Coca-Cola Co., current enterprise value calculation

Current share price (P)	$71.62
No. shares of common stock outstanding	4,301,000,395
US$ in millions
Common equity (market value)¹	308,038)
Add: Equity attributable to noncontrolling interests (per books)	1,516)
Total equity	309,554)
Add: Loans and notes payable (per books)	1,499)
Add: Current maturities of long-term debt (per books)	648)
Add: Long-term debt, excluding current maturities (per books)	42,375)
Total equity and debt	354,076)
Less: Cash and cash equivalents	10,828)
Less: Short-term investments	2,020)
Less: Marketable securities	1,723)
Enterprise value (EV)	339,505)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 71.62 × 4,301,000,395

Coca-Cola Co., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$70.04	$60.70	$59.80	$62.28	$50.17
No. shares of common stock outstanding¹	4,301,000,395	4,312,456,168	4,326,691,783	4,335,473,308	4,309,311,676
US$ in millions
Common equity (market value)³	301,242)	261,766)	258,736)	270,013)	216,198)
Add: Equity attributable to noncontrolling interests (book value)	1,516)	1,539)	1,721)	1,861)	1,985)
Total equity	302,758)	263,305)	260,457)	271,874)	218,183)
Add: Loans and notes payable (book value)	1,499)	4,557)	2,373)	3,307)	2,183)
Add: Current maturities of long-term debt (book value)	648)	1,960)	399)	1,338)	485)
Add: Long-term debt, excluding current maturities (book value)	42,375)	35,547)	36,377)	38,116)	40,125)
Total equity and debt	347,280)	305,369)	299,606)	314,635)	260,976)
Less: Cash and cash equivalents	10,828)	9,366)	9,519)	9,684)	6,795)
Less: Short-term investments	2,020)	2,997)	1,043)	1,242)	1,771)
Less: Marketable securities	1,723)	1,300)	1,069)	1,699)	2,348)
Enterprise value (EV)	332,709)	291,706)	287,975)	302,010)	250,062)

¹ Data adjusted for splits and stock dividends.

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

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 70.04 × 4,301,000,395

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Coca-Cola Co. EV increased from 2022 to 2023 and from 2023 to 2024.

Coca-Cola Co. (NYSE:KO)

Enterprise Value (EV)