MeritValue

COCA COLA CO

KOdata completeness 100%19 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$38.7B1$43B2$45.8B3$47.1B3$47.9B3
Net income$9.77B4$9.54B5$10.7B6$10.6B6$13.1B6
Operating cash flow$12.6B7$11B8$11.6B9$6.81B9$7.41B9
Capital expenditure$1.37B10$1.48B11$1.85B12$2.06B12$2.11B12
Free cash flow (derived)$11.3B7$9.53B8$9.75B9$4.74B9$5.3B9
Total debt$84.7B13$78.1B14$79.2B14$1.14B15$1.5B15
Cash & equivalents$9.68B16$9.52B17$9.37B18$10.8B18$10.3B18
Diluted shares4.34B4.35B4.34B4.32B4.31B

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

ii. Your slice — ownership made literal
If you owned
shares
You’d own
2.3e-7%
of the whole company
Your share of last year’s profit
$30.39
Your share of its debt
$3.47
Your share of free cash flow
$12.28
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$18.64
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$5.3B
DCF · Growth Exit 5Y
$20.01
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$5.3B
Earnings Power Value
$25.97
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$10.6B
  • growthAssumed0.0%
Graham Number
$22.59
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $20.01

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000021344-24-000009 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000021344-25-000011 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-010047 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000021344-24-000009 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000021344-25-000011 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-010047 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000021344-24-000009 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000021344-25-000011 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-010047 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000021344-24-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000021344-25-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-010047 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000021344-23-000011 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000021344-24-000009 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-12-31 · accession 0001628280-26-010047 (CommercialPaper)
  16. 10-K · period ending 2021-12-31 · accession 0000021344-24-000009 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0000021344-25-000011 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001628280-26-010047 (CashAndCashEquivalentsAtCarryingValue)