Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin13.2%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin7.9%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
C
Years to Pay Off Debt5.1 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$2.4B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$298M
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
D
Price-to-BookN/A (neg. equity)
Negative book value means total liabilities exceed total assets on the balance sheet. Two very different causes: (1) Heavy buybacks and dividends in highly profitable companies (Apple, McDonald's, Domino's) — equity deliberately reduced, not a warning sign. (2) Accumulated losses in unprofitable companies (Peloton, WeWork) — a genuine red flag. Check profitability and free cash flow to distinguish between the two. P/B cannot be scored meaningfully here.
Cash Flow
C
Free Cash Flow$620M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income54.7%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$1.1B
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
About Coca-Cola Consolidated, Inc.
Coca-Cola Consolidated, Inc., together with its subsidiaries, manufactures, markets, and distributes nonalcoholic beverages in the United States. It operates through Nonalcoholic Beverages and All Other segments. The company offers sparkling beverages; still beverages, including energy products; noncarbonated beverages, such as bottled water, ready to drink coffee and tea, enhanced water, juices, and sports drinks. It also sells its products to other Coca-Cola bottlers; and post-mix products that are dispensed through equipment, which mix the fountain syrups with carbonated or still water enabling fountain retailers to sell finished products to consumers in cups or glasses. In addition, the company manufactures and distributes various other beverage brands comprising Dr Pepper and Monster Energy. It sells and distributes its products directly to customers, including grocery stores, mass merchandise stores, club stores, convenience stores and drug stores, restaurants, schools, amusement parks, and recreational facilities, as well as vending machine outlets. The company was formerly known as Coca-Cola Bottling Co. Consolidated and changed its name to Coca-Cola Consolidated, Inc. in January 2019. Coca-Cola Consolidated, Inc. was founded in 1902 and is headquartered in Charlotte, North Carolina.
Coca-Cola Consolidated, Inc., together with its subsidiaries, manufactures, markets, and distributes nonalcoholic beverages in the United States. It operates through Nonalcoholic Beverages and All Other segments. The company offers sparkling beverages; still beverages, including energy products; noncarbonated beverages, such as bottled water, ready to drink coffee and tea, enhanced water, juices, and sports drinks. It also sells its products to other Coca-Cola bottlers; and post-mix products that are dispensed through equipment, which mix the fountain syrups with carbonated or still water enabling fountain retailers to sell finished products to consumers in cups or glasses. In addition, the company manufactures and distributes various other beverage brands comprising Dr Pepper and Monster Energy. It sells and distributes its products directly to customers, including grocery stores, mass merchandise stores, club stores, convenience stores and drug stores, restaurants, schools, amusement parks, and recreational facilities, as well as vending machine outlets. The company was formerly known as Coca-Cola Bottling Co. Consolidated and changed its name to Coca-Cola Consolidated, Inc. in January 2019. Coca-Cola Consolidated, Inc. was founded in 1902 and is headquartered in Charlotte, North Carolina.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Negative book value means total liabilities exceed total assets on the balance sheet. Two very different causes: (1) Heavy buybacks and dividends in highly profitable companies (Apple, McDonald's, Domino's) — equity deliberately reduced, not a warning sign. (2) Accumulated losses in unprofitable companies (Peloton, WeWork) — a genuine red flag. Check profitability and free cash flow to distinguish between the two. P/B cannot be scored meaningfully here.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Mr. Market is currently offering Coca-Cola Consolidated, Inc. at $181.54.
The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.
Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..
Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
39.7%▼
39.9%▲
39.1%▲
36.7%•
N/A
Operating Margin %
13.2%▼
13.3%▲
12.5%▲
10.3%•
N/A
Net Income %
7.9%▼
9.2%▲
6.1%▼
6.9%•
N/A
Diluted EPS
6.81▼
6.99▲
4.35▼
4.57•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$4.3B
$5.3B
$4.3B
$3.7B
N/A
Total Debt
$2.9B▲
$1.9B▲
$735M▼
$755M•
N/A
Working Capital
$298M▼
$1.2B▲
$614M▲
$341M•
N/A
Years to Pay Debt
5.10
3.01
1.80
1.76
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$620M▲
$505M▼
$528M▲
$225M•
N/A
Owner Earnings
$1.1B
$1.2B
$868M
$931M
N/A
CapEx % of Net Income
54.7%
58.6%
69.1%
76.5%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-34,558
-15,442
-42,548
-8,140
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
1,166,027
1,111,459
1,170,771
803,770
Total Unusual Items
-131,901
-59,166
-159,354
-32,301
Total Unusual Items Excluding Goodwill
-131,901
-59,166
-159,354
-32,301
Net Income From Continuing Operation Net Minority Interest
570,582
633,125
408,375
430,158
Reconciled Depreciation
218,530
193,791
176,966
171,590
Reconciled Cost Of Revenue
4,355,693
4,146,537
4,055,147
3,923,003
EBITDA
1,034,126
1,052,293
1,011,417
771,469
EBIT
815,596
858,502
834,451
599,879
Net Interest Income
-42,678
-1,848
918
-24,792
Interest Expense
42,678
1,848
24,792
33,449
Interest Income
918
Normalized Income
667,925
676,849
525,181
454,319
Net Income From Continuing And Discontinued Operation
570,582
633,125
408,375
430,158
Total Expenses
6,277,399
5,979,366
5,819,407
5,559,910
Total Operating Income As Reported
950,656
920,350
834,451
641,047
Diluted Average Shares
93,956
90,530
93,920
94,050
Basic Average Shares
83,705
90,400
93,740
93,740
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
570,582
633,125
408,375
430,158
Net Income Common Stockholders
570,582
633,125
408,375
430,158
Net Income
570,582
633,125
408,375
430,158
Net Income Including Noncontrolling Interests
570,582
633,125
408,375
430,158
Net Income Continuous Operations
570,582
633,125
408,375
430,158
Tax Provision
202,336
223,529
149,106
144,929
Pretax Income
772,918
856,654
557,481
575,087
Other Income Expense
-135,060
-61,848
-277,888
-41,168
Other Non Operating Income Expenses
-3,159
-2,682
-118,534
-8,867
Special Income Charges
-131,901
-59,166
-159,354
-32,301
Restructuring And Mergern Acquisition
131,901
59,166
159,354
32,301
Net Non Operating Interest Income Expense
-42,678
-1,848
918
-24,792
Interest Expense Non Operating
42,678
1,848
24,792
33,449
Interest Income Non Operating
918
Operating Income
950,656
920,350
834,451
641,047
Operating Expense
1,921,706
1,832,829
1,764,260
1,636,907
Selling General And Administration
1,921,706
1,832,829
1,764,260
1,636,907
General And Administrative Expense
1,832,829
1,877,056
1,636,907
1,515,016
Other Gand A
1,832,829
1,764,260
1,636,907
1,515,016
Salaries And Wages
0
112,796
0
0
Gross Profit
2,872,362
2,753,179
2,598,711
2,277,954
Cost Of Revenue
4,355,693
4,146,537
4,055,147
3,923,003
Total Revenue
7,228,055
6,899,716
6,653,858
6,200,957
Operating Revenue
7,228,055
6,899,716
6,653,858
6,200,957
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
0
37,478
36,905
36,905
Ordinary Shares Number
66,564
87,178
93,737
93,737
Share Issued
66,564
118,374
124,361
124,361
Net Debt
2,504,091
650,524
401,169
581,129
Total Debt
2,907,241
1,906,998
735,143
755,037
Tangible Book Value
-1,677,243
453,578
445,053
98,285
Invested Capital
2,046,286
3,203,959
2,034,757
1,714,205
Working Capital
298,017
1,234,133
613,794
340,645
Net Tangible Assets
-1,677,243
453,578
445,053
98,285
Capital Lease Obligations
121,232
120,650
135,984
156,220
Common Stock Equity
-739,723
1,417,611
1,435,598
1,115,388
Total Capitalization
1,946,286
2,854,260
2,034,757
1,714,205
Total Equity Gross Minority Interest
-739,723
1,417,611
1,435,598
1,115,388
Stockholders Equity
-739,723
1,417,611
1,435,598
1,115,388
Gains Losses Not Affecting Retained Earnings
-6,005
1,885
-4,276
-84,837
Other Equity Adjustments
-6,005
1,885
-4,276
-84,837
Treasury Stock
0
127,876
61,254
61,254
Retained Earnings
-824,046
1,395,183
1,352,111
1,112,462
Additional Paid In Capital
23,764
23,764
135,953
135,953
Capital Stock
66,564
124,655
13,064
13,064
Common Stock
66,564
124,655
13,064
13,064
Total Liabilities Net Minority Interest
5,042,721
3,895,528
2,853,344
2,594,157
Total Non Current Liabilities Net Minority Interest
3,914,064
2,582,359
1,762,010
1,689,001
Other Non Current Liabilities
648,201
599,003
612,895
512,346
Employee Benefits
245,804
221,946
214,042
198,094
Non Current Pension And Other Postretirement Benefit Plans
69,298
58,502
60,614
60,323
Non Current Deferred Liabilities
237,786
230,053
228,611
253,462
Non Current Deferred Revenue
94,048
97,112
100,176
103,240
Non Current Deferred Taxes Liabilities
143,738
132,941
128,435
150,222
Long Term Debt And Capital Lease Obligation
2,782,273
1,531,357
706,462
725,099
Long Term Capital Lease Obligation
96,264
94,708
107,303
126,282
Long Term Debt
2,686,009
1,436,649
599,159
598,817
Current Liabilities
1,128,657
1,313,169
1,091,334
905,156
Current Deferred Liabilities
0
18,739
Current Deferred Taxes Liabilities
0
18,739
Current Debt And Capital Lease Obligation
124,968
375,641
28,681
29,938
Current Capital Lease Obligation
24,968
25,942
28,681
29,938
Current Debt
100,000
349,699
Other Current Borrowings
100,000
349,699
Pensionand Other Post Retirement Benefit Plans Current
190,207
202,138
181,135
158,632
Payables And Accrued Expenses
813,482
735,390
881,518
716,586
Current Accrued Expenses
237,472
205,770
196,317
162,139
Interest Payable
10,558
7,611
2,520
2,677
Payables
576,010
529,620
685,201
554,447
Dueto Related Parties Current
182,446
187,271
139,499
162,783
Dividends Payable
0
154,666
32,808
0
Total Tax Payable
34,457
7,471
7,474
7,127
Accounts Payable
359,107
334,878
383,562
351,729
Total Assets
4,302,998
5,313,139
4,288,942
3,709,545
Total Non Current Assets
2,876,324
2,765,837
2,583,814
2,463,744
Other Non Current Assets
216,428
181,048
145,213
115,892
Financial Assets
7,714
Goodwill And Other Intangible Assets
937,520
964,033
990,545
1,017,103
Other Intangible Assets
771,617
798,130
824,642
851,200
Goodwill
165,903
165,903
165,903
165,903
Net PPE
1,722,376
1,620,756
1,448,056
1,330,749
Accumulated Depreciation
-1,346,323
-1,257,605
-1,160,845
-1,106,263
Gross PPE
3,068,699
2,878,361
2,608,901
2,437,012
Leases
218,993
195,420
183,931
184,371
Construction In Progress
53,307
77,707
95,623
103,803
Other Properties
583,148
569,335
572,216
579,467
Machinery Furniture Equipment
1,540,775
1,409,546
1,266,421
1,129,072
Buildings And Improvements
534,167
493,810
390,852
352,114
Land And Improvements
138,309
132,543
99,858
88,185
Current Assets
1,426,674
2,547,302
1,705,128
1,245,801
Other Current Assets
66,989
67,982
61,688
69,925
Hedging Assets Current
4,242
2,472
3,747
4,808
Assets Held For Sale Current
0
6,880
Prepaid Assets
37,437
25,877
23,150
19,530
Inventory
336,401
330,395
321,932
347,545
Other Inventories
44,196
42,926
42,460
47,156
Finished Goods
218,380
203,373
207,912
211,089
Raw Materials
73,825
84,096
71,560
89,300
Receivables
699,687
683,542
659,342
606,345
Other Receivables
54,889
40,692
67,533
54,631
Duefrom Related Parties Current
70,197
89,871
51,936
35,786
Accounts Receivable
574,601
552,979
539,873
515,928
Allowance For Doubtful Accounts Receivable
-11,176
-14,674
-16,060
-16,119
Gross Accounts Receivable
585,777
567,653
555,933
532,047
Cash Cash Equivalents And Short Term Investments
281,918
1,437,034
635,269
197,648
Other Short Term Investments
0
301,210
0
Cash And Cash Equivalents
281,918
1,135,824
635,269
197,648
Cash Financial
142,314
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
619,589
505,342
528,386
225,246
Repurchase Of Capital Stock
-2,606,031
-625,654
0
0
Repayment Of Debt
-1,151,809
-2,488
-2,303
-127,988
Issuance Of Debt
2,150,000
1,200,000
0
0
Capital Expenditure
-312,315
-371,015
-282,304
-329,260
Interest Paid Supplemental Data
23,960
28,086
29,142
Income Tax Paid Supplemental Data
200,812
140,988
70,988
End Cash Position
281,918
1,135,824
635,269
197,648
Beginning Cash Position
1,135,824
635,269
197,648
142,314
Changes In Cash
-853,906
500,555
437,621
55,334
Financing Cash Flow
-1,766,793
306,399
-77,719
-174,187
Cash Flow From Continuing Financing Activities
-1,766,793
306,399
-77,719
-174,187
Net Other Financing Charges
-72,280
-79,824
-28,548
-36,825
Cash Dividends Paid
-86,673
-185,635
-46,868
-9,374
Common Stock Dividend Paid
-86,673
-185,635
-46,868
-9,374
Net Common Stock Issuance
-2,606,031
-625,654
0
0
Common Stock Payments
-2,606,031
-625,654
0
0
Net Issuance Payments Of Debt
998,191
1,197,512
-2,303
-127,988
Short Term Debt Payments
0
0
-55,000
Short Term Debt Issuance
0
0
55,000
Net Long Term Debt Issuance
998,191
1,197,512
-2,303
-127,988
Long Term Debt Payments
-1,151,809
-2,488
-2,303
-127,988
Long Term Debt Issuance
2,150,000
1,200,000
0
0
Investing Cash Flow
-19,017
-682,201
-295,350
-324,985
Cash Flow From Continuing Investing Activities
-19,017
-682,201
-295,350
-324,985
Net Investment Purchase And Sale
306,304
-296,035
0
0
Sale Of Investment
696,415
150,274
0
0
Purchase Of Investment
-390,111
-446,309
0
0
Net Business Purchase And Sale
-19,600
-15,720
-13,741
-3,094
Purchase Of Business
-19,600
-15,720
-13,741
-3,094
Net Intangibles Purchase And Sale
0
0
-30,649
-8,993
Purchase Of Intangibles
0
0
-30,649
-8,993
Net PPE Purchase And Sale
-305,721
-370,446
-281,609
-291,242
Sale Of PPE
6,594
569
695
7,369
Purchase Of PPE
-312,315
-371,015
-282,304
-298,611
Operating Cash Flow
931,904
876,357
810,690
554,506
Cash Flow From Continuing Operating Activities
931,904
876,357
810,690
554,506
Change In Working Capital
-6,803
-17,732
-5,952
-76,435
Change In Other Working Capital
-3,498
-1,386
-59
-1,217
Change In Other Current Liabilities
-24,408
-22,862
-47,798
-33,430
Change In Other Current Assets
1,927
3,762
12,708
31,779
Change In Payables And Accrued Expense
50,166
41,729
50,840
45,907
Change In Accrued Expense
19,435
30,453
57,028
5,378
Change In Interest Payable
-1,419
152
Change In Payable
30,731
11,276
-6,188
40,529
Change In Account Payable
35,556
-36,496
17,096
23,417
Change In Prepaid Assets
-12,337
-7,746
5,682
-16,201
Change In Inventory
-6,006
-8,463
25,613
-44,694
Change In Receivables
-12,647
-22,766
-52,938
-58,579
Changes In Account Receivables
-12,647
-22,766
-52,938
-58,579
Other Non Cash Items
135,247
61,476
160,345
33,313
Asset Impairment Charge
0
0
3,200
Deferred Tax
13,704
2,529
-49,021
-9,762
Deferred Income Tax
13,704
2,529
-49,021
-9,762
Depreciation Amortization Depletion
218,530
193,791
176,966
171,590
Depreciation And Amortization
218,530
193,791
176,966
171,590
Amortization Cash Flow
23,449
23,448
23,494
23,628
Amortization Of Intangibles
23,449
23,448
23,494
23,628
Depreciation
195,081
170,343
153,472
147,962
Operating Gains Losses
644
3,168
119,977
5,642
Pension And Employee Benefit Expense
0
0
112,796
0
Gain Loss On Sale Of PPE
644
3,168
7,181
5,642
Net Income From Continuing Operations
570,582
633,125
408,375
430,158
4/7
Graham Score
Enterprising Investor
Requires deeper research. Suited for active investors.
Graham's Fair Value
N/A
Negative book value — Graham's formula requires positive equity (BVPS). Common in companies with heavy buybacks (MCD, AAPL). Not a flaw in the business, but the formula cannot produce a fair value.
Margin of Safety
—
Market Cap / Net Assets
⚠ Negative Net Assets
Net Assets: -$740M
⚠ Negative Net Assets — total liabilities exceed total assets on paper. This is common in companies that aggressively return capital via buybacks and dividends (Apple, McDonald's, Domino's). It does not indicate insolvency if the business generates strong, consistent free cash flow. Focus on FCF and earnings power rather than balance sheet book value for these companies.
Warren's Owner Earnings
$1.1B
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
4/7 — Enterprising Investor
✅
Adequate Size
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
$7.2B
vs > $1.5B revenue
❌
Strong Financial Condition
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
1.26x
vs Current Ratio > 2.0x
✅
Earnings Stability
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
No loss years (4 yrs data)
vs No negative EPS years
✅
Dividend Record
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
0.54%
vs Uninterrupted dividends
✅
Earnings Growth
EPS grew from $4.57 to $6.81 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
+48.9% EPS growth
vs > 33% EPS growth
❌
Moderate P/E Ratio
Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.
24.9x
vs P/E ≤ 15.0x
❌
Moderate Price-to-Book
This company has negative book equity — meaning accumulated buybacks and dividends exceed retained earnings on paper. This is common in highly profitable, capital-return-focused businesses (e.g. Domino's, McDonald's, Home Depot) and does not indicate financial distress. P/B is not a meaningful valuation metric for these companies.
N/A (negative book value)
vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $7.2Bvs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
❌ Strong Financial Condition — 1.26xvs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
✅ Earnings Stability — No loss years (4 yrs data)vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
✅ Dividend Record — 0.54%vs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
EPS grew from $4.57 to $6.81 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
"A minimum increase of at least one-third in per-share earnings over ten years."
❌ Moderate P/E Ratio — 24.9xvs P/E ≤ 15.0x
Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.
"The price-earnings ratio should be no more than 15 times average earnings."
This company has negative book equity — meaning accumulated buybacks and dividends exceed retained earnings on paper. This is common in highly profitable, capital-return-focused businesses (e.g. Domino's, McDonald's, Home Depot) and does not indicate financial distress. P/B is not a meaningful valuation metric for these companies.
"The price should not be more than 1½ times book value. P/E × P/B ≤ 22.5."
These metrics estimate what Coca-Cola Consolidated, Inc. is worth based on fundamentals — independent of what the market prices it at.
Graham's Fair Value and NCAV are conservative floors.
EPV assumes zero growth. These are reference points, not price targets.
Net Current Asset Value
$-63.98
Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
N/A
Per share, no-growth floor. Compare to current price.
ROIC — Return on Invested Capital
23.7%
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Cash Flow Analysis
Metric
2025
2024
2023
2022
2021
Capital Expenditure % of Net Income
54.7%
58.6%
69.1%
76.5%
N/A
Repurchase of Capital Stock
-$2.6B
-$626M
$0M
$0M
N/A
Free Cash Flow
$620M▲
$505M▼
$528M▲
$225M•
N/A•
Warren's Owner Earnings
$1.1B
$1.2B
$868M
$931M
N/A
Peers & Industry
No auto-detected peers for Beverages - Non-Alcoholic. You can manually compare COKE against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
0.00%
Low — management has little skin in the game
Return on Assets (ROA)
13.3%
Strong — management uses assets efficiently
Share Buybacks (Latest Year)
$2.6B
Management is returning capital to shareholders via buybacks
Debt Trend YoY
+52.5% YoY
Debt is growing — management is leveraging up
Leadership Team
Frank Harrison III
Chairman & CEO
Age 70
Pay: $14,691,706
2.575% of net income
David Michael Katz
President, COO & Director
Age 56
Pay: $5,877,823
1.030% of net income
Matthew Joseph Blickley
CFO & Chief Accounting Officer
Age 43
Pay: $1,607,860
0.282% of net income
Robert Chambless
Executive VP and Senior Advisor to the Chairman & CEO
Age 59
Pay: $2,757,524
0.483% of net income
Joshua Dorminy
Executive VP and Assistant to the Chairman & CEO
Age 47
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
9.28%
5,245,087
Vanguard Portfolio Management LLC
5.24%
2,959,084
Vanguard Capital Management LLC
4.50%
2,541,203
First Trust Advisors LP
3.57%
2,017,368
Boston Partners
3.56%
2,010,112
State Street Corporation
3.09%
1,744,164
Geode Capital Management, LLC
2.84%
1,607,659
Diversified Trust Company
2.59%
1,463,682
Risk Analysis
Beta (Market Risk)
0.55
Low volatility — more stable than the market
Short Interest
7.1% of float
Moderate short interest
Debt-to-Equity
1.98x
Moderate leverage
Current Ratio
1.24x
Adequate liquidity
52-Week Price Range
Low: $105.98Current: $181.54High: $219.65
Currently at 66% of 52-week range
Coca-Cola Consolidated, Inc. (COKE) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 39.7%. Operating margin: 13.2%. Net margin: 7.9%. Market cap: $12.1B. Sector: Consumer Defensive. Industry: Beverages - Non-Alcoholic. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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