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Research from Friday’s close · next update overnight after Monday’s close

Sagehood30
KO

KO Research brief

The Coca-Cola Company

Adjusted close as of 2026-10-30
$94.08(+1.36%)

Sagehood’s view on KO

The Coca-Cola Company · Research 2026-10-30 · Accepted

Research score

60Neutral50 is balancedScore unchanged since 2026-10-29 at 60; view unchanged at Neutral. Compare the two recordsConfidence 62 · It is not a calibrated probability of investment success.Confidence across the 100 names in this research run: 45 to 70, median 55.
How to read this score

In Sagehood30 · book 2026-10-30

Dated research brief

WhyKO looks neutral because a 30.0% operating margin and $14,282 million of free cash flow are offset by a $73.5 base fair value 22% below the $94.08 close. The unresolved risk is that the 1-year uptrend at 36.7% per year keeps running.
What argues against this viewThe strongest case against a neutral stance is that the trend is unusually persistent, with the 1-year channel at 36.7% per year at fit R² 0.91 and price 15.6% above 200-day average. If that advance continues, the 22% valuation gap may not bind over this horizon.
Break conditionFrom the financial specialist: A later reading showing trailing-twelve-month operating margin below the 16.8% sector operating-margin median would break the margin read.Tests that specialist’s reading, not this page’s whole Neutral view.

Sagehood does not check this condition automatically. See research limitations below.

Valuation range

Close vs. model fair value · discounted cash flow

Bear
$45.70
Base
$73.50
Bull
$116.10

Base case −22% vs. the 2026-10-30 close, on fundamentals to 2026-10-02. Peer-implied median $46.26 from 3 peer-median multiples. Estimates from this research’s valuation model, not a price target.

Against peers

Consumer Staples
MultipleKOGroup medianPercentile
P/E (TTM)27.75×24.33×57th
P/S7.95×2.39×89th
P/B10.86×5.34×100th
FCF yield3.52%5.56%22nd
Score details & research limitations9 unavailable fields
Conditions Sagehood can check on its ownNot available in this run. A written break condition is not an automated check; this run does not provide a source-linked rule Sagehood can verify on its own.

Where the break condition comes from: Sagehood research took this condition from the financial specialist. It tests that specialist’s own reading, so it does not say everything that would change this page’s Neutral view.

How to read this research

The score expresses the published research view. 50 is balanced.

Bullish, Neutral or Bearish beside the score is the direction of that view, set by the research from the score: 65 and above is Bullish, 45 to 64 Neutral, 44 and below Bearish.

Confidence is how well the evidence supports this view, not which way it points: Sagehood research is asked to keep it no higher than its most confident specialist, and lower when the specialists disagree or much of the evidence is weak. It is not a calibrated probability of investment success.

Source verification checks the identity and origin of evidence. It does not prove that a claim is correct or that an investment will succeed.

Valuation estimates depend on their inputs and assumptions. They are not guaranteed future prices.

Retrospective research looks back at an earlier period. It is not a verified record of a decision made then using only information available then.

Unavailable is not zero. Read the adjacent reason: information may be missing, unverified or deliberately withheld.

How Sagehood works

The session this view is fixed to

Close$94.08 on 2026-10-30, as the research recorded it
Change on the day+1.36%
First eligible market session2026-11-02

Recorded score context

Specialist source coverage8 of 10 specialists have a verified source on this run. 2 do not.
Score reconciliationThe 8 specialist contributions shown add up to the weighted starting point this score was built from.
Change since the last accepted run60 on 2026-10-29 → 60 on 2026-10-30 (0 points). This is simple arithmetic between the two published scores, not an explanation of the change.
The run this is compared withResearch of 2026-10-29

Not in this run: Run-specific score definition, Confidence band, Horizon, Why the score changed, Today's unexplained move and Blockers.

What this was built from

Filing cited in the evidenceNot recorded on this card. The newest filing on record is under Key financials, and recent filings are listed under SEC filings.
Peer set9 names in Consumer Staples: GIS, KDP, KHC, KVUE, MNST, MO, PEP, PG, WMT. How they were chosen is under “Valuation & peers”. The valuation range shows the peer-implied median from 3 peer-median multiples.

Not in this run: Company profile date and Standing disclosure.

Not available in this run

9 fields are unavailable. Each is identified with its reason above; missing information is not zero or a negative research signal.

Price context

· adjusted close $94.08

+17.7% from 2026-06-25

Recent price-basis check: 2026-10-02 to 2026-10-30 (20 sessions). Economic comparability outside this window remains unchecked.

KO adjusted close
Adjusted price · USD · viewing 2026-06-25 to 2026-10-30

Selected 2026-10-30. KO adjusted close. Continuous series. $94.08 US dollars.

90 daily adjusted-price observations through 2026-10-30, ending at the 2026-10-30 research date. The final point is a dated final close. Shown for context, not point-in-time research evidence: the research used the prices recorded with it.

Use the arrow keys on the chart to step through observations.

Published score history

2026-07-23 to 2026-10-30 · 37 publications

Each point is a verified published score. The line breaks where the research method changed (4 methods, numbered in the order they were first used), so scores are not joined across methods. Hollow points were published after their decision window (retrospective).

Every published score and confidence
Research dateScoreViewConfidenceMethod
2026-10-3060Neutral62Method 4
2026-10-2960Neutral60Method 4
2026-10-2858Neutral49Method 4
2026-10-2760Neutral60Method 4
2026-10-2660Neutral65Method 4
2026-10-2360Neutral55Method 4
2026-10-2264Neutral66Method 4
2026-10-2162Neutral60Method 4
2026-10-1663Neutral55Method 4
2026-10-0960Neutral55Method 4
2026-10-0754Neutral55Method 4
2026-10-0257Neutral60Method 4
2026-10-0155Neutral52Method 4
2026-09-3057Neutral55Method 4
2026-09-2958Neutral60Method 4
2026-09-2856Neutral60Method 4
2026-09-2558Neutral60Method 4
2026-09-24 · retrospective60Neutral68Method 4
2026-09-2358Neutral68Method 4
2026-09-1860Neutral70Method 4
2026-09-16 · retrospective58Neutral65Method 4
2026-09-09 · retrospective56Neutral58Method 4
2026-09-0460Neutral65Method 4
2026-09-01 · retrospective58Neutral60Method 4
2026-08-31 · retrospective59Neutral63Method 3
2026-08-2859Neutral63Method 3
2026-08-26 · retrospective58Neutral63Method 3
2026-08-24 · retrospective53Neutral63Method 3
2026-08-20 · retrospective55Neutral63Method 3
2026-08-19 · retrospective52Neutral63Method 3
2026-08-1462Neutral70Method 2
2026-08-1362Neutral70Method 1
2026-08-0761Neutral70Method 1
2026-08-0662Neutral70Method 1
2026-08-0461Neutral70Method 1
2026-07-3158Neutral82Method 1
2026-07-2358Neutral60Method 1

Specialists

8 of 10 published specialist analyses are available.

Each specialist’s view is shown as the published research recorded it; supporting detail appears only when it was recorded with that same view.

2 unavailable

KO research

Financial specialist

Showing Financial specialist result.

Financial specialist

Evaluated for this session

Bullish

Coca-Cola converts $51,054 million of trailing-twelve-month revenue into a 30.0% operating margin and $14,282 million of trailing-twelve-month free cash flow, with net debt to EBITDA of −0.81, so the balance sheet and cash quality are the material supports.

Full analyst note

What the specialist sees

Evidence: Coca-Cola shows trailing-twelve-month revenue of $51,054 million, trailing-twelve-month revenue growth of 7.1%, trailing-twelve-month operating margin of 30.0%, trailing-twelve-month free cash flow of $14,282 million, and net debt to EBITDA of −0.81.

Why it matters now

A 30.0% operating margin and $14,282 million of trailing-twelve-month free cash flow with net cash support durable profitability, while 7.1% revenue growth trails the 4.8% sector revenue-growth median only modestly.

What could change the view

Countercase: If the next filing shows trailing-twelve-month operating margin below the 16.8% sector operating-margin median or free cash flow conversion below the 0.98 sector free-cash-flow-conversion median, the constructive read would be wrong. Falsifier: A later reading showing trailing-twelve-month operating margin below the 16.8% sector operating-margin median would break the margin read.

Specialist score details
Specialist score
66
Evidence confidence
70
Base weight for this role
0.13
Base weight × confidence
9.10
Weight in the score (the chip's weight)
0.16
Weighted contribution
10.52
Business driver
Coca-Cola shows trailing-twelve-month revenue of $51,054 million, trailing-twelve-month revenue growth of 7.1%, trailing-twelve-month operating margin of 30.0%, trailing-twelve-month free cash flow of $14,282 million, and net debt to EBITDA of −0.81.
Mechanism
A 30.0% operating margin and $14,282 million of trailing-twelve-month free cash flow with net cash support durable profitability, while 7.1% revenue growth trails the 4.8% sector revenue-growth median only modestly.
Countercase
If the next filing shows trailing-twelve-month operating margin below the 16.8% sector operating-margin median or free cash flow conversion below the 0.98 sector free-cash-flow-conversion median, the constructive read would be wrong.
Contributions & coverage details

Specialist contributions

Each specialist’s recorded numbers, in the usual specialist order, as recorded: nothing is re-ranked or recalculated. Weights and contributions show two decimals; hover for the exact value.

Financial specialist

Bullish

Score
66
Evidence confidence
70
Weight in the score
0.16
Weighted contribution
10.52

Risk specialist

Neutral

Score
48
Evidence confidence
55
Weight in the score
0.08
Weighted contribution
3.70

Sector specialist

Bullish

Score
66
Evidence confidence
75
Weight in the score
0.13
Weighted contribution
8.67

SEC filings specialist

Neutral

Score
50
Evidence confidence
55
Weight in the score
0.03
Weighted contribution
1.45

News specialist

Neutral

Score
58
Evidence confidence
62
Weight in the score
0.12
Weighted contribution
6.93

Price-trend specialist

Bullish

Score
72
Evidence confidence
80
Weight in the score
0.28
Weighted contribution
20.19

Valuation specialist

Bearish

Score
35
Evidence confidence
45
Weight in the score
0.13
Weighted contribution
4.42

Economy specialist

Neutral

Score
52
Evidence confidence
55
Weight in the score
0.08
Weighted contribution
4.01

Published specialist analyses unavailable: Geopolitics specialist, Social-media specialist. No specialist result is inferred.

  • Geopolitics specialist: This specialist had no checked public source on this run, so no source-backed analysis is shown.
  • Social-media specialist: This specialist had no checked public source on this run, so no source-backed analysis is shown.

How this insight was formed

Each specialist view shown here is checked against the published research files. Sagehood research combined those views into the one Research Score above.

Evidence & method

Inspect the reasoning, source records and valuation behind this dated view.

Sagehood research reasoningSpecialist reasoning, selected statements and filing context
Accepted publication2026-10-30 researchNext eligible session 2026-11-02point-in-time

KO: Sagehood research reasoning

Accepted research score

60

Neutral50 is balanced
Lead specialist in the research decision:

Financial specialist

Bullish

Specialist score 66Evidence confidence 70
What the specialist sees

Coca-Cola shows trailing-twelve-month revenue of $51,054 million, trailing-twelve-month revenue growth of 7.1%, trailing-twelve-month operating margin of 30.0%, trailing-twelve-month free cash flow of $14,282 million, and net debt to EBITDA of −0.81.

Why it matters

A 30.0% operating margin and $14,282 million of trailing-twelve-month free cash flow with net cash support durable profitability, while 7.1% revenue growth trails the 4.8% sector revenue-growth median only modestly.

What argues against it

If the next filing shows trailing-twelve-month operating margin below the 16.8% sector operating-margin median or free cash flow conversion below the 0.98 sector free-cash-flow-conversion median, the constructive read would be wrong.

This specialist’s break condition: A later reading showing trailing-twelve-month operating margin below the 16.8% sector operating-margin median would break the margin read.

How the score was formed

The specialists’ weighted starting point was 59.89. Sagehood research’s adjustment was +0.11. 60 on 2026-10-29 → 60 on 2026-10-30 (0 points). This is simple arithmetic between the two published scores, not an explanation of the change.

Evidence Sagehood research weighed

These selected claims are evidence Sagehood research weighed, not a reconstruction of the numeric adjustment.

Claims as this research published them. Sagehood confirms each claim and its support were published together with this research. That is not an independent check, and it does not prove the claim is accurate or predict future performance.

  1. Financial specialist

    Same statement as under “What the specialist sees” above.

  2. Price-trend specialist

    Close 94.08 is 15.6% above 200-day average and 5.4% above 50-day average, with a golden cross 227 days old; the 1-year channel slopes 36.7% per year at fit R² 0.91 and the 90-day channel 38.3% per year.

  3. Valuation specialist

    The base case pairs 3% revenue growth with a 28% FCF margin for a $73.5 fair value, 22% below the $94.08 close, while the peer-implied median of $46.26 is 50.8% below the close and the own price-to-book percentile is 100.

Sagehood research decision

The investment case, main risk and break condition are the ones shown under Sagehood’s view at the top of this page.

Recorded break condition
Break condition as kept in the decision trail

A later reading showing TTM operating margin below the 16.8% sector operating-margin median would break the margin read.

Evidence & sourcesClaim-support availability, filing-context links and research method

KO: This run has no checked links from its claims to their evidence. The specialists’ writing is shown as recorded, and no missing evidence is filled in.

Research evidence at a glance

Accepted specialist evidence · no score adjustment

Key figures

Fundamentals

Coca-Cola shows trailing-twelve-month revenue of $51,054 million, trailing-twelve-month revenue growth of 7.1%, trailing-twelve-month operating margin of 30.0%, trailing-twelve-month free cash flow of $14,282 million, and net debt to EBITDA of −0.81.

Valuation model

The base case pairs 3% revenue growth with a 28% FCF margin for a $73.5 fair value, 22% below the $94.08 close, while the peer-implied median of $46.26 is 50.8% below the close and the own price-to-book percentile is 100.

Potential upside

  • Coca-Cola converts $51,054 million of trailing-twelve-month revenue into a 30.0% operating margin and $14,282 million of trailing-twelve-month free cash flow, with net debt to EBITDA of −0.81, so the balance sheet and cash quality are the material supports.

Potential downside

  • Base fair value of $73.5 is 22% below the $94.08 close, and the bear case at $45.7 is 51% below, so the grid reads rich. Comps contradict the price: the peer-implied median of $46.26 is 50.8% below the close. Trailing-twelve-month FCF margin of 28.0% anchors the base column.

Questions to watch

  • A later reading showing trailing-twelve-month operating margin below the 16.8% sector operating-margin median would break the margin read.

  • A later reading showing the peer-implied median above the traded close would break the rich-valuation claim, since the peer-implied median of $46.26 currently sits 50.8% below the close.

Accepted research

Research dated 2026-10-30.

How this research was made

This research is AI-generated and is not investment advice.

Research date
2026-10-30
Valuation & peersInput limits notedFair-value cells, peer multiples and the inputs behind the range

Valuation the research computed

Against the 2026-10-30 close of $94.08 (recorded)

Fundamentals reference date: 2026-10-02.

Fair value by discounted cash flow, at the cells this run nominated.

Bear
$45.70−51% vs close
Base
$73.50−22% vs close
Bull
$116.10+23% vs close

Implied by the median of 3 peer-median multiples: $46.26 (−50.8% vs close)

Peers: the 9 Liquid 100 names in Consumer Staples that this run priced. Companies outside the Liquid 100 are not in the set.

The names: GIS, KDP, KHC, KVUE, MNST, MO, PEP, PG, WMT.

Multiples against the peer group

Consumer Staples · 9 companies in the group

  • Price to earnings (trailing twelve months)27.75×

    Peer median 24.33× · middle half 19.61× to 40.02× · 57th percentile of the group

  • Price to sales7.95×

    Peer median 2.39× · middle half 1.36× to 4.42× · 89th percentile of the group

  • Price to book10.86×

    Peer median 5.34× · middle half 2.35× to 8.83× · 100th percentile of the group

  • Free cash flow yield3.52%

    Peer median 5.56% · middle half 3.94% to 6.95% · 22nd percentile of the group

This run declares Enterprise value to EBITDA and computes no value for it, for this company or for its peer group.

Evidence limits: 7 valuation inputs required conservative handling: another valuation input required conservative handling; depreciation and amortization were available but not used because this version does not compute an EV/EBITDA multiple; debt coverage was incomplete; the measured beta of 0.06 was below the floor used for the cost of equity, so the floor was applied instead.

Includes the currently displayed specialist or comparison, not every specialist. Dates and limitations remain attached.

Sagehood research is for general information. It is not individualized investment advice or a recommendation to buy or sell any security.

The Coca-Cola Company (KO) research | Sagehood