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 Margin12.9%
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 Margin6.0%
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
D
Years to Pay Off Debt24.7 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-$2.3B
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$285M
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$142M
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 Income56.6%
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$232M
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 only 2 of 7 of Graham's defensive criteria — well below his required standard.
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: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.
Showing Key Metrics
Income Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Gross Profit %
39.4%▼
39.6%•
N/A
Operating Margin %
12.9%▲
12.7%•
N/A
Net Income %
6.0%▼
7.2%•
N/A
Diluted EPS
1.67▼
1.84•
N/A
Balance Sheet Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Total Assets
$4.4B
$4.3B
N/A
Total Debt
$2.8B▼
$2.9B•
N/A
Working Capital
$285M▼
$298M•
N/A
Years to Pay Debt
24.68
21.18
N/A
Cash Flow Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Free Cash Flow
$142M▲
$107M•
N/A
Owner Earnings
$232M
$295M
N/A
CapEx % of Net Income
56.6%
74.6%
N/A
Income Statement
2026
2025
2024
Tax Effect Of Unusual Items
-13,988
-7,429
Tax Rate For Calcs
0
0
Normalized EBITDA
293,575
189,797
Total Unusual Items
-53,391
-27,433
Total Unusual Items Excluding Goodwill
-53,391
-27,433
Net Income From Continuing Operation Net Minority Interest
111,556
137,250
Reconciled Depreciation
56,902
55,306
Reconciled Cost Of Revenue
1,119,588
1,149,996
EBITDA
240,184
162,364
EBIT
183,282
107,058
Net Interest Income
-32,063
-25,169
Interest Expense
32,063
Normalized Income
150,959
157,254
Net Income From Continuing And Discontinued Operation
111,556
137,250
Total Expenses
1,609,144
1,662,124
Total Operating Income As Reported
237,524
242,118
Diluted Average Shares
66,623
84,838
Basic Average Shares
66,564
74,673
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
111,556
137,250
Net Income Common Stockholders
111,556
137,250
Net Income
111,556
137,250
Net Income Including Noncontrolling Interests
111,556
137,250
Net Income Continuous Operations
111,556
137,250
Tax Provision
39,663
50,973
Pretax Income
151,219
188,223
Other Income Expense
-54,242
-28,726
Other Non Operating Income Expenses
-851
-1,293
Special Income Charges
-53,391
-27,433
Restructuring And Mergern Acquisition
53,391
27,433
Net Non Operating Interest Income Expense
-32,063
-25,169
Total Other Finance Cost
Interest Expense Non Operating
32,063
Operating Income
237,524
242,118
Operating Expense
489,556
512,128
Selling General And Administration
489,556
512,128
General And Administrative Expense
479,125
Other Gand A
479,125
Gross Profit
727,080
754,246
Cost Of Revenue
1,119,588
1,149,996
Total Revenue
1,846,668
1,904,242
Operating Revenue
1,846,668
1,904,242
Balance Sheet
2026
2025
2024
Treasury Shares Number
0
37,478
Ordinary Shares Number
66,564
66,564
Share Issued
66,564
66,564
Net Debt
2,404,201
2,504,091
Total Debt
2,752,864
2,907,241
Tangible Book Value
-1,574,362
-1,677,243
Invested Capital
1,993,678
2,046,286
Working Capital
285,286
298,017
Net Tangible Assets
-1,574,362
-1,677,243
Capital Lease Obligations
115,716
121,232
Common Stock Equity
-643,470
-739,723
Total Capitalization
1,893,678
1,946,286
Total Equity Gross Minority Interest
-643,470
-739,723
Stockholders Equity
-643,470
-739,723
Gains Losses Not Affecting Retained Earnings
-4,667
-6,005
Other Equity Adjustments
-4,667
-6,005
Treasury Stock
0
127,876
Retained Earnings
-729,131
-824,046
Additional Paid In Capital
23,764
23,764
Capital Stock
66,564
66,564
Common Stock
66,564
66,564
Total Liabilities Net Minority Interest
5,036,178
5,042,721
Total Non Current Liabilities Net Minority Interest
3,821,057
3,914,064
Other Non Current Liabilities
686,879
648,201
Employee Benefits
229,486
245,804
Non Current Pension And Other Postretirement Benefit Plans
69,850
69,298
Non Current Deferred Liabilities
276,380
237,786
Non Current Deferred Revenue
93,282
94,048
Non Current Deferred Taxes Liabilities
183,098
143,738
Long Term Debt And Capital Lease Obligation
2,628,312
2,782,273
Long Term Capital Lease Obligation
91,164
96,264
Long Term Debt
2,537,148
2,686,009
Current Liabilities
1,215,121
1,128,657
Current Debt And Capital Lease Obligation
124,552
124,968
Current Capital Lease Obligation
24,552
24,968
Current Debt
100,000
100,000
Other Current Borrowings
100,000
100,000
Pensionand Other Post Retirement Benefit Plans Current
107,563
190,207
Payables And Accrued Expenses
983,006
813,482
Current Accrued Expenses
246,369
237,472
Interest Payable
26,189
10,558
Payables
736,637
576,010
Dueto Related Parties Current
279,840
182,446
Dividends Payable
0
Total Tax Payable
36,501
34,457
Accounts Payable
420,296
359,107
Total Assets
4,392,708
4,302,998
Total Non Current Assets
2,892,301
2,876,324
Other Non Current Assets
222,253
216,428
Goodwill And Other Intangible Assets
930,892
937,520
Other Intangible Assets
764,989
771,617
Goodwill
165,903
165,903
Net PPE
1,739,156
1,722,376
Accumulated Depreciation
-1,377,582
-1,346,323
Gross PPE
3,116,738
3,068,699
Leases
226,957
218,993
Construction In Progress
57,419
53,307
Other Properties
579,623
583,148
Machinery Furniture Equipment
1,568,876
1,540,775
Buildings And Improvements
541,316
534,167
Land And Improvements
142,547
138,309
Current Assets
1,500,407
1,426,674
Other Current Assets
66,875
66,989
Hedging Assets Current
16,634
4,242
Prepaid Assets
38,322
37,437
Inventory
388,740
336,401
Other Inventories
42,893
44,196
Finished Goods
265,238
218,380
Raw Materials
80,609
73,825
Receivables
756,889
699,687
Other Receivables
41,400
54,889
Duefrom Related Parties Current
117,568
70,197
89,871
Accounts Receivable
597,921
574,601
Allowance For Doubtful Accounts Receivable
-12,376
-11,176
Gross Accounts Receivable
610,297
585,777
Cash Cash Equivalents And Short Term Investments
232,947
281,918
Other Short Term Investments
0
301,210
Cash And Cash Equivalents
232,947
281,918
Cash Flow
2026
2025
2024
Free Cash Flow
142,161
106,670
Repurchase Of Capital Stock
-2,460,333
-51,645
Repayment Of Debt
-150,137
-1,150,134
Issuance Of Debt
2,150,000
0
Capital Expenditure
-63,112
-102,321
End Cash Position
232,947
281,918
Beginning Cash Position
281,918
1,532,473
Changes In Cash
-48,971
-1,250,555
Financing Cash Flow
-185,906
-1,502,204
Cash Flow From Continuing Financing Activities
-185,906
-1,502,204
Net Other Financing Charges
-19,128
-20,374
Cash Dividends Paid
-16,641
-21,363
Common Stock Dividend Paid
-16,641
-21,363
Net Common Stock Issuance
-2,460,333
-51,645
Common Stock Payments
-2,460,333
-51,645
Net Issuance Payments Of Debt
-150,137
999,866
Net Long Term Debt Issuance
-150,137
999,866
Long Term Debt Payments
-150,137
-1,150,134
Long Term Debt Issuance
2,150,000
0
Investing Cash Flow
-68,338
42,658
Cash Flow From Continuing Investing Activities
-68,338
42,658
Net Investment Purchase And Sale
0
149,661
Sale Of Investment
0
189,769
Purchase Of Investment
0
-40,108
Net Business Purchase And Sale
-5,339
-4,891
Purchase Of Business
-5,339
-4,891
Net PPE Purchase And Sale
-62,999
-102,112
Sale Of PPE
113
209
Purchase Of PPE
-63,112
-102,321
Operating Cash Flow
205,273
208,991
Cash Flow From Continuing Operating Activities
205,273
208,991
Change In Working Capital
-58,063
-26,264
Change In Other Working Capital
1,200
-1,885
Change In Other Current Liabilities
-17,907
-3,819
Change In Other Current Assets
5,933
4,922
Change In Payables And Accrued Expense
75,094
-48,817
Change In Accrued Expense
-71,703
8,761
Change In Payable
146,797
-57,578
Change In Account Payable
146,797
-52,753
Change In Prepaid Assets
-11,642
-8,118
Change In Inventory
-52,339
18,456
Change In Receivables
-58,402
12,997
Changes In Account Receivables
-58,402
12,997
Other Non Cash Items
54,633
28,294
Deferred Tax
38,925
13,181
Deferred Income Tax
38,925
13,181
Depreciation Amortization Depletion
56,902
55,306
Depreciation And Amortization
56,902
55,306
Amortization Cash Flow
5,862
5,862
Amortization Of Intangibles
5,862
5,862
Depreciation
51,040
49,444
Operating Gains Losses
1,320
1,224
Gain Loss On Sale Of PPE
1,320
1,224
Net Income From Continuing Operations
111,556
137,250
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $1.6B▲ $1.8B+16.9%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 39.7%▲ 39.4%-0.3pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 15.0%▲ 12.9%-2.2pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 6.6%▲ 6.0%-0.5pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$1.8B/qtr (≈$7.4B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
1.23x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$142M
vs Positive
Operating Cash Flow
$205M
Latest quarter · Buffett's cash reality check
ROIC
5.9%
Based on latest annual operating income
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.
Market Cap / Net Assets
⚠ Negative Net Assets
Net Assets: -$643M
⚠ 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.
⚠️Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.
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)
2.5%
Fair — average asset utilization
Share Buybacks (Latest Year)
$2.6B
Management is returning capital to shareholders via buybacks
Debt Trend YoY
-5.3% YoY
Debt is declining — management is deleveraging
Leadership Team
Frank Harrison III
Chairman & CEO
Age 70
Pay: $14,691,706
13.170% of net income
David Michael Katz
President, COO & Director
Age 56
Pay: $5,877,823
5.269% of net income
Matthew Joseph Blickley
CFO & Chief Accounting Officer
Age 43
Pay: $1,607,860
1.441% of net income
Robert Chambless
Executive VP and Senior Advisor to the Chairman & CEO
Age 59
Pay: $2,757,524
2.472% 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: 39.4%. Operating margin: 12.9%. Net margin: 6.0%. 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.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.