Coca-Cola Consolidated, Inc. (COKE) intrinsic value & 10-year financials
Coca-Cola Consolidated, Inc. (COKE) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 13.5% a year to $7.2B, with an average return on invested capital of 22.5%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $210.33
- Market cap
- $99.2B
- Revenue (FY2025)
- $7.2B
- Revenue growth (10-yr CAGR)
- 13.5%
- ROIC (10-yr avg)
- 22.5%
- Free cash flow (FY2025)
- $619.6M
COKE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $7.2B | $570.6M | — | $619.6M | 13.2% | 34.9% |
| FY2024 | $6.9B | $633.1M | — | $505.3M | 13.3% | 37.1% |
| FY2023 | $6.7B | $408.4M | — | $528.4M | 12.5% | 38.8% |
| FY2022 | $6.2B | $430.2M | — | $255.9M | 10.3% | 30.7% |
| FY2021 | $5.6B | $189.6M | — | $366.1M | 7.9% | 21.3% |
| FY2020 | $5.0B | $172.5M | — | $292.4M | 6.3% | 15.2% |
| FY2019 | $4.8B | $11.4M | $1.21 | $119.0M | 3.7% | 6.1% |
| FY2018 | $4.6B | -$19.9M | -$2.13 | $30.6M | 1.3% | 4.4% |
| FY2017 | $3.1B | $50.1M | $5.36 | -$10.6M | 4.1% | 10.6% |
| FY2016 | $2.3B | $59.0M | $6.33 | -$55.6M | 4.3% | 25.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Coca-Cola Consolidated, Inc. is a consistent compounder, expanding top-line revenue at 13.5% annually over the past decade.
Coca-Cola Consolidated, Inc. has earned high returns on invested capital, averaging 22.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Coca-Cola Consolidated, Inc. shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Coca-Cola Consolidated, Inc. is modeled at -42.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-79.63 per share.