Stock Analysis on Net

Coca-Cola Co. (NYSE:KO)

Analysis of Solvency Ratios

Microsoft Excel

Solvency Ratios (Summary)

Coca-Cola Co., solvency ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Debt Ratios
Debt to equity 1.79 1.62 1.62 1.86 2.22
Debt to equity (including operating lease liability) 1.84 1.67 1.68 1.92 2.30
Debt to capital 0.64 0.62 0.62 0.65 0.69
Debt to capital (including operating lease liability) 0.65 0.63 0.63 0.66 0.70
Debt to assets 0.44 0.43 0.42 0.45 0.49
Debt to assets (including operating lease liability) 0.45 0.44 0.44 0.47 0.51
Financial leverage 4.05 3.77 3.85 4.10 4.52
Coverage Ratios
Interest coverage 8.90 9.48 14.25 8.78 7.78
Fixed charge coverage 7.48 7.73 10.14 7.41 6.45

Based on: 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), 10-K (reporting date: 2020-12-31).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Coca-Cola Co. debt to equity ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Coca-Cola Co. debt to equity ratio (including operating lease liability) improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Coca-Cola Co. debt to capital ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Coca-Cola Co. debt to capital ratio (including operating lease liability) improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Coca-Cola Co. debt to assets ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Coca-Cola Co. debt to assets ratio (including operating lease liability) deteriorated from 2022 to 2023 and from 2023 to 2024.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Coca-Cola Co. financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Coca-Cola Co. interest coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Coca-Cola Co. fixed charge coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Debt to Equity

Coca-Cola Co., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Loans and notes payable 1,499 4,557 2,373 3,307 2,183
Current maturities of long-term debt 648 1,960 399 1,338 485
Long-term debt, excluding current maturities 42,375 35,547 36,377 38,116 40,125
Total debt 44,522 42,064 39,149 42,761 42,793
 
Equity attributable to shareowners of The Coca-Cola Company 24,856 25,941 24,105 22,999 19,299
Solvency Ratio
Debt to equity1 1.79 1.62 1.62 1.86 2.22
Benchmarks
Debt to Equity, Competitors2
Mondelēz International Inc. 0.66 0.69 0.85 0.69 0.73
PepsiCo Inc. 2.46 2.38 2.28 2.51 3.28
Philip Morris International Inc.
Debt to Equity, Sector
Food, Beverage & Tobacco 2.62 2.49 2.44 2.28 2.90
Debt to Equity, Industry
Consumer Staples 1.11 1.16 1.08 1.07 1.24

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to equity = Total debt ÷ Equity attributable to shareowners of The Coca-Cola Company
= 44,522 ÷ 24,856 = 1.79

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Coca-Cola Co. debt to equity ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Debt to Equity (including Operating Lease Liability)

Coca-Cola Co., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Loans and notes payable 1,499 4,557 2,373 3,307 2,183
Current maturities of long-term debt 648 1,960 399 1,338 485
Long-term debt, excluding current maturities 42,375 35,547 36,377 38,116 40,125
Total debt 44,522 42,064 39,149 42,761 42,793
Current portion of operating lease liabilities (included in Accounts payable and accrued expenses) 290 361 341 310 322
Noncurrent portion of operating lease liabilities (included in Other noncurrent liabilities) 923 1,001 1,113 1,161 1,300
Total debt (including operating lease liability) 45,735 43,426 40,603 44,232 44,415
 
Equity attributable to shareowners of The Coca-Cola Company 24,856 25,941 24,105 22,999 19,299
Solvency Ratio
Debt to equity (including operating lease liability)1 1.84 1.67 1.68 1.92 2.30
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Mondelēz International Inc. 0.69 0.71 0.88 0.71 0.75
PepsiCo Inc. 2.65 2.54 2.42 2.64 3.41
Philip Morris International Inc.
Debt to Equity (including Operating Lease Liability), Sector
Food, Beverage & Tobacco 2.73 2.59 2.53 2.36 3.00
Debt to Equity (including Operating Lease Liability), Industry
Consumer Staples 1.23 1.28 1.20 1.19 1.39

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Equity attributable to shareowners of The Coca-Cola Company
= 45,735 ÷ 24,856 = 1.84

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Coca-Cola Co. debt to equity ratio (including operating lease liability) improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Debt to Capital

Coca-Cola Co., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Loans and notes payable 1,499 4,557 2,373 3,307 2,183
Current maturities of long-term debt 648 1,960 399 1,338 485
Long-term debt, excluding current maturities 42,375 35,547 36,377 38,116 40,125
Total debt 44,522 42,064 39,149 42,761 42,793
Equity attributable to shareowners of The Coca-Cola Company 24,856 25,941 24,105 22,999 19,299
Total capital 69,378 68,005 63,254 65,760 62,092
Solvency Ratio
Debt to capital1 0.64 0.62 0.62 0.65 0.69
Benchmarks
Debt to Capital, Competitors2
Mondelēz International Inc. 0.40 0.41 0.46 0.41 0.42
PepsiCo Inc. 0.71 0.70 0.69 0.72 0.77
Philip Morris International Inc. 1.35 1.31 1.26 1.57 1.66
Debt to Capital, Sector
Food, Beverage & Tobacco 0.72 0.71 0.71 0.70 0.74
Debt to Capital, Industry
Consumer Staples 0.53 0.54 0.52 0.52 0.55

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 44,522 ÷ 69,378 = 0.64

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Coca-Cola Co. debt to capital ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Debt to Capital (including Operating Lease Liability)

Coca-Cola Co., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Loans and notes payable 1,499 4,557 2,373 3,307 2,183
Current maturities of long-term debt 648 1,960 399 1,338 485
Long-term debt, excluding current maturities 42,375 35,547 36,377 38,116 40,125
Total debt 44,522 42,064 39,149 42,761 42,793
Current portion of operating lease liabilities (included in Accounts payable and accrued expenses) 290 361 341 310 322
Noncurrent portion of operating lease liabilities (included in Other noncurrent liabilities) 923 1,001 1,113 1,161 1,300
Total debt (including operating lease liability) 45,735 43,426 40,603 44,232 44,415
Equity attributable to shareowners of The Coca-Cola Company 24,856 25,941 24,105 22,999 19,299
Total capital (including operating lease liability) 70,591 69,367 64,708 67,231 63,714
Solvency Ratio
Debt to capital (including operating lease liability)1 0.65 0.63 0.63 0.66 0.70
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Mondelēz International Inc. 0.41 0.42 0.47 0.42 0.43
PepsiCo Inc. 0.73 0.72 0.71 0.73 0.77
Philip Morris International Inc. 1.34 1.30 1.26 1.55 1.64
Debt to Capital (including Operating Lease Liability), Sector
Food, Beverage & Tobacco 0.73 0.72 0.72 0.70 0.75
Debt to Capital (including Operating Lease Liability), Industry
Consumer Staples 0.55 0.56 0.54 0.54 0.58

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 45,735 ÷ 70,591 = 0.65

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Coca-Cola Co. debt to capital ratio (including operating lease liability) improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Debt to Assets

Coca-Cola Co., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Loans and notes payable 1,499 4,557 2,373 3,307 2,183
Current maturities of long-term debt 648 1,960 399 1,338 485
Long-term debt, excluding current maturities 42,375 35,547 36,377 38,116 40,125
Total debt 44,522 42,064 39,149 42,761 42,793
 
Total assets 100,549 97,703 92,763 94,354 87,296
Solvency Ratio
Debt to assets1 0.44 0.43 0.42 0.45 0.49
Benchmarks
Debt to Assets, Competitors2
Mondelēz International Inc. 0.26 0.27 0.32 0.29 0.30
PepsiCo Inc. 0.45 0.44 0.42 0.44 0.48
Philip Morris International Inc. 0.74 0.73 0.70 0.67 0.70
Debt to Assets, Sector
Food, Beverage & Tobacco 0.46 0.46 0.45 0.44 0.47
Debt to Assets, Industry
Consumer Staples 0.31 0.31 0.30 0.30 0.33

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= 44,522 ÷ 100,549 = 0.44

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Coca-Cola Co. debt to assets ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Debt to Assets (including Operating Lease Liability)

Coca-Cola Co., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Loans and notes payable 1,499 4,557 2,373 3,307 2,183
Current maturities of long-term debt 648 1,960 399 1,338 485
Long-term debt, excluding current maturities 42,375 35,547 36,377 38,116 40,125
Total debt 44,522 42,064 39,149 42,761 42,793
Current portion of operating lease liabilities (included in Accounts payable and accrued expenses) 290 361 341 310 322
Noncurrent portion of operating lease liabilities (included in Other noncurrent liabilities) 923 1,001 1,113 1,161 1,300
Total debt (including operating lease liability) 45,735 43,426 40,603 44,232 44,415
 
Total assets 100,549 97,703 92,763 94,354 87,296
Solvency Ratio
Debt to assets (including operating lease liability)1 0.45 0.44 0.44 0.47 0.51
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Mondelēz International Inc. 0.27 0.28 0.33 0.30 0.31
PepsiCo Inc. 0.48 0.47 0.45 0.46 0.49
Philip Morris International Inc. 0.75 0.74 0.71 0.69 0.72
Debt to Assets (including Operating Lease Liability), Sector
Food, Beverage & Tobacco 0.48 0.48 0.47 0.46 0.49
Debt to Assets (including Operating Lease Liability), Industry
Consumer Staples 0.34 0.34 0.33 0.33 0.37

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 45,735 ÷ 100,549 = 0.45

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Coca-Cola Co. debt to assets ratio (including operating lease liability) deteriorated from 2022 to 2023 and from 2023 to 2024.

Financial Leverage

Coca-Cola Co., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Total assets 100,549 97,703 92,763 94,354 87,296
Equity attributable to shareowners of The Coca-Cola Company 24,856 25,941 24,105 22,999 19,299
Solvency Ratio
Financial leverage1 4.05 3.77 3.85 4.10 4.52
Benchmarks
Financial Leverage, Competitors2
Mondelēz International Inc. 2.54 2.52 2.65 2.37 2.46
PepsiCo Inc. 5.51 5.43 5.38 5.76 6.91
Philip Morris International Inc.
Financial Leverage, Sector
Food, Beverage & Tobacco 5.69 5.44 5.37 5.16 6.13
Financial Leverage, Industry
Consumer Staples 3.62 3.71 3.59 3.59 3.76

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Financial leverage = Total assets ÷ Equity attributable to shareowners of The Coca-Cola Company
= 100,549 ÷ 24,856 = 4.05

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Coca-Cola Co. financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Interest Coverage

Coca-Cola Co., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Net income attributable to shareowners of The Coca-Cola Company 10,631 10,714 9,542 9,771 7,747
Add: Net income attributable to noncontrolling interest 18 (11) 29 33 21
Add: Income tax expense 2,437 2,249 2,115 2,621 1,981
Add: Interest expense 1,656 1,527 882 1,597 1,437
Earnings before interest and tax (EBIT) 14,742 14,479 12,568 14,022 11,186
Solvency Ratio
Interest coverage1 8.90 9.48 14.25 8.78 7.78
Benchmarks
Interest Coverage, Competitors2
Mondelēz International Inc. 12.99 12.83 9.39 16.08 12.33
PepsiCo Inc. 8.44 8.95 10.57 5.94 8.24
Philip Morris International Inc. 6.97 7.95 16.33 17.80 16.07
Interest Coverage, Sector
Food, Beverage & Tobacco 8.53 9.23 12.81 9.56 10.01
Interest Coverage, Industry
Consumer Staples 10.92 11.37 15.69 11.46 11.62

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Interest coverage = EBIT ÷ Interest expense
= 14,742 ÷ 1,656 = 8.90

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Coca-Cola Co. interest coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Fixed Charge Coverage

Coca-Cola Co., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Net income attributable to shareowners of The Coca-Cola Company 10,631 10,714 9,542 9,771 7,747
Add: Net income attributable to noncontrolling interest 18 (11) 29 33 21
Add: Income tax expense 2,437 2,249 2,115 2,621 1,981
Add: Interest expense 1,656 1,527 882 1,597 1,437
Earnings before interest and tax (EBIT) 14,742 14,479 12,568 14,022 11,186
Add: Operating lease costs 362 397 397 342 353
Earnings before fixed charges and tax 15,104 14,876 12,965 14,364 11,539
 
Interest expense 1,656 1,527 882 1,597 1,437
Operating lease costs 362 397 397 342 353
Fixed charges 2,018 1,924 1,279 1,939 1,790
Solvency Ratio
Fixed charge coverage1 7.48 7.73 10.14 7.41 6.45
Benchmarks
Fixed Charge Coverage, Competitors2
Mondelēz International Inc. 9.21 9.42 6.60 10.28 8.27
PepsiCo Inc. 5.99 6.43 7.28 4.85 6.06
Philip Morris International Inc. 6.14 6.92 12.59 13.43 11.50
Fixed Charge Coverage, Sector
Food, Beverage & Tobacco 6.78 7.29 9.14 7.60 7.54
Fixed Charge Coverage, Industry
Consumer Staples 7.34 7.38 9.06 7.46 7.19

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 15,104 ÷ 2,018 = 7.48

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Coca-Cola Co. fixed charge coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024.