Coca-Cola Co/The
Held by 8 superinvestors (KO).
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
Valuation
Valuation · two methods
Earnings Power & Asset Floor
Two intrinsic-value methods and a tangible asset floor — deterministic, not price forecasts or recommendations.
Coca-Cola Co/The (KO): Two methods value the business — a conservative owner-earnings DCF and a growth-credited Greenwald estimate, $26–$47 / sh. Today’s price sits above both (price $84 as of 2026-07-02).
Model cautions
- Growth nearly matches the discount rate — the estimate is sensitive to assumptions.
An observation from two valuation methods — not investment advice, not a buy/sell signal, and not a price target.
Price as of 2026-07-02 · yahoo · DGS10 4.4% @ 2026-06-25.
Method & numbers
Owner-earnings DCF $25.53 – $42.89 · Greenwald $35.09 – $46.68 (neutral $40.70) · zero-growth base $28.07 · reproduction $3.87
Moat Franchise (moat) · terminal value 42% of present value · owner-earnings yield 3% vs 10Y 4.4%.
Graham earnings-power value (normalized NOPAT)$23.22 – $27.85 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 91% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$22.97 – $28.07 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the same 9–11% band as a cost-of-equity proxy (theoretically the cost of equity is higher; v2 simplification, v3 to refine).
Reproduction value = tangible net assets $16.68B = $3.87 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value: if the moat holds for 10 yr at ROIIC ≈ 186%, $7.02–$18.61 / sh (neutral $12.63). Conservative, not a forecast.
Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 19% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 8% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 8.90%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-06-25). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp. Two-method midpoint gap 12%.
Ownership · 13F consensus
Who's buying it
Institutional ownership aggregated across funds — consensus strength and this quarter's moves. Describes actions, not advice.
8 superinvestors hold it · $30.70B combined
Largest holder Warren Buffett
Held by 8 superinvestors of Coca-Cola Co/The (KO); this quarter 5 trimmed (as of 2026-03-31).
13F positions are self-reported and can lag up to 45 days. Informational only — not investment advice.
Next · is it cheap
KO's price is not below its conservative value band.
See which stocks are in the strike zone right nowSuperinvestors Holding This Security
- Value$30.42BWeight (prev→now)10.2% → 11.6%
- Value$159.6MWeight (prev→now)2.1% → 2.1% ▼
- Value$97.7MWeight (prev→now)1.2% → 1.1% ▼
- Value$17.1MWeight (prev→now)0.1% → 0.1% ▼
- Value$1.8MWeight (prev→now)0.0% → 0.0%
- Value$1.2MWeight (prev→now)0.1% → 0.1%
- Value$990,551Weight (prev→now)0.0% → 0.0% ▼
- Value$912,600Weight (prev→now)0.0% → 0.0% ▼
Ownership overview
Coca-Cola Co/The (KO) is held by 8 of the superinvestors tracked on Compounder, with a combined $30.70B in reported 13F value. The largest position belongs to Warren Buffett, where it makes up 11.6% of the portfolio.
Other notable holders by value include Donald Yacktman (2.1% of its book), Lee Ainslie (1.1% of its book) and Ray Dalio (0.1% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in KO, 0 added to existing ones, 5 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-03-31. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
Holders over time
Superinvestors holding this security over the last 8 quarters: 7 → 8.
Early quarters may understate holder counts due to data backfill — read the slope with care.
Sources· SEC EDGAR 13F as of 2026-03-31 · filed 2026-05-15
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