Coca-Cola Consolidated, Inc.
COKE Consumer Defensive Beverages Non Alcoholic
Coca-Cola Consolidated, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $7.2 billion, up 4.76% from fiscal 2024. In the quarter to June 2026, revenue grew 10.6%, EPS grew 11.2%, free cash flow fell 15.1% and total debt rose 40.5%, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for five.
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Coca-Cola Consolidated, Inc. (COKE) Altman Z-score
Coca-Cola Consolidated, Inc.'s Altman Z-score for fiscal 2025 is 3.75, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.75 | (0.52) |
| FY2024 | 4.27 | (0.37) |
| FY2023 | 4.64 | 0.75 |
| FY2022 | 3.88 | 0.20 |
| FY2021 | 3.69 | 0.95 |
| FY2020 | 2.74 | 0.16 |
| FY2019 | 2.58 | 0.35 |
| FY2018 | 2.23 | 0.03 |
| FY2017 | 2.20 | 0.03 |
| FY2016 | 2.17 | (0.19) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.07 | — | 0.08 | |
| Retained earnings / total assets | (0.19) | — | −0.27 | |
| EBIT / total assets | 0.22 | — | 0.73 | |
| Market value of equity / total liabilities | 2.54 | — | 1.53 | |
| Sales / total assets | 1.68 | — | 1.68 | |
| Altman Z-score | Safe zone | 3.75 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.16 | ||
Z and Z″ put Coca-Cola Consolidated, Inc. in different zones: safe zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MNST Monster Beverage Corporation compare | 29.3× |
| COCO Vita Coco Company, Inc. compare | 17.4× |
| FIZZ National Beverage Corp. compare | 12.8× |
| COKE Coca-Cola Consolidated, Inc. | 3.8× |
| KOF Coca Cola Femsa S.A.B. de C.V. compare | 3.3× |
| AKO.B Embotelladora Andina S.A. compare | 3.1× |
| CELH Celsius Holdings Inc. compare | 2.6× |
| CCEP Coca-Cola Europacific Partners compare | 2.4× |
| KDP Keurig Dr Pepper, Inc compare | 1.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets