Coca-Cola Co., current enterprise value calculation

Current share price (P)	$75.55
No. shares of common stock outstanding	4,300,723,069
US$ in millions
Common equity (market value)¹	324,920)
Add: Equity attributable to noncontrolling interests (per books)	2,106)
Total equity	327,026)
Add: Loans and notes payable (per books)	1,551)
Add: Current maturities of long-term debt (per books)	1,822)
Add: Long-term debt, excluding current maturities (per books)	42,119)
Total equity and debt	372,518)
Less: Cash and cash equivalents	10,270)
Less: Short-term investments	3,602)
Less: Marketable securities	1,934)
Enterprise value (EV)	356,712)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 75.55 × 4,300,723,069

Coca-Cola Co., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$79.84	$70.04	$60.70	$59.80	$62.28
No. shares of common stock outstanding¹	4,300,723,069	4,301,000,395	4,312,456,168	4,326,691,783	4,335,473,308
US$ in millions
Common equity (market value)³	343,370)	301,242)	261,766)	258,736)	270,013)
Add: Equity attributable to noncontrolling interests (book value)	2,106)	1,516)	1,539)	1,721)	1,861)
Total equity	345,476)	302,758)	263,305)	260,457)	271,874)
Add: Loans and notes payable (book value)	1,551)	1,499)	4,557)	2,373)	3,307)
Add: Current maturities of long-term debt (book value)	1,822)	648)	1,960)	399)	1,338)
Add: Long-term debt, excluding current maturities (book value)	42,119)	42,375)	35,547)	36,377)	38,116)
Total equity and debt	390,968)	347,280)	305,369)	299,606)	314,635)
Less: Cash and cash equivalents	10,270)	10,828)	9,366)	9,519)	9,684)
Less: Short-term investments	3,602)	2,020)	2,997)	1,043)	1,242)
Less: Marketable securities	1,934)	1,723)	1,300)	1,069)	1,699)
Enterprise value (EV)	375,162)	332,709)	291,706)	287,975)	302,010)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Coca-Cola Co. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 79.84 × 4,300,723,069

The information presents a five-year trend of several financial metrics, including common equity market value, total equity, total equity and debt, and enterprise value. Generally, the figures demonstrate an increasing trajectory over the period, though with some fluctuations.

Enterprise Value (EV) Trend: Enterprise value exhibited a decrease from US$302,010 million in 2021 to US$287,975 million in 2022. This was followed by a modest increase to US$291,706 million in 2023. A more substantial increase is then observed, with EV reaching US$332,709 million in 2024 and further growing to US$375,162 million in 2025. This indicates a strengthening of the company’s overall value as perceived by the market, particularly in the latter years of the observed period.
Equity and Debt Relationship: Total equity and debt consistently exceeded total equity throughout the period. In 2021, total equity and debt stood at US$314,635 million, compared to total equity of US$271,874 million. This difference widened slightly in 2022, then remained relatively stable through 2023. Significant increases in both metrics are apparent in 2024 and 2025, with total equity and debt reaching US$390,968 million in 2025, compared to total equity of US$345,476 million. This suggests an increasing reliance on debt financing alongside equity growth.
Common Equity Market Value: Common equity (market value) experienced a decrease from US$270,013 million in 2021 to US$258,736 million in 2022. It then showed a slight recovery to US$261,766 million in 2023 before accelerating growth in 2024 and 2025, reaching US$301,242 million and US$343,370 million respectively. This mirrors the trend in enterprise value, suggesting a positive correlation between market perception of the equity and the overall company value.
Total Equity Trend: Total equity followed a similar pattern to common equity, declining from US$271,874 million in 2021 to US$260,457 million in 2022, then increasing to US$263,305 million in 2023. Substantial growth is then observed in 2024 and 2025, reaching US$302,758 million and US$345,476 million respectively. This indicates an overall strengthening of the company’s equity position over the five-year period.

In summary, the observed financial metrics indicate a period of initial contraction followed by sustained growth. The increasing enterprise value, coupled with growth in both equity and debt, suggests a positive trajectory for the company’s overall financial health and market valuation.

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Coca-Cola Co. (NYSE:KO)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)