COKECoca-Cola Consolidated, Inc.

Bottled & Canned Soft Drinks & Carbonated Waters

Revenue: $7.2B; 4.8% YoY
Operating margin: 13.2%; 1.4% YoY
EBITDA: $1.1B; 5.0% YoY
Market cap: $1.5B
Employees: 17,000; $425K revenue each
Net debt / EBITDA: 2.0×; $2.3B net debt
AI in 10-K: 0.1; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
163% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
289% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$425K · 12th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 10th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$2.4B net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.6B	$6.2B	$6.7B	$6.9B	$7.2B	4.8%
Operating income	$439M	$641M	$834M	$920M	$951M	3.3%
Net income	$190M	$430M	$408M	$633M	$571M	9.9%
Operating cash flow	$522M	$555M	$811M	$876M	$932M	6.3%
Capex	$156M	$299M	$282M	$371M	$312M	16%
Stock-based comp	$0	—	—	—	—
Buybacks	—	$0	$0	$626M	$2.6B	317%
Dividends	$9M	$9M	$47M	$186M	$87M	53%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 26, 2026	HARRISON J FRANK III	SCHEDULE 13D/A	24.1%	Passive
Nov 10, 2025	COCA COLA CO	SCHEDULE 13D/A	0.0%	Passive
Jul 5, 2024	COCA COLA CO	SC 13D/A	24.3%	Passive
May 6, 2024	COCA COLA CO	SC 13D/A	29.7%	Active
Mar 23, 2022	HARRISON J FRANK III	SC 13D/A	10.7%	Passive
Oct 26, 2021	HARRISON J FRANK III	SC 13D/A	23.8%	Passive
Dec 10, 2020	COCA COLA CO	SC 13D/A	34.8%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2.4B · 1
Net: −$2.4B

Pay vs performance

No pay-versus-performance disclosure yet.