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: 2026-04-03), 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 metrics exhibit a cyclical pattern characterized by a synchronized contraction in late 2023, followed by a period of recovery and subsequent volatility throughout 2024 and 2025.
- Price to Earnings (P/E) Ratio
- The P/E ratio demonstrates moderate volatility, fluctuating between a low of 22.33 in September 2023 and peaks of approximately 28.47 in July 2022 and 28.45 in December 2023. A secondary contraction is observed in mid-2025, reaching 23.09 in June, before stabilizing at 24.73 by April 2026.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio exhibits more pronounced fluctuations than the P/E ratio. Following a low of 21.65 in September 2023, the ratio ascended to a peak of 30.34 in September 2024. This peak was followed by a significant decline to 20.56 in September 2025, indicating period-specific volatility in how operating profits were valued by the market.
- Price to Sales (P/S) Ratio
- Valuation relative to sales remained within a range of 5.34 to 7.16. A consistent recovery trend is evident from the September 2023 trough, with the ratio reaching its highest point in December 2025 at 7.16 before settling at 6.88 in April 2026.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio mirrors the general trajectory of the other valuation metrics, recording a minimum of 9.14 in September 2023 and a maximum of 12.12 in December 2024. The ratio ended the observed period at 10.08, reflecting a sustained high premium over the book value of equity.
A strong positive correlation is observed across all four ratios, as peaks and troughs occur largely in alignment. This suggests that the changes in valuation were driven by overarching market sentiment or systemic price adjustments rather than idiosyncratic changes in a single financial fundamental.
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Price to Earnings (P/E)
Coca-Cola Co., historical P/E calculation (quarterly data)
| 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 | 4,302,482,418 | 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) | 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 | 3.18 | 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 | 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 | 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. | 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. | 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. | 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: 2026-04-03), 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 Q1 2026 Calculation
EPS
= (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
+ Net income attributable to shareowners of The Coca-Cola CompanyQ2 2025)
÷ No. shares of common stock outstanding
= (3,924,000,000 + 2,271,000,000 + 3,696,000,000 + 3,810,000,000)
÷ 4,302,482,418 = 3.18
3 Closing price as at the filing date of Coca-Cola Co. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= 78.76 ÷ 3.18 = 24.73
5 Click competitor name to see calculations.
The analysis of valuation metrics between April 2022 and April 2026 reveals a period of moderate volatility in the Price to Earnings (P/E) ratio, characterized by cyclical fluctuations and a late-period compression driven by accelerated earnings growth.
- Share Price Trends
- The share price exhibited a downward trajectory through the first half of the analyzed period, reaching a minimum of 55.64 US$ in September 2023. Following this trough, a consistent recovery phase was observed, with the price ascending to a peak of 79.84 US$ by December 2025, before stabilizing near 78.76 US$ in early 2026.
- Earnings per Share (EPS) Evolution
- EPS remained relatively stable between 2.21 US$ and 2.51 US$ from April 2022 through March 2024. A significant shift occurred starting in June 2025, where EPS began a sharp upward trend, rising to 3.03 US$ in June 2025 and peaking at 3.18 US$ by April 2026. This indicates a substantial improvement in bottom-line profitability during the final year of the period.
- P/E Ratio Dynamics
- The P/E ratio fluctuated within a range of 22.33 to 28.47. A notable contraction occurred in September 2023, where the ratio hit its lowest point of 22.33, reflecting a decline in share price that exceeded the stability of earnings. Although the ratio recovered to 28.45 by December 2023, a secondary compression is observed in 2025. Despite the share price reaching record highs, the P/E ratio dropped to 23.09 in June 2025, demonstrating that the growth in EPS outpaced the growth in market price, leading to a more favorable valuation multiple.
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Price to Operating Profit (P/OP)
Coca-Cola Co., historical P/OP calculation (quarterly data)
| 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 | 4,302,482,418 | 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) | 4,359) | 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 | 3.36 | 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 | 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 | 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. | 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. | 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. | 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: 2026-04-03), 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 Q1 2026 Calculation
Operating profit per share
= (Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025)
÷ No. shares of common stock outstanding
= (4,359,000,000 + 1,841,000,000 + 3,982,000,000 + 4,280,000,000)
÷ 4,302,482,418 = 3.36
3 Closing price as at the filing date of Coca-Cola Co. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 78.76 ÷ 3.36 = 23.43
5 Click competitor name to see calculations.
The analysis of the Price to Operating Profit (P/OP) ratio reveals a period of valuation volatility followed by a fundamental improvement in operating efficiency. The relationship between equity pricing and operating profit per share shifted significantly between 2022 and 2026, transitioning from a price-driven valuation to one supported by increased operational earnings.
- Share Price Movement
- The share price exhibited a cyclical pattern, beginning at 66.19 US$ in April 2022 and reaching a trough of 55.64 US$ by September 2023. A subsequent recovery phase led to a peak of 79.84 US$ in December 2025, before stabilizing at 78.76 US$ in April 2026.
- Operating Profit Per Share Trends
- Operating profit per share remained relatively stagnant, fluctuating between 2.22 US$ and 2.62 US$ for the majority of the period from 2022 through 2024. A notable acceleration in profitability occurred in 2025, with values climbing from 2.67 US$ in March to a peak of 3.40 US$ in September 2025, indicating a marked expansion in operational efficiency.
- P/OP Ratio Dynamics
- The P/OP ratio reached a peak of 30.34 in September 2024, coinciding with a period where share price appreciation outpaced operating profit growth. A subsequent compression of the multiple occurred, reaching a low of 20.56 in June 2025. This decline was driven by the sharp increase in operating profit per share, which outpaced the growth in share price. By April 2026, the ratio moderated to 23.43, suggesting a realignment between the market valuation and the company's underlying operating performance.
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Price to Sales (P/S)
Coca-Cola Co., historical P/S calculation (quarterly data)
| 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 | 4,302,482,418 | 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) | 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 | 11.45 | 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 | 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 | 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. | 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. | 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. | 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: 2026-04-03), 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 Q1 2026 Calculation
Sales per share
= (Net operating revenuesQ1 2026
+ Net operating revenuesQ4 2025
+ Net operating revenuesQ3 2025
+ Net operating revenuesQ2 2025)
÷ No. shares of common stock outstanding
= (12,472,000,000 + 11,822,000,000 + 12,455,000,000 + 12,535,000,000)
÷ 4,302,482,418 = 11.45
3 Closing price as at the filing date of Coca-Cola Co. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 78.76 ÷ 11.45 = 6.88
5 Click competitor name to see calculations.
The Price to Sales (P/S) ratio exhibits a cyclical trajectory over the analyzed period, characterized by an initial contraction followed by a sustained recovery and subsequent expansion. While the underlying sales per share demonstrated a consistent and linear growth pattern, the P/S ratio was primarily influenced by volatility in the market share price.
- Sales Per Share Growth
- A steady upward trend is observed in sales per share, which rose from 9.26 in April 2022 to 11.45 by April 2026. This consistent increase indicates a positive progression in revenue generation efficiency per share throughout the entire duration.
- Valuation Compression Phase
- The P/S ratio underwent a period of contraction between April 2022 and September 2023, declining from 7.15 to a minimum of 5.34. This decline occurred despite the concurrent rise in sales per share, indicating that the share price decreased at a rate that outweighed the growth in revenue.
- Valuation Expansion Phase
- Starting in early 2024, the P/S ratio began a recovery trend, moving from 5.80 in March 2024 to a peak of 7.16 in December 2025. This expansion was driven by a significant increase in the share price, which climbed from approximately 62.00 to nearly 80.00, outpacing the growth in sales per share and resulting in a higher valuation multiple.
- Terminal Trend
- As of April 3, 2026, the P/S ratio slightly moderated to 6.88. This suggests a stabilization of the valuation relative to sales following the rapid appreciation observed in the final quarter of 2025.
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Price to Book Value (P/BV)
Coca-Cola Co., historical P/BV calculation (quarterly data)
| 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 | 4,302,482,418 | 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) | 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 | 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 | 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 | 10.08 | 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. | 2.92 | 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. | 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: 2026-04-03), 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 Q1 2026 Calculation
BVPS = Equity attributable to shareowners of The Coca-Cola Company ÷ No. shares of common stock outstanding
= 33,633,000,000 ÷ 4,302,482,418 = 7.82
3 Closing price as at the filing date of Coca-Cola Co. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 78.76 ÷ 7.82 = 10.08
5 Click competitor name to see calculations.
The analysis of valuation metrics from April 2022 through April 2026 reveals a period of volatility in market pricing contrasted with a steady long-term increase in book value per share. While the share price and the resulting Price to Book Value (P/BV) ratio experienced several fluctuations, the underlying asset value per share maintained a consistent growth trajectory over the observation period.
- Book Value Per Share (BVPS) Trend
- An overall upward trend in BVPS is observed, rising from 5.73 US$ in April 2022 to 7.82 US$ by April 2026. Following a brief decline to 5.27 US$ in September 2022, the BVPS entered a phase of steady growth. A more pronounced acceleration in book value growth occurred between March 2024 and April 2026, indicating a consistent accumulation of net assets relative to the number of shares outstanding.
- Share Price Volatility
- The share price exhibited significant variance, characterized by an initial decline from 66.19 US$ in April 2022 to a period low of 55.64 US$ in September 2023. This was followed by a recovery and a sustained bullish trend, with the price peaking at 79.84 US$ in December 2025 before settling at 78.76 US$ in April 2026.
- P/BV Ratio Dynamics
- The P/BV ratio fluctuated between a minimum of 9.14 in September 2023 and a maximum of 12.12 in December 2024. The ratio reached its lowest point when the share price hit its nadir, despite the book value remaining relatively stable. The peak in the P/BV ratio in late 2024 was driven by a sharp increase in share price that outpaced the growth of the book value. By April 2026, the ratio moderated to 10.08, reflecting a balancing effect as the growth in BVPS began to catch up with the increased share price.
In summary, the valuation reflects a strong market premium over the accounting value of the company. The divergence between the steady growth of the book value and the more volatile movements of the share price suggests that market sentiment and external pricing factors have been the primary drivers of the P/BV ratio's fluctuations throughout the analyzed period.
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