Enterprise Value (EV)
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Coca-Cola Co. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Total Asset Turnover since 2005
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Current Enterprise Value (EV)
Coca-Cola Co., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Equity attributable to noncontrolling interests (per books) | |
| Total equity | |
| Add: Loans and notes payable (per books) | |
| Add: Current maturities of long-term debt (per books) | |
| Add: Long-term debt, excluding current maturities (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Short-term investments | |
| Less: Marketable securities | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2024-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Coca-Cola Co., EV calculation
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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Coca-Cola Co. Annual Report.
3 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The financial data presents a longitudinal view of capital structure and market valuation metrics over a five-year period.
- Common equity (market value)
- The common equity market value exhibits an overall upward trend, beginning at approximately $216 billion in 2020 and rising to $301 billion by 2024. A noticeable increase occurred between 2020 and 2021, reaching $270 billion, followed by a slight decline in 2022 to about $259 billion. Subsequently, values showed moderate growth through 2023, concluding with the highest figure in 2024. This pattern suggests a recovery and positive market sentiment toward equity valuation after a temporary dip.
- Total equity
- Total equity closely follows the trend of common equity market value, starting at around $218 billion in 2020 and increasing to about $303 billion by 2024. Similar to common equity, total equity experienced a growth spurt up to 2021, a minor decline in 2022, and steady progression in the following years. The alignment between total equity and market value indicates a relatively stable capital base with consistent reinvestment or retained earnings over the period.
- Total equity and debt
- This aggregate measure of capital structure shows a rising trend from approximately $261 billion in 2020 to $347 billion in 2024. The year-over-year increases indicate incremental borrowings or other debt issuances supplementing equity financing. The growth is steady, with a small plateau between 2022 and 2023, after which the figure resumes its upward trajectory, illustrating active management of the company’s financing mix.
- Enterprise value (EV)
- Enterprise value, encompassing both equity and debt components adjusted for cash, rose from $250 billion in 2020 to $333 billion in 2024. This progression mirrors the increase seen in total equity and debt, though with slight fluctuations. The EV peaked in 2021, declined marginally in 2022, stabilized in 2023, then increased again in 2024. The movement suggests market valuation factors influenced by external conditions or operational performance, impacting the company’s overall valuation.
In conclusion, the company shows a consistent expansion of capital employed, represented by equity and debt growth. The market valuation metrics reflect a recovery phase after 2021, with improvements toward the end of the period. These trends may indicate effective capital management and positive investor perception despite minor intervening volatility.