Coca-Cola Co. (NYSE:KO)

Net Fixed Asset Turnover

The net fixed asset turnover ratio shows an overall upward trend beginning with a value of 3.06 in December 2020. It steadily increased over subsequent periods, peaking at 5.08 in September 2023. After reaching this peak, the ratio experiences a slight decline but remains elevated, ending at 4.5 in March 2025. This pattern indicates improving efficiency in utilizing fixed assets to generate sales, with a notable increase in asset productivity until late 2023 followed by a modest reduction or stabilization thereafter.

Total Asset Turnover

The total asset turnover ratio exhibits a moderate increase from 0.38 in December 2020, rising to around 0.46 by the end of 2022. The ratio fluctuates marginally around this level in subsequent periods, with values typically ranging between 0.44 and 0.47. This suggests a relatively stable efficiency in the use of total assets to generate revenue, with minor variations but no significant long-term trends upward or downward over the observed timeframe.

Equity Turnover

Equity turnover starts at 1.71 in December 2020 and shows slight fluctuations around this value. It dips to a low of 1.62 in July 2021 and later increases to a peak of 1.89 in March 2025. The general trend suggests moderate variability but an overall mild improvement in the turnover of equity, indicating a stable and slightly improving ability to generate sales from shareholders' equity during the period under review.

The financial data reveals several notable trends concerning revenue, asset investment, and efficiency metrics over the observed periods.

Net Operating Revenues

Revenues exhibit a fluctuating but generally upward trajectory over the quarters. Starting at 8,601 million USD in March 2020, there is a decline in the second quarter of 2020, followed by recovery and growth through 2021. Revenues peak around the mid-2022 periods, reaching over 11,000 million USD in several quarters. Subsequently, revenues show some volatility, with slight reductions in late 2022 and early 2023 before rising again to above 12,000 million USD by mid-2024. The last recorded quarter in March 2025 indicates a decline to approximately 11,129 million USD.

Property, Plant and Equipment, Net of Accumulated Depreciation

The net value of property, plant, and equipment presents a gradual decline from 10,993 million USD in March 2020 to a low near 8,860 million USD in September 2023. This downward trend indicates depreciation or disposals exceeding additions during this period. However, from late 2023 onwards, a reversal is observed, with increments leading to a value surpassing 10,400 million USD by March 2025, suggesting renewed investment or asset revaluation.

Net Fixed Asset Turnover

Starting from a ratio of 3.06 in December 2020, net fixed asset turnover ratios consistently improve, reaching a peak of 5.08 in December 2023. This increasing trend reflects enhanced efficiency in utilizing fixed assets to generate revenue. Post-peak, a slight moderation occurs, with ratios stabilizing in the range of 4.5 to 4.95 through the first quarter of 2025. Such levels still indicate strong asset utilization compared to earlier periods.

In summary, the data depict a scenario where operating revenues gradually recover and grow despite some volatility, concurrent with an initial decline and subsequent recovery in fixed asset bases. Efficiency in generating revenue from fixed assets improves markedly, indicating stronger operational leverage and asset management in recent quarters. The temporary decreases in revenues and asset values in certain periods may warrant further investigation to assess external or company-specific factors impacting performance.

The analysis of the quarterly financial data reveals several noteworthy trends in key financial metrics over the observed periods.

Net Operating Revenues

Net operating revenues exhibited fluctuations but showed an overall upward trajectory from March 2020 through December 2024. After an initial decline from 8,601 million USD in March 2020 to 7,150 million USD in June 2020, revenues rebounded and demonstrated growth reaching a peak of 12,363 million USD in June 2024. However, there were intermittent periods of decline or stagnation, notably between December 2021 and December 2022, and again in the first quarter of 2025. The general trend suggests resilience and gradual expansion in revenue generation despite short-term volatilities.

Total Assets

Total assets remained relatively stable with minor fluctuations throughout the period observed. Starting at 94,013 million USD in March 2020, the asset base experienced slight increases and decreases but maintained a range mostly between approximately 90,000 million USD and 106,000 million USD. There was a moderate increase observed toward the end of 2023 and into 2024, peaking at 106,266 million USD in December 2024, before a slight decrease in the first quarter of 2025. Overall, total assets showed moderate growth, reflecting possible investments or asset acquisitions balanced by disposals or depreciation.

Total Asset Turnover

Total asset turnover ratio, which measures the efficiency of asset use to generate revenue, showed an increasing trend over the periods where data was available. Starting at 0.38 in December 2020, the ratio gradually improved to about 0.46 by December 2023 and sustained similar levels through to the end of 2024. This trend indicates enhanced operational efficiency, suggesting that the company has been able to generate more revenue per unit of asset over time. There were minor fluctuations, but the overall pattern points toward improved asset utilization.

In summary, the data reflect a company progressing towards higher revenues and better asset utilization, albeit with some short-term fluctuations in both revenues and assets. The stability and slight growth in total assets combined with improving asset turnover suggest effective management strategies aimed at leveraging assets more efficiently to drive revenue growth over the long term.

Net Operating Revenues

Net operating revenues demonstrate a fluctuating pattern over the analyzed periods. Starting at 8,601 million US dollars in March 2020, the revenues declined to 7,150 million by June 2020, likely reflecting short-term challenges during that timeframe. Subsequently, revenues recovered and generally trended upward, reaching a peak of 11,972 million US dollars in June 2023. Thereafter, a mild decline is observed through to March 2025, where revenues settled at 11,129 million. Overall, revenues display a recovery and growth phase after the initial drop, with some volatility in the latter periods.

Equity Attributable to Shareowners

Equity attributable to shareowners shows a generally increasing trend across the time span. It commenced at 18,158 million US dollars in March 2020, with occasional fluctuations but no significant downward movements. A notable rise is seen from April 2021 onward, peaking at 26,518 million US dollars in September 2024. Minor contractions appear in periods such as July 2022 and June 2024, but the overall progression reflects strengthening equity positions, suggesting retained earnings growth and/or successful equity management strategies during these years.

Equity Turnover Ratio

Equity turnover ratios, measured intermittently from December 2020, remain relatively stable within a band of approximately 1.6 to 1.9. The ratio begins at 1.71 and fluctuates slightly across the periods, reaching a high of 1.89 in March 2025. This stability indicates consistent utilization of equity to generate revenues, although the slight upward trend towards the end of the timeframe may suggest marginally improved efficiency in equity use for driving sales.