Keurig Dr Pepper vs Coca-Cola
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The short version
- Coca-Cola is the larger business, with $47.9B of revenue in fiscal 2025 against $16.6B for Keurig Dr Pepper, about 2.9 times as much.
- Keurig Dr Pepper grew revenue faster (8.2%, against 1.9%).
- Coca-Cola kept more of each dollar of sales as operating profit (28.7% operating margin, against 21.5%).
- Coca-Cola turned more of its sales into free cash flow (11.1% FCF margin, against 9.1%).
- Coca-Cola earned a higher return on the capital invested in it (18.3%, against 6.8%).
- Investors pay more for each dollar of Keurig Dr Pepper’s earnings: a P/E of 35.0x against 29.2x for Coca-Cola.
| Latest fiscal year | KDP · FY25 | KO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $47.3B | $400.0B |
| Revenue | $16.6B | $47.9B |
| Free cash flow | $1.5B | $5.3B |
| Net income | $2.1B | $13.1B |
| Growth | ||
| Revenue growth | 8.2% | 1.9% |
| 5-year growth | 7.4% | 7.8% |
| Share count change | −0.4% | −0.2% |
| Profitability | ||
| Gross margin | 54.2% | 61.6% |
| Operating margin | 21.5% | 28.7% |
| Net margin | 12.5% | 27.3% |
| FCF margin | 9.1% | 11.1% |
| Return on capital | 6.8% | 18.3% |
| Return on equity | 8.4% | 46.0% |
| Balance sheet | ||
| Net debt | $16.0B | $31.6B |
| Net debt / EBITDA | 3.9x | 2.1x |
| Dividends and buybacks | $1.3B | $9.5B |
| Valuation & quality | ||
| P/E | 35.0x | 29.2x |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
KDP $6.4B
KO $41.9B
FY17
KDP $6.7B
KO $36.2B
FY18
KDP $7.4B
KO $34.3B
FY19
KDP $11.1B
KO $37.3B
FY20
KDP $11.6B
KO $33.0B
FY21
KDP $12.7B
KO $38.7B
FY22
KDP $14.1B
KO $43.0B
FY23
KDP $14.8B
KO $45.8B
FY24
KDP $15.4B
KO $47.1B
FY25
KDP $16.6B
KO $47.9B
KDP
KO
Operating margin
FY16
KDP 22.3%
KO 20.7%
FY17
KDP 20.8%
KO 21.4%
FY18
KDP 16.6%
KO 26.7%
FY19
KDP 21.4%
KO 27.1%
FY20
KDP 21.4%
KO 27.3%
FY21
KDP 22.8%
KO 26.7%
FY22
KDP 18.5%
KO 25.4%
FY23
KDP 21.6%
KO 24.7%
FY24
KDP 16.9%
KO 21.2%
FY25
KDP 21.5%
KO 28.7%
KDP
KO
Free cash flow
FY16
KDP $781M
KO $6.5B
FY17
KDP $836M
KO $5.3B
FY18
KDP $1.4B
KO $6.1B
FY19
KDP $2.1B
KO $8.4B
FY20
KDP $2.0B
KO $8.7B
FY21
KDP $2.5B
KO $11.3B
FY22
KDP $2.5B
KO $9.5B
FY23
KDP $904M
KO $9.7B
FY24
KDP $1.7B
KO $4.7B
FY25
KDP $1.5B
KO $5.3B
KDP
KO
Return on capital
FY16
KDP 20.0%
KO 13.3%
FY17
KDP 14.8%
KO 7.6%
FY18
KDP 3.7%
KO 14.1%
FY19
KDP 4.6%
KO 15.7%
FY20
KDP 5.0%
KO 12.9%
FY21
KDP 6.0%
KO 14.5%
FY22
KDP 5.9%
KO 16.1%
FY23
KDP 6.6%
KO 16.8%
FY24
KDP 4.9%
KO 14.2%
FY25
KDP 6.8%
KO 18.3%
KDP
KO
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.