Coca-Cola Co. (NYSE:KO)

Net Fixed Asset Turnover

The net fixed asset turnover ratio exhibits an overall increasing trend from the earliest available data point in December 2020 at 3.06 to a peak of 5.08 in September 2023. This suggests improving efficiency in utilizing fixed assets to generate revenue over this period. After reaching this peak, the ratio shows a slight decline, stabilizing around 4.36 by June 2025, indicating a moderation in asset utilization efficiency but remaining at a relatively high level compared to earlier periods.

Total Asset Turnover

The total asset turnover ratio starts at 0.38 in December 2020, followed by modest fluctuations within a narrow range between 0.37 and 0.47 over subsequent quarters. A gradual increase is observable up to 0.47 by March 2025, albeit with minor variability, reflecting stable and slightly improving efficiency in using total assets to generate sales. No sharp increases or declines are evident, indicating consistent asset management performance.

Equity Turnover

The equity turnover ratio demonstrates moderate fluctuations over time, beginning at 1.71 in December 2020 and generally oscillating between 1.62 and 1.89 across the examined periods. There is a subtle upward tendency noticeable towards late 2024 and early 2025, peaking at 1.89 in March 2025. Despite these fluctuations, the ratio remains relatively stable, indicating consistent use of shareholder equity to support revenue generation.

Net Operating Revenues

The net operating revenues exhibit notable fluctuations over the observed periods. Initially, revenues declined from 8601 million USD in March 2020 to 7150 million USD in June 2020, likely reflecting external economic challenges during that period. Following this dip, revenues rebounded and maintained an upward trajectory through 2021, reaching a peak of 11972 million USD in June 2023. Despite some volatility, revenues generally sustained elevated levels until a modest decrease is observed in the final quarters, with values moving from 12535 million USD at June 2025 to 11129 million USD in March 2025 before rising again to 12535 million USD in the last reported period, indicating some seasonality or market adjustments.

Property, Plant and Equipment (PP&E), less accumulated depreciation

The net value of PP&E demonstrates a declining trend in the early periods, beginning at 10993 million USD in March 2020 and decreasing steadily to 8860 million USD in September 2023. This suggests asset disposals, depreciation outpacing capital expenditure, or impairment activities during this timeframe. However, from late 2023 onward, the trend reverses with increases evident through to 10784 million USD by June 2025, indicating renewed investment or capital asset additions that improve the asset base.

Net Fixed Asset Turnover Ratio

The net fixed asset turnover ratio, available from December 2020 onwards, shows a consistent upward trend from 3.06 to a peak of 5.08 in December 2023. This suggests increasing efficiency in using fixed assets to generate revenue. After peaking, the ratio slightly declines but remains relatively high, around 4.36 to 4.70, showing strong asset utilization compared to earlier periods. The initial rise in turnover reflects improved operational productivity or better management of asset utilization, while the subsequent mild decline may indicate saturation or increased asset base outpacing revenue growth in later periods.

Summary of Trends

Overall, the data indicate that while the company experienced revenue volatility, particularly in early 2020, it managed to grow revenues substantially in subsequent years. The fixed asset base initially contracted but later expanded, suggesting strategic reinvestment. The increasing fixed asset turnover ratio highlights improving efficiency in revenue generation from fixed assets over most periods observed. The slight recent declines in both turnover ratio and revenues may warrant further monitoring to assess if these changes are transient or indicative of shifting market conditions or operational challenges.

Net Operating Revenues

The net operating revenues exhibit a cyclical pattern with notable fluctuations across the quarters. Beginning at 8,601 million USD in the first quarter of 2020, revenues decreased to 7,150 million USD in the subsequent quarter, likely reflecting a short-term downturn. Revenues then recovered and increased, peaking at 11,972 million USD in the second quarter of 2023. Despite some quarterly declines, the overall trend indicates growth over the observed period with revenues generally maintaining levels above 10,000 million USD after mid-2021. The most recent data points, ending in the second quarter of 2025, show a slight decline to 12,535 million USD after an earlier peak, suggesting some variability but no dramatic long-term downward trend.

Total Assets

Total assets figures reveal a gradual upward trend over the time horizon, with fluctuations typical for asset bases of large enterprises. From approximately 94,013 million USD in early 2020, assets displayed minor volatility but largely increased, reaching a high of 106,266 million USD in the third quarter of 2024. The data suggest effective asset accumulation or valuation adjustments which contribute to growth in the asset base. However, small periodic declines indicate possible asset disposals or market adjustments. The asset levels remain above 90,000 million USD throughout the period, indicating substantial resource backing.

Total Asset Turnover

The total asset turnover ratio, available from the fourth quarter of 2020 onward, demonstrates a consistent pattern in the range of 0.37 to 0.47. The ratio improves steadily from 0.38 to peaks around 0.47, indicating enhanced efficiency in utilizing assets to generate revenues. This gradual increase reflects a potential improvement in operational efficiency or better asset management. Despite some minor quarterly fluctuations, the ratio stabilizes in the mid-0.40s toward the end of the observed period, suggesting relatively steady turnover performance with no significant declines.

Overall Insights

The combined analysis of revenues, assets, and turnover ratio suggests a company experiencing growth accompanied by effective asset utilization. Revenue increases outpace asset growth, as evinced by the rising asset turnover ratio, which points to improved operational efficiency. The cyclical nature of revenue and periodic asset fluctuations likely relate to market conditions or strategic business decisions. Nonetheless, the trends provide a positive outlook on financial performance, with gains in revenues and asset productivity maintained throughout the analyzed timeframe.

The analysis of the quarterly financial data reveals several important trends related to revenues, equity, and efficiency ratios over the periods observed.

Net Operating Revenues

The net operating revenues demonstrate a fluctuating but overall upward trend from March 2020 to June 2025. Starting at 8601 million US dollars in March 2020, revenues exhibit a decline in the second quarter of 2020 down to 7150 million, likely reflective of external economic conditions at that time. Subsequently, revenues recover and increase steadily, peaking at 12535 million by June 2025.

Interim declines are observed, such as between July 2022 and December 2022, and again from December 2023 to March 2024. Despite these fluctuations, the general progression indicates growth in revenue generation capabilities over the five-year horizon.

Equity Attributable to Shareowners

Equity attributable to shareowners shows an overall positive trajectory, increasing from 18158 million US dollars in March 2020 to 28585 million in June 2025. The periods reflect consistent growth with minor variances, including slight decreases or stagnation in some quarters; for example, a decrease is noted from April 2022 (24845 million) to July 2022 (23005 million), followed by recovery.

This increase in equity indicates strengthening of shareholders' investment value and potential accumulation of retained earnings or capital appreciation over time.

Equity Turnover Ratio

The equity turnover ratio, available from the end of 2020 onwards, fluctuates within a relatively narrow range between 1.62 and 1.89. This ratio measures the efficiency with which equity is utilized to generate revenue. Although showing minor variations quarter to quarter, the ratio remains stable without significant downward or upward trends.

The consistency in this ratio suggests that the company has maintained steady effectiveness in utilizing its equity base to produce revenue, despite the variations in absolute revenue and equity values.

In summary, the company exhibits a resilient revenue growth pattern with occasional quarter-to-quarter fluctuations. Shareholders' equity consistently increases, reflecting enhanced financial strength. The stable equity turnover ratio corroborates an ongoing efficient deployment of equity resources in generating operating revenues across the observed periods.