Vita Coco Company, Inc. (COCO)

Price$54.48Cached quoteAs of 2026-10-07 09:09 UTC

AI: Overvalued

Price checkThe shares still look expensive because today’s price assumes years of strong profit growth.

At the observed quote, the stock sells for about 30 times trailing earnings per share after counting potential dilution. The second quarter included a $15.6 million one-time tariff refund plus related interest; removing that benefit after tax raises the effective multiple to roughly 34 times normalized earnings. After the Copra cash payment and minimum earnout, the company is valued near 20 times the midpoint of 2026 adjusted EBITDA, an operating-profit measure, or about 22 times with the refund removed. That leaves little value-investor margin of safety.

Big pictureSales and earnings are compounding quickly, but recent margins include a temporary boost.

Revenue rose 18% in 2025 and another 32% in the first half of 2026, while first-half net income nearly doubled to $79.9 million. Cash generation is real but uneven: operating cash flow was negative in 2021-2022, then $107.2 million in 2023, $42.9 million in 2024, $47.2 million in 2025, and $96.5 million in the first half of 2026. The latest profit jump also benefited from favorable freight, pricing and tariff refunds, so recent margins should not be treated as a steady baseline.

Business strengthA cash-rich balance sheet and category leadership give Vita Coco room to keep investing.

At June 30, Vita Coco held $278.6 million of cash against just $14.1 million of debt, or $264.6 million of net cash. Copra then used about $140 million of cash, still leaving a sizable cushion before later cash generation, but it also created a $45 million minimum earnout. Buybacks have not yet reduced dilution much: despite roughly $20 million repurchased in the first half, shares outstanding still rose about 0.6%, and Copra added another 467,071 shares at closing.

What could change the storySustained volume growth could justify the premium, while weaker margins would expose the valuation.

The bull case is strong: Vita Coco Coconut Water volume rose 22% in the first half, private-label volume rose 50%, and management expects high-teens-to-20% branded growth for 2026. Copra adds more than $100 million of expected annual sales. The bear case is gross margin falling from the refund-aided second quarter toward the roughly 40% full-year outlook while freight, coconut costs and factory execution remain volatile. For a 10% five-year return ending at 25 times earnings, normalized earnings would need to grow roughly 17% annually.

AI: News

Q2 beat, guidance raisedVita Coco beat quarterly expectations and raised its outlook, but investors questioned how repeatable the profit surge was.

On July 23, second-quarter sales reached $216 million, up 28%, and diluted earnings were $0.82 a share versus roughly $0.55 expected. Management raised full-year sales guidance to $790-$805 million and adjusted EBITDA to $154-$161 million. The shares opened higher but closed 6.8% lower that day. Barron’s linked the reversal mainly to concern that the $15.6 million tariff refund and unusually high gross margin were not repeatable; that explanation is plausible, not proven by price timing alone.

Copra acquisitionVita Coco bought Copra to enter premium chilled coconut water and deepen its Thai supply base.

On July 22, Vita Coco completed the Copra acquisition for $175 million upfront: about $140 million cash plus 467,071 Vita Coco shares, with another $45-$100 million earnout tied to 2028 performance. Copra expects more than $100 million of 2026 sales and reported 48% annualized sales growth over the prior three years. The deal expands premium coconut water and Thai sourcing, but it also moves Vita Coco beyond its historically asset-light model by adding an owned factory and direct exposure to coconut input costs.

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Revenue

2019

2020

2021

2022

2023

2024

2025

Net income

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2019

2020

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2025

Total cash / debt

CashTotal debt

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2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$609.8M	$516.0M	$493.6M	$427.8M	$379.5M	$310.6M	$283.9M
Gross profit	$222.6M	$198.8M	$180.7M	$103.4M	$113.1M	$104.9M	$93.0M
Gross margin	36.50%	38.52%	36.61%	24.16%	29.81%	33.76%	32.75%
Research & development	$399,000	$398,000	$418,000	$541,000	$477,000	$313,000	$642,000
Operating expenses	$140.1M	$125.0M	$124.2M	$100.3M	$88.6M	$58.0M	$79.6M
Operating income	$82.5M	$73.8M	$56.5M	$3.1M	$24.6M	$46.9M	$13.4M
Operating margin	13.53%	14.31%	11.44%	0.71%	6.48%	15.08%	4.71%
EBITDA	$83.6M	$74.6M	$57.2M	$5.0M	$26.7M	$49.0M	$15.5M
EBITDA margin	13.71%	14.45%	11.58%	1.16%	7.02%	15.77%	5.44%
Net income	$71.3M	$56.0M	$46.6M	$7.8M	$19.0M	$32.7M	$9.4M
Net profit margin	11.70%	10.84%	9.45%	1.83%	5.01%	10.51%	3.32%
Basic EPSper basic share	$1.25	$0.99	$0.83	$0.14	$0.35	$0.56	$0.17
Diluted EPSper diluted share	$1.19	$0.94	$0.79	$0.14	$0.35	$0.56	$0.16

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

12.21%of listed shares

BlackRock, Inc.7.01M shares · Jun 30, 2026

View holders

Top 20 reported holders of COCO
Holder	% owned
BlackRock, Inc.	12.21%7.01M shares
Verlinvest Beverages SA	≈7.14%4.1M shares
FMR LLC	5.60%3.21M shares
WASATCH ADVISORS LP	3.93%2.26M shares
Kirban Michael	≈3.73%2.14M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.65%2.09M shares
STATE STREET CORP	3.22%1.85M shares
WELLINGTON MANAGEMENT GROUP LLP	3.21%1.84M shares
Driehaus Capital Management LLC	2.62%1.5M shares
GEODE CAPITAL MANAGEMENT, LLC	2.40%1.38M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	2.17%1.24M shares
CONGRESS ASSET MANAGEMENT CO	2.10%1.21M shares
AMERIPRISE FINANCIAL INC	2.00%1.15M shares
WESTFIELD CAPITAL MANAGEMENT CO LP	1.98%1.14M shares
D. E. Shaw & Co., Inc.	1.92%1.1M shares
DIMENSIONAL FUND ADVISORS LP	1.91%1.1M shares
LOOMIS SAYLES & CO L P	1.74%1M shares
JANE STREET GROUP, LLC	1.62%927.28K shares
BANK OF AMERICA CORP /DE/	1.49%857.6K shares
PRICE T ROWE ASSOCIATES INC /MD/	1.29%739.49K shares

Percentages use 57.4M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)350$532.26M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 17, 2026Form 4 · 10b5-1	Sadowsky KennethDirector	SellCommon Stock	3.9K	$82.92	$323.4K	580.3K
Jun 12, 2026Form 4 · 10b5-1	Liran IraDirector	SellCommon Stock · indirect	73.8K	$80.32	$5.93M	402.6K
Jun 12, 2026Form 4 · 10b5-1	Liran IraDirector	SellCommon Stock	74.2K	$80.29	$5.96M	309.9K
Jun 11, 2026Form 4 · 10b5-1	Liran IraDirector	SellCommon Stock · indirect	96.2K	$79.14	$7.61M	476.4K
Jun 11, 2026Form 4 · 10b5-1	Liran IraDirector	SellCommon Stock	95.8K	$79.14	$7.58M	384.1K