Tearsheet

Coca-Cola (KO)


Market Price (10/31/2025): $68.57 | Market Cap: $295.1 Bil
Sector: Consumer Staples | Industry: Soft Drinks & Non-alcoholic Beverages

Coca-Cola (KO)


Market Price (10/31/2025): $68.57
Market Cap: $295.1 Bil
Sector: Consumer Staples
Industry: Soft Drinks & Non-alcoholic Beverages

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.1%
Weak multi-year price returns
2Y Excs Rtn is -34%, 3Y Excs Rtn is -49%
Expensive valuation multiples
P/SPrice/Sales ratio is 6.2x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 39x
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 31%
  
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 7.6 Bil, FCF LTM is 5.6 Bil
  
3 Low stock price volatility
Vol 12M is 18%
  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.1%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 31%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 7.6 Bil, FCF LTM is 5.6 Bil
3 Low stock price volatility
Vol 12M is 18%
4 Weak multi-year price returns
2Y Excs Rtn is -34%, 3Y Excs Rtn is -49%
5 Expensive valuation multiples
P/SPrice/Sales ratio is 6.2x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 39x

Market Valuation & Key Metrics

KO Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
KO Return2%11%11%-4%9%13%50%
Peers Return6%8%15%-8%-2%-9%7%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
KO Win Rate67%58%58%58%67%56% 
Peers Win Rate58%50%60%45%50%44% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
KO Max Drawdown-32%-12%-6%-16%-1%-2% 
Peers Max Drawdown-25%-12%-9%-19%-7%-16% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: MDLZ, CPB, CAG, KO, PEP. See KO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/30/2025 (YTD)

How Low Can It Go

Unique KeyEventKOS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-20.9%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven26.4%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven295 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-37.5%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven60.1%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven652 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-14.4%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven16.8%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven173 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-42.3%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven73.2%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven652 days1480 days

Compare to MDLZ, CPB, CAG, KO, PEP


In The Past

Coca-Cola's stock fell -20.9% during the 2022 Inflation Shock from a high on 4/21/2022. A -20.9% loss requires a 26.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Coca-Cola (KO)

Better Bets than Coca-Cola (KO)

Latest Trefis Analyses

Trade Ideas

Select past ideas related to KO. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
IPAR_9302025_Dip_Buyer_FCFYield09302025IPARInterparfumsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-6.8%-6.8%-6.8%
TAP_9302025_Dip_Buyer_FCFYield09302025TAPMolson Coors BeverageDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-3.8%-3.8%-3.8%
STZ_7312025_Monopoly_xInd_xCD_Getting_Cheaper07312025STZConstellation BrandsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-22.2%-22.2%-22.2%
SJM_6302025_Dip_Buyer_FCFYield06302025SJMJM SmuckerDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
4.1%4.1%0.0%
BF-B_5312025_Dip_Buyer_ValueBuy05312025BF-BBrown-FormanDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-18.4%-18.4%-22.4%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
IPAR_9302025_Dip_Buyer_FCFYield09302025IPARInterparfumsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-6.8%-6.8%-6.8%
TAP_9302025_Dip_Buyer_FCFYield09302025TAPMolson Coors BeverageDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-3.8%-3.8%-3.8%
STZ_7312025_Monopoly_xInd_xCD_Getting_Cheaper07312025STZConstellation BrandsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-22.2%-22.2%-22.2%
SJM_6302025_Dip_Buyer_FCFYield06302025SJMJM SmuckerDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
4.1%4.1%0.0%
BF-B_5312025_Dip_Buyer_ValueBuy05312025BF-BBrown-FormanDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-18.4%-18.4%-22.4%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Coca-Cola

Financials

KOMDLZCPBCAGPEPMedian
NameCoca-ColaMondelez.Campbell.Conagra .PepsiCo  
Mkt Price68.9857.7730.2917.42147.5557.77
Mkt Cap296.874.79.08.3202.074.7
Rev LTM47,66337,64510,25311,45092,36637,645
Op Inc LTM14,9144,3341,3531,34812,1934,334
FCF LTM5,5702,2907051,1416,7882,290
FCF 3Y Avg6,3843,1567151,1336,6453,156
CFO LTM7,6033,5761,1311,54411,7553,576
CFO 3Y Avg8,3354,3781,1531,52011,9744,378

Growth & Margins

KOMDLZCPBCAGPEPMedian
NameCoca-ColaMondelez.Campbell.Conagra .PepsiCo  
Rev Chg LTM2.8%4.1%6.4%-4.1%0.5%2.8%
Rev Chg 3Y Avg4.0%7.5%6.2%-0.9%3.4%4.0%
Rev Chg Q5.1%5.9%1.2%-5.8%2.7%2.7%
QoQ Delta Rev Chg LTM1.3%1.5%0.3%-1.4%0.7%0.7%
Op Mgn LTM31.3%11.5%13.2%11.8%13.2%13.2%
Op Mgn 3Y Avg29.7%14.5%13.3%15.1%13.8%14.5%
QoQ Delta Op Mgn LTM0.7%-1.6%0.3%-0.7%-0.3%-0.3%
CFO/Rev LTM16.0%9.5%11.0%13.5%12.7%12.7%
CFO/Rev 3Y Avg18.1%12.1%11.8%12.8%13.0%12.8%
FCF/Rev LTM11.7%6.1%6.9%10.0%7.3%7.3%
FCF/Rev 3Y Avg13.9%8.7%7.4%9.6%7.2%8.7%

Valuation

KOMDLZCPBCAGPEPMedian
NameCoca-ColaMondelez.Campbell.Conagra .PepsiCo  
Mkt Cap296.874.79.08.3202.074.7
P/S6.22.00.90.72.22.0
P/EBIT17.017.57.95.520.017.0
P/E22.821.215.09.828.021.2
P/CFO39.020.98.05.417.217.2
Total Yield7.2%8.0%10.5%18.2%7.3%8.0%
Dividend Yield2.9%3.3%3.8%8.0%3.7%3.7%
FCF Yield 3Y Avg2.4%3.4%6.1%9.5%3.1%3.4%
D/E0.20.30.81.00.00.3
Net D/E0.10.30.80.90.00.3

Returns

KOMDLZCPBCAGPEPMedian
NameCoca-ColaMondelez.Campbell.Conagra .PepsiCo  
1M Rtn4.0%-7.5%-4.1%-2.9%5.1%-2.9%
3M Rtn2.4%-10.0%-3.9%-2.6%8.0%-2.6%
6M Rtn-1.8%-13.6%-13.5%-25.1%12.8%-13.5%
12M Rtn7.8%-14.7%-32.2%-36.0%-7.8%-14.7%
3Y Rtn26.1%1.5%-36.3%-44.1%-10.6%-10.6%
1M Excs Rtn1.6%-10.2%-7.0%-9.5%1.4%-7.0%
3M Excs Rtn-8.4%-18.3%-14.5%-13.3%-2.4%-13.3%
6M Excs Rtn-23.5%-35.3%-35.2%-46.9%-9.0%-35.2%
12M Excs Rtn-10.6%-31.6%-50.7%-53.8%-26.9%-31.6%
3Y Excs Rtn-48.7%-71.6%-110.9%-118.2%-85.7%-85.7%

Financials

Segment Financials

Assets by Segment

$ Mil20242023202220212020
Corporate26,89723,75824,43022,09622,307
North America25,82325,77525,75119,78918,045
Bottling Investments23,51023,12422,98124,70425,263
Global Ventures7,6077,3257,9497,5797,279
Europe, Middle East & Africa7,5067,4988,3448,6158,686
Latin America3,8612,6962,3142,2002,517
Asia Pacific2,4992,5872,5852,3132,284
Eliminations00000
Total97,70392,76394,35487,29686,381


Price Behavior

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity33,409,600
Short Interest: % Change Since 9302025-4.6%
Average Daily Volume13,779,274
Days-to-Cover Short Interest2.42
Basic Shares Quantity4,303,000,000
Short % of Basic Shares0.8%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/21/20254.1%2.4% 
7/22/2025-0.6%-2.8%0.1%
4/29/20250.8%-0.1%-0.9%
2/11/20254.7%7.0%8.4%
10/23/2024-2.1%-5.6%-9.3%
7/23/20240.3%3.2%7.1%
4/30/2024-0.4%0.5%-0.5%
2/13/2024-0.6%1.7%2.4%
...
SUMMARY STATS   
# Positive151412
# Negative7810
Median Positive1.6%3.1%4.2%
Median Negative-0.6%-1.2%-3.7%
Max Positive4.7%7.0%8.4%
Max Negative-2.5%-5.6%-9.3%

SEC Filings

Expand for More

Report DateFiling DateFiling
93020251023202510-Q 9/26/2025
6302025724202510-Q 6/27/2025
3312025501202510-Q 3/28/2025
12312024220202510-K 12/31/2024
93020241024202410-Q 9/27/2024
6302024729202410-Q 6/28/2024
3312024502202410-Q 3/29/2024
12312023220202410-K 12/31/2023
93020231024202310-Q 9/29/2023
6302023727202310-Q 6/30/2023
3312023426202310-Q 3/31/2023
12312022221202310-K 12/31/2022
93020221026202210-Q 9/30/2022
6302022727202210-Q 7/1/2022
3312022428202210-Q 4/1/2022
12312021222202210-K 12/31/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0KOUMETTIS NIKOLAOS 8072025Sell69.1037,3962,584,10514,477,579Form
1Braun HenriqueEVP & Chief Operating Officer3132025Sell71.4725,2771,806,5143,749,677Form
2Douglas Monica HowardExecutive Vice President2282025Sell70.845,565394,2312,672,484Form
3Quincey JamesChairman and CEO2262025Sell71.01145,43510,327,58724,324,774Form
4Pietracci Bruno 2242025Sell70.5619,0581,344,698 Form