Coca-Cola Co., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income attributable to shareowners of The Coca-Cola Company	10,714)	9,542)	9,771)	7,747)	8,920)
Net (income) loss attributable to noncontrolling interests	(11)	29)	33)	21)	65)
Net noncash charges	1,742)	2,052)	1,496)	1,386)	1,120)
Net change in operating assets and liabilities	(846)	(605)	1,325)	690)	366)
Net cash provided by operating activities	11,599)	11,018)	12,625)	9,844)	10,471)
Purchases of property, plant and equipment	(1,852)	(1,484)	(1,367)	(1,177)	(2,054)
Proceeds from disposals of property, plant and equipment	74)	75)	108)	189)	978)
Issuances of loans, notes payable and long-term debt	6,891)	3,972)	13,094)	26,934)	23,009)
Payments of loans, notes payable and long-term debt	(5,034)	(4,930)	(12,866)	(28,796)	(24,850)
Free cash flow to equity (FCFE)	11,678)	8,651)	11,594)	6,994)	7,554)

Based on: 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), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Coca-Cola Co. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Coca-Cola Co. FCFE decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Coca-Cola Co., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	4,307,797,138
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	11,678)
FCFE per share	2.71
Current share price (P)	62.59
Valuation Ratio
P/FCFE	23.09
Benchmarks
P/FCFE, Competitors¹
Altria Group Inc.	11.11
PepsiCo Inc.	16.68
Philip Morris International Inc.	17.39
P/FCFE, Sector
Food, Beverage & Tobacco	17.47
P/FCFE, Industry
Consumer Staples	27.53

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Coca-Cola Co., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	4,312,456,168	4,326,691,783	4,335,473,308	4,309,311,676	4,290,276,067
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	11,678)	8,651)	11,594)	6,994)	7,554)
FCFE per share³	2.71	2.00	2.67	1.62	1.76
Share price^1, 4	60.70	59.80	62.28	50.17	58.65
Valuation Ratio
P/FCFE⁵	22.42	29.91	23.29	30.91	33.31
Benchmarks
P/FCFE, Competitors⁶
Altria Group Inc.	8.46	11.96	13.06	8.86	7.97
PepsiCo Inc.	17.88	47.17	77.00	10.51	38.90
Philip Morris International Inc.	11.93	6.64	20.46	15.06	15.65
P/FCFE, Sector
Food, Beverage & Tobacco	15.72	16.58	25.49	14.44	21.35
P/FCFE, Industry
Consumer Staples	21.00	25.12	22.89	17.29	18.06

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 11,678,000,000 ÷ 4,312,456,168 = 2.71

⁴ Closing price as at the filing date of Coca-Cola Co. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 60.70 ÷ 2.71 = 22.42

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Coca-Cola Co. P/FCFE ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Coca-Cola Co. (NYSE:KO)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical