Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Coca-Cola Co., EBITDA calculation

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income attributable to shareowners of The Coca-Cola Company	9,542)	9,771)	7,747)	8,920)	6,434)
Add: Net income attributable to noncontrolling interest	29)	33)	21)	65)	42)
Less: Loss from discontinued operations, net of income taxes	—)	—)	—)	—)	(251)
Add: Income tax expense	2,115)	2,621)	1,981)	1,801)	1,623)
Earnings before tax (EBT)	11,686)	12,425)	9,749)	10,786)	8,350)
Add: Interest expense	882)	1,597)	1,437)	946)	919)
Earnings before interest and tax (EBIT)	12,568)	14,022)	11,186)	11,732)	9,269)
Add: Depreciation and amortization	1,260)	1,452)	1,536)	1,365)	1,086)
Earnings before interest, tax, depreciation and amortization (EBITDA)	13,828)	15,474)	12,722)	13,097)	10,355)

Based on: 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).

Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Coca-Cola Co. EBITDA increased from 2020 to 2021 but then slightly decreased from 2021 to 2022 not reaching 2020 level.

Enterprise Value to EBITDA Ratio, Current

Coca-Cola Co., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	266,559)
Earnings before interest, tax, depreciation and amortization (EBITDA)	13,828)
Valuation Ratio
EV/EBITDA	19.28
Benchmarks
EV/EBITDA, Competitors¹
PepsiCo Inc.	18.15
EV/EBITDA, Sector
Food, Beverage & Tobacco	18.70
EV/EBITDA, Industry
Consumer Staples	15.80

Based on: 10-K (reporting date: 2022-12-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Enterprise Value to EBITDA Ratio, Historical

Coca-Cola Co., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	287,975)	302,010)	250,062)	285,330)	225,735)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	13,828)	15,474)	12,722)	13,097)	10,355)
Valuation Ratio
EV/EBITDA³	20.83	19.52	19.66	21.79	21.80
Benchmarks
EV/EBITDA, Competitors⁴
PepsiCo Inc.	18.63	18.42	17.17	17.85	14.05
EV/EBITDA, Sector
Food, Beverage & Tobacco	19.70	18.98	18.40	19.84	17.47
EV/EBITDA, Industry
Consumer Staples	16.61	16.29	15.70	18.38	13.52

Based on: 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).

¹ See details »

² See details »

³ 2022 Calculation
EV/EBITDA = EV ÷ EBITDA
= 287,975 ÷ 13,828 = 20.83

⁴ Click competitor name to see calculations.

Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Coca-Cola Co. EV/EBITDA ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Coca-Cola Co. (NYSE:KO)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical