KOCOCA COLA CO

Beverages

Revenue: $47.9B; 1.9% YoY
Operating margin: 28.7%; 35% YoY
EBITDA: $14.8B; 34% YoY
Market cap: $404.7B
Employees: 69,700; $688K revenue each
Net debt / EBITDA: 1.6×; $23.2B net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 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 cashYes
57% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
129% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
14% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$688K · 51st pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 40th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$404.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$255M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$38.7B	$43.0B	$45.8B	$47.1B	$47.9B	1.9%
Operating income	$10.3B	$10.9B	$11.3B	$10.0B	$13.8B	38%
Net income	$9.8B	$9.5B	$10.7B	$10.6B	$13.1B	23%
Operating cash flow	$12.6B	$11.0B	$11.6B	$6.8B	$7.4B	8.9%
Capex	$1.4B	$1.5B	$1.9B	$2.1B	$2.1B	2.3%
Stock-based comp	$337M	$356M	$254M	$286M	$279M	2.4%
Buybacks	$111M	$1.4B	$2.3B	$1.8B	$746M	58%
Dividends	$7.3B	$7.6B	$8.0B	$8.4B	$8.8B	5.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $255M · 39
Net: −$255M

Pay vs performance

No pay-versus-performance disclosure yet.