Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
Historical Valuation Ratios (Summary)
Coca-Cola Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-07-03), 10-Q (reporting date: 2026-04-03), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01).
The valuation ratios exhibit a pattern of cyclical volatility characterized by a significant contraction in late 2023 and mid-2025, followed by periods of recovery. A synchronized dip across all metrics is observed in September 2023, suggesting a temporary market revaluation or a systemic shift in investor sentiment during that period.
- Price to Earnings (P/E) Ratio
- The P/E ratio fluctuated within a range of 22.33 to 28.47. After maintaining levels near 28.00 in early 2022, the ratio declined to a period low of 22.33 in September 2023. A subsequent recovery led to a peak of 28.45 by December 2023, followed by another contraction to 23.09 in June 2025, before stabilizing at 26.77 by July 2026.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio displayed higher volatility than the P/E ratio, with values ranging from 20.56 to 30.34. A notable peak occurred between September and December 2024, where the ratio exceeded 30.00. This was followed by a sharp decline to a low of 20.56 in June 2025, indicating a significant divergence between share price and operating profitability during the mid-2025 window.
- Price to Sales (P/S) Ratio
- The P/S ratio initially trended downward from 7.15 in April 2022 to a low of 5.34 in September 2023. From that point, a consistent upward trajectory is observed, with the ratio climbing steadily through 2024 and 2025. The period concluded with the ratio reaching its maximum value of 7.65 in July 2026, suggesting an increase in the premium the market is willing to pay per unit of revenue.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio remained largely aligned with the P/E and P/OP trends, fluctuating between 9.14 and 12.12. A trough was recorded in September 2023 at 9.14, followed by a peak of 12.12 in December 2024. A secondary decline occurred in June 2025, reaching 9.63, before recovering to 10.60 by July 2026.
Overall, the data indicates a recovery in valuation multiples toward the end of the observed period. The P/S ratio, in particular, shows the most sustained growth from its 2023 low, ending the series at a level higher than its initial 2022 value.
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Price to Earnings (P/E)
Coca-Cola Co., historical P/E calculation (quarterly data)
| Jul 3, 2026 | Apr 3, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,302,549,243 | 4,302,482,418 | 4,300,723,069 | 4,301,608,845 | 4,303,667,252 | 4,304,266,738 | 4,301,000,395 | 4,307,797,138 | 4,309,868,150 | 4,307,955,307 | 4,312,456,168 | 4,323,413,810 | 4,324,344,812 | 4,324,578,189 | 4,326,691,783 | 4,324,513,264 | 4,324,629,174 | 4,335,028,727 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income attributable to shareowners of The Coca-Cola Company (in millions) | 4,425) | 3,924) | 2,271) | 3,696) | 3,810) | 3,330) | 2,195) | 2,848) | 2,411) | 3,177) | 1,973) | 3,087) | 2,547) | 3,107) | 2,031) | 2,825) | 1,905) | 2,781) | ||||||
| Earnings per share (EPS)2 | 3.33 | 3.18 | 3.05 | 3.03 | 2.83 | 2.51 | 2.47 | 2.42 | 2.47 | 2.50 | 2.48 | 2.49 | 2.43 | 2.28 | 2.21 | 2.30 | 2.21 | 2.38 | ||||||
| Share price1, 3 | 89.08 | 78.76 | 79.84 | 69.94 | 69.10 | 71.29 | 70.04 | 67.30 | 66.83 | 61.99 | 60.70 | 55.64 | 62.44 | 63.55 | 59.80 | 59.39 | 63.01 | 66.19 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | 26.77 | 24.73 | 26.20 | 23.09 | 24.41 | 28.45 | 28.34 | 27.85 | 27.05 | 24.76 | 24.43 | 22.33 | 25.69 | 27.85 | 27.12 | 25.88 | 28.47 | 27.84 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Mondelēz International Inc. | 22.68 | 28.80 | 31.07 | 22.00 | 24.77 | 23.61 | 16.11 | 24.23 | 22.69 | 22.49 | 20.87 | 19.80 | 23.78 | 25.50 | 33.07 | 26.93 | 22.33 | 21.13 | ||||||
| PepsiCo Inc. | 18.00 | 24.79 | 27.01 | 27.39 | 26.37 | 19.80 | 20.55 | 24.99 | 23.66 | 25.63 | 25.40 | 27.27 | 32.68 | 39.71 | 26.71 | 24.02 | 25.33 | 23.57 | ||||||
| Philip Morris International Inc. | 27.66 | 23.06 | 25.08 | 28.44 | 30.43 | 34.84 | 32.02 | 21.00 | 19.99 | 18.54 | 17.69 | 17.38 | 19.02 | 17.50 | 17.54 | 15.87 | 16.58 | 17.60 | ||||||
Based on: 10-Q (reporting date: 2026-07-03), 10-Q (reporting date: 2026-04-03), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net income attributable to shareowners of The Coca-Cola CompanyQ2 2026
+ Net income attributable to shareowners of The Coca-Cola CompanyQ1 2026
+ Net income attributable to shareowners of The Coca-Cola CompanyQ4 2025
+ Net income attributable to shareowners of The Coca-Cola CompanyQ3 2025)
÷ No. shares of common stock outstanding
= (4,425,000,000 + 3,924,000,000 + 2,271,000,000 + 3,696,000,000)
÷ 4,302,549,243 = 3.33
3 Closing price as at the filing date of Coca-Cola Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= 89.08 ÷ 3.33 = 26.77
5 Click competitor name to see calculations.
The analysis of the valuation metrics indicates a period of initial volatility followed by a sustained growth phase in both share price and fundamental earnings. While the stock experienced a price correction between April 2022 and September 2023, a subsequent recovery led to a significant appreciation in market value by mid-2026.
- Share Price Trends
- An initial downward trend is observed from April 2022, where the price stood at 66.19, reaching a period low of 55.64 in September 2023. Following this trough, a consistent upward trajectory began, with the price breaking the 70.00 threshold by December 2024 and reaching a peak of 89.08 by July 2026.
- Earnings per Share (EPS) Performance
- Earnings remained relatively stable between 2.21 and 2.51 from April 2022 through March 2024. A notable acceleration in earnings growth occurred starting in June 2025, with EPS rising from 2.83 to 3.33 by July 2026. This shift indicates a strengthening of fundamental profitability in the latter half of the observed period.
- Price to Earnings (P/E) Ratio Analysis
- The P/E ratio fluctuated within a band of 22.33 to 28.47. The lowest valuation multiple occurred in September 2023, coinciding with the minimum share price. Despite the substantial increase in share price toward 2026, the P/E ratio remained relatively contained, ending at 26.77 in July 2026. This suggests that the stock price appreciation was largely supported by the corresponding growth in EPS, preventing an excessive expansion of the valuation multiple.
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Price to Operating Profit (P/OP)
Coca-Cola Co., historical P/OP calculation (quarterly data)
| Jul 3, 2026 | Apr 3, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,302,549,243 | 4,302,482,418 | 4,300,723,069 | 4,301,608,845 | 4,303,667,252 | 4,304,266,738 | 4,301,000,395 | 4,307,797,138 | 4,309,868,150 | 4,307,955,307 | 4,312,456,168 | 4,323,413,810 | 4,324,344,812 | 4,324,578,189 | 4,326,691,783 | 4,324,513,264 | 4,324,629,174 | 4,335,028,727 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating income (in millions) | 4,672) | 4,359) | 1,841) | 3,982) | 4,280) | 3,659) | 2,709) | 2,510) | 2,632) | 2,141) | 2,273) | 3,270) | 2,401) | 3,367) | 2,075) | 3,088) | 2,341) | 3,405) | ||||||
| Operating profit per share2 | 3.45 | 3.36 | 3.20 | 3.40 | 3.06 | 2.67 | 2.32 | 2.22 | 2.39 | 2.34 | 2.62 | 2.57 | 2.53 | 2.51 | 2.52 | 2.43 | 2.39 | 2.54 | ||||||
| Share price1, 3 | 89.08 | 78.76 | 79.84 | 69.94 | 69.10 | 71.29 | 70.04 | 67.30 | 66.83 | 61.99 | 60.70 | 55.64 | 62.44 | 63.55 | 59.80 | 59.39 | 63.01 | 66.19 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | 25.80 | 23.43 | 24.95 | 20.56 | 22.60 | 26.66 | 30.15 | 30.34 | 27.92 | 26.48 | 23.14 | 21.65 | 24.70 | 25.28 | 23.72 | 24.45 | 26.41 | 26.11 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Mondelēz International Inc. | 17.92 | 20.44 | 21.46 | 18.47 | 19.54 | 19.78 | 11.71 | 15.60 | 14.56 | 14.35 | 18.81 | 17.68 | 22.16 | 25.48 | 25.43 | 21.64 | 19.09 | 19.85 | ||||||
| PepsiCo Inc. | 13.10 | 17.85 | 19.36 | 19.42 | 18.97 | 14.55 | 15.27 | 18.98 | 18.07 | 19.50 | 19.23 | 20.33 | 24.69 | 29.45 | 20.67 | 17.60 | 17.90 | 16.97 | ||||||
| Philip Morris International Inc. | 18.73 | 16.79 | 19.11 | 16.60 | 17.68 | 19.04 | 16.86 | 15.84 | 13.81 | 12.44 | 11.96 | 12.02 | 13.68 | 13.05 | 12.96 | 11.31 | 11.81 | 12.37 | ||||||
Based on: 10-Q (reporting date: 2026-07-03), 10-Q (reporting date: 2026-04-03), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ No. shares of common stock outstanding
= (4,672,000,000 + 4,359,000,000 + 1,841,000,000 + 3,982,000,000)
÷ 4,302,549,243 = 3.45
3 Closing price as at the filing date of Coca-Cola Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 89.08 ÷ 3.45 = 25.80
5 Click competitor name to see calculations.
The valuation of Coca-Cola Co. through the Price to Operating Profit (P/OP) ratio demonstrates notable volatility between April 2022 and July 2026, reflecting a shifting relationship between market pricing and operational performance.
- Share Price Trends
- The share price followed a U-shaped trajectory during the first half of the period, declining from $66.19 in April 2022 to a low of $55.64 in September 2023. Subsequently, a strong recovery phase began, with the price ascending steadily to reach a peak of $89.08 by July 2026.
- Operating Profit per Share Performance
- Operating profit per share remained relatively stable from April 2022 through March 2024, fluctuating within a narrow band between $2.34 and $2.62. A significant growth trend emerged starting in mid-2024, with profit per share accelerating to $3.45 by July 2026, indicating a substantial improvement in operational efficiency or revenue growth during the latter half of the analysis period.
- Price to Operating Profit (P/OP) Ratio Dynamics
- The P/OP ratio exhibited three distinct phases of movement. An initial period of moderation occurred between 2022 and September 2023, with the ratio dipping to 21.65. This was followed by a rapid expansion peaking at 30.34 in September 2024, where share price appreciation outpaced operating profit growth. Finally, a compression phase took place throughout 2025, as the surge in operating profit per share drove the ratio down to a low of 20.56 in June 2025, before it stabilized between 23.43 and 25.80 through July 2026.
Overall, the data indicates that while the company achieved significant growth in both share price and operating profits by 2026, the valuation multiple underwent a corrective cycle in 2025, bringing the P/OP ratio back into alignment with historical averages after a period of overextension in 2024.
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Price to Sales (P/S)
Coca-Cola Co., historical P/S calculation (quarterly data)
| Jul 3, 2026 | Apr 3, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,302,549,243 | 4,302,482,418 | 4,300,723,069 | 4,301,608,845 | 4,303,667,252 | 4,304,266,738 | 4,301,000,395 | 4,307,797,138 | 4,309,868,150 | 4,307,955,307 | 4,312,456,168 | 4,323,413,810 | 4,324,344,812 | 4,324,578,189 | 4,326,691,783 | 4,324,513,264 | 4,324,629,174 | 4,335,028,727 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net operating revenues (in millions) | 13,380) | 12,472) | 11,822) | 12,455) | 12,535) | 11,129) | 11,544) | 11,854) | 12,363) | 11,300) | 10,849) | 11,953) | 11,972) | 10,980) | 10,125) | 11,063) | 11,325) | 10,491) | ||||||
| Sales per share2 | 11.65 | 11.45 | 11.15 | 11.08 | 10.94 | 10.89 | 10.94 | 10.76 | 10.78 | 10.70 | 10.61 | 10.42 | 10.21 | 10.06 | 9.94 | 9.79 | 9.56 | 9.26 | ||||||
| Share price1, 3 | 89.08 | 78.76 | 79.84 | 69.94 | 69.10 | 71.29 | 70.04 | 67.30 | 66.83 | 61.99 | 60.70 | 55.64 | 62.44 | 63.55 | 59.80 | 59.39 | 63.01 | 66.19 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | 7.65 | 6.88 | 7.16 | 6.31 | 6.32 | 6.54 | 6.40 | 6.25 | 6.20 | 5.80 | 5.72 | 5.34 | 6.12 | 6.32 | 6.02 | 6.07 | 6.59 | 7.15 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Mondelēz International Inc. | 2.01 | 1.91 | 1.98 | 2.06 | 2.43 | 2.33 | 2.04 | 2.56 | 2.49 | 2.67 | 2.87 | 2.57 | 2.88 | 3.06 | 2.85 | 2.77 | 2.89 | 3.03 | ||||||
| PepsiCo Inc. | 1.94 | 2.27 | 2.37 | 2.14 | 2.17 | 2.03 | 2.14 | 2.54 | 2.45 | 2.56 | 2.52 | 2.47 | 2.86 | 2.97 | 2.75 | 2.79 | 2.86 | 2.96 | ||||||
| Philip Morris International Inc. | 7.07 | 6.17 | 7.00 | 6.14 | 6.41 | 6.90 | 5.97 | 5.55 | 4.83 | 4.11 | 3.93 | 4.06 | 4.61 | 4.76 | 5.00 | 4.38 | 4.74 | 5.03 | ||||||
Based on: 10-Q (reporting date: 2026-07-03), 10-Q (reporting date: 2026-04-03), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (Net operating revenuesQ2 2026
+ Net operating revenuesQ1 2026
+ Net operating revenuesQ4 2025
+ Net operating revenuesQ3 2025)
÷ No. shares of common stock outstanding
= (13,380,000,000 + 12,472,000,000 + 11,822,000,000 + 12,455,000,000)
÷ 4,302,549,243 = 11.65
3 Closing price as at the filing date of Coca-Cola Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 89.08 ÷ 11.65 = 7.65
5 Click competitor name to see calculations.
The price-to-sales (P/S) ratio exhibited a U-shaped trajectory between April 2022 and July 2026, characterized by an initial phase of valuation compression followed by a period of sustained expansion. The ratio reached a period low of 5.34 in September 2023 before ascending to a period high of 7.65 by July 2026.
- Sales per Share Performance
- A consistent and linear upward trend is observed in sales per share, which grew from 9.26 USD in April 2022 to 11.65 USD in July 2026. This steady progression indicates stable top-line growth throughout the entire observation window, regardless of market price fluctuations.
- Share Price Dynamics
- The share price experienced significant volatility, declining from 66.19 USD in April 2022 to a minimum of 55.64 USD in September 2023. This was followed by a robust recovery and growth phase, with the price climbing steadily to reach 89.08 USD by July 2026.
- P/S Ratio Interpretation
- The fluctuations in the P/S ratio were primarily driven by changes in market valuation rather than shifts in revenue performance. The decline in the ratio from 7.15 to 5.34 during the first eighteen months was the result of share price depreciation occurring despite rising sales. The subsequent increase in the ratio occurred because the rate of share price appreciation significantly outpaced the incremental growth in sales per share, particularly between December 2025 and July 2026.
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Price to Book Value (P/BV)
Coca-Cola Co., historical P/BV calculation (quarterly data)
| Jul 3, 2026 | Apr 3, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,302,549,243 | 4,302,482,418 | 4,300,723,069 | 4,301,608,845 | 4,303,667,252 | 4,304,266,738 | 4,301,000,395 | 4,307,797,138 | 4,309,868,150 | 4,307,955,307 | 4,312,456,168 | 4,323,413,810 | 4,324,344,812 | 4,324,578,189 | 4,326,691,783 | 4,324,513,264 | 4,324,629,174 | 4,335,028,727 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Equity attributable to shareowners of The Coca-Cola Company (in millions) | 36,150) | 33,633) | 32,169) | 31,247) | 28,585) | 26,202) | 24,856) | 26,518) | 25,853) | 26,429) | 25,941) | 26,325) | 26,013) | 25,217) | 24,105) | 22,805) | 23,005) | 24,845) | ||||||
| Book value per share (BVPS)2 | 8.40 | 7.82 | 7.48 | 7.26 | 6.64 | 6.09 | 5.78 | 6.16 | 6.00 | 6.13 | 6.02 | 6.09 | 6.02 | 5.83 | 5.57 | 5.27 | 5.32 | 5.73 | ||||||
| Share price1, 3 | 89.08 | 78.76 | 79.84 | 69.94 | 69.10 | 71.29 | 70.04 | 67.30 | 66.83 | 61.99 | 60.70 | 55.64 | 62.44 | 63.55 | 59.80 | 59.39 | 63.01 | 66.19 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | 10.60 | 10.08 | 10.67 | 9.63 | 10.40 | 11.71 | 12.12 | 10.93 | 11.14 | 10.10 | 10.09 | 9.14 | 10.38 | 10.90 | 10.73 | 11.26 | 11.85 | 11.55 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Mondelēz International Inc. | 2.99 | 2.92 | 2.95 | 2.97 | 3.44 | 3.30 | 2.76 | 3.32 | 3.23 | 3.39 | 3.65 | 3.19 | 3.44 | 3.56 | 3.34 | 3.17 | 3.14 | 3.15 | ||||||
| PepsiCo Inc. | 8.51 | 10.12 | 10.91 | 10.21 | 10.81 | 10.09 | 10.91 | 12.02 | 11.58 | 12.36 | 12.45 | 12.02 | 14.60 | 15.34 | 13.88 | 12.30 | 12.61 | 13.16 | ||||||
| Philip Morris International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2026-07-03), 10-Q (reporting date: 2026-04-03), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Equity attributable to shareowners of The Coca-Cola Company ÷ No. shares of common stock outstanding
= 36,150,000,000 ÷ 4,302,549,243 = 8.40
3 Closing price as at the filing date of Coca-Cola Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 89.08 ÷ 8.40 = 10.60
5 Click competitor name to see calculations.
The valuation metrics for the period between April 2022 and July 2026 exhibit a general upward trajectory in both market price and book value, though the price-to-book value (P/BV) ratio displays notable volatility. While the share price and book value per share ended the period significantly higher than their starting points, the P/BV ratio fluctuated within a range of 9.14 to 12.12, indicating shifting market sentiment regarding the company's intrinsic value.
- Share Price Trends
- The share price experienced an initial period of volatility, declining from 66.19 US$ in April 2022 to a low of 55.64 US$ by September 2023. Following this trough, a consistent recovery phase began, with the price breaking the 70.00 US$ threshold in December 2024 and accelerating toward a peak of 89.08 US$ by July 2026.
- Book Value per Share (BVPS) Progression
- Book value per share demonstrated a steady long-term increase, growing from 5.73 US$ in April 2022 to 8.40 US$ in July 2026. Although minor contractions occurred—most notably in September 2022 (5.27 US$) and December 2024 (5.78 US$)—the overall trend reflects a strengthening of the company's equity base over the analyzed timeframe.
- P/BV Ratio Analysis
- The P/BV ratio reached its minimum of 9.14 in September 2023, coinciding with the period of lowest share pricing. A subsequent peak of 12.12 was observed in December 2024, driven by a combination of rising share prices and a temporary dip in book value. In the final year of the data, the ratio stabilized between 9.63 and 10.67, suggesting that the increase in share price was more closely aligned with the growth in book value during the 2025-2026 period.
Overall, the data indicates that while the market continues to value the company at a significant premium relative to its book value, the expansion of the book value per share has acted as a stabilizing force against share price volatility in the latter half of the period.
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