Stock Analysis on Net
Stock Analysis on Net

Coca-Cola Co. (NYSE:KO)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Coca-Cola Co., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Activity Ratio
Total Asset Turnover
Reported 0.47 0.47 0.46 0.41 0.38
Adjusted 0.47 0.47 0.47 0.42 0.39
Liquidity Ratio
Current Ratio
Reported 1.03 1.13 1.15 1.13 1.32
Adjusted 1.05 1.16 1.17 1.16 1.35
Solvency Ratios
Debt to Equity
Reported 1.79 1.62 1.62 1.86 2.22
Adjusted 1.63 1.49 1.47 1.69 2.08
Debt to Capital
Reported 0.64 0.62 0.62 0.65 0.69
Adjusted 0.62 0.60 0.60 0.63 0.68
Financial Leverage
Reported 4.05 3.77 3.85 4.10 4.52
Adjusted 3.56 3.33 3.32 3.55 3.99
Profitability Ratios
Net Profit Margin
Reported 22.59% 23.42% 22.19% 25.28% 23.47%
Adjusted 17.11% 23.98% 20.12% 27.24% 19.76%
Return on Equity (ROE)
Reported 42.77% 41.30% 39.59% 42.48% 40.14%
Adjusted 28.73% 37.75% 31.41% 40.33% 30.51%
Return on Assets (ROA)
Reported 10.57% 10.97% 10.29% 10.36% 8.87%
Adjusted 8.07% 11.35% 9.45% 11.35% 7.64%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Coca-Cola Co. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Coca-Cola Co. adjusted current ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Coca-Cola Co. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Coca-Cola Co. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Coca-Cola Co. adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Coca-Cola Co. adjusted net profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Coca-Cola Co. adjusted ROE improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Coca-Cola Co. adjusted ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Coca-Cola Co., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net operating revenues 47,061 45,754 43,004 38,655 33,014
Total assets 100,549 97,703 92,763 94,354 87,296
Activity Ratio
Total asset turnover1 0.47 0.47 0.46 0.41 0.38
Adjusted
Selected Financial Data (US$ in millions)
Net operating revenues 47,061 45,754 43,004 38,655 33,014
Adjusted total assets2 99,736 96,644 91,533 92,741 85,362
Activity Ratio
Adjusted total asset turnover3 0.47 0.47 0.47 0.42 0.39

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Total asset turnover = Net operating revenues ÷ Total assets
= 47,061 ÷ 100,549 = 0.47

2 Adjusted total assets. See details »

3 2024 Calculation
Adjusted total asset turnover = Net operating revenues ÷ Adjusted total assets
= 47,061 ÷ 99,736 = 0.47

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Coca-Cola Co. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Current assets 25,997 26,732 22,591 22,545 19,240
Current liabilities 25,249 23,571 19,724 19,950 14,601
Liquidity Ratio
Current ratio1 1.03 1.13 1.15 1.13 1.32
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 26,503 27,234 23,107 23,061 19,766
Current liabilities 25,249 23,571 19,724 19,950 14,601
Liquidity Ratio
Adjusted current ratio3 1.05 1.16 1.17 1.16 1.35

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 25,997 ÷ 25,249 = 1.03

2 Adjusted current assets. See details »

3 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 26,503 ÷ 25,249 = 1.05

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Coca-Cola Co. adjusted current ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 44,522 42,064 39,149 42,761 42,793
Equity attributable to shareowners of The Coca-Cola Company 24,856 25,941 24,105 22,999 19,299
Solvency Ratio
Debt to equity1 1.79 1.62 1.62 1.86 2.22
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 45,735 43,426 40,603 44,232 44,415
Adjusted total equity3 28,029 29,064 27,556 26,108 21,385
Solvency Ratio
Adjusted debt to equity4 1.63 1.49 1.47 1.69 2.08

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to equity = Total debt ÷ Equity attributable to shareowners of The Coca-Cola Company
= 44,522 ÷ 24,856 = 1.79

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 45,735 ÷ 28,029 = 1.63

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Coca-Cola Co. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 44,522 42,064 39,149 42,761 42,793
Total capital 69,378 68,005 63,254 65,760 62,092
Solvency Ratio
Debt to capital1 0.64 0.62 0.62 0.65 0.69
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 45,735 43,426 40,603 44,232 44,415
Adjusted total capital3 73,764 72,490 68,159 70,340 65,800
Solvency Ratio
Adjusted debt to capital4 0.62 0.60 0.60 0.63 0.68

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 44,522 ÷ 69,378 = 0.64

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 45,735 ÷ 73,764 = 0.62

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Coca-Cola Co. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total assets 100,549 97,703 92,763 94,354 87,296
Equity attributable to shareowners of The Coca-Cola Company 24,856 25,941 24,105 22,999 19,299
Solvency Ratio
Financial leverage1 4.05 3.77 3.85 4.10 4.52
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 99,736 96,644 91,533 92,741 85,362
Adjusted total equity3 28,029 29,064 27,556 26,108 21,385
Solvency Ratio
Adjusted financial leverage4 3.56 3.33 3.32 3.55 3.99

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Financial leverage = Total assets ÷ Equity attributable to shareowners of The Coca-Cola Company
= 100,549 ÷ 24,856 = 4.05

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 99,736 ÷ 28,029 = 3.56

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Coca-Cola Co. adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income attributable to shareowners of The Coca-Cola Company 10,631 10,714 9,542 9,771 7,747
Net operating revenues 47,061 45,754 43,004 38,655 33,014
Profitability Ratio
Net profit margin1 22.59% 23.42% 22.19% 25.28% 23.47%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted consolidated net income2 8,053 10,971 8,654 10,529 6,525
Net operating revenues 47,061 45,754 43,004 38,655 33,014
Profitability Ratio
Adjusted net profit margin3 17.11% 23.98% 20.12% 27.24% 19.76%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Net profit margin = 100 × Net income attributable to shareowners of The Coca-Cola Company ÷ Net operating revenues
= 100 × 10,631 ÷ 47,061 = 22.59%

2 Adjusted consolidated net income. See details »

3 2024 Calculation
Adjusted net profit margin = 100 × Adjusted consolidated net income ÷ Net operating revenues
= 100 × 8,053 ÷ 47,061 = 17.11%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Coca-Cola Co. adjusted net profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income attributable to shareowners of The Coca-Cola Company 10,631 10,714 9,542 9,771 7,747
Equity attributable to shareowners of The Coca-Cola Company 24,856 25,941 24,105 22,999 19,299
Profitability Ratio
ROE1 42.77% 41.30% 39.59% 42.48% 40.14%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted consolidated net income2 8,053 10,971 8,654 10,529 6,525
Adjusted total equity3 28,029 29,064 27,556 26,108 21,385
Profitability Ratio
Adjusted ROE4 28.73% 37.75% 31.41% 40.33% 30.51%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
ROE = 100 × Net income attributable to shareowners of The Coca-Cola Company ÷ Equity attributable to shareowners of The Coca-Cola Company
= 100 × 10,631 ÷ 24,856 = 42.77%

2 Adjusted consolidated net income. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted consolidated net income ÷ Adjusted total equity
= 100 × 8,053 ÷ 28,029 = 28.73%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Coca-Cola Co. adjusted ROE improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income attributable to shareowners of The Coca-Cola Company 10,631 10,714 9,542 9,771 7,747
Total assets 100,549 97,703 92,763 94,354 87,296
Profitability Ratio
ROA1 10.57% 10.97% 10.29% 10.36% 8.87%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted consolidated net income2 8,053 10,971 8,654 10,529 6,525
Adjusted total assets3 99,736 96,644 91,533 92,741 85,362
Profitability Ratio
Adjusted ROA4 8.07% 11.35% 9.45% 11.35% 7.64%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
ROA = 100 × Net income attributable to shareowners of The Coca-Cola Company ÷ Total assets
= 100 × 10,631 ÷ 100,549 = 10.57%

2 Adjusted consolidated net income. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted consolidated net income ÷ Adjusted total assets
= 100 × 8,053 ÷ 99,736 = 8.07%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Coca-Cola Co. adjusted ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.