Coca Cola Co. (KO) intrinsic value & 10-year financials

Coca Cola Co. (KO) has a Graham intrinsic value of $64.26 per share. At $93.90 on Oct 17, 2026, the stock trades 46% above that value. Over the last 10 fiscal years revenue grew 1.5% a year to $47.9B, with an average return on invested capital of 15.6%.

Graham intrinsic value
$64.26
Share price (Oct 17, 2026)
$93.90
Price vs Graham value
46% above
Market cap
$405.0B
Revenue (FY2025)
$47.9B
Revenue growth (10-yr CAGR)
1.5%
ROIC (10-yr avg)
15.6%
Free cash flow (FY2025)
$5.3B

KO 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $47.9B $13.1B $3.04 $5.3B 28.7% 18.4%
FY2024 $47.1B $10.6B $2.46 $4.7B 21.2% 14.6%
FY2023 $45.8B $10.7B $2.47 $9.7B 24.7% 17.5%
FY2022 $43.0B $9.5B $2.19 $9.5B 25.4% 16.8%
FY2021 $38.7B $9.8B $2.25 $11.3B 26.7% 15.0%
FY2020 $33.0B $7.7B $1.79 $8.7B 27.3% 14.4%
FY2019 $37.3B $8.9B $2.07 $8.4B 27.1% 20.0%
FY2018 $31.9B $6.4B $1.50 $6.0B 27.3% 16.5%
FY2017 $35.4B $1.2B $0.29 $5.3B 21.2% 8.0%
FY2016 $41.9B $6.5B $1.49 $6.5B 20.6% 14.5%

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

Coca-Cola Company (The) has demonstrated mature, steady growth, with revenue compounding at 1.5% annually over the past decade.

Coca-Cola Company (The) has earned high returns on invested capital, averaging 15.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.

Coca-Cola Company (The) has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, Coca-Cola Company (The) is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $64.26 per share.

KO stock: frequently asked questions

What is the intrinsic value of Coca Cola Co. (KO) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 8.0% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, KO's intrinsic value is about $64.26 per share.

Is KO stock undervalued?

At $93.90 (close on Oct 17, 2026), KO trades 46% above its Graham value of $64.26. On Graham's terms the shares look fully priced. A formula is a starting point for research, not a recommendation.

How fast has Coca Cola Co. grown?

Revenue went from $41.9B in fiscal 2016 to $47.9B in fiscal 2025, a compound annual growth rate of 1.5%. Net income was $13.1B in fiscal 2025.

Does Coca Cola Co. generate free cash flow?

Coca Cola Co. generated $5.3B of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 10 of the last 10 reported years.

What is KO's return on invested capital?

Average ROIC over the last 10 fiscal years was 15.6%, and average return on equity was 38.0%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this KO data come from?

From Coca Cola Co.'s annual 10-K filings on SEC EDGAR, most recently filed Jul 29, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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