undamentalytics Newsletter
Sign in

The Coca-Cola Company key statistics and ratios

In fiscal 2025, The Coca-Cola Company had return on equity of 46.0%, an operating margin of 28.7%, debt equal to 141.2% of equity and a current ratio of 1.46. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMOct 2026
Gross margin64.2%63.9%60.9%60.3%60.7%61.1%60.5%60.7%62.1%61.9%60.8%59.3%60.3%58.1%59.5%61.1%61.6%62.3%
Operating margin26.6%24.0%21.9%22.4%21.8%21.1%19.7%20.7%21.4%26.7%27.1%27.3%26.7%25.4%24.7%21.2%28.7%30.0%
Net margin22.0%33.6%18.4%18.8%18.3%15.4%16.6%15.6%3.4%18.8%23.9%23.5%25.3%22.2%23.4%22.6%27.3%28.7%
Free-cash-flow margin20.0%20.8%14.1%16.4%17.1%17.8%18.0%15.6%14.6%17.7%22.6%26.3%29.1%22.2%21.3%10.1%11.0%28.0%
Return on equity27.5%42.2%27.4%28.0%26.0%22.4%26.3%26.9%6.2%37.8%49.6%40.5%46.2%40.5%42.8%41.9%46.0%42.1%
Return on assets14.0%19.4%11.2%10.9%9.7%7.8%8.1%7.4%1.4%7.5%10.5%8.9%10.8%10.2%11.3%10.7%12.8%13.8%
Asset turnover0.640.580.610.580.530.510.490.470.410.400.440.380.430.460.480.470.470.48
Current ratio1.281.171.051.091.131.021.241.281.340.870.761.321.131.151.131.031.461.38
Debt to equity46.1%73.7%88.0%99.2%111.6%137.3%172.3%197.5%277.7%255.8%225.3%221.7%185.9%162.4%160.8%177.7%141.2%111.2%
Interest cover (operating income ÷ interest)23.2x11.5x24.4x27.2x22.1x20.1x10.2x11.8x9.1x9.6x10.7x6.3x6.5x12.4x7.4x6.0x8.3x10.0x
Effective tax rate22.8%16.7%24.5%23.1%24.8%23.6%23.3%19.5%81.4%21.3%16.7%20.3%21.1%18.1%17.4%18.6%17.9%17.4%
SG&A as % of revenue36.7%37.6%37.4%36.9%36.9%37.4%37.1%36.7%35.4%32.1%32.5%29.5%31.4%30.0%30.5%31.0%30.3%30.1%
Capital spending as % of revenue6.4%6.3%6.3%5.8%5.4%5.2%5.8%5.4%4.8%4.5%5.5%3.6%3.5%3.5%4.0%4.4%4.4%3.8%
Free cash flow ÷ net income90.8%62.1%76.4%87.2%93.1%115.7%108.5%100.0%424.0%94.5%94.4%111.9%115.2%99.9%91.0%44.6%40.4%97.6%
Dividends ÷ net income55.7%34.5%50.1%50.9%57.9%75.4%78.1%92.6%506.4%103.3%76.7%91.0%74.2%79.8%74.2%78.6%67.0%76.8%
Dividends and buybacks ÷ free cash flow85.9%96.1%134.5%116.4%122.6%115.9%116.7%148.9%189.0%140.7%94.4%82.7%65.4%94.8%105.1%214.2%179.9%85.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · October 2, 2026
What it owns · $108.0bn
Short-term assets $33.3bnLonger-term assets $74.6bn
What it owes, and who funded it · $61.6bn
Short-term liabilities $24.2bnShareholders' equity $37.4bn
  • Short-term assets cover short-term liabilities $33.3bn of assets due within a year against $24.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $13.5bn of cash against $36.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 98% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 149% to 98% over five years.
  • A year's operating cash flow covers at least 20% of debt $16.2bn of operating cash flow against $36.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of $15.3bn against $1.5bn of interest.

From The Coca-Cola Company's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

92 /100

Strong moat

How hard The Coca-Cola's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 16 / 20

    Cash operating profit has been a median 12.6% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 60.7%, moving by 1.2 percentage points (standard deviation) across 10 years.

  • Durability 18 / 20

    Operating margin has been a median 25.9%; its worst year was 20.5%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 22.0% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 0.5% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: BUD vs KOKO vs PEPCCEP vs KO

More: Beverages stocks compared, Consumer Staples sector, rankings of US companies

Figures from The Coca-Cola Company's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to The Coca-Cola Company.