Coca-Cola Co. (NYSE:KO)

Total Asset Turnover

The reported total asset turnover exhibited a consistent upward trend from 0.38 in 2020 to 0.47 in 2024, indicating improving efficiency in using assets to generate sales. The adjusted total asset turnover followed a similar trajectory, increasing from 0.39 to 0.47 over the same period, which supports the accuracy of the reported figures.

Current Ratio

Both reported and adjusted current ratios showed a declining pattern, from 1.32 to 1.03 (reported) and 1.35 to 1.05 (adjusted), respectively. This decline suggests a reduction in short-term liquidity and possibly a tighter working capital management approach or increased current liabilities relative to current assets across these years.

Debt to Equity Ratio

The reported debt to equity ratio decreased from 2.22 in 2020 to 1.62 in 2023, signaling a deleveraging trend. However, it increased again to 1.79 in 2024, indicating a recent uptick in leverage. The adjusted figures reflect a similar trend but with slightly lower values, moving from 2.08 down to 1.47 before rising to 1.63.

Debt to Capital Ratio

The reported debt to capital ratio gradually declined from 0.69 in 2020 to 0.62 in 2023, with a minor rise to 0.64 in 2024. The adjusted ratio followed a parallel path, falling from 0.68 to 0.60 and then increasing modestly to 0.62. This indicates an overall slight reduction in leverage with a stabilizing effect in the most recent year.

Financial Leverage

Financial leverage decreased from 4.52 to 3.77 in the reported data, suggesting less reliance on debt financing but then increased to 4.05 by 2024. Adjusted financial leverage shows a similar pattern, decreasing from 3.99 to 3.33 before rising to 3.56, which aligns with observed movements in debt levels relative to equity.

Net Profit Margin

The reported net profit margin fluctuated across the years, peaking at 25.28% in 2021 before gradually decreasing to 22.59% in 2024, indicating some pressure on profitability. The adjusted margin shows more volatility, with a sharp rise to 27.24% in 2021 and subsequent declines, dropping significantly to 17.11% in 2024, highlighting possible adjustments impacting profitability assessment.

Return on Equity (ROE)

Reported ROE remained relatively stable around 40%, with a slight peak at 42.77% in 2024, reflecting consistently strong returns on shareholder equity. The adjusted ROE displayed greater variability, increasing to 40.33% in 2021, then declining to 28.73% in 2024, suggesting that adjustments may significantly affect the evaluation of equity returns.

Return on Assets (ROA)

The reported ROA showed a steady increase from 8.87% in 2020 to around 10.97% in 2023, slightly moderating to 10.57% in 2024. The adjusted ROA indicated higher volatility, peaking at 11.35% in 2021 and 2023 but falling to 8.07% in 2024, implying variability in asset utilization efficiency influenced by adjustments.

Net Operating Revenues

There is a consistent annual increase in net operating revenues over the period analyzed. Revenues rose from 33,014 million US dollars in 2020 to 47,061 million US dollars in 2024, indicating steady growth year-over-year.

Total Assets

Total assets also showed an upward trend overall, increasing from 87,296 million US dollars in 2020 to 100,549 million US dollars by 2024. There is a slight dip observed in 2022 relative to 2021, but the asset base expanded again in the subsequent years.

Reported Total Asset Turnover

This ratio exhibits an improving trend, rising from 0.38 in 2020 to 0.47 in 2024. The increase suggests enhanced efficiency in generating revenues from total assets. The turnover stabilizes at 0.47 in the last two years, indicating the company may have reached a steady state of asset utilization efficiency.

Adjusted Total Assets

Adjusted total assets followed a similar trajectory as reported total assets, increasing from 85,362 million US dollars in 2020 to 99,736 million US dollars in 2024. A minor decline in 2022 mirrors that seen in total assets, followed by growth in 2023 and 2024.

Adjusted Total Asset Turnover

The adjusted total asset turnover ratio mirrors the pattern of the reported turnover, rising from 0.39 in 2020 to 0.47 in 2024. After incremental improvements each year, the ratio levels out in the final two periods, reflecting consistent asset efficiency under adjusted measures.

Current Assets

The current assets show a generally increasing trend from 19,240 million US dollars in 2020 to a peak of 26,732 million US dollars in 2023. However, there is a slight decrease in 2024 to 25,997 million US dollars, indicating a minor reduction in short-term resources available.

Current Liabilities

Current liabilities have consistently increased over the period, rising from 14,601 million US dollars in 2020 to 25,249 million US dollars in 2024. This reflects growing short-term obligations, with a particularly notable jump between 2023 and 2024.

Reported Current Ratio

The reported current ratio exhibits a declining trend from 1.32 in 2020 to 1.03 in 2024. Despite small fluctuations, the ratio stays slightly above 1.0 until it approaches this threshold by 2024, suggesting a tightening liquidity position and reduced margin of safety in covering short-term liabilities.

Adjusted Current Assets

Adjusted current assets follow a similar pattern to reported current assets, increasing from 19,766 million US dollars in 2020 to 27,234 million US dollars in 2023 before experiencing a slight decrease to 26,503 million US dollars in 2024. This adjustment may account for valuation or classification differences but essentially confirms the upward trend with recent moderation.

Adjusted Current Ratio

The adjusted current ratio mirrors the reported current ratio's downward trajectory, declining from 1.35 in 2020 to 1.05 in 2024. This indicates that even after adjustments, the company's liquidity position is becoming less robust over time, nearing the critical benchmark of 1.0 where current assets equal current liabilities.

The financial data indicates several notable trends in the company's capital structure over the five-year period ending December 31, 2024.

Total Debt

Total debt remained relatively stable from 2020 through 2021, with a slight decrease in 2022 followed by increases in 2023 and 2024. The overall pattern shows a moderate rise towards the end of the period, peaking highest in 2024 at 44,522 million US dollars compared to 42,793 million in 2020.

Equity Attributable to Shareowners

Equity attributable to shareowners displayed a consistent upward trajectory from 19,299 million US dollars in 2020 to a peak of 25,941 million in 2023, before experiencing a mild decline to 24,856 million in 2024. This generally increasing trend suggests strengthening shareholder value over most of the period.

Reported Debt to Equity Ratio

The reported debt to equity ratio declined significantly from 2.22 in 2020 to 1.62 in 2022 and remained stable through 2023. However, it increased somewhat in 2024 to 1.79. This pattern indicates an initial effort to reduce leverage relative to equity, followed by a slight reversal.

Adjusted Total Debt

Adjusted total debt followed a pattern similar to reported total debt, with a slight decline in 2022 and a subsequent increase in 2023 and 2024. The adjustment shows slightly higher values than the reported total debt, reflecting additional liabilities or considerations in the adjusted measure.

Adjusted Total Equity

Adjusted total equity rose steadily from 21,385 million US dollars in 2020 to 29,064 million in 2023, with a minor decrease to 28,029 million in 2024. The increase over time indicates growth in the company's net assets under adjusted calculations, supporting a stronger capital base.

Adjusted Debt to Equity Ratio

The adjusted debt to equity ratio decreased from 2.08 in 2020 to a low of 1.47 in 2022, then remained relatively stable through 2023 before increasing to 1.63 in 2024. This trend closely mirrors the reported ratio, confirming the reduction in leverage followed by a moderate increase in the latest period.

In summary, the data shows an initial focus on reducing leverage and strengthening equity through 2022 and 2023, with both reported and adjusted ratios reflecting improved balance sheet health. However, the increase in debt and corresponding ratios in 2024 suggest a shift towards moderate increases in leverage during the most recent year. Equity levels generally increased, supporting the company's capital stability, despite the slight decline in the final year observed.

The financial data reveals several notable trends in the company's debt and capital structure over the five-year period ending December 31, 2024. The analysis covers total debt, total capital, and corresponding debt-to-capital ratios in both reported and adjusted formats.

Total Debt

Total debt remained relatively stable from 2020 to 2021, showing a minimal decrease from 42,793 million US dollars to 42,761 million. However, there was a more pronounced reduction in 2022, with total debt declining to 39,149 million. This downward trend reversed in 2023 and 2024, where total debt increased again to 42,064 million and then to 44,522 million, respectively.

Total Capital

Total capital consistently increased over the period, rising from 62,092 million US dollars in 2020 to 69,378 million in 2024. Although there was a slight dip in 2022 compared to 2021, the overall trajectory remained upward, indicating growth in the company's capital base.

Reported Debt to Capital Ratio

The reported debt to capital ratio demonstrated a decreasing trend from 0.69 in 2020 to 0.62 in 2022, illustrating a reduction in leverage relative to capital. This ratio remained stable at 0.62 in 2023 but increased slightly to 0.64 in 2024, reflecting the rise in total debt against the total capital in the latter years.

Adjusted Total Debt

Adjusted total debt values closely mirror the trend of total debt but are consistently higher, starting at 44,415 million US dollars in 2020 and increasing to 45,735 million in 2024. This adjustment factor seems to provide a slightly more conservative measurement of debt, acknowledging additional liabilities or adjustments.

Adjusted Total Capital

Similar to adjusted debt, adjusted total capital increased over the timeframe, from 65,800 million US dollars in 2020 to 73,764 million in 2024, consistent with the reported total capital trend but at higher levels, signifying a broader scope of capital considered for ratio calculations.

Adjusted Debt to Capital Ratio

This ratio decreased from 0.68 in 2020 to 0.60 in 2022, indicating a reduction in adjusted leverage. The ratio remained steady at 0.60 in 2023 before rising slightly to 0.62 in 2024. The pattern closely resembles that of the reported debt to capital ratio but remains marginally lower throughout, possibly reflecting the impact of adjustments on both debt and capital figures.

In summary, the data shows a temporary deleveraging phase till 2022 with declines in both total and adjusted debt-to-capital ratios, followed by a modest increase in leverage in the last two years. Total capital exhibits consistent growth, suggesting an expanding capital base that partially offsets debt increases. The adjusted figures consistently present higher values than the reported ones, indicating a broader measurement approach in financial assessment.

The financial data reveals several notable trends in the company's asset base, equity, and financial leverage over the five-year period from 2020 to 2024.

Total Assets

Total assets increased steadily from US$87,296 million in 2020 to US$100,549 million in 2024. The growth trajectory shows consistent expansion, with a slight deceleration in 2022, followed by renewed increases in subsequent years.

Equity Attributable to Shareowners

Equity attributable to shareowners rose significantly from US$19,299 million in 2020 to a peak of US$25,941 million in 2023, before slightly declining to US$24,856 million in 2024. This pattern suggests a generally improving capital base, with a minor reduction in the final observed year.

Reported Financial Leverage

The reported financial leverage ratio declined from 4.52 in 2020 to 3.77 in 2023, indicating a reduction in leverage over this period. However, in 2024, the ratio reversed upward to 4.05, implying a modest increase in reliance on debt or liabilities relative to equity.

Adjusted Total Assets

Adjusted total assets followed a similar pattern to total assets, increasing from US$85,362 million in 2020 to US$99,736 million in 2024, with a slight dip in 2022. The adjusted figures remain consistently below reported total assets.

Adjusted Total Equity

Adjusted total equity demonstrated a steady upward trend from US$21,385 million in 2020 to US$29,064 million in 2023, before a slight decrease to US$28,029 million in 2024. This trend mirrors that of the reported equity, indicating enhanced capital strength with minor recent contraction.

Adjusted Financial Leverage

The adjusted financial leverage ratio decreased from 3.99 in 2020 to 3.32 in 2022, remaining fairly stable at 3.33 in 2023. In 2024, it rose to 3.56, which parallels the pattern seen in the reported leverage ratio, signaling a small increase in leverage in the latest year.

Overall, the data reflect a company that has been gradually expanding its asset base and strengthening its equity capital over the period, alongside a general reduction in financial leverage until 2023. The slight increase in leverage ratios observed in 2024 suggests a possible shift towards higher debt usage or a relative decline in equity capitalization, warranting further examination in subsequent reporting periods.

Net Income Attributable to Shareowners

The net income shows an overall increasing trend from 7,747 million USD in 2020 to a peak of 10,714 million USD in 2023, followed by a slight decline to 10,631 million USD in 2024. The growth between 2020 and 2021 was significant, with subsequent years showing moderate fluctuations.

Net Operating Revenues

Net operating revenues steadily increased throughout the period, rising from 33,014 million USD in 2020 to 47,061 million USD in 2024. The growth appears consistent year-over-year, indicating expanding sales or service operations.

Reported Net Profit Margin

The reported net profit margin experienced some variability, starting at 23.47% in 2020, improving to 25.28% in 2021, then declining to 22.19% in 2022. It recovered somewhat to 23.42% in 2023 before a slight decrease to 22.59% in 2024. This pattern suggests some volatility in profitability relative to revenues.

Adjusted Consolidated Net Income

The adjusted consolidated net income exhibited notable fluctuations across the years. It increased significantly from 6,525 million USD in 2020 to 10,529 million USD in 2021, then declined to 8,654 million USD in 2022. A rebound occurred in 2023 with income rising to 10,971 million USD but was followed by a sharp decrease to 8,053 million USD in 2024. These variations may indicate the impact of adjustments or one-time items affecting reported figures.

Adjusted Net Profit Margin

The adjusted net profit margin mirrored the volatility seen in adjusted income. It peaked at 27.24% in 2021 after starting at 19.76% in 2020, dropped sharply to 20.12% in 2022, then improved to 23.98% in 2023 before declining markedly to 17.11% in 2024. This suggests fluctuations in profitability excluding certain adjustments, with notable margin compression in the last year reported.

The financial data reveals several notable trends and fluctuations over the five-year period ending December 31, 2024.

Net Income Attributable to Shareowners

Net income increased steadily from 7,747 million USD in 2020 to a peak of 10,714 million USD in 2023, followed by a slight decline to 10,631 million USD in 2024. This reflects overall growth in profitability with minor volatility toward the end of the period.

Equity Attributable to Shareowners

Equity showed a consistent upward trend from 19,299 million USD in 2020 to 25,941 million USD in 2023, before decreasing modestly to 24,856 million USD in 2024. This suggests an expansion in the company's net asset base with a small contraction in the final year.

Reported Return on Equity (ROE)

The reported ROE remained relatively stable, fluctuating between 39.59% and 42.77%. Starting at 40.14% in 2020, it peaked at 42.77% in 2024, indicating strong and consistent profitability relative to shareholders' equity.

Adjusted Consolidated Net Income

Adjusted net income showed greater variability compared to reported net income. It increased sharply from 6,525 million USD in 2020 to 10,971 million USD in 2023, then declined significantly to 8,053 million USD in 2024. This pattern may indicate the impact of non-recurring items or adjustments affecting profit quality in recent years.

Adjusted Total Equity

Adjusted equity steadily increased from 21,385 million USD in 2020 to 29,064 million USD in 2023, followed by a slight decrease to 28,029 million USD in 2024. The trend suggests overall growth in equity when adjustments are considered, with a minor retreat at the end.

Adjusted Return on Equity (ROE)

Adjusted ROE exhibited notable volatility, rising from 30.51% in 2020 to a peak of 40.33% in 2021, then decreasing to 28.73% by 2024. This decline in adjusted ROE, despite relatively stable reported ROE, may reflect increasing adjusted equity or variability in adjusted earnings affecting return efficiency.

Net Income Attributable to Shareowners

The net income attributable showed an overall increasing pattern from 2020 to 2023, rising from 7,747 million US dollars in 2020 to 10,714 million US dollars in 2023. However, there was a slight decrease in 2024 to 10,631 million US dollars, indicating a minor contraction after a period of growth.

Total Assets

Total assets increased steadily over the five-year period, growing from 87,296 million US dollars in 2020 to 100,549 million US dollars in 2024. This progression reflects a consistent asset base expansion.

Reported Return on Assets (ROA)

The reported ROA demonstrated an upward trend from 8.87% in 2020 to a peak of 10.97% in 2023, followed by a slight decline to 10.57% in 2024. Despite the dip, the ROA remained above the 2020 level, suggesting improved efficiency in asset utilization over time, albeit with some fluctuation in the final year.

Adjusted Consolidated Net Income

Adjusted net income exhibited higher volatility compared to the reported net income. It increased sharply from 6,525 million US dollars in 2020 to 10,529 million US dollars in 2021, then declined to 8,654 million US dollars in 2022. After recovering to 10,971 million US dollars in 2023, it dropped significantly to 8,053 million US dollars in 2024. This pattern indicates fluctuations in adjusted profitability, with a notable decrease in the latest year.

Adjusted Total Assets

Adjusted total assets echoed the trend seen in total assets, rising from 85,362 million US dollars in 2020 to 99,736 million US dollars by 2024. The steady increase suggests a gradual growth in asset base when excluding certain adjustments.

Adjusted Return on Assets (Adjusted ROA)

The adjusted ROA experienced pronounced variability, initially increasing from 7.64% in 2020 to 11.35% in 2021, then declining to 9.45% in 2022. It again reached 11.35% in 2023, followed by a sharp fall to 8.07% in 2024. This indicates irregular profitability relative to adjusted assets, with efficiency peaking intermittently but declining notably in the most recent period.