Coca-Cola Consolidated vs National Beverage
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KIRA’s take AI analyst
I put Coca-Cola Consolidated and National Beverage side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- National Beverage turned more of its sales into free cash flow (13.2% FCF margin, against 8.6%).
- National Beverage earned a higher return on the capital invested in it (65.5%, against 39.7%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Coca-Cola Consolidated
COKE
4/9
Revenue growth5-year growthGross marginReturn on equity
National Beverage
FIZZ
5/9
Operating marginNet marginFCF marginReturn on capitalNet debt / EBITDA
Side by side
Best in the row
| 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 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.