Coca-Cola Company (The)

Capital allocation is disciplined: prioritize reinvestment in brands and coolers, maintain an attractive and rising dividend (63 consecutive annual increases; $2.04 per share annualized in 2025), and repurchase shares primarily to offset dilution (26.5M shares in 2024).

Strategic M&A has been mixed: fairlife has been a growth engine albeit with a large contingent payment, while BodyArmor’s 2024 trademark impairment highlights execution risk. ROIC has improved by ~6 points since 2015 through the asset‑right strategy and refranchising.