KO

COCA COLA CO ↗ website

CIK: 0000021344 · Consumer Defensive / Beverages - Non-Alcoholic · 3d ago

$81.56 -3.36 (-3.96%)

P/E 25.6 EV/EBITDA 22.0x P/B 10.4 Div Yield 2.50% 52W $65 – $86

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Growth

Compounded Sales Growth

10 Years	1%
5 Years	8%
3 Years	4%
TTM	2%

Compounded Profit Growth

10 Years	6%
5 Years	11%
3 Years	11%
TTM	23%

Fundamental Growth Decomposition ⓘ

Window:

Returns / Quality

Avg ROIC (All-Capital)

10 Years	15%
5 Years	17%
3 Years	18%
Last Year	20%

Return on Equity

10 Years	37%
5 Years	41%
3 Years	42%
Last Year	41%

Capital Allocation

Capital Return Ratio (vs OE)

10 Years	106%
5 Years	87%
3 Years	97%
Last Year	159%

Dividend Growth (DPS)

10 Years	5%
5 Years	5%
3 Years	5%

Performance

Stock Price CAGR

10 Years	10%
5 Years	11%
3 Years	13%
1 Year	24%

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Capital Allocation (USD millions / %)
NOPAT	6,693	6,969	3,102	7,206	8,402	7,169	8,134	8,935	9,347	8,131	11,301
Invested capital (ops)	9,754	7,676	7,212	6,821	6,876	6,042	2,227	1,812	1,585	-3,112	2,263
Reinvestment rate %	N/A	-29.8%	-15.0%	-5.4%	0.7%	-11.6%	-46.9%	-4.6%	-2.4%	-57.8%	47.6%
ROIC (Ops) % ⓘ	68.6%	80.0%	41.7%	102.7%	122.7%	111.0%	196.7%	442.4%	550.3%	—	—
Invested capital (All-Capital)	53,945	50,453	49,125	49,321	53,797	53,526	54,834	52,692	49,125	54,383	60,416
ROIC (All-Capital) % ⓘ	12.4%	13.4%	6.2%	14.6%	16.3%	13.4%	15.0%	16.6%	18.4%	15.7%	19.7%
Capital return ratio %	N/A	157.0%	4445.3%	135.3%	84.4%	80.7%	57.5%	93.6%	106.5%	65.9%	159.3%
Acquisition intensity %	4.0%	0.0%	0.6%	5.3%	2.2%	0.3%	1.5%	0.0%	1.5%	0.5%	0.0%
Profit & Loss (USD millions)
Revenue	44,294	41,863	36,212	34,300	37,266	33,014	38,655	43,004	45,754	47,061	47,941
Revenue growth %	N/A	-5.5%	-13.5%	-5.3%	8.6%	-11.4%	17.1%	11.3%	6.4%	2.9%	1.9%
Gross profit	26,812	25,398	22,491	21,233	22,647	19,581	23,298	25,004	27,234	28,737	29,544
Gross margin %	60.5%	60.7%	62.1%	61.9%	60.8%	59.3%	60.3%	58.1%	59.5%	61.1%	61.6%
Gross profit growth %	N/A	-5.3%	-11.4%	-5.6%	6.7%	-13.5%	19.0%	7.3%	8.9%	5.5%	2.8%
Operating income	8,728	8,657	7,755	9,152	10,086	8,997	10,308	10,909	11,311	9,992	13,762
Operating margin %	19.7%	20.7%	21.4%	26.7%	27.1%	27.3%	26.7%	25.4%	24.7%	21.2%	28.7%
Operating income growth %	N/A	-0.8%	-10.4%	18.0%	10.2%	-10.8%	14.6%	5.8%	3.7%	-11.7%	37.7%
EBITDA	10,698	10,444	9,015	10,238	11,451	10,533	11,760	12,169	12,439	11,067	14,812
EBITDA growth %	N/A	-2.4%	-13.7%	13.6%	11.8%	-8.0%	11.6%	3.5%	2.2%	-11.0%	33.8%
EBITDA margin %	24.2%	24.9%	24.9%	29.8%	30.7%	31.9%	30.4%	28.3%	27.2%	23.5%	30.9%
Interest expense	856	733	853	950	946	1,437	1,597	882	1,527	1,656	1,654
Interest coverage (x)	12.5x	14.2x	10.6x	10.8x	12.1x	7.3x	7.4x	13.8x	8.1x	6.7x	9.0x
Net income	7,351	6,527	1,248	6,434	8,920	7,747	9,771	9,542	10,714	10,631	13,107
Net margin %	16.6%	15.6%	3.4%	18.8%	23.9%	23.5%	25.3%	22.2%	23.4%	22.6%	27.3%
Net income growth %	N/A	-11.2%	-80.9%	415.5%	38.6%	-13.2%	26.1%	-2.3%	12.3%	-0.8%	23.3%
EPS (diluted, $)	1.67	1.49	0.29	1.50	2.07	1.79	2.25	2.19	2.47	2.46	3.04
EPS growth %	N/A	-10.8%	-80.5%	417.2%	38.0%	-13.5%	25.7%	-2.7%	12.8%	-0.4%	23.6%
Balance Sheet (USD millions)
Total assets	89,996	87,270	87,896	83,216	86,381	87,296	94,354	92,763	97,703	100,549	104,816
Total debt	44,022	45,541	47,411	43,442	42,763	42,793	42,761	39,149	35,547	42,375	42,119
Shareholders' equity	25,554	23,062	17,072	16,981	18,981	19,299	22,999	24,105	25,941	24,856	32,169
Cash & equivalents	15,631	18,150	15,358	11,102	7,947	8,566	10,926	10,562	12,363	12,848	13,872
Shares outstanding (M)	4,405	4,367	4,324	4,299	4,314	4,323	4,340	4,350	4,339	4,320	4,313
Cash Flow (USD millions)
Operating cash flow	10,528	8,792	7,041	7,627	10,471	9,844	12,625	11,018	11,599	6,805	7,408
Capex	2,553	2,262	1,750	1,548	2,054	1,177	1,367	1,484	1,852	2,064	2,112
Free cash flow	7,975	6,530	5,291	6,079	8,417	8,667	11,258	9,534	9,747	4,741	5,296
FCF margin %	18.0%	15.6%	14.6%	17.7%	22.6%	26.3%	29.1%	22.2%	21.3%	10.1%	11.0%
FCF growth %	N/A	-18.1%	-19.0%	14.9%	38.5%	3.0%	29.9%	-15.3%	2.2%	-51.4%	11.7%
Owner Earnings	N/A	6,194	225	6,323	9,416	8,879	12,814	9,654	9,612	15,406	5,980
Owner Earnings margin %	N/A	14.8%	0.6%	18.4%	25.3%	26.9%	33.1%	22.4%	21.0%	32.7%	12.5%
Owner Earnings growth %	N/A	N/A	-96.4%	2710.2%	48.9%	-5.7%	44.3%	-24.7%	-0.4%	60.3%	-61.2%
Unlevered Owner Earnings	6,110	6,494	2,612	6,744	7,713	7,528	8,219	8,711	8,623	7,142	10,239
Investing cash flow	-6,186	-1,004	-2,312	5,927	-3,976	-1,477	-2,765	-763	-3,349	2,524	-67
Financing cash flow	-5,113	-6,545	-7,447	-10,347	-9,004	-8,070	-6,786	-10,250	-8,310	-6,910	-8,140
Dividends paid	5,741	6,043	6,320	6,644	6,845	7,047	7,252	7,616	7,952	8,359	8,779
Share buybacks	3,564	3,681	3,682	1,912	1,103	118	111	1,418	2,289	1,795	746
Buyback yield %	2.6%	2.7%	2.4%	1.2%	0.6%	0.1%	0.0%	0.6%	1.0%	0.7%	0.3%
D&A	1,970	1,787	1,260	1,086	1,365	1,536	1,452	1,260	1,128	1,075	1,050
CFO / Op. Income %	120.6%	101.6%	90.8%	83.3%	103.8%	109.4%	122.5%	101.0%	102.5%	68.1%	53.8%
Working Capital (USD millions)
Accounts receivable	3,941	3,856	3,667	3,685	3,971	3,144	3,512	3,487	3,410	3,569	3,038
Inventory	2,902	2,675	2,655	3,071	3,379	3,266	3,414	4,233	4,424	4,728	4,425
Accounts payable	9,660	9,490	8,748	9,533	11,312	11,145	14,619	15,749	15,485	21,712	14,813
Net PPE	12,571	10,635	9,638	9,598	10,838	10,777	9,920	9,841	9,236	10,303	9,613
Key Ratios
ROE %	28.8%	28.3%	7.3%	37.9%	47.0%	40.1%	42.5%	39.6%	41.3%	42.8%	40.7%
ROA %	8.2%	7.5%	1.4%	7.7%	10.3%	8.9%	10.4%	10.3%	11.0%	10.6%	12.5%
ROCE %	13.8%	14.3%	12.8%	16.8%	17.0%	12.4%	13.9%	14.9%	15.3%	13.3%	16.5%
Debt / Equity	1.72	1.97	2.78	2.56	2.25	2.22	1.86	1.62	1.37	1.70	1.31
Net Debt / EBITDA (x)	2.7x	2.6x	3.6x	3.2x	3.0x	3.2x	2.7x	2.3x	1.9x	2.7x	1.9x
Debtor days	32	34	37	39	39	35	33	30	27	28	23
Inventory days	61	59	71	86	84	89	81	86	87	94	88
Days payable (DPO)	202	210	233	266	282	303	347	319	305	432	294
Cash conv. cycle	-109	-117	-125	-141	-159	-179	-233	-204	-191	-311	-183

Metric	FY24 Q1 Mar 24	FY24 Q2 Jun 24	FY24 Q3 Sep 24	FY24 Q4 Dec 24	FY25 Q1 Mar 25	FY25 Q2 Jun 25	FY25 Q3 Sep 25	FY25 Q4 Dec 25
Profit & Loss (USD millions)
Revenue	11,300	12,363	11,854	11,544	11,129	12,535	12,455	11,822
Gross profit	7,065	7,551	7,190	6,931	6,966	7,821	7,658	7,099
Gross margin %	62.5%	61.1%	60.7%	60.0%	62.6%	62.4%	61.5%	60.0%
Operating income	2,141	2,632	2,510	2,709	3,659	4,280	3,982	1,841
Net income	3,177	2,411	2,848	2,195	3,330	3,810	3,696	2,271
Net margin %	28.1%	19.5%	24.0%	19.0%	29.9%	30.4%	29.7%	19.2%
EPS (diluted, $)	0.74	0.56	0.66	0.51	0.77	0.88	0.86	0.53
Balance Sheet (USD millions, end of quarter)
Total assets	99,392	101,202	106,266	100,549	101,716	104,333	106,045	104,816
Total debt	42,218	38,085	42,994	42,375	43,530	44,976	43,177	42,119
Shareholders' equity	26,429	25,853	26,518	24,856	26,202	28,585	31,247	32,169
Cash & equivalents	15,203	17,399	16,377	12,848	11,996	12,248	13,874	13,872
Cash Flow (USD millions)
Operating cash flow	528	3,585	-1,259	3,951	-5,202	3,811	5,043	3,756
Capex	370	422	469	803	309	442	479	882
Free cash flow	158	3,163	-1,728	3,148	-5,511	3,369	4,564	2,874

Concentrate Operations

Finished Product Operations

Segment	FY2022	FY2023	FY2024	FY2025
Revenue ($M)
Concentrate Operations	24,071 56%	26,539 58%+10%	27,725 59%+4%	28,462 59%+3%
Finished Product Operations	18,933 44%	19,215 42%+1%	19,336 41%+1%	19,479 41%+1%
Total (check)	43,004	45,754	47,061	47,941

Source: SEC EDGAR XBRL · Full breakdown ↗

Bottling Investments

Corporate

Eurasia And Africa

Europe

Intersegment Elimination

Latin America

North America

Pacific

EMEA

Global Ventures

Eliminations

Europe Middle East Africa

Latin America Segment

North America Segment

A.Pacific

Segment	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue ($M)
Bottling Investments	—	—	—	—	19,735 47%	11,306 31%-43%	6,787 20%-40%	7,440 20%+10%	6,265 19%-16%	7,203 19%+15%	7,891 18%+10%	7,860 17%-0%	6,223 13%-21%	5,735 12%-8%
Corporate	—	—	—	—	132 0%	113 0%-14%	92 0%-19%	94 0%+2%	46 0%-51%	85 0%+85%	94 0%+11%	126 0%+34%	97 0%-23%	—
Eurasia And Africa	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Europe	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Intersegment Elimination	—	—	—	—	-4,720 -11%	-2,561 -7%	-1,273 -4%	-1,248 -3%	—	—	—	—	—	—
Latin America	—	—	—	—	3,819 9%	4,026 11%+5%	4,010 12%-0%	4,118 11%+3%	—	—	—	—	—	—
North America	—	—	—	—	10,325 25%	10,629 29%+3%	11,630 34%+9%	11,915 32%+2%	—	—	—	—	—	—
Pacific	—	—	—	—	5,294 13%	5,162 14%-2%	5,185 15%+0%	5,327 14%+3%	4,722 14%-11%	5,291 14%+12%	5,445 13%+3%	5,455 12%+0%	—	—
EMEA	—	—	—	—	7,278 17%	6,822 19%-6%	7,099 21%+4%	7,058 19%-1%	—	—	—	—	—	—
Global Ventures	—	—	—	—	—	715 2%	770 2%+8%	2,562 7%+233%	1,991 6%-22%	2,805 7%+41%	2,843 7%+1%	3,064 7%+8%	3,129 7%+2%	—
Eliminations	—	—	—	—	—	—	-1,273 -4%	-1,248 -3%	-1,043 -3%	-1,255 -3%	-1,376 -3%	-1,433 -3%	-1,164 -2%	—
Europe Middle East Africa	—	—	—	—	—	—	7,099 21%	7,058 19%-1%	6,057 18%-14%	7,193 19%+19%	7,523 17%+5%	10,838 24%+44%	10,958 23%+1%	11,513 24%+5%
Latin America Segment	—	—	—	—	—	—	4,010 12%	4,118 11%+3%	3,499 11%-15%	4,143 11%+18%	4,910 11%+19%	5,834 13%+19%	6,471 14%+11%	6,334 13%-2%
North America Segment	—	—	—	—	—	—	11,630 34%	11,915 32%+2%	11,477 35%-4%	13,190 34%+15%	15,674 36%+19%	16,973 37%+8%	18,869 40%+11%	19,586 41%+4%
A.Pacific	—	—	—	—	—	—	—	—	—	—	5,445 13%	5,542 12%+2%	5,594 12%+1%	5,638 12%+1%
Total (check)	—	—	—	—	41,863	36,212	55,766	59,109	33,014	38,655	48,449	54,259	50,177	48,806
Operating Margin %
Bottling Investments	—	—	—	—	+0.0%	-7.1%	-2.9%	+4.8%	+4.9%	+6.6%	+6.2%	+7.4%	+8.0%	+7.4%
Corporate	—	—	—	—	-1355.3%	-1775.2%	-1525.0%	-1497.9%	-2654.3%	-2803.5%	-2804.3%	-2940.5%	-5414.4%	—
Eurasia And Africa	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Europe	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Intersegment Elimination	—	—	—	—	-0.0%	-0.0%	-0.0%	-0.0%	—	—	—	—	—	—
Latin America	—	—	—	—	+51.1%	+55.0%	+57.8%	+57.7%	—	—	—	—	—	—
North America	—	—	—	—	+25.3%	+23.3%	+19.9%	+21.8%	—	—	—	—	—	—
Pacific	—	—	—	—	+41.7%	+41.4%	+43.8%	+42.8%	+45.2%	+43.9%	+42.3%	+37.4%	—	—
EMEA	—	—	—	—	+50.4%	+52.6%	+52.0%	+50.3%	—	—	—	—	—	—
Global Ventures	—	—	—	—	—	+22.2%	+19.7%	+13.0%	-6.2%	+10.4%	+6.5%	+10.7%	+11.5%	—
Eliminations	—	—	—	—	—	—	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	—
Europe Middle East Africa	—	—	—	—	—	—	+52.0%	+50.3%	+54.7%	+51.9%	+52.6%	+39.9%	+38.8%	+37.3%
Latin America Segment	—	—	—	—	—	—	+57.8%	+57.7%	+60.5%	+61.2%	+58.5%	+58.9%	+58.6%	+59.1%
North America Segment	—	—	—	—	—	—	+19.9%	+21.8%	+21.5%	+25.3%	+23.9%	+27.3%	+24.1%	+25.9%
A.Pacific	—	—	—	—	—	—	—	—	—	—	+42.3%	+37.1%	+38.5%	+36.2%

Source: SEC EDGAR XBRL · Full breakdown ↗

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