Stock comparison

PEP vs KO

Compare PepsiCo, Inc. and The Coca-Cola Company across business growth, cash generation, profitability, market price, and intrinsic value.

Range

PepsiCo, Inc.

NASDAQ:PEP

The Coca-Cola Company

NYSE:KO

PEPKOFinancial values are reported in each company’s stated currency.

Revenue growth

Reported annual revenue and future analyst consensus

Revenue CAGR

Compound annual growth through each company’s latest reported fiscal year

Revenue compound annual growth comparison
Company	1Yr	3Yr	5Yr	10Yr
PepsiCo, Inc. PEP : NASDAQ	+2.3%	+2.8%	Sign in	Sign in
The Coca-Cola Company KO : NYSE	+1.9%	+3.7%	Sign in	Sign in

Free cash flow

Annual cash generated after capital expenditure

Free Cash Flow CAGR

Compound annual growth through each company’s latest reported fiscal year

Free cash flow compound annual growth comparison
Company	1Yr	3Yr	5Yr	10Yr
PepsiCo, Inc. PEP : NASDAQ	+6.7%	+11.0%	Sign in	Sign in
The Coca-Cola Company KO : NYSE	+11.7%	-17.8%	Sign in	Sign in

Margins and returns

Compare profitability and capital efficiency in separate charts

Gross margin

PEP versus KO

Historical averages

Trailing averages through each company’s latest reported fiscal year

Gross margin historical average comparison
Company	3Yr	5Yr	10Yr
PEP	+54.3%	+53.9%	+54.4%
KO	+60.7%	+60.1%	+60.5%

Operating margin

PEP versus KO

Historical averages

Trailing averages through each company’s latest reported fiscal year

Operating margin historical average comparison
Company	3Yr	5Yr	10Yr
PEP	+13.8%	+13.8%	+14.6%
KO	+24.9%	+25.3%	+25.0%

Net margin

PEP versus KO

Historical averages

Trailing averages through each company’s latest reported fiscal year

Net margin historical average comparison
Company	3Yr	5Yr	10Yr
PEP	+9.7%	+9.8%	+10.7%
KO	+24.4%	+24.2%	+20.6%

FCF margin

PEP versus KO

Historical averages

Trailing averages through each company’s latest reported fiscal year

FCF margin historical average comparison
Company	3Yr	5Yr	10Yr
PEP	+60.0%	+58.4%	+61.4%
KO	+75.1%	+80.2%	+80.0%

Return on equity (ROE)

PEP versus KO

Historical averages

Trailing averages through each company’s latest reported fiscal year

Return on equity (ROE) historical average comparison
Company	3Yr	5Yr	10Yr
PEP	+47.5%	+48.4%	+53.2%
KO	+41.6%	+41.4%	+36.8%

Return on assets (ROA)

PEP versus KO

Historical averages

Trailing averages through each company’s latest reported fiscal year

Return on assets (ROA) historical average comparison
Company	3Yr	5Yr	10Yr
PEP	+8.8%	+8.8%	+9.2%
KO	+11.3%	+10.9%	+9.1%

Return on invested capital (ROIC)

PEP versus KO

Historical averages

Trailing averages through each company’s latest reported fiscal year

Return on invested capital (ROIC) historical average comparison
Company	3Yr	5Yr	10Yr
PEP	+13.2%	+13.2%	+12.7%
KO	+11.7%	+11.4%	+9.8%

Return on capital employed (ROCE)

PEP versus KO

Historical averages

Trailing averages through each company’s latest reported fiscal year

Return on capital employed (ROCE) historical average comparison
Company	3Yr	5Yr	10Yr
PEP	+18.2%	+17.8%	+17.5%
KO	+15.0%	+14.8%	+14.7%

Balance sheet comparison

Assets, liabilities, equity, liquidity, and leverage side by side

PepsiCo, Inc. PEP : NASDAQ · FY2025 · USD

Assets

Cash & equivalents: USD 9.2B
Short-term investments: USD 371.0M
Receivables: USD 11.5B
Inventory: USD 5.8B
Total current assets: USD 27.9B
Property, plant & equipment: USD 33.6B
Goodwill: USD 18.9B
Intangible assets: USD 15.1B
Total non-current assets: USD 79.5B
Total assets: USD 107.4B

Liabilities

Accounts payable: USD 11.7B
Short-term debt: USD 6.9B
Total current liabilities: USD 32.8B
Long-term debt: USD 42.3B
Total non-current liabilities: USD 54.1B
Total liabilities: USD 86.9B

Equity & debt

Retained earnings: USD 72.8B
Stockholders' equity: USD 20.4B
Total debt: USD 49.9B
Net debt: USD 40.7B

Current ratio

0.85x

Debt / equity

2.45x

Current liabilities exceed current assets, indicating tighter liquidity. Debt exceeds book equity, indicating elevated leverage.

The Coca-Cola Company KO : NYSE · FY2025 · USD

Assets

Cash & equivalents: USD 10.3B
Short-term investments: USD 3.6B
Receivables: USD 3.0B
Inventory: USD 4.4B
Total current assets: USD 31.0B
Property, plant & equipment: USD 9.6B
Goodwill: USD 15.5B
Intangible assets: USD 12.5B
Total non-current assets: USD 73.8B
Total assets: USD 104.8B

Liabilities

Accounts payable: USD 14.8B
Short-term debt: USD 3.4B
Total current liabilities: USD 21.3B
Long-term debt: USD 42.1B
Total non-current liabilities: USD 49.3B
Total liabilities: USD 70.5B

Equity & debt

Retained earnings: USD 80.4B
Stockholders' equity: USD 32.2B
Total debt: USD 45.5B
Net debt: USD 35.2B

Current ratio

1.46x

Debt / equity

1.41x

Current assets cover short-term obligations with a modest cushion. Debt exceeds book equity, indicating elevated leverage.

Revenue to net income

Side-by-side income statement waterfalls for FY2025

PepsiCo, Inc.

Margin and waterfall analysis

FY2025 income statement bridge

Revenue: USD 93.9B
Gross profit: USD 50.9B
Operating income: USD 13.5B
Net income: USD 8.2B

Gross margin: 54.1%
Operating margin: 14.4%
Net margin: 8.8%
COGS / revenue: 45.9%
OpEx / revenue: 39.8%
Effective tax rate: 19.1%

PEP retains 8.8 of every 100 of revenue as net income. COGS absorbs 45.9% of revenue, operating expenses absorb 39.8%, and interest and other items subtract 3.5% of revenue.

The Coca-Cola Company

Margin and waterfall analysis

FY2025 income statement bridge

Revenue: USD 47.9B
Gross profit: USD 29.5B
Operating income: USD 13.8B
Net income: USD 13.1B

Gross margin: 61.6%
Operating margin: 28.7%
Net margin: 27.3%
COGS / revenue: 38.4%
OpEx / revenue: 32.9%
Effective tax rate: 17.9%

KO retains 27.3 of every 100 of revenue as net income. COGS absorbs 38.4% of revenue, operating expenses absorb 32.9%, and other income adds 4.7% of revenue.

Share price

Adjusted closing price on separate currency-aware axes

Intrinsic value comparison

Current market price compared with consensus intrinsic value

How to read PEP vs KO

Revenue and free cash flow show the scale and direction of each business, while margins reveal how efficiently sales become profit and cash. The waterfall charts explain the latest common fiscal year, and the price chart uses actual market prices rather than rebasing performance. Intrinsic value is a model output, not a prediction or investment recommendation.