Coca-Cola Consolidated vs Keurig Dr Pepper
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The short version
- Keurig Dr Pepper is the larger business, with $16.6B of revenue in fiscal 2025 against $7.2B for Coca-Cola Consolidated, about 2.3 times as much.
- Keurig Dr Pepper grew revenue faster (8.2%, against 4.8%).
- Keurig Dr Pepper kept more of each dollar of sales as operating profit (21.5% operating margin, against 13.2%).
- Coca-Cola Consolidated earned a higher return on the capital invested in it (39.7%, against 6.8%).
| Latest fiscal year | COKE · FY25 | KDP · FY25 |
|---|---|---|
| Size | ||
| Market cap | — | $47.3B |
| Revenue | $7.2B | $16.6B |
| Free cash flow | $620M | $1.5B |
| Net income | $571M | $2.1B |
| Growth | ||
| Revenue growth | 4.8% | 8.2% |
| 5-year growth | 7.6% | 7.4% |
| Share count change | — | −0.4% |
| Profitability | ||
| Gross margin | 39.7% | 54.2% |
| Operating margin | 13.2% | 21.5% |
| Net margin | 7.9% | 12.5% |
| FCF margin | 8.6% | 9.1% |
| Return on capital | 39.7% | 6.8% |
| Return on equity | 168.3% | 8.4% |
| Balance sheet | ||
| Net debt | $2.5B | $16.0B |
| Net debt / EBITDA | 2.2x | 3.9x |
| Dividends and buybacks | $2.7B | $1.3B |
| Valuation & quality | ||
| P/E | — | 35.0x |
| Piotroski F-score | — | 6 |
Revenue
FY16
COKE $3.1B
KDP $6.4B
FY17
COKE $4.3B
KDP $6.7B
FY18
COKE $4.6B
KDP $7.4B
FY19
COKE $4.8B
KDP $11.1B
FY20
COKE $5.0B
KDP $11.6B
FY21
COKE $5.6B
KDP $12.7B
FY22
COKE $6.2B
KDP $14.1B
FY23
COKE $6.7B
KDP $14.8B
FY24
COKE $6.9B
KDP $15.4B
FY25
COKE $7.2B
KDP $16.6B
COKE
KDP
Operating margin
FY16
COKE 4.2%
KDP 22.3%
FY17
COKE 2.4%
KDP 20.8%
FY18
COKE 1.3%
KDP 16.6%
FY19
COKE 3.7%
KDP 21.4%
FY20
COKE 6.3%
KDP 21.4%
FY21
COKE 7.9%
KDP 22.8%
FY22
COKE 10.3%
KDP 18.5%
FY23
COKE 12.5%
KDP 21.6%
FY24
COKE 13.3%
KDP 16.9%
FY25
COKE 13.2%
KDP 21.5%
COKE
KDP
Free cash flow
FY16
COKE −$10.6M
KDP $781M
FY17
COKE $131M
KDP $836M
FY18
COKE $30.6M
KDP $1.4B
FY19
COKE $119M
KDP $2.1B
FY20
COKE $292M
KDP $2.0B
FY21
COKE $366M
KDP $2.5B
FY22
COKE $256M
KDP $2.5B
FY23
COKE $528M
KDP $904M
FY24
COKE $505M
KDP $1.7B
FY25
COKE $620M
KDP $1.5B
COKE
KDP
Return on capital
FY16
COKE 7.5%
KDP 20.0%
FY17
COKE 7.3%
KDP 14.8%
FY18
COKE 2.9%
KDP 3.7%
FY19
COKE 6.4%
KDP 4.6%
FY20
COKE 15.9%
KDP 5.0%
FY21
COKE 23.0%
KDP 6.0%
FY22
COKE 33.2%
KDP 5.9%
FY23
COKE 41.7%
KDP 6.6%
FY24
COKE 42.8%
KDP 4.9%
FY25
COKE 39.7%
KDP 6.8%
COKE
KDP
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.