KO
COCA COLA CO
Consumer Staples • CIK: 0000021344
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Market Cap
$282.63B
P/E (TTM)
21.7x
Rev Growth (TTM)
+2.8%
Net Margin (TTM)
27.3%
FCF Yield (TTM)
2.0%
FCF Margin (TTM)
11.7%
Cash Flow Health
Free Cash Flow6/8 positive
TTM$5.6B
Q3 '25
$4.6B+35%
Q2 '25
$3.4B+161%
FCF Margin
TTM11.7%
Q3 '2536.6%+36%
Sector: 8.5%Above Avg
OCF Margin16.0%
OCF/NI0.58x
CapEx Coverage3.7x
FCF Yield2.0%
FCF Growth (2Y)-18%
Cash Conversion Cycle
129 days
DSO: 30+DIO: 98−DPO: 0
Capital Allocation & Returns
Balanced
Total Shareholder YieldTTM
TTM3.5%
Div Yield3.1%
+Buyback (TTM)0.4%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)3.1%
FCF Payout Ratio155.7%
Free Cash Flow (TTM)$5.6B
Stock Repurchases (TTM)$1.2B
Capital Return / FCF173.9%
Est. Dividends Paid (TTM)$8.7B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
19.9%
Moderate
+0.5% YoY+17.9%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
25.3%
8Q: 18.2%
Asset Turnover
0.46x
8Q: 0.46x
Leverage (1+D/E)
2.45x
D/E: 1.45x
DuPont: 28.5% ≈ 19.9% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
4.55x
8Q:4.76x
-20.2%
Invested Cap Turn
0.79x
8Q:0.82x
-2.9%
CapEx Intensity
3.4%
8Q:3.1%
CapEx/Depreciation
1.87x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $47.7B | $12.5B↓0.6% | $12.5B↑12.6% | $11.1B↓3.6% | $11.5B↓2.6% | $11.9B↓4.1% | $12.4B↑9.4% | $11.3B↑4.2% | $10.8B |
Operating Income | $14.6B | $4.0B↓7.0% | $4.3B↑17.0% | $3.7B↑35.1% | $2.7B↑7.9% | $2.5B↓4.6% | $2.6B↑22.9% | $2.1B↓5.8% | $2.3B |
Net Income | $13.0B | $3.7B↓3.0% | $3.8B↑14.4% | $3.3B↑51.7% | $2.2B↓22.9% | $2.8B↑18.1% | $2.4B↓24.1% | $3.2B↑61.0% | $2.0B |
Operating Cash Flow | $7.6B | $5.0B↑32.3% | $3.8B↑173.3% | $-5.2B↓231.7% | $4.0B↑413.8% | $-1.3B↓135.1% | $3.6B↑579.0% | $528.0M↓80.2% | $2.7B |
Free Cash Flow | $5.6B | $4.6B↑35.5% | $3.4B↑161.1% | $-5.5B↓275.1% | $3.1B↑282.2% | $-1.7B↓154.6% | $3.2B↑1901.9% | $158.0M↓91.3% | $1.8B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
21.7x
Valuation Lenses
Earnings
21.7x
vs – sector
Cash Flow
91.9x
EV/FCF vs –
Growth-Adj
0.9xPEG
Undervalued for growth
Quality-Adj
1.1P/E per %ROIC
ROIC: 19.9%
Shareholder Returns
Dividend
3.1%
Buyback
0.4%
Total Yield
3.5%
Market Cap$282.63B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
76/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 10%
48.0%
8Q:–
Return on Invested Capital (ROIC)Top 25%
19.9%
8Q:–
+17.9%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 25.3%
Asset Turnover: 0.46x
Earnings Quality
Cash Conversion
0.58x
OCF / Net Income
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin61.6%
Capital Efficiency
Invested Capital Turnover0.79x
Working Capital
Cash Conversion Cycle129 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
44/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
2.8%
OpInc Growth YoY
58.6%
EPS Growth YoY
24.8%
FCF 3Y CAGR
-17.9%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 20.6%
⚠Sustainability Index: 3.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
61.6%
Operating
30.7%
Top 25% in sector
Net
27.3%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-15.7 pts
FCF: 11.7% | Net: 27.3%
FCF margin lags net margin by 15.7 pts
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Leveraged
Net Debt / EBITDA
–Net Debt: $31.30B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
1.45x
Balance sheet risk & solvency analysis