Comprehensive Stock Comparison
Compare The Coca-Cola Company (KO) vs PepsiCo, Inc. (PEP) vs National Beverage Corp. (FIZZ) vs Zevia PBC (ZVIA) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | ZVIA | 4.0% revenue growth vs FIZZ's 0.8% |
| Value | FIZZ | Better valuation composite |
| Quality / Margins | KO | 27.3% net margin vs ZVIA's -6.2% |
| Stability / Safety | KO | Beta 0.04 vs ZVIA's 1.03 |
| Dividends | FIZZ | 8.9% yield, 4-year raise streak, vs PEP's 3.3% |
| Momentum (1Y) | KO | +17.4% vs ZVIA's -45.1% |
| Efficiency (ROA) | FIZZ | 25.2% ROA vs ZVIA's -15.6%, ROIC 57.9% vs -72.1% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Coca-Cola is a global beverage company that manufactures and sells non-alcoholic drinks worldwide. It generates revenue primarily through concentrate sales to bottling partners (~40% of revenue) and finished product sales (~60%), with sparkling soft drinks like Coca-Cola, Sprite, and Fanta representing the majority of sales. Its key competitive advantage is an unparalleled global distribution network and one of the world's most valuable brand portfolios, creating massive economies of scale and pricing power.
PepsiCo is a global food and beverage giant that sells iconic snack brands like Lay's and Doritos alongside its namesake soft drinks. It generates revenue primarily through its Frito-Lay North America snacks division (~50% of operating profit) and its beverage business, with the rest coming from international markets and Quaker Foods. The company's competitive moat lies in its massive scale, powerful distribution network, and portfolio of deeply entrenched household brands that command strong consumer loyalty.
National Beverage Corp. is a beverage company that develops, produces, and markets a portfolio of sparkling waters, juices, energy drinks, and carbonated soft drinks primarily in North America. It generates revenue through wholesale distribution to retailers—with its LaCroix sparkling water brand driving significant sales—alongside its Shasta and Faygo soda brands and other beverage lines. The company's key advantage lies in its strong LaCroix brand recognition in the sparkling water category and its efficient, vertically integrated production and distribution model.
Zevia is a beverage company that produces zero-calorie, naturally sweetened soft drinks—including sodas, energy drinks, and sparkling waters—without artificial ingredients. It generates revenue primarily through retail sales in grocery stores, warehouse clubs, and natural product retailers, with a growing e-commerce channel. The company's key advantage is its early-mover position in the zero-calorie, naturally sweetened beverage niche—using stevia instead of artificial sweeteners—which appeals to health-conscious consumers seeking sugar-free alternatives.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Segment breakdown not available.
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 4 stocks. BestLagging
Financial Scorecard
KO leads in 3 of 6 categories (Financial Metrics, Total Returns). FIZZ leads in 1 (Profitability & Efficiency). 2 tied.
Financial Metrics (TTM)
PEP is the larger business by revenue, generating $93.9B annually — 582.4x ZVIA's $161M. KO is the more profitable business, keeping 27.3% of every revenue dollar as net income compared to ZVIA's -6.2%. On growth, PEP holds the edge at +5.6% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | KOThe Coca-Cola Com… | PEPPepsiCo, Inc. | FIZZNational Beverage… | ZVIAZevia PBC |
|---|---|---|---|---|
| RevenueTrailing 12 months | $47.9B | $93.9B | $1.2B | $161M |
| EBITDAEarnings before interest/tax | $16.1B | $14.3B | $252M | -$11M |
| Net IncomeAfter-tax profit | $13.1B | $8.2B | $186M | -$10M |
| Free Cash FlowCash after capex | $5.3B | $7.7B | $173M | -$5M |
| Gross MarginGross profit ÷ Revenue | +61.6% | +54.1% | +37.2% | +48.0% |
| Operating MarginEBIT ÷ Revenue | +28.7% | +12.2% | +19.7% | -7.3% |
| Net MarginNet income ÷ Revenue | +27.3% | +8.8% | +15.5% | -6.2% |
| FCF MarginFCF ÷ Revenue | +11.0% | +8.2% | +14.4% | -3.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | +2.4% | +5.6% | +0.3% | -4.0% |
| EPS Growth (YoY)Latest quarter vs prior year | +3.9% | +66.7% | -1.6% | +78.3% |
Valuation Metrics
At 18.3x trailing earnings, FIZZ trades at a 35% valuation discount to PEP's 28.3x P/E. Adjusting for growth (PEG ratio), KO offers better value at 2.40x vs PEP's 8.67x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | KOThe Coca-Cola Com… | PEPPepsiCo, Inc. | FIZZNational Beverage… | ZVIAZevia PBC |
|---|---|---|---|---|
| Market CapShares × price | $350.8B | $232.0B | $3.4B | $10M |
| Enterprise ValueMkt cap + debt − cash | $386.1B | $272.7B | $3.3B | -$14M |
| Trailing P/EPrice ÷ TTM EPS | 26.83x | 28.29x | 18.27x | -8.93x |
| Forward P/EPrice ÷ next-FY EPS est. | 25.26x | 19.68x | 17.95x | — |
| PEG RatioP/E ÷ EPS growth rate | 2.40x | 8.67x | 2.46x | — |
| EV / EBITDAEnterprise value multiple | 26.06x | 19.07x | 12.81x | — |
| Price / SalesMarket cap ÷ Revenue | 7.32x | 2.47x | 2.83x | 0.06x |
| Price / BookPrice ÷ Book value/share | 10.26x | 11.33x | 7.67x | 2.48x |
| Price / FCFMarket cap ÷ FCF | 66.25x | 30.24x | 19.97x | — |
Profitability & Efficiency
PEP delivers a 40.1% return on equity — every $100 of shareholder capital generates $40 in annual profit, vs $-28 for ZVIA. ZVIA carries lower financial leverage with a 0.02x debt-to-equity ratio, signaling a more conservative balance sheet compared to PEP's 2.43x. On the Piotroski fundamental quality scale (0–9), KO scores 7/9 vs ZVIA's 5/9, reflecting strong financial health.
| Metric | KOThe Coca-Cola Com… | PEPPepsiCo, Inc. | FIZZNational Beverage… | ZVIAZevia PBC |
|---|---|---|---|---|
| ROE (TTM)Return on equity | +38.2% | +40.1% | +36.9% | -27.9% |
| ROA (TTM)Return on assets | +12.5% | +7.7% | +25.2% | -15.6% |
| ROICReturn on invested capital | +15.8% | +14.9% | +57.9% | -72.1% |
| ROCEReturn on capital employed | +17.3% | +16.1% | +40.4% | -29.7% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 5 | 5 | 5 |
| Debt / EquityFinancial leverage | 1.33x | 2.43x | 0.16x | 0.02x |
| Net DebtTotal debt minus cash | $35.2B | $40.7B | -$122M | -$25M |
| Cash & Equiv.Liquid assets | $10.3B | $9.2B | $194M | $25M |
| Total DebtShort + long-term debt | $45.5B | $49.9B | $72M | $668,000 |
| Interest CoverageEBIT ÷ Interest expense | 10.67x | 10.34x | — | — |
Total Returns (with DRIP)
A $10,000 investment in KO five years ago would be worth $18,200 today (with dividends reinvested), compared to $982 for ZVIA. Over the past 12 months, KO leads with a +17.4% total return vs ZVIA's -45.1%. The 3-year compound annual growth rate (CAGR) favors KO at 13.7% vs ZVIA's -27.3% — a key indicator of consistent wealth creation.
| Metric | KOThe Coca-Cola Com… | PEPPepsiCo, Inc. | FIZZNational Beverage… | ZVIAZevia PBC |
|---|---|---|---|---|
| YTD ReturnYear-to-date | +18.0% | +19.3% | +14.8% | -33.3% |
| 1-Year ReturnPast 12 months | +17.4% | +14.3% | -8.7% | -45.1% |
| 3-Year ReturnCumulative with dividends | +46.8% | +7.0% | -15.1% | -61.6% |
| 5-Year ReturnCumulative with dividends | +82.0% | +48.8% | -13.0% | -90.2% |
| 10-Year ReturnCumulative with dividends | +128.4% | +116.7% | +155.4% | -90.2% |
| CAGR (3Y)Annualised 3-year return | +13.7% | +2.3% | -5.3% | -27.3% |
Risk & Volatility
KO is the less volatile stock with a 0.04 beta — it tends to amplify market swings less than ZVIA's 1.03 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. KO currently trades 99.8% from its 52-week high vs ZVIA's 36.6% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | KOThe Coca-Cola Com… | PEPPepsiCo, Inc. | FIZZNational Beverage… | ZVIAZevia PBC |
|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.04x | 0.14x | 0.11x | 1.03x |
| 52-Week HighHighest price in past year | $81.69 | $171.48 | $47.89 | $3.66 |
| 52-Week LowLowest price in past year | $65.35 | $127.60 | $31.21 | $1.16 |
| % of 52W HighCurrent price vs 52-week peak | +99.8% | +99.0% | +75.9% | +36.6% |
| RSI (14)Momentum oscillator 0–100 | 71.2 | 65.3 | 68.3 | 28.3 |
| Avg Volume (50D)Average daily shares traded | 14.9M | 7.3M | 233K | 873K |
Analyst Outlook
Analyst consensus: KO as "Buy", PEP as "Hold", FIZZ as "Sell", ZVIA as "Buy". Consensus price targets imply 198.5% upside for ZVIA (target: $4) vs -3.7% for FIZZ (target: $35). For income investors, FIZZ offers the higher dividend yield at 8.93% vs KO's 2.50%.
| Metric | KOThe Coca-Cola Com… | PEPPepsiCo, Inc. | FIZZNational Beverage… | ZVIAZevia PBC |
|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold | Sell | Buy |
| Price TargetConsensus 12-month target | $84.75 | $167.75 | $35.00 | $4.00 |
| # AnalystsCovering analysts | 47 | 44 | 8 | 8 |
| Dividend YieldAnnual dividend ÷ price | +2.5% | +3.3% | +8.9% | — |
| Dividend StreakConsecutive years of raises | 35 | 25 | 4 | 1 |
| Dividend / ShareAnnual DPS | $2.04 | $5.57 | $3.25 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +0.2% | +0.4% | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Aug 21 | Feb 26 | Change |
|---|---|---|---|
| The Coca-Cola Compa… (KO) | 100 | 132.44 | +32.4% |
| PepsiCo, Inc. (PEP) | 100 | 99.28 | -0.7% |
| National Beverage C… (FIZZ) | 100 | 75.94 | -24.1% |
| Zevia PBC (ZVIA) | 99.85 | 13.26 | -86.7% |
The Coca-Cola Compa… (KO) returned +82% over 5 years vs Zevia PBC (ZVIA)'s -90%. A $10,000 investment in KO 5 years ago would be worth $18,200 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| The Coca-Cola Compa… (KO) | $41.9B | $47.9B | +14.5% |
| PepsiCo, Inc. (PEP) | $62.8B | $93.9B | +49.6% |
| National Beverage C… (FIZZ) | $705M | $1.2B | +70.5% |
| Zevia PBC (ZVIA) | $86M | $161M | +88.5% |
The Coca-Cola Company's revenue grew from $41.9B (2016) to $47.9B (2025) — a 1.5% CAGR. PepsiCo, Inc.'s revenue grew from $62.8B (2016) to $93.9B (2025) — a 4.6% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| The Coca-Cola Compa… (KO) | 15.6% | 27.3% | +75.4% |
| PepsiCo, Inc. (PEP) | 10.1% | 8.8% | -13.0% |
| National Beverage C… (FIZZ) | 8.7% | 15.6% | +79.1% |
| Zevia PBC (ZVIA) | -6.3% | -6.2% | +2.7% |
The Coca-Cola Company's net margin went from 16% (2016) to 27% (2025). PepsiCo, Inc.'s net margin went from 10% (2016) to 9% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| The Coca-Cola Compa… (KO) | 158.2 | 23 | -85.5% |
| PepsiCo, Inc. (PEP) | 35.5 | 23.9 | -32.7% |
| National Beverage C… (FIZZ) | 42.4 | 16 | -62.3% |
The Coca-Cola Company has traded in a 23x–158x P/E range over 9 years; current trailing P/E is ~27x. PepsiCo, Inc. has traded in a 13x–36x P/E range over 9 years; current trailing P/E is ~28x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| The Coca-Cola Compa… (KO) | 1.49 | 3.04 | +104.0% |
| PepsiCo, Inc. (PEP) | 4.36 | 6 | +37.6% |
| National Beverage C… (FIZZ) | 0.66 | 1.99 | +201.5% |
| Zevia PBC (ZVIA) | -0.08 | -0.15 | -82.0% |
The Coca-Cola Company's EPS grew from $1.49 (2016) to $3.04 (2025) — a 8% CAGR. PepsiCo, Inc.'s EPS grew from $4.36 (2016) to $6.00 (2025) — a 4% CAGR.
Chart 6Free Cash Flow — 5 Years
The Coca-Cola Company generated $5B FCF in 2025 (-53% vs 2021). PepsiCo, Inc. generated $8B FCF in 2025 (+10% vs 2021).
KO vs PEP vs FIZZ vs ZVIA: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is KO or PEP or FIZZ or ZVIA a better buy right now?
National Beverage Corp. (FIZZ) offers the better valuation at 18.3x trailing P/E (17.9x forward), making it the more compelling value choice. Analysts rate The Coca-Cola Company (KO) a "Buy" — based on 47 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — KO or PEP or FIZZ or ZVIA?
On trailing P/E, National Beverage Corp. (FIZZ) is the cheapest at 18.3x versus PepsiCo, Inc. at 28.3x. On forward P/E, National Beverage Corp. is actually cheaper at 17.9x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: The Coca-Cola Company wins at 2.26x versus PepsiCo, Inc.'s 6.03x.
03Which is the better long-term investment — KO or PEP or FIZZ or ZVIA?
Over the past 5 years, The Coca-Cola Company (KO) delivered a total return of +82.0%, compared to -90.2% for Zevia PBC (ZVIA). A $10,000 investment in KO five years ago would be worth approximately $18K today (assuming dividends reinvested). Over 10 years, the gap is even starker: FIZZ returned +155.4% versus ZVIA's -90.2%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — KO or PEP or FIZZ or ZVIA?
By beta (market sensitivity over 5 years), The Coca-Cola Company (KO) is the lower-risk stock at 0.04β versus Zevia PBC's 1.03β — meaning ZVIA is approximately 2194% more volatile than KO relative to the S&P 500. On balance sheet safety, Zevia PBC (ZVIA) carries a lower debt/equity ratio of 2% versus 2% for PepsiCo, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — KO or PEP or FIZZ or ZVIA?
The Coca-Cola Company (KO) is the more profitable company, earning 27.3% net margin versus -6.2% for Zevia PBC — meaning it keeps 27.3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: KO leads at 28.7% versus -7.3% for ZVIA. At the gross margin level — before operating expenses — KO leads at 61.6%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is KO or PEP or FIZZ or ZVIA more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, The Coca-Cola Company (KO) is the more undervalued stock at a PEG of 2.26x versus PepsiCo, Inc.'s 6.03x. Both stocks trade at elevated growth-adjusted valuations, so expected growth needs to materialise. On forward earnings alone, National Beverage Corp. (FIZZ) trades at 17.9x forward P/E versus 25.3x for The Coca-Cola Company — 7.3x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for ZVIA: 198.5% to $4.00.
07Which pays a better dividend — KO or PEP or FIZZ or ZVIA?
In this comparison, FIZZ (8.9% yield), PEP (3.3% yield), KO (2.5% yield) pay a dividend. ZVIA does not pay a meaningful dividend and should not be held primarily for income.
08Is KO or PEP or FIZZ or ZVIA better for a retirement portfolio?
For long-horizon retirement investors, The Coca-Cola Company (KO) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.04), 2.5% yield, +128.4% 10Y return). Both have compounded well over 10 years (KO: +128.4%, ZVIA: -90.2%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between KO and PEP and FIZZ and ZVIA?
Both stocks operate in the Consumer Defensive sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: KO is a large-cap quality compounder stock; PEP is a large-cap income-oriented stock; FIZZ is a small-cap income-oriented stock; ZVIA is a small-cap quality compounder stock. KO, PEP, FIZZ pay a dividend while ZVIA does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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