Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.

Coca-Cola Co., long-term (investment) activity ratios

	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Net fixed asset turnover	3.87	4.32	3.94	3.52	3.14
Total asset turnover	0.38	0.40	0.48	0.49	0.50
Equity turnover	1.88	2.07	1.82	1.73	1.52

Ratio	Description	The company
Net fixed asset turnover	An activity ratio calculated as total revenue divided by net fixed assets.	Coca-Cola Co.’s net fixed asset turnover improved from 2016 to 2017 but then deteriorated significantly from 2017 to 2018.
Total asset turnover	An activity ratio calculated as total revenue divided by total assets.	Coca-Cola Co.’s total asset turnover deteriorated from 2016 to 2017 and from 2017 to 2018.
Equity turnover	An activity ratio calculated as total revenue divided by shareholders’ equity.	Coca-Cola Co.’s equity turnover improved from 2016 to 2017 but then slightly deteriorated from 2017 to 2018 not reaching 2016 level.

Coca-Cola Co., net fixed asset turnover calculation, comparison to benchmarks

	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Selected Financial Data (USD $ in millions)
Net operating revenues	31,856	35,410	41,863	44,294	45,998
Property, plant and equipment, net	8,232	8,203	10,635	12,571	14,633
Ratio
Net fixed asset turnover¹	3.87	4.32	3.94	3.52	3.14
Benchmarks
Net Fixed Asset Turnover, Competitors
PepsiCo Inc.	3.68	3.68	3.79	3.86	3.87
Net Fixed Asset Turnover, Sector
Beverages	3.74	3.89	3.84	3.72	3.53
Net Fixed Asset Turnover, Industry
Consumer Goods	4.18	4.24	4.52	4.64	4.75

2018 Calculations

¹ Net fixed asset turnover = Net operating revenues ÷ Property, plant and equipment, net
= 31,856 ÷ 8,232 = 3.87

Ratio	Description	The company
Net fixed asset turnover	An activity ratio calculated as total revenue divided by net fixed assets.	Coca-Cola Co.’s net fixed asset turnover improved from 2016 to 2017 but then deteriorated significantly from 2017 to 2018.

Coca-Cola Co., total asset turnover calculation, comparison to benchmarks

	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Selected Financial Data (USD $ in millions)
Net operating revenues	31,856	35,410	41,863	44,294	45,998
Total assets	83,216	87,896	87,270	90,093	92,023
Ratio
Total asset turnover¹	0.38	0.40	0.48	0.49	0.50
Benchmarks
Total Asset Turnover, Competitors
PepsiCo Inc.	0.83	0.80	0.85	0.91	0.95
Total Asset Turnover, Sector
Beverages	0.60	0.59	0.65	0.67	0.69
Total Asset Turnover, Industry
Consumer Goods	0.66	0.62	0.65	0.68	0.78

2018 Calculations

¹ Total asset turnover = Net operating revenues ÷ Total assets
= 31,856 ÷ 83,216 = 0.38

Ratio	Description	The company
Total asset turnover	An activity ratio calculated as total revenue divided by total assets.	Coca-Cola Co.’s total asset turnover deteriorated from 2016 to 2017 and from 2017 to 2018.

Coca-Cola Co., equity turnover calculation, comparison to benchmarks

	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Selected Financial Data (USD $ in millions)
Net operating revenues	31,856	35,410	41,863	44,294	45,998
Equity attributable to shareowners of The Coca-Cola Company	16,981	17,072	23,062	25,554	30,320
Ratio
Equity turnover¹	1.88	2.07	1.82	1.73	1.52
Benchmarks
Equity Turnover, Competitors
PepsiCo Inc.	4.45	5.83	5.66	5.29	3.82
Equity Turnover, Sector
Beverages	3.06	3.54	3.06	2.86	2.36
Equity Turnover, Industry
Consumer Goods	3.28	2.57	2.67	2.68	3.28

2018 Calculations

¹ Equity turnover = Net operating revenues ÷ Equity attributable to shareowners of The Coca-Cola Company
= 31,856 ÷ 16,981 = 1.88

Ratio	Description	The company
Equity turnover	An activity ratio calculated as total revenue divided by shareholders’ equity.	Coca-Cola Co.’s equity turnover improved from 2016 to 2017 but then slightly deteriorated from 2017 to 2018 not reaching 2016 level.

Coca-Cola Co. (KO)

Long-term (Investment) Activity Analysis