Common Stock Valuation Ratios (Price Multiples)
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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- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
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Current Valuation Ratios
Coca-Cola Co., current price multiples
| Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | Food, Beverage & Tobacco | Consumer Staples | ||||
|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||
| Current share price (P) | |||||||||
| No. shares of common stock outstanding | |||||||||
| Growth rate (g) | |||||||||
| Earnings per share (EPS) | |||||||||
| Next year expected EPS | |||||||||
| Operating profit per share | |||||||||
| Sales per share | |||||||||
| Book value per share (BVPS) | |||||||||
| Valuation Ratios (Price Multiples) | |||||||||
| Price to earnings (P/E) | |||||||||
| Price to next year expected earnings | |||||||||
| Price-earnings-growth (PEG) | |||||||||
| Price to operating profit (P/OP) | |||||||||
| Price to sales (P/S) | |||||||||
| Price to book value (P/BV) | |||||||||
Based on: 10-K (reporting date: 2024-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Coca-Cola Co., historical price multiples
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Price to earnings (P/E)
- The P/E ratio showed a slight downward trend from 27.91 in 2020 to 24.43 in 2023, indicating a gradual decrease in market price relative to earnings during this period. However, in 2024, the ratio increased notably to 28.34, suggesting a renewed investor optimism or a relative increase in stock price compared to earnings.
- Price to operating profit (P/OP)
- This ratio fluctuated over the five years. It increased from 24.03 in 2020 to 26.19 in 2021, dropped to 23.72 in 2022, and then slightly decreased again to 23.14 in 2023. In 2024, there was a significant rise to 30.15, indicating a higher price paid by investors for each unit of operating profit, which may reflect expectations of future profit growth or other market factors affecting valuation.
- Price to sales (P/S)
- The P/S ratio trended downward from 6.55 in 2020 to a low of 5.72 in 2023, signaling a declining market valuation relative to sales. In 2024, the ratio recovered somewhat to 6.4, suggesting improved market sentiment or growth prospects associated with sales.
- Price to book value (P/BV)
- The P/BV ratio demonstrated a gradual decline from 11.2 in 2020 to 10.09 in 2023, implying a reduced premium over the company's book value. However, in 2024, the ratio rose to 12.12, indicating stronger investor confidence in the company’s net asset value or expectations of enhanced future performance.
Price to Earnings (P/E)
Coca-Cola Co., historical P/E calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 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. | ||||||
| P/E Ratio, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| P/E Ratio, Industry | ||||||
| Consumer Staples | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
EPS = Net income 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. Annual Report.
4 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial data over the five-year period reveals several trends related to the share price, earnings per share (EPS), and price to earnings (P/E) ratio.
- Share Price
- The share price exhibited an overall upward trend from 2020 to 2024, starting at $50.17 in 2020 and increasing to $70.04 in 2024. There was a substantial increase from 2020 to 2021, rising to $62.28, followed by a slight decline to $59.80 in 2022. The price then stabilized around $60.70 in 2023 before experiencing a significant rise again in 2024 to reach the highest value in the period.
- Earnings Per Share (EPS)
- EPS showed consistent growth in the early years, increasing from $1.80 in 2020 to $2.25 in 2021. It remained relatively stable through 2022 at $2.21 and then increased again to $2.48 in 2023. The EPS levelled off slightly to $2.47 in 2024, indicating a plateau after the prior growth phases.
- Price to Earnings (P/E) Ratio
- The P/E ratio experienced a gradual decline from 27.91 in 2020 to a low of 24.43 in 2023, suggesting that the share price was growing at a slower pace relative to earnings during this interval. However, in 2024, the ratio increased to 28.34, surpassing earlier levels, which could imply a higher market valuation relative to earnings or increased investor optimism.
In summary, the company’s share price showed resilience and upward momentum over the analyzed period, with some short-term fluctuations. Earnings per share demonstrated steady growth until achieving stability towards the end. The P/E ratio's decrease and subsequent rise indicate changes in market perceptions or valuation metrics relative to earnings, particularly notable in 2024.
Price to Operating Profit (P/OP)
Coca-Cola Co., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| P/OP Ratio, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| P/OP Ratio, Industry | ||||||
| Consumer Staples | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Coca-Cola Co. Annual Report.
4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited an overall upward trend over the five-year period. It increased significantly from $50.17 at the end of 2020 to $70.04 by the end of 2024. Despite a slight dip in 2022 and relative stability in 2023, the increase from 2023 to 2024 was notably strong, reaching the highest value in the period.
- Operating Profit Per Share
- The operating profit per share showed a general positive trajectory from 2020 to 2023, moving from $2.09 to $2.62. However, in 2024, there was a decline to $2.32, indicating a possible reduction in operating profitability per share after several years of growth.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio fluctuated throughout the period but ended notably higher in 2024. Starting at 24.03 in 2020, it increased to 26.19 in 2021, then decreased steadily to 23.14 by 2023, suggesting a relatively more favorable valuation relative to operating profit during that interval. In 2024, however, the ratio spiked to 30.15, the highest level in the five years, implying that the share price grew disproportionately relative to operating profit per share at that time.
- Summary Insight
- The data indicates that while the share price has generally increased over the period, operating profit per share growth was not sustained in the most recent year. The sharp rise in the P/OP ratio in 2024 suggests heightened market valuation relative to operating profit, which may raise considerations about the sustainability of the current share price levels vis-à-vis the company’s operating profitability.
Price to Sales (P/S)
Coca-Cola Co., historical P/S calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| P/S Ratio, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| P/S Ratio, Industry | ||||||
| Consumer Staples | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Sales per share = Net operating revenues ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Coca-Cola Co. Annual Report.
4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited an overall upward trend over the five-year period. Beginning at $50.17 in 2020, it increased significantly to $62.28 in 2021. Although there was a slight decline to $59.80 in 2022 and a marginal rise to $60.70 in 2023, the price surged again in 2024, reaching $70.04. This reflects recovery and robust investor confidence towards the latter part of the period.
- Sales Per Share
- Sales per share demonstrated a consistent and steady increase throughout the years. Starting at $7.66 in 2020, it rose annually to reach $10.94 in 2024. This pattern indicates growing revenue efficiency relative to the number of outstanding shares, suggesting effective sales growth strategies or improved market demand.
- Price-to-Sales (P/S) Ratio
- The P/S ratio showed some variability. It started at 6.55 in 2020 and peaked at 6.99 in 2021, coinciding with the sharp rise in share price. Following this peak, the ratio declined to 6.02 in 2022 and further to 5.72 in 2023, indicating that the price increase was outpaced by sales growth during this phase. In 2024, the ratio climbed again to 6.40, reflecting a sharper increase in share price compared to sales per share. Overall, the variations in the P/S ratio suggest fluctuations in market valuation multiples relative to sales performance over the years.
Price to Book Value (P/BV)
Coca-Cola Co., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| P/BV Ratio, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| P/BV Ratio, Industry | ||||||
| Consumer Staples | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 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. Annual Report.
4 2024 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 2020 to 2024, increasing from $50.17 to $70.04. There was a significant rise between 2020 and 2021, followed by a slight decline in 2022 and a modest increase in 2023. The most notable increase occurred between 2023 and 2024, indicating renewed investor confidence or positive market conditions during the last reported period.
- Book Value per Share (BVPS)
- The book value per share showed a steady increase from $4.48 in 2020 to $6.02 in 2023, indicating a consistent improvement in the company's net asset value per share over these years. However, in 2024, there was a slight decline to $5.78, suggesting a minor reduction in net assets or a change in equity structure in the most recent period.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio fluctuated during the period, starting at 11.2 in 2020, rising to 11.74 in 2021, then declining steadily through 2022 and 2023 to 10.09. This downward movement signals a relative decrease in the market valuation compared to the book value during those years. However, the ratio sharply increased to 12.12 in 2024, surpassing previous levels and indicating that the market price grew disproportionately compared to the book value in the latest year.
- Summary
- The data reveals a general trend of increasing share price accompanied by a steady rise in book value until 2023, with a slight decline in 2024. Market valuation relative to book value sharpened in 2020-2021 and again in 2024, but experienced a dip between 2022 and 2023. The divergence in 2024 of higher market price and slightly reduced book value per share suggests heightened market optimism or anticipated growth despite a moderate contraction in net assets.