Enterprise Value to EBITDA (EV/EBITDA)
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Coca-Cola Co. pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Coca-Cola Co., EBITDA calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 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).
The financial performance indicators demonstrate fluctuating, yet generally positive, trends over the five-year period. Net income attributable to shareowners experienced a slight decrease from 2021 to 2022, followed by consistent increases through 2025, culminating in a substantial rise. Similarly, earnings at each stage of subtraction – before tax, interest, and depreciation/amortization – exhibit a pattern of initial decline followed by growth.
- EBITDA Trend
- Earnings before interest, tax, depreciation, and amortization (EBITDA) decreased from US$15,474 million in 2021 to US$13,828 million in 2022, representing a decline of approximately 10.6%. A subsequent recovery is observed, with EBITDA increasing to US$15,607 million in 2023 and further to US$15,817 million in 2024. The most significant increase occurs between 2024 and 2025, with EBITDA reaching US$18,702 million, a rise of approximately 18.3%.
- Relationship between EBT, EBIT, and EBITDA
- The difference between Earnings Before Tax (EBT) and Earnings Before Interest and Tax (EBIT) remains relatively consistent across the observed period, indicating stable interest expense. The gap between EBIT and EBITDA, representing depreciation and amortization, also shows stability, suggesting no significant changes in the company’s asset base or depreciation methods. This consistency suggests a predictable cost structure related to financing and asset utilization.
- Net Income and Operating Profitability
- The growth in net income from 2022 onwards outpaces the growth in EBITDA, suggesting improvements in factors beyond core operating profitability, such as tax management or non-operating income. The increase in net income in 2025 is particularly notable, exceeding the proportional increase in EBITDA, indicating enhanced efficiency in converting operating profit into net earnings.
Overall, the indicators suggest a period of initial challenge in 2022, followed by a sustained recovery and growth trajectory through 2025. The increasing EBITDA and net income figures point to improving operational performance and profitability.
Enterprise Value to EBITDA Ratio, Current
Coca-Cola Co., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Mondelēz International Inc. | |
| PepsiCo Inc. | |
| Philip Morris International Inc. | |
| EV/EBITDA, Sector | |
| Food, Beverage & Tobacco | |
| EV/EBITDA, Industry | |
| Consumer Staples | |
Based on: 10-K (reporting date: 2025-12-31).
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, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | ||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
| Valuation Ratio | ||||||
| EV/EBITDA3 | ||||||
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| EV/EBITDA, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| EV/EBITDA, Industry | ||||||
| Consumer Staples | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
3 2025 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
The Enterprise Value to EBITDA ratio exhibited fluctuations over the five-year period. Initial values decreased, followed by increases, and then stabilized. Enterprise Value and EBITDA both demonstrated growth from 2021 to 2025, though not consistently in tandem, influencing the ratio’s movement.
- Enterprise Value (EV)
- Enterprise Value decreased from US$302,010 million in 2021 to US$287,975 million in 2022, representing a decline of approximately 4.6%. It then experienced a modest increase to US$291,706 million in 2023 before rising more substantially to US$332,709 million in 2024. This upward trend continued into 2025, reaching US$375,162 million. Overall, the period shows a net increase in Enterprise Value.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA decreased from US$15,474 million in 2021 to US$13,828 million in 2022, a decrease of roughly 10.4%. A recovery was observed in 2023, with EBITDA rising to US$15,607 million. Further incremental growth occurred in 2024, reaching US$15,817 million, and a more significant increase was noted in 2025, with EBITDA reaching US$18,702 million. The trend indicates a recovery and subsequent growth in EBITDA.
- EV/EBITDA Ratio
- The EV/EBITDA ratio began at 19.52 in 2021 and increased to 20.83 in 2022, coinciding with the decrease in EBITDA and a slight decrease in EV. A decrease to 18.69 was observed in 2023, driven by the increase in EBITDA and a modest increase in EV. The ratio then rose to 21.03 in 2024, reflecting a larger increase in EV relative to the increase in EBITDA. In 2025, the ratio settled at 20.06, indicating a stabilization after the previous year’s increase. The ratio generally suggests the market valuation relative to operating profitability has remained relatively stable, with some fluctuation.
The interplay between Enterprise Value and EBITDA suggests that changes in the ratio are influenced by both the company’s overall valuation and its operational performance. The increases in both metrics towards the end of the period indicate positive developments, although the EV/EBITDA ratio’s movement suggests that valuation growth has, at times, outpaced operational growth.