Price to Book Value (P/BV)
since 2005
Calculation
Coca-Cola Co., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Equity attributable to shareowners of The Coca-Cola Company1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 20, 2025 | 12.12 | = | 70.04 | ÷ | 5.78 | 5.78 | = | 24,856 | ÷ | 4,301,000,395 | |
| Feb 20, 2024 | 10.09 | = | 60.70 | ÷ | 6.02 | 6.02 | = | 25,941 | ÷ | 4,312,456,168 | |
| Feb 21, 2023 | 10.73 | = | 59.80 | ÷ | 5.57 | 5.57 | = | 24,105 | ÷ | 4,326,691,783 | |
| Feb 22, 2022 | 11.74 | = | 62.28 | ÷ | 5.30 | 5.30 | = | 22,999 | ÷ | 4,335,473,308 | |
| Feb 25, 2021 | 11.20 | = | 50.17 | ÷ | 4.48 | 4.48 | = | 19,299 | ÷ | 4,309,311,676 | |
| Feb 24, 2020 | 13.26 | = | 58.65 | ÷ | 4.42 | 4.42 | = | 18,981 | ÷ | 4,290,276,067 | |
| Feb 21, 2019 | 11.55 | = | 45.86 | ÷ | 3.97 | 3.97 | = | 16,981 | ÷ | 4,275,340,031 | |
| Feb 23, 2018 | 11.00 | = | 44.04 | ÷ | 4.00 | 4.00 | = | 17,072 | ÷ | 4,265,906,533 | |
| Feb 24, 2017 | 7.78 | = | 41.78 | ÷ | 5.37 | 5.37 | = | 23,062 | ÷ | 4,293,461,702 | |
| Feb 25, 2016 | 7.48 | = | 44.16 | ÷ | 5.90 | 5.90 | = | 25,554 | ÷ | 4,329,497,778 | |
| Feb 25, 2015 | 6.06 | = | 42.05 | ÷ | 6.94 | 6.94 | = | 30,320 | ÷ | 4,366,243,616 | |
| Feb 27, 2014 | 5.06 | = | 38.07 | ÷ | 7.53 | 7.53 | = | 33,173 | ÷ | 4,405,893,150 | |
| Feb 27, 2013 | 5.23 | = | 38.45 | ÷ | 7.36 | 7.36 | = | 32,790 | ÷ | 4,456,717,996 | |
| Feb 23, 2012 | 4.95 | = | 34.59 | ÷ | 6.99 | 6.99 | = | 31,635 | ÷ | 4,526,408,442 | |
| Feb 28, 2011 | 4.73 | = | 31.96 | ÷ | 6.76 | 6.76 | = | 31,003 | ÷ | 4,588,633,662 | |
| Feb 26, 2010 | 4.90 | = | 26.36 | ÷ | 5.38 | 5.38 | = | 24,799 | ÷ | 4,610,247,876 | |
| Feb 26, 2009 | 4.64 | = | 20.54 | ÷ | 4.42 | 4.42 | = | 20,472 | ÷ | 4,629,316,324 | |
| Feb 28, 2008 | 6.36 | = | 29.73 | ÷ | 4.68 | 4.68 | = | 21,744 | ÷ | 4,648,024,084 | |
| Feb 21, 2007 | 6.51 | = | 23.79 | ÷ | 3.65 | 3.65 | = | 16,920 | ÷ | 4,630,577,016 | |
| Feb 28, 2006 | 6.08 | = | 20.99 | ÷ | 3.45 | 3.45 | = | 16,355 | ÷ | 4,735,766,494 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Coca-Cola Co. Annual Report.
- Share Price Trend
- The share price generally exhibited an upward trend over the analyzed period, starting at $20.99 in February 2006 and rising to $70.04 by February 2025. Despite some volatility, notable declines occurred in 2009 and 2017, reaching lows around $20.54 and $41.78 respectively. However, recovery followed each dip, with significant acceleration observed post-2014, especially between 2019 ($45.86) and 2025 ($70.04), indicating increasing investor confidence or market valuation.
- Book Value Per Share (BVPS) Movement
- The book value per share displayed variability but tended to increase moderately over the analyzed time frame. Starting from $3.45 in 2006, BVPS rose to a peak of $7.53 in 2014, followed by a general decline until 2018, where it dipped to as low as $3.97. Post-2018, there was a gradual recovery to $6.02 in 2024 before a slight decrease in 2025 to $5.78. These fluctuations suggest periods of asset revaluation or operational impact on equity base.
- Price-to-Book Value (P/BV) Ratio Analysis
- The price-to-book ratio showed considerable variation, starting at 6.08 in 2006 and reaching a high of 13.26 in 2020. Initially, the ratio declined from 6.51 in 2007 to 4.64 in 2009, in line with share price drops and increased BVPS values. From 2010 onwards, the ratio trended upwards, peaking in the late 2010s and early 2020s, indicating that market price growth outpaced changes in book value. The ratio's fluctuation reflects changing investor expectations about growth and profitability relative to the company's net asset value.
- Overall Financial Insight
- The combination of rising share prices with fluctuating book values and increasing P/BV ratios over the long term suggests a market perception favoring growth and intangible value beyond tangible equity. Periods of decreasing BVPS coupled with rising price multiples imply reliance on goodwill, brand strength, or anticipated future earnings rather than solely on net asset accumulation. The data highlights resilience and upward valuation adjustment despite temporary setbacks.
Comparison to Competitors
Coca-Cola Co., P/BV, long-term trends, comparison to competitors
| Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|
| Feb 20, 2025 | 12.12 | 2.76 | 10.91 | — |
| Feb 20, 2024 | 10.09 | 3.65 | 12.45 | — |
| Feb 21, 2023 | 10.73 | 3.34 | 13.88 | — |
| Feb 22, 2022 | 11.74 | 3.29 | 14.52 | — |
| Feb 25, 2021 | 11.20 | 2.88 | 13.84 | — |
| Feb 24, 2020 | 13.26 | 3.08 | 13.76 | — |
| Feb 21, 2019 | 11.55 | 2.64 | 11.21 | — |
| Feb 23, 2018 | 11.00 | 2.40 | 14.62 | — |
| Feb 24, 2017 | 7.78 | 2.75 | 13.73 | — |
| Feb 25, 2016 | 7.48 | 2.23 | 11.75 | — |
| Feb 25, 2015 | 6.06 | 2.20 | 8.52 | — |
| Feb 27, 2014 | 5.06 | 1.78 | 4.90 | — |
| Feb 27, 2013 | 5.23 | 1.46 | 5.22 | — |
| Feb 23, 2012 | 4.95 | 1.90 | 4.83 | 624.24 |
| Feb 28, 2011 | 4.73 | 1.55 | 4.75 | 31.91 |
| Feb 26, 2010 | 4.90 | 1.65 | 5.83 | 16.12 |
| Feb 26, 2009 | 4.64 | 1.51 | 6.71 | 9.14 |
| Feb 28, 2008 | 6.36 | 1.77 | 6.67 | — |
| Feb 21, 2007 | 6.51 | 1.86 | 6.89 | — |
| Feb 28, 2006 | 6.08 | 1.72 | 6.92 | — |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Food, Beverage & Tobacco)
Coca-Cola Co., P/BV, long-term trends, comparison to sector (food, beverage & tobacco)
| Coca-Cola Co. | Food, Beverage & Tobacco | |
|---|---|---|
| Feb 20, 2025 | 12.12 | 13.74 |
| Feb 20, 2024 | 10.09 | 11.92 |
| Feb 21, 2023 | 10.73 | 12.59 |
| Feb 22, 2022 | 11.74 | 13.34 |
| Feb 25, 2021 | 11.20 | 12.88 |
| Feb 24, 2020 | 13.26 | 13.65 |
| Feb 21, 2019 | 11.55 | 12.22 |
| Feb 23, 2018 | 11.00 | 13.57 |
| Feb 24, 2017 | 7.78 | 12.01 |
| Feb 25, 2016 | 7.48 | 10.24 |
| Feb 25, 2015 | 6.06 | 8.30 |
| Feb 27, 2014 | 5.06 | 5.72 |
| Feb 27, 2013 | 5.23 | 5.83 |
| Feb 23, 2012 | 4.95 | 5.32 |
| Feb 28, 2011 | 4.73 | 4.53 |
| Feb 26, 2010 | 4.90 | 4.84 |
| Feb 26, 2009 | 4.64 | 4.47 |
| Feb 28, 2008 | 6.36 | 4.55 |
| Feb 21, 2007 | 6.51 | 4.42 |
| Feb 28, 2006 | 6.08 | 4.14 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Consumer Staples)
Coca-Cola Co., P/BV, long-term trends, comparison to industry (consumer staples)
| Coca-Cola Co. | Consumer Staples | |
|---|---|---|
| Feb 20, 2025 | 12.12 | 9.43 |
| Feb 20, 2024 | 10.09 | 8.14 |
| Feb 21, 2023 | 10.73 | 8.11 |
| Feb 22, 2022 | 11.74 | 8.15 |
| Feb 25, 2021 | 11.20 | 7.44 |
| Feb 24, 2020 | 13.26 | 7.21 |
| Feb 21, 2019 | 11.55 | 5.76 |
| Feb 23, 2018 | 11.00 | 5.70 |
| Feb 24, 2017 | 7.78 | 5.35 |
| Feb 25, 2016 | 7.48 | 5.06 |
| Feb 25, 2015 | 6.06 | 4.55 |
| Feb 27, 2014 | 5.06 | 4.08 |
| Feb 27, 2013 | 5.23 | 3.89 |
| Feb 23, 2012 | 4.95 | 3.50 |
| Feb 28, 2011 | 4.73 | 3.45 |
| Feb 26, 2010 | 4.90 | 3.38 |
| Feb 26, 2009 | 4.64 | 3.48 |
| Feb 28, 2008 | 6.36 | 3.56 |
| Feb 21, 2007 | 6.51 | 3.66 |
| Feb 28, 2006 | 6.08 | 4.47 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).