How they lost the cola wars: Pepsi generates twice the revenue of Coca-Cola, yet its market cap is only half as big

PepsiCo has suffered many setbacks in recent years, but perhaps few were as symbolic as being jilted by a long-time partner it used to own, KFC. The fried chicken chain said earlier this month that it would begin replacing PepsiCo’s soft drinks with Coca-Cola products at its 3,700 U.S. restaurants in January. The two companies’ partnership stretches back 40 years, to when PepsiCo bought the fast-food chain. (PepsiCo spun KFC off in 1997.)

In the 1980s and ’90s, Pepsi waged the cola culture wars with the Pepsi Challenge and TV commercials featuring Michael Jackson and Cindy Crawford.

But last year, Pepsi-Cola only had 8.1% of the U.S. carbonated soft drinks market by volume, far behind Coke’s 18.5%. Pepsi is now the third most popular drink behind Dr. Pepper.

Coke reshaped its business around brand building and innovation. PepsiCo, meanwhile, remained a sprawling portfolio company where soda was merely one priority among many. The result is a PepsiCo that generates more than twice as much revenue as Coca-Cola, yet its market valuation is only about half as big.

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