COCO · Consumer staples(beverages) · 8 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
Signed in, this page also says what this company is inside your own portfolio: its weight, its share of your risk, and what buying or selling some of it would change. Sign in ›
Vita Coco Company, Inc. reported revenue of $609.8 million in fiscal 2025. Of the $225.2 million its operations generated over 8 years, 36.0% went to buybacks and 5.6% back into the business. On the accounting screens, it passes 4 of 8 Piotroski tests, its Altman Z'' of 9.84 is in the safe zone and its Beneish M-score is above the -1.78 line; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 2025609.8M
Operating margin13.5%gross margin 36.5%
Return on invested capital—
Free cash flow after stock pay28.2M4.6% of revenue
Net debt ÷ EBITDA—net debt —
Piotroski F-score4/8tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
0200.0M400.0M600.0M800.0M
2018
2019Revenue 283.9MOperating income 13.4M
2020Revenue 310.6MOperating income 46.9M
2021Revenue 379.5MOperating income 24.6M
2022Revenue 427.8MOperating income 3.1M
2023Revenue 493.6MOperating income 56.5M
2024Revenue 516.0MOperating income 73.8M
2025Revenue 609.8MOperating income 82.5M
20182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
7 yrs
Revenue
+12.5%
+14.4%
—
Operating income
+200.1%
+12.0%
—
Net income
+109.0%
+16.9%
—
Earnings per share
+104.4%
+16.4%
—
Free cash flow per share
—
+3.0%
—
Shares
+2.2%
+0.5%
—
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Return on invested capitalCost of capital today · 10.2%
0.0%5.0%10.0%15.0%
2018
2019
2020
2021
2022
2023
2024
2025
20182019202020212022202320242025
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
21.5%
Return on assets
15.5%
Asset turnover
1.32×
Research & development
0.1% of revenue
Overheads (SG&A)
23.0% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-50.0M050.0M100.0M150.0M
2018
2019Net income 9.4MFree cash flow 20.8MAfter stock-based pay 18.5M
2020Net income 32.7MFree cash flow 32.9MAfter stock-based pay 31.4M
2021Net income 19.0MFree cash flow -16.7MAfter stock-based pay -20.1M
2022Net income 7.8MFree cash flow -11.9MAfter stock-based pay -19.3M
2023Net income 46.6MFree cash flow 106.6MAfter stock-based pay 97.4M
2024Net income 56.0MFree cash flow 41.9MAfter stock-based pay 33.0M
2025Net income 71.3MFree cash flow 39.0MAfter stock-based pay 28.2M
20182019202020212022202320242025
Where 8 years of operating cash went, 2018–2025
225.2M generated by the business. Each band is its share of that total.
Reinvested in the business 6%12.7M
Acquisitions 0%0
Dividends 0%0
Share buybacks 36%81.1M
Kept, or used to pay down debt 58%131.5M
Over the same years it paid 43.4M in stock. 37.7M of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
$-1.00$0.00$1.00$2.00
2018
2019Earnings per share $0.16Free cash flow per share $0.36
2020Earnings per share $0.56Free cash flow per share $0.56
2021Earnings per share $0.35Free cash flow per share $-0.31
2022Earnings per share $0.14Free cash flow per share $-0.21
2023Earnings per share $0.79Free cash flow per share $1.81
2024Earnings per share $0.94Free cash flow per share $0.71
2025Earnings per share $1.19Free cash flow per share $0.65
20182019202020212022202320242025
Shares outstanding
Diluted shares
54.0M56.0M58.0M60.0M
2018
2019Diluted shares 57.2M
2020Diluted shares 58.6M
2021Diluted shares 54.2M
2022Diluted shares 56.1M
2023Diluted shares 58.7M
2024Diluted shares 59.3M
2025Diluted shares 60.0M
20182019202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt ÷ EBITDA
—
Interest coverage
— operating income ÷ interest
Current ratio
3.62 current assets ÷ current liabilities
Cash conversion cycle
130 days collects in 49d, stock 105d, pays in 24d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
4of 8 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✕Profit backed by cashOperating cash flow above net income (low accruals)failed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
✓More liquidCurrent ratio higher than a year beforepassed
✕No new sharesShare count did not growfailed
✕Better gross marginGross margin higher than a year beforefailed
✕Sells more per assetAsset turnover higher than a year beforefailed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
9.84safe zone
1.12.6
Working capital ÷ assets 0.66 × 6.56+4.34
Retained earnings ÷ assets 0.49 × 3.26+1.61
Operating income ÷ assets 0.18 × 6.72+1.20
Equity ÷ liabilities 2.56 × 1.05+2.69
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-1.65above the -1.78 line
-1.78
Receivables vs sales 1.09+1.00
Gross margin slipping 1.06+0.56
Soft assets 1.28+0.52
Sales growth 1.18+1.05
Slower depreciation 2.33+0.27
Overheads vs sales 0.95-0.16
Profit not in cash 0.05+0.24
Leverage rising 0.89-0.29
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Reported profit comfortably exceeds the cash generated (71M against 47M).
Benign
Growth consuming working capital, or the seasonality of the year-end.
Worrying
Profit held up by accounting entries that do not turn into money.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
Value per share, with these assumptions$10.16discounted at 10.2% a year · 53% of it from after year 10
Type a share price on the left to ask the reverse questions: what growth, what margin or what discount rate that price implies.
What the value implies, in the usual multiples
At this model's value
Price ÷ earnings
8.5×
Enterprise value ÷ EBITDA
7.3×
Enterprise value ÷ revenue
1.0×
Free cash flow yield
4.6%
From cash flows to a value per share
10 years of cash flow, today287.4M
Everything after, today322.1M
The whole business609.5M
Minus net debt-0
What belongs to shareholders609.5M
Divided among 60.0M shares: <strong>$10.16</strong> each.
The projection next to its history
Reported free cash flow after stock pay, then the model's. A projection that looks nothing like the past needs a reason.
ReportedProjected
-50.0M050.0M100.0M
2018
2019Reported 18.5M
2020Reported 31.4M
2021Reported -20.1M
2022Reported -19.3M
2023Reported 97.4M
2024Reported 33.0M
2025Reported 28.2M
2026Projected 32.4M
2027Projected 36.6M
2028Projected 40.9M
2029Projected 45.2M
2030Projected 49.4M
2031Projected 53.3M
2032Projected 56.7M
2033Projected 59.7M
2034Projected 61.9M
2035Projected 63.5M
201820202022202420262028203020322034
Year by year
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
Revenue
698.2M
790.1M
883.6M
976.4M
1.1B
1.1B
1.2B
1.3B
1.3B
1.4B
Growth
14.5%
13.2%
11.8%
10.5%
9.2%
7.8%
6.5%
5.2%
3.8%
2.5%
Cash margin
4.6%
4.6%
4.6%
4.6%
4.6%
4.6%
4.6%
4.6%
4.6%
4.6%
Free cash flow
32.4M
36.6M
40.9M
45.2M
49.4M
53.3M
56.7M
59.7M
61.9M
63.5M
Worth today
29.4M
30.2M
30.6M
30.7M
30.4M
29.8M
28.8M
27.5M
25.9M
24.1M
If the least-known inputs move
Value per share as two inputs change at a time. Neighbouring cells that differ a lot are the conclusion: the value depends on numbers nobody knows to a point.
The discount rate and growth forever
discount ↓ · forever →
1.5%
2.0%
2.5%
3.0%
3.5%
9.2%
11
11
12
13
14
9.7%
10
10
11
12
12
10.2%
9
10
10
11
11
10.7%
9
9
9
10
11
11.2%
8
9
9
9
10
Year-one growth and the final margin
margin ↓ · growth →
10.5%
12.5%
14.5%
16.5%
18.5%
3.7%
7
8
9
9
10
4.2%
8
9
9
10
11
4.6%
9
9
10
11
12
5.1%
9
10
11
12
13
5.6%
10
11
12
13
14
All the inputs moving at once
5,000 valuations, each with growth, final margin, discount rate and growth forever drawn at random around the values on the left (spreads of 3.0%, 2.0%, 1.0% and 0.5%). Not a probability — the spreads are assumptions too — but an honest picture of how wide the answer is.
10th percentile$5.68
Median$10.15
90th percentile$15.92
$5.00$10.00$15.00$20.00
Half of the simulations land between <b>$7.68</b> and <b>$12.93</b>; one in ten below $5.68, one in ten above $15.92.
Does the long run make sense?
4.5×The terminal value prices the business in year 10 at 4.5 times that year's EBITDA.
5%To grow 2.5% forever while reinvesting 55% of its after-tax operating profit, the business must earn 5% on the new capital.
53%of the value comes from after year 10. The more of it, the more the answer depends on the part nobody can see.
What lenders charge, after the tax saving on interest: 6.67% × (1 − 23.3%) = <strong>5.12%</strong>.
Weighted by how much of each the company uses (book value (no price given)): <strong>10.17%</strong>, the rate every future cash flow is discounted at.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 5 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$27.4M5 sale(s) by 2 insider(s)
Under pre-arranged plans100%of the sales followed a 10b5-1 plan set months earlier
Sold on the open market · pre-arranged plan· indirect
96,158
$79.14
$7.6M
476,421
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
