COKE vs KDP: Coca-Cola Consolidated and Keurig Dr Pepper compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Keurig Dr Pepper is the larger company, worth $42.5B, about 3.2 times Coca-Cola Consolidated.
- Keurig Dr Pepper grew revenue faster over the last year (+75.6% vs +10.6%).
- Keurig Dr Pepper keeps more of each dollar of revenue as operating profit (16.2% vs 13.0%).
- On earnings, Keurig Dr Pepper is the cheaper stock (23.2x vs 27.8x).
- Keurig Dr Pepper's price assumes faster free cash flow growth: about 10% a year, against 6% for Coca-Cola Consolidated (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | COKE | KDP |
|---|---|---|
| Market cap | $13.5B | $42.5B |
| Share price | $196.24 | $31.76 |
| Revenue (last fiscal year) | $7.2B | $16.6B |
| Free cash flow (last fiscal year) | $620M | $1.5B |
| Revenue growth, last year | +10.6% | +75.6% |
| Revenue growth per year, last 5 fiscal years | +6.8% | +7.0% |
| Operating margin | 13.0% | 16.2% |
| Net margin | 7.2% | 7.1% |
| Return on equity | — | 5.7% |
| P/E (trailing) | 27.8x | 23.2x |
| Price / free cash flow | 21.6x | 28.3x |
| EV / EBITDA | 17.1x | 28.6x |
| FCF growth the price implies | 6.1% | 9.5% |
| Dividend yield | 0.51% | 2.9% |
| Debt / equity | — | 2.16x |
| Fundamental grade | D | D |
| Superinvestors holding it | 2 | 6 |
| Insider purchases, last 12 months | 0 | 4 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Coca-Cola Consolidated
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.6B | $366M | 7.9% |
| 2022 | $6.2B | $256M | 10.3% |
| 2023 | $6.7B | $528M | 12.5% |
| 2024 | $6.9B | $505M | 13.3% |
| 2025 | $7.2B | $620M | 13.2% |
Keurig Dr Pepper
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $12.7B | $2.5B | 22.8% |
| 2022 | $14.1B | $2.5B | 18.5% |
| 2023 | $14.8B | $904M | 21.5% |
| 2024 | $15.4B | $1.7B | 16.9% |
| 2025 | $16.6B | $1.5B | 21.5% |
Where the revenue comes from
Coca-Cola Consolidated · by segments, 2025
Nonalcoholic Beverages$7.2B96%
All Other$326M4%
Keurig Dr Pepper · by products, 2025
LRB$11.6B70%
Pods$3.8B23%
Appliances$646M4%
Other$578M3%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open COKE in InvestinglyQuestions
Which is bigger, Coca-Cola Consolidated or Keurig Dr Pepper?
Keurig Dr Pepper (KDP), at $42.5B against $13.5B.
Is COKE or KDP cheaper?
By trailing P/E, Keurig Dr Pepper (23.2x) is cheaper than Coca-Cola Consolidated (27.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, COKE or KDP?
Keurig Dr Pepper: revenue grew +75.6% over the last year, against +10.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.