KDP vs PEP: Keurig Dr Pepper 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 4.1 times Keurig Dr Pepper.
- Keurig Dr Pepper grew revenue faster over the last year (+75.6% vs +2.2%).
- Keurig Dr Pepper keeps more of each dollar of revenue as operating profit (16.2% vs 12.2%).
- On earnings, PepsiCo is the cheaper stock (21.0x vs 23.2x).
- Keurig Dr Pepper's price assumes faster free cash flow growth: about 10% a year, against 7% for PepsiCo (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 | PEP |
|---|---|---|
| Market cap | $42.5B | $173.5B |
| Share price | $31.76 | $125.97 |
| Revenue (last fiscal year) | $16.6B | $93.9B |
| Free cash flow (last fiscal year) | $1.5B | $7.7B |
| Revenue growth, last year | +75.6% | +2.2% |
| Revenue growth per year, last 5 fiscal years | +7.0% | +4.3% |
| Operating margin | 16.2% | 12.2% |
| Net margin | 7.1% | 8.8% |
| Return on equity | 5.7% | 37.0% |
| P/E (trailing) | 23.2x | 21.0x |
| Price / free cash flow | 28.3x | 22.6x |
| EV / EBITDA | 28.6x | 14.4x |
| FCF growth the price implies | 9.5% | 6.6% |
| Dividend yield | 2.9% | 4.5% |
| Debt / equity | 2.16x | 4.01x |
| Fundamental grade | D | D |
| Superinvestors holding it | 6 | 13 |
| Insider purchases, last 12 months | 4 | 8 |
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% |
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
Keurig Dr Pepper · by products, 2025
LRB$11.6B70%
Pods$3.8B23%
Appliances$646M4%
Other$578M3%
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 KDP in InvestinglyQuestions
Which is bigger, Keurig Dr Pepper or PepsiCo?
PepsiCo (PEP), at $173.5B against $42.5B.
Is KDP or PEP cheaper?
By trailing P/E, PepsiCo (21.0x) is cheaper than Keurig Dr Pepper (23.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, KDP or PEP?
Keurig Dr Pepper: revenue grew +75.6% 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.