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).
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- Statement of Comprehensive Income
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Coca-Cola Co., historical price multiples (quarterly data)
Based on: 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), 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 exhibits fluctuations over the observed periods, beginning at 27.91 in late March 2020 and peaking at 32.01 by June 2020, then decreasing to 25.69 by September 2023. Following this trough, the ratio rises moderately and shows variability, reaching a level near 28.45 in June 2025 before declining to 24.41 in the most recent quarter. The overall trend indicates periods of increased valuation relative to earnings in early 2021, followed by stabilization and a slight downward tendency in the latter quarters.
- Price to Operating Profit (P/OP) Ratio
- This ratio starts around 24.03 in June 2020 with some volatility observed in subsequent quarters. There is a notable increase reaching 30.34 around December 2024, signaling a higher market valuation relative to operating profit during that time frame. Subsequently, the ratio declines to 22.6 by June 2025. The pattern suggests a period of rising investor confidence in the company's operating profitability, followed by a correction or adjustment in valuation ratios closer to mid-2025.
- Price to Sales (P/S) Ratio
- The P/S ratio maintains a relatively stable range between about 5.3 and 7.2 throughout the intervals, with minor fluctuations. It peaks near 7.15 in mid-2022 and demonstrates a slight downward trend after this peak, reaching around 6.32 by mid-2025. This stability indicates consistent market valuation of the company relative to its sales, with moderate changes reflecting shifts in revenue expectations or market sentiment.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio starts at 10.75 in March 2020, rising to near 11.91 and fluctuating around this level in subsequent periods. A notable decrease occurs toward September 2023 with a dip to 9.14, suggesting a reduction in market valuation relative to the book value at that time. Recovery follows, with the ratio stabilizing around 10 to 12 in the most recent quarters, ending slightly lower at 10.4 by June 2025. This trend reflects changes in investor perception of the company’s net asset value, with periods of both cautious valuation and relative confidence.
Price to Earnings (P/E)
Coca-Cola Co., historical P/E calculation (quarterly data)
| 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 | 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 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income attributable to shareowners of The Coca-Cola Company (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||||||
Based on: 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), 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 Q2 2025 Calculation
EPS
= (Net income attributable to shareowners of The Coca-Cola CompanyQ2 2025
+ 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)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Coca-Cola Co. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a general upward trend over the period observed, starting at $45.43 in March 2020 and rising to a peak of $71.29 in March 2025. There were intermittent fluctuations; for example, after reaching $66.19 in April 2022, the share price declined to $55.64 by September 2023 before recovering again to above $70 by early 2025. This suggests a pattern of growth with short-term volatility.
- Earnings Per Share (EPS) Trends
- EPS data, available from the quarter ending December 2020, show a consistent upward trajectory from $1.80 to $2.83 by June 2025. While small quarterly variations occurred, the overall increase indicates improving profitability. EPS rose steadily through 2021 to 2024, with only minor dips and occasional stabilization, reflecting stable operational performance and potential growth in earnings capacity.
- Price-to-Earnings (P/E) Ratio Trends
- The P/E ratio, also reported from late 2020, generally fluctuated between approximately 22 and 32. Initial values hovered around 27-32, then declined to a low near 22.33 in September 2023, before trending back upward to about 28.45 by March 2025. This pattern indicates changing market valuation levels and varying investor sentiment towards the company's earnings over time, with periods of relative undervaluation and revaluation.
- Overall Analysis
- The share price increases correspond with gradual improvements in EPS, while the P/E ratio demonstrates cyclical adjustments in market valuation relative to earnings. The consistent rise in EPS underpins the upward share price trend despite occasional volatility. The oscillations in the P/E ratio highlight shifts in investor expectations and market conditions affecting valuation multiples. Collectively, these elements reflect stable financial performance with positive growth prospects tempered by normal market fluctuations.
Price to Operating Profit (P/OP)
Coca-Cola Co., historical P/OP calculation (quarterly data)
| Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Sep 25, 2020 | Jun 26, 2020 | Mar 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (in millions) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||||||
Based on: 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), 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 Q2 2025 Calculation
Operating profit per share
= (Operating incomeQ2 2025
+ Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Coca-Cola Co. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a general upward trajectory from March 2020 to June 2025. Starting at $45.43 in March 2020, it rose steadily and reached over $70 by December 2024. There were minor fluctuations, including a slight dip in mid-2022 and a notable decline in late 2023, but the overall trend remained positive, indicating increasing market confidence or growth expectations over the analyzed period.
- Operating Profit Per Share (OPPS) Trend
- Operating profit per share data became available starting December 2020. From this point, OPPS showed a gradual increase from $2.09 to a high of $3.06 by June 2025. Periodic small declines were observed during the timeline, but the upward trend was persistent, suggesting improvements in operational efficiency or profitability per share over time.
- Price to Operating Profit Ratio (P/OP) Trend
- The price to operating profit ratio fluctuated notably across the timeline. It started at approximately 24 in late 2020, decreased toward 22 by late 2021, then increased again, peaking around 30 in late 2024. Following this, it trended downward to approximately 22.6 by mid-2025. These fluctuations imply changes in investor valuation relative to operating profits, reflecting varying market perceptions of profitability sustainability or risk.
- Relationship Between Share Price, OPPS, and P/OP
- While share price rose steadily, operating profit per share also increased but with occasional periods of slower growth or minor decline. The P/OP ratio's volatility suggests that the share price's growth was not always proportionate to operational profit increases. Higher P/OP ratios in late 2024 indicate shares were priced at a premium relative to earnings at that time, while lower ratios at other points suggest more conservative market valuations.
Price to Sales (P/S)
Coca-Cola Co., historical P/S calculation (quarterly data)
| Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Sep 25, 2020 | Jun 26, 2020 | Mar 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net operating revenues (in millions) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||||||
Based on: 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), 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 Q2 2025 Calculation
Sales per share
= (Net operating revenuesQ2 2025
+ Net operating revenuesQ1 2025
+ Net operating revenuesQ4 2024
+ Net operating revenuesQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Coca-Cola Co. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the share price, sales per share, and price-to-sales (P/S) ratio over the examined periods.
- Share Price (US$)
- The share price showed an overall upward trend from March 2020 to June 2025. Starting at $45.43 in March 2020, it increased steadily reaching a peak of $71.29 in March 2025. There were periods of moderate fluctuation, such as a slight drop from $66.19 in April 2022 to $59.39 in September 2022, followed by recovery and fluctuations around the $60 to $67 range until the end of 2024. The upward momentum resumed strongly in early 2025。
- Sales per Share (US$)
- Sales per share data starts from December 2020 with a value of $7.66. From that point, there is a consistent and gradual increase every quarter. By June 2025, sales per share reached $10.89, indicating a steady growth in revenue generation capacity per share. This gradual rise reflects positive business growth and possibly improved operational performance.
- Price-to-Sales Ratio (ratio)
- The P/S ratio fluctuated over the analysed periods, initially registering 6.55 in December 2020 and increasing to a high of 7.15 by July 2022. Subsequently, the ratio declined, reaching a low of 5.34 in March 2023, before stabilizing and modestly rising again toward 6.54 by March 2025. This variability suggests market valuation adjustments relative to sales, possibly influenced by changing investor sentiment or market conditions.
In summary, the share price exhibited strong growth over time, supported by steadily increasing sales per share. The price-to-sales ratio showed more volatility, reflecting fluctuations in market valuation relative to sales. The overall financial indicators suggest improving company performance with some variability in market sentiment. Continued monitoring of these trends would be advisable to assess future performance and valuation dynamics.
Price to Book Value (P/BV)
Coca-Cola Co., historical P/BV calculation (quarterly data)
| Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Sep 25, 2020 | Jun 26, 2020 | Mar 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Equity attributable to shareowners of The Coca-Cola Company (in millions) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||||||
Based on: 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), 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 Q2 2025 Calculation
BVPS = Equity attributable to shareowners of The Coca-Cola Company ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Coca-Cola Co. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited an overall upward trend from March 2020 to June 2025. Starting at $45.43 in March 2020, the price experienced gradual increases with some fluctuations, reaching peaks above $70 during late 2024 and mid-2025. Notable dips occurred around mid-2022 and late 2023 when prices fell to approximately $59. Despite these short-term volatility periods, the long-term trajectory indicates growth in market valuation.
- Book Value Per Share (BVPS)
- Book value per share steadily increased over the observed period. From an initial value of $4.23 in March 2020, BVPS showed consistent growth with minor variations, reaching $6.64 by June 2025. The growth suggests gradual enhancement of the company’s net asset value on a per-share basis, reflecting potential improvements in equity or retained earnings over time.
- Price to Book Value Ratio (P/BV)
- The price-to-book value ratio fluctuated within a range roughly between 9.14 and 12.12. The ratio started at 10.75 in March 2020 with some volatility, including a notable decline to 9.14 in September 2023, indicating a period where the market price did not fully capitalize on the increasing book value. However, the ratio also peaked above 12 in late 2024, signaling times when the market price significantly exceeded the book value per share. These oscillations may reflect changing market sentiment, investor expectations, or external economic factors affecting the company's valuation relative to its net assets.