Coca-Cola Consolidated, Inc.

COKE

Consumer DefensiveBeverages - Non-AlcoholicNASDAQ

$174.31

Market Cap: $14.59B

Coca-Cola Consolidated, Inc. (COKE) Valuation Summary

Updated May 11, 2026 07:27

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$82.07 – $748.17	$162.44	-6.8%
Growth Exit 10Y	$102.55 – $855.21	$194.17	+11.4%
EBITDA Exit 5Y	$97.57 – $240.36	$162.93	-6.5%
EBITDA Exit 10Y	$112.02 – $287.18	$186.46	+7.0%
▸ Trading Multiples
P/E	$102.42 – $272.67	$99.81	-42.7%
EV/EBITDA	$106.03 – $147.55	$116.39	-33.2%
EV/Revenue	$63.21 – $148.38	$88.16	-49.4%
▸ PEG
PEG Fair Value	$170.25 – $170.25	$170.25	-2.3%
▸ Earnings Power Value
Earnings Power Value	$44.21 – $90.68	$62.04	-64.4%
▸ Dividend Discount
Dividend Discount	$23.20 – $59.86	$35.60	-79.6%

Valuation History

DCF Analysis

Fair Value

$162.44

Market Price

$174.31

Upside / Downside

-6.8%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Coca-Cola Consolidated, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 6.8% to 6.8% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 36, DPO 35, DIO 30). At a 6.5% WACC with mid-year discounting, the terminal value (84% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $162.44 per share, suggesting COKE is fairly valued by 6.8% at the current price of $174.31.

FCFF Present Value Calculation

WACC

6.45%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	859	917	979	1,045	1,116	1,144
(−) Net Interest	25	27	28	30	32	33
(+) D&A	290	327	334	355	364	373
EBITDA	1,174	1,271	1,341	1,431	1,512	1,550

(−) Tax	223	238	254	272	290	297
(−) CapEx	340	363	388	414	442	453
(−) ΔWC	201	47	50	54	57	59
Free Cash Flow (FCFF)	409	622	649	691	723	741

Terminal Value						18,748
WACC / Discount Rate	6.5%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	397	566	555	555	545	13,716

Enterprise Value	16,334
Projection Period	2,619	16.0%
Terminal Value	13,716	84.0%

(−) Current Net Debt	2,720

Equity Value	13,614
(/) Outstanding Shares	84

Fair Price	$162.44

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.5%	$241	$290	$365	$490	$748
5.5%	$171	$196	$229	$276	$347
6.5%	$129	$144	$162	$186	$218
7.5%	$102	$111	$123	$137	$154
8.5%	$82	$89	$96	$105	$116

Current price: $174.31. Green = undervalued, Red = overvalued.

Fair Value

$194.17

Market Price

$174.31

Upside / Downside

+11.4%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Coca-Cola Consolidated, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 6.8% to 3.6% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 36, DPO 35, DIO 30). At a 6.5% WACC with mid-year discounting, the terminal value (72% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $194.17 per share, suggesting COKE is fairly valued by 11.4% at the current price of $174.31.

FCFF Present Value Calculation

WACC

6.45%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	859	917	979	1,045	1,116	1,184	1,250	1,311	1,367	1,416	1,452
(−) Net Interest	25	27	28	30	32	34	36	38	40	41	42
(+) D&A	290	327	334	355	364	390	415	442	468	494	506
EBITDA	1,174	1,271	1,341	1,431	1,512	1,609	1,702	1,791	1,874	1,951	2,000

(−) Tax	223	238	254	272	290	308	325	341	355	368	377
(−) CapEx	340	363	388	414	442	469	495	519	541	561	575
(−) ΔWC	201	47	50	54	57	55	53	49	45	40	41
Free Cash Flow (FCFF)	409	622	649	691	723	776	829	881	933	982	1,006

Terminal Value											25,468
WACC / Discount Rate	6.5%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	397	566	555	555	545	550	552	551	548	542	13,630

Enterprise Value	18,993
Projection Period	5,363	28.2%
Terminal Value	13,630	71.8%

(−) Current Net Debt	2,720

Equity Value	16,273
(/) Outstanding Shares	84

Fair Price	$194.17

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.5%	$301	$355	$436	$574	$855
5.5%	$213	$239	$274	$323	$397
6.5%	$161	$176	$194	$218	$249
7.5%	$127	$136	$147	$160	$177
8.5%	$103	$108	$115	$124	$134

Current price: $174.31. Green = undervalued, Red = overvalued.

Fair Value

$162.90

Market Price

$174.31

Upside / Downside

-6.5%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Coca-Cola Consolidated, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 6.8% to 6.8% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 36, DPO 35, DIO 30). At a 6.5% WACC with mid-year discounting, the terminal value (84% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.1x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $162.93 per share, suggesting COKE is fairly valued by 6.5% at the current price of $174.31.

FCFF Present Value Calculation

WACC

6.45%

3% – 20%

EV/EBITDA Exit Multiple

12.13x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	859	917	979	1,045	1,116	1,144
(−) Net Interest	25	27	28	30	32	33
(+) D&A	290	327	334	355	364	373
EBITDA	1,174	1,271	1,341	1,431	1,512	1,550

(−) Tax	223	238	254	272	290	—
(−) CapEx	340	363	388	414	442	—
(−) ΔWC	201	47	50	54	57	—
Free Cash Flow (FCF)	409	622	649	691	723	—

Peers' EBITDA Multiple						12.1x
Terminal Value						18,800
WACC / Discount Rate	6.45%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	397	566	555	555	545	13,753

Enterprise Value	16,372
Projection Period	2,619	16.0%
Terminal Value	13,753	84.0%

(−) Current Net Debt	2,720
Equity Value	13,652
(÷) Outstanding Shares	84M
Fair Price	$163	-6.5%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.1x	10.1x	12.1x	14.1x	16.1x
4.5%	$121	$151	$181	$211	$240
5.5%	$115	$143	$172	$200	$228
6.5%	$109	$136	$163	$190	$217
7.5%	$103	$129	$155	$181	$206
8.5%	$98	$122	$147	$172	$196

Current price: $174.31. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$186.43

Market Price

$174.31

Upside / Downside

+7.0%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Coca-Cola Consolidated, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 6.8% to 3.6% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 36, DPO 35, DIO 30). At a 6.5% WACC with mid-year discounting, the terminal value (71% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.1x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $186.46 per share, suggesting COKE is fairly valued by 7.0% at the current price of $174.31.

FCFF Present Value Calculation

WACC

6.45%

3% – 20%

EV/EBITDA Exit Multiple

12.13x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	859	917	979	1,045	1,116	1,184	1,250	1,311	1,367	1,416	1,452
(−) Net Interest	25	27	28	30	32	34	36	38	40	41	42
(+) D&A	290	327	334	355	364	390	415	442	468	494	506
EBITDA	1,174	1,271	1,341	1,431	1,512	1,609	1,702	1,791	1,874	1,951	2,000

(−) Tax	223	238	254	272	290	308	325	341	355	368	—
(−) CapEx	340	363	388	414	442	469	495	519	541	561	—
(−) ΔWC	201	47	50	54	57	55	53	49	45	40	—
Free Cash Flow (FCF)	409	622	649	691	723	776	829	881	933	982	—

Peers' EBITDA Multiple											12.1x
Terminal Value											24,255
WACC / Discount Rate	6.45%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	397	566	555	555	545	550	552	551	548	542	12,982

Enterprise Value	18,344
Projection Period	5,363	29.2%
Terminal Value	12,982	70.8%

(−) Current Net Debt	2,720
Equity Value	15,624
(÷) Outstanding Shares	84M
Fair Price	$186	+7.0%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.1x	10.1x	12.1x	14.1x	16.1x
4.5%	$164	$195	$225	$256	$287
5.5%	$149	$177	$205	$233	$261
6.5%	$135	$161	$186	$212	$238
7.5%	$123	$146	$170	$193	$216
8.5%	$112	$133	$154	$176	$197

Current price: $174.31. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$99.81

Market Price

$174.31

Upside / Downside

-42.7%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Coca-Cola Consolidated, Inc. (COKE) has a fair value of $99.81 based on 6 comparable companies in the Beverages - Non-Alcoholic industry.

P/E Valuation — Beverages - Non-Alcoholic

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Coca-Cola Consolidated, Inc.COKE	14,608	25.6x	52.8x
Brown-Forman CorporationBF-B	12,999	15.0x	15.8x
BJ's Wholesale Club Holdings, Inc.BJ	12,056	21.2x	20.6x
Hormel Foods CorporationHRL	11,242	23.5x	12.9x
The Clorox CompanyCLX	11,144	14.1x	16.4x
Primo Brands CorporationPRMB	8,080	139.0x	17.2x
Albertsons Companies, Inc.ACI	7,922	40.0x	7.5x
Industry Median		22.4x	16.1x
(*) Profit after tax		571	277
Equity Value		12,755	3,975
(/) Outstanding shares		84	84
Fair Price		$152	$47

Selected Fair Value (avg of trailing + forward)

$99.81

-42.7%

Fair Value

$116.39

Market Price

$174.31

Upside / Downside

-33.2%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Coca-Cola Consolidated, Inc. (COKE) has a fair value of $116.39 based on 6 comparable companies in the Beverages - Non-Alcoholic industry.

EV/EBITDA Valuation — Beverages - Non-Alcoholic

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Coca-Cola Consolidated, Inc.COKE	14,608	14.8x	19.6x
Brown-Forman CorporationBF-B	12,999	11.9x	12.1x
BJ's Wholesale Club Holdings, Inc.BJ	12,056	12.9x	12.2x
Hormel Foods CorporationHRL	11,242	13.4x	13.6x
The Clorox CompanyCLX	11,144	9.9x	10.5x
Primo Brands CorporationPRMB	8,080	12.4x	12.4x
Albertsons Companies, Inc.ACI	7,922	6.9x	6.8x
Industry Median		12.1x	12.1x
(*) EBITDA		1,171	885
= Enterprise Value		14,206	10,743
(-) Net Debt		2,720	2,720
Equity Value		11,486	8,023
(/) Outstanding shares		84	84
Fair Price		$137	$96

Selected Fair Value (avg of trailing + forward)

$116.39

-33.2%

Fair Value

$88.16

Market Price

$174.31

Upside / Downside

-49.4%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Coca-Cola Consolidated, Inc. (COKE) has a fair value of $88.16 based on 8 comparable companies in the Beverages - Non-Alcoholic industry.

EV/Revenue Valuation — Beverages - Non-Alcoholic

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Coca-Cola Consolidated, Inc.COKE	14,608	2.4x	3.2x
Brown-Forman CorporationBF-B	12,999	3.8x	3.9x
BJ's Wholesale Club Holdings, Inc.BJ	12,056	0.7x	0.6x
Hormel Foods CorporationHRL	11,242	1.1x	1.1x
The Clorox CompanyCLX	11,144	2.0x	2.1x
The J. M. Smucker CompanySJM	10,605	2.1x	2.0x
Molson Coors Beverage CompanyTAP	8,089	1.2x	1.2x
Primo Brands CorporationPRMB	8,080	2.0x	2.0x
Albertsons Companies, Inc.ACI	7,922	0.3x	0.3x
Industry Median		1.6x	1.6x
(*) Revenue		7,228	5,465
= Enterprise Value		11,426	8,792
(-) Net Debt		2,720	2,720
Equity Value		8,706	6,072
(/) Outstanding shares		84	84
Fair Price		$104	$72

Selected Fair Value (avg of trailing + forward)

$88.16

-49.4%

PEG Fair Value

Fair Value

$170.25

Market Price

$174.31

Upside / Downside

-2.3%

Verdict

Overvalued

Using the PEG framework with historical EPS growth of 25.0% plus 0.6% dividend yield, the company has a fair value of $170.25 based on TTM EPS (FY2025) of $6.81. The current PEG ratio is 0.71.

PEG Ratio

0.71Deep Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 25.6 ÷ (35.5% + 0.6%) = 0.71

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG moderately applicable

Growth above 25% is capped — hypergrowth may not be sustainable long-term.

Fair Value Calculation

EPS Growth RateHistorical	35.5%
Dividend Yield	+0.6%
Adjusted Growth (clamped 8–25%)Clamped	25.0%
Fair P/E	25.0x
TTM EPS (FY2025)	$6.81
Fair Value	$170.25

Growth Analysis

Forward Growth

No analyst estimates available.

Historical GrowthActive

Year	Net Income	EPS	YoY
FY2021	$189.6M	$2.02	—
FY2022	$430.2M	$4.57	+126.2%
FY2023	$408.4M	$4.35	-4.8%
FY2024	$633.1M	$6.99	+60.7%
FY2025	$570.6M	$6.81	-2.6%

4Y Historical EPS CAGR: 35.5%

Earnings Power Value

Fair Value

$62.04

Market Price

$174.31

Upside / Downside

-64.4%

Verdict

Overvalued

Using the Earnings Power Value framework with a WACC of 6.5% and normalized earnings of $510.9M, the company has a fair value of $62.04 per share. The EPV range is $44.21 – $90.68 based on WACC sensitivity (5.0% – 8.0%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	511	511	511
(/) WACC	8.0%	6.5%	5.0%
Enterprise Value	6,426	7,920	10,320
(-) Net debt	2,720	2,720	2,720
Equity Value	3,706	5,200	7,600
(/) Outstanding shares	84	84	84
Fair Price	$44.21	$62.04	$90.68

Dividend Discount Model

Fair Value

$35.60

Market Price

$174.31

Upside / Downside

-79.6%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 7.6% and projected dividend growth of 15.0%, the fair value is $35.60 per share. The DDM range is $23.20 – $59.86 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$1.03

Dividend Yield

0.59%

Payout Ratio

15.2%

Dividend Coverage

6.58x

FCF Payout Ratio13.9%

DPS CAGR (4Y)79.5%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$1.03	15.2%	-49.6%
2024	$2.05	29.3%	+310.9%
2023	$0.50	11.5%	+400.7%
2022	$0.10	2.2%	-0.1%
2021	$0.10	4.9%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.19	15.0%	0.9297	$1.11
2027	$1.37	15.0%	0.8643	$1.18
2028	$1.57	15.0%	0.8036	$1.26
2029	$1.81	15.0%	0.7471	$1.35
2030	$2.08	15.0%	0.6946	$1.44
Terminal Value	$2.13 DPS	2.5%		$29.25

PV of Projected Dividends$6.35

PV of Terminal Value$29.25

Fair Value per Share$35.60

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	13.0%	14.0%	15.0%	15.0%	15.0%
5.6%	$55	$57	$60	$60	$60
6.6%	$41	$43	$45	$45	$45
7.6%	$33	$34	$36	$36	$36
8.6%	$27	$28	$29	$29	$29
9.6%	$23	$24	$25	$25	$25

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Coca-Cola Consolidated, Inc. (COKE) Valuation Summary

Updated May 11, 2026 07:27

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$82.07 – $748.17	$162.44	-6.8%
Growth Exit 10Y	$102.55 – $855.21	$194.17	+11.4%
EBITDA Exit 5Y	$97.57 – $240.36	$162.93	-6.5%
EBITDA Exit 10Y	$112.02 – $287.18	$186.46	+7.0%
▸ Trading Multiples
P/E	$102.42 – $272.67	$99.81	-42.7%
EV/EBITDA	$106.03 – $147.55	$116.39	-33.2%
EV/Revenue	$63.21 – $148.38	$88.16	-49.4%
▸ PEG
PEG Fair Value	$170.25 – $170.25	$170.25	-2.3%
▸ Earnings Power Value
Earnings Power Value	$44.21 – $90.68	$62.04	-64.4%
▸ Dividend Discount
Dividend Discount	$23.20 – $59.86	$35.60	-79.6%

Valuation History

DCF Analysis

Fair Value

$162.44

Market Price

$174.31

Upside / Downside

-6.8%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

6.45%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	859	917	979	1,045	1,116	1,144
(−) Net Interest	25	27	28	30	32	33
(+) D&A	290	327	334	355	364	373
EBITDA	1,174	1,271	1,341	1,431	1,512	1,550

(−) Tax	223	238	254	272	290	297
(−) CapEx	340	363	388	414	442	453
(−) ΔWC	201	47	50	54	57	59
Free Cash Flow (FCFF)	409	622	649	691	723	741

Terminal Value						18,748
WACC / Discount Rate	6.5%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	397	566	555	555	545	13,716

Enterprise Value	16,334
Projection Period	2,619	16.0%
Terminal Value	13,716	84.0%

(−) Current Net Debt	2,720

Equity Value	13,614
(/) Outstanding Shares	84

Fair Price	$162.44

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.5%	$241	$290	$365	$490	$748
5.5%	$171	$196	$229	$276	$347
6.5%	$129	$144	$162	$186	$218
7.5%	$102	$111	$123	$137	$154
8.5%	$82	$89	$96	$105	$116

Current price: $174.31. Green = undervalued, Red = overvalued.

Fair Value

$194.17

Market Price

$174.31

Upside / Downside

+11.4%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

6.45%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	859	917	979	1,045	1,116	1,184	1,250	1,311	1,367	1,416	1,452
(−) Net Interest	25	27	28	30	32	34	36	38	40	41	42
(+) D&A	290	327	334	355	364	390	415	442	468	494	506
EBITDA	1,174	1,271	1,341	1,431	1,512	1,609	1,702	1,791	1,874	1,951	2,000

(−) Tax	223	238	254	272	290	308	325	341	355	368	377
(−) CapEx	340	363	388	414	442	469	495	519	541	561	575
(−) ΔWC	201	47	50	54	57	55	53	49	45	40	41
Free Cash Flow (FCFF)	409	622	649	691	723	776	829	881	933	982	1,006

Terminal Value											25,468
WACC / Discount Rate	6.5%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	397	566	555	555	545	550	552	551	548	542	13,630

Enterprise Value	18,993
Projection Period	5,363	28.2%
Terminal Value	13,630	71.8%

(−) Current Net Debt	2,720

Equity Value	16,273
(/) Outstanding Shares	84

Fair Price	$194.17

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.5%	$301	$355	$436	$574	$855
5.5%	$213	$239	$274	$323	$397
6.5%	$161	$176	$194	$218	$249
7.5%	$127	$136	$147	$160	$177
8.5%	$103	$108	$115	$124	$134

Current price: $174.31. Green = undervalued, Red = overvalued.

Fair Value

$162.90

Market Price

$174.31

Upside / Downside

-6.5%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Coca-Cola Consolidated, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 6.8% to 6.8% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 36, DPO 35, DIO 30). At a 6.5% WACC with mid-year discounting, the terminal value (84% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.1x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $162.93 per share, suggesting COKE is fairly valued by 6.5% at the current price of $174.31.

FCFF Present Value Calculation

WACC

6.45%

3% – 20%

EV/EBITDA Exit Multiple

12.13x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	859	917	979	1,045	1,116	1,144
(−) Net Interest	25	27	28	30	32	33
(+) D&A	290	327	334	355	364	373
EBITDA	1,174	1,271	1,341	1,431	1,512	1,550

(−) Tax	223	238	254	272	290	—
(−) CapEx	340	363	388	414	442	—
(−) ΔWC	201	47	50	54	57	—
Free Cash Flow (FCF)	409	622	649	691	723	—

Peers' EBITDA Multiple						12.1x
Terminal Value						18,800
WACC / Discount Rate	6.45%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	397	566	555	555	545	13,753

Enterprise Value	16,372
Projection Period	2,619	16.0%
Terminal Value	13,753	84.0%

(−) Current Net Debt	2,720
Equity Value	13,652
(÷) Outstanding Shares	84M
Fair Price	$163	-6.5%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.1x	10.1x	12.1x	14.1x	16.1x
4.5%	$121	$151	$181	$211	$240
5.5%	$115	$143	$172	$200	$228
6.5%	$109	$136	$163	$190	$217
7.5%	$103	$129	$155	$181	$206
8.5%	$98	$122	$147	$172	$196

Current price: $174.31. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$186.43

Market Price

$174.31

Upside / Downside

+7.0%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Coca-Cola Consolidated, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 6.8% to 3.6% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 36, DPO 35, DIO 30). At a 6.5% WACC with mid-year discounting, the terminal value (71% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.1x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $186.46 per share, suggesting COKE is fairly valued by 7.0% at the current price of $174.31.

FCFF Present Value Calculation

WACC

6.45%

3% – 20%

EV/EBITDA Exit Multiple

12.13x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	859	917	979	1,045	1,116	1,184	1,250	1,311	1,367	1,416	1,452
(−) Net Interest	25	27	28	30	32	34	36	38	40	41	42
(+) D&A	290	327	334	355	364	390	415	442	468	494	506
EBITDA	1,174	1,271	1,341	1,431	1,512	1,609	1,702	1,791	1,874	1,951	2,000

(−) Tax	223	238	254	272	290	308	325	341	355	368	—
(−) CapEx	340	363	388	414	442	469	495	519	541	561	—
(−) ΔWC	201	47	50	54	57	55	53	49	45	40	—
Free Cash Flow (FCF)	409	622	649	691	723	776	829	881	933	982	—

Peers' EBITDA Multiple											12.1x
Terminal Value											24,255
WACC / Discount Rate	6.45%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	397	566	555	555	545	550	552	551	548	542	12,982

Enterprise Value	18,344
Projection Period	5,363	29.2%
Terminal Value	12,982	70.8%

(−) Current Net Debt	2,720
Equity Value	15,624
(÷) Outstanding Shares	84M
Fair Price	$186	+7.0%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.1x	10.1x	12.1x	14.1x	16.1x
4.5%	$164	$195	$225	$256	$287
5.5%	$149	$177	$205	$233	$261
6.5%	$135	$161	$186	$212	$238
7.5%	$123	$146	$170	$193	$216
8.5%	$112	$133	$154	$176	$197

Current price: $174.31. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$99.81

Market Price

$174.31

Upside / Downside

-42.7%

Verdict

Overvalued

P/E Valuation — Beverages - Non-Alcoholic

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Coca-Cola Consolidated, Inc.COKE	14,608	25.6x	52.8x
Brown-Forman CorporationBF-B	12,999	15.0x	15.8x
BJ's Wholesale Club Holdings, Inc.BJ	12,056	21.2x	20.6x
Hormel Foods CorporationHRL	11,242	23.5x	12.9x
The Clorox CompanyCLX	11,144	14.1x	16.4x
Primo Brands CorporationPRMB	8,080	139.0x	17.2x
Albertsons Companies, Inc.ACI	7,922	40.0x	7.5x
Industry Median		22.4x	16.1x
(*) Profit after tax		571	277
Equity Value		12,755	3,975
(/) Outstanding shares		84	84
Fair Price		$152	$47

Selected Fair Value (avg of trailing + forward)

$99.81

-42.7%

Fair Value

$116.39

Market Price

$174.31

Upside / Downside

-33.2%

Verdict

Overvalued

EV/EBITDA Valuation — Beverages - Non-Alcoholic

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Coca-Cola Consolidated, Inc.COKE	14,608	14.8x	19.6x
Brown-Forman CorporationBF-B	12,999	11.9x	12.1x
BJ's Wholesale Club Holdings, Inc.BJ	12,056	12.9x	12.2x
Hormel Foods CorporationHRL	11,242	13.4x	13.6x
The Clorox CompanyCLX	11,144	9.9x	10.5x
Primo Brands CorporationPRMB	8,080	12.4x	12.4x
Albertsons Companies, Inc.ACI	7,922	6.9x	6.8x
Industry Median		12.1x	12.1x
(*) EBITDA		1,171	885
= Enterprise Value		14,206	10,743
(-) Net Debt		2,720	2,720
Equity Value		11,486	8,023
(/) Outstanding shares		84	84
Fair Price		$137	$96

Selected Fair Value (avg of trailing + forward)

$116.39

-33.2%

Fair Value

$88.16

Market Price

$174.31

Upside / Downside

-49.4%

Verdict

Overvalued

EV/Revenue Valuation — Beverages - Non-Alcoholic

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Coca-Cola Consolidated, Inc.COKE	14,608	2.4x	3.2x
Brown-Forman CorporationBF-B	12,999	3.8x	3.9x
BJ's Wholesale Club Holdings, Inc.BJ	12,056	0.7x	0.6x
Hormel Foods CorporationHRL	11,242	1.1x	1.1x
The Clorox CompanyCLX	11,144	2.0x	2.1x
The J. M. Smucker CompanySJM	10,605	2.1x	2.0x
Molson Coors Beverage CompanyTAP	8,089	1.2x	1.2x
Primo Brands CorporationPRMB	8,080	2.0x	2.0x
Albertsons Companies, Inc.ACI	7,922	0.3x	0.3x
Industry Median		1.6x	1.6x
(*) Revenue		7,228	5,465
= Enterprise Value		11,426	8,792
(-) Net Debt		2,720	2,720
Equity Value		8,706	6,072
(/) Outstanding shares		84	84
Fair Price		$104	$72

Selected Fair Value (avg of trailing + forward)

$88.16

-49.4%

PEG Fair Value

Fair Value

$170.25

Market Price

$174.31

Upside / Downside

-2.3%

Verdict

Overvalued

Using the PEG framework with historical EPS growth of 25.0% plus 0.6% dividend yield, the company has a fair value of $170.25 based on TTM EPS (FY2025) of $6.81. The current PEG ratio is 0.71.

PEG Ratio

0.71Deep Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 25.6 ÷ (35.5% + 0.6%) = 0.71

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG moderately applicable

Growth above 25% is capped — hypergrowth may not be sustainable long-term.

Fair Value Calculation

EPS Growth RateHistorical	35.5%
Dividend Yield	+0.6%
Adjusted Growth (clamped 8–25%)Clamped	25.0%
Fair P/E	25.0x
TTM EPS (FY2025)	$6.81
Fair Value	$170.25

Growth Analysis

Forward Growth

No analyst estimates available.

Historical GrowthActive

Year	Net Income	EPS	YoY
FY2021	$189.6M	$2.02	—
FY2022	$430.2M	$4.57	+126.2%
FY2023	$408.4M	$4.35	-4.8%
FY2024	$633.1M	$6.99	+60.7%
FY2025	$570.6M	$6.81	-2.6%

4Y Historical EPS CAGR: 35.5%

Earnings Power Value

Fair Value

$62.04

Market Price

$174.31

Upside / Downside

-64.4%

Verdict

Overvalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	511	511	511
(/) WACC	8.0%	6.5%	5.0%
Enterprise Value	6,426	7,920	10,320
(-) Net debt	2,720	2,720	2,720
Equity Value	3,706	5,200	7,600
(/) Outstanding shares	84	84	84
Fair Price	$44.21	$62.04	$90.68

Dividend Discount Model

Fair Value

$35.60

Market Price

$174.31

Upside / Downside

-79.6%

Verdict

Overvalued

Dividend Profile

Current DPS

$1.03

Dividend Yield

0.59%

Payout Ratio

15.2%

Dividend Coverage

6.58x

FCF Payout Ratio13.9%

DPS CAGR (4Y)79.5%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$1.03	15.2%	-49.6%
2024	$2.05	29.3%	+310.9%
2023	$0.50	11.5%	+400.7%
2022	$0.10	2.2%	-0.1%
2021	$0.10	4.9%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.19	15.0%	0.9297	$1.11
2027	$1.37	15.0%	0.8643	$1.18
2028	$1.57	15.0%	0.8036	$1.26
2029	$1.81	15.0%	0.7471	$1.35
2030	$2.08	15.0%	0.6946	$1.44
Terminal Value	$2.13 DPS	2.5%		$29.25

PV of Projected Dividends$6.35

PV of Terminal Value$29.25

Fair Value per Share$35.60

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	13.0%	14.0%	15.0%	15.0%	15.0%
5.6%	$55	$57	$60	$60	$60
6.6%	$41	$43	$45	$45	$45
7.6%	$33	$34	$36	$36	$36
8.6%	$27	$28	$29	$29	$29
9.6%	$23	$24	$25	$25	$25