Analysis of Geographic Areas
Coca-Cola Co. operates in 2 regions: United States and International.
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
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Area Asset Turnover
Coca-Cola Co., asset turnover by geographic area
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| International |
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).
- United States Asset Turnover
- The asset turnover ratio for the United States demonstrates a generally upward trajectory from 2.83 in 2020 to a peak of 4.49 in 2023. However, a slight decline is observed in 2024, dropping to 4.21. This indicates an improvement in the efficiency of asset utilization over time, with a minor reduction in the most recent period.
- International Asset Turnover
- The international asset turnover ratio shows consistent growth from 3.2 in 2020 to a high of 5.26 in 2023, followed by a reduction to 4.83 in 2024. The trend suggests significant enhancement in asset usage efficiency in foreign markets, although a moderate decrease occurs at the end of the examined period.
- Comparative Analysis
- Both geographic areas reveal a pattern of increasing asset turnover ratios over the spans analyzed, with international regions consistently exhibiting higher ratios than the United States. The year 2023 marks the peak performance in asset turnover for both areas, while 2024 experiences a slight downturn. This may reflect changes in market dynamics, operational adjustments, or investment strategies across these years.
Area Asset Turnover: United States
Coca-Cola Co.; United States; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net operating revenues | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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
Area asset turnover = Net operating revenues ÷ Property, plant and equipment, net
= ÷ =
- Net operating revenues
- The net operating revenues exhibit a steady upward trend over the five-year period from 2020 to 2024. Starting at 11,281 million US dollars in 2020, revenues increased consistently each year, reaching 18,362 million US dollars by the end of 2024. This reflects an overall growth in the company's sales within the United States geographic area, with particularly strong increases between 2021 and 2024.
- Property, plant and equipment, net
- The net value of property, plant, and equipment showed some fluctuations throughout the period. An initial decline was observed from 3,988 million US dollars in 2020 to 3,420 million in 2021, indicating possible disposals or depreciation exceeding new investments during that year. Subsequently, the asset base gradually increased, reaching 4,364 million US dollars in 2024. The upward movement in later years suggests renewed capital expenditures or asset acquisitions to support operational capacity.
- Area asset turnover
- The area asset turnover ratio, which measures the efficiency of asset use in generating revenues, rose significantly from 2.83 in 2020 to a peak of 4.49 in 2023. This indicates improving operational efficiency as more revenue was generated per unit of asset value. However, a slight decline occurred in 2024, bringing the ratio down to 4.21. Despite this minor dip, the overall trend suggests enhanced asset utilization effectiveness compared to the starting point in 2020.
Area Asset Turnover: International
Coca-Cola Co.; International; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net operating revenues | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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
Area asset turnover = Net operating revenues ÷ Property, plant and equipment, net
= ÷ =
- Net operating revenues
- The net operating revenues exhibited a consistent upward trend from 2020 through 2023, increasing from 21,733 million US dollars to a peak of 29,204 million US dollars. However, there was a slight decline in 2024, with revenues decreasing to 28,699 million US dollars. This indicates strong revenue growth over the four years followed by a marginal contraction in the most recent period.
- Property, plant and equipment, net
- The net value of property, plant and equipment showed a generally declining trend over the observed years, decreasing from 6,789 million US dollars in 2020 down to 5,554 million US dollars in 2023. There was a minor recovery in 2024, with the value increasing to 5,939 million US dollars. This pattern suggests a reduction in tangible fixed assets over the majority of the period, potentially due to disposals or depreciation exceeding capital expenditures, followed by a slight reinvestment or revaluation in the last year.
- Area asset turnover
- The area asset turnover ratio increased steadily from 3.20 in 2020 to a peak of 5.26 in 2023, indicating improving efficiency in using assets to generate revenues in the international market. However, the ratio declined somewhat in 2024 to 4.83, suggesting a slight decrease in operational efficiency or asset utilization compared to the previous year, though it still remained higher than earlier years.
Net operating revenues
Coca-Cola Co., net operating revenues by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
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).
- United States Net Operating Revenues
- The net operating revenues in the United States exhibit a consistent upward trend over the five-year period. Starting at $11,281 million in 2020, the revenues increase steadily each year, reaching $18,362 million by 2024. This demonstrates a significant growth trajectory, with the largest year-over-year increase occurring between 2023 and 2024.
- International Net Operating Revenues
- The international segment shows growth from 2020 to 2023, rising from $21,733 million to $29,204 million. However, there is a slight decline in 2024, where revenues decrease to $28,699 million. Despite this minor setback, the overall trend up to 2023 indicates expansion in international markets, though the 2024 dip may suggest emerging challenges or market fluctuations abroad.
- Total Net Operating Revenues
- The total net operating revenues reflect the combined effect of the two geographic segments. There is a persistent increase from $33,014 million in 2020 to $47,061 million in 2024. The growth pattern is steady, with no interruptions, underscoring the company's overall revenue expansion. However, the slower growth rate in 2024 compared to previous years may be influenced by the international segment's slight revenue decline.
- General Observations
- The data indicates that the United States is a strong and growing market, contributing an increasing share to the total revenues. International revenues have generally grown but show signs of volatility or slower growth in the most recent year. The company’s aggregate net operating revenues have expanded consistently, indicating effective revenue generation strategies, although attention may be needed to address the recent international market dynamics.
Property, plant and equipment, net
Coca-Cola Co., property, plant and equipment, net by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
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).
- United States
- The net property, plant, and equipment in the United States shows a fluctuating trend between 2020 and 2024. There was an initial decline from 3988 million USD in 2020 to 3420 million USD in 2021, representing a substantial decrease. This was followed by a modest increase to 3494 million USD in 2022 and a further rise to 3682 million USD in 2023. In 2024, a significant recovery occurred, reaching 4364 million USD, the highest value in the observed period.
- International
- The international figures exhibit a gradual downtrend overall, decreasing from 6789 million USD in 2020 to 5939 million USD in 2024. The most notable declines occurred between 2021 and 2023, dropping from 6500 million USD to 5554 million USD. There was a partial rebound in 2024, increasing to 5939 million USD, though this level remains below the initial values seen in 2020 and 2021.
- Total
- The total net property, plant, and equipment mirrored the pattern seen in international assets, displaying a general decline from 10777 million USD in 2020 to 10303 million USD in 2024. The reduction was more pronounced during the years 2022 and 2023, dropping to 9841 million USD and then to 9236 million USD, respectively. The figure improved in 2024 but did not fully recover to the 2020 level.
- Overall Analysis
- The data suggests a divergence in trends between domestic and international assets. While domestic property, plant, and equipment experienced a rebound after initial declines, international assets steadily decreased with only a slight recovery in the final year. The total net property, plant, and equipment consistently fell until 2023 before showing some signs of recovery. This may indicate strategic adjustments or differing investment priorities between geographic regions over the period analyzed.