Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Current Valuation Ratios
Coca-Cola Co., current price multiples
| Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | Food, Beverage & Tobacco | Consumer Staples | ||||
|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||
| Current share price (P) | $75.71 | ||||||||
| No. shares of common stock outstanding | 4,300,723,069 | ||||||||
| Growth rate (g) | 10.51% | ||||||||
| Earnings per share (EPS) | $3.05 | ||||||||
| Next year expected EPS | $3.37 | ||||||||
| Operating profit per share | $3.20 | ||||||||
| Sales per share | $11.15 | ||||||||
| Book value per share (BVPS) | $7.48 | ||||||||
| Valuation Ratios (Price Multiples) | |||||||||
| Price to earnings (P/E) | 24.84 | 30.47 | 25.38 | 22.43 | 24.58 | 32.34 | |||
| Price to next year expected earnings | 22.48 | 28.97 | 22.64 | — | 22.04 | 28.98 | |||
| Price-earnings-growth (PEG) | 2.36 | 5.87 | 2.10 | — | 2.13 | 2.79 | |||
| Price to operating profit (P/OP) | 23.66 | 21.05 | 18.19 | 17.10 | 19.77 | 24.36 | |||
| Price to sales (P/S) | 6.79 | 1.94 | 2.23 | 6.26 | 3.91 | 1.97 | |||
| Price to book value (P/BV) | 10.12 | 2.89 | 10.25 | — | 12.63 | 10.44 | |||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Coca-Cola Co., historical price multiples
Based on: 10-K (reporting date: 2025-12-31), 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).
The valuation ratios exhibit varied trends over the five-year period. Generally, the ratios demonstrate fluctuations without a consistently strong upward or downward trajectory, suggesting a dynamic market perception of the company’s value. Several ratios show increases from 2023 to 2024, followed by some moderation in 2025.
- Price to Earnings (P/E)
- The Price to Earnings ratio decreased from 27.63 in 2021 to 24.43 in 2023, indicating a declining valuation relative to earnings. It then increased to 28.34 in 2024 before decreasing slightly to 26.20 in 2025. This suggests periods of increased and decreased investor confidence in earnings potential.
- Price to Operating Profit (P/OP)
- The Price to Operating Profit ratio followed a similar pattern to the P/E ratio, declining from 26.19 in 2021 to 23.14 in 2023. A notable increase occurred in 2024, reaching 30.15, followed by a decrease to 24.95 in 2025. This indicates a sensitivity of the market valuation to the company’s operating profitability.
- Price to Sales (P/S)
- The Price to Sales ratio decreased from 6.99 in 2021 to 5.72 in 2023, suggesting a lower valuation relative to revenue. The ratio then increased over the subsequent two years, reaching 7.16 in 2025. This increase could reflect growing revenue expectations or a shift in investor sentiment regarding the company’s revenue generation capabilities.
- Price to Book Value (P/BV)
- The Price to Book Value ratio experienced a decline from 11.74 in 2021 to 10.09 in 2023, indicating a decreasing valuation relative to net asset value. An increase to 12.12 was observed in 2024, followed by a decrease to 10.67 in 2025. This suggests fluctuations in the market’s assessment of the company’s underlying asset value.
Overall, the ratios suggest a period of valuation adjustment between 2021 and 2023, followed by a period of re-evaluation in 2024 and a slight moderation in 2025. The variations across the ratios indicate that different aspects of the company’s financial performance are influencing investor perceptions at different times.
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Price to Earnings (P/E)
Coca-Cola Co., historical P/E calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,300,723,069 | 4,301,000,395 | 4,312,456,168 | 4,326,691,783 | 4,335,473,308 | |
| Selected Financial Data (US$) | ||||||
| Net income attributable to shareowners of The Coca-Cola Company (in millions) | 13,107) | 10,631) | 10,714) | 9,542) | 9,771) | |
| Earnings per share (EPS)2 | 3.05 | 2.47 | 2.48 | 2.21 | 2.25 | |
| Share price1, 3 | 79.84 | 70.04 | 60.70 | 59.80 | 62.28 | |
| Valuation Ratio | ||||||
| P/E ratio4 | 26.20 | 28.34 | 24.43 | 27.12 | 27.63 | |
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Mondelēz International Inc. | 31.07 | 16.11 | 20.87 | 33.07 | 21.64 | |
| PepsiCo Inc. | 27.01 | 20.55 | 25.40 | 26.71 | 30.58 | |
| Philip Morris International Inc. | 25.08 | 32.02 | 17.69 | 17.54 | 18.37 | |
| P/E Ratio, Sector | ||||||
| Food, Beverage & Tobacco | 26.37 | 25.04 | 22.54 | 24.66 | 24.78 | |
| P/E Ratio, Industry | ||||||
| Consumer Staples | 29.33 | 29.43 | 26.62 | 25.35 | 26.07 | |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
EPS = Net income attributable to shareowners of The Coca-Cola Company ÷ No. shares of common stock outstanding
= 13,107,000,000 ÷ 4,300,723,069 = 3.05
3 Closing price as at the filing date of Coca-Cola Co. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= 79.84 ÷ 3.05 = 26.20
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited fluctuations over the five-year period. While generally remaining within a relatively narrow range, observable shifts warrant consideration. The share price demonstrated an initial decline followed by a period of growth, while earnings per share (EPS) showed a more consistent upward trajectory.
- Share Price
- The share price began at US$62.28 in 2021, decreased to US$59.80 in 2022, and then experienced incremental increases to US$60.70 in 2023. A more substantial increase was noted in 2024, reaching US$70.04, and continued upward to US$79.84 in 2025. This indicates a positive trend in investor valuation of the company’s stock over the latter part of the observed period.
- Earnings Per Share (EPS)
- Earnings per share remained relatively stable between 2021 and 2022, at US$2.25 and US$2.21 respectively. A noticeable increase occurred in 2023, with EPS rising to US$2.48. This upward trend continued, albeit at a slightly slower pace, reaching US$2.47 in 2024, and then accelerating to US$3.05 in 2025. This suggests improving profitability over time.
- Price to Earnings (P/E) Ratio
- The P/E ratio started at 27.63 in 2021 and decreased slightly to 27.12 in 2022. A more pronounced decrease was observed in 2023, falling to 24.43. The ratio then increased to 28.34 in 2024 before settling at 26.20 in 2025. The fluctuations in the P/E ratio suggest changing investor sentiment regarding the company’s earnings potential relative to its share price. The initial decline in the P/E ratio, despite a stable share price, could be attributed to the relatively flat EPS during 2021 and 2022. The subsequent increase in the P/E ratio in 2024 and 2025 aligns with the accelerating growth in EPS, although the ratio did not increase proportionally, indicating that share price growth outpaced earnings growth.
Overall, the period demonstrates a strengthening financial position, as evidenced by the increasing EPS and share price. The P/E ratio’s movements suggest a dynamic valuation influenced by both earnings performance and investor expectations.
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Price to Operating Profit (P/OP)
Coca-Cola Co., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,300,723,069 | 4,301,000,395 | 4,312,456,168 | 4,326,691,783 | 4,335,473,308 | |
| Selected Financial Data (US$) | ||||||
| Operating income (in millions) | 13,762) | 9,992) | 11,311) | 10,909) | 10,308) | |
| Operating profit per share2 | 3.20 | 2.32 | 2.62 | 2.52 | 2.38 | |
| Share price1, 3 | 79.84 | 70.04 | 60.70 | 59.80 | 62.28 | |
| Valuation Ratio | ||||||
| P/OP ratio4 | 24.95 | 30.15 | 23.14 | 23.72 | 26.19 | |
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Mondelēz International Inc. | 21.46 | 11.71 | 18.81 | 25.43 | 20.00 | |
| PepsiCo Inc. | 19.36 | 15.27 | 19.23 | 20.67 | 20.87 | |
| Philip Morris International Inc. | 19.11 | 16.86 | 11.96 | 12.96 | 12.90 | |
| P/OP Ratio, Sector | ||||||
| Food, Beverage & Tobacco | 21.20 | 18.73 | 18.19 | 19.51 | 19.52 | |
| P/OP Ratio, Industry | ||||||
| Consumer Staples | 22.10 | 20.96 | 19.82 | 18.28 | 19.01 | |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 13,762,000,000 ÷ 4,300,723,069 = 3.20
3 Closing price as at the filing date of Coca-Cola Co. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 79.84 ÷ 3.20 = 24.95
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio exhibited fluctuations over the five-year period. Initially, a decrease is observed, followed by an increase and then another decrease. The share price and operating profit per share both influenced this ratio’s movement.
- Overall Trend
- The P/OP ratio began at 26.19 in 2021, decreased to 23.72 in 2022, and further declined to 23.14 in 2023. A significant increase to 30.15 occurred in 2024, before decreasing again to 24.95 in 2025. This suggests periods of investor optimism and pessimism regarding the company’s operating profitability relative to its market price.
- Share Price Influence
- The share price decreased from US$62.28 in 2021 to US$59.80 in 2022, contributing to the initial decline in the P/OP ratio. It remained relatively stable between 2022 and 2023. However, a substantial increase to US$70.04 in 2024, followed by a further rise to US$79.84 in 2025, likely drove the increase in the P/OP ratio in 2024, despite a decrease in operating profit per share during that year.
- Operating Profit per Share Influence
- Operating profit per share increased from US$2.38 in 2021 to US$2.52 in 2022 and US$2.62 in 2023, which partially offset the share price decline and contributed to the stabilization of the P/OP ratio during those years. A decrease to US$2.32 in 2024, coinciding with the share price increase, resulted in a higher P/OP ratio. The subsequent increase in operating profit per share to US$3.20 in 2025, coupled with a moderated share price increase, led to a decrease in the P/OP ratio from its 2024 peak.
The interplay between share price and operating profit per share demonstrates a complex relationship influencing the P/OP ratio. The ratio’s fluctuations suggest changing investor sentiment and expectations regarding the company’s future operating performance.
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Price to Sales (P/S)
Coca-Cola Co., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,300,723,069 | 4,301,000,395 | 4,312,456,168 | 4,326,691,783 | 4,335,473,308 | |
| Selected Financial Data (US$) | ||||||
| Net operating revenues (in millions) | 47,941) | 47,061) | 45,754) | 43,004) | 38,655) | |
| Sales per share2 | 11.15 | 10.94 | 10.61 | 9.94 | 8.92 | |
| Share price1, 3 | 79.84 | 70.04 | 60.70 | 59.80 | 62.28 | |
| Valuation Ratio | ||||||
| P/S ratio4 | 7.16 | 6.40 | 5.72 | 6.02 | 6.99 | |
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Mondelēz International Inc. | 1.98 | 2.04 | 2.87 | 2.85 | 3.24 | |
| PepsiCo Inc. | 2.37 | 2.14 | 2.52 | 2.75 | 2.93 | |
| Philip Morris International Inc. | 7.00 | 5.97 | 3.93 | 5.00 | 5.33 | |
| P/S Ratio, Sector | ||||||
| Food, Beverage & Tobacco | 4.19 | 3.74 | 3.52 | 3.87 | 4.28 | |
| P/S Ratio, Industry | ||||||
| Consumer Staples | 1.78 | 1.67 | 1.45 | 1.54 | 1.61 | |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Sales per share = Net operating revenues ÷ No. shares of common stock outstanding
= 47,941,000,000 ÷ 4,300,723,069 = 11.15
3 Closing price as at the filing date of Coca-Cola Co. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 79.84 ÷ 11.15 = 7.16
5 Click competitor name to see calculations.
The price-to-sales ratio exhibited a fluctuating pattern over the five-year period. Initially, a decrease is observed, followed by a period of relative stability, and then an upward movement towards the end of the analyzed timeframe.
- Price-to-Sales Ratio Trend
- The price-to-sales ratio decreased from 6.99 in 2021 to 6.02 in 2022, representing a decline of approximately 13.8%. This was followed by a further decrease to 5.72 in 2023, the lowest value observed during the period. A subsequent increase to 6.40 occurred in 2024, and continued to 7.16 in 2025, indicating a reversal of the prior downward trend.
- Share Price and Sales per Share Relationship
- The share price experienced a slight decline from 2021 to 2022, followed by relative stability between 2022 and 2023. A more substantial increase in share price is evident from 2023 to 2025. Simultaneously, sales per share consistently increased throughout the entire period, moving from 8.92 in 2021 to 11.15 in 2025. This consistent growth in sales per share occurred alongside the fluctuating price-to-sales ratio.
The observed increase in the price-to-sales ratio in the later years, coupled with the continued growth in sales per share, suggests a potential shift in investor sentiment or market valuation of future sales growth. The initial decline in the ratio may have reflected concerns or adjustments in market expectations, while the subsequent increase could indicate renewed confidence or a premium placed on the company’s sales generation capabilities.
- Overall Interpretation
- The price-to-sales ratio’s movement suggests a dynamic valuation influenced by both share price and sales performance. The ratio’s behavior does not appear directly correlated with sales per share growth alone, indicating other factors likely contribute to its fluctuations.
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Price to Book Value (P/BV)
Coca-Cola Co., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,300,723,069 | 4,301,000,395 | 4,312,456,168 | 4,326,691,783 | 4,335,473,308 | |
| Selected Financial Data (US$) | ||||||
| Equity attributable to shareowners of The Coca-Cola Company (in millions) | 32,169) | 24,856) | 25,941) | 24,105) | 22,999) | |
| Book value per share (BVPS)2 | 7.48 | 5.78 | 6.02 | 5.57 | 5.30 | |
| Share price1, 3 | 79.84 | 70.04 | 60.70 | 59.80 | 62.28 | |
| Valuation Ratio | ||||||
| P/BV ratio4 | 10.67 | 12.12 | 10.09 | 10.73 | 11.74 | |
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Mondelēz International Inc. | 2.95 | 2.76 | 3.65 | 3.34 | 3.29 | |
| PepsiCo Inc. | 10.91 | 10.91 | 12.45 | 13.88 | 14.52 | |
| Philip Morris International Inc. | — | — | — | — | — | |
| P/BV Ratio, Sector | ||||||
| Food, Beverage & Tobacco | 13.54 | 13.74 | 11.92 | 12.59 | 13.34 | |
| P/BV Ratio, Industry | ||||||
| Consumer Staples | 9.47 | 9.43 | 8.14 | 8.11 | 8.15 | |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
BVPS = Equity attributable to shareowners of The Coca-Cola Company ÷ No. shares of common stock outstanding
= 32,169,000,000 ÷ 4,300,723,069 = 7.48
3 Closing price as at the filing date of Coca-Cola Co. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 79.84 ÷ 7.48 = 10.67
5 Click competitor name to see calculations.
The price-to-book value ratio exhibited fluctuations over the five-year period. Initially, the ratio decreased before increasing and then decreasing again, suggesting evolving investor sentiment regarding the company’s net asset value relative to its market capitalization.
- Price-to-Book Value (P/BV) Trend
- The P/BV ratio began at 11.74 in 2021, declining to 10.73 in 2022. A further decrease to 10.09 was observed in 2023, representing the lowest value within the observed timeframe. The ratio then increased substantially to 12.12 in 2024, before decreasing to 10.67 in 2025.
The share price demonstrated an overall upward trend, although not consistently. It decreased from US$62.28 in 2021 to US$59.80 in 2022, then showed modest growth to US$60.70 in 2023. A more significant increase occurred between 2023 and 2024, reaching US$70.04, followed by further growth to US$79.84 in 2025.
- Book Value per Share (BVPS) Trend
- Book value per share generally increased over the period. From US$5.30 in 2021, it rose to US$5.57 in 2022 and continued to US$6.02 in 2023. A slight decrease to US$5.78 was noted in 2024, but BVPS recovered strongly to US$7.48 in 2025, representing the highest value observed.
The interplay between share price and book value per share influenced the P/BV ratio. The initial decline in the P/BV ratio from 2021 to 2023 coincided with a relatively stable share price and increasing book value per share. The subsequent increase in the P/BV ratio in 2024 was driven by a larger increase in share price, while the decrease in 2025 occurred despite continued growth in share price, likely due to the proportionally larger increase in book value per share.
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