# Beverages - Non-Alcoholic — company-by-company sector analysis

> Beverages - Non-Alcoholic: PepsiCo, Inc. owns the largest revenue base; Celsius Holdings, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-04. Not investment advice.

## Bottom line

Beverages - Non-Alcoholic has underperformed S&P 500 by 10.2% over 52 weeks and 4.8% over 13 weeks. 5 of 11 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 11 beat the sector itself. PepsiCo, Inc. leads with revenue of $96,904 million, based on 8 of 13 comparable companies through Jun 2026.

## Sector relative strength

Beverages - Non-Alcoholic has underperformed S&P 500 by 10.2% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 4.8%. 5 of 11 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is broad. Monster Beverage Corporation is the strongest against the sector itself at +14.8%.

13-week sector return versus NIFTY 500: -4.8%
52-week sector return versus NIFTY 500: -10%
Stocks leading NIFTY: 5/11
Stocks leading sector: 7/11

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 13
Combined market value: ₹7.8 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Monster Beverage Corporation (MNST): 67/100 — Favorable setup; evidence 66%
   - Growth & earnings 21.4/35 | Capital efficiency 15.8/25 | Valuation 11.9/20 | Relative strength 17.5/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - Exact sum: 21.4 + 15.8 + 11.9 + 17.5 = 66.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. The Vita Coco Company, Inc. (COCO): 63/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 22.6/35 | Capital efficiency 18.1/25 | Valuation 9.4/20 | Relative strength 13.1/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks
   - Exact sum: 22.6 + 18.1 + 9.4 + 13.1 = 63.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. The Coca-Cola Company (KO): 60/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 18.8/35 | Capital efficiency 14.4/25 | Valuation 10.0/20 | Relative strength 16.7/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 18.8 + 14.4 + 10 + 16.7 = 59.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. PepsiCo, Inc. (PEP): 55/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 24.4/35 | Capital efficiency 11.8/25 | Valuation 15.9/20 | Relative strength 3.2/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 24.4 + 11.8 + 15.9 + 3.2 = 55.3
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -11% and the one-year return is -4.2%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
5. Keurig Dr Pepper Inc. (KDP): 51/100 — Mixed-positive evidence; evidence 66%
   - Growth & earnings 14.4/35 | Capital efficiency 9.8/25 | Valuation 14.2/20 | Relative strength 12.1/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks
   - Exact sum: 14.4 + 9.8 + 14.2 + 12.1 = 50.5
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
6. Coca-Cola Consolidated, Inc. (COKE): 48/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 15.8/35 | Capital efficiency 12.4/25 | Valuation 10.3/20 | Relative strength 9.4/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 15.8 + 12.4 + 10.3 + 9.4 = 47.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Primo Brands Corporation (PRMB): 47/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 16.5/35 | Capital efficiency 7.5/25 | Valuation 8.5/20 | Relative strength 14.6/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks
   - Exact sum: 16.5 + 7.5 + 8.5 + 14.6 = 47.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. Celsius Holdings, Inc. (CELH): 42/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 23.1/35 | Capital efficiency 10.2/25 | Valuation 6.1/20 | Relative strength 2.9/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 23.1 + 10.2 + 6.1 + 2.9 = 42.3
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -36.1% and the one-year return is -43.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
9. National Beverage Corp. (FIZZ): 33/100 — Adverse evidence; evidence 81%
   - Growth & earnings 8.3/35 | Capital efficiency 14.0/25 | Valuation 6.5/20 | Relative strength 4.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 8.3 + 14 + 6.5 + 4.3 = 33.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Coca-Cola Europacific Partners PLC (CCEP): 56/100 — Thin evidence · provisional; evidence 38%
   - Growth & earnings 18.0/35 | Capital efficiency 10.7/25 | Valuation 11.2/20 | Relative strength 16.5/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 18 + 10.7 + 11.2 + 16.5 = 56.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Suja Life, Inc. (SUJA): 49/100 — Thin evidence · provisional; evidence 14%
   - Growth & earnings 17.1/35 | Capital efficiency 11.7/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 1 week with a reading, within the last 12
   - Exact sum: 17.1 + 11.7 + 10 + 10 = 48.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Buda Juice, Inc. (BUDA): 41/100 — Thin evidence · provisional; evidence 36%
   - Growth & earnings 11.5/35 | Capital efficiency 10.8/25 | Valuation 9.1/20 | Relative strength 10.0/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 11 weeks with a reading, within the last 12
   - Exact sum: 11.5 + 10.8 + 9.1 + 10 = 41.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Zevia PBC (ZVIA): 40/100 — Thin evidence · provisional; evidence 42%
   - Growth & earnings 20.6/35 | Capital efficiency 5.4/25 | Valuation 10.0/20 | Relative strength 3.9/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - Exact sum: 20.6 + 5.4 + 10 + 3.9 = 39.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

The Vita Coco Company, Inc. has the strongest one-year price move in Beverages - Non-Alcoholic at +98.5%. Monster Beverage Corporation leads on Mansfield relative strength against the S&P 500 at +8.3%. 5 of 11 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

### Strongest one-year price performers
1. The Vita Coco Company, Inc. (COCO): 99%
2. Coca-Cola Consolidated, Inc. (COKE): 59%
3. Monster Beverage Corporation (MNST): 46%
4. The Coca-Cola Company (KO): 23%
5. Coca-Cola Europacific Partners PLC (CCEP): 12%

### Strongest relative strength versus NIFTY 500
1. Monster Beverage Corporation (MNST): 8.3%
2. The Vita Coco Company, Inc. (COCO): 5.9%
3. The Coca-Cola Company (KO): 3.8%
4. Coca-Cola Europacific Partners PLC (CCEP): 0.6%
5. Primo Brands Corporation (PRMB): 0.0%

## Revenue Scale & Growth Durability

What the numbers say: PepsiCo, Inc. is the scale leader at $96,904 million, 471.9% ahead of Keurig Dr Pepper Inc.. Celsius Holdings, Inc.'s growth is stored at the ≥100% scoring cap; the uncapped TTM change is 123.4% from a $2,969 million base, with 18 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: PepsiCo, Inc. is the scale benchmark; Celsius Holdings, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: PepsiCo, Inc.'s growth falls below Celsius Holdings, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: PepsiCo, Inc. · $96,904 million | 471.9% versus #2 · Keurig Dr Pepper Inc. | 5/8 recent comparable periods | 8/13 companies · 196 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. PepsiCo, Inc. (PEP): ₹96.9K Cr
2. Keurig Dr Pepper Inc. (KDP): ₹16.9K Cr — older report
3. Monster Beverage Corporation (MNST): ₹8.8K Cr — older report
4. Primo Brands Corporation (PRMB): ₹6.7K Cr — older report
5. Celsius Holdings, Inc. (CELH): ₹3.0K Cr — older report

### Revenue growth — fastest growers
1. Celsius Holdings, Inc. (CELH): 100% — older report
2. Primo Brands Corporation (PRMB): 19% — older report
3. Monster Beverage Corporation (MNST): 18% — older report
4. Buda Juice, Inc. (BUDA): 17% — older report
5. Zevia PBC (ZVIA): 11% — older report

### 20-quarter Revenue history
- KO: Dec 2021 ₹10.0K Cr | Mar 2022 — | Jun 2022 ₹10.5K Cr | Sep 2022 ₹11.3K Cr | Dec 2022 ₹10.1K Cr | Mar 2023 ₹11.0K Cr | Jun 2023 ₹12.0K Cr | Sep 2023 ₹12.0K Cr | Dec 2023 ₹10.8K Cr | Mar 2024 ₹11.3K Cr | Jun 2024 ₹12.4K Cr | Sep 2024 ₹11.9K Cr | Dec 2024 ₹11.5K Cr | Mar 2025 ₹11.1K Cr | Jun 2025 ₹12.5K Cr | Sep 2025 ₹12.5K Cr | Dec 2025 ₹11.8K Cr | Mar 2026 — | Jun 2026 ₹12.5K Cr | Sep 2026 —
- PEP: Dec 2021 ₹25.2K Cr | Mar 2022 ₹16.2K Cr | Jun 2022 ₹20.2K Cr | Sep 2022 ₹22.0K Cr | Dec 2022 ₹28.0K Cr | Mar 2023 ₹17.8K Cr | Jun 2023 ₹22.3K Cr | Sep 2023 ₹23.5K Cr | Dec 2023 ₹27.9K Cr | Mar 2024 ₹18.3K Cr | Jun 2024 ₹22.5K Cr | Sep 2024 ₹23.3K Cr | Dec 2024 ₹27.8K Cr | Mar 2025 ₹17.9K Cr | Jun 2025 ₹22.7K Cr | Sep 2025 ₹23.9K Cr | Dec 2025 ₹29.3K Cr | Mar 2026 ₹19.4K Cr | Jun 2026 ₹24.2K Cr | Sep 2026 —
- MNST: Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 — | Sep 2026 —
- CCEP: Dec 2021 ₹7.8K Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹8.3K Cr | Dec 2022 ₹9.0K Cr | Mar 2023 — | Jun 2023 ₹9.0K Cr | Sep 2023 — | Dec 2023 ₹9.3K Cr | Mar 2024 — | Jun 2024 ₹9.8K Cr | Sep 2024 — | Dec 2024 ₹10.6K Cr | Mar 2025 — | Jun 2025 ₹10.3K Cr | Sep 2025 — | Dec 2025 ₹10.6K Cr | Mar 2026 — | Jun 2026 — | Sep 2026 —
- KDP: Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.8K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.8K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 — | Sep 2026 —
- COKE: Dec 2021 ₹1.5K Cr | Mar 2022 — | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 — | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 — | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 — | Jun 2026 ₹1.8K Cr | Sep 2026 —
- PRMB: Dec 2021 ₹551 Cr | Mar 2022 ₹518 Cr | Jun 2022 ₹526 Cr | Sep 2022 ₹571 Cr | Dec 2022 ₹585 Cr | Mar 2023 — | Jun 2023 ₹413 Cr | Sep 2023 ₹451 Cr | Dec 2023 — | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — | Sep 2026 —
- CELH: Dec 2021 ₹104 Cr | Mar 2022 ₹133 Cr | Jun 2022 ₹154 Cr | Sep 2022 ₹188 Cr | Dec 2022 ₹178 Cr | Mar 2023 ₹260 Cr | Jun 2023 ₹326 Cr | Sep 2023 ₹385 Cr | Dec 2023 ₹347 Cr | Mar 2024 ₹356 Cr | Jun 2024 ₹402 Cr | Sep 2024 ₹266 Cr | Dec 2024 ₹332 Cr | Mar 2025 ₹329 Cr | Jun 2025 ₹739 Cr | Sep 2025 ₹725 Cr | Dec 2025 ₹722 Cr | Mar 2026 ₹783 Cr | Jun 2026 — | Sep 2026 —
- COCO: Dec 2021 ₹87 Cr | Mar 2022 ₹96 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹124 Cr | Dec 2022 ₹92 Cr | Mar 2023 ₹110 Cr | Jun 2023 ₹140 Cr | Sep 2023 ₹138 Cr | Dec 2023 ₹106 Cr | Mar 2024 ₹112 Cr | Jun 2024 ₹144 Cr | Sep 2024 ₹133 Cr | Dec 2024 ₹127 Cr | Mar 2025 ₹131 Cr | Jun 2025 ₹169 Cr | Sep 2025 ₹182 Cr | Dec 2025 ₹128 Cr | Mar 2026 ₹180 Cr | Jun 2026 — | Sep 2026 —
- FIZZ: Dec 2021 ₹283 Cr | Mar 2022 ₹259 Cr | Jun 2022 ₹284 Cr | Sep 2022 ₹318 Cr | Dec 2022 ₹300 Cr | Mar 2023 ₹268 Cr | Jun 2023 ₹287 Cr | Sep 2023 ₹324 Cr | Dec 2023 ₹300 Cr | Mar 2024 ₹270 Cr | Jun 2024 ₹297 Cr | Sep 2024 ₹329 Cr | Dec 2024 ₹291 Cr | Mar 2025 ₹267 Cr | Jun 2025 ₹314 Cr | Sep 2025 ₹331 Cr | Dec 2025 ₹288 Cr | Mar 2026 ₹265 Cr | Jun 2026 ₹297 Cr | Sep 2026 —
- SUJA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹87 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹107 Cr | Jun 2026 — | Sep 2026 —
- ZVIA: Dec 2021 ₹34 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹46 Cr | Sep 2022 ₹44 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹46 Cr | Jun 2026 — | Sep 2026 —
- BUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹4 Cr | Jun 2026 — | Sep 2026 —

### 20-quarter Revenue growth history
- KO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12% | Dec 2022 0.8% | Mar 2023 — | Jun 2023 14% | Sep 2023 5.6% | Dec 2023 7.2% | Mar 2024 2.9% | Jun 2024 3.3% | Sep 2024 -0.8% | Dec 2024 6.4% | Mar 2025 -1.5% | Jun 2025 1.4% | Sep 2025 5.1% | Dec 2025 2.4% | Mar 2026 — | Jun 2026 -0.5% | Sep 2026 —
- PEP: Dec 2021 — | Mar 2022 — | Jun 2022 5.3% | Sep 2022 8.8% | Dec 2022 11% | Mar 2023 10% | Jun 2023 10% | Sep 2023 6.8% | Dec 2023 -0.5% | Mar 2024 2.3% | Jun 2024 0.8% | Sep 2024 -0.6% | Dec 2024 -0.2% | Mar 2025 -1.8% | Jun 2025 1.0% | Sep 2025 2.7% | Dec 2025 5.6% | Mar 2026 8.5% | Jun 2026 6.4% | Sep 2026 —
- MNST: Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 15% | Dec 2022 6.2% | Mar 2023 12% | Jun 2023 12% | Sep 2023 14% | Dec 2023 14% | Mar 2024 12% | Jun 2024 2.5% | Sep 2024 1.4% | Dec 2024 4.7% | Mar 2025 -2.3% | Jun 2025 11% | Sep 2025 17% | Dec 2025 18% | Mar 2026 27% | Jun 2026 — | Sep 2026 —
- CCEP: Dec 2021 36% | Mar 2022 — | Jun 2022 — | Sep 2022 40% | Dec 2022 15% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.2% | Mar 2024 — | Jun 2024 9.5% | Sep 2024 — | Dec 2024 14% | Mar 2025 — | Jun 2025 4.5% | Sep 2025 — | Dec 2025 0.2% | Mar 2026 — | Jun 2026 — | Sep 2026 —
- KDP: Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 11% | Dec 2022 12% | Mar 2023 8.9% | Jun 2023 6.6% | Sep 2023 5.1% | Dec 2023 1.7% | Mar 2024 3.4% | Jun 2024 3.5% | Sep 2024 2.3% | Dec 2024 5.3% | Mar 2025 4.8% | Jun 2025 6.1% | Sep 2025 11% | Dec 2025 11% | Mar 2026 9.4% | Jun 2026 — | Sep 2026 —
- COKE: Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 11% | Dec 2022 — | Mar 2023 — | Jun 2023 24% | Sep 2023 7.3% | Dec 2023 — | Mar 2024 1.3% | Jun 2024 3.3% | Sep 2024 3.2% | Dec 2024 — | Mar 2025 -0.8% | Jun 2025 3.3% | Sep 2025 6.9% | Dec 2025 9.0% | Mar 2026 — | Jun 2026 -0.5% | Sep 2026 —
- PRMB: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 8.6% | Dec 2022 6.2% | Mar 2023 — | Jun 2023 -21% | Sep 2023 -21% | Dec 2023 — | Mar 2024 — | Jun 2024 218% | Sep 2024 189% | Dec 2024 — | Mar 2025 42% | Jun 2025 32% | Sep 2025 35% | Dec 2025 11% | Mar 2026 0.7% | Jun 2026 — | Sep 2026 —
- CELH: Dec 2021 — | Mar 2022 — | Jun 2022 137% | Sep 2022 98% | Dec 2022 71% | Mar 2023 95% | Jun 2023 112% | Sep 2023 105% | Dec 2023 95% | Mar 2024 37% | Jun 2024 23% | Sep 2024 -31% | Dec 2024 -4.3% | Mar 2025 -7.6% | Jun 2025 84% | Sep 2025 173% | Dec 2025 117% | Mar 2026 138% | Jun 2026 — | Sep 2026 —
- COCO: Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 6.9% | Dec 2022 5.8% | Mar 2023 15% | Jun 2023 22% | Sep 2023 11% | Dec 2023 15% | Mar 2024 1.8% | Jun 2024 2.9% | Sep 2024 -3.6% | Dec 2024 20% | Mar 2025 17% | Jun 2025 17% | Sep 2025 37% | Dec 2025 0.8% | Mar 2026 37% | Jun 2026 — | Sep 2026 —
- FIZZ: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.9% | Dec 2022 6.0% | Mar 2023 3.5% | Jun 2023 1.1% | Sep 2023 1.9% | Dec 2023 0.0% | Mar 2024 0.8% | Jun 2024 3.5% | Sep 2024 1.5% | Dec 2024 -3.0% | Mar 2025 -1.1% | Jun 2025 5.7% | Sep 2025 0.6% | Dec 2025 -1.0% | Mar 2026 -0.8% | Jun 2026 -5.4% | Sep 2026 —
- SUJA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 23% | Jun 2026 — | Sep 2026 —
- ZVIA: Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 13% | Dec 2022 2.9% | Mar 2023 13% | Jun 2023 -8.7% | Sep 2023 -2.3% | Dec 2023 8.6% | Mar 2024 -9.3% | Jun 2024 -4.8% | Sep 2024 -16% | Dec 2024 2.6% | Mar 2025 -2.6% | Jun 2025 13% | Sep 2025 14% | Dec 2025 -2.6% | Mar 2026 21% | Jun 2026 — | Sep 2026 —
- BUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.0% | Jun 2025 33% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 33% | Jun 2026 — | Sep 2026 —

## Operating Economics & Margin Trend

What the numbers say: The Coca-Cola Company leads opm at 35%; Zevia PBC leads margin change at +11.7 percentage points.

Investor read: The Coca-Cola Company sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: The Coca-Cola Company · 35% | 12.9% versus #2 · Monster Beverage Corporation | 6/8 recent comparable periods | 11/13 companies · 185 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. The Coca-Cola Company (KO): 35%
2. Monster Beverage Corporation (MNST): 31% — older report
3. Keurig Dr Pepper Inc. (KDP): 19% — older report
4. The Vita Coco Company, Inc. (COCO): 19%
5. Celsius Holdings, Inc. (CELH): 18% — older report

### Margin change — fastest expanders
1. Zevia PBC (ZVIA): +11.7 pp — older report
2. PepsiCo, Inc. (PEP): +8.7 pp
3. The Vita Coco Company, Inc. (COCO): +4.0 pp
4. Celsius Holdings, Inc. (CELH): +2.0 pp — older report
5. The Coca-Cola Company (KO): +0.9 pp

### 20-quarter OPM history
- KO: Dec 2021 29% | Mar 2022 — | Jun 2022 33% | Sep 2022 21% | Dec 2022 21% | Mar 2023 31% | Jun 2023 20% | Sep 2023 27% | Dec 2023 21% | Mar 2024 19% | Jun 2024 21% | Sep 2024 21% | Dec 2024 24% | Mar 2025 33% | Jun 2025 34% | Sep 2025 32% | Dec 2025 16% | Mar 2026 — | Jun 2026 35% | Sep 2026 —
- PEP: Dec 2021 10% | Mar 2022 33% | Jun 2022 10% | Sep 2022 15% | Dec 2022 2.9% | Mar 2023 15% | Jun 2023 16% | Sep 2023 17% | Dec 2023 6.0% | Mar 2024 15% | Jun 2024 18% | Sep 2024 17% | Dec 2024 8.1% | Mar 2025 14% | Jun 2025 7.9% | Sep 2025 15% | Dec 2025 12% | Mar 2026 17% | Jun 2026 17% | Sep 2026 —
- MNST: Dec 2021 29% | Mar 2022 26% | Jun 2022 23% | Sep 2022 26% | Dec 2022 26% | Mar 2023 29% | Jun 2023 28% | Sep 2023 28% | Dec 2023 25% | Mar 2024 29% | Jun 2024 28% | Sep 2024 26% | Dec 2024 21% | Mar 2025 31% | Jun 2025 30% | Sep 2025 31% | Dec 2025 26% | Mar 2026 31% | Jun 2026 — | Sep 2026 —
- KDP: Dec 2021 21% | Mar 2022 31% | Jun 2022 16% | Sep 2022 11% | Dec 2022 18% | Mar 2023 17% | Jun 2023 20% | Sep 2023 24% | Dec 2023 24% | Mar 2024 22% | Jun 2024 22% | Sep 2024 23% | Dec 2024 1.5% | Mar 2025 22% | Jun 2025 22% | Sep 2025 23% | Dec 2025 20% | Mar 2026 19% | Jun 2026 — | Sep 2026 —
- COKE: Dec 2021 9.4% | Mar 2022 — | Jun 2022 9.3% | Sep 2022 9.2% | Dec 2022 — | Mar 2023 13% | Jun 2023 13% | Sep 2023 13% | Dec 2023 — | Mar 2024 14% | Jun 2024 14% | Sep 2024 13% | Dec 2024 13% | Mar 2025 12% | Jun 2025 15% | Sep 2025 13% | Dec 2025 13% | Mar 2026 — | Jun 2026 13% | Sep 2026 —
- PRMB: Dec 2021 7.7% | Mar 2022 3.1% | Jun 2022 2.9% | Sep 2022 1.2% | Dec 2022 7.7% | Mar 2023 — | Jun 2023 5.2% | Sep 2023 9.2% | Dec 2023 — | Mar 2024 11% | Jun 2024 12% | Sep 2024 12% | Dec 2024 -5.8% | Mar 2025 9.5% | Jun 2025 6.5% | Sep 2025 8.3% | Dec 2025 1.2% | Mar 2026 8.5% | Jun 2026 — | Sep 2026 —
- CELH: Dec 2021 2.7% | Mar 2022 7.6% | Jun 2022 8.1% | Sep 2022 -78% | Dec 2022 -18% | Mar 2023 17% | Jun 2023 20% | Sep 2023 25% | Dec 2023 17% | Mar 2024 23% | Jun 2024 23% | Sep 2024 -1.2% | Dec 2024 -5.6% | Mar 2025 16% | Jun 2025 19% | Sep 2025 -11% | Dec 2025 3.6% | Mar 2026 18% | Jun 2026 — | Sep 2026 —
- COCO: Dec 2021 -5.9% | Mar 2022 -5.9% | Jun 2022 4.4% | Sep 2022 6.9% | Dec 2022 -5.3% | Mar 2023 6.1% | Jun 2023 15% | Sep 2023 17% | Dec 2023 5.1% | Mar 2024 17% | Jun 2024 21% | Sep 2024 16% | Dec 2024 3.4% | Mar 2025 15% | Jun 2025 15% | Sep 2025 15% | Dec 2025 8.0% | Mar 2026 19% | Jun 2026 — | Sep 2026 —
- FIZZ: Dec 2021 18% | Mar 2022 16% | Jun 2022 16% | Sep 2022 15% | Dec 2022 16% | Mar 2023 17% | Jun 2023 17% | Sep 2023 20% | Dec 2023 18% | Mar 2024 18% | Jun 2024 18% | Sep 2024 21% | Dec 2024 20% | Mar 2025 19% | Jun 2025 18% | Sep 2025 21% | Dec 2025 20% | Mar 2026 19% | Jun 2026 17% | Sep 2026 —
- ZVIA: Dec 2021 -110% | Mar 2022 -46% | Jun 2022 -32% | Sep 2022 -21% | Dec 2022 -18% | Mar 2023 -7.5% | Jun 2023 -13% | Sep 2023 -27% | Dec 2023 -24% | Mar 2024 -19% | Jun 2024 -18% | Sep 2024 -8.2% | Dec 2024 -16% | Mar 2025 -17% | Jun 2025 -2.3% | Sep 2025 -7.0% | Dec 2025 -4.0% | Mar 2026 -5.1% | Jun 2026 — | Sep 2026 —
- BUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 31% | Jun 2024 31% | Sep 2024 28% | Dec 2024 31% | Mar 2025 27% | Jun 2025 32% | Sep 2025 27% | Dec 2025 23% | Mar 2026 17% | Jun 2026 — | Sep 2026 —

### 20-quarter Margin change history
- KO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.1 pp | Dec 2022 −8.4 pp | Mar 2023 — | Jun 2023 −12.4 pp | Sep 2023 +6.7 pp | Dec 2023 +0.5 pp | Mar 2024 −11.8 pp | Jun 2024 +1.2 pp | Sep 2024 −6.2 pp | Dec 2024 +2.5 pp | Mar 2025 +14.0 pp | Jun 2025 +12.8 pp | Sep 2025 +10.8 pp | Dec 2025 −7.9 pp | Mar 2026 — | Jun 2026 +0.9 pp | Sep 2026 —
- PEP: Dec 2021 — | Mar 2022 — | Jun 2022 −6.0 pp | Sep 2022 −0.3 pp | Dec 2022 −7.2 pp | Mar 2023 −17.8 pp | Jun 2023 +6.1 pp | Sep 2023 +1.8 pp | Dec 2023 +3.1 pp | Mar 2024 +0.2 pp | Jun 2024 +1.6 pp | Sep 2024 −0.5 pp | Dec 2024 +2.1 pp | Mar 2025 −0.5 pp | Jun 2025 −10.1 pp | Sep 2025 −1.7 pp | Dec 2025 +4.0 pp | Mar 2026 +2.1 pp | Jun 2026 +8.7 pp | Sep 2026 —
- MNST: Dec 2021 — | Mar 2022 — | Jun 2022 −13.5 pp | Sep 2022 −5.8 pp | Dec 2022 −2.9 pp | Mar 2023 +2.3 pp | Jun 2023 +5.7 pp | Sep 2023 +1.8 pp | Dec 2023 −1.0 pp | Mar 2024 −0.1 pp | Jun 2024 −0.5 pp | Sep 2024 −2.0 pp | Dec 2024 −4.1 pp | Mar 2025 +2.2 pp | Jun 2025 +2.2 pp | Sep 2025 +5.2 pp | Dec 2025 +4.5 pp | Mar 2026 +0.3 pp | Jun 2026 — | Sep 2026 —
- KDP: Dec 2021 — | Mar 2022 — | Jun 2022 −7.3 pp | Sep 2022 −13.6 pp | Dec 2022 −3.7 pp | Mar 2023 −14.0 pp | Jun 2023 +4.2 pp | Sep 2023 +12.6 pp | Dec 2023 +6.7 pp | Mar 2024 +4.7 pp | Jun 2024 +1.7 pp | Sep 2024 −0.3 pp | Dec 2024 −22.9 pp | Mar 2025 −0.1 pp | Jun 2025 −0.4 pp | Sep 2025 −0.1 pp | Dec 2025 +18.1 pp | Mar 2026 −3.0 pp | Jun 2026 — | Sep 2026 —
- COKE: Dec 2021 — | Mar 2022 — | Jun 2022 +1.9 pp | Sep 2022 +0.8 pp | Dec 2022 — | Mar 2023 — | Jun 2023 +4.1 pp | Sep 2023 +3.4 pp | Dec 2023 — | Mar 2024 +0.4 pp | Jun 2024 +1.0 pp | Sep 2024 +0.3 pp | Dec 2024 — | Mar 2025 −1.5 pp | Jun 2025 +0.3 pp | Sep 2025 +0.2 pp | Dec 2025 +0.2 pp | Mar 2026 — | Jun 2026 −1.8 pp | Sep 2026 —
- PRMB: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.8 pp | Dec 2022 0.0 pp | Mar 2023 — | Jun 2023 +2.3 pp | Sep 2023 +8.0 pp | Dec 2023 — | Mar 2024 — | Jun 2024 +6.9 pp | Sep 2024 +2.9 pp | Dec 2024 — | Mar 2025 −1.5 pp | Jun 2025 −5.6 pp | Sep 2025 −3.8 pp | Dec 2025 +7.0 pp | Mar 2026 −1.0 pp | Jun 2026 — | Sep 2026 —
- CELH: Dec 2021 — | Mar 2022 — | Jun 2022 +7.5 pp | Sep 2022 −69.8 pp | Dec 2022 −21.1 pp | Mar 2023 +9.7 pp | Jun 2023 +11.8 pp | Sep 2023 +103.8 pp | Dec 2023 +35.4 pp | Mar 2024 +6.1 pp | Jun 2024 +3.5 pp | Sep 2024 −26.6 pp | Dec 2024 −22.6 pp | Mar 2025 −7.6 pp | Jun 2025 −4.1 pp | Sep 2025 −9.8 pp | Dec 2025 +9.2 pp | Mar 2026 +2.0 pp | Jun 2026 — | Sep 2026 —
- COCO: Dec 2021 — | Mar 2022 — | Jun 2022 −3.0 pp | Sep 2022 −8.5 pp | Dec 2022 +0.6 pp | Mar 2023 +12.0 pp | Jun 2023 +10.5 pp | Sep 2023 +10.1 pp | Dec 2023 +10.4 pp | Mar 2024 +10.9 pp | Jun 2024 +5.9 pp | Sep 2024 −1.5 pp | Dec 2024 −1.7 pp | Mar 2025 −2.3 pp | Jun 2025 −5.9 pp | Sep 2025 −0.2 pp | Dec 2025 +4.6 pp | Mar 2026 +4.0 pp | Jun 2026 — | Sep 2026 —
- FIZZ: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.0 pp | Dec 2022 −2.5 pp | Mar 2023 +0.9 pp | Jun 2023 +1.1 pp | Sep 2023 +4.9 pp | Dec 2023 +2.4 pp | Mar 2024 +1.2 pp | Jun 2024 +0.8 pp | Sep 2024 +1.6 pp | Dec 2024 +1.8 pp | Mar 2025 +1.1 pp | Jun 2025 +0.5 pp | Sep 2025 +0.3 pp | Dec 2025 +0.2 pp | Mar 2026 +0.4 pp | Jun 2026 −1.4 pp | Sep 2026 —
- ZVIA: Dec 2021 — | Mar 2022 — | Jun 2022 −30.3 pp | Sep 2022 +106.3 pp | Dec 2022 +91.6 pp | Mar 2023 +38.7 pp | Jun 2023 +19.7 pp | Sep 2023 −5.7 pp | Dec 2023 −5.5 pp | Mar 2024 −11.3 pp | Jun 2024 −4.8 pp | Sep 2024 +18.3 pp | Dec 2024 +7.4 pp | Mar 2025 +2.0 pp | Jun 2025 +15.2 pp | Sep 2025 +1.2 pp | Dec 2025 +12.1 pp | Mar 2026 +11.7 pp | Jun 2026 — | Sep 2026 —
- BUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −4.4 pp | Jun 2025 +0.3 pp | Sep 2025 −0.7 pp | Dec 2025 −7.9 pp | Mar 2026 −10.0 pp | Jun 2026 — | Sep 2026 —

## Profit Scale & Acceleration

What the numbers say: PepsiCo, Inc. leads with $10,515 million of TTM profit, 417.7% above Monster Beverage Corporation. Celsius Holdings, Inc. shows 56.8% growth from a $174 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: PepsiCo, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: PepsiCo, Inc. · $10,515 million | 417.7% versus #2 · Monster Beverage Corporation | 4/8 recent comparable periods | 8/13 companies · 197 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. PepsiCo, Inc. (PEP): ₹10.5K Cr
2. Monster Beverage Corporation (MNST): ₹2.0K Cr — older report
3. Keurig Dr Pepper Inc. (KDP): ₹1.8K Cr — older report
4. National Beverage Corp. (FIZZ): ₹183 Cr
5. Celsius Holdings, Inc. (CELH): ₹174 Cr — older report

### Profit growth — fastest growers
1. Celsius Holdings, Inc. (CELH): 57% — older report
2. PepsiCo, Inc. (PEP): 38%
3. Monster Beverage Corporation (MNST): 35% — older report
4. Keurig Dr Pepper Inc. (KDP): 22% — older report
5. National Beverage Corp. (FIZZ): -2.7%

### 20-quarter Net profit history
- KO: Dec 2021 ₹2.5K Cr | Mar 2022 — | Jun 2022 ₹2.8K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 — | Jun 2026 ₹4.0K Cr | Sep 2026 —
- PEP: Dec 2021 ₹1.3K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹535 Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 ₹3.0K Cr | Sep 2026 —
- MNST: Dec 2021 ₹321 Cr | Mar 2022 ₹294 Cr | Jun 2022 ₹273 Cr | Sep 2022 ₹322 Cr | Dec 2022 ₹302 Cr | Mar 2023 ₹397 Cr | Jun 2023 ₹414 Cr | Sep 2023 ₹453 Cr | Dec 2023 ₹367 Cr | Mar 2024 ₹442 Cr | Jun 2024 ₹425 Cr | Sep 2024 ₹371 Cr | Dec 2024 ₹271 Cr | Mar 2025 ₹443 Cr | Jun 2025 ₹489 Cr | Sep 2025 ₹524 Cr | Dec 2025 ₹449 Cr | Mar 2026 ₹569 Cr | Jun 2026 — | Sep 2026 —
- CCEP: Dec 2021 ₹742 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹675 Cr | Dec 2022 ₹846 Cr | Mar 2023 — | Jun 2023 ₹854 Cr | Sep 2023 — | Dec 2023 ₹815 Cr | Mar 2024 — | Jun 2024 ₹811 Cr | Sep 2024 — | Dec 2024 ₹633 Cr | Mar 2025 — | Jun 2025 ₹937 Cr | Sep 2025 — | Dec 2025 ₹1.0K Cr | Mar 2026 — | Jun 2026 — | Sep 2026 —
- KDP: Dec 2021 ₹843 Cr | Mar 2022 ₹585 Cr | Jun 2022 ₹218 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹453 Cr | Mar 2023 ₹467 Cr | Jun 2023 ₹503 Cr | Sep 2023 ₹518 Cr | Dec 2023 ₹693 Cr | Mar 2024 ₹454 Cr | Jun 2024 ₹515 Cr | Sep 2024 ₹616 Cr | Dec 2024 ₹-144 Cr | Mar 2025 ₹517 Cr | Jun 2025 ₹547 Cr | Sep 2025 ₹662 Cr | Dec 2025 ₹353 Cr | Mar 2026 ₹270 Cr | Jun 2026 — | Sep 2026 —
- COKE: Dec 2021 ₹69 Cr | Mar 2022 — | Jun 2022 ₹93 Cr | Sep 2022 ₹100 Cr | Dec 2022 — | Mar 2023 ₹118 Cr | Jun 2023 ₹122 Cr | Sep 2023 ₹92 Cr | Dec 2023 — | Mar 2024 ₹166 Cr | Jun 2024 ₹173 Cr | Sep 2024 ₹116 Cr | Dec 2024 ₹179 Cr | Mar 2025 ₹104 Cr | Jun 2025 ₹187 Cr | Sep 2025 ₹142 Cr | Dec 2025 ₹137 Cr | Mar 2026 — | Jun 2026 ₹112 Cr | Sep 2026 —
- PRMB: Dec 2021 ₹18 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹-7 Cr | Sep 2022 ₹-23 Cr | Dec 2022 ₹1 Cr | Mar 2023 — | Jun 2023 ₹3 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹-154 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹-25 Cr | Mar 2026 ₹27 Cr | Jun 2026 — | Sep 2026 —
- CELH: Dec 2021 ₹12 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹-182 Cr | Dec 2022 ₹-21 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹84 Cr | Dec 2023 ₹50 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹-19 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹100 Cr | Sep 2025 ₹-61 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹110 Cr | Jun 2026 — | Sep 2026 —
- COCO: Dec 2021 ₹-3 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹30 Cr | Jun 2026 — | Sep 2026 —
- FIZZ: Dec 2021 ₹39 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹41 Cr | Jun 2026 ₹40 Cr | Sep 2026 —
- SUJA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-1 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹8 Cr | Jun 2026 — | Sep 2026 —
- ZVIA: Dec 2021 ₹-37 Cr | Mar 2022 ₹-17 Cr | Jun 2022 ₹-15 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹-6 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹-11 Cr | Dec 2023 ₹-9 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹-7 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹-3 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹-2 Cr | Jun 2026 — | Sep 2026 —
- BUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr | Jun 2026 — | Sep 2026 —

### 20-quarter Profit growth history
- KO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -28% | Dec 2022 -17% | Mar 2023 — | Jun 2023 -9.7% | Sep 2023 62% | Dec 2023 -3.4% | Mar 2024 2.3% | Jun 2024 -4.8% | Sep 2024 -7.6% | Dec 2024 11% | Mar 2025 4.7% | Jun 2025 58% | Sep 2025 29% | Dec 2025 4.7% | Mar 2026 — | Jun 2026 4.3% | Sep 2026 —
- PEP: Dec 2021 — | Mar 2022 — | Jun 2022 -39% | Sep 2022 21% | Dec 2022 -60% | Mar 2023 -55% | Jun 2023 92% | Sep 2023 14% | Dec 2023 147% | Mar 2024 5.6% | Jun 2024 12% | Sep 2024 -5.5% | Dec 2024 16% | Mar 2025 -10% | Jun 2025 -59% | Sep 2025 -11% | Dec 2025 67% | Mar 2026 27% | Jun 2026 135% | Sep 2026 —
- MNST: Dec 2021 — | Mar 2022 — | Jun 2022 -32% | Sep 2022 -4.5% | Dec 2022 -5.9% | Mar 2023 35% | Jun 2023 52% | Sep 2023 41% | Dec 2023 22% | Mar 2024 11% | Jun 2024 2.7% | Sep 2024 -18% | Dec 2024 -26% | Mar 2025 0.2% | Jun 2025 15% | Sep 2025 41% | Dec 2025 66% | Mar 2026 28% | Jun 2026 — | Sep 2026 —
- CCEP: Dec 2021 99% | Mar 2022 — | Jun 2022 — | Sep 2022 174% | Dec 2022 14% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -3.7% | Mar 2024 — | Jun 2024 -5.0% | Sep 2024 — | Dec 2024 -22% | Mar 2025 — | Jun 2025 16% | Sep 2025 — | Dec 2025 65% | Mar 2026 — | Jun 2026 — | Sep 2026 —
- KDP: Dec 2021 — | Mar 2022 — | Jun 2022 -51% | Sep 2022 — | Dec 2022 -46% | Mar 2023 -20% | Jun 2023 131% | Sep 2023 — | Dec 2023 53% | Mar 2024 -2.8% | Jun 2024 2.4% | Sep 2024 19% | Dec 2024 -121% | Mar 2025 14% | Jun 2025 6.2% | Sep 2025 7.5% | Dec 2025 — | Mar 2026 -48% | Jun 2026 — | Sep 2026 —
- COKE: Dec 2021 — | Mar 2022 — | Jun 2022 75% | Sep 2022 108% | Dec 2022 — | Mar 2023 — | Jun 2023 31% | Sep 2023 -8.0% | Dec 2023 — | Mar 2024 41% | Jun 2024 42% | Sep 2024 26% | Dec 2024 — | Mar 2025 -37% | Jun 2025 8.1% | Sep 2025 22% | Dec 2025 -23% | Mar 2026 — | Jun 2026 -40% | Sep 2026 —
- PRMB: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -153% | Dec 2022 -94% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4,500% | Mar 2024 — | Jun 2024 1,733% | Sep 2024 279% | Dec 2024 -435% | Mar 2025 2.9% | Jun 2025 -44% | Sep 2025 -23% | Dec 2025 — | Mar 2026 -23% | Jun 2026 — | Sep 2026 —
- CELH: Dec 2021 — | Mar 2022 — | Jun 2022 800% | Sep 2022 — | Dec 2022 -275% | Mar 2023 486% | Jun 2023 478% | Sep 2023 — | Dec 2023 — | Mar 2024 90% | Jun 2024 54% | Sep 2024 -93% | Dec 2024 -138% | Mar 2025 -44% | Jun 2025 25% | Sep 2025 -1,117% | Dec 2025 — | Mar 2026 150% | Jun 2026 — | Sep 2026 —
- COCO: Dec 2021 — | Mar 2022 — | Jun 2022 -88% | Sep 2022 -46% | Dec 2022 — | Mar 2023 250% | Jun 2023 1,700% | Sep 2023 114% | Dec 2023 — | Mar 2024 100% | Jun 2024 5.6% | Sep 2024 27% | Dec 2024 -57% | Mar 2025 36% | Jun 2025 21% | Sep 2025 26% | Dec 2025 100% | Mar 2026 58% | Jun 2026 — | Sep 2026 —
- FIZZ: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -35% | Dec 2022 -7.7% | Mar 2023 9.7% | Jun 2023 5.9% | Sep 2023 43% | Dec 2023 22% | Mar 2024 18% | Jun 2024 22% | Sep 2024 14% | Dec 2024 4.6% | Mar 2025 0.0% | Jun 2025 2.3% | Sep 2025 -1.8% | Dec 2025 0.0% | Mar 2026 2.5% | Jun 2026 -11% | Sep 2026 —
- BUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 -100% | Jun 2026 — | Sep 2026 —

## Return On Capital Employed

What the numbers say: The Vita Coco Company, Inc. leads ROCE at 17.4%, 8.3 percentage points above Monster Beverage Corporation. The Vita Coco Company, Inc. has the strongest latest improvement at +8.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: The Vita Coco Company, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: The Vita Coco Company, Inc. · 17.4% | 91.2% versus #2 · Monster Beverage Corporation | 4/8 recent comparable periods | 13/13 companies · 211 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. The Vita Coco Company, Inc. (COCO): 17%
2. Monster Beverage Corporation (MNST): 9.1% — older report
3. Suja Life, Inc. (SUJA): 8.7% — older report
4. National Beverage Corp. (FIZZ): 8.0%
5. Coca-Cola Consolidated, Inc. (COKE): 6.5%

### ROCE change — fastest improvers
1. The Vita Coco Company, Inc. (COCO): +8.2 pp
2. Zevia PBC (ZVIA): +6.8 pp — older report
3. PepsiCo, Inc. (PEP): +2.9 pp
4. Monster Beverage Corporation (MNST): +1.9 pp — older report
5. Celsius Holdings, Inc. (CELH): +1.2 pp — older report

### 20-quarter ROCE history
- KO: Dec 2021 4.0% | Mar 2022 — | Jun 2022 4.6% | Sep 2022 3.2% | Dec 2022 2.8% | Mar 2023 4.5% | Jun 2023 3.3% | Sep 2023 4.5% | Dec 2023 3.1% | Mar 2024 3.0% | Jun 2024 3.6% | Sep 2024 3.3% | Dec 2024 3.6% | Mar 2025 4.9% | Jun 2025 5.5% | Sep 2025 4.9% | Dec 2025 2.3% | Mar 2026 — | Jun 2026 5.5% | Sep 2026 5.7%
- PEP: Dec 2021 3.8% | Mar 2022 7.8% | Jun 2022 3.1% | Sep 2022 4.9% | Dec 2022 1.2% | Mar 2023 3.9% | Jun 2023 5.5% | Sep 2023 5.9% | Dec 2023 2.5% | Mar 2024 4.0% | Jun 2024 6.0% | Sep 2024 5.6% | Dec 2024 3.3% | Mar 2025 3.7% | Jun 2025 2.6% | Sep 2025 4.9% | Dec 2025 5.0% | Mar 2026 4.4% | Jun 2026 5.5% | Sep 2026 —
- MNST: Dec 2021 6.7% | Mar 2022 6.2% | Jun 2022 5.6% | Sep 2022 6.1% | Dec 2022 5.6% | Mar 2023 6.6% | Jun 2023 6.9% | Sep 2023 6.7% | Dec 2023 5.5% | Mar 2024 6.6% | Jun 2024 7.0% | Sep 2024 6.4% | Dec 2024 5.0% | Mar 2025 7.2% | Jun 2025 8.8% | Sep 2025 9.1% | Dec 2025 7.2% | Mar 2026 9.1% | Jun 2026 — | Sep 2026 —
- CCEP: Dec 2021 2.6% | Mar 2022 — | Jun 2022 2.1% | Sep 2022 2.1% | Dec 2022 2.5% | Mar 2023 2.7% | Jun 2023 2.7% | Sep 2023 2.7% | Dec 2023 2.7% | Mar 2024 2.6% | Jun 2024 2.6% | Sep 2024 2.2% | Dec 2024 2.2% | Mar 2025 3.0% | Jun 2025 3.0% | Sep 2025 3.2% | Dec 2025 3.2% | Mar 2026 — | Jun 2026 — | Sep 2026 —
- KDP: Dec 2021 1.7% | Mar 2022 2.2% | Jun 2022 1.3% | Sep 2022 0.9% | Dec 2022 1.5% | Mar 2023 1.3% | Jun 2023 1.8% | Sep 2023 2.1% | Dec 2023 2.2% | Mar 2024 1.7% | Jun 2024 2.0% | Sep 2024 2.1% | Dec 2024 0.1% | Mar 2025 1.8% | Jun 2025 2.0% | Sep 2025 2.2% | Dec 2025 1.9% | Mar 2026 1.4% | Jun 2026 — | Sep 2026 —
- COKE: Dec 2021 5.2% | Mar 2022 — | Jun 2022 5.1% | Sep 2022 5.7% | Dec 2022 6.4% | Mar 2023 7.5% | Jun 2023 8.2% | Sep 2023 7.3% | Dec 2023 5.9% | Mar 2024 6.8% | Jun 2024 7.2% | Sep 2024 6.1% | Dec 2024 6.1% | Mar 2025 5.1% | Jun 2025 6.5% | Sep 2025 5.8% | Dec 2025 6.7% | Mar 2026 — | Jun 2026 6.5% | Sep 2026 —
- PRMB: Dec 2021 1.4% | Mar 2022 0.5% | Jun 2022 0.5% | Sep 2022 0.2% | Dec 2022 1.5% | Mar 2023 — | Jun 2023 0.7% | Sep 2023 1.4% | Dec 2023 7.7% | Mar 2024 4.1% | Jun 2024 5.2% | Sep 2024 5.2% | Dec 2024 -1.1% | Mar 2025 2.4% | Jun 2025 1.8% | Sep 2025 2.3% | Dec 2025 0.2% | Mar 2026 1.5% | Jun 2026 — | Sep 2026 —
- CELH: Dec 2021 1.8% | Mar 2022 5.9% | Jun 2022 5.8% | Sep 2022 -24% | Dec 2022 -5.1% | Mar 2023 6.7% | Jun 2023 9.4% | Sep 2023 8.6% | Dec 2023 5.1% | Mar 2024 6.8% | Jun 2024 7.4% | Sep 2024 -0.2% | Dec 2024 -1.4% | Mar 2025 3.8% | Jun 2025 6.3% | Sep 2025 -2.8% | Dec 2025 1.0% | Mar 2026 5.0% | Jun 2026 — | Sep 2026 —
- COCO: Dec 2021 -4.0% | Mar 2022 -4.8% | Jun 2022 4.0% | Sep 2022 6.1% | Dec 2022 -3.6% | Mar 2023 4.6% | Jun 2023 13% | Sep 2023 14% | Dec 2023 3.1% | Mar 2024 11% | Jun 2024 15% | Sep 2024 9.2% | Dec 2024 1.9% | Mar 2025 7.7% | Jun 2025 9.2% | Sep 2025 9.5% | Dec 2025 3.4% | Mar 2026 10% | Jun 2026 17% | Sep 2026 —
- FIZZ: Dec 2021 9.3% | Mar 2022 12% | Jun 2022 12% | Sep 2022 12% | Dec 2022 11% | Mar 2023 13% | Jun 2023 13% | Sep 2023 16% | Dec 2023 12% | Mar 2024 9.8% | Jun 2024 10% | Sep 2024 16% | Dec 2024 12% | Mar 2025 9.5% | Jun 2025 9.9% | Sep 2025 15% | Dec 2025 11% | Mar 2026 8.9% | Jun 2026 8.0% | Sep 2026 —
- SUJA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 — | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 8.7% | Jun 2026 — | Sep 2026 —
- ZVIA: Dec 2021 -53% | Mar 2022 -27% | Jun 2022 -25% | Sep 2022 -9.4% | Dec 2022 -6.8% | Mar 2023 -3.7% | Jun 2023 -6.4% | Sep 2023 -15% | Dec 2023 -12% | Mar 2024 -10% | Jun 2024 -11% | Sep 2024 -4.9% | Dec 2024 -12% | Mar 2025 -13% | Jun 2025 -2.3% | Sep 2025 -6.7% | Dec 2025 -3.8% | Mar 2026 -6.6% | Jun 2026 — | Sep 2026 —
- BUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 45% | Dec 2024 47% | Mar 2025 — | Jun 2025 — | Sep 2025 23% | Dec 2025 18% | Mar 2026 5.4% | Jun 2026 — | Sep 2026 —

### 20-quarter ROCE change history
- KO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.2 pp | Mar 2023 — | Jun 2023 −1.3 pp | Sep 2023 +1.3 pp | Dec 2023 +0.3 pp | Mar 2024 −1.5 pp | Jun 2024 +0.3 pp | Sep 2024 −1.2 pp | Dec 2024 +0.5 pp | Mar 2025 +1.9 pp | Jun 2025 +1.9 pp | Sep 2025 +1.6 pp | Dec 2025 −1.3 pp | Mar 2026 — | Jun 2026 0.0 pp | Sep 2026 +0.8 pp
- PEP: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2.6 pp | Mar 2023 −3.9 pp | Jun 2023 +2.4 pp | Sep 2023 +1.0 pp | Dec 2023 +1.3 pp | Mar 2024 +0.1 pp | Jun 2024 +0.5 pp | Sep 2024 −0.3 pp | Dec 2024 +0.8 pp | Mar 2025 −0.3 pp | Jun 2025 −3.4 pp | Sep 2025 −0.7 pp | Dec 2025 +1.7 pp | Mar 2026 +0.7 pp | Jun 2026 +2.9 pp | Sep 2026 —
- MNST: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.1 pp | Mar 2023 +0.4 pp | Jun 2023 +1.3 pp | Sep 2023 +0.6 pp | Dec 2023 −0.1 pp | Mar 2024 0.0 pp | Jun 2024 +0.1 pp | Sep 2024 −0.3 pp | Dec 2024 −0.5 pp | Mar 2025 +0.6 pp | Jun 2025 +1.8 pp | Sep 2025 +2.7 pp | Dec 2025 +2.2 pp | Mar 2026 +1.9 pp | Jun 2026 — | Sep 2026 —
- CCEP: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.1 pp | Mar 2023 — | Jun 2023 +0.6 pp | Sep 2023 +0.6 pp | Dec 2023 +0.2 pp | Mar 2024 −0.1 pp | Jun 2024 −0.1 pp | Sep 2024 −0.5 pp | Dec 2024 −0.5 pp | Mar 2025 +0.4 pp | Jun 2025 +0.4 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 — | Jun 2026 — | Sep 2026 —
- KDP: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.2 pp | Mar 2023 −0.9 pp | Jun 2023 +0.5 pp | Sep 2023 +1.2 pp | Dec 2023 +0.7 pp | Mar 2024 +0.4 pp | Jun 2024 +0.2 pp | Sep 2024 0.0 pp | Dec 2024 −2.1 pp | Mar 2025 +0.1 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 +1.8 pp | Mar 2026 −0.4 pp | Jun 2026 — | Sep 2026 —
- COKE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.2 pp | Mar 2023 — | Jun 2023 +3.1 pp | Sep 2023 +1.6 pp | Dec 2023 −0.5 pp | Mar 2024 −0.7 pp | Jun 2024 −1.0 pp | Sep 2024 −1.2 pp | Dec 2024 +0.2 pp | Mar 2025 −1.7 pp | Jun 2025 −0.7 pp | Sep 2025 −0.3 pp | Dec 2025 +0.6 pp | Mar 2026 — | Jun 2026 0.0 pp | Sep 2026 —
- PRMB: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.1 pp | Mar 2023 — | Jun 2023 +0.2 pp | Sep 2023 +1.2 pp | Dec 2023 +6.2 pp | Mar 2024 — | Jun 2024 +4.5 pp | Sep 2024 +3.8 pp | Dec 2024 −8.8 pp | Mar 2025 −1.7 pp | Jun 2025 −3.4 pp | Sep 2025 −2.9 pp | Dec 2025 +1.3 pp | Mar 2026 −0.9 pp | Jun 2026 — | Sep 2026 —
- CELH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −6.9 pp | Mar 2023 +0.8 pp | Jun 2023 +3.6 pp | Sep 2023 +32.1 pp | Dec 2023 +10.2 pp | Mar 2024 +0.1 pp | Jun 2024 −2.0 pp | Sep 2024 −8.8 pp | Dec 2024 −6.5 pp | Mar 2025 −3.0 pp | Jun 2025 −1.1 pp | Sep 2025 −2.6 pp | Dec 2025 +2.4 pp | Mar 2026 +1.2 pp | Jun 2026 — | Sep 2026 —
- COCO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.4 pp | Mar 2023 +9.4 pp | Jun 2023 +8.7 pp | Sep 2023 +7.4 pp | Dec 2023 +6.7 pp | Mar 2024 +5.9 pp | Jun 2024 +2.1 pp | Sep 2024 −4.3 pp | Dec 2024 −1.2 pp | Mar 2025 −2.8 pp | Jun 2025 −5.6 pp | Sep 2025 +0.3 pp | Dec 2025 +1.5 pp | Mar 2026 +2.5 pp | Jun 2026 +8.2 pp | Sep 2026 —
- FIZZ: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.8 pp | Mar 2023 +0.5 pp | Jun 2023 +0.6 pp | Sep 2023 +3.7 pp | Dec 2023 +1.2 pp | Mar 2024 −2.7 pp | Jun 2024 −3.0 pp | Sep 2024 +0.6 pp | Dec 2024 −0.2 pp | Mar 2025 −0.3 pp | Jun 2025 −0.1 pp | Sep 2025 −1.5 pp | Dec 2025 −1.2 pp | Mar 2026 −0.6 pp | Jun 2026 −1.9 pp | Sep 2026 —
- SUJA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.0 pp | Mar 2025 — | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 — | Jun 2026 — | Sep 2026 —
- ZVIA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +46.6 pp | Mar 2023 +23.2 pp | Jun 2023 +18.1 pp | Sep 2023 −5.3 pp | Dec 2023 −5.5 pp | Mar 2024 −6.7 pp | Jun 2024 −4.3 pp | Sep 2024 +9.8 pp | Dec 2024 +0.4 pp | Mar 2025 −3.0 pp | Jun 2025 +8.4 pp | Sep 2025 −1.8 pp | Dec 2025 +8.1 pp | Mar 2026 +6.8 pp | Jun 2026 — | Sep 2026 —
- BUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +44.6 pp | Dec 2024 +47.0 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −21.8 pp | Dec 2025 −29.5 pp | Mar 2026 — | Jun 2026 — | Sep 2026 —

## Valuation Against Growth & Quality

What the numbers say: PepsiCo, Inc. has the lowest comparable PEG at 0.48×, 44.2% below Keurig Dr Pepper Inc.. Only 5 of 13 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: PepsiCo, Inc. · 0.48× | 44.2% versus #2 · Keurig Dr Pepper Inc. | 0/8 recent comparable periods | 5/13 companies · 41 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG
1. PepsiCo, Inc. (PEP): 0.5
2. Keurig Dr Pepper Inc. (KDP): 0.9 — older report
3. Monster Beverage Corporation (MNST): 1.0 — older report
4. Celsius Holdings, Inc. (CELH): 2.4 — older report
5. National Beverage Corp. (FIZZ): 3.7

### P/E — lowest P/E
1. National Beverage Corp. (FIZZ): 17.4
2. Coca-Cola Europacific Partners PLC (CCEP): 18.1 — older report
3. PepsiCo, Inc. (PEP): 18.9
4. Keurig Dr Pepper Inc. (KDP): 19.5 — older report
5. Coca-Cola Consolidated, Inc. (COKE): 22.4

### 20-quarter PEG history
- KO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.4 | Jun 2024 2.3 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.8 | Sep 2025 0.9 | Dec 2025 1.0 | Mar 2026 — | Jun 2026 — | Sep 2026 —
- PEP: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.7 | Jun 2024 1.2 | Sep 2024 2.0 | Dec 2024 3.8 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 0.5 | Sep 2026 —
- MNST: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.3 | Sep 2023 1.1 | Dec 2023 1.0 | Mar 2024 1.3 | Jun 2024 1.7 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 3.0 | Dec 2025 1.3 | Mar 2026 1.0 | Jun 2026 — | Sep 2026 —
- KDP: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.9 | Dec 2023 0.4 | Mar 2024 — | Jun 2024 0.6 | Sep 2024 1.2 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.4 | Mar 2026 0.9 | Jun 2026 — | Sep 2026 —
- CELH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.4 | Jun 2026 — | Sep 2026 —
- COCO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.5 | Dec 2024 2.2 | Mar 2025 3.1 | Jun 2025 2.2 | Sep 2025 2.3 | Dec 2025 1.8 | Mar 2026 1.0 | Jun 2026 — | Sep 2026 —
- FIZZ: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.5 | Dec 2023 1.3 | Mar 2024 1.3 | Jun 2024 1.0 | Sep 2024 1.5 | Dec 2024 1.7 | Mar 2025 2.2 | Jun 2025 3.7 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — | Sep 2026 —

### 20-quarter P/E history
- KO: Dec 2021 26.0 | Mar 2022 — | Jun 2022 26.4 | Sep 2022 29.1 | Dec 2022 29.1 | Mar 2023 27.2 | Jun 2023 24.8 | Sep 2023 22.5 | Dec 2023 23.9 | Mar 2024 24.5 | Jun 2024 25.8 | Sep 2024 29.7 | Dec 2024 25.3 | Mar 2025 28.2 | Jun 2025 24.9 | Sep 2025 21.8 | Dec 2025 23.0 | Mar 2026 — | Jun 2026 24.1 | Sep 2026 25.3
- PEP: Dec 2021 30.9 | Mar 2022 22.3 | Jun 2022 24.5 | Sep 2022 24.4 | Dec 2022 28.1 | Mar 2023 37.7 | Jun 2023 32.6 | Sep 2023 29.4 | Dec 2023 25.9 | Mar 2024 25.9 | Jun 2024 23.8 | Sep 2024 26.2 | Dec 2024 22.0 | Mar 2025 21.4 | Jun 2025 23.8 | Sep 2025 27.8 | Dec 2025 24.0 | Mar 2026 23.6 | Jun 2026 18.9 | Sep 2026 —
- MNST: Dec 2021 37.2 | Mar 2022 31.7 | Jun 2022 40.5 | Sep 2022 38.5 | Dec 2022 45.3 | Mar 2023 43.9 | Jun 2023 42.2 | Sep 2023 35.5 | Dec 2023 37.4 | Mar 2024 37.3 | Jun 2024 31.0 | Sep 2024 33.4 | Dec 2024 35.3 | Mar 2025 38.5 | Jun 2025 38.9 | Sep 2025 38.2 | Dec 2025 39.5 | Mar 2026 35.0 | Jun 2026 — | Sep 2026 —
- CCEP: Dec 2021 22.9 | Mar 2022 — | Jun 2022 17.3 | Sep 2022 16.6 | Dec 2022 15.7 | Mar 2023 15.6 | Jun 2023 16.0 | Sep 2023 16.1 | Dec 2023 16.6 | Mar 2024 18.2 | Jun 2024 19.4 | Sep 2024 21.5 | Dec 2024 24.0 | Mar 2025 24.9 | Jun 2025 23.3 | Sep 2025 20.3 | Dec 2025 18.2 | Mar 2026 — | Jun 2026 — | Sep 2026 —
- KDP: Dec 2021 24.6 | Mar 2022 22.6 | Jun 2022 23.3 | Sep 2022 28.0 | Dec 2022 35.3 | Mar 2023 37.9 | Jun 2023 27.4 | Sep 2023 22.9 | Dec 2023 21.5 | Mar 2024 19.8 | Jun 2024 21.3 | Sep 2024 22.7 | Dec 2024 30.6 | Mar 2025 31.1 | Jun 2025 29.5 | Sep 2025 22.0 | Dec 2025 18.3 | Mar 2026 19.5 | Jun 2026 — | Sep 2026 —
- COKE: Dec 2021 15.5 | Mar 2022 — | Jun 2022 21.0 | Sep 2022 19.2 | Dec 2022 11.2 | Mar 2023 11.1 | Jun 2023 12.5 | Sep 2023 13.3 | Dec 2023 21.3 | Mar 2024 17.4 | Jun 2024 19.9 | Sep 2024 22.5 | Dec 2024 18.0 | Mar 2025 20.3 | Jun 2025 16.7 | Sep 2025 16.4 | Dec 2025 22.5 | Mar 2026 — | Jun 2026 22.4 | Sep 2026 —
- PRMB: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 56.9 | Sep 2023 23.2 | Dec 2023 51.9 | Mar 2024 35.7 | Jun 2024 34.7 | Sep 2024 38.3 | Dec 2024 — | Mar 2025 507.0 | Jun 2025 — | Sep 2025 — | Dec 2025 102.2 | Mar 2026 134.5 | Jun 2026 — | Sep 2026 —
- CELH: Dec 2021 1,243.0 | Mar 2022 459.8 | Jun 2022 283.7 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 119.2 | Dec 2023 70.8 | Mar 2024 91.1 | Jun 2024 56.0 | Sep 2024 43.6 | Dec 2024 58.5 | Mar 2025 111.3 | Jun 2025 125.4 | Sep 2025 574.9 | Dec 2025 183.0 | Mar 2026 82.5 | Jun 2026 — | Sep 2026 —
- COCO: Dec 2021 31.9 | Mar 2022 24.2 | Jun 2022 40.8 | Sep 2022 87.6 | Dec 2022 98.7 | Mar 2023 89.2 | Jun 2023 52.7 | Sep 2023 40.7 | Dec 2023 32.5 | Mar 2024 26.6 | Jun 2024 30.0 | Sep 2024 28.6 | Dec 2024 39.3 | Mar 2025 30.4 | Jun 2025 33.7 | Sep 2025 36.9 | Dec 2025 44.6 | Mar 2026 35.0 | Jun 2026 36.5 | Sep 2026 —
- FIZZ: Dec 2021 31.2 | Mar 2022 24.7 | Jun 2022 26.1 | Sep 2022 36.4 | Dec 2022 32.0 | Mar 2023 28.7 | Jun 2023 32.7 | Sep 2023 31.5 | Dec 2023 25.7 | Mar 2024 26.1 | Jun 2024 23.1 | Sep 2024 25.4 | Dec 2024 22.8 | Mar 2025 21.3 | Jun 2025 21.7 | Sep 2025 23.3 | Dec 2025 16.7 | Mar 2026 17.0 | Jun 2026 17.4 | Sep 2026 —
- BUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 42.4 | Jun 2026 — | Sep 2026 —


## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 8 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker.

## Every company
- The Coca-Cola Company (KO) — market value ₹3.7 L Cr; latest fundamentals Sep 2026
- PepsiCo, Inc. (PEP) — market value ₹1.9 L Cr; latest fundamentals Jun 2026
- Monster Beverage Corporation (MNST) — market value ₹92.1K Cr; latest fundamentals Mar 2026
- Coca-Cola Europacific Partners PLC (CCEP) — market value ₹46.1K Cr; latest fundamentals Dec 2025
- Keurig Dr Pepper Inc. (KDP) — market value ₹42.3K Cr; latest fundamentals Mar 2026
- Coca-Cola Consolidated, Inc. (COKE) — market value ₹12.0K Cr; latest fundamentals Jun 2026
- Primo Brands Corporation (PRMB) — market value ₹8.5K Cr; latest fundamentals Mar 2026
- Celsius Holdings, Inc. (CELH) — market value ₹7.6K Cr; latest fundamentals Mar 2026
- The Vita Coco Company, Inc. (COCO) — market value ₹3.8K Cr; latest fundamentals Jun 2026
- National Beverage Corp. (FIZZ) — market value ₹3.0K Cr; latest fundamentals Jun 2026
- Suja Life, Inc. (SUJA) — market value ₹440 Cr; latest fundamentals Mar 2026
- Zevia PBC (ZVIA) — market value ₹133 Cr; latest fundamentals Mar 2026
- Buda Juice, Inc. (BUDA) — market value ₹94 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Sep 2026; prices through 2026-08-04.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Is the Beverages - Non-Alcoholic sector outperforming S&P 500?

Beverages - Non-Alcoholic has underperformed S&P 500 by 10.2% over 52 weeks and 4.8% over 13 weeks. 5 of 11 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 11 beat the sector itself.

### Which Beverages - Non-Alcoholic company is largest by revenue?

PepsiCo, Inc. leads with revenue of $96,904 million, based on 8 of 13 comparable companies through Jun 2026.

### Which Beverages - Non-Alcoholic company is growing fastest?

Celsius Holdings, Inc. has the fastest current revenue growth at 100%, across 8 of 13 comparable companies.

### Which Beverages - Non-Alcoholic company has the strongest 4-Factor Sector Score?

Monster Beverage Corporation ranks first at 66.6/100 with 65.9% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Beverages - Non-Alcoholic company has the lowest comparable PEG?

PepsiCo, Inc. has the lowest comparable PEG at 0.48, among 5 of 13 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Beverages - Non-Alcoholic comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Sep 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

### Which Beverages - Non-Alcoholic company is the biggest?

PepsiCo, Inc. is the largest, with trailing-twelve-month revenue of $96,904 million, ahead of Keurig Dr Pepper Inc. at $16,944 million. That covers 8 of 13 companies with comparable reporting through Jun 2026.

### Which Beverages - Non-Alcoholic company has the best profit margins?

The Coca-Cola Company has the highest operating margin at 35%, from 11 of 13 comparable companies. Zevia PBC shows the biggest recent improvement, at +11.7 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Beverages - Non-Alcoholic company makes the most profit?

PepsiCo, Inc. earns the most, at $10,515 million of trailing-twelve-month net profit, from 8 of 13 comparable companies. Celsius Holdings, Inc. has the fastest profit growth at 56.8%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Beverages - Non-Alcoholic company earns the highest return on capital?

The Vita Coco Company, Inc. leads on return on capital employed at 17.4%, across 13 of 13 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Beverages - Non-Alcoholic stock is the cheapest?

On PEG — where a LOWER number is cheaper — PepsiCo, Inc. screens cheapest at 0.48×. Only 5 of 13 companies have earnings and growth steady enough for the ratio to mean anything, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Is the Beverages - Non-Alcoholic sector beating the market?

Beverages - Non-Alcoholic has underperformed S&P 500 by 10.2% over the last 52 weeks and 4.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 5 of 11 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Beverages - Non-Alcoholic stock has the strongest price momentum?

Monster Beverage Corporation has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Beverages - Non-Alcoholic company scores highest for research priority?

Monster Beverage Corporation scores 66.6 out of 100 with 65.9% evidence confidence, from 21.4 points on growth and earnings, 15.8 on capital efficiency, 11.9 on valuation and 17.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Beverages - Non-Alcoholic companies does this comparison cover, and over what period?

It compares 13 listed companies over up to 20 reported quarters of fundamentals, ending Sep 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Beverages - Non-Alcoholic sector?

The 13 Beverages - Non-Alcoholic companies on this page carry $778,288 million of combined market value. The Coca-Cola Company is the largest at $372,429 million, about 48% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

### What is the Beverages - Non-Alcoholic sector's P/E ratio?

The median price-to-earnings ratio across the 13 Beverages - Non-Alcoholic companies on this page is 25.3×, measured on the 11 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-08-04.

### How is the Beverages - Non-Alcoholic sector performing?

5 of the 11 covered Beverages - Non-Alcoholic companies are beating S&P 500 on Mansfield relative strength. The sector itself is 10.2% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04.

### How many Beverages - Non-Alcoholic stocks are listed in the US?

This comparison covers 13 listed Beverages - Non-Alcoholic companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Sep 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.