Coca-Cola Co., current enterprise value calculation

Current share price (P)	$61.74
No. shares of common stock outstanding	4,312,456,168
US$ in millions
Common equity (market value)¹	266,251)
Add: Equity attributable to noncontrolling interests (per books)	1,539)
Total equity	267,790)
Add: Loans and notes payable (per books)	4,557)
Add: Current maturities of long-term debt (per books)	1,960)
Add: Long-term debt, excluding current maturities (per books)	35,547)
Total equity and debt	309,854)
Less: Cash and cash equivalents	9,366)
Less: Short-term investments	2,997)
Less: Marketable securities	1,300)
Enterprise value (EV)	296,191)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 61.74 × 4,312,456,168

Coca-Cola Co., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$60.70	$59.80	$62.28	$50.17	$58.65
No. shares of common stock outstanding¹	4,312,456,168	4,326,691,783	4,335,473,308	4,309,311,676	4,290,276,067
US$ in millions
Common equity (market value)³	261,766)	258,736)	270,013)	216,198)	251,625)
Add: Equity attributable to noncontrolling interests (book value)	1,539)	1,721)	1,861)	1,985)	2,117)
Total equity	263,305)	260,457)	271,874)	218,183)	253,742)
Add: Loans and notes payable (book value)	4,557)	2,373)	3,307)	2,183)	10,994)
Add: Current maturities of long-term debt (book value)	1,960)	399)	1,338)	485)	4,253)
Add: Long-term debt, excluding current maturities (book value)	35,547)	36,377)	38,116)	40,125)	27,516)
Total equity and debt	305,369)	299,606)	314,635)	260,976)	296,505)
Less: Cash and cash equivalents	9,366)	9,519)	9,684)	6,795)	6,480)
Less: Short-term investments	2,997)	1,043)	1,242)	1,771)	1,467)
Less: Marketable securities	1,300)	1,069)	1,699)	2,348)	3,228)
Enterprise value (EV)	291,706)	287,975)	302,010)	250,062)	285,330)

¹ Data adjusted for splits and stock dividends.

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

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 60.70 × 4,312,456,168

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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. EV decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Coca-Cola Co. (NYSE:KO)

Enterprise Value (EV)