Verdict
Fairly valued
What is The Coca-Cola Company (KO) worth?
Currently $81.97 — 2% discount to Dolphy’s fair value · ● live
● live · as of 2026-07-21 21:28 · Market cap $355.5B
As of 2026-06-26, The Coca-Cola Company (KO) looks fairly valued. Dolphy estimates a fair value of $84.00 versus a current price of $81.97 — a 2% discount to fair value.
Executive summary
The Coca-Cola Company (KO) is a $356bn-market-cap global beverage leader selling concentrates and finished beverages across 200+ countries, with 33.8bn unit cases sold in 2025 and 2.2bn daily servings. FY2025 (ended 31-Dec-2025) delivered $47.9bn revenue (+1.9%), $13.8bn as-reported operating income, and $13.1bn net income ($3.04 diluted EPS). Q1 FY26 (ended 3-Apr-2026) was solid at $12.47bn revenue and $0.91 EPS.
The story is consistency, not growth: low-single-digit revenue, high-single-digit EPS growth, industry-leading margins, a 63-year dividend-increase streak, and an exceptionally low 0.35 beta that makes KO a defensive ballast. The franchise quality is not in question; the valuation is. At 24x forward P/E and 22x EV/EBITDA, KO sits at the top of its peer set, and our intrinsic work suggests the stock already discounts its quality.
Two overhangs warrant attention: (1) a long-running IRS tax dispute with a potentially significant incremental liability that is currently depressing reported free cash flow via deposits; and (2) a Q4-25 $960m BodyArmor trademark impairment plus a $1.0bn capital-asset impairment, signaling pockets of portfolio weakness. We rate KO Hold with an $84 target — a stock to own for income and stability, but not one to chase here.
How we value it
DCF (primary, low-beta discount rate) cross-checked with peer comps (P/E and EV/EBITDA)
Every figure is computed from SEC filings by the analyst’s calculator tools and fact-checked by a second, independent model.
Investment thesis
About The Coca-Cola Company
The Coca-Cola Company, a beverage company, manufactures and sells various nonalcoholic beverages in the United States and internationally. The company provides Trademark Coca-Cola, sparkling soft drinks and flavors; water, sports, coffee, and tea; juice, value-added dairy, and plant-based beverages; and emerging beverages. It also offers beverage concentrates and syrups, as well as fountain syrups to fountain retailers comprising restaurants and convenience stores. The company sells its products under the Coca-Cola, Diet Coke/Coca-Cola Light, Coca-Cola Zero Sugar, caffeine free Diet Coke, Cherry Coke, Fanta, Sprite, Simply, Fanta Orange, Fanta Zero Orange, Fanta Zero Sugar, Fanta Apple, Sprite Zero Sugar, Simply Orange, Simply Apple, Simply Grapefruit, Fresca, Schweppes, Thums Up, Aquarius, Ayataka, BODYARMOR, Ciel, Costa, Crystal, Dasani, Fuze Tea, Georgia, glacéau smartwater, glacéau vitaminwater, Gold Peak, I LOHAS, Powerade, Topo Chico, Core Power, Del Valle, fairlife, innocent, Maaza, Minute Maid, Minute Maid Pulpy, Santa Clara, and dogadan brands. It operates through a network of independent bottling partners, distributors, wholesalers, and retailers, as well as through bottling and distribution operators. The Coca-Cola Company was founded in 1886 and is headquartered in Atlanta, Georgia.
Frequently asked questions
Is KO a buy?
As of 2026-06-26, The Coca-Cola Company (KO) looks fairly valued. Dolphy estimates a fair value of $84.00 versus a current price of $81.97 — a 2% discount to fair value.
What is KO's fair value?
Dolphy's estimated fair value for The Coca-Cola Company (KO) is $84.00, versus a current market price of $81.97.
Is KO overvalued or undervalued?
The Coca-Cola Company (KO) currently looks fairly valued — trading at a 2% discount to Dolphy's estimated fair value of $84.00.
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AI-generated research by Dolphy for educational and informational purposes only — not investment advice. Figures are computed from public sources and may contain errors.