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Relative to Consumer Staples Sector Median (N=180)
Metric
COKE
Benchmark
P/E Ratio
24.4x
-21%
EV/EBITDA
16.4x
+153%
Price / Book
6.1x
Implied Value Audit
OVERVALUED
Implied Fair Value (vs Sector)
-69.3%
$59.74Spot: $194.69
Spot
Implied
-50% Delta+50% Delta
Relative valuation derived from Consumer Staples sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
44.1%
Sector: 7.7%
Dividend Analysis audit
GROWTH
0.87%
Trailing Yield
$0.87
Per $100 Invested
Modest dividend — capital prioritized for reinvestment.
Est. Payout Ratio
21%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, Coca-Cola Consolidated, Inc. (COKE) receives a "Hold" rating with a composite score of 43.3/100, ranked #508 out of 4446 stocks. Key factor scores: Quality 50/100, Value 64/100, Momentum 37/100. This is quantitative analysis only — not investment advice.
Coca-Cola Consolidated, Inc. (COKE) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Coca-Cola Consolidated, Inc. Do?
Coca-Cola Consolidated, Inc., together with its subsidiaries, manufactures, markets, and distributes nonalcoholic beverages primarily products of The Coca-Cola Company in the United States. The company offers sparkling beverages, such as carbonated beverages; and still beverages, including energy products, as well as noncarbonated beverages comprising bottled water, ready to drink coffee and tea, enhanced water, juices, and sports drinks. It also sells its products to other Coca-Cola bottlers; and post-mix products that are dispensed through equipment, which mixes the fountain syrup with carbonated or still water enabling fountain retailers to sell finished products to consumers in cups or glasses. In addition, the company distributes products for various other beverage brands that include Dr Pepper and Monster Energy. It sells and distributes its products directly to grocery stores, mass merchandise stores, club stores, convenience stores, and drug stores; and restaurants, schools, amusement parks, and recreational facilities, as well as through vending machine outlets. The company was formerly known as Coca-Cola Bottling Co. Consolidated and changed its name to Coca-Cola Consolidated, Inc. in January 2019. Coca-Cola Consolidated, Inc. was incorporated in 1980 and is headquartered in Charlotte, North Carolina. Coca-Cola Consolidated, Inc. (COKE) is classified as a large-cap stock in the Consumer Staples sector, specifically within the Candy & Soda industry. The company is led by CEO J. Frank Harrison and employs approximately 17,000 people, headquartered in Charlotte, North Carolina. With a market capitalization of $12.1B, COKE is one of the prominent companies in the Consumer Staples sector.
Coca-Cola Consolidated, Inc. (COKE) Stock Rating — Hold (April 2026)
As of April 2026, Coca-Cola Consolidated, Inc. receives a Hold rating with a composite score of 43.3/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.COKE ranks #508 out of 4,446 stocks in our coverage universe. Within the Consumer Staples sector, Coca-Cola Consolidated, Inc. ranks #20 of 180 stocks, placing it in the top quartile of its Consumer Staples peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
COKE Stock Price and 52-Week Range
Coca-Cola Consolidated, Inc. (COKE) currently trades at $194.69. The 52-week high for COKE is $1433.97, which means the stock is currently trading -86.4% from its annual peak. The 52-week low is $105.21, putting the stock 85.0% above its annual trough. Recent trading volume was 0 shares, suggesting relatively thin trading activity.
Is COKE Overvalued or Undervalued? — Valuation Analysis
Coca-Cola Consolidated, Inc. (COKE) carries a value factor score of 64/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 24.37x, compared to the Consumer Staples sector average of 30.88x — a discount of 21%. The price-to-book ratio stands at 6.12x, versus the sector average of 1.75x. The price-to-sales ratio is 1.89x, compared to 0.37x for the average Consumer Staples stock. On an enterprise value basis, COKE trades at 16.42x EV/EBITDA, versus 6.49x for the sector.
Overall, COKE's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
Coca-Cola Consolidated, Inc. Profitability — ROE, Margins, and Quality Score
Coca-Cola Consolidated, Inc. (COKE) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 44.1%, compared to the Consumer Staples sector average of 7.7%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 12.8% versus the sector average of 3.1%.
On a margin basis, Coca-Cola Consolidated, Inc. reports gross margins of 39.7%, compared to 26.2% for the sector. The operating margin is 13.1% (sector: 2.9%). Net profit margin stands at 7.7%, versus 1.6% for the average Consumer Staples stock. Revenue growth is running at 5.1% on a trailing basis, compared to 4.2% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
COKE Debt, Balance Sheet, and Financial Health
Coca-Cola Consolidated, Inc. has a debt-to-equity ratio of 109.0%, compared to the Consumer Staples sector average of 70.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 1.26x, suggesting adequate working capital coverage. Total debt on the balance sheet is $2.79B. Cash and equivalents stand at $1.53B.
COKE has a beta of -0.21, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for Coca-Cola Consolidated, Inc. is 44/100, reflecting average volatility within the normal range for its sector.
Coca-Cola Consolidated, Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, Coca-Cola Consolidated, Inc. reported revenue of $7.09B. Net income for the quarter was $549M. Gross margin was 39.7%. Operating income came in at $936M.
In FY 2025, Coca-Cola Consolidated, Inc. reported revenue of $7.23B. Net income for the quarter was $571M. Gross margin was 39.7%. Revenue grew 4.8% year-over-year compared to FY 2024. Operating income came in at $951M.
In Q3 2025, Coca-Cola Consolidated, Inc. reported revenue of $1.89B. Net income for the quarter was $142M. Gross margin was 39.6%. Revenue grew 6.9% year-over-year compared to Q3 2024. Operating income came in at $247M.
In Q2 2025, Coca-Cola Consolidated, Inc. reported revenue of $1.86B. Net income for the quarter was $187M. Gross margin was 40.0%. Revenue grew 3.3% year-over-year compared to Q2 2024. Operating income came in at $272M.
Over the past 8 quarters, Coca-Cola Consolidated, Inc. has demonstrated a growth trajectory, with revenue expanding from $1.80B to $7.09B. Investors analyzing COKE stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
COKE Dividend Yield and Income Analysis
Coca-Cola Consolidated, Inc. (COKE) currently pays a dividend yield of 0.9%. At this yield, a $10,000 investment in COKE stock would generate approximately $$87.00 in annual dividend income. This compares to the Consumer Staples sector average dividend yield of 0.4%, meaning COKE offers above-average income for its sector. The net margin of 7.7% provides reasonable coverage for the dividend, though investors should monitor payout sustainability.
COKE Momentum and Technical Analysis Profile
Coca-Cola Consolidated, Inc. (COKE) has a momentum factor score of 37/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 31/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 20/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
COKE vs Competitors — Consumer Staples Sector Ranking and Peer Comparison
Comparing COKE against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full COKE vs S&P 500 (SPY) comparison to assess how Coca-Cola Consolidated, Inc. stacks up against the broader market across all factor dimensions.
COKE Next Earnings Date
No upcoming earnings date has been announced for Coca-Cola Consolidated, Inc. (COKE) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy COKE? — Investment Thesis Summary
Coca-Cola Consolidated, Inc. presents a balanced picture with arguments on both sides. The value score of 64/100 suggests attractive pricing relative to fundamentals. Momentum is weak at 37/100, a headwind for near-term performance.
In summary, Coca-Cola Consolidated, Inc. (COKE) earns a Hold rating with a composite score of 43.3/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on COKE stock.
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Institutional Research Dossier
Coca-Cola Consolidated, Inc. (COKE) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain a Hold rating on Coca-Cola Consolidated (COKE), driven by a balanced assessment of its strong profitability metrics and relatively attractive valuation multiples offset by concerns regarding its capital allocation and moderate growth prospects. While COKE exhibits superior margins and returns compared to its consumer staples peers, its high debt levels and reliance on the broader Coca-Cola ecosystem introduce elements of risk that temper our enthusiasm. The key takeaway is that COKE presents a compelling value proposition based on current earnings, but future growth and capital deployment strategies will be critical in determining its long-term investment appeal.
COKE's impressive profitability, evidenced by its high ROE and superior margins, suggests efficient operations and a degree of pricing power within its distribution territory. However, the company's relatively low scores in Investment and Momentum, coupled with a high debt-to-equity ratio, raise questions about its ability to sustain growth and effectively manage its capital structure. The Hold rating reflects our view that the current valuation adequately prices in both the company's strengths and weaknesses, warranting a neutral stance until clearer trends emerge regarding its future performance and strategic direction.
Business Strategy & Overview
Coca-Cola Consolidated operates as the largest Coca-Cola bottler in the United States, primarily manufacturing, marketing, and distributing Coca-Cola products within its designated territories. The company's revenue is generated through the sale of these beverages to a diverse range of customers, including grocery stores, convenience stores, restaurants, and vending machine operators. COKE's strategic positioning hinges on its exclusive agreements with The Coca-Cola Company, granting it the right to produce and distribute their iconic brands within specific geographic areas. This relationship forms the cornerstone of its business model, providing a stable and recognizable product portfolio.
Beyond Coca-Cola products, COKE also distributes beverages for other brands, such as Dr Pepper and Monster Energy, diversifying its revenue streams and catering to a broader consumer base. This multi-brand strategy allows the company to leverage its existing distribution network and infrastructure, maximizing efficiency and profitability. The company's focus on operational excellence and efficient supply chain management is crucial in maintaining its competitive edge within the highly competitive beverage industry.
COKE's distribution strategy involves a direct-store-delivery (DSD) model, which allows for greater control over product placement, merchandising, and inventory management. This approach enables the company to build strong relationships with retailers and ensure optimal product availability. The DSD model also provides valuable insights into consumer preferences and market trends, informing product development and marketing strategies. The company also sells post-mix products, which are dispensed through fountain machines, further expanding its reach and catering to different consumption channels.
The company's growth strategy involves a combination of organic expansion within its existing territories and strategic acquisitions of other bottling operations. By expanding its geographic footprint and increasing its market share, COKE aims to drive revenue growth and enhance its economies of scale. However, the company's growth prospects are also dependent on the overall demand for carbonated beverages and its ability to adapt to changing consumer preferences, such as the increasing demand for healthier and low-sugar alternatives.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
5.1%
Sector: 4.2%
+23% VS SCTR
Economic Moat Analysis
Coca-Cola Consolidated possesses a narrow economic moat, primarily derived from its exclusive bottling agreements with The Coca-Cola Company. These agreements grant COKE the sole right to manufacture, market, and distribute Coca-Cola products within its designated territories, creating a significant barrier to entry for potential competitors. While the Coca-Cola brand itself holds immense intangible value and consumer recognition, COKE's moat is narrower than that of The Coca-Cola Company due to its dependence on the parent company's brand equity and product innovation.
The bottling business inherently benefits from some degree of efficient scale. Establishing a comprehensive distribution network, including manufacturing facilities, warehouses, and delivery fleets, requires substantial capital investment. This creates a cost advantage for established players like COKE, making it difficult for new entrants to compete on price and service. However, this advantage is not insurmountable, as evidenced by the presence of other regional bottlers and the potential for large retailers to bypass traditional distribution channels.
Switching costs for retailers are relatively low, as they can easily switch between different beverage suppliers or allocate shelf space to competing brands. While COKE's strong relationships with retailers and its efficient DSD model provide some degree of customer loyalty, these factors are not sufficient to create a wide moat. The company's ability to maintain its market share and profitability depends on its continued execution of its distribution strategy and its ability to adapt to changing consumer preferences.
The absence of strong network effects further limits COKE's moat. While the Coca-Cola brand benefits from widespread consumer adoption, COKE's distribution network does not create a self-reinforcing cycle of value creation. The company's competitive advantage is primarily based on its exclusive agreements and its operational efficiency, rather than a network of interconnected users or suppliers. Therefore, while COKE enjoys a competitive edge in its designated territories, its moat is not as durable or defensible as those of companies with stronger network effects or higher switching costs.
Financial Health & Profitability
Coca-Cola Consolidated exhibits a solid financial profile, characterized by consistent revenue growth and strong profitability metrics. The company's revenue has steadily increased over the past few years, from $6.65 billion in FY2023 to $7.23 billion in FY2025, demonstrating its ability to capture market share and drive organic growth. This growth is further supported by a robust gross margin, consistently hovering around 39-40%, significantly exceeding the consumer staples sector average of 26.0%. This superior margin reflects COKE's efficient operations and its ability to command premium pricing for its products.
The company's profitability is further highlighted by its impressive operating and net margins, which stand at 13.1% and 7.7%, respectively, far surpassing the sector averages of 3.1% and 1.7%. This strong profitability translates into a high return on equity (ROE) of 44.1%, indicating efficient utilization of shareholder capital. However, it's important to note that this high ROE is partially driven by the company's leverage, as reflected in its debt-to-equity ratio of 109.00, which is higher than the sector average of 70.50.
COKE's balance sheet reflects a significant amount of debt, with total debt of $2.79 billion compared to total cash of $1.53 billion. While the company's current ratio of 1.26 indicates sufficient liquidity to meet its short-term obligations, the high debt level raises concerns about its financial flexibility and its ability to weather economic downturns. The company's free cash flow generation is relatively modest, with a TTM FCF of $83.17 million, suggesting limited capacity for debt reduction or significant capital expenditures.
Analyzing the quarterly financial history reveals a consistent trend of revenue growth and stable margins. The company has consistently generated strong revenue and profits across different quarters, demonstrating the resilience of its business model. However, the lack of available EPS and FCF data in the provided quarterly history limits our ability to fully assess the company's financial performance and trends. Overall, COKE's financial health is characterized by strong profitability and consistent revenue growth, but its high debt levels and modest free cash flow generation warrant careful monitoring.
Valuation Assessment
Coca-Cola Consolidated's valuation presents a mixed picture, with some metrics suggesting undervaluation while others indicate a fair price. The company's P/E ratio of 24.4x is lower than the consumer staples sector average of 34.2x, suggesting that the stock may be undervalued relative to its peers. Similarly, its EV/EBITDA multiple of 4.3x is significantly lower than the sector average of 7.3x, further supporting the undervaluation thesis. These lower multiples could be attributed to the market's perception of COKE's growth prospects or its higher leverage compared to its peers.
However, it's important to consider COKE's high ROE of 44.1% when assessing its valuation. A high ROE typically warrants a premium valuation, as it indicates efficient capital allocation and strong profitability. The market may be discounting COKE's ROE due to concerns about its sustainability or its reliance on the broader Coca-Cola ecosystem. Furthermore, the company's relatively low free cash flow yield raises questions about its ability to generate cash flow for shareholders, which could also be contributing to its lower valuation multiples.
Compared to its historical valuation, COKE's current multiples appear to be within a reasonable range. The company's valuation has fluctuated over time, reflecting changes in its financial performance and market sentiment. However, the lack of historical valuation data in the provided information limits our ability to conduct a comprehensive historical analysis. Overall, COKE's valuation appears to be fair, considering its strong profitability metrics and its relatively modest growth prospects. The market may be appropriately pricing in the company's strengths and weaknesses, resulting in a valuation that is neither significantly overvalued nor undervalued.
The BCR proprietary quant model assigns COKE a Value score of 62/100, indicating that the stock is relatively attractive from a value perspective. However, the model also assigns a Momentum score of 38/100, suggesting that the stock's price performance and earnings revisions have been relatively weak. This divergence between the Value and Momentum scores further supports our Hold rating, as it reflects the conflicting signals regarding the company's investment appeal. Ultimately, the valuation assessment suggests that COKE is fairly priced, warranting a neutral stance until clearer trends emerge regarding its future performance and strategic direction.
Risk & Uncertainty
Coca-Cola Consolidated faces several key risks that could impact its financial performance and valuation. One of the most significant risks is its dependence on The Coca-Cola Company. COKE's business is heavily reliant on the Coca-Cola brand and its exclusive bottling agreements. Any adverse changes in its relationship with The Coca-Cola Company, such as the termination of its bottling agreements or a decline in the popularity of Coca-Cola products, could have a material negative impact on its revenue and profitability.
Another significant risk is the increasing competition in the beverage industry. COKE faces competition from other beverage companies, including PepsiCo, Keurig Dr Pepper, and various smaller players. The company also faces competition from alternative beverage categories, such as bottled water, energy drinks, and ready-to-drink coffee and tea. The increasing competition could lead to pricing pressures and reduced market share, negatively impacting COKE's financial performance.
Changes in consumer preferences also pose a risk to COKE's business. Consumers are increasingly health-conscious and are shifting away from sugary carbonated beverages towards healthier alternatives. This trend could lead to a decline in demand for COKE's core products, negatively impacting its revenue and profitability. The company's ability to adapt to changing consumer preferences and develop new products that cater to these preferences will be crucial in mitigating this risk.
COKE's high debt levels also represent a significant risk. The company's debt-to-equity ratio of 109.00 is higher than the sector average, indicating a higher level of financial leverage. This high leverage increases the company's vulnerability to economic downturns and rising interest rates. The company's ability to manage its debt effectively and generate sufficient cash flow to meet its debt obligations will be crucial in maintaining its financial stability.
Bulls Say / Bears Say
The Bull Case
BULL VIEWCoca-Cola Consolidated's exclusive bottling agreements provide a stable revenue stream and a competitive advantage in its designated territories, ensuring consistent profitability.
BULL VIEWThe company's superior margins and high ROE demonstrate efficient operations and effective capital allocation, justifying a premium valuation relative to its peers.
BULL VIEWCOKE's consistent revenue growth and strong brand recognition position it well to capitalize on future growth opportunities in the beverage industry.
The Bear Case
BEAR VIEWCoca-Cola Consolidated's high debt levels and modest free cash flow generation limit its financial flexibility and increase its vulnerability to economic downturns.
BEAR VIEWThe company's dependence on The Coca-Cola Company and the declining demand for sugary carbonated beverages pose significant risks to its long-term growth prospects.
BEAR VIEWCOKE's relatively low Momentum score and concerns about its capital allocation suggest that the stock may underperform its peers in the near term.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score COKE and 4,400+ other equities.
Coca-Cola Consolidated, Inc. exhibits a 198% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
12.8%
Sector: 3.1%
Gross Margin
Pricing power and cost efficiency
39.7%
Sector: 26.2%
Operating Margin
Core business profitability
13.1%
Sector: 2.9%
Net Margin
Bottom-line profitability
7.7%
Sector: 1.6%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield0.38%
Yield Delta+129%
Income Projection audit
A $10,000 investment would generate approximately $87 annually in dividends at the current trailing rate.
