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

• Market Cap: $13.93B
• Dividend Yield: 0.61%
• Average Volume (3M): 471.53K
• Price to Earnings (P/E): 19.8
• Beta (1Y): 0.33
• 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: 527,274
• 30 Day Avg. Volume: 471,534
• 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: 1.46
• Enterprise Value/Revenue: 2.80
• Enterprise Value/Gross Profit: 7.12
• Enterprise Value/Ebitda: 19.09
• 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: $228.00 ▲(51.82% 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

Market Position / Scale

As the largest independent U.S. Coca‑Cola bottler, COKE's scale supports extensive distribution to supermarkets, convenience stores, restaurants and vending. Route density and scale drive per‑unit logistics advantages and retailer access that sustainably support volume and cost efficiency.

Steady Revenue Growth

Multi‑year revenue expansion from $5.0B to $7.2B through 2025 indicates persistent end‑consumer demand and successful volume or distribution expansion. This trend improves capacity utilization, supports predictable cash flow generation and underpins longer‑term reinvestment capacity.

Solid Cash Generation

Rising operating cash flow and FCF (~$620M in 2025) demonstrate durable internal funding ability. Consistent free cash flow provides a structural cushion to fund capex, working capital needs and debt reduction, supporting ongoing operations and strategic optionality despite episodic earnings variability.

Negative Factors

Balance Sheet Deterioration

A sharp rise in debt and a shift to negative shareholders' equity materially weaken financial flexibility. This increases refinancing and covenant risk, raises cost of capital and constrains the company's ability to pursue acquisitions, large investments or shareholder returns over the medium term.

Margin Pressure

Declining EBITDA and net margins point to rising cost pressures or adverse mix that can persist. If margins remain compressed, free cash flow and the ability to deleverage will be impaired, limiting reinvestment and reducing resilience to cost shocks over time.

Franchise / Supplier Dependence

Reliance on Coca‑Cola Company for concentrate and brand franchising limits pricing autonomy and exposes margins to supplier terms. Contractual dependence reduces strategic independence and can transmit concentrate price or contract changes directly into COKE's cost structure over the long run.

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

Coca-Cola Bottling Co Consolidated generates revenue primarily through the sale of its beverage products. The company operates under a franchise model, where it purchases syrup concentrate from The Coca-Cola Company and then produces and distributes finished products to retailers. Key revenue streams include direct sales to retailers, as well as contracts with food service providers and vending machine operators. Additionally, the company benefits from economies of scale due to its extensive distribution network and partnerships with local and national retailers, which help to drive volume sales. Seasonal promotions, marketing initiatives, and strategic partnerships also contribute to its earnings by increasing brand visibility and consumer demand.

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: Negative
• RSI: Negative
• STOCH: Negative

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 193.18, below the 50-day MA of 168.33, and above the 200-day MA of 137.42, indicating a bullish trend. The MACD of 12.63 indicates Negative momentum. The RSI at 80.32 is Negative, neither overbought nor oversold. The STOCH value of 80.72 is Negative, 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	$333.78B	22.95	44.35%	2.92%	2.93%	25.42%
PEP	70 Outperform	$217.11B	23.92	43.03%	3.91%	0.48%	-22.61%
CCEP	69 Neutral	$45.47B	18.87	24.39%	2.52%	9.65%	-4.26%
COKE	68 Neutral	$13.93B	19.79	56.69%	0.61%	4.22%	22.24%
KOF	66 Neutral	$5.22B	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	$36.59B	18.30	8.29%	3.12%	6.77%	-29.84%