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Coca-Cola Co. (NYSE:KO)


Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Beginner level

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)

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Mar 27, 2020 Dec 31, 2019 Sep 27, 2019 Jun 28, 2019 Mar 29, 2019 Dec 31, 2018 Sep 28, 2018 Jun 29, 2018 Mar 30, 2018 Dec 31, 2017 Sep 29, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jul 1, 2016 Apr 1, 2016 Dec 31, 2015 Oct 2, 2015 Jul 3, 2015 Apr 3, 2015
Price to earnings (P/E) 19.48 28.21 30.20 32.26 30.26 30.47 72.10 82.66 126.38 150.54 43.29 47.41 29.52 27.48 25.18 24.73 26.53 26.01
Price to operating profit (P/OP) 19.45 24.95 24.48 23.68 21.89 22.54 24.18 24.65 24.72 25.05 26.14 25.59 21.70 20.80 20.67 21.18 22.52 21.91
Price to sales (P/S) 5.25 6.75 6.64 6.68 6.20 6.15 6.27 5.93 5.34 5.31 5.28 5.06 4.52 4.28 4.28 4.36 4.40 4.32
Price to book value (P/BV) 10.75 13.26 12.50 12.48 11.51 11.55 11.10 10.73 9.24 11.00 8.91 8.94 8.03 7.78 6.97 7.07 7.75 7.48 7.13 6.21 6.13

Based on: 10-Q (filing date: 2020-04-24), 10-K (filing date: 2020-02-24), 10-Q (filing date: 2019-10-24), 10-Q (filing date: 2019-07-25), 10-Q (filing date: 2019-04-25), 10-K (filing date: 2019-02-21), 10-Q (filing date: 2018-10-30), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-24), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-10-28), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-04-30).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Coca-Cola Co.’s P/E ratio decreased from Q3 2019 to Q4 2019 and from Q4 2019 to Q1 2020.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Coca-Cola Co.’s P/OP ratio increased from Q3 2019 to Q4 2019 but then decreased significantly from Q4 2019 to Q1 2020.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Coca-Cola Co.’s P/S ratio increased from Q3 2019 to Q4 2019 but then decreased significantly from Q4 2019 to Q1 2020.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Coca-Cola Co.’s P/BV ratio increased from Q3 2019 to Q4 2019 but then decreased significantly from Q4 2019 to Q1 2020.

Price to Earnings (P/E)

Coca-Cola Co., historical P/E calculation (quarterly data)

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Mar 27, 2020 Dec 31, 2019 Sep 27, 2019 Jun 28, 2019 Mar 29, 2019 Dec 31, 2018 Sep 28, 2018 Jun 29, 2018 Mar 30, 2018 Dec 31, 2017 Sep 29, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jul 1, 2016 Apr 1, 2016 Dec 31, 2015 Oct 2, 2015 Jul 3, 2015 Apr 3, 2015
No. shares of common stock outstanding1 4,294,891,353 4,290,276,067 4,284,491,377 4,276,027,437 4,266,115,111 4,275,340,031 4,256,513,898 4,252,922,447 4,255,262,604 4,265,906,533 4,260,667,316 4,265,304,181 4,272,559,271 4,293,461,702 4,312,959,416 4,316,029,450 4,326,198,723 4,329,497,778 4,348,985,156 4,350,003,656 4,358,700,821
Selected Financial Data (US$)
Net income attributable to shareowners of The Coca-Cola Company (in millions) 2,775  2,042  2,593  2,607  1,678  870  1,880  2,316  1,368  (2,752) 1,447  1,371  1,182  550  1,046  3,448  1,483  1,237  1,449  3,108  1,557 
Earnings per share (EPS)2 2.33 2.08 1.81 1.65 1.58 1.50 0.66 0.56 0.34 0.29 1.07 0.97 1.46 1.52 1.67 1.76 1.68 1.70 0.00 0.00 0.00
Share price1, 3 45.43 58.65 54.61 53.07 47.84 45.86 47.63 46.24 42.59 44.04 46.23 46.12 43.01 41.78 42.12 43.65 44.63 44.16 42.73 40.59 40.56
Valuation Ratio
P/E ratio4 19.48 28.21 30.20 32.26 30.26 30.47 72.10 82.66 126.38 150.54 43.29 47.41 29.52 27.48 25.18 24.73 26.53 26.01
Benchmarks
P/E Ratio, Competitors5
PepsiCo Inc. 26.13 27.83 15.51 14.39 14.15 13.01 31.02 34.76 30.01 32.81 22.34 23.81 24.13 24.09 23.27 29.86 29.06 25.72

Based on: 10-Q (filing date: 2020-04-24), 10-K (filing date: 2020-02-24), 10-Q (filing date: 2019-10-24), 10-Q (filing date: 2019-07-25), 10-Q (filing date: 2019-04-25), 10-K (filing date: 2019-02-21), 10-Q (filing date: 2018-10-30), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-24), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-10-28), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-04-30).

1 Data adjusted for splits and stock dividends.

2 Q1 2020 Calculation
EPS = (Net income attributable to shareowners of The Coca-Cola CompanyQ1 2020 + Net income attributable to shareowners of The Coca-Cola CompanyQ4 2019 + Net income attributable to shareowners of The Coca-Cola CompanyQ3 2019 + Net income attributable to shareowners of The Coca-Cola CompanyQ2 2019) ÷ No. shares of common stock outstanding
= (2,775,000,000 + 2,042,000,000 + 2,593,000,000 + 2,607,000,000) ÷ 4,294,891,353 = 2.33

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

4 Q1 2020 Calculation
P/E ratio = Share price ÷ EPS
= 45.43 ÷ 2.33 = 19.48

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Coca-Cola Co.’s P/E ratio decreased from Q3 2019 to Q4 2019 and from Q4 2019 to Q1 2020.

Price to Operating Profit (P/OP)

Coca-Cola Co., historical P/OP calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Mar 27, 2020 Dec 31, 2019 Sep 27, 2019 Jun 28, 2019 Mar 29, 2019 Dec 31, 2018 Sep 28, 2018 Jun 29, 2018 Mar 30, 2018 Dec 31, 2017 Sep 29, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jul 1, 2016 Apr 1, 2016 Dec 31, 2015 Oct 2, 2015 Jul 3, 2015 Apr 3, 2015
No. shares of common stock outstanding1 4,294,891,353 4,290,276,067 4,284,491,377 4,276,027,437 4,266,115,111 4,275,340,031 4,256,513,898 4,252,922,447 4,255,262,604 4,265,906,533 4,260,667,316 4,265,304,181 4,272,559,271 4,293,461,702 4,312,959,416 4,316,029,450 4,326,198,723 4,329,497,778 4,348,985,156 4,350,003,656 4,358,700,821
Selected Financial Data (US$)
Operating income (in millions) 2,380  2,164  2,499  2,988  2,435  1,636  2,526  2,727  1,811  1,321  2,120  2,078  1,982  1,355  2,271  2,859  2,141  1,518  2,379  2,535  2,296 
Operating profit per share2 2.34 2.35 2.23 2.24 2.19 2.03 1.97 1.88 1.72 1.76 1.77 1.80 1.98 2.01 2.04 2.06 1.98 2.02 0.00 0.00 0.00
Share price1, 3 45.43 58.65 54.61 53.07 47.84 45.86 47.63 46.24 42.59 44.04 46.23 46.12 43.01 41.78 42.12 43.65 44.63 44.16 42.73 40.59 40.56
Valuation Ratio
P/OP ratio4 19.45 24.95 24.48 23.68 21.89 22.54 24.18 24.65 24.72 25.05 26.14 25.59 21.70 20.80 20.67 21.18 22.52 21.91
Benchmarks
P/OP Ratio, Competitors5
PepsiCo Inc. 18.53 19.78 19.19 18.40 17.27 16.10 14.94 15.32 14.10 15.15 15.10 16.01 16.03 15.57 16.03 18.78 18.33 16.77

Based on: 10-Q (filing date: 2020-04-24), 10-K (filing date: 2020-02-24), 10-Q (filing date: 2019-10-24), 10-Q (filing date: 2019-07-25), 10-Q (filing date: 2019-04-25), 10-K (filing date: 2019-02-21), 10-Q (filing date: 2018-10-30), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-24), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-10-28), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-04-30).

1 Data adjusted for splits and stock dividends.

2 Q1 2020 Calculation
Operating profit per share = (Operating incomeQ1 2020 + Operating incomeQ4 2019 + Operating incomeQ3 2019 + Operating incomeQ2 2019) ÷ No. shares of common stock outstanding
= (2,380,000,000 + 2,164,000,000 + 2,499,000,000 + 2,988,000,000) ÷ 4,294,891,353 = 2.34

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

4 Q1 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 45.43 ÷ 2.34 = 19.45

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Coca-Cola Co.’s P/OP ratio increased from Q3 2019 to Q4 2019 but then decreased significantly from Q4 2019 to Q1 2020.

Price to Sales (P/S)

Coca-Cola Co., historical P/S calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Mar 27, 2020 Dec 31, 2019 Sep 27, 2019 Jun 28, 2019 Mar 29, 2019 Dec 31, 2018 Sep 28, 2018 Jun 29, 2018 Mar 30, 2018 Dec 31, 2017 Sep 29, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jul 1, 2016 Apr 1, 2016 Dec 31, 2015 Oct 2, 2015 Jul 3, 2015 Apr 3, 2015
No. shares of common stock outstanding1 4,294,891,353 4,290,276,067 4,284,491,377 4,276,027,437 4,266,115,111 4,275,340,031 4,256,513,898 4,252,922,447 4,255,262,604 4,265,906,533 4,260,667,316 4,265,304,181 4,272,559,271 4,293,461,702 4,312,959,416 4,316,029,450 4,326,198,723 4,329,497,778 4,348,985,156 4,350,003,656 4,358,700,821
Selected Financial Data (US$)
Net operating revenues (in millions) 8,601  9,068  9,507  9,997  8,694  7,058  8,245  8,927  7,626  7,512  9,078  9,702  9,118  9,409  10,633  11,539  10,282  10,000  11,427  12,156  10,711 
Sales per share2 8.66 8.69 8.23 7.95 7.72 7.45 7.59 7.79 7.97 8.30 8.76 9.11 9.53 9.75 9.84 10.02 10.14 10.23 0.00 0.00 0.00
Share price1, 3 45.43 58.65 54.61 53.07 47.84 45.86 47.63 46.24 42.59 44.04 46.23 46.12 43.01 41.78 42.12 43.65 44.63 44.16 42.73 40.59 40.56
Valuation Ratio
P/S ratio4 5.25 6.75 6.64 6.68 6.20 6.15 6.27 5.93 5.34 5.31 5.28 5.06 4.52 4.28 4.28 4.36 4.40 4.32
Benchmarks
P/S Ratio, Competitors5
PepsiCo Inc. 2.78 3.03 2.91 2.82 2.74 2.52 2.37 2.48 2.29 2.51 2.45 2.56 2.57 2.43 2.50 2.49 2.39 2.22

Based on: 10-Q (filing date: 2020-04-24), 10-K (filing date: 2020-02-24), 10-Q (filing date: 2019-10-24), 10-Q (filing date: 2019-07-25), 10-Q (filing date: 2019-04-25), 10-K (filing date: 2019-02-21), 10-Q (filing date: 2018-10-30), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-24), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-10-28), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-04-30).

1 Data adjusted for splits and stock dividends.

2 Q1 2020 Calculation
Sales per share = (Net operating revenuesQ1 2020 + Net operating revenuesQ4 2019 + Net operating revenuesQ3 2019 + Net operating revenuesQ2 2019) ÷ No. shares of common stock outstanding
= (8,601,000,000 + 9,068,000,000 + 9,507,000,000 + 9,997,000,000) ÷ 4,294,891,353 = 8.66

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

4 Q1 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= 45.43 ÷ 8.66 = 5.25

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Coca-Cola Co.’s P/S ratio increased from Q3 2019 to Q4 2019 but then decreased significantly from Q4 2019 to Q1 2020.

Price to Book Value (P/BV)

Coca-Cola Co., historical P/BV calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Mar 27, 2020 Dec 31, 2019 Sep 27, 2019 Jun 28, 2019 Mar 29, 2019 Dec 31, 2018 Sep 28, 2018 Jun 29, 2018 Mar 30, 2018 Dec 31, 2017 Sep 29, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jul 1, 2016 Apr 1, 2016 Dec 31, 2015 Oct 2, 2015 Jul 3, 2015 Apr 3, 2015
No. shares of common stock outstanding1 4,294,891,353 4,290,276,067 4,284,491,377 4,276,027,437 4,266,115,111 4,275,340,031 4,256,513,898 4,252,922,447 4,255,262,604 4,265,906,533 4,260,667,316 4,265,304,181 4,272,559,271 4,293,461,702 4,312,959,416 4,316,029,450 4,326,198,723 4,329,497,778 4,348,985,156 4,350,003,656 4,358,700,821
Selected Financial Data (US$)
Equity attributable to shareowners of The Coca-Cola Company (in millions) 18,158  18,981  18,713  18,181  17,735  16,981  18,264  18,323  19,610  17,072  22,119  22,001  22,876  23,062  26,076  26,637  24,914  25,554  26,049  28,418  28,837 
Book value per share (BVPS)2 4.23 4.42 4.37 4.25 4.16 3.97 4.29 4.31 4.61 4.00 5.19 5.16 5.35 5.37 6.05 6.17 5.76 5.90 5.99 6.53 6.62
Share price1, 3 45.43 58.65 54.61 53.07 47.84 45.86 47.63 46.24 42.59 44.04 46.23 46.12 43.01 41.78 42.12 43.65 44.63 44.16 42.73 40.59 40.56
Valuation Ratio
P/BV ratio4 10.75 13.26 12.50 12.48 11.51 11.55 11.10 10.73 9.24 11.00 8.91 8.94 8.03 7.78 6.97 7.07 7.75 7.48 7.13 6.21 6.13
Benchmarks
P/BV Ratio, Competitors5
PepsiCo Inc. 14.05 13.76 13.61 13.20 12.54 11.21 14.92 15.79 13.45 14.62 11.70 13.07 13.99 13.73 12.26 12.63 13.48 11.75 10.51 8.51 8.90

Based on: 10-Q (filing date: 2020-04-24), 10-K (filing date: 2020-02-24), 10-Q (filing date: 2019-10-24), 10-Q (filing date: 2019-07-25), 10-Q (filing date: 2019-04-25), 10-K (filing date: 2019-02-21), 10-Q (filing date: 2018-10-30), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-24), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-10-28), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-04-30).

1 Data adjusted for splits and stock dividends.

2 Q1 2020 Calculation
BVPS = Equity attributable to shareowners of The Coca-Cola Company ÷ No. shares of common stock outstanding
= 18,158,000,000 ÷ 4,294,891,353 = 4.23

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

4 Q1 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= 45.43 ÷ 4.23 = 10.75

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Coca-Cola Co.’s P/BV ratio increased from Q3 2019 to Q4 2019 but then decreased significantly from Q4 2019 to Q1 2020.