NYSE · Consumer Defensive

The Coca-Cola Company

KO · Beverages - Non-Alcoholic

$78.13

▼ -0.45 (-0.57%)

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Mr. Market is currently offering The Coca-Cola Company at $78.13.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 61.6%

Operating Margin 31.1%

Net Income Margin 27.3%

Fin. Health C

Years to Pay Off Debt 3.5 yrs

Working Capital vs Long-Term Debt -$32.4B

Working Capital $9.8B

Valuation F

Margin of Safety 0.0%

Price-to-Book 10.45x

Cash Flow A

Free Cash Flow $5.3B

CapEx % of Net Income 16.1%

Owner Earnings $16.3B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $336.2B

Enterprise Value $371.0B

P/E (TTM) 24.57

Dividend Yield 2.62%

Exchange NYSE

Key Margins

Gross Profit 61.6%

Operating Margin 31.1%

Net Margin 27.3%

Company Info

Sector Consumer Defensive

Industry Beverages - Non-Alcoholic

Employees 65900

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering The Coca-Cola Company at $78.13.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $78.13, the stock trades at a 246% premium to its Graham Number of $22.61. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

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.

About The Coca-Cola Company

The Coca-Cola Company, a beverage company, manufactures and sells various nonalcoholic beverages in the United States and internationally. The company provides Trademark Coca-Cola, sparkling soft drinks and flavors; water, sports, coffee, and tea; juice, value-added dairy, and plant-based beverages; and emerging beverages. It also offers beverage concentrates and syrups, as well as fountain syrups to fountain retailers comprising restaurants and convenience stores. The company sells its products under the Coca-Cola, Diet Coke/Coca-Cola Light, Coca-Cola Zero Sugar, caffeine free Diet Coke, Cherry Coke, Fanta, Sprite, Simply, Fanta Orange, Fanta Zero Orange, Fanta Zero Sugar, Fanta Apple, Sprite Zero Sugar, Simply Orange, Simply Apple, Simply Grapefruit, Fresca, Schweppes, Thums Up, Aquarius, Ayataka, BODYARMOR, Ciel, Costa, Crystal, Dasani, Fuze Tea, Georgia, glacéau smartwater, glacéau vitaminwater, Gold Peak, I LOHAS, Powerade, Topo Chico, Core Power, Del Valle, fairlife, innocent, Maaza, Minute Maid, Minute Maid Pulpy, Santa Clara, and dogadan brands. It operates through a network of independent bottling partners, distributors, wholesalers, and retailers, as well as through bottling and distribution operators. The Coca-Cola Company was founded in 1886 and is headquartered in Atlanta, Georgia.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	61.6% ▲	61.1%	59.5%	58.1%	N/A
Operating Margin %	31.1% ▲	29.8%	28.6%	28.0%	N/A
Net Income %	27.3% ▲	22.6%	23.4%	22.2%	N/A
Diluted EPS	3.04 ▲	2.46	2.47	2.19	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$104.8B	$100.5B	$97.7B	$92.8B	N/A
Total Debt	$45.5B ↑	$44.5B	$42.1B	$39.1B	N/A
Working Capital	$9.8B ▲	$748M	$3.2B	$2.9B	N/A
Years to Pay Debt	3.47	4.19	3.93	4.10	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022
Free Cash Flow	$5.3B ▲	$4.7B	$9.7B	$9.5B
Owner Earnings	$16.3B	$13.8B	$13.7B	$12.3B
CapEx % of Net Income	16.1%	19.4%	17.3%	15.6%

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	3,398	-373,763	-310,938	-205,073
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	18,683,000	17,803,000	17,394,000	14,961,000
Total Unusual Items	19,000	-1,986,000	-1,787,000	-1,133,000
Total Unusual Items Excluding Goodwill	19,000	-1,986,000	-1,787,000	-1,133,000
Net Income From Continuing Operation Net Minority Interest	13,107,000	10,631,000	10,714,000	9,542,000
Reconciled Depreciation	1,050,000	1,075,000	1,128,000	1,260,000
Reconciled Cost Of Revenue	17,362,000	18,324,000	18,520,000	18,000,000
EBITDA	18,702,000	15,817,000	15,607,000	13,828,000
EBIT	17,652,000	14,742,000	14,479,000	12,568,000
Net Interest Income	-868,000	-668,000	-620,000	-433,000
Interest Expense	1,654,000	1,656,000	1,527,000	882,000
Interest Income	786,000	988,000	907,000	449,000
Normalized Income	13,091,398	12,264,237	12,190,062	10,469,927
Net Income From Continuing And Discontinued Operation	13,107,000	10,631,000	10,714,000	9,542,000
Total Expenses	33,030,000	33,039,000	32,656,000	30,962,000
Total Operating Income As Reported	13,762,000	9,992,000	11,311,000	10,909,000
Diluted Average Shares	4,313,000	4,320,000	4,339,000	4,350,000
Basic Average Shares	4,303,000	4,309,000	4,323,000	4,328,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	13,107,000	10,631,000	10,714,000	9,542,000
Net Income Common Stockholders	13,107,000	10,631,000	10,714,000	9,542,000
Net Income	13,107,000	10,631,000	10,714,000	9,542,000
Minority Interests	-30,000	-18,000	11,000	-29,000
Net Income Including Noncontrolling Interests	13,137,000	10,649,000	10,703,000	9,571,000
Net Income Continuous Operations	13,137,000	10,649,000	10,703,000	9,571,000
Tax Provision	2,861,000	2,437,000	2,249,000	2,115,000
Pretax Income	15,998,000	13,086,000	12,952,000	11,686,000
Other Income Expense	1,955,000	-268,000	474,000	77,000
Other Non Operating Income Expenses	-95,000	-52,000	570,000	-262,000
Special Income Charges	-501,000	-2,301,000	-1,787,000	-1,133,000
Gain On Sale Of Ppe			-35,000
Gain On Sale Of Business	635,000	842,000	-35,000		809,000
Other Special Charges	10,000	-23,000	-42,000	-219,000
Write Off	65,000	34,000	39,000	96,000
Impairment Of Capital Assets	1,045,000	886,000		57,000	78,000
Restructuring And Mergern Acquisition	16,000	2,246,000	1,744,000	1,076,000
Earnings From Equity Interest	2,031,000	1,770,000	1,691,000	1,472,000
Gain On Sale Of Security	520,000	315,000	185,000	-496,000
Net Non Operating Interest Income Expense	-868,000	-668,000	-620,000	-433,000
Interest Expense Non Operating	1,654,000	1,656,000	1,527,000	882,000
Interest Income Non Operating	786,000	988,000	907,000	449,000
Operating Income	14,911,000	14,022,000	13,098,000	12,042,000
Operating Expense	14,633,000	14,715,000	14,136,000	12,962,000
Other Operating Expenses	97,000	133,000	164,000	82,000
Depreciation Amortization Depletion Income Statement	15,000		15,000
Depreciation And Amortization In Income Statement	15,000		15,000
Amortization	15,000		15,000
Amortization Of Intangibles Income Statement	15,000		15,000
Selling General And Administration	14,521,000	14,582,000	13,972,000	12,880,000
Selling And Marketing Expense	5,400,000	5,100,000	7,609,000	7,086,000
General And Administrative Expense	9,121,000	9,482,000	254,000	356,000
Other Gand A	8,842,000	9,196,000			5,135,000
Salaries And Wages	279,000	286,000	254,000	356,000
Gross Profit	29,544,000	28,737,000	27,234,000	25,004,000
Cost Of Revenue	18,397,000	18,324,000	18,520,000	18,000,000
Total Revenue	47,941,000	47,061,000	45,754,000	43,004,000
Operating Revenue	47,941,000	47,061,000	45,754,000	43,004,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	2,738,000	2,738,000	2,732,000	2,712,000
Ordinary Shares Number	4,301,609	4,302,000	4,308,000	4,328,000
Share Issued	7,039,609	7,040,000	7,040,000	7,040,000
Net Debt	35,222,000	33,694,000	32,698,000	29,630,000
Total Debt	45,492,000	44,522,000	42,064,000	39,149,000
Tangible Book Value	4,147,000	-6,584,000	-6,766,000	-9,526,000
Invested Capital	77,661,000	69,378,000	68,005,000	63,254,000
Working Capital	9,763,000	748,000	3,161,000	2,867,000
Net Tangible Assets	4,147,000	-6,584,000	-6,766,000	-9,526,000
Common Stock Equity	32,169,000	24,856,000	25,941,000	24,105,000
Total Capitalization	74,288,000	67,231,000	61,488,000	60,482,000
Total Equity Gross Minority Interest	34,275,000	26,372,000	27,480,000	25,826,000
Minority Interest	2,106,000	1,516,000	1,539,000	1,721,000
Stockholders Equity	32,169,000	24,856,000	25,941,000	24,105,000
Gains Losses Not Affecting Retained Earnings	-14,131,000	-16,843,000	-14,275,000	-14,895,000
Other Equity Adjustments	-244,000	116,000	-154,000	24,000
Foreign Currency Translation Adjustments	-12,673,000	-15,610,000	-12,726,000	-13,609,000
Minimum Pension Liabilities	-1,188,000	-1,285,000	-1,394,000	-1,285,000
Unrealized Gain Loss	-26,000	-64,000	-1,000	-25,000
Treasury Stock	56,423,000	55,916,000	54,535,000	52,601,000
Retained Earnings	80,382,000	76,054,000	73,782,000	71,019,000
Additional Paid In Capital	20,581,000	19,801,000	19,209,000	18,822,000
Capital Stock	1,760,000	1,760,000	1,760,000	1,760,000
Common Stock	1,760,000	1,760,000	1,760,000	1,760,000
Total Liabilities Net Minority Interest	70,541,000	74,177,000	70,223,000	66,937,000
Total Non Current Liabilities Net Minority Interest	49,260,000	48,928,000	46,652,000	47,213,000
Other Non Current Liabilities	4,735,000	4,084,000	8,466,000	7,922,000
Non Current Deferred Liabilities	2,406,000	2,469,000	2,639,000	2,914,000
Non Current Deferred Taxes Liabilities	2,406,000	2,469,000	2,639,000	2,914,000
Long Term Debt And Capital Lease Obligation	42,119,000	42,375,000	35,547,000	36,377,000
Long Term Debt	42,119,000	42,375,000	35,547,000	36,377,000
Current Liabilities	21,281,000	25,249,000	23,571,000	19,724,000
Other Current Liabilities	2,570,000	3,000
Current Debt And Capital Lease Obligation	3,373,000	2,147,000	6,517,000	2,772,000
Current Debt	3,373,000	2,147,000	6,517,000	2,772,000
Other Current Borrowings	1,822,000	648,000	1,960,000	399,000
Line Of Credit	56,000	360,000	348,000	227,000
Commercial Paper	1,495,000	1,139,000	4,209,000	2,146,000
Pensionand Other Post Retirement Benefit Plans Current	1,506,000	1,391,000	1,394,000	1,087,000
Payables And Accrued Expenses	13,832,000	21,708,000	15,660,000	15,865,000
Current Accrued Expenses	7,658,000	14,853,000	8,501,000	9,355,000
Payables	6,174,000	6,855,000	7,159,000	6,510,000
Other Payable				934,000	1,118,000
Total Tax Payable	525,000	1,387,000	1,569,000	1,203,000
Income Tax Payable	525,000	1,387,000	1,569,000	1,203,000
Accounts Payable	5,649,000	5,468,000	5,590,000	5,307,000
Total Assets	104,816,000	100,549,000	97,703,000	92,763,000
Total Non Current Assets	73,772,000	74,552,000	70,971,000	70,172,000
Other Non Current Assets	14,696,000	13,403,000	7,796,000	6,189,000
Non Current Deferred Assets	1,206,000	1,319,000	1,561,000	1,746,000
Non Current Deferred Taxes Assets	1,206,000	1,319,000	1,561,000	1,746,000
Investments And Advances	20,235,000	18,087,000	19,671,000	18,765,000
Other Investments			118,000	501,000	818,000
Long Term Equity Investment	20,235,000	18,087,000	19,671,000	18,264,000
Goodwill And Other Intangible Assets	28,022,000	31,440,000	32,707,000	33,631,000
Other Intangible Assets	12,531,000	13,301,000	14,349,000	14,849,000
Goodwill	15,491,000	18,139,000	18,358,000	18,782,000
Net PPE	9,613,000	10,303,000	9,236,000	9,841,000
Accumulated Depreciation	-9,119,000	-9,570,000	-9,233,000	-9,234,000
Gross PPE	18,732,000	19,873,000	18,469,000	19,075,000
Machinery Furniture Equipment	13,500,000	14,504,000	13,593,000	14,030,000
Buildings And Improvements	4,967,000	5,143,000	4,647,000	4,434,000
Land And Improvements	265,000	226,000	229,000	611,000
Current Assets	31,044,000	25,997,000	26,732,000	22,591,000
Other Current Assets	2,433,000	2,998,000	5,235,000	3,240,000
Assets Held For Sale Current	5,342,000	131,000
Prepaid Assets				3,240,000	2,994,000
Inventory	4,425,000	4,728,000	4,424,000	4,233,000
Other Inventories	342,000	410,000	357,000	359,000
Finished Goods	1,375,000	1,524,000	1,449,000	1,247,000
Raw Materials	2,708,000	2,794,000	2,618,000	2,627,000
Receivables	3,038,000	3,569,000	3,410,000	3,487,000
Accounts Receivable	3,038,000	3,569,000	3,410,000	3,487,000
Allowance For Doubtful Accounts Receivable	-495,000	-506,000	-502,000	-516,000
Gross Accounts Receivable	3,533,000	4,075,000	3,912,000	4,003,000
Cash Cash Equivalents And Short Term Investments	15,806,000	14,571,000	13,663,000	11,631,000
Other Short Term Investments	5,536,000	3,743,000	4,297,000	2,112,000
Cash And Cash Equivalents	10,270,000	10,828,000	9,366,000	9,519,000

Cash Flow

	2025	2024	2023	2022
Free Cash Flow	5,296,000	4,741,000	9,747,000	9,534,000
Repurchase Of Capital Stock	-746,000	-1,795,000	-2,289,000	-1,418,000
Repayment Of Debt	-4,967,000	-9,533,000	-5,034,000	-4,930,000
Issuance Of Debt	4,980,000	12,061,000	6,891,000	3,972,000
Issuance Of Capital Stock	313,000	747,000	539,000	837,000
Capital Expenditure	-2,112,000	-2,064,000	-1,852,000	-1,484,000
End Cash Position	11,010,000	11,488,000	9,692,000	9,825,000
Beginning Cash Position	11,488,000	9,692,000	9,825,000	10,025,000
Effect Of Exchange Rate Changes	321,000	-623,000	-73,000	-205,000
Changes In Cash	-799,000	2,419,000	-60,000	5,000
Financing Cash Flow	-8,140,000	-6,910,000	-8,310,000	-10,250,000
Cash Flow From Continuing Financing Activities	-8,140,000	-6,910,000	-8,310,000	-10,250,000
Net Other Financing Charges	1,059,000	-31,000	-465,000	-1,095,000
Cash Dividends Paid	-8,779,000	-8,359,000	-7,952,000	-7,616,000
Common Stock Dividend Paid	-8,779,000	-8,359,000	-7,952,000	-7,616,000
Net Common Stock Issuance	-433,000	-1,048,000	-1,750,000	-581,000
Common Stock Payments	-746,000	-1,795,000	-2,289,000	-1,418,000
Common Stock Issuance	313,000	747,000	539,000	837,000
Net Issuance Payments Of Debt	13,000	2,528,000	1,857,000	-958,000
Net Long Term Debt Issuance	13,000	2,528,000	1,857,000	-958,000
Long Term Debt Payments	-4,967,000	-9,533,000	-5,034,000	-4,930,000
Long Term Debt Issuance	4,980,000	12,061,000	6,891,000	3,972,000
Investing Cash Flow	-67,000	2,524,000	-3,349,000	-763,000
Cash Flow From Continuing Investing Activities	-67,000	2,524,000	-3,349,000	-763,000
Net Other Investing Changes	421,000	429,000	405,000	-759,000
Net Investment Purchase And Sale	-1,495,000	949,000	-2,344,000	1,020,000
Sale Of Investment	4,665,000	6,589,000	4,354,000	4,771,000
Purchase Of Investment	-6,160,000	-5,640,000	-6,698,000	-3,751,000
Net Business Purchase And Sale	3,106,000	3,170,000	368,000	385,000
Sale Of Business	3,567,000	3,485,000	430,000	458,000
Purchase Of Business	-461,000	-315,000	-62,000	-73,000
Net PPE Purchase And Sale	-2,099,000	-2,024,000	-1,778,000	-1,409,000
Sale Of PPE	13,000	40,000	74,000	75,000
Purchase Of PPE	-2,112,000	-2,064,000	-1,852,000	-1,484,000
Operating Cash Flow	7,408,000	6,805,000	11,599,000	11,018,000
Cash Flow From Continuing Operating Activities	7,408,000	6,805,000	11,599,000	11,018,000
Change In Working Capital	-7,208,000	-6,234,000	-846,000	-605,000
Change In Other Current Liabilities	170,000	-63,000	-187,000	-200,000
Change In Payables And Accrued Expense	-7,170,000	311,000	263,000	399,000
Change In Payable	-7,170,000	311,000	263,000	399,000
Change In Account Payable	-6,612,000	1,134,000	841,000	759,000
Change In Tax Payable	-558,000	-823,000	-578,000	-360,000
Change In Income Tax Payable	-558,000	-823,000	-578,000	-360,000
Change In Prepaid Assets	-388,000	-5,667,000	-323,000	225,000
Change In Inventory	-154,000	-520,000	-597,000	-960,000
Change In Receivables	334,000	-295,000	-2,000	-69,000
Changes In Account Receivables	334,000	-295,000	-2,000	-69,000
Other Non Cash Items	480,000	1,952,000	1,206,000	1,193,000
Stock Based Compensation	279,000	286,000	254,000	356,000
Deferred Tax	517,000	-11,000	-2,000	-122,000
Deferred Income Tax	517,000	-11,000	-2,000	-122,000
Depreciation Amortization Depletion	1,050,000	1,075,000	1,128,000	1,260,000
Depreciation And Amortization	1,050,000	1,075,000	1,128,000	1,260,000
Operating Gains Losses	-847,000	-912,000	-844,000	-635,000
Earnings Losses From Equity Investments	-1,038,000	-802,000	-1,019,000	-838,000
Net Foreign Currency Exchange Gain Loss	191,000	-110,000	175,000	203,000
Net Income From Continuing Operations	13,137,000	10,649,000	10,703,000	9,571,000

These metrics estimate what The Coca-Cola Company is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$22.61

Margin of Safety

Market Cap ÷ Company Value

2.17

P/B Ratio

10.45

Warren's Owner Earnings

$16.3B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$47.9B

vs > $1.5B revenue

❌ Strong Financial Condition

1.46x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.62%

vs Uninterrupted dividends

✅ Earnings Growth

+38.8% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

24.6x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

10.45x P/B (P/E×P/B: 256.8)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-9.18

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

$38.50

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022
Capital Expenditure % of Net Income	16.1%	19.4%	17.3%	15.6%
Repurchase of Capital Stock	-$746M	-$1.8B	-$2.3B	-$1.4B
Free Cash Flow	$5.3B ▲	$4.7B ▼	$9.7B ▲	$9.5B •
Warren's Owner Earnings	$16.3B	$13.8B	$13.7B	$12.3B

Peers & Industry

No auto-detected peers for Beverages - Non-Alcoholic. You can manually compare KO 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

9.90%

Moderate — some alignment with shareholders

Return on Equity (ROE)

40.7%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

12.5%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$746M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+2.2% YoY

Debt is roughly stable

Leadership Team

James Robert Quincey

Executive Chairman

Age 60

Pay: $7,231,315

0.055% of net income

John Murphy

President & CFO

Age 63

Pay: $3,988,074

0.030% of net income

Jennifer Kay Mann

Executive VP & President of North America Operating Unit

Age 53

Pay: $2,343,780

0.018% of net income

Top Institutional Holders

Institution	% Owned	Shares
Berkshire Hathaway, Inc	9.29%	400,000,000
Vanguard Group Inc	8.71%	374,771,512
Blackrock Inc.	7.40%	318,678,464
State Street Corporation	3.90%	167,850,330
FMR, LLC	2.56%	109,972,463
Morgan Stanley	2.17%	93,199,753
Geode Capital Management, LLC	2.09%	89,984,203
Charles Schwab Investment Management, Inc.	1.66%	71,503,882

Risk Analysis

Beta (Market Risk)

0.36

Low volatility — more stable than the market

Short Interest

1.0% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.25x

Moderate leverage

Current Ratio

1.36x

Adequate liquidity

52-Week Price Range

Low: $65.35 Current: $78.13 High: $82.00

Currently at 77% of 52-week range

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