COKE vs PEP: Coca-Cola Consolidated and PepsiCo compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- PepsiCo is the larger company, worth $173.5B, about 12.9 times Coca-Cola Consolidated.
- Coca-Cola Consolidated grew revenue faster over the last year (+10.6% vs +2.2%).
- Coca-Cola Consolidated keeps more of each dollar of revenue as operating profit (13.0% vs 12.2%).
- On earnings, PepsiCo is the cheaper stock (21.0x vs 27.8x).
- PepsiCo's price assumes faster free cash flow growth: about 7% 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 | PEP |
|---|---|---|
| Market cap | $13.5B | $173.5B |
| Share price | $196.24 | $125.97 |
| Revenue (last fiscal year) | $7.2B | $93.9B |
| Free cash flow (last fiscal year) | $620M | $7.7B |
| Revenue growth, last year | +10.6% | +2.2% |
| Revenue growth per year, last 5 fiscal years | +6.8% | +4.3% |
| Operating margin | 13.0% | 12.2% |
| Net margin | 7.2% | 8.8% |
| Return on equity | — | 37.0% |
| P/E (trailing) | 27.8x | 21.0x |
| Price / free cash flow | 21.6x | 22.6x |
| EV / EBITDA | 17.1x | 14.4x |
| FCF growth the price implies | 6.1% | 6.6% |
| Dividend yield | 0.51% | 4.5% |
| Debt / equity | — | 4.01x |
| Fundamental grade | D | D |
| Superinvestors holding it | 2 | 13 |
| Insider purchases, last 12 months | 0 | 8 |
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% |
PepsiCo
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $79.5B | $7.0B | 14.0% |
| 2022 | $86.4B | $5.6B | 13.3% |
| 2023 | $91.5B | $7.9B | 13.1% |
| 2024 | $91.9B | $7.2B | 14.0% |
| 2025 | $93.9B | $7.7B | 12.2% |
Where the revenue comes from
Coca-Cola Consolidated · by segments, 2025
Nonalcoholic Beverages$7.2B96%
All Other$326M4%
PepsiCo · by segments, 2025
PepsiCo Beverages North America$28.2B30%
PepsiCo Foods North America$27.5B29%
Europe, Middle East & Africa (Segment)$18.0B19%
Latin America Foods (Segment)$10.5B11%
International Beverage Franchise$5.0B5%
Asia Pacific Foods (Segment)$4.6B5%
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 PepsiCo?
PepsiCo (PEP), at $173.5B against $13.5B.
Is COKE or PEP cheaper?
By trailing P/E, PepsiCo (21.0x) is cheaper than Coca-Cola Consolidated (27.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, COKE or PEP?
Coca-Cola Consolidated: revenue grew +10.6% over the last year, against +2.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.