MeritValue

Coca-Cola Consolidated, Inc.

COKEdata completeness 88%17 fiscal years on file
The thesis, from the filings

Coca-Cola Consolidated, Inc. earns about 16% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$5.56B1$6.2B2$6.65B3$6.9B3$7.23B3
Net income$189.6M4$430.2M5$408.4M6$633.1M6$570.6M6
Operating cash flow$521.8M7$554.5M8$810.7M9$876.4M9$931.9M9
Capital expenditure$155.7M10$298.6M11$282.3M12$371M12$312.3M12
Free cash flow (derived)$366.1M7$255.9M8$528.4M9$505.3M9$619.6M9
Total debt$1.45B13$1.2B14$1.2B15$3.57B16$5.57B16
Cash & equivalents$142.3M17$197.6M18$635.3M19$1.14B20$281.9M20
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
16% avg · 5y
FY21 11%FY22 21%FY23 20%FY24 16%FY25 13%

It earned an average 16% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has risen 285% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000317540-24-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000317540-25-000025 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-009057 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000317540-24-000009 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000317540-25-000025 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-009057 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000317540-24-000009 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000317540-25-000025 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-009057 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000317540-24-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000317540-25-000025 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-009057 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000317540-23-000009 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000317540-24-000009 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000317540-25-000025 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-009057 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000317540-23-000009 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000317540-24-000009 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000317540-25-000025 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-009057 (CashAndCashEquivalentsAtCarryingValue)