Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Coca-Cola Co., long-term (investment) activity ratios
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Coca-Cola Co. net fixed asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Coca-Cola Co. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Coca-Cola Co. total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Coca-Cola Co. equity turnover ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
Net Fixed Asset Turnover
Coca-Cola Co., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net operating revenues | 38,655 | 33,014 | 37,266 | 31,856 | 35,410 | |
| Property, plant and equipment, net | 9,920 | 10,777 | 10,838 | 8,232 | 8,203 | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 3.90 | 3.06 | 3.44 | 3.87 | 4.32 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Altria Group Inc. | 16.75 | 13.00 | 12.56 | 13.09 | 13.36 | |
| Mondelēz International Inc. | 3.32 | 2.94 | 2.96 | 3.06 | 2.98 | |
| PepsiCo Inc. | 3.55 | 3.29 | 3.48 | 3.68 | 3.68 | |
| Philip Morris International Inc. | 13.33 | 11.95 | 11.75 | 11.08 | 10.74 | |
| Net Fixed Asset Turnover, Sector | ||||||
| Food, Beverage & Tobacco | 5.24 | 4.69 | 4.91 | 5.24 | 5.28 | |
| Net Fixed Asset Turnover, Industry | ||||||
| Consumer Staples | 5.64 | 4.89 | 4.78 | 4.68 | 4.60 | |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Net fixed asset turnover = Net operating revenues ÷ Property, plant and equipment, net
= 38,655 ÷ 9,920 = 3.90
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Coca-Cola Co. net fixed asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Coca-Cola Co., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net operating revenues | 38,655 | 33,014 | 37,266 | 31,856 | 35,410 | |
| Property, plant and equipment, net | 9,920 | 10,777 | 10,838 | 8,232 | 8,203 | |
| Operating lease ROU assets (included in Other noncurrent assets) | 1,418 | 1,548 | 1,372 | — | — | |
| Property, plant and equipment, net (including operating lease, right-of-use asset) | 11,338 | 12,325 | 12,210 | 8,232 | 8,203 | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 3.41 | 2.68 | 3.05 | 3.87 | 4.32 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Mondelēz International Inc. | 3.10 | 2.75 | 2.78 | 3.06 | 2.98 | |
| PepsiCo Inc. | 3.25 | 3.05 | 3.22 | 3.68 | 3.68 | |
| Philip Morris International Inc. | 12.28 | 10.77 | 10.53 | 11.08 | 10.74 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Food, Beverage & Tobacco | 4.79 | 4.29 | 4.51 | 5.24 | 5.28 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Consumer Staples | 5.02 | 4.30 | 4.68 | 4.68 | 4.60 | |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Net operating revenues ÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= 38,655 ÷ 11,338 = 3.41
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Coca-Cola Co. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Total Asset Turnover
Coca-Cola Co., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net operating revenues | 38,655 | 33,014 | 37,266 | 31,856 | 35,410 | |
| Total assets | 94,354 | 87,296 | 86,381 | 83,216 | 87,896 | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 0.41 | 0.38 | 0.43 | 0.38 | 0.40 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Altria Group Inc. | 0.66 | 0.55 | 0.51 | 0.46 | 0.59 | |
| Mondelēz International Inc. | 0.43 | 0.39 | 0.40 | 0.41 | 0.41 | |
| PepsiCo Inc. | 0.86 | 0.76 | 0.86 | 0.83 | 0.80 | |
| Philip Morris International Inc. | 1.99 | 1.70 | 1.82 | 2.01 | 1.82 | |
| Total Asset Turnover, Sector | ||||||
| Food, Beverage & Tobacco | 0.76 | 0.68 | 0.73 | 0.71 | 0.72 | |
| Total Asset Turnover, Industry | ||||||
| Consumer Staples | 1.39 | 1.29 | 1.36 | 1.35 | 1.33 | |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Total asset turnover = Net operating revenues ÷ Total assets
= 38,655 ÷ 94,354 = 0.41
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Coca-Cola Co. total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Equity Turnover
Coca-Cola Co., equity turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net operating revenues | 38,655 | 33,014 | 37,266 | 31,856 | 35,410 | |
| Equity attributable to shareowners of The Coca-Cola Company | 22,999 | 19,299 | 18,981 | 16,981 | 17,072 | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 1.68 | 1.71 | 1.96 | 1.88 | 2.07 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Altria Group Inc. | — | 9.21 | 4.04 | 1.72 | 1.66 | |
| Mondelēz International Inc. | 1.02 | 0.96 | 0.95 | 1.01 | 0.99 | |
| PepsiCo Inc. | 4.95 | 5.23 | 4.54 | 4.45 | 5.83 | |
| Philip Morris International Inc. | — | — | — | — | — | |
| Equity Turnover, Sector | ||||||
| Food, Beverage & Tobacco | 4.59 | 4.59 | 4.19 | 3.83 | 3.98 | |
| Equity Turnover, Industry | ||||||
| Consumer Staples | 5.37 | 5.22 | 5.08 | 4.63 | 4.52 | |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Equity turnover = Net operating revenues ÷ Equity attributable to shareowners of The Coca-Cola Company
= 38,655 ÷ 22,999 = 1.68
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Coca-Cola Co. equity turnover ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |