Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Coca-Cola Co., EBITDA 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)
Add: Net income attributable to noncontrolling interest	(11)	29)	33)	21)	65)
Add: Income tax expense	2,249)	2,115)	2,621)	1,981)	1,801)
Earnings before tax (EBT)	12,952)	11,686)	12,425)	9,749)	10,786)
Add: Interest expense	1,527)	882)	1,597)	1,437)	946)
Earnings before interest and tax (EBIT)	14,479)	12,568)	14,022)	11,186)	11,732)
Add: Depreciation and amortization	1,128)	1,260)	1,452)	1,536)	1,365)
Earnings before interest, tax, depreciation and amortization (EBITDA)	15,607)	13,828)	15,474)	12,722)	13,097)

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).

Download chart

Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Coca-Cola Co. EBITDA decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Enterprise Value to EBITDA Ratio, Current

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	299,565)
Earnings before interest, tax, depreciation and amortization (EBITDA)	15,607)
Valuation Ratio
EV/EBITDA	19.19
Benchmarks
EV/EBITDA, Competitors¹
Altria Group Inc.	9.50
PepsiCo Inc.	15.77
Philip Morris International Inc.	18.33
EV/EBITDA, Sector
Food, Beverage & Tobacco	15.96
EV/EBITDA, Industry
Consumer Staples	19.89

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

¹ Click competitor name to see calculations.

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

Enterprise Value to EBITDA Ratio, Historical

Coca-Cola Co., historical EV/EBITDA 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)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	15,607)	13,828)	15,474)	12,722)	13,097)
Valuation Ratio
EV/EBITDA³	18.69	20.83	19.52	19.66	21.79
Benchmarks
EV/EBITDA, Competitors⁴
Altria Group Inc.	7.67	12.10	22.27	12.62	45.37
PepsiCo Inc.	16.75	18.63	18.42	17.17	17.85
Philip Morris International Inc.	13.66	14.78	13.64	12.59	13.77
EV/EBITDA, Sector
Food, Beverage & Tobacco	14.59	17.07	17.81	15.78	19.53
EV/EBITDA, Industry
Consumer Staples	15.56	15.87	15.79	14.68	18.29

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/EBITDA = EV ÷ EBITDA
= 291,706 ÷ 15,607 = 18.69

⁴ Click competitor name to see calculations.

Download chart

Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Coca-Cola Co. EV/EBITDA ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Coca-Cola Co. (NYSE:KO)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical