The business behind the dividend
| Measure | COKE | Median | Formula |
|---|---|---|---|
| Return on equity | — | — | Net income ÷ shareholders’ equity |
| Return on capital employed | 46.5% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $453.35m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $619.59m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 13.2% | 14.3% | Operating income ÷ revenue |
| Net margin | 7.9% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 10.24x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.26x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 9.01x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.63x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -8.4% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Debt to equity, Return on equity — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | — | 44.7% | 28.4% | 38.6% | 26.6% | 33.6% | 3.3% | -5.6% | 26.3% | 18.1% | 26.6% |
| Return on capital employed | 46.5% | 28.7% | 41.0% | 37.4% | 30.6% | 21.6% | 13.1% | 4.0% | 7.0% | 11.1% | 21.6% |
| Operating margin | 13.2% | 13.3% | 12.5% | 10.3% | 7.9% | 6.3% | 3.7% | 1.3% | 2.4% | 4.2% | 6.3% |
| Net margin | 7.9% | 9.2% | 6.1% | 6.9% | 3.4% | 3.4% | 0.2% | -0.4% | 2.3% | 1.6% | 3.4% |
| Debt to equity | — | 1.26x | 0.42x | 0.54x | 1.02x | 1.83x | 2.97x | 3.08x | 2.97x | 3.27x | 1.83x |
| Current ratio | 1.26x | 1.94x | 1.56x | 1.38x | 1.29x | 1.32x | 1.33x | 1.33x | 1.24x | 1.30x | 1.32x |
| Cash conversion | 1.63x | 1.38x | 1.99x | 1.29x | 2.75x | 2.87x | 25.53x | — | 3.19x | 3.23x | 2.75x |
How it compares in consumer staples
Among the 64 consumer staples companies here measured on free cash flow, Coca-Cola Consolidated pays out less than 58 of them. The median for that group is 53.9%, against this company’s 14.0%.
Closest on free cash flow
- Alico (ALCO) 10.5%
- Turning Point Brands (TPB) 12.6%
- Medifast (MED) 15.6%
- Corteva (CTVA) 16.9%
Same sector and same denominator, so the figures are comparable. All 72 in consumer staples →