Microsoft Excel LibreOffice Calc

Coca-Cola Co. (NYSE:KO)


Enterprise Value (EV)

Intermediate level


Current Enterprise Value (EV)

Coca-Cola Co., current enterprise value calculation

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Current share price (P) $47.90
No. shares of common stock outstanding 4,294,891,353
US$ in millions
Common equity (market value)1 205,725 
Add: Equity attributable to noncontrolling interests (per books) 2,117 
Total equity 207,842 
Add: Loans and notes payable (per books) 10,994 
Add: Current maturities of long-term debt (per books) 4,253 
Add: Long-term debt, excluding current maturities (per books) 27,516 
Total equity and debt 250,605 
Less: Cash and cash equivalents 6,480 
Less: Short-term investments 1,467 
Less: Marketable securities 3,228 
Enterprise value (EV) 239,430 

Based on: 10-K (filing date: 2020-02-24).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 47.90 × 4,294,891,353


Historical Enterprise Value (EV)

Coca-Cola Co., EV calculation

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Share price1, 2 $58.65 $45.86 $44.04 $41.78 $44.16
No. shares of common stock outstanding1 4,290,276,067 4,275,340,031 4,265,906,533 4,293,461,702 4,329,497,778
US$ in millions
Common equity (market value)3 251,625  196,067  187,871  179,381  191,191 
Add: Equity attributable to noncontrolling interests (book value) 2,117  2,077  1,905  158  210 
Total equity 253,742  198,144  189,776  179,539  191,401 
Add: Loans and notes payable (book value) 10,994  13,194  13,205  12,498  13,129 
Add: Current maturities of long-term debt (book value) 4,253  4,997  3,298  3,527  2,677 
Add: Long-term debt, excluding current maturities (book value) 27,516  25,364  31,182  29,684  28,407 
Total equity and debt 296,505  241,699  237,461  225,248  235,614 
Less: Cash and cash equivalents 6,480  8,926  6,006  8,555  7,309 
Less: Short-term investments 1,467  2,025  9,352  9,595  8,322 
Less: Marketable securities 3,228  5,013  5,317  4,051  4,269 
Enterprise value (EV) 285,330  225,735  216,786  203,047  215,714 

Based on: 10-K (filing date: 2020-02-24), 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-25).

1 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of Coca-Cola Co.’s Annual Report.

3 2019 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 58.65 × 4,290,276,067

Item Description The company
EV Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments. Coca-Cola Co.’s EV increased from 2017 to 2018 and from 2018 to 2019.