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, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income attributable to shareowners of The Coca-Cola Company	10,631)	10,714)	9,542)	9,771)	7,747)
Add: Net income attributable to noncontrolling interest	18)	(11)	29)	33)	21)
Add: Income tax expense	2,437)	2,249)	2,115)	2,621)	1,981)
Earnings before tax (EBT)	13,086)	12,952)	11,686)	12,425)	9,749)
Add: Interest expense	1,656)	1,527)	882)	1,597)	1,437)
Earnings before interest and tax (EBIT)	14,742)	14,479)	12,568)	14,022)	11,186)
Add: Depreciation and amortization	1,075)	1,128)	1,260)	1,452)	1,536)
Earnings before interest, tax, depreciation and amortization (EBITDA)	15,817)	15,607)	13,828)	15,474)	12,722)

Based on: 10-K (reporting date: 2024-12-31), 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).

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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 increased from 2022 to 2023 and from 2023 to 2024.

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)	340,580)
Earnings before interest, tax, depreciation and amortization (EBITDA)	15,817)
Valuation Ratio
EV/EBITDA	21.53
Benchmarks
EV/EBITDA, Competitors¹
Mondelēz International Inc.	13.15
PepsiCo Inc.	14.39
Philip Morris International Inc.	20.55
EV/EBITDA, Sector
Food, Beverage & Tobacco	17.87
EV/EBITDA, Industry
Consumer Staples	19.62

Based on: 10-K (reporting date: 2024-12-31).

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, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	332,709)	291,706)	287,975)	302,010)	250,062)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	15,817)	15,607)	13,828)	15,474)	12,722)
Valuation Ratio
EV/EBITDA³	21.03	18.69	20.83	19.52	19.66
Benchmarks
EV/EBITDA, Competitors⁴
Mondelēz International Inc.	11.48	14.65	21.64	15.62	15.14
PepsiCo Inc.	13.88	16.75	18.63	18.42	17.17
Philip Morris International Inc.	19.14	13.66	14.78	13.64	12.59
EV/EBITDA, Sector
Food, Beverage & Tobacco	16.97	16.21	18.49	17.05	16.29
EV/EBITDA, Industry
Consumer Staples	17.62	16.39	16.42	15.65	14.89

Based on: 10-K (reporting date: 2024-12-31), 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).

¹ See details »

² See details »

³ 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 332,709 ÷ 15,817 = 21.03

⁴ Click competitor name to see calculations.

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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 decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

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