What are the investment strengths of Coca-Cola Co (KO)?

Unmatched profitability (31% operating margin, 45% ROE) from century-old brand moat generates 5.6B FCF TTM despite minimal reinvestment needs. Defensive cash compounder: 12.7B cash, 7.6B operating cash flow TTM funds 8.7B annual dividends with 3.5x interest coverage.

What are the investment risks for Coca-Cola Co (KO)?

P/S 6.4x vs industry median 2.7x and P/CF 39.9x vs 17.4x median - premium pricing leaves no margin of safety for execution missteps. Debt load 47.4B (1.52x equity) with 34.7B net debt constrains flexibility; rising rates pressure 1.7B annual interest expense.

Coca-Cola Co

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Coca-Cola Co AI Insights

Informational only. Not investment advice.

As of 2025-12-08

Snapshot

Operating margin TTM 31.3% vs industry median 13.2% - 2.4x advantage from brand pricing power and asset-light bottler model.[Operating Margin TTM]
Tangible book value negative (-930M) with goodwill 60% of equity (18.7B) - valuation depends entirely on intangible brand value.[Tangible Book Value]
ROE TTM 45.1% vs industry median 7.1% driven by 1.52 debt/equity leverage - high returns but capital structure dependent.[ROE TTM]

Watch Triggers

Operating Margin TTM: Falls below 28% — Would signal pricing power erosion or input cost pressure breaking the brand moat thesis
Free Cash Flow TTM: Drops below 4.5B — Threatens dividend coverage (8.7B annual payout) and forces debt reliance
Debt to Equity: Exceeds 1.8x — Further leverage on negative tangible equity increases refinancing risk

Bull Case

Unmatched profitability (31% operating margin, 45% ROE) from century-old brand moat generates 5.6B FCF TTM despite minimal reinvestment needs.

Operating Margin TTMROE TTMFree Cash Flow TTM

Defensive cash compounder: 12.7B cash, 7.6B operating cash flow TTM funds 8.7B annual dividends with 3.5x interest coverage.

Cash and EquivalentsCash Flow TTMInterest Expense TTM

Bear Case

P/S 6.4x vs industry median 2.7x and P/CF 39.9x vs 17.4x median - premium pricing leaves no margin of safety for execution missteps.

PS RatioPCF Ratio

Debt load 47.4B (1.52x equity) with 34.7B net debt constrains flexibility; rising rates pressure 1.7B annual interest expense.

Total DebtDebt to EquityInterest Expense TTM

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

55%

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Forward Thesis

Margin stability will sustain premium valuation despite modest revenue growth

1-3yhigh

Brand moat enables pricing above inflation
Asset-light model limits capex to 4% of revenue
Dividend yield anchors institutional demand

Operating margin 31.3% TTM, 2.4x industryCapex only 2.0B vs 47.7B revenue TTMDividend 2.02/share on 3.01 EPS (67% payout)

Valuation Context

Caveats

Public Strategies Rankings

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KO Fundamentals

Manufacturing → Beverage and Tobacco Product Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$332.82B		—
Enterprise Value	$368.04B		—
P/E Ratio	25		—
Total Revenue - TTM	$47.94B	+1.9%	—
Earnings Per Share (diluted) - TTM	$3.04	+7.0%	—
Operating Margin - TTM	31.1%	+1.3%	—
Net Margin - TTM	27.3%	+4.8%	—
Free Cash Flow - TTM	$5.3B	+11.7%	—
Return on Common Equity - TTM	46.0%	+4.1%	—
Beta 5Y (Monthly)	unknown		—

KO Dividend History

105 dividends

2026

$0.5300

03/13/26$0.5300

2025

$2.0400

12/01/25$0.5100

09/15/25$0.5100

06/13/25$0.5100

03/14/25$0.5100

2024

$1.9400

11/29/24$0.4850

09/13/24$0.4850

06/14/24$0.4850

03/14/24$0.4850

2023

$1.8400

11/30/23$0.4600

09/14/23$0.4600

06/15/23$0.4600

03/16/23$0.4600

2022

$1.7600

11/30/22$0.4400

09/15/22$0.4400

06/14/22$0.4400

03/14/22$0.4400

2021

$1.6800

11/30/21$0.4200

09/14/21$0.4200

06/14/21$0.4200

03/12/21$0.4200

2020

$1.6400

11/30/20$0.4100

09/14/20$0.4100

06/12/20$0.4100

03/13/20$0.4100

2019

$1.6000

11/29/19$0.4000

09/13/19$0.4000

06/13/19$0.4000

03/14/19$0.4000

2018

$1.5600

11/29/18$0.3900

09/13/18$0.3900

06/14/18$0.3900

03/14/18$0.3900

2017

$1.4800

11/30/17$0.3700

09/14/17$0.3700

06/13/17$0.3700

03/13/17$0.3700

2016

$1.4000

11/29/16$0.3500

09/13/16$0.3500

06/13/16$0.3500

03/11/16$0.3500

2015

$1.3200

11/27/15$0.3300

09/11/15$0.3300

06/11/15$0.3300

03/12/15$0.3300

2014

$1.2200

11/26/14$0.3050

09/11/14$0.3050

06/12/14$0.3050

03/12/14$0.3050

2013

$1.1200

11/27/13$0.2800

09/12/13$0.2800

06/12/13$0.2800

03/13/13$0.2800

2012

$0.8925

11/28/12$0.2550

09/12/12$0.2550

06/13/12$0.1275

03/13/12$0.2550

2011

$0.9400

11/29/11$0.2350

09/13/11$0.2350

06/13/11$0.2350

03/11/11$0.2350

2010

$0.8800

11/29/10$0.2200

09/13/10$0.2200

06/11/10$0.2200

03/11/10$0.2200

2009

$0.8200

11/27/09$0.2050

09/11/09$0.2050

06/11/09$0.2050

03/11/09$0.2050

2008

$0.7600

11/26/08$0.1900

09/11/08$0.1900

06/11/08$0.1900

03/12/08$0.1900

2007

$0.6800

11/28/07$0.1700

09/12/07$0.1700

06/13/07$0.1700

03/13/07$0.1700

2006

$0.6200

11/29/06$0.1550

09/13/06$0.1550

06/13/06$0.1550

03/13/06$0.1550

2005

$0.5600

11/29/05$0.1400

09/13/05$0.1400

06/13/05$0.1400

03/11/05$0.1400

2004

$0.5000

11/29/04$0.1250

09/13/04$0.1250

06/14/04$0.1250

03/11/04$0.1250

2003

$0.4400

11/26/03$0.1100

09/11/03$0.1100

06/11/03$0.1100

03/12/03$0.1100

2002

$0.4000

11/26/02$0.1000

09/11/02$0.1000

06/12/02$0.1000

03/13/02$0.1000

2001

$0.3600

11/28/01$0.0900

09/12/01$0.0900

06/13/01$0.0900

03/13/01$0.0900

2000

$0.3400

11/29/00$0.0850

09/13/00$0.0850

06/13/00$0.0850

03/13/00$0.0850

KO Stock Splits

1 stock split

08/13/121:2 split

KO SEC Filings

Filing Date	Report Date	Report Type	Filing Link
02/20/26	12/31/25	10-K	0001628280-26-010047
10/23/25	09/26/25	10-Q	0001628280-25-046054
07/24/25	06/27/25	10-Q	0000021344-25-000061
05/01/25	03/28/25	10-Q	0000021344-25-000029
02/20/25	12/31/24	10-K	0000021344-25-000011
10/24/24	09/27/24	10-Q	0000021344-24-000060
07/29/24	06/28/24	10-Q	0000021344-24-000044
05/02/24	03/29/24	10-Q	0000021344-24-000017
02/20/24	12/31/23	10-K	0000021344-24-000009
10/24/23	09/29/23	10-Q	0000021344-23-000060
07/27/23	06/30/23	10-Q	0000021344-23-000048
04/26/23	03/31/23	10-Q	0000021344-23-000024
02/21/23	12/31/22	10-K	0000021344-23-000011
10/26/22	09/30/22	10-Q	0000021344-22-000042
07/27/22	07/01/22	10-Q	0000021344-22-000034
04/28/22	04/01/22	10-Q	0000021344-22-000016
02/22/22	12/31/21	10-K	0000021344-22-000009
10/28/21	10/01/21	10-Q	0000021344-21-000030
07/26/21	07/02/21	10-Q	0000021344-21-000024
04/27/21	04/02/21	10-Q	0000021344-21-000014
02/25/21	12/31/20	10-K	0000021344-21-000008
10/22/20	09/25/20	10-Q	0000021344-20-000046
07/22/20	06/26/20	10-Q	0000021344-20-000041
04/24/20	03/27/20	10-Q	0000021344-20-000014
02/24/20	12/31/19	10-K	0000021344-20-000006
10/24/19	09/27/19	10-Q	0000021344-19-000042
07/25/19	06/28/19	10-Q	0000021344-19-000034
04/25/19	03/29/19	10-Q	0000021344-19-000028
02/21/19	12/31/18	10-K	0000021344-19-000014
10/30/18	09/28/18	10-Q	0000021344-18-000042
07/26/18	06/29/18	10-Q	0000021344-18-000032
05/01/18	03/30/18	10-Q	0000021344-18-000023
02/23/18	12/31/17	10-K	0000021344-18-000008
10/26/17	09/29/17	10-Q	0000021344-17-000032
07/27/17	06/30/17	10-Q	0000021344-17-000026
04/27/17	03/31/17	10-Q	0000021344-17-000019
02/24/17	12/31/16	10-K	0000021344-17-000009
10/27/16	09/30/16	10-Q	0000021344-16-000076
07/28/16	07/01/16	10-Q	0000021344-16-000065
04/28/16	04/01/16	10-Q	0000021344-16-000059
02/25/16	12/31/15	10-K	0000021344-16-000050
10/28/15	10/02/15	10-Q	0000021344-15-000041
07/29/15	07/03/15	10-Q	0000021344-15-000031
04/30/15	04/03/15	10-Q	0000021344-15-000011
02/25/15	12/31/14	10-K	0000021344-15-000005
10/29/14	09/26/14	10-Q	0000021344-14-000036
07/30/14	06/27/14	10-Q	0000021344-14-000029
04/24/14	03/28/14	10-Q	0000021344-14-000016
02/27/14	12/31/13	10-K	0000021344-14-000008
10/24/13	09/27/13	10-Q	0000021344-13-000050
07/25/13	06/28/13	10-Q	0000021344-13-000039
04/25/13	03/29/13	10-Q	0000021344-13-000017
02/27/13	12/31/12	10-K	0000021344-13-000007
10/25/12	09/28/12	10-Q	0000021344-12-000051
07/26/12	06/29/12	10-Q	0000021344-12-000037
04/26/12	03/30/12	10-Q	0000021344-12-000023
02/23/12	12/31/11	10-K	0000021344-12-000007
10/27/11	09/30/11	10-Q	0000021344-11-000011
08/01/11	07/01/11	10-Q	0001047469-11-006790
05/02/11	04/01/11	10-Q	0001047469-11-004348
02/28/11	12/31/10	10-K	0001047469-11-001506
10/29/10	10/01/10	10-Q	0001047469-10-008993
08/02/10	07/02/10	10-Q	0001047469-10-006835
04/29/10	04/02/10	10-Q	0001047469-10-004416
02/26/10	12/31/09	10-K	0001047469-10-001476
10/29/09	10/02/09	10-Q	0001047469-09-009286
07/30/09	07/03/09	10-Q	0001047469-09-007013
04/30/09	04/03/09	10-Q	0001047469-09-004778
02/26/09	12/31/08	10-K	0001047469-09-001875
10/23/08	09/30/08	Unknown	--
07/24/08	06/30/08	Unknown	--
04/25/08	03/30/08	Unknown	--
02/28/08	12/31/07	10-K	0001193125-08-041768
10/24/07	09/30/07	Unknown	--
07/26/07	06/30/07	Unknown	--
04/26/07	03/31/07	10-Q	0001047469-07-003223
02/21/07	12/31/06	10-K	0001047469-07-001328
10/26/06	09/30/06	Unknown	--
07/27/06	06/30/06	10-Q	0001104659-06-049246
04/27/06	03/30/06	Unknown	--
02/28/06	12/31/05	10-K	0001047469-06-002588
10/27/05	09/30/05	10-Q	0001104659-05-050698
08/01/05	06/30/05	Unknown	--
04/28/05	03/30/05	Unknown	--
03/04/05	12/31/04	5	0000021344-05-000004
10/28/04	09/30/04	10-Q	0001047469-04-032333
08/05/04	06/30/04	10-Q	0001047469-04-025463
04/29/04	03/30/04	Unknown	--
02/27/04	12/31/03	10-K	0001047469-04-005840
10/27/03	09/30/03	8-K	0000021344-03-000149
08/13/03	06/30/03	8-K	0000021344-03-000096
04/25/03	03/30/03	Unknown	--
03/26/03	12/31/02	ARS	9999999997-03-007302
11/13/02	09/30/02	10-Q	0000021344-02-000059
08/13/02	06/30/02	10-Q	0000021344-02-000027
05/10/02	03/30/02	Unknown	--
03/11/02	12/31/01	ARS	9999999997-02-011889
11/13/01	09/30/01	10-Q	0000021344-01-500040
08/14/01	06/30/01	10-Q	0000021344-01-500025
05/01/01	03/30/01	Unknown	--
03/07/01	12/31/00	10-K	0000021344-01-000005
10/27/00	09/30/00	10-Q	0000021344-00-000027
07/27/00	06/30/00	10-Q	0000021344-00-000024
05/11/00	03/30/00	Unknown	--