olivLaw · US equity research
Coca-Cola Europacific Partners plc CCEP
Bottled & Canned Soft Drinks & Carbonated Waters · SIC 2086 · Vertical: Bottled & Canned Soft Drinks & Carbonated Waters (SIC 2086)
Coca-Cola Europacific Partners makes, distributes and sells soft drinks of global brands such as Coca-Cola, Monster and Fanta across 31 markets in Europe and Asia-Pacific. In 2025 the company reported revenue of €20.9bn, a figure that shows its scale in a category it describes as robust, although consumer price pressure and sugar taxes remain in focus.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Coca-Cola Europacific Partners plc (CCEP) stock was 115.84 USD (+3.84% on the day), with beta 0.19, 52-week range 85.43–115.84 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 62.3
- strong (55–70)
- Bollinger (20, 2)
- 103.45 – 117.53
- in the upper half of the band · %B 0.88 · band width 12.7%
- SMA 50 / 200
- 106.50 / 100.96
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.44 / 2.17
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.2% | −1.1% | +15.3 pp | — |
| 3 months | +6.7% | −0.5% | +7.1 pp | — |
| 6 months | +21.8% | +4.4% | +17.4 pp | — |
| Year to date | +27.7% | +12.3% | +15.4 pp | — |
| 1 year | +33.2% | +13.5% | +19.7 pp | +18.3% |
| 3 years | +91.6% | +76.4% | +15.2 pp | +2.6% |
| 5 years | +110.2% | +63.7% | +46.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.5 bn | 12.0 bn | 10.6 bn | 13.8 bn | 17.3 bn | 18.3 bn | 20.4 bn | 20.9 bn |
| Revenue YoY | +4.1% | +4.3% | −11.7% | +29.8% | +25.8% | +5.7% | +11.7% | +2.3% |
| Net income | 909.0 m | 1.1 bn | 498.0 m | 982.0 m | 1.5 bn | 1.7 bn | 1.4 bn | 1.9 bn |
| Net income YoY | +32.1% | +19.9% | −54.3% | +97.2% | +53.6% | +10.7% | −15.0% | +37.0% |
| Diluted EPS | 1.86 | 2.32 | 1.09 | 2.15 | 3.29 | 3.63 | 3.08 | 4.26 |
| Diluted EPS YoY | +31.9% | +24.7% | −53.0% | +97.2% | +53.0% | +10.3% | −15.2% | +38.3% |
| net % | 7.9% | 9.1% | 4.7% | 7.1% | 8.7% | 9.1% | 6.9% | 9.3% |
| Free cash flow | 1.3 bn | 1.4 bn | 1.1 bn | 1.8 bn | 2.4 bn | 2.1 bn | 2.3 bn | 2.2 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 918.0 m EUR
- Financial debt
- 10.2 bn EUR
- Net debt
- 9.3 bn EUR
- Equity
- 8.3 bn EUR
- Total assets
- 29.9 bn EUR
- Debt / equity
- 1.23x
- Current ratio
- 0.80x
- ROE
- 22.5%
- ROA
- 6.4%
- FCF margin
- 10.5%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 10.6 bn | 13.8 bn | 17.3 bn | 18.3 bn | 20.4 bn | 20.9 bn | SEC (XBRL)· 13 Mar 2026verified |
| Cost of revenue | 6.9 bn | 8.7 bn | 11.1 bn | 11.6 bn | 13.2 bn | 13.5 bn | SEC (XBRL)· 13 Mar 2026verified |
| Gross profit | 3.7 bn | 5.1 bn | 6.2 bn | 6.7 bn | 7.2 bn | 7.4 bn | SEC (XBRL)· 13 Mar 2026verified |
| Operating income | 813.0 m | 1.5 bn | 2.1 bn | 2.3 bn | 2.1 bn | 2.8 bn | SEC (XBRL)· 13 Mar 2026verified |
| Interest expense | 144.0 m | 172.0 m | 181.0 m | 185.0 m | 272.0 m | 306.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Pre-tax income | 695.0 m | 1.4 bn | 2.0 bn | 2.2 bn | 1.9 bn | 2.6 bn | SEC (XBRL)· 13 Mar 2026verified |
| Income tax | 197.0 m | 394.0 m | 436.0 m | 534.0 m | 492.0 m | 590.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Net income | 498.0 m | 982.0 m | 1.5 bn | 1.7 bn | 1.4 bn | 1.9 bn | SEC (XBRL)· 13 Mar 2026verified |
| Diluted EPS | 1.09 | 2.15 | 3.29 | 3.63 | 3.08 | 4.26 | SEC (XBRL)· 13 Mar 2026verified |
| Weighted average diluted shares | 456.0 m | 457.0 m | 458.0 m | 459.0 m | 461.0 m | 456.0 m | SEC (XBRL)· 13 Mar 2026verified |
Balance sheet · EUR
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.5 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.6 bn | 918.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Inventories | 681.0 m | 1.2 bn | 1.4 bn | 1.4 bn | 1.6 bn | 1.5 bn | SEC (XBRL)· 13 Mar 2026verified |
| Current assets | 4.1 bn | 5.8 bn | 6.5 bn | 6.6 bn | 6.6 bn | 6.1 bn | SEC (XBRL)· 13 Mar 2026verified |
| Property, plant & equipment, net | 3.9 bn | 5.2 bn | 5.2 bn | — | — | — | SEC (XBRL)· 17 Mar 2023verified |
| Goodwill | 2.5 bn | 4.6 bn | 4.6 bn | 4.5 bn | 4.7 bn | 4.5 bn | SEC (XBRL)· 13 Mar 2026verified |
| Intangibles (excl. goodwill) | 8.4 bn | 12.6 bn | 12.5 bn | 12.4 bn | 12.7 bn | 12.5 bn | SEC (XBRL)· 13 Mar 2026verified |
| Total assets | 19.2 bn | 29.1 bn | 29.3 bn | 29.3 bn | 31.1 bn | 29.9 bn | SEC (XBRL)· 13 Mar 2026verified |
| Accounts payable | 2.8 bn | 4.2 bn | 5.1 bn | 5.2 bn | 5.8 bn | 6.2 bn | SEC (XBRL)· 13 Mar 2026verified |
| Long-term debt | 6.4 bn | 11.8 bn | 10.6 bn | 10.1 bn | 9.9 bn | 10.2 bn | SEC (XBRL)· 13 Mar 2026verified |
| Current liabilities | 4.1 bn | 6.1 bn | 7.3 bn | 7.3 bn | 8.1 bn | 7.6 bn | SEC (XBRL)· 13 Mar 2026verified |
| Total liabilities | 13.2 bn | 21.9 bn | 21.9 bn | 21.3 bn | 22.1 bn | 21.6 bn | SEC (XBRL)· 13 Mar 2026verified |
| Equity | 6.0 bn | 7.2 bn | 7.4 bn | 8.0 bn | 9.0 bn | 8.3 bn | SEC (XBRL)· 13 Mar 2026verified |
| Shares outstanding at year end | 454.6 m | 456.2 m | 457.1 m | 459.2 m | 460.9 m | 449.1 m | SEC (XBRL)· 13 Mar 2026verified |
Cash flow · EUR
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.5 bn | 2.1 bn | 2.9 bn | 2.8 bn | 3.1 bn | 3.0 bn | SEC (XBRL)· 13 Mar 2026verified |
| Capex | 348.0 m | 349.0 m | 500.0 m | 672.0 m | 791.0 m | 750.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Free cash flow | 1.1 bn ≈ | 1.8 bn ≈ | 2.4 bn ≈ | 2.1 bn ≈ | 2.3 bn ≈ | 2.2 bn ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Investing cash flow | -370.0 m | -5.6 bn | -645.0 m | -937.0 m | -2.0 bn | -632.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Financing cash flow | 100.0 m | 3.3 bn | -2.3 bn | -1.8 bn | -973.0 m | -2.9 bn | SEC (XBRL)· 13 Mar 2026verified |
| Share repurchases | 129.0 m | 0 | 0 | 0 | 0 | 40.0 m | SEC (XBRL)· 13 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 48.43 – 90.91 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E48.43 – 90.91 (Mid 86.21)3 companies used · median multiple 20.2x · quartiles 11.4x – 21.3xCOKE, FIZZ, MNST
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.3% | 79 (on a fixed band) | 21% |
| Net margin · Quality | 9.3% | 75 (vs peers) | 13% |
| FCF conversion · Quality | 113.4% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 6.5% | 54 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | 9.0% | 60 (on a fixed band) | 17% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 9.1x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet60/100 · 2/3 factors with a value
- Growth57/100 · 2/2 factors with a value
- Quality84/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
COCA-COLA EUROPACIFIC PARTNERS plc (CCEP). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 20.9 bn EUR in 2025; YoY growth 2.3%; net margin 9.3%; ROE 23.8%.
The estimated value range is 48.43–90.91 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 12.3%
- Net margin: 9.3%
- FCF conversion: 113.4%
- Interest coverage: 9.1x
What contradicts it
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Bottled & Canned Soft Drinks & Carbonated Waters (SIC 2086) · same industry (4-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MNSTMonster Beverage Corp | 47.8 bn | 22.4 | 25.7% | 23.1% | +10.7% | +30% / +77% |
| CELHCelsius Holdings, Inc. | 7.8 bn | 104.3 | 10.5% | 4.2% | +85.5% | −25% / −38% |
| FIZZNational Beverage Corp. | 3.5 bn | 20.2 | 40.1% | 14.8% | −1.7% | +11% / −21% |
| COKECoca-Cola Consolidated, Inc. | 1.5 bn | 2.5 | 90.0% | 7.5% | +4.8% | +25% / +178% |
| REEDReed's, Inc. | 12.0 m | — | -14,800.0% | -63.5% | −10.2% | −80% / −92% |
| FMXMexican Economic Development, Inc. | — | — | 12.0% | 5.1% | −9.9% | +36% / +3% |
| KOFCoca Cola Femsa Sab De Cv | — | 82.6 | — | — | +18.2% | +33% / +38% |
| ZVIAZevia PBC | — | — | -18.0% | -4.8% | +4.0% | −55% / −44% |
| CCEPCOCA-COLA EUROPACIFIC PARTNERS plc | — | — | 23.8% | 9.3% | +2.3% | +33% / +92% |
| AKO-AAndina Bottling Co Inc | — | — | 25.2% | 8.0% | +3.7% | +18% / +105% |
1- and 3-year price returns: for CCEP from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Mar 2026; since then the company filed 6-K (03 Nov 2026), 6-K (02 Nov 2026), 6-K (26 Oct 2026), 6-K (21 Oct 2026).
In brief
Coca-Cola Europacific Partners makes, distributes and sells soft drinks of global brands such as Coca-Cola, Monster and Fanta across 31 markets in Europe and Asia-Pacific 1. In 2025 the company reported revenue of €20.9bn 1, a figure that shows its scale in a category it describes as robust, although consumer price pressure and sugar taxes remain in focus 1.
SWOT
Strengths
- The company has a strong distribution position, with a large commercial network and presence in many different markets 1.
- The portfolio of global brands and partnerships with their owners gives a solid base for growth 1.
- Investment in digitalisation and online channels has created a sales channel that generates significant revenue 1.
Weaknesses
Opportunities
- Fast-growing categories such as energy drinks, sports drinks and alcohol ready to drink could add new volumes 1.
- Expanding the cooler fleet and affordable pack formats could help reach new consumer segments 1.
- Artificial intelligence and data analytics could make promotions and investment more effective 1.
Risks
- Sugar taxeshigh
Higher taxes on sugary drinks in some markets could reduce demand and may require price or reformulation adjustments 1.
- Weak demand in some marketsmedium
A weaker consumer backdrop, as seen in Indonesia in 2025, could affect volumes and regional results 1.
- Dependence on partnersmedium
Relationships with The Coca-Cola Company and other brand owners are essential, and changes to these agreements could affect the portfolio 1.
- Macroeconomic pressuresmedium
Geopolitical tensions, legislation and inflation could influence costs and demand across the 31 markets 1.
- Acquisition integrationlow
Integrating acquired operations, such as the Philippines business, may require investment and could create operational risks 1.
Investment thesis
What would need to be true (bull case)
- If demand for low or no calorie drinks and newer categories continues, the company could benefit from higher volumes and a better product mix 1.
- The B2B online platform and digitalisation investments could support long-term revenue if customers adopt these channels 1.
- Presence in 31 markets gives geographic diversification, which could limit the effect of a weak economic context in any single market 1.
What would break the thesis
- If sugar taxes extend to other markets, volumes could fall and margins could come under pressure 1.
- With volumes broadly flat in 2025, revenue growth depends heavily on pricing, which could become hard to sustain if consumers become more price sensitive 1.
- Competition in energy and sports drinks could limit share gains if other players launch innovations faster 1.
What to watch
- Volume trends in Indonesia and other markets with weak consumption2026
- Impact of sugar taxes on volumes and pricing2026
- Growth pace of the energy and sports drinks categoriesnext 10-K
- Results of the MyCCEP.com online channel and digital investments2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Mar 2026; since then the company filed 6-K (03 Nov 2026), 6-K (02 Nov 2026), 6-K (26 Oct 2026), 6-K (21 Oct 2026).
The business
The company operates under bottler agreements with The Coca-Cola Company and other franchisors, buying concentrates and syrups that it turns into finished drinks 1. It serves about 4 million customers in 31 markets, with 39,000 colleagues and 85 production facilities 1.
The business model covers sourcing of ingredients and packaging, production, distribution, sales and recycling, with an emphasis on making products in the country where they are consumed, which in Europe applies to over 90% of products 1. The company describes itself as combining the strength of a multinational with the expertise of a local business 1.
Priorities include the online B2B platform MyCCEP.com, which generated around €2.38 billion in 2025 1, and an investment programme in production capacity, packaging and digitalisation, in which the company invested around €1 billion in 2025 1.
Segments
Brands and drinks
The portfolio includes global brands such as Coca-Cola, Fanta, Sprite and Monster plus local brands, and the company is expanding into fast-growing categories such as coffee, sports and alcohol ready to drink 1. Energy volumes grew 18.8% in 2025 1.
Commercial execution and online channels
A commercial team of 11,900 serves customers from local shops to global retailers, and sales through the MyCCEP.com B2B platform reached around €2.38 billion in 2025 1.
Asia-Pacific operations
The 2024 acquisition of Coca-Cola Beverages Philippines extended the company into the Philippines, and 2025 was the first full year of profit from that market 1.
Market context
The company operates in a soft drinks category that management describes as robust and resilient, with consumers increasingly seeking healthier and more varied options 1. Volumes were broadly flat in 2025, and demand for low or no calorie options reached 47.6% of consumption in the data cited for some markets 1.
The macroeconomic backdrop remains complex, with geopolitical volatility, legislative changes and inflationary pressures, and the company relies on a pricing and promotion structure designed to keep products affordable 1.
Trends
- Health-focused consumerstailwind
Demand for low or no calorie drinks and functional beverages is rising, which could support growth of the Monster range and zero sugar variants if the trend holds 1.
- Digitalisation and datatailwind
Online channels and AI-driven analytics could improve productivity and sales, particularly through MyCCEP.com, if customer adoption continues 1.
- Sugar taxes and price pressureheadwind
Higher sugar taxes and consumer focus on price could limit volumes and margins, particularly in retail, where the company tries to stay relevant through varied pack sizes 1.
- Macroeconomic uncertaintymixed
Geopolitical tensions and inflation could weaken demand in some markets, such as Indonesia, where the consumer backdrop was weaker in 2025 1. The effect will depend on how local economies develop.
Competitive position
The Form 20-F sources do not explicitly detail direct competitors, but they name partners and brand owners, such as The Coca-Cola Company and Monster Energy Corporation, on which the portfolio depends 1. Competition is felt most in newer categories, where companies must offer zero sugar variants and affordable packs 1.
In energy drinks, sports and alcohol ready to drink, the company faces players launching innovations quickly, and its advantage rests on extensive distribution and solid partnerships 1.
- The Coca-Cola CompanyKO
Owner of the Coca-Cola brands and the company's main bottling partner, described in the source as a close collaboration 1.
- Monster Energy CorporationMNST
Brand partner in energy drinks, which the company says is a key growth driver 1.
- Other brand owners and franchisors
The company has partnerships with other brand owners that contribute to its portfolio 1. The source does not identify them.
- Local soft drink players
Local competition in each market can affect market share, and the company responds with pricing and local innovation 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)03 Nov 2026
- Current report (foreign issuer)03 Nov 2026
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)26 Oct 2026
- Current report (foreign issuer)21 Oct 2026
- Current report (foreign issuer)19 Oct 2026
- Current report (foreign issuer)19 Oct 2026
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)05 Oct 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Coca-Cola Europacific Partners plc · 13 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.