Coca-Cola Co., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income attributable to shareowners of The Coca-Cola Company	10,714)	9,542)	9,771)	7,747)	8,920)
Net (income) loss attributable to noncontrolling interests	(11)	29)	33)	21)	65)
Net noncash charges	1,742)	2,052)	1,496)	1,386)	1,120)
Net change in operating assets and liabilities	(846)	(605)	1,325)	690)	366)
Net cash provided by operating activities	11,599)	11,018)	12,625)	9,844)	10,471)
Interest paid, net of tax¹	1,169)	695)	582)	745)	767)
Purchases of property, plant and equipment	(1,852)	(1,484)	(1,367)	(1,177)	(2,054)
Proceeds from disposals of property, plant and equipment	74)	75)	108)	189)	978)
Free cash flow to the firm (FCFF)	10,990)	10,304)	11,948)	9,601)	10,162)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Coca-Cola Co. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Coca-Cola Co. FCFF decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Coca-Cola Co., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	17.40%	18.10%	21.10%	20.30%	16.70%
Interest Paid, Net of Tax
Interest paid, before tax	1,415)	848)	738)	935)	921)
Less: Interest paid, tax²	246)	153)	156)	190)	154)
Interest paid, net of tax	1,169)	695)	582)	745)	767)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ See details »

² 2023 Calculation
Interest paid, tax = Interest paid × EITR
= 1,415 × 17.40% = 246

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Coca-Cola Co., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	301,470)
Free cash flow to the firm (FCFF)	10,990)
Valuation Ratio
EV/FCFF	27.43
Benchmarks
EV/FCFF, Competitors¹
Altria Group Inc.	10.26
Mondelēz International Inc.	29.33
PepsiCo Inc.	30.79
Philip Morris International Inc.	22.61
EV/FCFF, Sector
Food, Beverage & Tobacco	23.35
EV/FCFF, Industry
Consumer Staples	31.78

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Coca-Cola Co., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	291,706)	287,975)	302,010)	250,062)	285,330)
Free cash flow to the firm (FCFF)²	10,990)	10,304)	11,948)	9,601)	10,162)
Valuation Ratio
EV/FCFF³	26.54	27.95	25.28	26.04	28.08
Benchmarks
EV/FCFF, Competitors⁴
Altria Group Inc.	9.55	11.86	13.00	11.79	12.41
Mondelēz International Inc.	31.39	34.05	31.98	30.11	30.51
PepsiCo Inc.	28.63	40.39	33.08	30.09	35.72
Philip Morris International Inc.	20.71	19.53	16.35	16.31	16.47
EV/FCFF, Sector
Food, Beverage & Tobacco	22.28	24.71	22.27	21.35	23.19
EV/FCFF, Industry
Consumer Staples	27.56	28.19	20.26	22.05	22.42

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 291,706 ÷ 10,990 = 26.54

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Coca-Cola Co. EV/FCFF ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Coca-Cola Co. (NYSE:KO)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical