Coca-Cola Consolidated
COKE · Soft Drinks & Non-alcoholic Beverages
$203.31
5.4%National Beverage
FIZZ · Soft Drinks & Non-alcoholic Beverages
$36.15
2.5%The short version
- Coca-Cola Consolidated is the larger business, with $7.2B of revenue in fiscal 2025 against $1.2B for National Beverage, about 6.1 times as much.
- Coca-Cola Consolidated grew revenue faster (4.8%, against −1.7%).
- National Beverage kept more of each dollar of sales as operating profit (19.5% operating margin, against 13.2% operating margin).
- National Beverage turned more of its sales into free cash flow (13.2% FCF margin, against 8.6% FCF margin).
- National Beverage earned a higher return on the capital invested in it (65.5%, against 39.7%).
| Latest fiscal year | COKE · FY25 | FIZZ · FY26 |
|---|---|---|
| Size | ||
| Market cap | — | $3.4B |
| Revenue | $7.2B | $1.2B |
| Free cash flow | $620M | $156M |
| Net income | $571M | $184M |
| Growth | ||
| Revenue growth | 4.8% | −1.7% |
| 5-year growth | 7.6% | 1.9% |
| Share count change | — | −0.0% |
| Profitability | ||
| Gross margin | 39.7% | 37.0% |
| Operating margin | 13.2% | 19.5% |
| Net margin | 7.9% | 15.6% |
| FCF margin | 8.6% | 13.2% |
| Return on capital | 39.7% | 65.5% |
| Return on equity | 168.3% | 34.0% |
| Balance sheet | ||
| Net debt | $2.5B | −$350M |
| Net debt / EBITDA | 2.2x | −1.4x |
| Dividends and buybacks | $2.7B | $0.7M |
| Valuation & quality | ||
| P/E | — | 19.4x |
| Piotroski F-score | — | 7 |
FY17
COKE $4.3B
FIZZ $827M
FY18
COKE $4.6B
FIZZ $976M
FY19
COKE $4.8B
FIZZ $1.0B
FY20
COKE $5.0B
FIZZ $1.0B
FY21
COKE $5.6B
FIZZ $1.1B
FY22
COKE $6.2B
FIZZ $1.1B
FY23
COKE $6.7B
FIZZ $1.2B
FY24
COKE $6.9B
FIZZ $1.2B
FY25
COKE $7.2B
FIZZ $1.2B
FY26
COKE —
FIZZ $1.2B
COKE
FIZZ
FY17
COKE 2.4%
FIZZ —
FY18
COKE 1.3%
FIZZ 20.9%
FY19
COKE 3.7%
FIZZ 17.7%
FY20
COKE 6.3%
FIZZ 16.6%
FY21
COKE 7.9%
FIZZ 21.3%
FY22
COKE 10.3%
FIZZ 18.3%
FY23
COKE 12.5%
FIZZ 15.9%
FY24
COKE 13.3%
FIZZ 18.3%
FY25
COKE 13.2%
FIZZ 19.6%
FY26
COKE —
FIZZ 19.5%
COKE
FIZZ
FY17
COKE $131M
FIZZ $100M
FY18
COKE $30.6M
FIZZ $123M
FY19
COKE $119M
FIZZ $101M
FY20
COKE $292M
FIZZ $154M
FY21
COKE $366M
FIZZ $168M
FY22
COKE $256M
FIZZ $104M
FY23
COKE $528M
FIZZ $140M
FY24
COKE $505M
FIZZ $168M
FY25
COKE $620M
FIZZ $170M
FY26
COKE —
FIZZ $156M
COKE
FIZZ
FY17
COKE 7.3%
FIZZ —
FY18
COKE 2.9%
FIZZ —
FY19
COKE 6.4%
FIZZ —
FY20
COKE 15.9%
FIZZ —
FY21
COKE 23.0%
FIZZ —
FY22
COKE 33.2%
FIZZ 82.7%
FY23
COKE 41.7%
FIZZ 65.3%
FY24
COKE 42.8%
FIZZ 75.2%
FY25
COKE 39.7%
FIZZ 74.5%
FY26
COKE —
FIZZ 65.5%
COKE
FIZZ
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.