Coca-Cola Bottling Co Consolidated (COKE) AI Stock Analysis

• Market Cap: $14.01B
• Dividend Yield: 0.61%
• Average Volume (3M): 480.12K
• Price to Earnings (P/E): 19.8
• Beta (1Y): 0.30
• Revenue Growth: 4.22%
• EPS Growth: 22.24%
• Country: US
• Employees: 15,000
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Beverages - Non-Alcoholic
• EPS (TTM): 2.11
• Shares Outstanding: 56,517,334
• 10 Day Avg. Volume: 407,057
• 30 Day Avg. Volume: 480,117
• PEG Ratio: 1.87
• Price to Book (P/B): -15.26
• Price to Sales (P/S): 1.56
• P/FCF Ratio: 18.08
• Enterprise Value/Market Cap: 1.44
• Enterprise Value/Revenue: 2.78
• Enterprise Value/Gross Profit: 7.06
• Enterprise Value/Ebitda: 18.93
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: $229.00 ▲(52.48% Upside)
• Action: Reiterated Date: 02/19/26
• Date: Action: Reiterated 02/19/26

The score is driven by strong technical momentum and solid operating/cash-flow performance, partially offset by materially higher financial risk from the 2025 balance sheet shift to negative equity and increased debt, plus a relatively expensive valuation and low dividend yield.

Positive Factors

Multi-year Revenue Growth

Consistent expansion from $5.0B to $7.2B over five years indicates durable volume and geographic/retail penetration. Sustained top-line growth supports long-term cash flow generation, reinvestment capacity, and the ability to fund operations through demand cycles.

Improving Gross Margin

A multi-point uplift in gross margin signals improving unit economics and pricing/mix strength. Higher gross margins provide durable cushioning against input cost volatility and support reinvestment, making operating profitability more resilient over a multi-quarter horizon.

Strong Cash Generation

Rising operating cash flow and FCF demonstrate persistent cash conversion ability. Healthy FCF supports capex, debt service and strategic investments, reducing reliance on external financing and enabling medium-term stability despite capital-intensive distribution needs.

Negative Factors

Balance Sheet Deterioration

Sharp debt increase and a shift to negative equity materially reduce financial flexibility. Negative shareholders' equity can complicate covenant metrics, raise refinancing costs, and constrain strategic options like M&A or large capex over the medium term.

Margin Pressure on Profitability

Declining EBITDA and net margins indicate rising cost or mix headwinds that have begun to erode operating leverage. If persistent, margin compression will reduce free cash flow and the company's ability to service higher debt levels and fund long-term investments.

Input-cost Sensitivity

High exposure to commodity, packaging and fuel prices makes margins and cash flow sensitive to sustained cost shocks. Given capital-intensive distribution, prolonged input inflation or logistic cost increases could pressure profitability and require pricing or mix shifts to restore margins.

Coca-Cola Bottling Co Consolidated Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

COKE primarily makes money by manufacturing (bottling/packaging) and distributing finished beverages to customers in its territories and recognizing revenue from the sale of those products. Its core revenue stream is case-volume driven: it sells sparkling soft drinks and other beverages (e.g., still beverages) across multiple package types (such as bottles and cans) and channels (including large retailers, convenience stores, foodservice, and other commercial accounts). A key economic driver is its role as a Coca-Cola system bottler: it typically purchases beverage concentrate or syrup (often from The Coca-Cola Company or other brand owners/partners), combines it with sweeteners, water, and carbonation (as applicable), packages the product, and sells and delivers it through its direct store delivery and distribution network. In addition to finished beverage sales, earnings are influenced by pricing/mix (package and brand mix), promotional activity and customer agreements, and distribution/service execution. Costs and margins are materially affected by inputs such as sweeteners, packaging materials (aluminum, PET, glass), fuel and freight, labor, and capital intensity of bottling and distribution operations. The company’s results are also significantly shaped by its relationship with The Coca-Cola Company and the structure of its bottling agreements/territories, which govern brand rights, concentrate/syrup supply arrangements, and various commercial terms; if more specific contractual economics are required, null.

Coca-Cola Bottling Co Consolidated Financial Statement Overview

Summary

Strong multi-year revenue growth and improving gross margin support operating quality, and cash generation remains solid. However, 2025 balance sheet deterioration is a major risk: debt rose sharply and shareholders’ equity turned negative, reducing financial flexibility despite continued profitability.

Income Statement

Revenue has grown steadily from $5.0B (2020) to $7.2B (2025), with the latest year showing strong acceleration versus recent history. Profitability has also improved over the cycle, with gross margin rising to ~39.7% (2025) from ~35.3% (2020). However, net margin softened in 2025 (~7.9%) versus 2024 (~9.2%), and operating profitability signals are mixed (EBITDA margin down from ~15.3% in 2024 to ~13.2% in 2025), suggesting some cost pressure despite higher sales.

Balance Sheet

Leverage and balance sheet stability weakened materially in the latest year. Total debt increased to ~$2.9B (2025) from ~$1.9B (2024), while shareholders’ equity turned negative in 2025 (about -$740M) versus positive equity of ~$1.4B in 2024. This shift meaningfully increases financial risk and makes equity-based leverage and return measures unfavorable, despite the company operating profitably.

Cash Flow

Cash generation is solid, with operating cash flow rising to ~$932M (2025) from ~$876M (2024) and free cash flow improving to ~$620M from ~$505M. Free cash flow has been generally healthy across the period, but cash conversion is not perfect—free cash flow is materially below net income (about two-thirds in 2025), and operating cash flow coverage levels remain moderate, indicating working-capital or reinvestment needs can meaningfully affect cash flow in some years.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.23B	6.90B	6.65B	6.20B	5.56B
Gross Profit	2.87B	2.75B	2.60B	2.28B	1.95B
EBITDA	1.17B	1.05B	1.01B	771.47M	469.16M
Net Income	570.58M	633.13M	408.38M	430.16M	189.58M
Balance Sheet
Total Assets	4.62B	5.31B	4.29B	3.71B	3.45B
Cash, Cash Equivalents and Short-Term Investments	281.92M	1.44B	635.27M	197.65M	142.31M
Total Debt	3.00B	1.91B	735.14M	755.04M	938.60M
Total Liabilities	5.36B	3.90B	2.85B	2.59B	2.73B
Stockholders Equity	-739.72M	1.42B	1.44B	1.12B	711.79M
Cash Flow
Free Cash Flow	624.72M	505.34M	528.39M	225.25M	366.06M
Operating Cash Flow	937.03M	876.36M	810.69M	554.51M	521.75M
Investing Cash Flow	-19.02M	-682.20M	-295.35M	-324.99M	-161.94M
Financing Cash Flow	-1.77B	306.40M	-77.72M	-174.19M	-272.29M

Coca-Cola Bottling Co Consolidated Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 150.18
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For COKE, the sentiment is Positive. The current price of 150.18 is below the 20-day moving average (MA) of 204.75, below the 50-day MA of 174.71, and above the 200-day MA of 139.94, indicating a bullish trend. The MACD of 11.36 indicates Positive momentum. The RSI at 67.76 is Neutral, neither overbought nor oversold. The STOCH value of 71.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for COKE.

Coca-Cola Bottling Co Consolidated Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KO	76 Outperform	$324.92B	22.95	44.35%	2.92%	2.93%	25.42%
PEP	70 Outperform	$208.74B	23.86	43.03%	3.91%	0.48%	-22.61%
CCEP	69 Neutral	$42.54B	18.13	24.48%	2.52%	9.65%	-4.26%
COKE	68 Neutral	$14.01B	19.79	56.69%	0.61%	4.22%	22.24%
KOF	66 Neutral	$5.12B	15.03	16.56%	3.98%	-2.81%	-2.66%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
KDP	62 Neutral	$36.89B	18.30	8.29%	3.12%	6.77%	-29.84%