Consumer Staples · Soft Drinks & Non-alcoholic Beverages · US stock · price as of 22 Oct 2026
Key indicators
Price
$95.34
52-week range
$67.27 – $95.37
Market cap
$411.3B
P/E (trailing)
30.0×
EV / EBITDA
28.7×
Free-cash-flow yield
3.1%
Dividend yield
2.2%
Revenue (last 12 months)
$49.3B
Revenue growth (3y a year)
3.7%
Operating margin
29.3%
Return on invested capital
18.0%
Net debt / EBITDA
2.1×
Fair value
Fair value (average of valid models)$77.83 middle half of models $74 – $88
Versus priceOvervalued−18% to fair value
P/E multiple
$93.27
P/B multiple
$85.77
P/S multiple
$72.23
EV/EBITDA multiple
$82.58
EV/EBIT multiple
$82.05
EV/revenue multiple
$79.32
10-year DCF, EBITDA exit
$84.28
5-year DCF, EBITDA exit
$90.02
10-year DCF, revenue exit
$84.06
5-year DCF, revenue exit
$89.14
10-year DCF, growth exit
$46.07
5-year DCF, growth exit
$44.70
Dividend discount, stable
$103.95
Earnings power value
$52.17
Model uncertainty
Medium
X-Ray Score
43/ 100 · High confidence · ahead of 28% of sector peers
Valuation13
Growth49
Profitability48
Financial health64
Dividends48
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Coca-Cola makes beverage concentrates and syrups, which it supplies to bottling partners who produce, package and distribute finished drinks. The portfolio includes Coca-Cola, Sprite, Fanta, Dasani, Minute Maid, Powerade and smartwater, as well as coffee, tea, juice and sports drinks. Customers include bottlers, restaurants, supermarkets, convenience stores and vending operators in countries around the world.
The company earns money mainly from concentrate and syrup supplied to bottlers, plus some finished beverages. Revenue for the last twelve months was $49.3 billion, and it has grown at 3.7% a year across the last three years. The operating margin is 29.3%, and the business earns a profit of 18% on the capital invested in it. It carries net debt of 2.1 times EBITDA. A dividend is paid, with a yield of 2.2%.
StocksXray gives Coca Cola Co an X-Ray Score of 43 out of 100 (high confidence), ahead of 28% of the S&P 500 stocks in its sector. Its strongest lens is financial health (64) and its weakest is valuation (13).
Our fair value (the average of the valid models) is $77.83 (range $74.00 to $88.29). At $95.34 the stock trades 22% above that value, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Coca Cola Co (KO)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$51.55
$57.01
$54.49
$59.32
$68.58
$95.34
Market cap
$223.7B
$248.0B
$236.4B
$256.3B
$295.8B
$411.3B
P/E
22.9×
26.0×
22.1×
24.1×
22.6×
30.0×
EV / revenue
6.8×
6.5×
5.9×
6.2×
6.9×
9.1×
EV / EBITDA
22.2×
23.1×
21.7×
26.3×
22.5×
28.8×
Price / free cash flow
19.9×
26.0×
24.3×
54.1×
55.9×
32.7×
Free-cash-flow yield
5.0%
3.8%
4.1%
1.9%
1.8%
3.1%
Price / book
9.7×
10.3×
9.1×
10.3×
9.2×
12.2×
Dividend yield
3.26%
3.09%
3.38%
3.27%
2.97%
2.20%
Fundamentals checklist ● 5 Good · ● 6 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−0.9%Bad
Free-cash-flow yield3.1%Bad
Risk models
Altman Z score4.5×Good
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)11.6%Good
Free-cash-flow growth (3y)−17.8%Bad
Revenue growth (3y)3.7%Average
Growth consistency80%Average
Balance sheet
Current ratio1.4×Good
Net debt / EBITDA2.1×Average
Interest cover8.8×Average
Valuation
Fair value vs price0.8×Bad
EBIT / EV yield3.2%Bad
Profitability
Return on invested capital18.0%Average
Operating margin29.3%Good
Gross profitability29.2%Average
XStocksXray
Coca Cola Co (KO)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
38,655
43,004
45,754
47,061
47,941
49,284
Gross profit
23,298
25,004
27,234
28,737
29,544
30,430
Operating income
10,308
10,909
11,311
9,992
13,762
14,462
Net income
9,771
9,542
10,714
10,631
13,107
13,701
Diluted EPS ($)
2.25
2.19
2.47
2.46
3.04
3.18
Free cash flow
11,258
9,534
9,747
4,741
5,296
12,562
Gross margin
60.3%
58.1%
59.5%
61.1%
61.6%
61.7%
Operating margin
26.7%
25.4%
24.7%
21.2%
28.7%
29.3%
Net margin
25.3%
22.2%
23.4%
22.6%
27.3%
27.8%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
94,354
92,763
97,703
100,549
104,816
104,217
Cash
9,684
9,519
9,366
10,828
10,270
10,574
Total debt
45,223
41,295
41,716
44,162
45,436
43,808
Equity
22,999
24,105
25,941
24,856
32,169
33,633
Dividend per share ($)
1.68
1.76
1.84
1.94
2.04
2.06
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
