Coca-Cola Consolidated Inc (COKE) is slightly overvalued and PepsiCo Inc (PEP) is slightly overvalued.
Both trade above our estimate of their intrinsic value. PEP is the closer of the two: -13%, against -15% for COKE.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.9% (average of 3 methods) values the shares at $166.54; the price of $190.98 is 15% above that value, and 80% of that value comes from beyond year five.
Leak Score 44/100 on 2 of 12 signals
Discounting its cash flows at 7.2% (average of 3 methods) values the shares at $115.59; the price of $131.19 is 13% above that value, and 82% of that value comes from beyond year five.
Leak Score 68/100 on 10 of 12 signals
| Metric | COKE | PEP |
|---|---|---|
| Verdict | Slightly overvalued | Slightly overvalued |
| Price | $190.98 | $131.19 |
| Intrinsic value | $166.54 | $115.59 |
| Margin of safety | -15% | -13% |
| Leak Score | 44/100 (2/12) | 68/100 (10/12) |
| Market cap | $12.7B | $179.1B |
| Revenue growth, 5 years | 7.6% | 5.9% |
| Operating margin | 13.0% | 15.6% |
| Net margin | 7.2% | 10.8% |
| Return on equity | 97.3% | 51.6% |
| Debt to equity | — | 2.41 |
| P/E | 26.1x | 17.2x |
| Forward P/E | — | 14.6x |
| P/B | — | 8.1x |
| Dividend yield | 0.5% | 4.5% |