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COCA COLA CO

KO · Consumer Staples · $353.7B mkt cap · FY2025 filings · · not refreshed in 37 days · Narrow moat ·

On the watchlist

Narrow moat
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The five investor questions

87

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $38.7B to $47.9B, increasing; diluted EPS 2.25 to 3.04, increasing.

100

Median gross margin 60.7% over 10y, very stable.

68

Median ROIC 14.3%, above the 12% hurdle in 80% of years.

38

Net debt/EBITDA 2.4x, interest coverage 8x.

66

Owner earnings changed +8.1%/yr over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
199% above value if growth stopped today
$10.6B
$27.47
$44.49
$82.25
199% above value if growth stopped today

What today’s price assumes: owner earnings growing ~25%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

20 years of fundamentals

The business, in plain English

COCA COLA CO booked $47.9B of revenue in FY2025 in the Consumer Staples sector and kept 61.6% of it as gross profit — a high-margin business by that measure. After every other cost, 27.3% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $28.9B (FY2007) to $47.9B (FY2025) — about 2.9% a year compounded over 18 years.

It earned 16.8% on invested capital in the latest filed year, FY2025. Across the full 18-year measurable filed record, median ROIC was 14.5%. Over the v3 recent window (10 measurable filed years), median ROIC was 14.3%. The Returns on Capital filter above scores it 68/100.

The balance sheet carried $45.5B of total debt in FY2025 against $13.1B of owner earnings — roughly 3.5 years of owner earnings to retire it all. Balance-Sheet Safety scores it 38/100.

Put together: Pricing Power is the strongest of the five filters (100/100) and Balance-Sheet Safety the weakest (38/100), which is how KO lands at 72/100 — a Narrow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2006–FY2025 · 20 fiscal years, normalized from KO’s SEC filings

Sales, as filed$47.9B FY2025
$0$20B$40B2006201320202025
Revenue kept after cost of goods61.6% FY2025
0%25%50%2006201320202025
Standard ROIC or separately labeled Operating ROICROIC 16.8% FY2025
0%20%2006201320202025
Cash an owner could take out$13.1B FY2025
$0$5B$10B2006201320202025

Gaps in a line mean that item isn’t in KO’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How COCA COLA CO makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$47.9B · 100%Cost of revenue$18.4B · 38%Gross profit$29.5B · 62%Operating income$13.8B · 29%Income before tax$16.0B · 33%Income tax$2.9B · 6%Net income$13.1B · 27%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$47.9B100%
Cost of revenue$18.4B38%
$29.5B62%
$13.8B29%
Income before tax$16.0B33%
Income tax$2.9B6%
$13.1B27%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

What COCA COLA CO owns — and owes

COCA COLA CO's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$104.8B100%
Cash and equivalents$10.3B10%
$45.5B43%
Stockholders’ equity$32.2B31%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives COCA COLA CO’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity46%Tax burden82%net income ÷ pretax incomeInterest burden116%pretax ÷ operating incomeOperating margin29%operating income ÷ revenueAsset turnover0.47×revenue ÷ average assetsEquity multiplier3.60×average assets ÷ average equityAs of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$13.1BFY2025
Income before tax$16.0BFY2025
Operating income$13.8BFY2025
$47.9BFY2025
Ending assets$104.8BFY2025
Beginning assets$100.5BFY2024
$32.2BFY2025
$24.9BFY2024
Source:
  • SEC filingFiling detailsAccession 0000021344-25-000011
  • SEC filingFiling detailsAccession 0001628280-26-010047
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where COCA COLA CO's cash went

COCA COLA CO’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$7.4B100%
Depreciation and amortization$1.1B14%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding COCA COLA CO

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited1 not holding1/19 resolved18 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Markel / Markel-GaynerNo position reportedNo position reported
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What COCA COLA CO insiders reported

Records still being gathered — partial as of retrieval Sep 1, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

20 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale71.7 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
  4. Methodology upgraded moat-index@1.1.0moat-index@1.2.0 — readings across versions aren’t comparedJul 17, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Sep 1, 2026.

12 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (16 versus 8). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Pietracci BrunoPresident, Latin America OUExercise or conversion of derivative security (M)Table I · Acquired · Common Stock, $.25 Par Value · 3 paired events111,365$60.5773$6,746,187See lot detailAug 20, 2026
3 filed lots
  • Table I · Common Stock, $.25 Par Value: 41,365 shares at $61.34 · code M · owned after 41,365 · Paired event: 41,365 Employee Stock Option (Right to Buy) → 41,365 Common Stock, $.25 Par Value ·
  • Table I · Common Stock, $.25 Par Value: 40,754 shares at $60.02 · code M · owned after 40,754 · Paired event: 40,754 Employee Stock Option (Right to Buy) → 40,754 Common Stock, $.25 Par Value ·
  • Table I · Common Stock, $.25 Par Value: 29,246 shares at $60.275 · code M · owned after 29,246 · Paired event: 29,246 Employee Stock Option (Right to Buy) → 29,246 Common Stock, $.25 Par Value ·
Pietracci BrunoPresident, Latin America OUOpen-market or private sale (S)Table I · Disposed · Common Stock, $.25 Par Value111,365$90.9303$10,126,453See lot detailAug 20, 2026
3 filed lots
  • Table I · Common Stock, $.25 Par Value: 41,365 shares at $90.9303 · code S · owned after 0 ·
  • Table I · Common Stock, $.25 Par Value: 40,754 shares at $90.9303 · code S · owned after 0 ·
  • Table I · Common Stock, $.25 Par Value: 29,246 shares at $90.9303 · code S · owned after 0 ·
Pietracci BrunoPresident, Latin America OUExercise or conversion of derivative security (M)Table II · Disposed · Employee Stock Option (Right to Buy) · 3 paired events111,365—Exercise or conversion of derivative security (M)—See lot detailAug 20, 2026
3 filed lots
  • Table II · Employee Stock Option (Right to Buy): 41,365 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 41,365 Employee Stock Option (Right to Buy) → 41,365 Common Stock, $.25 Par Value ·
  • Table II · Employee Stock Option (Right to Buy): 40,754 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 13,585 · Paired event: 40,754 Employee Stock Option (Right to Buy) → 40,754 Common Stock, $.25 Par Value ·
  • Table II · Employee Stock Option (Right to Buy): 29,246 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 29,246 · Paired event: 29,246 Employee Stock Option (Right to Buy) → 29,246 Common Stock, $.25 Par Value ·
QUAN NANCYExecutive Vice PresidentExercise or conversion of derivative security (M)Table I · Acquired · Common Stock, $.25 Par Value · 1 paired event50,000$50.4383$2,521,915273,330Aug 19, 2026
1 filed lot
  • Table I · Common Stock, $.25 Par Value: 50,000 shares at $50.4383 · code M · owned after 273,330 · Paired event: 50,000 Employee Stock Option (Right to Buy) → 50,000 Common Stock, $.25 Par Value ·
QUAN NANCYExecutive Vice PresidentOpen-market or private sale (S)Table I · Disposed · Common Stock, $.25 Par Value50,000$90.3852$4,519,260223,330Aug 19, 2026
1 filed lot
  • Table I · Common Stock, $.25 Par Value: 50,000 shares at $90.3852 · code S · owned after 223,330 ·
QUAN NANCYExecutive Vice PresidentExercise or conversion of derivative security (M)Table II · Disposed · Employee Stock Option (Right to Buy) · 1 paired event50,000—Exercise or conversion of derivative security (M)—20,585Aug 19, 2026
1 filed lot
  • Table II · Employee Stock Option (Right to Buy): 50,000 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 20,585 · Paired event: 50,000 Employee Stock Option (Right to Buy) → 50,000 Common Stock, $.25 Par Value ·
Ray SanketPresident INSWAOpen-market or private sale (S)Table I · Disposed · Common Stock, $.25 Par Value9,958$86.50$861,36762,105Aug 10, 2026
1 filed lot
  • Table I · Common Stock, $.25 Par Value: 9,958 shares at $86.50 · code S · owned after 62,105 ·
Ortega LuisaEurope OU PresidentOpen-market or private sale (S)Table I · Disposed · Common Stock, $.25 Par Value55,755$86.5912$4,827,894See lot detailAug 6, 2026
2 filed lots
  • Table I · Common Stock, $.25 Par Value: 19,772 shares at $86.6721 · code S · owned after 26,209 ·
  • Table I · Common Stock, $.25 Par Value: 35,983 shares at $86.5468 · code S · owned after 30,386 ·
Ortega LuisaEurope OU PresidentExercise or conversion of derivative security (M)Table I · Acquired · Common Stock, $.25 Par Value · 3 paired events40,160$52.3962$2,104,230See lot detailAug 6, 2026
3 filed lots
  • Table I · Common Stock, $.25 Par Value: 7,628 shares at $48.075 · code M · owned after 33,837 · Paired event: 7,628 Employee Stock Option (Right to Buy) → 7,628 Common Stock, $.25 Par Value ·
  • Table I · Common Stock, $.25 Par Value: 10,684 shares at $59.485 · code M · owned after 44,521 · Paired event: 10,684 Employee Stock Option (Right to Buy) → 10,684 Common Stock, $.25 Par Value ·
  • Table I · Common Stock, $.25 Par Value: 21,848 shares at $50.4383 · code M · owned after 66,369 · Paired event: 21,848 Employee Stock Option (Right to Buy) → 21,848 Common Stock, $.25 Par Value ·
Ortega LuisaEurope OU PresidentExercise or conversion of derivative security (M)Table II · Disposed · Employee Stock Option (Right to Buy) · 3 paired events40,160—Exercise or conversion of derivative security (M)—See lot detailAug 6, 2026
3 filed lots
  • Table II · Employee Stock Option (Right to Buy): 7,628 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 7,628 Employee Stock Option (Right to Buy) → 7,628 Common Stock, $.25 Par Value ·
  • Table II · Employee Stock Option (Right to Buy): 10,684 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 10,684 Employee Stock Option (Right to Buy) → 10,684 Common Stock, $.25 Par Value ·
  • Table II · Employee Stock Option (Right to Buy): 21,848 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 21,848 Employee Stock Option (Right to Buy) → 21,848 Common Stock, $.25 Par Value ·
MURPHY JOHNPresident and CFOExercise or conversion of derivative security (M)Table I · Acquired · Common Stock, $.25 Par Value · 1 paired event152,483$44.475$6,781,681432,400Jul 31, 2026
1 filed lot
  • Table I · Common Stock, $.25 Par Value: 152,483 shares at $44.475 · code M · owned after 432,400 · Paired event: 152,483 Employee Stock Option (Right to Buy) → 152,483 Common Stock, $.25 Par Value ·
MURPHY JOHNPresident and CFOOpen-market or private sale (S)Table I · Disposed · Common Stock, $.25 Par Value152,483$87.3119$13,313,580279,917Jul 31, 2026
1 filed lot
  • Table I · Common Stock, $.25 Par Value: 152,483 shares at $87.3119 · code S · owned after 279,917 ·
MURPHY JOHNPresident and CFOExercise or conversion of derivative security (M)Table II · Disposed · Employee Stock Option (Right to Buy) · 1 paired event152,483—Exercise or conversion of derivative security (M)—0Jul 31, 2026
1 filed lot
  • Table II · Employee Stock Option (Right to Buy): 152,483 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 152,483 Employee Stock Option (Right to Buy) → 152,483 Common Stock, $.25 Par Value ·

Source-event as of . Retrieved .

Track record

How COCA COLA CO’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored KO on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score100200Indexed price · log scale (2012 = 100)201120142017202020232026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the 4 years KO rated Wide-moat (2011, 2012, 2013 and 2014), the median forward total return that followed — measured only after each year’s filings were public — was:

  • 1 year 8% vs the S&P 500’s 13% (price basis) · median over 4 years
  • 3 years 21% vs the S&P 500’s 34% (price basis) · median over 4 years
  • 5 years 40% vs the S&P 500’s 68% (price basis) · median over 4 years

These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.

Consumer Staples context

#12 of 85 scored Consumer Staples companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #10VITL Vital Farms, Inc.73.3Narrow moat
  2. #11MZTI The Marzetti Company72.2Narrow moat
  3. #13LW LAMB WESTON HOLDINGS, INC.70.8Narrow moat
  4. #14PEP PepsiCo, Inc.69.7Narrow moat

Compare KO with its nearest peers →All Consumer Staples companies on the Index →

Common questions about KO

Does COCA COLA CO have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores COCA COLA CO (KO) 71.7 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 87, pricing power 100, returns on capital 68, balance-sheet safety 38, capital allocation 66.
Is KO trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $27.47 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $82.25, that is 199% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has KO's Moat Score changed over time?
The record logs 20 readings since Jul 17, 2026; the latest reads 71.7 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 17, 2026, Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell KO. See the disclaimer.