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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-25), 10-Q (reporting date: 2020-06-26), 10-Q (reporting date: 2020-03-27).
- Price to Earnings (P/E) Ratio
- The P/E ratio remained unavailable for the early periods but began at 27.91 in December 2020. It peaked at 32.01 in the following quarter before gradually declining to a low of 22.33 in September 2023. Afterward, it slightly increased, fluctuating around the 24 to 28 range through the subsequent quarters, ending at 28.45 in March 2025. This indicates a period of increasing investor optimism until mid-2021, followed by a correction and stabilization.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio shows a similar trend to the P/E ratio, starting at 24.03 in December 2020. It experienced minor fluctuations through 2021, with a notable dip to 21.65 in June 2023. Subsequently, there was an upward trend reaching a peak of 30.34 in September 2024 before declining slightly. This pattern suggests variations in operating profit expectations relative to stock price, reflecting changing market perceptions of profitability.
- Price to Sales (P/S) Ratio
- The P/S ratio began at 6.55 in December 2020 and saw a small increase to 7.15 in July 2022. It then decreased to a low of 5.34 in June 2023, after which it gradually increased again to settle around the 6.5 range by March 2025. These movements imply shifts in sales valuation, with periods of higher sales multiple possibly linked to improved sales expectations or market optimism, followed by corrections.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio was relatively high in the early periods, above 10.7, reaching up to 11.91 in June 2020. After a gradual decline, it dropped notably to a low of 9.14 in September 2023. Subsequently, it rebounded, climbing back above 11 by December 2024 and slightly decreasing afterward. This indicates changing investor sentiment towards the company's net asset valuation, with some periods reflecting discounting to book value and others reflecting premium valuations.
Price to Earnings (P/E)
Coca-Cola Co., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Sep 25, 2020 | Jun 26, 2020 | Mar 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 4,335,473,308 | 4,319,420,236 | 4,316,618,703 | 4,311,680,667 | 4,309,311,676 | 4,297,434,612 | 4,295,438,919 | 4,294,891,353 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income attributable to shareowners of The Coca-Cola Company (in millions) | 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) | 2,414) | 2,471) | 2,641) | 2,245) | 1,456) | 1,737) | 1,779) | 2,775) | |||||||
| Earnings per share (EPS)2 | 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 | 2.25 | 2.04 | 1.87 | 1.67 | 1.80 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 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 | 62.28 | 56.04 | 57.06 | 53.58 | 50.17 | 50.68 | 48.48 | 45.43 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | 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 | 27.63 | 27.47 | 30.49 | 32.01 | 27.91 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Mondelēz International Inc. | 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 | 21.64 | 19.22 | 21.14 | 22.62 | 22.33 | — | — | — | |||||||
| PepsiCo Inc. | 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 | 30.58 | 25.66 | 25.76 | 26.23 | 26.15 | — | — | — | |||||||
| Philip Morris International Inc. | 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 | 18.37 | 16.43 | 17.54 | 17.03 | 16.55 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-25), 10-Q (reporting date: 2020-06-26), 10-Q (reporting date: 2020-03-27).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net income attributable to shareowners of The Coca-Cola CompanyQ1 2025
+ Net income attributable to shareowners of The Coca-Cola CompanyQ4 2024
+ Net income attributable to shareowners of The Coca-Cola CompanyQ3 2024
+ Net income attributable to shareowners of The Coca-Cola CompanyQ2 2024)
÷ No. shares of common stock outstanding
= (3,330,000,000 + 2,195,000,000 + 2,848,000,000 + 2,411,000,000)
÷ 4,304,266,738 = 2.51
3 Closing price as at the filing date of Coca-Cola Co. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= 71.29 ÷ 2.51 = 28.45
5 Click competitor name to see calculations.
The share price exhibits a general upward trend over the observed periods, rising from $45.43 in March 2020 to $71.29 in March 2025. There are occasional fluctuations, such as a slight decline from $66.19 in April 2022 to $59.39 in September 2022, followed by recovery and subsequent growth. The share price appears to reach new highs towards the end of the timeline, indicating positive market sentiment or company performance.
Earnings per share (EPS) data is available starting from December 2020 with an initial value of $1.80. EPS generally shows a consistent increase, growing to $2.51 by March 2025. Minor fluctuations exist, such as a dip from $2.50 in June 2024 to $2.47 in September 2024, but the overall direction is upward, reflecting improving profitability.
The price-to-earnings (P/E) ratio fluctuates within a range of approximately 22 to 32 over the periods where data is available (starting December 2020). It peaks at 32.01 in June 2021 and then gradually decreases to a low of 22.33 by December 2023, suggesting that the stock became relatively more attractively priced compared to earnings during that time. After December 2023, the P/E ratio slightly increases again, stabilizing around the high 20s by March 2025. This stable P/E coupled with rising EPS and share price may indicate balanced growth expectations by the market.
- Share Price
- Overall rising trend from $45.43 to $71.29 over five years.
- Intermittent declines corrected by recoveries, indicating some market volatility but generally positive growth.
- Earnings Per Share (EPS)
- Starts at $1.80 in late 2020 and increases steadily to $2.51 by early 2025.
- Minor fluctuations but a clear upward trajectory suggesting improving profitability.
- Price-to-Earnings (P/E) Ratio
- Varies between 22.33 and 32.01 in reported periods.
- Highest in mid-2021, then declines to a low in late 2023, followed by moderate recovery and stabilization.
- Reflects changing market valuation relative to earnings, with periods of relative undervaluation and slight optimism.
Price to Operating Profit (P/OP)
Coca-Cola Co., historical P/OP calculation (quarterly data)
| Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Sep 25, 2020 | Jun 26, 2020 | Mar 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,304,266,738 | 4,301,000,395 | 4,307,797,138 | 4,309,868,150 | 4,307,955,307 | 4,312,456,168 | 4,323,413,810 | 4,324,344,812 | 4,324,578,189 | 4,326,691,783 | 4,324,513,264 | 4,324,629,174 | 4,335,028,727 | 4,335,473,308 | 4,319,420,236 | 4,316,618,703 | 4,311,680,667 | 4,309,311,676 | 4,297,434,612 | 4,295,438,919 | 4,294,891,353 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (in millions) | 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) | 1,672) | 2,898) | 3,016) | 2,722) | 2,338) | 2,298) | 1,981) | 2,380) | |||||||
| Operating profit per share2 | 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 | 2.38 | 2.54 | 2.40 | 2.17 | 2.09 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 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 | 62.28 | 56.04 | 57.06 | 53.58 | 50.17 | 50.68 | 48.48 | 45.43 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | 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 | 26.19 | 22.06 | 23.74 | 24.74 | 24.03 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Mondelēz International Inc. | 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 | 20.00 | 18.62 | 20.54 | 19.98 | 20.60 | — | — | — | |||||||
| PepsiCo Inc. | 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 | 20.87 | 18.28 | 18.75 | 18.78 | 18.47 | — | — | — | |||||||
| Philip Morris International Inc. | 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 | 12.90 | 11.42 | 12.23 | 11.95 | 11.43 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-25), 10-Q (reporting date: 2020-06-26), 10-Q (reporting date: 2020-03-27).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024
+ Operating incomeQ2 2024)
÷ No. shares of common stock outstanding
= (3,659,000,000 + 2,709,000,000 + 2,510,000,000 + 2,632,000,000)
÷ 4,304,266,738 = 2.67
3 Closing price as at the filing date of Coca-Cola Co. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 71.29 ÷ 2.67 = 26.66
5 Click competitor name to see calculations.
The data reveals several important trends in the share price, operating profit per share, and the price to operating profit ratio over the presented quarterly periods.
- Share Price
- The share price shows an overall upward trajectory from March 2020 through March 2025. Beginning at $45.43 in March 2020, it rises steadily with some fluctuations, reaching a peak of $71.29 in March 2025. Notable increases occur between December 2020 and April 2022, with the share price climbing from $50.17 to $66.19. After a brief decline in late 2022 and early 2023, the price recovers and continues increasing toward the end of the period.
- Operating Profit Per Share (OPPS)
- Operating profit per share data begins from December 2020 at $2.09. This metric shows consistent growth through to December 2023, where it reaches $2.62. Post that, there is a slight decline and some volatility, with a dip to $2.22 in December 2024, followed by an increase to $2.67 by March 2025. The overall rising trend indicates improving profitability on a per-share basis over the majority of the period.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio fluctuates considerably throughout the timeframe. Starting at 24.03 in December 2020, it decreases until December 2021 reaching 22.06, then rises to over 27 by December 2024 and stabilizes slightly back to 26.66 in March 2025. These variations suggest changing investor sentiment or market conditions in relation to the company's operating profit. The rising ratio during late periods implies that the share price increased at a faster rate than operating profit per share, possibly reflecting elevated market expectations.
In summary, the share price and operating profit per share generally trend upwards over the nearly five-year span, demonstrating financial growth. The price to operating profit ratio's volatility indicates shifts in valuation relative to profitability, with a tendency towards higher valuation multiples in recent years. This pattern may suggest increasing confidence in the company’s future earnings potential despite the minor fluctuations in operating profit per share towards the end of the period.
Price to Sales (P/S)
Coca-Cola Co., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Sep 25, 2020 | Jun 26, 2020 | Mar 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 4,335,473,308 | 4,319,420,236 | 4,316,618,703 | 4,311,680,667 | 4,309,311,676 | 4,297,434,612 | 4,295,438,919 | 4,294,891,353 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net operating revenues (in millions) | 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) | 9,464) | 10,042) | 10,129) | 9,020) | 8,611) | 8,652) | 7,150) | 8,601) | |||||||
| Sales per share2 | 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 | 8.92 | 8.75 | 8.44 | 7.75 | 7.66 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 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 | 62.28 | 56.04 | 57.06 | 53.58 | 50.17 | 50.68 | 48.48 | 45.43 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | 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 | 6.99 | 6.40 | 6.76 | 6.91 | 6.55 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Mondelēz International Inc. | 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 | 3.24 | 3.02 | 3.27 | 3.15 | 2.99 | — | — | — | |||||||
| PepsiCo Inc. | 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 | 2.93 | 2.72 | 2.83 | 2.76 | 2.65 | — | — | — | |||||||
| Philip Morris International Inc. | 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 | 5.33 | 4.80 | 5.17 | 5.06 | 4.65 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-25), 10-Q (reporting date: 2020-06-26), 10-Q (reporting date: 2020-03-27).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (Net operating revenuesQ1 2025
+ Net operating revenuesQ4 2024
+ Net operating revenuesQ3 2024
+ Net operating revenuesQ2 2024)
÷ No. shares of common stock outstanding
= (11,129,000,000 + 11,544,000,000 + 11,854,000,000 + 12,363,000,000)
÷ 4,304,266,738 = 10.89
3 Closing price as at the filing date of Coca-Cola Co. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 71.29 ÷ 10.89 = 6.54
5 Click competitor name to see calculations.
- Share Price Trend
- The share price experienced a steady rise from March 2020 through the end of 2021, increasing from $45.43 to a peak of $62.28 in December 2021. In 2022, there was some volatility with a decline to $59.39 in September before recovering towards the end of the year. The price remained relatively stable in early 2023 around the low $60s, followed by a decline to $55.64 in September 2023. Subsequently, the share price showed a marked recovery into 2024, reaching $71.29 by March 2025, the highest value within the observed periods.
- Sales per Share Trend
- Sales per share data begins from April 2021, showing a consistent upward trajectory. Starting at $7.66, sales per share increased steadily every quarter, reaching $10.89 by March 2025. This reflects a steady growth of approximately 42% over nearly four years, indicating improving sales performance on a per-share basis.
- Price-to-Sales (P/S) Ratio Trend
- The P/S ratio shows significant fluctuation throughout the period. It started at 6.55 in April 2021, peaked at 7.15 in July 2022, then gradually declined to a low of 5.34 in June 2023. After this low point, the ratio rebounded and increased steadily, reaching 6.54 by March 2025. The initial rise followed by a decline and subsequent recovery suggests adjustments in market valuation relative to sales, affecting investor perception or changes in sales and stock price correlation.
- Overall Observations
- The data demonstrates a general growth in sales revenue on a per-share basis, accompanied by upward movement in share price, although with periods of volatility. The P/S ratio's fluctuation indicates changing market sentiments or valuation multiples relative to sales, reflecting the dynamics of investor confidence or external economic factors during the timeline. The sustained increase in sales per share coupled with the recovery and growth in share price towards the latter periods suggests strengthening business fundamentals and improved market valuation.
Price to Book Value (P/BV)
Coca-Cola Co., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Sep 25, 2020 | Jun 26, 2020 | Mar 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 4,335,473,308 | 4,319,420,236 | 4,316,618,703 | 4,311,680,667 | 4,309,311,676 | 4,297,434,612 | 4,295,438,919 | 4,294,891,353 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Equity attributable to shareowners of The Coca-Cola Company (in millions) | 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) | 22,999) | 22,179) | 22,249) | 20,355) | 19,299) | 18,607) | 17,484) | 18,158) | |||||||
| Book value per share (BVPS)2 | 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 | 5.30 | 5.13 | 5.15 | 4.72 | 4.48 | 4.33 | 4.07 | 4.23 | |||||||
| Share price1, 3 | 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 | 62.28 | 56.04 | 57.06 | 53.58 | 50.17 | 50.68 | 48.48 | 45.43 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | 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 | 11.74 | 10.91 | 11.07 | 11.35 | 11.20 | 11.70 | 11.91 | 10.75 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Mondelēz International Inc. | 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 | 3.29 | 3.09 | 3.31 | 3.16 | 2.88 | 2.89 | 3.12 | 2.84 | |||||||
| PepsiCo Inc. | 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 | 14.52 | 13.16 | 13.82 | 14.10 | 13.84 | 14.43 | 14.95 | 14.05 | |||||||
| Philip Morris International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-25), 10-Q (reporting date: 2020-06-26), 10-Q (reporting date: 2020-03-27).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
BVPS = Equity attributable to shareowners of The Coca-Cola Company ÷ No. shares of common stock outstanding
= 26,202,000,000 ÷ 4,304,266,738 = 6.09
3 Closing price as at the filing date of Coca-Cola Co. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 71.29 ÷ 6.09 = 11.71
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an overall upward trend between March 27, 2020, and March 28, 2025. Commencing at $45.43 in early 2020, it rose steadily to reach $62.28 by December 31, 2021. Thereafter, some fluctuations occurred, with a decline to $55.64 by September 29, 2023, followed by a recovery to $71.29 by March 28, 2025. Despite periodic declines, the price consistently remained above $50 after mid-2020, reflecting strengthening investor confidence over the period.
- Book Value Per Share (BVPS) Analysis
- Book value per share demonstrated a generally increasing pattern over the observed intervals. Starting from $4.23 in March 2020, it ascended steadily, peaking at $6.16 in September 2024 before a slight decrease to $6.09 in March 2025. This growth signals improvement in the company's net asset value on a per-share basis, indicative of enhanced underlying equity strength or retained earnings accumulation.
- Price-to-Book Value (P/BV) Ratio Dynamics
- The P/BV ratio showed volatility within a moderate range. Initially at 10.75 in March 2020, it climbed to a high of 12.12 by December 31, 2024, with interim fluctuations such as a dip to 9.14 in September 2023. The ratio's oscillations suggest varying market perceptions of the company's value relative to its book equity, with periods of heightened investor optimism and occasional retrenchment. Despite these movements, the ratio generally remained elevated above 10, indicating a market premium over the book value consistently over the period.
- Interrelation of Metrics
- The rise in share price was accompanied by an increase in BVPS, yet the P/BV ratio's volatility reflects that market valuation did not strictly track accounting book value improvements. Periods where P/BV declined despite higher share prices suggest accelerated growth in book value or adjustments in market sentiment. Conversely, P/BV peaks likely correspond with heightened investor expectations or broader market trends favoring the equity.
- Summary
- The data reflects an overall positive trajectory in both market valuation and fundamental book value, punctuated by interim volatility, particularly in valuation multiples. This combination indicates strengthening company fundamentals alongside fluctuating investor sentiment over the analyzed timeframe.