Keurig Dr Pepper vs Monster Beverage
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The short version
- Keurig Dr Pepper is the larger business, with $16.6B of revenue in fiscal 2025 against $8.3B for Monster Beverage, about 2.0 times as much.
- Monster Beverage grew revenue faster (10.7%, against 8.2%).
- Monster Beverage kept more of each dollar of sales as operating profit (29.2% operating margin, against 21.5%).
- Monster Beverage turned more of its sales into free cash flow (23.7% FCF margin, against 9.1%).
- Monster Beverage earned a higher return on the capital invested in it (36.1%, against 6.8%).
- Investors pay more for each dollar of Keurig Dr Pepper’s earnings: a P/E of 35.0x against 21.4x for Monster Beverage.
| Latest fiscal year | KDP · FY25 | MNST · FY25 |
|---|---|---|
| Size | ||
| Market cap | $47.3B | $45.7B |
| Revenue | $16.6B | $8.3B |
| Free cash flow | $1.5B | $2.0B |
| Net income | $2.1B | $1.9B |
| Growth | ||
| Revenue growth | 8.2% | 10.7% |
| 5-year growth | 7.4% | 12.5% |
| Share count change | −0.4% | −2.8% |
| Profitability | ||
| Gross margin | 54.2% | 55.9% |
| Operating margin | 21.5% | 29.2% |
| Net margin | 12.5% | 23.0% |
| FCF margin | 9.1% | 23.7% |
| Return on capital | 6.8% | 36.1% |
| Return on equity | 8.4% | 26.8% |
| Balance sheet | ||
| Net debt | $16.0B | −$2.8B |
| Net debt / EBITDA | 3.9x | −1.1x |
| Dividends and buybacks | $1.3B | $104M |
| Valuation & quality | ||
| P/E | 35.0x | 21.4x |
| Piotroski F-score | 6 | 9 |
Revenue
FY16
KDP $6.4B
MNST $3.0B
FY17
KDP $6.7B
MNST $3.4B
FY18
KDP $7.4B
MNST $3.8B
FY19
KDP $11.1B
MNST $4.2B
FY20
KDP $11.6B
MNST $4.6B
FY21
KDP $12.7B
MNST $5.5B
FY22
KDP $14.1B
MNST $6.3B
FY23
KDP $14.8B
MNST $7.1B
FY24
KDP $15.4B
MNST $7.5B
FY25
KDP $16.6B
MNST $8.3B
KDP
MNST
Operating margin
FY16
KDP 22.3%
MNST 35.6%
FY17
KDP 20.8%
MNST 35.6%
FY18
KDP 16.6%
MNST 33.7%
FY19
KDP 21.4%
MNST 33.4%
FY20
KDP 21.4%
MNST 35.5%
FY21
KDP 22.8%
MNST 32.4%
FY22
KDP 18.5%
MNST 25.1%
FY23
KDP 21.6%
MNST 27.4%
FY24
KDP 16.9%
MNST 25.8%
FY25
KDP 21.5%
MNST 29.2%
KDP
MNST
Free cash flow
FY16
KDP $781M
MNST $602M
FY17
KDP $836M
MNST $904M
FY18
KDP $1.4B
MNST $1.1B
FY19
KDP $2.1B
MNST $1.0B
FY20
KDP $2.0B
MNST $1.3B
FY21
KDP $2.5B
MNST $1.1B
FY22
KDP $2.5B
MNST $699M
FY23
KDP $904M
MNST $1.5B
FY24
KDP $1.7B
MNST $1.7B
FY25
KDP $1.5B
MNST $2.0B
KDP
MNST
Return on capital
FY16
KDP 20.0%
MNST 31.0%
FY17
KDP 14.8%
MNST 30.2%
FY18
KDP 3.7%
MNST 36.9%
FY19
KDP 4.6%
MNST 40.0%
FY20
KDP 5.0%
MNST 47.7%
FY21
KDP 6.0%
MNST 41.7%
FY22
KDP 5.9%
MNST 30.6%
FY23
KDP 6.6%
MNST 33.0%
FY24
KDP 4.9%
MNST 29.9%
FY25
KDP 6.8%
MNST 36.1%
KDP
MNST
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.