KO

COCA COLA CO

Consumer Staples • CIK: 0000021344

Loading...

Market Cap
$300.82B
P/E (TTM)
22.9x
Rev Growth (TTM)
+1.9%
Net Margin (TTM)
27.3%
FCF Yield (TTM)
1.8%
FCF Margin (TTM)
11.0%

Filing Intelligence

4.0/10
10-K filed Feb 20, 2026 • FY 2025

Executive Summary

The company faced foreign currency exchange losses in 2025 and 2024, impacting operating income.. Management actively monitors economic and political environments in international operations to adopt...

Key Concerns

  • ●Significant impairment charge ($960M) on BodyArmor trademark due to revised projections and higher discount rates, raising questions about...
  • ●Large impairment charge ($1,274M) on assets held for sale in Nigeria, driven by foreign currency translation adjustments and estimated...
  • ●A substantial tax dispute with the IRS poses a significant potential liability of up to $14 billion for tax years 2010-2025, in addition to...

Key Strengths

  • ●An impairment charge of $960 million was recorded in Q4 2025 related to the BodyArmor trademark due to revised performance projections and...
  • ●The company continues to invest in its brand portfolio, strategic capabilities, and people to support future growth.
  • ●The company maintains a confident tone, emphasizing investment in brands, capabilities, and people for future growth, despite operating in...
View Full Quarterly Insights →

LATEST EARNINGS

•
Q3 FY2025
•
5 months ago
•View source
Revenue
$12.46B
+5.0%
Net Income
$3.70B
+30.0%
EPS
$0.86
+30.3%
Gross
61.5%↑ +0.8%
Operating
32.0%↑ +10.8%
Net
29.7%↑ +5.7%
  • •Net revenues grew 5% to $12.5 billion, with organic revenues (non-GAAP) growing 6%, driven by 6% growth in price/mix.
  • •Operating income grew 59% to $3.98 billion, with comparable currency neutral operating income (non-GAAP) growing 15% due to organic revenue growth and cost management.
  • •Diluted EPS grew 30% to $0.86, and comparable EPS (non-GAAP) grew 6% to $0.82.
  • •The company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages.
View Full Earnings →

Cash Flow Health

Free Cash Flow6/8 positive
TTM$5.3B
Q4 '25
$2.9B-37%
Q3 '25
$4.6B+35%
FCF Margin
TTM11.0%
Q4 '2524.3%-34%
Sector: 5.7%Top 25%
OCF Margin15.5%
OCF/NI0.57x
CapEx Coverage3.5x
FCF Yield1.8%
FCF Growth (2Y)-18%
Cash Conversion Cycle
127 days
DSO: 30+DIO: 97−DPO: 0
View Insights from Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Balanced
Total Shareholder YieldTTM
TTM3.2%
Div Yield2.9%
+
Buyback (TTM)0.2%

Balancing returns with reinvestment

Dividend & Payout Metrics
Dividend Yield (TTM)2.9%
FCF Payout Ratio165.8%
Free Cash Flow (TTM)$5.3B
Stock Repurchases (TTM)$746.0M
Capital Return / FCF179.9%
Est. Dividends Paid (TTM)$8.8B
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
15.0%
Stable
+0.0% YoY+2.6%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
23.6%
8Q: 18.2%
Asset Turnover
0.46x
8Q: 0.46x
Leverage (1+D/E)
2.36x
D/E: 1.36x
DuPont: 25.7% ≈ 15.0% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
4.56x
8Q:4.67x
-49.7%
Invested Cap Turn
1.44x
8Q:1.50x
-19.4%
CapEx Intensity
6.4%
8Q:5.7%
CapEx/Depreciation
2.01x
Asset-based ROIC formula
Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024
Revenue
$47.9B
$11.8B↓5.1%
$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
Operating Income
$13.8B
$1.8B↓53.8%
$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
Net Income
$13.1B
$2.3B↓38.6%
$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
Operating Cash Flow
$7.4B
$3.8B↓25.5%
$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
Free Cash Flow
$5.3B
$2.9B↓37.0%
$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
Total Equity
N/A
Income StatementCash Flow StatementBalance Sheet

Valuation Analysis

Fair Value
Price-to-EarningsTTM
22.9x
Volatile
8Q: 100.1x+318%
Valuation Lenses
Earnings
22.9x
vs – sector
Cash Flow
63.2x
EV/FCF vs –
Growth-Adj
1.0xPEG
Undervalued for growth
Quality-Adj
1.5P/E per %ROIC
ROIC: 15.0%
Shareholder Returns
Dividend
2.9%
Buyback
0.2%
Total Yield
3.2%
Market Cap$300.82B
EV$334.54B
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
81/100
Exceptional

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Top 10%
45.8%
8Q:–
Return on Invested Capital (ROIC)Top 25%
15.0%
8Q:–
+2.6%
vs Sector:0.1%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 23.6%
Asset Turnover: 0.46x

Earnings Quality

Cash Conversion

0.57x

OCF / Net Income

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin61.6%

Capital Efficiency

Invested Capital Turnover1.44x

Working Capital

Cash Conversion Cycle127 days

Growth Quality & Momentum

Low Quality
Growth Quality Score
43/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
1.9%
OpInc Growth YoY
-32.0%
EPS Growth YoY
23.1%
FCF 3Y CAGR
-17.8%

Growth Quality Analysis

⚠Working Capital Drag: FCF growth lagging revenue by 19.7%
⚠Sustainability Index: 3.0/10 - Growth sustainability concerns

Margin Quality & Sustainability

Low Quality
Profitability Cascade
Gross
61.6%
Operating
28.7%
Top 25% in sector
Net
27.3%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-16.3 pts
FCF: 11.0% | Net: 27.3%
FCF margin lags net margin by 16.3 pts

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Leveraged
Net Debt / EBITDA
–Net Debt: $29.74B
Interest Coverage
–
Balance sheet risk & solvency analysis

Research

All research