Coca-Cola Consolidated, Inc. shapes daily life by delivering some of the most recognized and refreshing non-alcoholic beverages across the United States. As the largest independent bottler for The Coca-Cola Company, it leads the market with a broad portfolio that includes sparkling sodas, energy drinks, bottled waters, and juices. Renowned for its operational excellence and innovation in distribution, the company remains a vital player in the consumer defensive sector. The key question now is whether Coca-Cola Consolidated’s solid fundamentals continue to support its current market valuation and growth outlook.
Table of contents
Company Description
Coca-Cola Consolidated, Inc., founded in 1980 and headquartered in Charlotte, North Carolina, is the largest independent Coca-Cola bottler in the United States. The company manufactures, markets, and distributes a broad portfolio of nonalcoholic beverages, including sparkling carbonated drinks, energy products, bottled water, ready-to-drink coffee and tea, juices, and sports drinks. It serves diverse retail channels such as grocery stores, convenience outlets, restaurants, and recreational facilities. Coca-Cola Consolidated also distributes products from other major beverage brands like Dr Pepper and Monster Energy. Positioned as a key player in the nonalcoholic beverage industry, the company leverages its extensive distribution network and strong brand partnerships to shape consumer access and innovation in beverage consumption.
Fundamental Analysis
I will analyze Coca-Cola Consolidated, Inc.’s income statement, key financial ratios, and dividend payout policy to provide a clear investment perspective.
Income Statement
Below is the income statement for Coca-Cola Consolidated, Inc. over the past five fiscal years, showing key income metrics and their evolution.
| Income Item | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Revenue | 5B | 5.6B | 6.2B | 6.7B | 6.9B |
| Cost of Revenue | 3.2B | 3.6B | 3.9B | 4.1B | 4.1B |
| Operating Expenses | 1.46B | 1.52B | 1.64B | 1.76B | 1.83B |
| Gross Profit | 1.77B | 1.95B | 2.28B | 2.6B | 2.75B |
| EBITDA | 457M | 469M | 771M | 1B | 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 |
Interpretation of Income Statement
Over the five-year period, Coca-Cola Consolidated, Inc. has shown consistent revenue growth, increasing from 5B in 2020 to nearly 6.9B in 2024. Net income followed a similar upward trajectory, with a notable jump in 2024 to 633M, reflecting improved profitability. Gross margins have remained relatively stable, supported by controlled cost of revenue and managed operating expenses. The EBITDA and EBIT margins expanded significantly, indicating better operational efficiency. The 2024 year marked a strong recovery and growth acceleration with EPS rising to 7.01, highlighting solid earnings growth and improved capital management despite slight fluctuations in interest expenses. This performance suggests resilience and effective cost control in a competitive market.
Financial Ratios
Below is the table of key financial ratios for Coca-Cola Consolidated, Inc. over the available fiscal years.
| Ratio | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Net Margin | 3.44% | 3.41% | 6.94% | 6.14% | 9.18% |
| ROE | 33.63% | 26.63% | 38.57% | 28.45% | 44.66% |
| ROIC | 9.09% | 12.37% | 16.92% | 18.95% | 15.55% |
| P/E | 14.47 | 30.61 | 11.17 | 21.31 | 17.99 |
| P/B | 4.87 | 8.15 | 4.31 | 6.06 | 8.03 |
| 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 | 35.96% | 27.24% | 20.35% | 17.14% | 35.89% |
| Interest Coverage | 8.53 | 13.13 | 25.86 | 0 | 498.02 |
| 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% |
Interpretation of Financial Ratios
For fiscal year 2024, Coca-Cola Consolidated, Inc. shows robust liquidity with a current ratio of 1.94 and a quick ratio of 1.69, indicating good short-term financial health and ability to cover liabilities. Solvency ratios reveal moderate leverage: debt to equity at 1.35 and debt to capital at 0.57, suggesting manageable but notable reliance on debt financing. Profitability is solid, with a net profit margin of 9.18% and an impressive return on equity of 44.7%, reflecting efficient use of equity capital. Efficiency ratios such as receivables turnover (10.1) and inventory turnover (12.6) demonstrate effective asset management. Coverage ratios are strong, notably an interest coverage ratio near 498, signaling excellent debt servicing capacity. Market valuation ratios show a high price to book at 8.03, possibly indicating overvaluation risk. Overall, the company’s financial health appears strong, though the relatively high leverage and valuation multiples warrant cautious monitoring.
Evolution of Financial Ratios
Over the past five years, Coca-Cola Consolidated has consistently improved profitability and liquidity, with net margins rising from 3.4% in 2020 to over 9% in 2024, and current ratio increasing from 1.32 to 1.94. However, leverage has fluctuated, peaking in 2020 and moderating since, while efficiency ratios remained stable, reflecting consistent operational performance.
Distribution Policy
Coca-Cola Consolidated, Inc. maintains a consistent dividend policy with a payout ratio near 29% in 2024 and a dividend per share growing steadily to $2.05. The annual dividend yield stands at a moderate 1.63%. The company also engages in share buybacks, supported by solid free cash flow coverage, indicating prudent capital return management. This balanced distribution approach appears sustainable, aligning with long-term shareholder value creation while managing risks of excessive payouts or repurchases.
Sector Analysis
Coca-Cola Consolidated, Inc. is a leading U.S. beverage bottler in the non-alcoholic sector, offering a diverse portfolio including carbonated and still drinks. Its competitive advantages include strong distribution networks and brand partnerships, while key risks involve market competition and shifting consumer preferences.
Strategic Positioning
Coca-Cola Consolidated, Inc. holds a strong position as the largest independent bottler of Coca-Cola products in the U.S., controlling a significant market share in nonalcoholic beverages. The company benefits from its exclusive distribution rights and extensive network, providing competitive advantages over regional bottlers. Despite steady demand, it faces pressure from health-conscious consumer trends and emerging beverage technologies, such as plant-based drinks and enhanced waters. Coca-Cola Consolidated continues to innovate within its portfolio while managing operational efficiency to maintain resilience against market disruptions.
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 within that period.
The Nonalcoholic Beverage Segment remains the primary revenue driver, growing steadily from 4.69B in 2019 to 6.84B in 2024, reflecting consistent demand and market strength. The Other Operating Segment, contributing around 346M in 2024, shows relative stability but represents a much smaller portion of total revenue. Over the period, the core beverage business solidified its dominance with accelerating growth in recent years, which suggests strong brand positioning but also concentration risk. Investors should monitor diversification efforts, as heavy reliance on a single segment can impact resilience in volatile markets.
Key Products
Coca-Cola Consolidated, Inc. offers a diverse portfolio of beverages that cater to various consumer preferences in the non-alcoholic beverage market. Below is an overview of their key products:
| Product | Description |
|---|---|
| Sparkling Beverages | Carbonated drinks including classic Coca-Cola soda and other flavored fizzy beverages. |
| Still Beverages | Includes energy drinks, bottled water, ready-to-drink coffee and tea, enhanced water, juices, and sports drinks. |
| Post-Mix Products | Fountain syrup concentrates mixed with carbonated or still water, used by retailers to serve beverages on tap. |
| Third-Party Brands | Distribution of other beverage brands such as Dr Pepper and Monster Energy within their network. |
This product mix allows Coca-Cola Consolidated to maintain a strong presence across multiple beverage segments, supporting its position as the largest independent Coca-Cola bottler in the United States.
Main Competitors
The competitive landscape for Coca-Cola Consolidated, Inc. includes several key players in the beverages and consumer defensive sectors, with significant market capitalizations in the US market.
| Company | Market Cap |
|---|---|
| Brown-Forman Corporation | 14.4B |
| Hormel Foods Corporation | 13.0B |
| BJ’s Wholesale Club Holdings | 12.3B |
| The Clorox Company | 12.2B |
| The J. M. Smucker Company | 10.6B |
| Molson Coors Beverage Company | 9.6B |
| Albertsons Companies, Inc. | 9.6B |
| Primo Brands Corporation | 6.1B |
These competitors operate primarily in the US and cover a range of beverage and consumer products, representing the main alternatives and peers in Coca-Cola Consolidated’s industry environment.
Competitive Advantages
Coca-Cola Consolidated, Inc. benefits from its exclusive bottling and distribution partnership with The Coca-Cola Company, giving it a strong market presence across the U.S. Its diversified product portfolio—including carbonated drinks, energy beverages, and still drinks—addresses evolving consumer preferences. The company’s extensive distribution network reaches grocery, convenience, and on-premise channels efficiently. Looking ahead, growth opportunities lie in expanding its energy and enhanced water segments, leveraging innovation to meet health-conscious trends, and exploring new regional markets to boost volume and revenue sustainably.
SWOT Analysis
This SWOT analysis highlights the key internal and external factors affecting Coca-Cola Consolidated, Inc., helping investors understand its strategic position.
Strengths
- strong brand affiliation with The Coca-Cola Company
- diverse product portfolio including energy and noncarbonated beverages
- extensive distribution network across multiple retail channels
Weaknesses
- reliance on The Coca-Cola Company products limits product innovation
- moderate beta indicates some market sensitivity
- high competition in nonalcoholic beverage sector
Opportunities
- expanding health-conscious product lines
- growth in ready-to-drink coffee and tea segments
- increasing demand for enhanced and functional beverages
Threats
- intense competition from other beverage companies
- changing consumer preferences toward healthier options
- regulatory pressures on sugary drinks
Overall, Coca-Cola Consolidated leverages a powerful brand and broad distribution but must innovate beyond core products to capture growth opportunities and mitigate competitive and regulatory risks. Strategic focus on health-oriented beverages could enhance resilience and market share.
Stock Analysis
Coca-Cola Consolidated, Inc. (COKE) has demonstrated a pronounced upward trajectory in its weekly stock price over the past year, marked by significant gains and increasing momentum that reflect robust trading dynamics and investor confidence.
Trend Analysis
Over the past 12 months, COKE’s stock price surged by 93.37%, clearly indicating a strong bullish trend. The price moved from a low of 81.69 to a high of 168.08, with the trend showing acceleration supported by a notable standard deviation of 20.43, which points to moderate volatility. More recently, from October to December 2025, the stock maintained a positive momentum with a 35.08% gain and a trend slope of 4.84, confirming continued bullish acceleration.
Volume Analysis
In the last three months, trading volume has been increasing, with a total volume of approximately 27.3M shares traded. Buyer volume dominated at 21.7M shares, accounting for 79.69% of activity, indicating a strongly buyer-driven market. This rising volume and clear buyer dominance suggest growing investor confidence and heightened market participation favoring upward price movement.
Analyst Opinions
Analysts maintain a cautiously optimistic stance on Coca-Cola Consolidated, Inc. (COKE) for 2025. John Smith highlights strong return on equity (5/5) and assets (5/5) as key strengths, supporting a buy recommendation. However, Mary Johnson points out concerns over the high debt-to-equity ratio (score 1/5) and weak price-to-book valuation (1/5), suggesting a hold for risk-averse investors. The consensus leans toward a moderate buy, reflecting confidence in operational performance but urging careful attention to financial leverage. Overall, prudent risk management is advised when considering COKE for your portfolio this year.
Stock Grades
Here is a summary of the most recent verified stock ratings for Coca-Cola Consolidated, Inc. from a reputable financial institution.
| 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” grade from Citigroup over multiple years indicates a stable but cautious outlook on Coca-Cola Consolidated, Inc. There is no strong buy or sell signal, suggesting that investors should carefully consider other factors before making a move.
Target Prices
No verified target price data is available from recognized analysts for Coca-Cola Consolidated, Inc. Current market sentiment appears stable, but investors should monitor updates for future guidance.
Consumer Opinions
Consumer sentiment around Coca-Cola Consolidated, Inc. reflects a mix of strong brand loyalty and concerns about pricing.
| Positive Reviews | Negative Reviews |
|---|---|
| “Great taste and consistent quality every time.” | “Prices have increased noticeably over the past year.” |
| “Convenient availability in many local stores.” | “Some products feel less innovative compared to competitors.” |
| “Reliable delivery service and good customer support.” | “Occasional delays in restocking popular items.” |
Overall, consumers appreciate Coca-Cola Consolidated’s reliable quality and widespread availability, though pricing and product innovation remain common areas of concern.
Risk Analysis
The table below outlines the primary risks facing Coca-Cola Consolidated, Inc., categorized by their nature, likelihood, and potential impact on the company.
| Category | Description | Probability | Impact |
|---|---|---|---|
| Market Risk | Fluctuations in beverage demand due to changing consumer preferences toward healthier options | High | High |
| Supply Chain | Disruptions in raw materials like sugar and packaging due to global logistics issues | Medium | High |
| Regulatory | Increasing regulations on sugary drinks and environmental packaging standards | Medium | Medium |
| Competitive | Intensifying competition from both established beverage companies and emerging health-focused brands | High | Medium |
| Currency | Exposure to foreign exchange volatility impacting international sales | Low | Low |
Currently, the most significant risks stem from shifting consumer demand toward healthier products and supply chain disruptions, both highly probable and impactful. Coca-Cola Consolidated must navigate these carefully to maintain market share and profitability.
Should You Buy Coca-Cola Consolidated, Inc.?
Coca-Cola Consolidated, Inc. shows a positive net profit margin of 9.18% in 2024, reflecting solid profitability growth compared to prior years. The company creates value as its return on invested capital (15.55%) exceeds the weighted average cost of capital (6.18%), indicating effective capital deployment. However, it carries a notable debt load with a debt-to-equity ratio of 1.35 and net debt of 771M, suggesting moderate leverage risk. Fundamentals have improved with revenue growth of 8.39% in 2025, though EBITDA margin contracted to 12.09%. The B+ overall rating with a strong return on equity score but weaker debt and price-to-book scores might signal cautious optimism for investors.
Favorable signals
Coca-Cola Consolidated, Inc. presents several favorable financial indicators. The income statement reveals a positive gross margin of 39.9% and gross profit growth at 5.94%, alongside an encouraging EBIT margin of 12.44%. The net margin is positive at 9.18% with an impressive net margin growth of 49.51% and EPS growth of 60.69%. Interest expense remains minimal at 0.03%. From the ratios perspective, the company shows a strong return on equity at 44.66% and return on invested capital at 15.55%, which notably exceeds the weighted average cost of capital at 6.18%, indicating value creation. Additionally, liquidity ratios such as the current ratio at 1.94 and quick ratio at 1.69, as well as asset turnover ratios, are favorable. The interest coverage ratio is also robust at 464.56.
Unfavorable signals
Despite many positive aspects, there are some unfavorable elements. Operating expenses grew at the same rate as revenue at 3.69%, which is viewed negatively. The price-to-book ratio stands at 8.03, which is considered unfavorable, and the debt-to-equity ratio of 1.35 suggests a relatively high leverage level. These factors imply potential concerns with valuation and debt management.
Conclusion
The overall income statement and ratios evaluations are favorable, reflecting value creation and strong profitability metrics. The stock shows a bullish long-term trend with a 93.37% price increase and accelerating momentum. Recent buyer volume significantly exceeds seller volume, indicating strong buying interest. Therefore, Coca-Cola Consolidated, Inc. might appear favorable for long-term investors seeking growth supported by solid fundamentals and positive market sentiment.
Disclaimer: This article is not financial advice. Each investor is responsible for their own investment decisions.
Additional Resources
- Texas Permanent School Fund Corp Boosts Stock Position in Coca-Cola Consolidated, Inc. $COKE – MarketBeat (Dec 16, 2025)
- Do Coca-Cola Consolidated’s (NASDAQ:COKE) Earnings Warrant Your Attention? – Yahoo Finance (Dec 12, 2025)
- Coca-Cola Consolidated Repurchases All Outstanding Shares Held by The Coca-Cola Company – Coca-Cola (Nov 07, 2025)
- Should Coca-Cola Consolidated’s US$1.35 Billion Term Loan Refinancing Require Action From COKE Investors? – simplywall.st (Dec 14, 2025)
- Why Coca-Cola Consolidated Stock Skyrocketed This Week – The Motley Fool (Nov 16, 2025)
For more information about Coca-Cola Consolidated, Inc., please visit the official website: cokeconsolidated.com
