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.
Paying user area
Try for free
Coca-Cola Co. pages available for free this week:
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Coca-Cola Co. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Long-term Activity Ratios (Summary)
Coca-Cola Co., long-term (investment) activity ratios
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
Based on: 10-K (reporting date: 2025-12-31), 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).
The long-term investment activity ratios demonstrate varied performance over the five-year period. Generally, asset utilization appears stable, with some ratios exhibiting improvement while others show signs of potential weakening towards the end of the period.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio generally increased from 3.90 in 2021 to 4.95 in 2023, indicating improving efficiency in generating revenue from fixed assets. A slight decrease to 4.57 was observed in 2024, followed by a recovery to 4.99 in 2025, suggesting continued strong, though somewhat volatile, asset utilization.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- When including operating leases and right-of-use assets, the net fixed asset turnover ratio also showed an upward trend from 3.41 in 2021 to 4.33 in 2023. Similar to the standard net fixed asset turnover, this ratio decreased to 4.10 in 2024 and experienced a modest increase to 4.24 in 2025. The inclusion of these lease assets results in lower turnover figures compared to the standard calculation, but the overall trend remains consistent.
- Total Asset Turnover
- The total asset turnover ratio exhibited a modest increase from 0.41 in 2021 to 0.47 in both 2023 and 2024, suggesting a slight improvement in the efficiency of utilizing all assets to generate revenue. However, the ratio decreased slightly to 0.46 in 2025, indicating a potential stabilization or minor decline in overall asset efficiency. The changes are relatively small, suggesting consistent, but not dramatic, performance.
- Equity Turnover
- The equity turnover ratio increased from 1.68 in 2021 to 1.89 in 2024, indicating that the company was generating more revenue per dollar of equity. However, a notable decrease to 1.49 was observed in 2025. This decline suggests a reduced ability to generate revenue from shareholder equity, potentially due to factors such as decreased profitability or increased equity levels. This is the most significant change observed across the ratios.
In summary, the company demonstrates generally efficient asset utilization, with the net fixed asset turnover ratios showing positive trends. The total asset turnover ratio remains relatively stable. The equity turnover ratio, however, experienced a significant decrease in the most recent year, warranting further investigation.
Net Fixed Asset Turnover
Coca-Cola Co., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net operating revenues | ||||||
| Property, plant and equipment, net | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Consumer Staples | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Net fixed asset turnover = Net operating revenues ÷ Property, plant and equipment, net
= ÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio demonstrates an overall positive trend between 2021 and 2025, with some fluctuation. This indicates changes in how efficiently the company generates revenue from its fixed assets.
- Net Fixed Asset Turnover Trend
- The ratio increased from 3.90 in 2021 to 4.37 in 2022, representing a notable improvement in asset utilization. This upward momentum continued into 2023, reaching 4.95, the highest value observed within the analyzed period. A slight decrease to 4.57 occurred in 2024, before recovering to 4.99 in 2025, matching the 2023 peak.
Concurrent changes in net operating revenues and net property, plant, and equipment appear to influence the ratio. Net operating revenues consistently increased throughout the period, contributing to the initial rise in the turnover ratio. While property, plant, and equipment, net, generally decreased from 2021 to 2023, it increased in 2024 before decreasing again in 2025. The interplay between these two financial items explains the fluctuations observed in the net fixed asset turnover ratio.
- Revenue and Asset Relationship
- The increase in the ratio from 2021 to 2023 suggests that the company was becoming more effective at generating sales for each dollar invested in fixed assets. The dip in 2024, coinciding with an increase in net property, plant, and equipment, suggests that the increased investment had not yet translated into proportional revenue gains. The subsequent recovery in 2025 indicates a return to efficient asset utilization, potentially due to the full impact of prior investments or improved operational efficiency.
The relatively high and stable ratio values throughout the period suggest a generally efficient use of fixed assets. The fluctuations, however, warrant further investigation to understand the drivers behind the changes and to identify opportunities for continued improvement.
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, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net operating revenues | ||||||
| Property, plant and equipment, net | ||||||
| Operating lease ROU assets (included in Other noncurrent assets) | ||||||
| Property, plant and equipment, net (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Consumer Staples | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 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)
= ÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio demonstrates an increasing trend over the observed period, with some fluctuation. This indicates a growing efficiency in utilizing fixed assets to generate revenue. Net operating revenues consistently increased throughout the period, while the value of property, plant, and equipment, net, experienced more variability.
- Net Operating Revenues
- Net operating revenues increased from US$38,655 million in 2021 to US$47,941 million in 2025. This represents a cumulative growth of approximately 24.2% over the five-year period. The growth was most pronounced between 2021 and 2022, and continued at a more moderate pace in subsequent years.
- Property, Plant, and Equipment, Net (including operating lease, right-of-use asset)
- The value of property, plant, and equipment, net, decreased from US$11,338 million in 2021 to US$10,564 million in 2023, before increasing to US$11,485 million in 2024 and settling at US$11,310 million in 2025. This suggests potential asset disposals or depreciation exceeding new investments between 2021 and 2023, followed by reinvestment in 2024. The value remained relatively stable between 2024 and 2025.
- Net Fixed Asset Turnover (including operating lease, right-of-use asset)
- The net fixed asset turnover ratio rose from 3.41 in 2021 to a peak of 4.33 in 2023, indicating improved efficiency in revenue generation per dollar of fixed assets. A slight decrease to 4.10 was observed in 2024, potentially due to the increase in fixed assets. The ratio recovered somewhat in 2025, reaching 4.24. Overall, the ratio demonstrates a positive trend, suggesting effective asset management and utilization.
The combined effect of increasing revenues and fluctuating fixed asset values resulted in a generally improving net fixed asset turnover ratio. The slight dip in 2024 warrants monitoring to determine if it represents a temporary fluctuation or the beginning of a new trend.
Total Asset Turnover
Coca-Cola Co., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net operating revenues | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| Total Asset Turnover, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| Total Asset Turnover, Industry | ||||||
| Consumer Staples | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Total asset turnover = Net operating revenues ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The analysis reveals a generally stable, albeit modestly fluctuating, total asset turnover ratio over the five-year period. While net operating revenues consistently increased, the ratio did not demonstrate a corresponding upward trend, indicating changes in the efficiency with which assets are utilized to generate sales.
- Total Asset Turnover
- The total asset turnover ratio began at 0.41 in 2021. An initial increase was observed in 2022, rising to 0.46. This improvement suggests a more efficient use of assets in generating revenue during that year. The ratio remained relatively consistent at 0.47 in both 2023 and 2024, indicating a stabilization of asset utilization efficiency. A slight decrease to 0.46 was noted in 2025, though the value remained near the levels observed in 2022 and 2023.
Net operating revenues increased from US$38,655 million in 2021 to US$47,941 million in 2025, representing a cumulative growth of approximately 24.2%. However, total assets also increased over the same period, rising from US$94,354 million to US$104,816 million, a growth of roughly 11.1%. The comparatively slower growth in assets relative to revenues initially contributed to the improvement in the turnover ratio in 2022. The subsequent stabilization and slight decline in the ratio, despite continued revenue growth, suggest that the rate of asset accumulation has outpaced the ability to generate incremental sales from those assets.
The consistency of the ratio in the later years suggests a mature operational state, where significant improvements in asset utilization may be becoming more challenging to achieve. Further investigation into the composition of assets and the drivers of revenue growth would be necessary to determine the underlying causes of these trends and identify potential areas for optimization.
Equity Turnover
Coca-Cola Co., equity turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net operating revenues | ||||||
| Equity attributable to shareowners of The Coca-Cola Company | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| Equity Turnover, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| Equity Turnover, Industry | ||||||
| Consumer Staples | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Equity turnover = Net operating revenues ÷ Equity attributable to shareowners of The Coca-Cola Company
= ÷ =
2 Click competitor name to see calculations.
The equity turnover ratio exhibits fluctuations over the five-year period. Initially, the ratio increased from 2021 to 2022, then experienced a slight decrease in 2023, followed by a more substantial increase in 2024, and finally a notable decline in 2025.
- Equity Turnover Trend
- The equity turnover ratio began at 1.68 in 2021 and rose to 1.78 in 2022, indicating a slightly improved efficiency in generating revenue from shareholder equity. A minor decrease to 1.76 was observed in 2023. The ratio then increased to 1.89 in 2024, suggesting a further enhancement in the utilization of equity to generate sales. However, in 2025, the ratio decreased significantly to 1.49, representing a reduced efficiency in revenue generation relative to equity.
Net operating revenues consistently increased from 2021 to 2025. However, the equity attributable to shareowners also increased, but not at the same rate, particularly with a substantial increase in 2025. This disparity in growth rates between revenues and equity likely contributed to the observed fluctuations in the equity turnover ratio.
- Revenue and Equity Relationship
- While net operating revenues demonstrated consistent growth throughout the period, the growth in equity attributable to shareowners was uneven. The significant increase in equity in 2025, exceeding the revenue growth rate for that year, resulted in a lower equity turnover ratio. This suggests that a larger equity base was required to generate a similar level of revenue compared to previous years.
The decrease in equity turnover in 2025 warrants further investigation. It could indicate a less efficient use of equity, potentially due to increased investments in assets that have not yet translated into proportional revenue gains, or a change in the company’s capital structure.