KO vs PEP: Coca-Cola 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.
- Coca-Cola is the larger company, worth $384.9B, about 2.2 times PepsiCo.
- Coca-Cola grew revenue faster over the last year (+12.1% vs +2.2%).
- Coca-Cola keeps more of each dollar of revenue as operating profit (29.3% vs 12.2%).
- On earnings, PepsiCo is the cheaper stock (21.0x vs 28.1x).
- Coca-Cola's price assumes faster free cash flow growth: about 22% 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 | KO | PEP |
|---|---|---|
| Market cap | $384.9B | $173.5B |
| Share price | $88.05 | $125.97 |
| Revenue (last fiscal year) | $47.9B | $93.9B |
| Free cash flow (last fiscal year) | $5.3B | $7.7B |
| Revenue growth, last year | +12.1% | +2.2% |
| Revenue growth per year, last 5 fiscal years | +5.5% | +4.3% |
| Operating margin | 29.3% | 12.2% |
| Net margin | 27.8% | 8.8% |
| Return on equity | 40.7% | 37.0% |
| P/E (trailing) | 28.1x | 21.0x |
| Price / free cash flow | 72.7x | 22.6x |
| EV / EBITDA | 21.7x | 14.4x |
| FCF growth the price implies | 22.0% | 6.6% |
| Dividend yield | 2.3% | 4.5% |
| Debt / equity | 2.04x | 4.01x |
| Fundamental grade | C | D |
| Superinvestors holding it | 12 | 13 |
| Insider purchases, last 12 months | 10 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
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 · by segments, 2025
North America$19.6B40%
EMEA$11.5B24%
Latin America$6.3B13%
Bottling Investments$5.7B12%
Asia Pacific$5.6B12%
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 KO in InvestinglyQuestions
Which is bigger, Coca-Cola or PepsiCo?
Coca-Cola (KO), at $384.9B against $173.5B.
Is KO or PEP cheaper?
By trailing P/E, PepsiCo (21.0x) is cheaper than Coca-Cola (28.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, KO or PEP?
Coca-Cola: revenue grew +12.1% 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.