COCA COLA CO
$99.25
+1.81 (+1.86%) · delayed · Nov 13, 2026
Five-year price
52w $67.27 to $99.30
- Market cap
- $427.0B
- Enterprise value
- $458.8B
- P/E
- 32.6×
- 37.4× on 3y avg EPS
- EV / EBIT
- 33.3×
- FCF yield
- 1.2%
- ROIC
- 17.7%
- Debt / equity
- 1.31
- Piotroski F
- 7/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
83
- ●ROIC > 12% (5y avg)5y avg ROIC 16.4%
- ●ROE > 15% (5y avg)5y avg ROE 41.4%
- ●Stable operating marginsMargin volatility 2.5% (σ, 5y)
- ○Earnings convert to cashFCF / net income 78% (5y avg)
- ●Growing revenueRevenue CAGR 5y 7.7%
- ●Shrinking share countDiluted shares -0.2% over 5y
Value
0
- ○P/E below 15P/E 32.6
- ○EV/EBIT below 12EV/EBIT 33.3
- ○FCF yield above 6%FCF yield 1.2%
- ○Price below Graham NumberGraham Number $22.62
- ○P/B below 3P/B 13.3
Safety
60
- ○Debt / equity below 0.5D/E 1.31
- ●Debt payable in < 4 yrs of earningsNet debt $31.8B
- ●Interest coverage > 8xCoverage 8.3x
- ○Current ratio > 1.5Current ratio 1.46
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $47.9B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.46
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 143%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 37.4
- ○P/E × P/B ≤ 22.5Product 495.8
Valuation lab
What do you have to believe?
At $99.25, the market is pricing in about 25.3% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $31.8B · 4302M shares · 5y revenue CAGR 7.7%
Intrinsic value
$22.01
Price
$99.25
Premium paid
351%
What the price implies
The market is paying for 25.3% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
60% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 41,863 | 36,212 | 34,300 | 37,266 | 33,014 | 38,655 | 43,004 | 45,754 | 47,061 | 47,941 |
| Gross profit | 25,398 | 22,491 | 21,233 | 22,647 | 19,581 | 23,298 | 25,004 | 27,234 | 28,737 | 29,544 |
| Operating income | 8,657 | 7,755 | 9,152 | 10,086 | 8,997 | 10,308 | 10,909 | 11,311 | 9,992 | 13,762 |
| Operating margin | 20.7% | 21.4% | 26.7% | 27.1% | 27.3% | 26.7% | 25.4% | 24.7% | 21.2% | 28.7% |
| Pre-tax income | 8,136 | 6,890 | 8,225 | 10,786 | 9,749 | 12,425 | 11,686 | 12,952 | 13,086 | 15,998 |
| Income tax | 1,586 | 5,607 | 1,749 | 1,801 | 1,981 | 2,621 | 2,115 | 2,249 | 2,437 | 2,861 |
| Net income | 6,527 | 1,248 | 6,434 | 8,920 | 7,747 | 9,771 | 9,542 | 10,714 | 10,631 | 13,107 |
| EPS (diluted) | 1.49 | 0.29 | 1.50 | 2.07 | 1.79 | 2.25 | 2.19 | 2.47 | 2.46 | 3.04 |
| Diluted shares | 4,367 | 4,324 | 4,299 | 4,314 | 4,323 | 4,340 | 4,350 | 4,339 | 4,320 | 4,313 |
Who owns it