Home > Analyses > Consumer Defensive > Coca-Cola Consolidated, Inc.
Coca-Cola Consolidated, Inc. plays a pivotal role in quenching the thirst of millions across the United States, shaping daily routines with its extensive portfolio of nonalcoholic beverages. As the largest independent bottler of Coca-Cola products, it commands a strong footprint in sparkling drinks, energy beverages, and still beverages like bottled water and ready-to-drink coffees. Renowned for its operational excellence and market influence, the company stands at a crossroads—does its robust foundation and innovation pipeline still warrant its current market valuation and growth prospects?
Table of contents
Business Model & Company Overview
Coca-Cola Consolidated, Inc., founded in 1980 and headquartered in Charlotte, North Carolina, stands as a leading player in the non-alcoholic beverages industry. The company forms a comprehensive ecosystem by manufacturing, marketing, and distributing a diverse range of beverages, from sparkling sodas to energy drinks and bottled water, primarily under The Coca-Cola Company’s flagship brands. Its extensive portfolio also includes products from Dr Pepper and Monster Energy, underscoring a robust presence in the American consumer market.
The company’s revenue engine combines direct sales to grocery chains, convenience stores, restaurants, and vending outlets with distribution services, balancing physical product delivery and post-mix fountain solutions. Operating primarily in the United States, Coca-Cola Consolidated’s strategic reach supports a resilient supply chain and consistent market penetration. This integrated model fortifies its economic moat, positioning the company as a pivotal force shaping the future of beverage distribution.
Financial Performance & Fundamental Metrics
This section provides a fundamental analysis of Coca-Cola Consolidated, Inc., focusing on its income statement, key financial ratios, and dividend payout policy.
Income Statement
The table below presents Coca-Cola Consolidated, Inc.’s key income statement figures for fiscal years 2020 through 2024, showing revenue, expenses, profitability, and earnings per share.
| 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 | 457M | 469M | 771M | 1.01B | 1.05B |
| EBIT | 278M | 289M | 600M | 834M | 859M |
| Interest Expense | 37M | 33M | 25M | 0 | 2M |
| 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 |
Income Statement Evolution
From 2020 to 2024, Coca-Cola Consolidated, Inc. showed a favorable overall increase in revenue, growing 37.79% over the period, with a 3.69% rise in 2024 alone. Net income expanded significantly by 267.04%, supported by a strong net margin improvement of 166.38%. Gross margin remained favorable at 39.9%, reflecting consistent profitability despite slight operating expense growth relative to revenue.
Is the Income Statement Favorable?
In 2024, fundamentals were generally favorable with a 9.18% net margin and 12.44% EBIT margin, indicating efficient cost management and profitability. Earnings per share surged 60.69% year-over-year, bolstering investor value. Interest expense stayed minimal at 0.03% of revenue, contributing positively. While operating expenses grew at the same pace as revenue, overall profitability and margin expansions suggest a solid financial performance.
Financial Ratios
The table below summarizes key financial ratios for Coca-Cola Consolidated, Inc. over recent fiscal years, providing insight into profitability, liquidity, leverage, and valuation metrics:
| Ratios | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Net Margin | 3.4% | 3.4% | 6.9% | 6.1% | 9.2% |
| ROE | 33.6% | 26.6% | 38.6% | 28.4% | 44.7% |
| ROIC | 9.1% | 12.4% | 16.9% | 18.9% | 15.5% |
| 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 | 1.32 | 1.29 | 1.38 | 1.56 | 1.94 |
| Quick Ratio | 0.97 | 0.93 | 0.99 | 1.27 | 1.69 |
| D/E | 2.26 | 1.32 | 0.68 | 0.51 | 1.35 |
| Debt-to-Assets | 36% | 27% | 20% | 17% | 36% |
| Interest Coverage | 8.5 | 13.1 | 25.9 | 0 | 498 |
| Asset Turnover | 1.55 | 1.61 | 1.67 | 1.55 | 1.30 |
| Fixed Asset Turnover | 4.08 | 4.51 | 4.66 | 4.60 | 4.26 |
| Dividend Yield | 0.38% | 0.16% | 0.20% | 0.54% | 1.63% |
Evolution of Financial Ratios
From 2020 to 2024, Coca-Cola Consolidated, Inc. exhibited a rising Return on Equity (ROE), reaching 44.66% in 2024, signaling stronger profitability. The Current Ratio improved steadily to 1.94 by 2024, indicating enhanced liquidity. Conversely, the Debt-to-Equity Ratio fluctuated, ending at 1.35 in 2024, pointing to increased leverage compared to earlier years. Profitability margins showed notable improvement, especially net profit margin rising to 9.18%.
Are the Financial Ratios Fovorable?
In 2024, the company’s profitability appears favorable with a high ROE (44.66%) and strong Return on Invested Capital (15.55%). Liquidity is robust, supported by a Current Ratio of 1.94 and Quick Ratio of 1.69. Leverage is less favorable due to a Debt-to-Equity Ratio of 1.35, while asset turnover and interest coverage ratios are favorable, reflecting operational efficiency and debt servicing capacity. Market valuation metrics such as Price-to-Book ratio are unfavorable, but overall, 57.14% of key ratios are assessed as favorable, indicating generally positive financial health.
Shareholder Return Policy
Coca-Cola Consolidated, Inc. maintains a consistent dividend policy with a payout ratio near 29% in 2024 and a dividend per share rising to 2.05 USD, yielding about 1.63% annually. The company’s dividend payments are well covered by free cash flow, and it also engages in share buybacks.
This balanced approach, combining dividends and repurchases, appears sustainable and supports long-term shareholder value creation without excessive financial risk. The steady improvement in dividend yield and payout ratio reflects disciplined capital allocation aligned with cash generation.
Score analysis
The following radar chart illustrates the comprehensive financial scores for Coca-Cola Consolidated, Inc.:
Coca-Cola Consolidated shows very favorable profitability with high scores in return on equity and assets (both 5). However, leverage indicators like debt-to-equity and price-to-book ratios are very unfavorable at 1, while valuation metrics such as discounted cash flow and price-to-earnings remain moderate.
Analysis of the company’s bankruptcy risk
The Altman Z-Score indicates that Coca-Cola Consolidated is in the safe zone, suggesting a low risk of bankruptcy based on its financial stability:
Is the company in good financial health?
The Piotroski Score diagram provides insight into Coca-Cola Consolidated’s financial strength and stability:
With a Piotroski Score of 7, the company demonstrates strong financial health, reflecting solid profitability, efficient asset use, and reasonable leverage relative to peers.
Competitive Landscape & Sector Positioning
This sector analysis will explore Coca-Cola Consolidated, Inc.’s strategic positioning, revenue by segment, key products, main competitors, and competitive advantages. I will assess whether the company holds a competitive edge over its peers in the non-alcoholic beverages industry.
Strategic Positioning
Coca-Cola Consolidated, Inc. primarily focuses on nonalcoholic beverages, generating over 6.8B USD in revenue for FY 2024, complemented by a smaller diversified segment contributing around 346M USD. Its product portfolio spans sparkling, still, and energy drinks, distributed mainly within the US market.
Revenue by Segment
The pie chart illustrates Coca-Cola Consolidated, Inc.’s revenue distribution by segment for the fiscal year 2024, highlighting the contribution of each business area.
In 2024, the Nonalcoholic Beverage Segment remains the dominant revenue driver at 6.8B, showing steady growth from 4.5B in 2018. The Other Operating Segment, with 346M in 2024, contributes a much smaller portion. The trend over recent years indicates a solid expansion in the core beverage business, while ancillary segments have remained relatively stable, suggesting a concentration of revenue risk in the primary segment.
Key Products & Brands
The following table details Coca-Cola Consolidated, Inc.’s main products and brands by category and description:
| Product | Description |
|---|---|
| Sparkling Beverages | Carbonated beverages primarily produced under The Coca-Cola Company brand, sold in bottles and cans. |
| Still Beverages | Noncarbonated drinks including bottled water, ready-to-drink coffee and tea, enhanced water, juices, and sports drinks. |
| Energy Products | Includes energy drinks distributed by Coca-Cola Consolidated and brands like Monster Energy. |
| Post-Mix Products | Fountain syrup mixed with carbonated or still water, enabling sale of finished beverages at fountain retailers. |
| Other Beverage Brands | Distribution of beverages for other companies such as Dr Pepper. |
| Other Operating Segments | Various additional products and services outside the core beverage segments. |
Coca-Cola Consolidated’s product portfolio emphasizes nonalcoholic beverages, with sparkling and still beverages as core drivers. The company also distributes energy drinks and offers post-mix solutions, serving a broad retail and foodservice customer base.
Main Competitors
There are 7 competitors in the Consumer Defensive sector, with the table below listing the top 7 leaders by market capitalization:
| Competitor | Market Cap. |
|---|---|
| The Coca-Cola Company | 297.5B |
| PepsiCo, Inc. | 194.5B |
| Monster Beverage Corporation | 74.4B |
| Coca-Cola Europacific Partners PLC | 41.7B |
| Keurig Dr Pepper Inc. | 37.7B |
| Coca-Cola Consolidated, Inc. | 13.3B |
| Celsius Holdings, Inc. | 11.8B |
Coca-Cola Consolidated, Inc. ranks 6th among its 7 competitors, with a market cap representing 4.39% of the top leader, The Coca-Cola Company. It stands below both the average market cap of the top 10 competitors (95.8B) and the sector median (41.7B). The company enjoys a significant 188.26% market cap gap above its closest competitor, Celsius Holdings, indicating a clear distance from the next smaller rival.
Comparisons with competitors
Check out how we compare the company to its competitors:
Does COKE have a competitive advantage?
Coca-Cola Consolidated, Inc. presents a very favorable competitive advantage, demonstrated by a ROIC significantly exceeding its WACC by 9.18% and a strong upward ROIC trend of 71% over 2020-2024. This indicates efficient capital use, value creation, and sustained profitability in the non-alcoholic beverages industry. Its gross margin near 40% and net margin above 9% further support its strong operational performance.
Looking ahead, the company’s diverse product portfolio—including sparkling, energy, and still beverages—positions it well to capture new market opportunities. Continued growth in net income and EPS, alongside favorable profit margin trends, suggest potential for expansion and innovation in beverage offerings across various retail and foodservice channels.
SWOT Analysis
This SWOT analysis highlights the key internal and external factors influencing Coca-Cola Consolidated, Inc.’s strategic positioning and investment potential.
Strengths
- strong brand affiliation with The Coca-Cola Company
- robust profitability with ROE at 44.66%
- favorable liquidity ratios supporting operational stability
Weaknesses
- high debt-to-equity ratio indicating leverage risk
- unfavorable price-to-book ratio suggesting overvaluation
- operating expense growth outpacing revenue growth
Opportunities
- expanding product portfolio in still and energy beverages
- growth in health-conscious and functional drinks market
- potential to increase market share through direct store distribution
Threats
- intense competition in non-alcoholic beverage sector
- changing consumer preferences towards healthier alternatives
- regulatory and supply chain risks impacting costs
Overall, Coca-Cola Consolidated benefits from strong profitability and market presence but must manage leverage and valuation concerns carefully. Strategic focus on innovation and market expansion can mitigate competitive and regulatory risks while enhancing growth prospects.
Stock Price Action Analysis
The following weekly chart illustrates Coca-Cola Consolidated, Inc. (COKE) stock price movements over the past 100 weeks, highlighting key fluctuations and trends:
Trend Analysis
Over the past 12 months, COKE’s stock price increased by 80.98%, indicating a strong bullish trend overall. The price peaked at 168.08 and bottomed at 81.69, with volatility reflected in a standard deviation of 20.32. However, recent price growth has decelerated, showing a 9.02% rise with a slight negative slope since November 2025.
Volume Analysis
Trading volume is increasing with a total of 295M shares traded, dominated by buyers at 56.41%. In the recent period from November 2025 to January 2026, buyer dominance strengthened to 72.24%, signaling strong buyer-driven activity and heightened investor participation.
Target Prices
No verified target price data is available from recognized analysts for Coca-Cola Consolidated, Inc. Current market sentiment appears neutral, but investors should monitor for updates from reputable sources.
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Analyst & Consumer Opinions
This section examines the latest analyst ratings and consumer feedback regarding Coca-Cola Consolidated, Inc. (COKE).
Stock Grades
Here is the latest available grading summary for Coca-Cola Consolidated, Inc. from recognized financial analysts:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Citigroup | Maintain | Neutral | 2016-05-20 |
| Citigroup | Maintain | Neutral | 2016-05-19 |
| Citigroup | Maintain | Neutral | 2015-07-27 |
| Citigroup | Maintain | Neutral | 2015-07-26 |
| Citigroup | Maintain | Neutral | 2015-05-07 |
| Citigroup | Maintain | Neutral | 2015-05-06 |
| Citigroup | Maintain | Neutral | 2015-03-06 |
| Citigroup | Maintain | Neutral | 2015-03-05 |
| Citigroup | Maintain | Neutral | 2014-11-13 |
| Citigroup | Maintain | Neutral | 2014-11-12 |
The consistent neutral ratings from Citigroup over multiple years indicate a stable, unchanging outlook on the stock during that period. The overall consensus currently stands at “Hold,” reflecting a cautious stance with no significant momentum toward either buying or selling.
Consumer Opinions
Consumer sentiment toward Coca-Cola Consolidated, Inc. reflects a blend of appreciation for its product quality and concerns over pricing and availability.
| Positive Reviews | Negative Reviews |
|---|---|
| Consistently fresh and authentic Coca-Cola flavors. | Prices have increased noticeably in recent years. |
| Excellent customer service with timely deliveries. | Some stores experience stock shortages frequently. |
| Wide variety of beverage options to choose from. | Packaging is not always eco-friendly. |
Overall, consumers praise Coca-Cola Consolidated for its product quality and customer service. However, recurring issues include higher prices and occasional supply inconsistencies, which may affect brand loyalty if not addressed.
Risk Analysis
Below is a summary table of key risks associated with Coca-Cola Consolidated, Inc., highlighting their likelihood and potential impact on the company’s performance:
| Category | Description | Probability | Impact |
|---|---|---|---|
| Financial Leverage | Elevated debt-to-equity ratio (1.35) may increase financial risk despite strong coverage. | Medium | High |
| Valuation | High price-to-book ratio (8.03) suggests potential overvaluation risk in stock price. | Medium | Medium |
| Market Competition | Intense competition in non-alcoholic beverages could pressure margins and market share. | High | Medium |
| Supply Chain | Disruptions in raw material supply or distribution channels could affect product availability. | Medium | Medium |
| Regulatory Changes | Changes in health regulations or sugar taxes could impact product demand and costs. | Medium | High |
The most significant risks for Coca-Cola Consolidated are its relatively high leverage and vulnerability to regulatory shifts, both of which could materially affect profitability. However, the company’s Altman Z-score of 4.39 places it safely away from bankruptcy risk, and its strong Piotroski score of 7 reflects solid financial health overall.
Should You Buy Coca-Cola Consolidated, Inc.?
Coca-Cola Consolidated, Inc. appears to be delivering robust profitability with a durable competitive moat supported by growing ROIC. Despite a challenging leverage profile, the company’s overall B+ rating and strong financial scores suggest a profile of stable value creation and operational efficiency.
Strength & Efficiency Pillars
Coca-Cola Consolidated, Inc. exhibits robust profitability and operational efficiency, underscored by a return on equity (ROE) of 44.66% and a return on invested capital (ROIC) of 15.55%. With a weighted average cost of capital (WACC) at 6.37%, the company is a clear value creator, generating returns well above its capital costs. Its Altman Z-Score of 4.39 positions it comfortably in the safe zone, indicating strong financial health, while a Piotroski score of 7 reflects solid fundamentals. These metrics collectively highlight durable competitive advantages and prudent capital management.
Weaknesses and Drawbacks
Despite its strengths, Coca-Cola Consolidated faces some valuation and leverage concerns. The price-to-book ratio stands at an elevated 8.03, signaling overvaluation relative to book value, while the debt-to-equity ratio of 1.35 suggests a heavier reliance on debt financing, raising financial risk. Although the current ratio of 1.94 shows healthy short-term liquidity, the moderate price-to-earnings ratio of 17.99 reflects a balanced but not cheap valuation, which may temper upside potential. Investors should be mindful of these factors as they imply potential volatility and exposure to leverage-related headwinds.
Our Verdict about Coca-Cola Consolidated, Inc.
Coca-Cola Consolidated presents a fundamentally favorable profile with strong profitability and value creation capacity. Coupled with a bullish long-term stock trend and recent strong buyer dominance, the stock may appear attractive for long-term exposure. However, the presence of valuation premiums and leverage risks suggests cautious optimism, and investors might consider monitoring for optimal entry points aligned with risk tolerance and market conditions.
Disclaimer: This content is for informational purposes only and does not constitute financial, investment, or other professional advice. Investing in financial markets involves a significant risk of loss, and past performance is not indicative of future results.
Additional Resources
- Coca-Cola Consolidated, Inc. $COKE Shares Bought by Vest Financial LLC – MarketBeat (Jan 22, 2026)
- Estimating The Fair Value Of Coca-Cola Consolidated, Inc. (NASDAQ:COKE) – Yahoo Finance (Jan 15, 2026)
- Coca-Cola Consolidated: The Bottler’s Stock Is Turning From Carbonated To Still — Hold – Seeking Alpha (Jan 15, 2026)
- Coca-Cola Consolidated, Inc. Announces First Quarter Dividend – GlobeNewswire (Jan 09, 2026)
- Coca-Cola Consolidated, Inc. (NASDAQ:COKE) Declares Quarterly Dividend of $0.25 – MarketBeat (Jan 21, 2026)
For more information about Coca-Cola Consolidated, Inc., please visit the official website: cokeconsolidated.com
