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.