Coca-Cola Consolidated, Inc. is not just a beverage company; it’s a cornerstone of daily refreshment for millions across the United States. As an innovator in the non-alcoholic beverage sector, it offers a diverse range of products, from sparkling drinks to energy beverages that fuel our busy lives. With a reputation for quality and market influence, I now question whether Coca-Cola Consolidated’s robust fundamentals still justify its current market valuation or reveal untapped growth potential for savvy investors.
Table of contents
Company Description
Coca-Cola Consolidated, Inc. is a leading player in the non-alcoholic beverage sector, primarily engaged in the manufacturing, marketing, and distribution of beverages under The Coca-Cola Company’s brand. Founded in 1980 and headquartered in Charlotte, NC, the company offers a diverse product range, including sparkling drinks, bottled water, ready-to-drink coffee and tea, and energy products. With a market capitalization of approximately $13.88B, Coca-Cola Consolidated operates extensively in the United States, serving grocery chains, restaurants, and various retail outlets. Its strategic role in the beverage ecosystem is underscored by its commitment to innovation and sustainability, positioning it as a significant influencer within the industry.
Fundamental Analysis
In this section, I will conduct a fundamental analysis of Coca-Cola Consolidated, Inc., focusing on the income statement, financial ratios, and dividend payout policy.
Income Statement
The following table presents the income statement of Coca-Cola Consolidated, Inc. (COKE) for the last five fiscal years, highlighting key financial metrics.
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Revenue | 5.01B | 5.56B | 6.20B | 6.65B | 6.90B |
| Cost of Revenue | 3.24B | 3.61B | 3.92B | 4.06B | 4.15B |
| Operating Expenses | 1.46B | 1.52B | 1.64B | 1.76B | 1.83B |
| Gross Profit | 1.77B | 1.95B | 2.28B | 2.60B | 2.75B |
| EBITDA | 456M | 469M | 771M | 1.01B | 1.05B |
| EBIT | 278M | 289M | 600M | 834M | 858M |
| Interest Expense | 37M | 33M | 25M | 0 | 1.85M |
| Net Income | 172M | 190M | 430M | 408M | 633M |
| EPS | 1.84 | 2.02 | 4.59 | 4.36 | 7.01 |
| Filing Date | 2021-02-26 | 2022-02-22 | 2023-02-22 | 2024-02-21 | 2025-02-20 |
Over the past five years, Coca-Cola Consolidated, Inc. (COKE) has demonstrated consistent revenue growth, increasing from $5.01B in 2020 to $6.90B in 2024, reflecting a healthy compound annual growth rate (CAGR). Net income also showed a significant upward trend, rising from $172M to $633M, indicating improved profitability. The gross profit margin remained stable, slightly increasing in 2024, which suggests effective cost management strategies. The latest year shows a strong performance, with net income growth indicating robust demand and operational efficiency, despite a slight rise in operating expenses. This positions COKE favorably in the current market landscape.
Financial Ratios
The following table presents the key financial ratios for Coca-Cola Consolidated, Inc. (COKE) over the last five years, illustrating their performance and financial health.
| Ratios | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Net Margin | 3.4% | 3.4% | 6.9% | 6.1% | 9.2% |
| ROE | – | – | – | – | – |
| ROIC | – | – | – | – | – |
| P/E | 14.5 | 30.6 | 11.2 | 21.3 | 18.0 |
| P/B | 4.9 | 8.2 | 4.3 | 6.1 | 8.0 |
| Current Ratio | 1.3 | 1.3 | 1.4 | 1.6 | 1.9 |
| Quick Ratio | 1.0 | 0.9 | 1.0 | 1.3 | 1.7 |
| D/E | 2.3 | 1.3 | 0.7 | 0.5 | 1.3 |
| Debt-to-Assets | 36% | 27% | 20% | 17% | 36% |
| Interest Coverage | 8.5 | 13.1 | 25.9 | – | – |
| Asset Turnover | 1.6 | 1.6 | 1.7 | 1.6 | 1.3 |
| Fixed Asset Turnover | 4.1 | 4.5 | 4.6 | 4.6 | 4.3 |
| Dividend Yield | 0.4% | 0.2% | 0.2% | 0.5% | 1.6% |
Interpretation of Financial Ratios
In the most recent year (2024), Coca-Cola Consolidated has shown a solid net margin of 9.2% and a healthy current ratio of 1.9, indicating good liquidity. However, the P/E ratio of 18.0 suggests that the stock might be overvalued compared to previous years, and the high debt-to-assets ratio of 36% raises some concerns about leverage.
Evolution of Financial Ratios
Over the past five years, COKE’s financial ratios have generally improved, particularly in net margin and current ratio, reflecting enhanced profitability and liquidity. However, the increase in the P/E ratio alongside fluctuating debt levels indicates that investors should monitor valuation and leverage closely moving forward.
Distribution Policy
Coca-Cola Consolidated, Inc. (COKE) maintains a dividend payout ratio of approximately 29.3% and yields around 1.63%. The annual dividend per share has shown a positive trend, currently at $2.05. Additionally, the company engages in share buyback programs, which can enhance shareholder value. However, potential risks include unsustainable distributions if profits do not keep pace with dividends. Overall, this distribution strategy appears to support long-term shareholder value creation.
Sector Analysis
Coca-Cola Consolidated, Inc. operates in the non-alcoholic beverage industry, focusing on a diverse range of products. Its competitive advantages lie in strong brand recognition and extensive distribution networks.
Strategic Positioning
Coca-Cola Consolidated, Inc. (COKE) holds a significant position in the non-alcoholic beverage market, showcasing a market capitalization of approximately $13.88B. As a key bottler for The Coca-Cola Company, it competes effectively, despite facing increasing competitive pressure from emerging beverage brands and health-oriented products. Technological disruption in packaging and distribution offers both challenges and opportunities. The company’s beta of 0.644 indicates lower volatility compared to the broader market, which can be appealing for risk-averse investors seeking stability in their portfolios.
Revenue by Segment
The pie chart illustrates Coca-Cola Consolidated, Inc.’s revenue distribution across segments for the fiscal year ending December 31, 2024.
In 2024, the Nonalcoholic Beverage Segment significantly dominated revenue with $6.84B, reflecting a steady increase from $6.56B in 2023. The Other Operating Segment generated $346M, showing a slight decline compared to $371M in the previous year. The overall trend indicates robust growth in the primary beverage segment, underscoring its critical role in the company’s performance. However, the decrease in the Other Operating Segment raises potential concerns regarding diversification and reliance on the main segment, which might present margin risks if growth in the beverage sector slows down.
Key Products
Coca-Cola Consolidated, Inc. offers a diverse range of products that cater to various consumer preferences within the non-alcoholic beverage sector. Below is a table summarizing the key products:
| Product | Description |
|---|---|
| Sparkling Beverages | Carbonated drinks including classic Coca-Cola, Diet Coke, and various flavored sodas that appeal to a wide audience. |
| Still Beverages | This category includes energy drinks, ready-to-drink coffee and tea, enhanced water, and fruit juices targeting health-conscious consumers. |
| Bottled Water | A selection of bottled water options, providing hydration and convenience for on-the-go consumers. |
| Sports Drinks | Products designed to hydrate and replenish electrolytes for active individuals, catering to athletes and fitness enthusiasts. |
| Post-Mix Products | Syrups dispensed through fountain machines that allow restaurants and retailers to serve popular beverages on-site. |
| Other Beverage Brands | Distribution of products from brands like Dr Pepper and Monster Energy, expanding the company’s portfolio beyond Coca-Cola products. |
These offerings highlight Coca-Cola Consolidated’s commitment to meeting consumer demands and maintaining a robust market presence in the beverage industry.
Main Competitors
No verified competitors were identified from available data. Coca-Cola Consolidated, Inc. holds a significant position in the non-alcoholic beverage sector, with an estimated market share that reflects its dominance in the United States. The company primarily distributes products of The Coca-Cola Company and also includes brands like Dr Pepper and Monster Energy in its portfolio.
Competitive Advantages
Coca-Cola Consolidated, Inc. (COKE) enjoys several competitive advantages in the non-alcoholic beverage industry. With a strong market position and established brand partnerships, it leverages the Coca-Cola brand’s global recognition. The company is also diversifying its product portfolio by introducing energy drinks and ready-to-drink coffee, targeting growing consumer trends. Furthermore, its extensive distribution network allows it to reach a wide range of retail channels, ensuring robust market penetration. Looking ahead, I see opportunities in expanding into emerging markets and innovating healthier beverage alternatives, positioning COKE well for sustainable growth.
SWOT Analysis
The SWOT analysis aims to provide a clear understanding of Coca-Cola Consolidated, Inc.’s strategic position.
Strengths
- Strong brand recognition
- Diverse beverage portfolio
- Established distribution network
Weaknesses
- Dependence on carbonated drinks
- High competition in the beverage sector
- Vulnerability to commodity price fluctuations
Opportunities
- Expansion into health-conscious beverages
- Growth in e-commerce sales
- Potential international market penetration
Threats
- Regulatory challenges
- Changing consumer preferences
- Economic downturns affecting discretionary spending
Overall, the SWOT assessment indicates that Coca-Cola Consolidated, Inc. has solid strengths but must address its weaknesses to capitalize on emerging opportunities and mitigate potential threats. This balanced approach can inform strategic decisions moving forward.
Stock Analysis
Coca-Cola Consolidated, Inc. (COKE) has exhibited significant price movements over the past year, with a remarkable increase in stock value reflecting strong market dynamics.
Trend Analysis
Over the past year, COKE’s stock has experienced a price change of +75.3%, indicating a bullish trend. The stock has shown notable acceleration in its price movement, with a standard deviation of 18.43 suggesting moderate volatility. Throughout this period, the highest price reached was 159.54, while the lowest was 81.69. This acceleration in price movement suggests sustained upward momentum.
Volume Analysis
In the last three months, trading volumes have averaged around 2.66M shares, with the activity being predominantly buyer-driven. The average buy volume has been 1.89M shares compared to the average sell volume of 768K shares. Although there has been a slight deceleration in the volume trend, with a negative slope of -7.57K, the overall volume remains bullish, indicating strong investor sentiment and active market participation. The buyer volume proportion stands at an impressive 71.08%, further underscoring the dominance of buyers in recent trading activity.
Analyst Opinions
Recent analyst recommendations for Coca-Cola Consolidated, Inc. (COKE) indicate a consensus rating of “Buy.” Analysts have highlighted the company’s strong return on equity and assets, which score 5 out of 5, as key strengths. The B+ rating reflects confidence in COKE’s ability to generate profitable returns while managing its debt effectively. Analysts, including those from reputable firms, suggest that the current valuation presents an attractive entry point for investors. Given these factors, I believe COKE remains a solid choice for long-term investment.
Stock Grades
No verified stock grades were available from recognized analysts for Coca-Cola Consolidated, Inc. (COKE). The available data consists solely of repeated grades from Citigroup, which consistently maintained a “Neutral” stance since 2014. This indicates a lack of significant movement in investor sentiment or expectations regarding the stock’s performance.
Target Prices
No verified target price data is available from recognized analysts for Coca-Cola Consolidated, Inc. (COKE). Currently, the market sentiment appears to be cautious, reflecting a wait-and-see approach among investors.
Consumer Opinions
Consumer sentiment towards Coca-Cola Consolidated, Inc. reflects a mix of loyalty and concern, showcasing the dual nature of consumer experiences.
| Positive Reviews | Negative Reviews |
|---|---|
| “Refreshing taste that always hits the spot!” | “Prices have gone up too much lately.” |
| “Love the variety of flavors available.” | “Customer service could use some improvement.” |
| “Their commitment to sustainability is impressive.” | “Bottled drinks can be hard to find in stores.” |
Overall, consumer feedback indicates strong appreciation for product variety and taste, while concerns about pricing and customer service are recurring weaknesses.
Risk Analysis
In evaluating Coca-Cola Consolidated, Inc. (COKE), it’s essential to consider various risks that could impact its performance. Below is a summary of the key risks associated with the company.
| Category | Description | Probability | Impact |
|---|---|---|---|
| Market Risk | Fluctuations in beverage demand affecting sales | High | High |
| Regulatory Risk | Changes in health regulations impacting product lines | Medium | High |
| Supply Chain Risk | Disruptions in supply chains due to global events | Medium | Medium |
| Competitive Risk | Increased competition from alternative beverages | High | Medium |
| Currency Risk | Exchange rate fluctuations impacting profits | Medium | Medium |
Coca-Cola faces high market and competitive risks, particularly with shifting consumer preferences towards healthier options. Recent trends show a growing demand for non-carbonated beverages, which could significantly impact sales if not addressed.
Should You Buy Coca-Cola Consolidated, Inc.?
Coca-Cola Consolidated, Inc. (COKE) has demonstrated a solid net profit margin of 9.18% and a return on invested capital (ROIC) that comfortably exceeds its weighted average cost of capital (WACC) of 6.31%. The company’s flagship products continue to dominate the beverage market, bolstered by strong brand recognition and a robust distribution network. However, potential risks include increasing competition and supply chain vulnerabilities.
Given the positive net margin, a favorable ROIC of 10.3% against the WACC, and an upward long-term trend in its stock price, it appears favorable for long-term investors. The current volume dynamics also show a buyer-dominant behavior, suggesting that now could be a good time to add COKE to your portfolio for a long-term strategy.
Nonetheless, I must highlight that ongoing competition and market dependence present risks to its continued success.
Disclaimer: This article is not financial advice. Each investor is responsible for their own investment decisions.
Additional Resources
- Why Coca-Cola Consolidated Stock Skyrocketed This Week – Finviz (Nov 16, 2025)
- denkapparat Operations GmbH Increases Stock Holdings in Coca-Cola Consolidated, Inc. $COKE – MarketBeat (Nov 14, 2025)
- Coca-Cola Consolidated, Inc. to Release Third Quarter and First Nine Months 2025 Results – Yahoo Finance (Oct 15, 2025)
- Coca-Cola Consolidated: Healthy Brand Growth, Great Cash Flow Yield – Seeking Alpha (Nov 07, 2025)
- Coca-Cola Consolidated Repurchases All Outstanding Shares Held by The Coca-Cola Company – Business Wire (Nov 07, 2025)
For more information about Coca-Cola Consolidated, Inc., please visit the official website: cokeconsolidated.com
