The Idiot Index

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Operational MarkupApplied to packaged-food, beverage, and quick-service restaurant companies. COGS captures ingredients, packaging, and (for QSR) franchise-operated cost of revenue. The Markup Ratio is meaningful but the Operational Markup is the cleaner signal because brand investment flows…
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Operational Markup in Food & Beverage · FY 2023

18 of 34 companies · highest first
  1. 1
    YUMYum Brands
    $1 of cost+opex becomes $1.48 of revenue
    sector median 1.2158Top 3%
    1.4812
    × revenue / (cost + opex)
  2. 2
    MNSTMonster Beverage
    $1 of cost+opex becomes $1.48 of revenue
    sector median 1.2158Top 8%
    1.4801
    × revenue / (cost + opex)
  3. 3
    CHDChurch & Dwight
    $1 of cost+opex becomes $1.43 of revenue
    sector median 1.2158Top 14%
    1.4264
    × revenue / (cost + opex)
  4. 4
    TAPMolson Coors
    $1 of cost+opex becomes $1.43 of revenue
    sector median 1.2158Top 19%
    1.4251
    × revenue / (cost + opex)
  5. 5
    KMBKimberly-Clark
    $1 of cost+opex becomes $1.42 of revenue
    sector median 1.2158Top 25%
    1.4197
    × revenue / (cost + opex)
  6. 6
    HSYHershey
    $1 of cost+opex becomes $1.29 of revenue
    sector median 1.2158Median range
    1.2882
    × revenue / (cost + opex)
  7. 7
    CLColgate-Palmolive
    $1 of cost+opex becomes $1.27 of revenue
    sector median 1.2158Median range
    1.2721
    × revenue / (cost + opex)
  8. 8
    KDPKeurig Dr Pepper
    $1 of cost+opex becomes $1.27 of revenue
    sector median 1.2158Median range
    1.2689
    × revenue / (cost + opex)
  9. 9
    CPBCampbell's
    $1 of cost+opex becomes $1.22 of revenue
    sector median 1.2158Median range
    1.2229
    × revenue / (cost + opex)
  10. 10
    GISGeneral Mills
    $1 of cost+opex becomes $1.21 of revenue
    sector median 1.2158Median range
    1.2087
    × revenue / (cost + opex)

Not yet covered (16)

These companies are in the Food & Beverage cohort but don't have a Operational Markup computed for FY 2023. Either the underlying inputs aren't tagged in their XBRL filings, the DEF 14A pay-ratio narrative didn't parse cleanly, or this fiscal year hasn't been ingested for them yet.

What this measures

Full methodology →

Revenue per dollar of cost + operating expenses. The multiplier after legitimate operations.

Ratio
Operational Markup
Sector
Food & Beverage
Methodology version
v1.0.0
Formula
Revenue / (COGS + OperatingExpenses)
Sector context

Applied to packaged-food, beverage, and quick-service restaurant companies. COGS captures ingredients, packaging, and (for QSR) franchise-operated cost of revenue. The Markup Ratio is meaningful but the Operational Markup is the cleaner signal because brand investment flows through SG&A — and Shareholder Extraction often runs high because mature consumer-staples brands return capital aggressively rather than reinvest.

The multiplier after legitimate operations. A high Markup combined with a low Operational Markup tells a specific story: surplus is being reinvested in the business. A high Markup combined with a high Operational Markup tells the opposite story: surplus is going to shareholders.

Source data: Revenues, CostOfGoodsAndServicesSold, OperatingExpenses (us-gaap) or equivalents in IFRS.