Coca-Cola Consolidated, Inc.

Bottled & Canned Soft Drinks & Carbonated Waters

COKESolid10 of 11 basics passed

$196.75

+2.55%

Market cap $13.1B

$196.75

+2.55%

Market cap $13.1B

Coca-Cola Consolidated Inc distributes, markets, and manufactures nonalcoholic beverages. It offers a range of nonalcoholic beverage products and flavors, including both sparkling and still beverages.

It is a $13.1B consumer staples company. Revenue grew 10.7% over the last year, it keeps 7¢ of every dollar of sales as profit, and its net debt equals ~3.7 years of free cash flow. It trades at 23.8× earnings — in the most expensive third of its own history.

Website: cokeconsolidated.com
Location: Charlotte, NC
Employees: 17 000
Sector: Consumer Defensive

Share price · 3 years

$65.82 → $196.75+198.9%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $7.69B
Profit: keeps 7¢ of every $1 sold; $550M
Free cash flow: cash left after running the business; $644M
Net debt: debt minus cash on hand; $2.40B
P/E: years of profit in the price; 23.8
EPS: earnings per share, TTM; $5.85
Dividend: pays out 14% of profit · 12% of FCF; 0.58%
Shares: shares outstanding; 94.0M
Volatility: beta vs the market — under 1 swings less; 0.64

Revenue, last 10 years

52-week range

Low $124.48$196.75High $216.91

Today's price is 78% of the way from the year's low to its high.

P/E vs its history5y

23.8×median 21.0×

Higher than 70% of past days — in the most expensive third of its own history.

Valuation vs own history

P/E

23.8×

30%

P/S

1.7×

33%

EV/EBITDA

15.6×

22%

P/B

9.2×

34%

FCF yield

4.9%

52%

Share of the last ~5 years that was pricier than today (pricier than usual). Based on the daily valuation record.

Standing in Consumer Defensive

Size$13.1Btop 70%
Revenue growth+5%top 25%
Net margin7%top 50%
Return on equity40%top 18%
P/E23.8×top 54%
Dividend yield0.58%top 94%

Ranked against 41 Consumer Defensive companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong profitability and quality; Moat lags behind.

Valuation62

P/E vs own history70th pct · 5/25
FCF yield4.9% · 12/25
P/S1.7x · 25/25
EV/EBITDA14.7x · 20/25

Growth62

Revenue CAGR6.8% · 12/25
Net income CAGR31.7% · 25/25
EPS CAGR ~5Y118.9% · 25/25
Fwd implied growthn/a · 0/25

Profitability75

ROIC34.3% · 25/25
ROE39.6% · 25/25
Net margin7.2% · 13/25
Operating margin11.0% · 12/25

Health55

Altman Z2.98 · 18/25
Current ratio1.21 · 12/25
Interest coverage19.1x · 25/25
Net cash / debtD/A 56% · 0/25

Quality90

Piotroski F5/9 · 15/25
Beneish M-3.59 · 25/25
FCF conversion117% · 25/25
Margin stabilityσ 4.9% · 25/25

Moat49

ROIC >12% years6/10 yrs · 13/25
Median gross margin36.2% · 13/25
FCF-positive years9/10 yrs · 18/25
Worst-year net marginworst -0.4% · 5/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2024Financial
Best year on record
$633M net income
FY2023Financial
Became debt-free
cash now exceeds total debt
FY2017Financial
Positive free cash flow every year since
9-year streak
FY2016Financial
First recorded profitable year
$50.1M net income
FY2016Financial
Revenue already above $1B
$3.16B in first reported year

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$50 156 today — price return only

$7.2B revenue in FY2025

Revenue up 10.7% year over year

Profitable 7 years in a row

Positive free cash flow 9 years in a row

17 000 employees

ROIC of 34.3%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (40.1%)
Revenue growing 10.7% year over year
Interest covered 19.1× by operating earnings
High returns on invested capital (ROIC 34.3%)

Watch-outs

Loss-making in 1 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

10 of 11 checks passed

Revenue growing — the company sells more than a year ago+10.7% YoY
Profitable — makes more than it spends$550M TTM
Profit growing — earnings are higher than last year-46.7% YoY
Generates cash — cash left after running and investing$644M TTM
Debt under control — could handle its obligations~3.7y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$13.1B market cap
Not printing shares — share count not ballooning — you keep your slice-0.2% shares over ~5y
Proven track record — years of profitability behind it9/10 profitable years
Financially stable — balance sheet not near distressAltman Z 3.0 — grey
Pays a dividend — returns cash to shareholdersyield 0.58%
Valuation not extreme — price not wildly above earningsP/E 23.8

Peer comparisonCoca-Cola Consolidated, Inc. vs 6 largest consumer defensive peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
COKE this company	$13.1B	23.8	+10.7%	7.2%	Solid
WMT Walmart Inc.	$882.9B	40.8	+6.2%	3.0%	Strained
COST Costco Wholesale Corp	$419.2B	45.5	+10.1%	3.0%	Mixed
KO Coca-Cola Company	$379.3B	26.5	+6.5%	28.6%	Mixed
PG Procter & Gamble Company	$351.2B	21.9	+3.3%	18.4%	Solid
PM Philip Morris International Inc.	$313.6B	28.8	+8.9%	25.6%	Strained
PEP PepsiCo, Inc.	$171.8B	16.5	+6.4%	11.1%	Strained

Head-to-head: COKE vs WMT · COKE vs COST · COKE vs KO

References

What covering analysts publish about the company — information only, not a recommendation.

Hold 3Sell 1Strong sell 2

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $7.69B · net income $550M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$7.69B

YoY 10.7%

Net income (TTM)

$550M

Margin 7.2%

Gross margin

40.1%

Operating margin

11.0%

P/E ratio

23.8

Dividend yield

0.58%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	5.0	5.6	6.2	6.7	6.9	7.2
Gross profit	1.8	2.0	2.3	2.6	2.8	2.9
Operating income (EBIT)	0.3	0.4	0.6	0.8	0.9	1.0
Net income	0.2	0.2	0.4	0.4	0.6	0.6
EPS (diluted)	—	1.63	4.02	3.92	6.29	6.07

Cash flowFree cash flow $644M · operating cash flow $946M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$644M

Margin 8.4%

Operating cash flow (TTM)

$946M

FCF margin

8.4%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.5	0.5	0.6	0.8	0.9	0.9
Capital expenditure	-0.2	-0.2	-0.3	-0.3	-0.4	-0.3
Free cash flow	0.3	0.4	0.3	0.5	0.5	0.6
FCF margin	5.8%	6.6%	4.1%	7.9%	7.3%	8.6%

Balance sheetAssets $4.30B · net debt $2.40B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $4.30B of assets is financed

117%

Liabilities $5.04B — borrowed moneyEquity -$740M — owners' stake

Cash vs debt

Total debt $2.69B − cash $282M = net debt $2.40B

Cash on hand covers 10% of debt.

Altman Z-Score

2.98

Grey zone

Debt repayment

3.8 yrs

Years of free cash flow to clear net debt

Interest coverage

19.1x

EBIT ÷ interest expense

ROE

39.6%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.1	0.1	0.2	0.6	1.4	0.3
Total assets	3.2	3.4	3.7	4.3	5.3	4.3
Total liabilities	2.7	2.7	2.6	2.9	3.9	5.0
Total debt	0.9	0.7	0.6	0.6	1.4	2.7
Equity	0.5	0.7	1.1	1.4	1.4	-0.7
Net debt	0.9	0.6	0.4	-0.0	-0.0	2.4

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of COKE on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $196.75 · market cap $13.1B.