KDP vs MNST: Keurig Dr Pepper and Monster Beverage compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Monster Beverage is the larger company, worth $42.9B, close to Keurig Dr Pepper's $42.5B.
- Keurig Dr Pepper grew revenue faster over the last year (+75.6% vs +20.2%).
- Monster Beverage keeps more of each dollar of revenue as operating profit (29.2% vs 16.2%).
- On earnings, Monster Beverage is the cheaper stock (21.2x vs 23.2x).
- Keurig Dr Pepper's price assumes faster free cash flow growth: about 10% a year, against 6% for Monster Beverage (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 | MNST |
|---|---|---|
| Market cap | $42.5B | $42.9B |
| Share price | $31.76 | $43.64 |
| Revenue (last fiscal year) | $16.6B | $8.3B |
| Free cash flow (last fiscal year) | $1.5B | $2.0B |
| Revenue growth, last year | +75.6% | +20.2% |
| Revenue growth per year, last 5 fiscal years | +7.0% | +10.6% |
| Operating margin | 16.2% | 29.2% |
| Net margin | 7.1% | 23.1% |
| Return on equity | 5.7% | 22.7% |
| P/E (trailing) | 23.2x | 21.2x |
| Price / free cash flow | 28.3x | 21.8x |
| EV / EBITDA | 28.6x | 14.5x |
| FCF growth the price implies | 9.5% | 6.1% |
| Dividend yield | 2.9% | — |
| Debt / equity | 2.16x | 0.22x |
| Fundamental grade | D | B |
| Superinvestors holding it | 6 | 4 |
| Insider purchases, last 12 months | 4 | 4 |
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% |
Monster Beverage
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.5B | $1.1B | 32.4% |
| 2022 | $6.3B | $699M | 25.1% |
| 2023 | $7.1B | $1.5B | 27.4% |
| 2024 | $7.5B | $1.7B | 25.8% |
| 2025 | $8.3B | $2.0B | 29.2% |
Where the revenue comes from
Keurig Dr Pepper · by products, 2025
LRB$11.6B70%
Pods$3.8B23%
Appliances$646M4%
Other$578M3%
Monster Beverage · by segments, 2025
Monster Energy Drinks$7.7B92%
Strategic Brands$469M6%
Alcohol Brands$135M2%
Other$25M0%
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 Monster Beverage?
Monster Beverage (MNST), at $42.9B against $42.5B.
Is KDP or MNST cheaper?
By trailing P/E, Monster Beverage (21.2x) is cheaper than Keurig Dr Pepper (23.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, KDP or MNST?
Keurig Dr Pepper: revenue grew +75.6% over the last year, against +20.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.