Latest Ratios: P/E Ratio 27.3x · EV/EBITDA 26.5x · ROE 43.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $357.1B | $301.5B | $269.0B | $255.7B | $276.7B | $257.0B | $237.1B | $238.8B | $203.6B | $198.4B | $181.1B |
| Enterprise Value | $392.3B | $336.7B | $303.9B | $289.8B | $307.8B | $291.5B | $274.7B | $276.5B | $238.7B | $240.1B | $218.2B |
| P/E Ratio → | 27.29 | 23.00 | 25.31 | 23.86 | 29.05 | 26.32 | 30.64 | 26.74 | 31.57 | 158.21 | 27.83 |
| P/S Ratio | 7.45 | 6.29 | 5.72 | 5.59 | 6.43 | 6.65 | 7.18 | 6.41 | 5.93 | 5.48 | 4.32 |
| P/B Ratio | 10.44 | 8.80 | 10.20 | 9.30 | 10.71 | 10.34 | 11.14 | 11.32 | 10.68 | 10.45 | 7.80 |
| P/FCF | 67.42 | 56.93 | 56.73 | 26.23 | 29.02 | 22.83 | 27.35 | 28.37 | 33.49 | 36.53 | 27.71 |
| P/OCF | 48.20 | 40.70 | 39.52 | 22.04 | 25.11 | 20.35 | 24.08 | 22.80 | 26.69 | 27.92 | 20.58 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.02 | 6.46 | 6.33 | 7.16 | 7.54 | 8.32 | 7.42 | 6.96 | 6.63 | 5.21 |
| EV / EBITDA | 26.48 | 22.73 | 27.46 | 23.29 | 25.29 | 24.79 | 26.08 | 24.14 | 23.31 | 26.63 | 20.89 |
| EV / EBIT | 28.51 | 19.08 | 20.61 | 20.01 | 24.49 | 20.79 | 24.56 | 23.56 | 26.02 | 31.00 | 24.60 |
| EV / FCF | — | 63.58 | 64.09 | 29.73 | 32.28 | 25.89 | 31.69 | 32.84 | 39.27 | 44.20 | 33.40 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.6% | 61.6% | 61.1% | 59.5% | 58.1% | 60.3% | 59.3% | 60.8% | 61.9% | 62.1% | 60.7% |
| Operating Margin | 28.7% | 28.7% | 21.2% | 24.7% | 25.4% | 26.7% | 27.3% | 27.1% | 26.7% | 21.4% | 20.7% |
| Net Profit Margin | 27.3% | 27.3% | 22.6% | 23.4% | 22.2% | 25.3% | 23.5% | 23.9% | 18.8% | 3.4% | 15.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 43.2% | 43.2% | 39.5% | 40.2% | 37.7% | 42.4% | 36.6% | 44.4% | 33.8% | 5.9% | 26.6% |
| ROA | 12.8% | 12.8% | 10.7% | 11.3% | 10.2% | 10.8% | 8.9% | 10.5% | 7.5% | 1.4% | 7.4% |
| ROIC | 15.8% | 15.8% | 12.2% | 14.3% | 14.1% | 13.1% | 11.5% | 13.4% | 12.0% | 9.6% | 10.6% |
| ROCE | 17.3% | 17.3% | 13.4% | 15.4% | 14.8% | 14.0% | 13.6% | 17.7% | 15.9% | 12.8% | 14.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.33 | 1.33 | 1.73 | 1.58 | 1.57 | 1.78 | 2.09 | 2.09 | 2.32 | 2.51 | 1.97 |
| Debt / EBITDA | 3.07 | 3.07 | 4.13 | 3.49 | 3.34 | 3.76 | 4.22 | 3.86 | 4.32 | 5.29 | 4.38 |
| Net Debt / Equity | — | 1.03 | 1.32 | 1.24 | 1.20 | 1.39 | 1.77 | 1.79 | 1.84 | 2.20 | 1.60 |
| Net Debt / EBITDA | 2.38 | 2.38 | 3.15 | 2.74 | 2.55 | 2.94 | 3.57 | 3.29 | 3.43 | 4.62 | 3.56 |
| Debt / FCF | — | 6.65 | 7.36 | 3.49 | 3.26 | 3.07 | 4.34 | 4.48 | 5.78 | 7.67 | 5.69 |
| Interest Coverage | 10.67 | 10.67 | 8.90 | 9.48 | 14.25 | 8.78 | 7.78 | 12.40 | 9.66 | 9.08 | 12.10 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.46 | 1.46 | 1.03 | 1.13 | 1.15 | 1.13 | 1.32 | 0.76 | 0.87 | 1.34 | 1.28 |
| Quick Ratio | 1.25 | 1.25 | 0.84 | 0.95 | 0.93 | 0.96 | 1.09 | 0.63 | 0.76 | 1.25 | 1.18 |
| Cash Ratio | 0.65 | 0.65 | 0.58 | 0.58 | 0.59 | 0.63 | 0.75 | 0.41 | 0.56 | 0.76 | 0.84 |
| Asset Turnover | — | 0.46 | 0.47 | 0.47 | 0.46 | 0.41 | 0.38 | 0.43 | 0.41 | 0.41 | 0.48 |
| Inventory Turnover | 4.16 | 4.16 | 3.88 | 4.19 | 4.25 | 4.50 | 4.11 | 4.33 | 4.25 | 5.17 | 6.16 |
| Days Sales Outstanding | — | 23.13 | 27.68 | 27.20 | 29.60 | 33.16 | 34.76 | 38.89 | 39.21 | 36.96 | 33.62 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.5% | 2.9% | 3.1% | 3.1% | 2.8% | 2.8% | 3.0% | 2.9% | 3.3% | 3.2% | 3.3% |
| Payout Ratio | 67.0% | 67.0% | 78.6% | 74.2% | 79.8% | 74.2% | 91.0% | 76.7% | 103.3% | 506.4% | 92.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 4.3% | 4.0% | 4.2% | 3.4% | 3.8% | 3.3% | 3.7% | 3.2% | 0.6% | 3.6% |
| FCF Yield | 1.5% | 1.8% | 1.8% | 3.8% | 3.4% | 4.4% | 3.7% | 3.5% | 3.0% | 2.7% | 3.6% |
| Buyback Yield | 0.2% | 0.2% | 0.7% | 0.9% | 0.5% | 0.0% | 0.0% | 0.5% | 0.9% | 1.9% | 2.0% |
| Total Shareholder Yield | 2.7% | 3.2% | 3.8% | 4.0% | 3.3% | 2.9% | 3.0% | 3.3% | 4.2% | 5.0% | 5.4% |
| Shares Outstanding | — | $4.3B | $4.3B | $4.3B | $4.3B | $4.3B | $4.3B | $4.3B | $4.3B | $4.3B | $4.4B |
Consumer Elasticity and FX
According to current market data, KO trades at a 27.18x TTM P/E, which, when compared to the broader consumer defensive sector, suggests investors are paying a significant premium for the company's brand ubiquity and consistent dividend growth despite the underlying volatility in its recent quarterly earnings performance.
The forward P/E of 25.26 implies that the market expects sustained earnings stability, yet the PEG ratio of 2.43 indicates that this valuation may be stretched relative to near-term growth prospects. Investors should monitor whether the current price-to-sales multiple of 7.42 can be justified if volume growth remains stagnant in key developed markets.
Based on reported figures, ROIC has fluctuated between 2.0% and 4.7% over the last ten quarters, a trend that appears to reflect the ongoing structural shifts from the company's bottling re-franchising efforts rather than a fundamental decline in the underlying profitability of the core concentrate business model.
While the ROIC figures appear low relative to historical norms, they are heavily influenced by the accounting treatment of bottling investments and divestitures. Analysts should focus on the underlying operating margins, which remain robust, to gauge whether the company is successfully compounding capital through its asset-light strategy.
As reported in financial statements, the cash conversion cycle has exhibited extreme volatility, swinging from -340 days in 2024Q4 to -208 days in 2026Q1, which suggests that the company's ability to leverage its supplier relationships is subject to significant periodic shifts in inventory and payable management.
The negative cash conversion cycle is a hallmark of the company's strong bargaining power, allowing it to collect from customers well before paying suppliers. However, the wide variance in these metrics warrants further investigation into whether these shifts are driven by strategic inventory builds or temporary disruptions in the global supply chain.
The most commonly misapplied metric for this business model is the P/E ratio, which fails to account for the significant non-cash impacts of bottling re-franchising and equity method income that frequently distort the company's reported net income and mask the true cash-generating capacity of the concentrate operations.
Investors should instead prioritize EV/EBITDA or P/FCF to better capture the operational reality of the asset-light concentrate model. Relying solely on P/E may lead to an incomplete assessment of the company's valuation, as it ignores the substantial cash flows generated by equity-accounted investments that do not flow through the traditional net income line.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying KO stock.
The Coca-Cola Company's current P/E ratio is 27.3x. The historical average is 33.3x. This places it at the 57th percentile of its historical range.
The Coca-Cola Company's current EV/EBITDA is 26.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.8x.
The Coca-Cola Company's return on equity (ROE) is 43.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 33.9%.
Based on historical data, The Coca-Cola Company is trading at a P/E of 27.3x. This is at the 57th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The Coca-Cola Company's current dividend yield is 2.45% with a payout ratio of 67.0%.
The Coca-Cola Company has 61.6% gross margin and 28.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
The Coca-Cola Company's Debt/EBITDA ratio is 3.1x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.