Stock Analysis on Net
Stock Analysis on Net

McDonald’s Corp. (NYSE:MCD)

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Adjusted Financial Ratios

Microsoft Excel LibreOffice Calc

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Adjusted Financial Ratios (Summary)

McDonald’s Corp., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Activity Ratio
Total Asset Turnover
Reported
Adjusted
Liquidity Ratio
Current Ratio
Reported
Adjusted
Solvency Ratios
Debt to Equity
Reported
Adjusted
Debt to Capital
Reported
Adjusted
Financial Leverage
Reported
Adjusted
Profitability Ratios
Net Profit Margin
Reported
Adjusted
Return on Equity (ROE)
Reported
Adjusted
Return on Assets (ROA)
Reported
Adjusted

Based on: 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), 10-K (reporting date: 2016-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. McDonald’s Corp. adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. McDonald’s Corp. adjusted current ratio deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. McDonald’s Corp. adjusted debt-to-capital ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 not reaching 2018 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. McDonald’s Corp. adjusted net profit margin ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. McDonald’s Corp. adjusted ROA deteriorated from 2018 to 2019 and from 2019 to 2020.

McDonald’s Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in thousands)
Revenues
Total assets
Activity Ratio
Total asset turnover1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted revenues2
Adjusted total assets3
Activity Ratio
Adjusted total asset turnover4

Based on: 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), 10-K (reporting date: 2016-12-31).

1 2020 Calculation
Total asset turnover = Revenues ÷ Total assets
= ÷ =

2 Adjusted revenues. See details »

3 Adjusted total assets. See details »

4 2020 Calculation
Adjusted total asset turnover = Adjusted revenues ÷ Adjusted total assets
= ÷ =

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. McDonald’s Corp. adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in thousands)
Current assets
Current liabilities
Liquidity Ratio
Current ratio1
Adjusted
Selected Financial Data (US$ in thousands)
Current assets
Adjusted current liabilities2
Liquidity Ratio
Adjusted current ratio3

Based on: 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), 10-K (reporting date: 2016-12-31).

1 2020 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =

2 Adjusted current liabilities. See details »

3 2020 Calculation
Adjusted current ratio = Current assets ÷ Adjusted current liabilities
= ÷ =

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. McDonald’s Corp. adjusted current ratio deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020.

Adjusted Debt to Equity

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in thousands)
Total debt
Shareholders’ equity (deficit)
Solvency Ratio
Debt to equity1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2
Adjusted shareholders’ equity (deficit)3
Solvency Ratio
Adjusted debt to equity4

Based on: 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), 10-K (reporting date: 2016-12-31).

1 2020 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity (deficit)
= ÷ =

2 Adjusted total debt. See details »

3 Adjusted shareholders’ equity (deficit). See details »

4 2020 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ equity (deficit)
= ÷ =

Adjusted Debt to Capital

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in thousands)
Total debt
Total capital
Solvency Ratio
Debt to capital1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2
Adjusted total capital3
Solvency Ratio
Adjusted debt to capital4

Based on: 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), 10-K (reporting date: 2016-12-31).

1 2020 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2020 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= ÷ =

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. McDonald’s Corp. adjusted debt-to-capital ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 not reaching 2018 level.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in thousands)
Total assets
Shareholders’ equity (deficit)
Solvency Ratio
Financial leverage1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets2
Adjusted shareholders’ equity (deficit)3
Solvency Ratio
Adjusted financial leverage4

Based on: 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), 10-K (reporting date: 2016-12-31).

1 2020 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity (deficit)
= ÷ =

2 Adjusted total assets. See details »

3 Adjusted shareholders’ equity (deficit). See details »

4 2020 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity (deficit)
= ÷ =

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in thousands)
Net income
Revenues
Profitability Ratio
Net profit margin1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2
Adjusted revenues3
Profitability Ratio
Adjusted net profit margin4

Based on: 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), 10-K (reporting date: 2016-12-31).

1 2020 Calculation
Net profit margin = 100 × Net income ÷ Revenues
= 100 × ÷ =

2 Adjusted net income. See details »

3 Adjusted revenues. See details »

4 2020 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted revenues
= 100 × ÷ =

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. McDonald’s Corp. adjusted net profit margin ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in thousands)
Net income
Shareholders’ equity (deficit)
Profitability Ratio
ROE1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2
Adjusted shareholders’ equity (deficit)3
Profitability Ratio
Adjusted ROE4

Based on: 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), 10-K (reporting date: 2016-12-31).

1 2020 Calculation
ROE = 100 × Net income ÷ Shareholders’ equity (deficit)
= 100 × ÷ =

2 Adjusted net income. See details »

3 Adjusted shareholders’ equity (deficit). See details »

4 2020 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity (deficit)
= 100 × ÷ =

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in thousands)
Net income
Total assets
Profitability Ratio
ROA1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2
Adjusted total assets3
Profitability Ratio
Adjusted ROA4

Based on: 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), 10-K (reporting date: 2016-12-31).

1 2020 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × ÷ =

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2020 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. McDonald’s Corp. adjusted ROA deteriorated from 2018 to 2019 and from 2019 to 2020.