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Research · S&P 500 · Consumer Staples

KO · Coca-Cola Company

The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.

Price · last 3 months · daily close

KO price

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Daily closing prices via yfinance. Quotes are delayed. Past prices are not a guarantee of future results.

Value Scorecard · run 2026-10-20

13 value checks: 12 scored 1 to 5, plus moat evidence

39/60
moderate value score

Earnings & returns

EPS Trend

4/5

Diluted EPS: $2.19 (2022), $2.47 (2023), $2.46 (2024), $3.04 (2025). It rose every year but one and ended above 2022; the framework scores that as 4.

ROE Trend

5/5

ROE (net income / common equity): 39.6% (2022), 41.3% (2023), 42.8% (2024), 40.7% (2025). Median 41.0%, lowest 39.6%; the framework scores a median above 20% as 5.

ROIC

4/5

ROIC of 16.5%: operating income of $13.76B divided by $83.53B of capital (total assets $104.82B minus current liabilities $21.28B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores 15-20% as 4.

Profit Margins

5/5

Net margin of 28.6%; the framework scores above 20% as 5; gross margin 61.9%, operating margin 34.9%.

Balance sheet & cash

Debt-to-Equity

3/5

Debt-to-equity of 1.16; the framework scores 0.8-1.5 as 3 (total debt $44.26B, total cash $16.37B).

Free Cash Flow

2/5

Free cash flow (operating cash flow minus capital expenditure): $9.53B (2022), $9.75B (2023), $4.74B (2024), $5.30B (2025). It ended at or below 2022; the framework scores that as 2.

Retained Earnings

5/5

Retained earnings, as filed in the 10-Ks (SEC EDGAR): $71.02B (2022), $73.78B (2023), $76.05B (2024), $80.38B (2025). It rose every year; the framework scores that as 5.

Valuation models

Graham IV

3/5

IV = EPS x (8.5 + 2g) x (4.4 / Y) = $3.33 x (8.5 + 2 x 10.9) x (4.4 / 4.5) = $98.66. Current price $93.49; price is 5.2% below the model value.

DCF Value

1/5

FCF/share = $1.213, stage 1 growth = 2.4% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $4.92, PV of terminal value = $12.48, DCF value = $17.39. Current price $93.49; price is 437.5% above the model value.

Margin of Safety

3/5

Graham value $98.66 (price is 5.2% below the model value); DCF value $17.39 (price is 437.5% above the model value).

Price-to-Book

1/5

P/B of 11.13; the framework scores above 5.0 as 1.

Business quality

Moat Evidence

Not scored

A moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.

Return on capital, each year

Above 15% in 4 of 10 years (2016-2025); lowest 12.4%, highest 17.0%.

2016: 14.3%, 2017: 12.8%, 2018: 16.8%, 2019: 17.0%, 2020: 12.4%, 2021: 13.9%, 2022: 14.9%, 2023: 15.3%, 2024: 13.3%, 2025: 16.5%

Gross margin, each year

Between 58.1% and 62.1% over 10 years (a range of 4.0 points).

2016: 60.7%, 2017: 62.1%, 2018: 61.9%, 2019: 60.8%, 2020: 59.3%, 2021: 60.3%, 2022: 58.1%, 2023: 59.5%, 2024: 61.1%, 2025: 61.6%

Competition, in the company’s own words · 10-K filed Feb 20, 2026

The commercial beverage industry is highly competitive and consists of numerous companies, ranging from small or emerging to very large and well established. These include companies that, like our Company, compete globally in multiple geographic areas, as well as businesses that are primarily regional or local in operation. Competitive products include numerous nonalcoholic sparkling soft drinks; water products,

The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.

Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.

Capital Allocation

3/5

Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $38.95B paid out against $29.32B of free cash flow (fail: paid out more than free cash flow); total debt $39.15B to $45.49B, up 16.2%, 2.4x EBITDA (fail: up more than 10% and above 2x EBITDA); shares outstanding 4.33B to 4.30B, down 0.6% (pass). 2 of 4 tests passed; the framework scores that as 3.

Filings

Company notices to the SEC

Not scored

Three kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.

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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.

How the Graham and DCF values were calculated
  Graham Formula:
    IV = EPS x (8.5 + 2g) x (4.4 / Y)
    EPS = $3.33, g = 10.9%, Y = 4.5
    IV = $98.66
    Current price $93.49 vs Graham value $98.66 — price is 5.2% below the model value.

  DCF:
    FCF/share = $1.213
    Stage 1 growth = 2.4% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
      Y1: $1.242 → PV $1.129
      Y2: $1.272 → PV $1.051
      Y3: $1.302 → PV $0.979
      Y4: $1.334 → PV $0.911
      Y5: $1.366 → PV $0.848
    Stage 1 PV sum = $4.92
    Terminal value at end of Y5 = $20.09
    PV of terminal value = $12.48
    DCF value = $17.39
    Current price $93.49 vs DCF value $17.39 — price is 437.5% above the model value.

Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $93.49. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.

Recent headlines · third-party publishers · not investment advice

In the news

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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.