KDP vs KO: Keurig Dr Pepper and Coca-Cola compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Coca-Cola is the larger company, worth $384.9B, about 9.0 times Keurig Dr Pepper.
- Keurig Dr Pepper grew revenue faster over the last year (+75.6% vs +12.1%).
- Coca-Cola keeps more of each dollar of revenue as operating profit (29.3% vs 16.2%).
- On earnings, Keurig Dr Pepper is the cheaper stock (23.2x vs 28.1x).
- Coca-Cola's price assumes faster free cash flow growth: about 22% a year, against 10% for Keurig Dr Pepper (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 | KDP | KO |
|---|---|---|
| Market cap | $42.5B | $384.9B |
| Share price | $31.76 | $88.05 |
| Revenue (last fiscal year) | $16.6B | $47.9B |
| Free cash flow (last fiscal year) | $1.5B | $5.3B |
| Revenue growth, last year | +75.6% | +12.1% |
| Revenue growth per year, last 5 fiscal years | +7.0% | +5.5% |
| Operating margin | 16.2% | 29.3% |
| Net margin | 7.1% | 27.8% |
| Return on equity | 5.7% | 40.7% |
| P/E (trailing) | 23.2x | 28.1x |
| Price / free cash flow | 28.3x | 72.7x |
| EV / EBITDA | 28.6x | 21.7x |
| FCF growth the price implies | 9.5% | 22.0% |
| Dividend yield | 2.9% | 2.3% |
| Debt / equity | 2.16x | 2.04x |
| Fundamental grade | D | C |
| Superinvestors holding it | 6 | 12 |
| Insider purchases, last 12 months | 4 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Coca-Cola
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $38.7B | $11.3B | 26.7% |
| 2022 | $43.0B | $9.5B | 25.4% |
| 2023 | $45.8B | $9.7B | 24.7% |
| 2024 | $47.1B | $4.7B | 21.2% |
| 2025 | $47.9B | $5.3B | 28.7% |
Where the revenue comes from
Keurig Dr Pepper · by products, 2025
LRB$11.6B70%
Pods$3.8B23%
Appliances$646M4%
Other$578M3%
Coca-Cola · by segments, 2025
North America$19.6B40%
EMEA$11.5B24%
Latin America$6.3B13%
Bottling Investments$5.7B12%
Asia Pacific$5.6B12%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open KDP in InvestinglyQuestions
Which is bigger, Keurig Dr Pepper or Coca-Cola?
Coca-Cola (KO), at $384.9B against $42.5B.
Is KDP or KO cheaper?
By trailing P/E, Keurig Dr Pepper (23.2x) is cheaper than Coca-Cola (28.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, KDP or KO?
Keurig Dr Pepper: revenue grew +75.6% over the last year, against +12.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.