<p>尽管长期竞争对手可口可乐（<strong>Coca-Cola</strong>）（KO 1.00%）和百事可乐（<strong>PepsiCo</strong>）（PEP 0.48%）仍为投资者带来正收益，但在过去的五年和十年里，两家饮料巨头的表现均低于市场基准 <strong>标普 500 指数</strong>。由于核心产品需求放缓，这两家饮料巨头纷纷进行收购以实现多元化。鉴于这两个因素，现在是时候关注这两只风向标股票，看看哪一家有望成为未来产生超额回报的潜在候选股。</p>
<h2>可口可乐和百事可乐最近收购了哪些公司？</h2>
<p>尽管可口可乐和百事可乐以其同名饮料为根基，但这两家公司的全球分销网络使它们能够通过收购扩大其产品线并实现增长。</p>
<p>过去十年，可口可乐的显著收购包括以 2.2 亿美元收购气泡水品牌 Topo Chico，以 49 亿美元收购咖啡公司 Costa，以 56 亿美元收购运动和补水饮料公司 BodyArmor。</p>
<p>与此同时，百事可乐最近专注于能量饮料制造商，于 2020 年以 38.5 亿美元收购 Rockstar Energy，并于 2022 年向 <strong>Celsius Holdings</strong> 投资 5.5 亿美元。</p>
<p>由于最近的收购，两家公司成功稳定了其净销售额。就数字而言，可口可乐在过去 12 个月内实现了 465 亿美元的净销售额。这相比于其 2020 年 330 亿美元的年度净销售额有了显著改善，仅比 2012 年 480 亿美元的年度净销售额低 3%。</p>
<p>相比之下，百事可乐在 2010 年代中后期停滞一段时间后，净销售额反弹得更快。在过去 12 个月内，百事可乐实现了 921 亿美元的净销售额，创下了有史以来任何 12 个月的最高水平，比 2012 年 655 亿美元的净销售额增长了 41%。</p>
<h2></h2>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2fa68abd57999ef0fe445b9c37828eb4.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2fa68abd57999ef0fe445b9c37828eb4.png"/></p>
<p>KO 营收（TTM）数据来源：YCharts。</p>
<h2>可口可乐和百事可乐股票哪个更便宜？</h2>
<p>尽管百事可乐的净销售额几乎是可口可乐的两倍，但其市值为 2439 亿美元，低于可口可乐的 3068 亿美元。这是因为可口可乐更具盈利能力，得益于其更高的毛利率和营运利润率。在过去 12 个月中，可口可乐实现了 91 亿美元的自由现金流，而百事可乐则实现了 70 亿美元。</p>
<p>导致百事可乐较低市值的另一个因素是其更高的债务负担。百事可乐的净债务为 383 亿美元，而可口可乐为 248 亿美元。然而，值得注意的是，可口可乐最近向美国国税局支付了 60 亿美元的税款和利息，涉及一起 17 年前的税务案件，这一数额未计入其 248 亿美元的净债务。</p>
<p>除去税款支付，过去五年中，可口可乐的债务减少了 15.8%，而百事可乐的债务激增了 42.9%。这导致百事可乐的利息支出较高，过去 12 个月为 8.54 亿美元，而可口可乐为 5.45 亿美元。</p>
<p>在估值方面，可口可乐略微更具性价比。其自由现金流与股价比率为 34，而百事可乐为 35.2，使得可口可乐成为更便宜的股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/60732cc9dcd2d7d6d1482b627f8221c4.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/60732cc9dcd2d7d6d1482b627f8221c4.png"/></p>
<p>KO 股价与自由现金流比数据来源：YCharts。</p>
<h2>可口可乐和百事可乐哪个更有利于股东？</h2>
<p>对于像可口可乐和百事可乐这样的成熟公司，投资者通常希望通过股息和股票回购来分配利润。可口可乐和百事可乐都有适度的股票回购策略，过去五年，可口可乐和百事可乐分别减少了 0.6% 和 1.5% 的股数。相反，可口可乐和百事可乐都优先考虑稳定和增长的股息。</p>
<p>目前，可口可乐每股支付 0.485 美元的季度股息，股息率为 2.7%。该股票属于独家的 “股息王” 俱乐部，连续至少 50 年支付和增加股息。可口可乐目前的连续支付年数为 62 年。</p>
<p>百事可乐也是 “股息王” 俱乐部的一员，连续支付和增加股息 52 年。如今，百事可乐每股支付 1.35 美元的季度股息，相当于 3% 的股息率。</p>
<p>对于任何股息股票，投资者应关注其派息比，即计算公司盈利中支付为股息收入的百分比。可口可乐和百事可乐的派息比相对较高，分别为 75.6% 和 73.4%。两者的派息比都不是过分担忧，但每家公司的管理层可能会感到有义务每年提高派息比，考虑到每只股票的 “股息王” 地位。因此，债务水平和未偿还股份将缓慢减少。</p>
<p>总体而言，这两只股票都是股息追求者的梦想。然而，百事可乐稍微更有利于股东，具有更高的股息率和较低的派息比。</p>
<h2>可口可乐和百事可乐哪只股票更值得购买？</h2>
<p>无论是可口可乐还是百事可乐，都不应被视为增长型公司，也不应期望它们的股票在没有进一步重大收购的情况下表现优于标普 500 指数。然而，由于其稳定的利润和不断增长的股息历史，这些股票对于任何寻求收入的投资组合来说都是坚实的选择。</p>
<p>在决定哪只股票是更好的购买时，由于其估值和更强劲的资产负债表，可口可乐胜过百事可乐，使其成为股息投资者更理想的选择。</p>

百事

可口可乐

<p>可口可乐和百事可乐之间的竞争表明，由于需求放缓，这两家公司近年来的表现均不及标普 500 指数。可口可乐的净销售额达到了 425 亿美元，而百事可乐则达到了 861 亿美元的高点。可口可乐的市值为 2578 亿美元，使其在一定程度上更具盈利能力，尽管两家公司都面临着可观的债务。可口可乐的股息率为 2.7%，而百事可乐为 3%。百事可乐的派息比率较低，更有利于股东，但两家股票吸引了股息投资者，尽管增长潜力有限</p>

<p>While still generating positive returns for investors, longtime competitors <strong>Coca-Cola</strong>(KO 1.00%) and <strong>PepsiCo</strong>(PEP 0.48%) have underperformed the market benchmark <strong>S&amp;P 500</strong> over the past five and 10 years. Both beverage giants have faced slowing demand for their core products, leading to acquisitions in an effort to diversify. Given those two factors, it's a prime opportunity to check in on these two bellwether stocks to see which one stands out as a potential candidate to generate outsized returns moving forward.</p>
<div class="lb-trans"><p>尽管长期竞争对手可口可乐（<strong>Coca-Cola</strong>）（KO 1.00%）和百事可乐（<strong>PepsiCo</strong>）（PEP 0.48%）仍为投资者带来正收益，但在过去的五年和十年里，两家饮料巨头的表现均低于市场基准 <strong>标普 500 指数</strong>。由于核心产品需求放缓，这两家饮料巨头纷纷进行收购以实现多元化。鉴于这两个因素，现在是时候关注这两只风向标股票，看看哪一家有望成为未来产生超额回报的潜在候选股。</p>
</div><h2>Which companies have Coca-Cola and PepsiCo recently acquired?</h2>
<div class="lb-trans"><h2>可口可乐和百事可乐最近收购了哪些公司？</h2>
</div><p>While Coca-Cola and PepsiCo are rooted in their namesake beverages, the companies' worldwide distribution network has allowed them to expand their offerings and grow by acquisition.</p>
<div class="lb-trans"><p>尽管可口可乐和百事可乐以其同名饮料为根基，但这两家公司的全球分销网络使它们能够通过收购扩大其产品线并实现增长。</p>
</div><p>Over the last decade, Coca-Cola's notable acquisitions include the sparkling water brand Topo Chico for $220 million, the coffee company Costa for $4.9 billion, and the sports and hydration beverage company BodyArmor for $5.6 billion.</p>
<div class="lb-trans"><p>过去十年，可口可乐的显著收购包括以 2.2 亿美元收购气泡水品牌 Topo Chico，以 49 亿美元收购咖啡公司 Costa，以 56 亿美元收购运动和补水饮料公司 BodyArmor。</p>
</div><p>Meanwhile, PepsiCo has zeroed in on energy drink makers of late, acquiring Rockstar Energy for $3.85 billion in 2020 and investing $550 million in <strong>Celsius Holdings</strong> in 2022.</p>
<div class="lb-trans"><p>与此同时，百事可乐最近专注于能量饮料制造商，于 2020 年以 38.5 亿美元收购 Rockstar Energy，并于 2022 年向 <strong>Celsius Holdings</strong> 投资 5.5 亿美元。</p>
</div><p>Both companies have successfully stabilized their net sales in part due to recent acquisitions. Looking at the numbers, Coca-Cola generated net sales of $46.5 billion over the trailing 12 months. That is a significant improvement from its annual net sales low of $33 billion in 2020, and just 3% off its annual net sales high of $48 billion in 2012.</p>
<div class="lb-trans"><p>由于最近的收购，两家公司成功稳定了其净销售额。就数字而言，可口可乐在过去 12 个月内实现了 465 亿美元的净销售额。这相比于其 2020 年 330 亿美元的年度净销售额有了显著改善，仅比 2012 年 480 亿美元的年度净销售额低 3%。</p>
</div><p>Comparatively, PepsiCo's net sales rebounded much faster after a stagnation period in the mid- to late 2010s. Over the trailing 12 months, PepsiCo generated $92.1 billion in net sales, representing an all-time high for any 12-month period and a 41% increase from its 2012 net sales of $65.5 billion.</p>
<div class="lb-trans"><p>相比之下，百事可乐在 2010 年代中后期停滞一段时间后，净销售额反弹得更快。在过去 12 个月内，百事可乐实现了 921 亿美元的净销售额，创下了有史以来任何 12 个月的最高水平，比 2012 年 655 亿美元的净销售额增长了 41%。</p>
</div><h2></h2>
<div class="lb-trans"><h2></h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2fa68abd57999ef0fe445b9c37828eb4.png" alt="" original-src="https://media.ycharts.com/charts/2fa68abd57999ef0fe445b9c37828eb4.png"/></p>
<p>KO Revenue (TTM) data by YCharts.</p>
<div class="lb-trans"><p>KO 营收（TTM）数据来源：YCharts。</p>
</div><h2>Is Coca-Cola or PepsiCo stock cheaper?</h2>
<div class="lb-trans"><h2>可口可乐和百事可乐股票哪个更便宜？</h2>
</div><p>Despite PepsiCo's net sales being nearly double those of Coca-Cola, it has a smaller market capitalization of $243.9 billion compared to Coca-Cola's $306.8 billion. That's because Coca-Cola is more profitable, thanks to its higher gross margin and operating margin. Over the last 12 months, Coca-Cola generated $9.1 billion in free cash flow, while PepsiCo produced $7 billion.</p>
<div class="lb-trans"><p>尽管百事可乐的净销售额几乎是可口可乐的两倍，但其市值为 2439 亿美元，低于可口可乐的 3068 亿美元。这是因为可口可乐更具盈利能力，得益于其更高的毛利率和营运利润率。在过去 12 个月中，可口可乐实现了 91 亿美元的自由现金流，而百事可乐则实现了 70 亿美元。</p>
</div><p>Another factor contributing to PepsiCo's lower market capitalization is its higher debt burden. PepsiCo holds $38.3 billion in net debt, whereas Coca-Cola has $24.8 billion. However, it's important to highlight that Coca-Cola recently paid $6 billion in back taxes and interest to the IRS, related to a 17-year-old tax case, which is not factored into its $24.8 billion net debt.</p>
<div class="lb-trans"><p>导致百事可乐较低市值的另一个因素是其更高的债务负担。百事可乐的净债务为 383 亿美元，而可口可乐为 248 亿美元。然而，值得注意的是，可口可乐最近向美国国税局支付了 60 亿美元的税款和利息，涉及一起 17 年前的税务案件，这一数额未计入其 248 亿美元的净债务。</p>
</div><p>Excluding the tax payment, Coca-Cola's debt has decreased by 15.8% over the past five years, while PepsiCo's has surged by 42.9%. This has resulted in a higher interest expense for PepsiCo -- $854 million in the past 12 months, compared to Coca-Cola's $545 million.</p>
<div class="lb-trans"><p>除去税款支付，过去五年中，可口可乐的债务减少了 15.8%，而百事可乐的债务激增了 42.9%。这导致百事可乐的利息支出较高，过去 12 个月为 8.54 亿美元，而可口可乐为 5.45 亿美元。</p>
</div><p>In terms of valuation, Coca-Cola is slightly better priced. Its price-to-free cash flow ratio is 34, compared to PepsiCo's 35.2, making Coca-Cola the cheaper stock.</p>
<div class="lb-trans"><p>在估值方面，可口可乐略微更具性价比。其自由现金流与股价比率为 34，而百事可乐为 35.2，使得可口可乐成为更便宜的股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/60732cc9dcd2d7d6d1482b627f8221c4.png" alt="" original-src="https://media.ycharts.com/charts/60732cc9dcd2d7d6d1482b627f8221c4.png"/></p>
<p>KO Price to Free Cash Flow data by YCharts.</p>
<div class="lb-trans"><p>KO 股价与自由现金流比数据来源：YCharts。</p>
</div><h2>Is Coca-Cola or PepsiCo more shareholder-friendly?</h2>
<div class="lb-trans"><h2>可口可乐和百事可乐哪个更有利于股东？</h2>
</div><p>For mature companies like Coca-Cola and PepsiCo, investors generally seek to distribute profits through dividends and share repurchases. Both beverage giants have moderate share repurchase strategies, with Coca-Cola and PepsiCo reducing their share count over the past five years by 0.6% and 1.5%, respectively. Instead, both Coca-Cola and PepsiCo prioritize consistent and rising dividends.</p>
<div class="lb-trans"><p>对于像可口可乐和百事可乐这样的成熟公司，投资者通常希望通过股息和股票回购来分配利润。可口可乐和百事可乐都有适度的股票回购策略，过去五年，可口可乐和百事可乐分别减少了 0.6% 和 1.5% 的股数。相反，可口可乐和百事可乐都优先考虑稳定和增长的股息。</p>
</div><p>Currently, Coca-Cola pays a quarterly dividend of $0.485 per share, representing a dividend yield of 2.7%. The stock is in the exclusive Dividend Kings club, having paid and increased its dividend for at least 50 consecutive years. Coca-Cola's streak currently stands at 62 straight years.</p>
<div class="lb-trans"><p>目前，可口可乐每股支付 0.485 美元的季度股息，股息率为 2.7%。该股票属于独家的 “股息王” 俱乐部，连续至少 50 年支付和增加股息。可口可乐目前的连续支付年数为 62 年。</p>
</div><p>PepsiCo is also in the Dividend Kings club, having paid and raised its dividend for 52 consecutive years. Today, PepsiCo pays a quarterly dividend of $1.35 per share, equating to a 3% dividend yield.</p>
<div class="lb-trans"><p>百事可乐也是 “股息王” 俱乐部的一员，连续支付和增加股息 52 年。如今，百事可乐每股支付 1.35 美元的季度股息，相当于 3% 的股息率。</p>
</div><p>With any dividend stock, investors should key in on its payout ratio, which calculates the percentage of a company's earnings paid out as dividend income. Coca-Cola and PepsiCo have relatively high payout ratios at 75.6% and 73.4%, respectively. Neither payout ratio is overly concerning, but management for each company will likely feel obligated to raise it annually given each stock's Dividend King status. As a result, debt levels and outstanding shares will be slow to decrease.</p>
<div class="lb-trans"><p>对于任何股息股票，投资者应关注其派息比，即计算公司盈利中支付为股息收入的百分比。可口可乐和百事可乐的派息比相对较高，分别为 75.6% 和 73.4%。两者的派息比都不是过分担忧，但每家公司的管理层可能会感到有义务每年提高派息比，考虑到每只股票的 “股息王” 地位。因此，债务水平和未偿还股份将缓慢减少。</p>
</div><p>Overall, both stocks are a dividend seeker's dream. Still, PepsiCo has the slight edge of being more shareholder-friendly, with a higher dividend yield and lower payout ratio than Coca-Cola.</p>
<div class="lb-trans"><p>总体而言，这两只股票都是股息追求者的梦想。然而，百事可乐稍微更有利于股东，具有更高的股息率和较低的派息比。</p>
</div><h2>Is Coca-Cola or PepsiCo the better stock to buy?</h2>
<div class="lb-trans"><h2>可口可乐和百事可乐哪只股票更值得购买？</h2>
</div><p>Neither Coca-Cola nor Pepsi should be considered growth companies, nor should it be expected that their stocks outperform the S&amp;P 500 without any further significant acquisitions. However, these stocks are stalwarts for any income-seeking portfolio due to their steady profits and histories of growing dividends.</p>
<div class="lb-trans"><p>无论是可口可乐还是百事可乐，都不应被视为增长型公司，也不应期望它们的股票在没有进一步重大收购的情况下表现优于标普 500 指数。然而，由于其稳定的利润和不断增长的股息历史，这些股票对于任何寻求收入的投资组合来说都是坚实的选择。</p>
</div><p>When deciding which stock is the better buy today, Coca-Cola edges out PepsiCo due to its valuation and stronger balance sheet, making it the preferable choice for dividend investors.</p>
<div class="lb-trans"><p>在决定哪只股票是更好的购买时，由于其估值和更强劲的资产负债表，可口可乐胜过百事可乐，使其成为股息投资者更理想的选择。</p>
</div>

Best Stock to Buy Right Now: Coca-Cola vs. PepsiCo

- 可口可乐和百事可乐在过去五年和十年中表现不佳，尽管仍为投资者带来正收益，但未能超越市场基准标普 500 指数。  
- 受核心产品需求放缓影响，两大饮料巨头纷纷进行收购以实现多元化。  
- 可口可乐近年收购了 Topo Chico、Costa 和 BodyArmor，而百事可乐则专注于能量饮料，收购了 Rockstar Energy 和投资了 Celsius Holdings。

当前最值得购买的股票：可口可乐 vs. 百事