GO>
PEP	PepsiCo Inc.	$137.34	$182.32B	54.1%	12.2%	17.0%	14.3x	+2.3%	KDP VS PEP <GO>