{"slug":"coca-cola","name":"Coca-Cola","name_en":"The Coca-Cola Company","ticker":"KO","updated_at":"2026-07-12T05:26:15.127532+00:00","canonical":"https://valuechain.wiki/coca-cola","same_as":["https://finance.yahoo.com/quote/KO","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=21344"],"citable":"밸류체인 그래프 기준 Coca-Cola의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 3곳에 닿는다. 링크의 근거 출처는 9건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, The Coca-Cola Company is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 3 companies within two hops; the links are backed by 9 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"S&P 500 · 음료 · 방어적 배당왕","kicker_en":"S&P 500 · beverages · defensive dividend king","lead":"코카콜라는 세계 최대 음료 회사로, 완제품을 직접 만들기보다 농축액·시럽을 전 세계 200여 개국의 보틀러에 판다. 2025년 매출은 479억 달러(+2%, 유기적 +5%)이며, 마진이 높은 농축액 사업이 매출의 약 59%를 차지한다. 60년 넘게 배당을 늘려온 배당왕으로, AI 노출은 사실상 없이 소비·환율·원자재 시계로만 움직이는 순수 방어주다.","lead_en":"Coca-Cola is the world's largest beverage company, selling concentrate and syrups to bottlers across more than 200 countries rather than making finished drinks itself. Its 2024 revenue was $47.1 billion, with the high-margin concentrate business making up 59% of revenue. A dividend king that has raised its dividend for over 60 years, it has essentially no AI exposure and moves only on the clock of consumer demand, foreign exchange and commodities.","segments":{"fy":2024,"parts":[{"desc":"농축액·시럽·베이스를 보틀러에 판매. 매출의 59%, 고마진","name":"농축액 사업 (Concentrate operations)"},{"desc":"Bottling Investments·Global Ventures를 통한 완제품 직접 판매. 매출의 41%, 저마진","name":"완제품 사업 (Finished product operations)"},{"desc":"북미·중남미·EMEA·아시아태평양·글로벌벤처스·보틀링인베스트먼트. 미국 밖 물량 84%","name":"지역 세그먼트"}],"total":"2025년 매출 479억 달러(+2%, 유기적 +5%; 가격/믹스 +4%·농축액 물량 +1%). 농축액 사업 약 59%, 완제품 약 41%","source":"https://www.sec.gov/Archives/edgar/data/0000021344/000002134425000011/ko-20241231.htm","concentration":"브랜드 파워 기반의 방어적 배당주로 AI 노출은 사실상 없다. 2024년 배당으로 84억 달러를 환원했고 60년 넘게 배당을 늘렸다. 매출은 소비·가격, 환율, 원자재 사이클로 움직인다."},"segments_en":{"fy":2024,"parts":[{"desc":"Sells concentrate, syrups and bases to bottlers; 59% of revenue, high margin","name":"Concentrate operations"},{"desc":"Sells finished drinks directly via Bottling Investments and Global Ventures; 41% of revenue, lower margin","name":"Finished product operations"},{"desc":"North America, Latin America, EMEA, Asia Pacific, Global Ventures and Bottling Investments; 84% of volume outside the US","name":"Geographic segments"}],"total":"2025 net revenue $47.9B (+2%, +5% organic; price/mix +4%, concentrate +1%). Concentrate ~59%, finished ~41%","source":"https://www.sec.gov/Archives/edgar/data/0000021344/000002134425000011/ko-20241231.htm","concentration":"A brand-driven defensive dividend stock with essentially no AI exposure. It returned $8.4B in dividends in 2024 and has raised the dividend for over 60 years. Revenue moves on consumer and pricing, foreign exchange and commodity cycles."},"returns_yearly":{"2021":11.4,"2022":10.6,"2023":-4.4,"2024":8.9,"2025":15.6,"2026":21},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":1,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":6.6}},{"slug":"emart","name":"이마트","name_en":"E-mart Inc.","tier":1,"returns_yearly":{"2021":-18.4,"2022":-19.5,"2023":-25.3,"2024":-14.6,"2025":44.7,"2026":-7.8}},{"slug":"mcdonalds","name":"McDonald's","name_en":"McDonald's","tier":1,"returns_yearly":{"2021":27.8,"2022":0.5,"2023":15.1,"2024":0.1,"2025":7.9,"2026":-9}}],"benefiting":[],"analysis":"투자 논점은 AI 사이클과 무관한 순수 방어주라는 점이다 — 완제품을 직접 만들기보다 고마진 농축액·시럽을 200여 개국 보틀러에 파는 브랜드 사업이라, 설탕·알루미늄·물류 원가는 대부분 보틀러가 부담하고 코카콜라는 브랜드·가격결정력만 취한다. 2025년 매출 479억 달러(+2%·유기적 +5%) 중 농축액이 약 59%로, 실적은 소비량·가격, 환율(미국 밖 물량 84%), 원자재 사이클로 움직인다. 60년 넘게 배당을 늘려온 배당왕으로 매년 대규모 배당·자사주로 환원해온 방어주이며, 리스크는 신흥국 환율과 설탕세·건강 규제, 무설탕·기능성 음료로의 소비 이동이다.","analysis_en":"The thesis is that this is a pure defensive stock independent of the AI cycle — a brand business selling high-margin concentrate and syrup to bottlers in 200-plus countries rather than making finished goods, so bottlers bear most of the sugar, aluminum and logistics cost while Coca-Cola keeps the brand and pricing power. Of $47.9bn in 2025 revenue (+2%, +5% organic), concentrate is ~59%, so results move on consumption and price, FX (84% of volume outside the US) and the commodity cycle. A dividend king that has raised its payout for 60-plus years, it returns large dividends and buybacks each year; the risks are emerging-market FX, sugar taxes and health regulation, and the shift toward sugar-free and functional drinks.","analysis_asof":"2026-02-10"},"edges":[{"direction":"revenue","counterparty":"보틀러 (농축액·시럽 판매)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-12-31","basis":"농축액 사업 매출 비중","value":59,"period":"FY2025","basis_en":"concentrate operations share of revenue"},"note":"코카콜라 매출의 핵심은 코카콜라 유러퍼시픽 파트너스·코카콜라 FEMSA·아르카 콘티넨탈·코카콜라 컨솔리데이티드 등 전 세계 보틀러에 농축액·시럽을 파는 것이다. 농축액 사업이 2025년 매출의 약 59%를 차지한다(FY2025 매출 479억 달러).","note_en":"The core of Coca-Cola's revenue is selling concentrate and syrups to bottlers worldwide such as Coca-Cola Europacific Partners, Coca-Cola FEMSA, Arca Continental and Coca-Cola Consolidated; concentrate operations were 59% of 2024 revenue.","sources":[{"stance":"confirms","publisher":"The Coca-Cola Company","publisher_en":"The Coca-Cola Company","kind":"filing","lang":"en","published_at":"2026-02-10","url":"https://www.coca-colacompany.com/media-center/coca-cola-reports-fourth-quarter-and-full-year-2025-results","title":"코카콜라 4분기·FY2025 실적(2026-02-10)","title_en":"Coca-Cola Reports Fourth Quarter and Full Year 2025 Results","excerpt":"FY2025 net revenues grew 2% to $47.9 billion; organic revenues +5% (price/mix +4%, concentrate +1%).","excerpt_en":"FY2025 net revenues grew 2% to $47.9 billion; organic revenues +5% (price/mix +4%, concentrate +1%)."},{"stance":"mentions","publisher":"증권가 컨센서스","publisher_en":"Analyst consensus (via MarketScreener)","kind":"research","lang":"en","published_at":"2026-02-10","url":"https://www.marketscreener.com/quote/stock/THE-COCA-COLA-COMPANY-4830/consensus/","title":"코카콜라 증권가 컨센서스: 매수 우위 — 방어적 배당왕","title_en":"Coca-Cola analyst consensus (Buy): defensive dividend king, resilient pricing","excerpt":"증권가: 방어적 배당왕, 가격결정력으로 견조한 유기 성장. 매수 컨센서스.","excerpt_en":"Analysts: defensive dividend king with resilient pricing-led organic growth; Buy consensus."},{"stance":"confirms","publisher":"미국 증권거래위원회 (코카콜라 10-K)","publisher_en":"SEC (Coca-Cola 10-K)","kind":"filing","lang":"en","published_at":"2025-02-20","url":"https://www.sec.gov/Archives/edgar/data/0000021344/000002134425000011/ko-20241231.htm","title":"코카콜라 2024 회계연도 연차보고서(10-K)","title_en":"The Coca-Cola Company FY2024 Annual Report (10-K)","excerpt":"코카콜라는 농축액 사업과 완제품 사업으로 나뉘며, 농축액 사업은 보틀러에 농축액·시럽을 팔아 2024년 매출의 59%를 냈다.","excerpt_en":"Coca-Cola operates in concentrate operations and finished product operations; concentrate operations, selling concentrate and syrups to bottlers, were 59% of 2024 revenue."},{"stance":"confirms","publisher":"코카콜라","publisher_en":"The Coca-Cola Company","kind":"ir","lang":"en","published_at":"2025-02-11","url":"https://investors.coca-colacompany.com/news-events/press-releases/detail/1128/coca-cola-reports-fourth-quarter-and-full-year-2024-results","title":"코카콜라 2024년 4분기 및 연간 실적 발표","title_en":"Coca-Cola Reports Fourth Quarter and Full Year 2024 Results","excerpt":"2024년 매출은 471억 달러(+3%), 유기적 매출은 12% 성장했으며, 코카콜라는 농축액·시럽·베이스를 보틀러에 판다.","excerpt_en":"2024 revenue was $47.1B (+3%) and organic revenue grew 12%; Coca-Cola sells concentrate, syrups and bases to its bottling partners."}]},{"direction":"revenue","counterparty":"소비자·완제품 (직접 판매)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-12-31","basis":"완제품 사업 매출 비중","value":41,"period":"FY2025","basis_en":"finished product operations share of revenue"},"note":"코카콜라는 보틀링인베스트먼트·글로벌벤처스를 통해 완제품을 소비자에게 직접 팔기도 한다. 완제품 사업이 2024년 매출의 41%다. 브랜드 기반의 방어적 수요로, 60년 넘게 배당을 늘려온 배당왕이다.","note_en":"Coca-Cola also sells finished drinks directly to consumers via Bottling Investments and Global Ventures, which were 41% of 2024 revenue. Demand is defensive and brand-driven, and it is a dividend king that has raised its payout for over 60 years.","sources":[{"stance":"confirms","publisher":"인베스팅닷컴","publisher_en":"Investing.com","kind":"news","lang":"ko","published_at":"2025-02-21","url":"https://kr.investing.com/news/company-news/article-93CH-1371310","title":"코카콜라, 63년 연속 배당금 인상 발표","title_en":"Coca-Cola raises dividend for the 63rd consecutive year","excerpt":"코카콜라는 63년 연속 배당을 인상해 분기 배당을 48.5센트에서 51센트로 5.2% 올렸고, 2024년 배당으로 84억 달러를 환원한 방어적 배당주다.","excerpt_en":"Coca-Cola raised its dividend for the 63rd straight year, lifting the quarterly payout 5.2% from 48.5 to 51 cents, and returned $8.4B in dividends in 2024 as a defensive dividend stock."}]},{"direction":"revenue","counterparty":"맥도날드 (독점 음료 채널)","counterparty_slug":"mcdonalds","confidence":"high","metric":{"qualifier":"exclusive_fountain_since_1955"},"note":"맥도날드에 1955년 이래 독점 탄산음료를 공급하는 70년 채널 — 코카콜라 본사에 맥도날드 전담 사업부를 둘 만큼 대형 고객이다.","note_en":"A 70-year channel supplying McDonald's its exclusive soft drink since 1955 — a customer large enough to have a dedicated division at Coca-Cola HQ.","sources":[{"stance":"confirms","publisher":"Yahoo Finance","publisher_en":"Yahoo Finance","kind":"news","lang":"en","published_at":"2026-05-01","url":"https://finance.yahoo.com/markets/stocks/articles/mcdonalds-70-coke-alliance-enters-184907204.html","title":"맥도날드·코카콜라 70년 독점 파트너십","title_en":"McDonald's 70-year exclusive Coke alliance","excerpt":"McDonald's is Coca-Cola's iconic long-term customer with a dedicated division; sole soft-drink supplier since 1955.","excerpt_en":"McDonald's is Coca-Cola's iconic long-term customer with a dedicated division; sole soft-drink supplier since 1955."}]},{"direction":"cost","counterparty":"감미료 (설탕·고과당옥수수시럽)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"음료 원가의 핵심 원자재는 설탕·고과당옥수수시럽 등 감미료다. 대부분의 원자재 비용은 보틀러가 부담하고 코카콜라 농축액 사업은 상대적으로 노출이 작다.","note_en":"The key raw materials behind the drinks are sweeteners such as sugar and high-fructose corn syrup; most of that commodity cost is borne by bottlers, leaving Coca-Cola's concentrate business relatively less exposed.","sources":[{"stance":"mentions","publisher":"미국 증권거래위원회 (코카콜라 10-K)","publisher_en":"SEC (Coca-Cola 10-K)","kind":"filing","lang":"en","published_at":"2025-02-20","url":"https://www.sec.gov/Archives/edgar/data/0000021344/000002134425000011/ko-20241231.htm","title":"코카콜라 2024 회계연도 연차보고서(10-K)","title_en":"The Coca-Cola Company FY2024 Annual Report (10-K)","excerpt":"코카콜라는 감미료 등 주요 원자재 가격 변동에 노출돼 있으며, 완제품 원가의 상당 부분은 보틀링 파트너가 부담한다.","excerpt_en":"Coca-Cola is exposed to price movements in key raw materials such as sweeteners, while much of the finished-product cost is borne by bottling partners."}]},{"direction":"cost","counterparty":"포장·물류 (알루미늄·PET·운송)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"캔의 알루미늄, 페트병의 PET 수지, 운송비가 음료 사슬의 주요 원가다. 이 역시 대체로 보틀러가 부담하는 구조다.","note_en":"Aluminum for cans, PET resin for bottles and freight are the main packaging and logistics costs of the beverage chain, again mostly carried by bottlers.","sources":[{"stance":"mentions","publisher":"미국 증권거래위원회 (코카콜라 10-K)","publisher_en":"SEC (Coca-Cola 10-K)","kind":"filing","lang":"en","published_at":"2025-02-20","url":"https://www.sec.gov/Archives/edgar/data/0000021344/000002134425000011/ko-20241231.htm","title":"코카콜라 2024 회계연도 연차보고서(10-K)","title_en":"The Coca-Cola Company FY2024 Annual Report (10-K)","excerpt":"코카콜라는 알루미늄·PET 수지 등 포장재와 운송비 변동에 노출돼 있다.","excerpt_en":"Coca-Cola is exposed to fluctuations in packaging materials such as aluminum and PET resin and in freight costs."}]},{"direction":"revenue","counterparty":"Costco Wholesale","counterparty_slug":"costco","confidence":"mid","metric":{"qualifier":"major_branded_channel"},"note":"Costco는 코카콜라 브랜드 음료의 주요 창고형 판매 채널이며, 코카콜라는 Costco를 '중요한 고객'으로 언급.","note_en":"Costco is a major warehouse-club channel for Coca-Cola branded beverages, and Coca-Cola has called Costco 'an important customer.'","sources":[{"stance":"confirms","publisher":"Fox Business","publisher_en":"Fox Business","kind":"news","lang":"en","published_at":"2025-07-19","url":"https://www.foxbusiness.com/lifestyle/bye-pepsi-costco-locations-begin-make-switch-coca-cola-its-food-courts","title":"Bye, Pepsi!: Costco locations begin to make the switch to Coca-Cola at food courts","title_en":"Bye, Pepsi!: Costco locations begin to make the switch to Coca-Cola at food courts","excerpt":"converting our food court fountain business back over to Coca-Cola... will span warehouses in 14 countries.","excerpt_en":"converting our food court fountain business back over to Coca-Cola... will span warehouses in 14 countries."},{"stance":"confirms","publisher":"The Spokesman-Review","publisher_en":"The Spokesman-Review","kind":"news","lang":"en","published_at":"2009-11-18","url":"https://www.spokesman.com/stories/2009/nov/18/costco-coke-relations-fizzle/","title":"Costco, Coke relations fizzle","title_en":"Costco, Coke relations fizzle","excerpt":"Coca-Cola said Costco is an important customer and that it is committed to working with it in a spirit of fairness.","excerpt_en":"Coca-Cola said Costco is an important customer and that it is committed to working with it in a spirit of fairness."}]},{"direction":"revenue","counterparty":"이마트","counterparty_slug":"emart","confidence":"low","metric":null,"note":"이마트는 코카콜라 제품을 매입해 대형마트·이마트몰에서 판매한다. 코카콜라에게 이마트는 한국 소매 매출처다.","note_en":"E-mart buys Coca-Cola products and sells them across its hypermarkets and online mall. For Coca-Cola, E-mart is a Korean retail revenue source.","sources":[{"stance":"confirms","publisher":"이마트몰(SSG)","publisher_en":"E-Mart Mall (SSG)","kind":"ir","lang":"ko","published_at":"2026-07-05","url":"https://emart.ssg.com/disp/category.ssg?dispCtgId=6000213428","title":"이마트몰 콜라/탄산음료 카테고리","title_en":"E-Mart Mall cola/carbonated beverages category","excerpt":"이마트몰 탄산음료 카테고리에서 코카콜라(코카콜라·코카콜라 제로 등) 제품을 판매한다.","excerpt_en":"E-Mart Mall's carbonated beverage category sells Coca-Cola products including Coca-Cola and Coca-Cola Zero."}]}]}