Stock Analysis on Net

Coca-Cola Co. (NYSE:KO)

Enterprise Value to EBITDA (EV/EBITDA)

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

Coca-Cola Co., EBITDA calculation

US$ in millions

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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).

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

Microsoft Excel
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

Microsoft Excel
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.

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.