Stock Analysis on Net

Coca-Cola Co. (NYSE:KO)

Enterprise Value to FCFF (EV/FCFF) 

Microsoft Excel LibreOffice Calc

Free Cash Flow to The Firm (FCFF)

Coca-Cola Co., FCFF calculation

US$ in millions

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12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net income attributable to shareowners of The Coca-Cola Company 9,771  7,747  8,920  6,434  1,248 
Net income attributable to noncontrolling interests 33  21  65  42  35 
Net noncash charges 1,496  1,386  1,120  2,046  2,183 
Net change in operating assets and liabilities 1,325  690  366  (1,202) 3,529 
Net cash provided by operating activities 12,625  9,844  10,471  7,320  6,995 
Interest paid, net of tax1 582  745  767  703  537 
Purchases of property, plant and equipment (1,367) (1,177) (2,054) (1,347) (1,675)
Proceeds from disposals of property, plant and equipment 108  189  978  245  104 
Free cash flow to the firm (FCFF) 11,948  9,601  10,162  6,921  5,961 

Based on: 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).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Coca-Cola Co. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Coca-Cola Co. FCFF decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.

Interest Paid, Net of Tax

Coca-Cola Co., interest paid, net of tax calculation

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Effective Income Tax Rate (EITR)
EITR1 21.10% 20.30% 16.70% 19.30% 29.00%
Interest Paid, Net of Tax
Interest paid, before tax 738  935  921  871  757 
Less: Interest paid, tax2 156  190  154  168  220 
Interest paid, net of tax 582  745  767  703  537 

Based on: 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).

1 See details »

2 2021 Calculation
Interest paid, tax = Interest paid × EITR
= 738 × 21.10% = 156


Enterprise Value to FCFF Ratio, Current

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

Microsoft Excel LibreOffice Calc
Selected Financial Data (US$ in millions)
Enterprise value (EV) 304,319 
Free cash flow to the firm (FCFF) 11,948 
Valuation Ratio
EV/FCFF 25.47
Benchmarks
EV/FCFF, Competitors1
Altria Group Inc. 11.45
Mondelēz International Inc. 29.73
PepsiCo Inc. 33.85
Philip Morris International Inc. 14.99
EV/FCFF, Sector
Food, Beverage & Tobacco 21.65
EV/FCFF, Industry
Consumer Staples 20.92

Based on: 10-K (reporting date: 2021-12-31).

1 Click competitor name to see calculations.

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


Enterprise Value to FCFF Ratio, Historical

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

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 302,010  250,062  285,330  225,735  216,786 
Free cash flow to the firm (FCFF)2 11,948  9,601  10,162  6,921  5,961 
Valuation Ratio
EV/FCFF3 25.28 26.04 28.08 32.62 36.36
Benchmarks
EV/FCFF, Competitors4
Altria Group Inc. 13.00 11.79 12.41 14.07 25.53
Mondelēz International Inc. 31.29 28.50 29.63 26.47 42.31
PepsiCo Inc. 32.99 30.09 35.73 24.55 22.21
Philip Morris International Inc. 16.35 16.31 16.47 16.76 23.52
EV/FCFF, Sector
Food, Beverage & Tobacco 22.23 21.25 23.13 21.52 27.66
EV/FCFF, Industry
Consumer Staples 20.94 22.29 22.56 19.78 20.91

Based on: 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).

1 See details »

2 See details »

3 2021 Calculation
EV/FCFF = EV ÷ FCFF
= 302,010 ÷ 11,948 = 25.28

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Coca-Cola Co. EV/FCFF ratio decreased from 2019 to 2020 and from 2020 to 2021.