Stock Analysis on Net

McDonald’s Corp. (NYSE:MCD)

Analysis of Long-term (Investment) Activity Ratios
Quarterly Data

Microsoft Excel

Long-term Activity Ratios (Summary)

McDonald’s Corp., long-term (investment) activity ratios (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Net fixed asset turnover 1.02 1.05 1.00 0.98 0.98 1.02 1.01 0.97 0.94 0.92 0.88 0.80 0.77 0.79 0.81 0.88 0.87
Total asset turnover 0.45 0.48 0.48 0.45 0.46 0.48 0.48 0.47 0.43 0.43 0.42 0.38 0.36 0.38 0.39 0.41 0.44
Equity turnover

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. McDonald’s Corp. net fixed asset turnover ratio improved from Q2 2023 to Q3 2023 but then slightly deteriorated from Q3 2023 to Q4 2023 not reaching Q2 2023 level.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. McDonald’s Corp. total asset turnover ratio improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023.

Net Fixed Asset Turnover

McDonald’s Corp., net fixed asset turnover calculation (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Revenues 6,406,200 6,692,200 6,497,500 5,897,800 5,926,500 5,872,100 5,718,400 5,665,600 6,009,100 6,201,300 5,887,900 5,124,600 5,313,800 5,418,100 3,761,500 4,714,400 5,349,000 5,430,600 5,341,300 4,955,600
Net property and equipment 24,907,600 23,924,100 24,101,500 23,858,500 23,773,600 22,698,300 23,334,500 24,434,700 24,720,600 24,428,700 24,620,200 24,549,800 24,958,200 24,218,300 23,830,000 23,595,900 24,160,000 23,325,300 23,504,200 23,283,500
Long-term Activity Ratio
Net fixed asset turnover1 1.02 1.05 1.00 0.98 0.98 1.02 1.01 0.97 0.94 0.92 0.88 0.80 0.77 0.79 0.81 0.88 0.87
Benchmarks
Net Fixed Asset Turnover, Competitors2
Airbnb Inc. 61.98 65.31 68.85 71.38 69.41 67.78 62.54 46.34 38.27
Booking Holdings Inc. 27.25 28.14 26.42 26.00 25.55 18.23 17.07 14.82 13.33 12.09 9.60 7.70 8.99 11.96 15.35 20.16 20.41
Carnival Corp. & plc 0.54 0.50 0.44 0.38 0.31 0.25 0.15 0.09 0.05 0.02 0.00 0.02 0.15 0.28 0.45 0.55 0.55 0.56 0.54 0.52
Chipotle Mexican Grill Inc. 4.55 4.56 4.59 4.53 4.43 4.50 4.49 4.40 4.27 4.18 4.11 3.91 3.78 3.76 3.75 3.88 3.83
Starbucks Corp. 4.87 4.96 4.99 4.91 4.92 4.99 4.85 4.75 4.56 4.41 3.89 3.75 3.77 3.82 4.17 4.22 4.12 4.21 4.16 4.19

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q4 2023 Calculation
Net fixed asset turnover = (RevenuesQ4 2023 + RevenuesQ3 2023 + RevenuesQ2 2023 + RevenuesQ1 2023) ÷ Net property and equipment
= (6,406,200 + 6,692,200 + 6,497,500 + 5,897,800) ÷ 24,907,600 = 1.02

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. McDonald’s Corp. net fixed asset turnover ratio improved from Q2 2023 to Q3 2023 but then slightly deteriorated from Q3 2023 to Q4 2023 not reaching Q2 2023 level.

Total Asset Turnover

McDonald’s Corp., total asset turnover calculation (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Revenues 6,406,200 6,692,200 6,497,500 5,897,800 5,926,500 5,872,100 5,718,400 5,665,600 6,009,100 6,201,300 5,887,900 5,124,600 5,313,800 5,418,100 3,761,500 4,714,400 5,349,000 5,430,600 5,341,300 4,955,600
Total assets 56,146,800 52,089,300 50,442,000 52,014,400 50,435,600 48,501,600 49,247,800 50,877,700 53,854,300 52,727,000 51,893,100 51,103,100 52,626,800 50,699,300 49,938,900 50,568,000 47,510,800 45,805,000 46,199,800 46,466,600
Long-term Activity Ratio
Total asset turnover1 0.45 0.48 0.48 0.45 0.46 0.48 0.48 0.47 0.43 0.43 0.42 0.38 0.36 0.38 0.39 0.41 0.44
Benchmarks
Total Asset Turnover, Competitors2
Airbnb Inc. 0.48 0.45 0.43 0.44 0.52 0.50 0.39 0.39 0.44
Booking Holdings Inc. 0.88 0.80 0.73 0.72 0.67 0.73 0.60 0.56 0.46 0.39 0.30 0.24 0.31 0.40 0.54 0.81 0.70
Carnival Corp. & plc 0.44 0.40 0.34 0.29 0.24 0.19 0.11 0.07 0.04 0.01 0.00 0.01 0.10 0.20 0.34 0.45 0.46 0.47 0.44 0.44
Chipotle Mexican Grill Inc. 1.23 1.21 1.23 1.27 1.25 1.23 1.24 1.21 1.13 1.09 1.08 1.03 1.00 1.03 1.05 1.09 1.09
Starbucks Corp. 1.22 1.22 1.19 1.16 1.15 1.14 1.08 1.05 0.93 0.92 0.84 0.77 0.80 0.83 0.97 0.97 1.38 1.25 1.45 1.27

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q4 2023 Calculation
Total asset turnover = (RevenuesQ4 2023 + RevenuesQ3 2023 + RevenuesQ2 2023 + RevenuesQ1 2023) ÷ Total assets
= (6,406,200 + 6,692,200 + 6,497,500 + 5,897,800) ÷ 56,146,800 = 0.45

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. McDonald’s Corp. total asset turnover ratio improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023.

Equity Turnover

McDonald’s Corp., equity turnover calculation (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Revenues 6,406,200 6,692,200 6,497,500 5,897,800 5,926,500 5,872,100 5,718,400 5,665,600 6,009,100 6,201,300 5,887,900 5,124,600 5,313,800 5,418,100 3,761,500 4,714,400 5,349,000 5,430,600 5,341,300 4,955,600
Shareholders’ equity (deficit) (4,706,700) (4,854,800) (4,999,100) (5,776,100) (6,003,400) (6,566,200) (6,369,800) (5,990,800) (4,601,000) (5,675,000) (5,808,000) (7,235,500) (7,824,900) (8,472,100) (9,463,100) (9,293,400) (8,210,300) (8,599,200) (6,808,800) (6,550,900)
Long-term Activity Ratio
Equity turnover1
Benchmarks
Equity Turnover, Competitors2
Airbnb Inc. 1.21 1.05 1.80 1.65 1.51 1.45 1.41 1.40 1.25
Booking Holdings Inc. 16.92 6.14 4.37 3.66 2.86 1.77 1.66 1.50 1.19 1.39 1.81 2.82 3.79 2.54
Carnival Corp. & plc 3.14 2.88 2.98 2.43 1.72 1.15 0.71 0.34 0.16 0.04 0.01 0.04 0.27 0.53 0.81 0.86 0.82 0.81 0.82 0.80
Chipotle Mexican Grill Inc. 3.22 3.30 3.36 3.62 3.65 3.62 3.78 3.67 3.29 3.11 3.15 3.01 2.96 3.22 3.30 3.40 3.32
Starbucks Corp.

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q4 2023 Calculation
Equity turnover = (RevenuesQ4 2023 + RevenuesQ3 2023 + RevenuesQ2 2023 + RevenuesQ1 2023) ÷ Shareholders’ equity (deficit)
= (6,406,200 + 6,692,200 + 6,497,500 + 5,897,800) ÷ -4,706,700 =

2 Click competitor name to see calculations.