Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Coca-Cola Co., solvency ratios (quarterly data)
Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 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: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-25), 10-Q (reporting date: 2020-06-26), 10-Q (reporting date: 2020-03-27).
| 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 deteriorated from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 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 deteriorated from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 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 Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Coca-Cola Co. financial leverage ratio increased from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024. |
| 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 Q2 2024 to Q3 2024 but then slightly improved from Q3 2024 to Q4 2024. |
Debt to Equity
Coca-Cola Co., debt to equity calculation (quarterly data)
| Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Sep 25, 2020 | Jun 26, 2020 | Mar 27, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Loans and notes payable | 1,499) | 2,203) | 3,793) | 6,054) | 4,557) | 3,915) | 4,828) | 5,455) | 2,373) | 3,396) | 4,358) | 3,610) | 3,307) | 1,866) | 1,867) | 1,933) | 2,183) | 5,857) | 9,423) | 13,657) | ||||||
| Current maturities of long-term debt | 648) | 1,067) | 1,939) | 1,392) | 1,960) | 2,080) | 1,171) | 811) | 399) | 729) | 788) | 1,039) | 1,338) | 448) | 337) | 2,880) | 485) | 7,508) | 5,181) | 5,642) | ||||||
| Long-term debt, excluding current maturities | 42,375) | 42,994) | 38,085) | 35,104) | 35,547) | 34,176) | 35,626) | 36,134) | 36,377) | 35,462) | 36,755) | 37,052) | 38,116) | 39,394) | 39,804) | 40,170) | 40,125) | 39,502) | 37,729) | 31,094) | ||||||
| Total debt | 44,522) | 46,264) | 43,817) | 42,550) | 42,064) | 40,171) | 41,625) | 42,400) | 39,149) | 39,587) | 41,901) | 41,701) | 42,761) | 41,708) | 42,008) | 44,983) | 42,793) | 52,867) | 52,333) | 50,393) | ||||||
| Equity attributable to shareowners of The Coca-Cola Company | 24,856) | 26,518) | 25,853) | 26,429) | 25,941) | 26,325) | 26,013) | 25,217) | 24,105) | 22,805) | 23,005) | 24,845) | 22,999) | 22,179) | 22,249) | 20,355) | 19,299) | 18,607) | 17,484) | 18,158) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to equity1 | 1.79 | 1.74 | 1.69 | 1.61 | 1.62 | 1.53 | 1.60 | 1.68 | 1.62 | 1.74 | 1.82 | 1.68 | 1.86 | 1.88 | 1.89 | 2.21 | 2.22 | 2.84 | 2.99 | 2.78 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||
| Mondelēz International Inc. | 0.66 | 0.71 | 0.71 | 0.67 | 0.69 | 0.70 | 0.74 | 0.79 | 0.85 | 0.81 | 0.70 | 0.70 | 0.69 | 0.72 | 0.69 | 0.72 | 0.73 | 0.75 | 0.76 | 0.77 | ||||||
| PepsiCo Inc. | 2.46 | 2.31 | 2.31 | 2.41 | 2.38 | 2.38 | 2.47 | 2.45 | 2.28 | 2.07 | 2.12 | 2.20 | 2.51 | 2.60 | 2.76 | 3.13 | 3.28 | 3.31 | 3.60 | 3.06 | ||||||
| Philip Morris International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 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: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-25), 10-Q (reporting date: 2020-06-26), 10-Q (reporting date: 2020-03-27).
1 Q4 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 deteriorated from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024. |
Debt to Capital
Coca-Cola Co., debt to capital calculation (quarterly data)
| Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Sep 25, 2020 | Jun 26, 2020 | Mar 27, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Loans and notes payable | 1,499) | 2,203) | 3,793) | 6,054) | 4,557) | 3,915) | 4,828) | 5,455) | 2,373) | 3,396) | 4,358) | 3,610) | 3,307) | 1,866) | 1,867) | 1,933) | 2,183) | 5,857) | 9,423) | 13,657) | ||||||
| Current maturities of long-term debt | 648) | 1,067) | 1,939) | 1,392) | 1,960) | 2,080) | 1,171) | 811) | 399) | 729) | 788) | 1,039) | 1,338) | 448) | 337) | 2,880) | 485) | 7,508) | 5,181) | 5,642) | ||||||
| Long-term debt, excluding current maturities | 42,375) | 42,994) | 38,085) | 35,104) | 35,547) | 34,176) | 35,626) | 36,134) | 36,377) | 35,462) | 36,755) | 37,052) | 38,116) | 39,394) | 39,804) | 40,170) | 40,125) | 39,502) | 37,729) | 31,094) | ||||||
| Total debt | 44,522) | 46,264) | 43,817) | 42,550) | 42,064) | 40,171) | 41,625) | 42,400) | 39,149) | 39,587) | 41,901) | 41,701) | 42,761) | 41,708) | 42,008) | 44,983) | 42,793) | 52,867) | 52,333) | 50,393) | ||||||
| Equity attributable to shareowners of The Coca-Cola Company | 24,856) | 26,518) | 25,853) | 26,429) | 25,941) | 26,325) | 26,013) | 25,217) | 24,105) | 22,805) | 23,005) | 24,845) | 22,999) | 22,179) | 22,249) | 20,355) | 19,299) | 18,607) | 17,484) | 18,158) | ||||||
| Total capital | 69,378) | 72,782) | 69,670) | 68,979) | 68,005) | 66,496) | 67,638) | 67,617) | 63,254) | 62,392) | 64,906) | 66,546) | 65,760) | 63,887) | 64,257) | 65,338) | 62,092) | 71,474) | 69,817) | 68,551) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to capital1 | 0.64 | 0.64 | 0.63 | 0.62 | 0.62 | 0.60 | 0.62 | 0.63 | 0.62 | 0.63 | 0.65 | 0.63 | 0.65 | 0.65 | 0.65 | 0.69 | 0.69 | 0.74 | 0.75 | 0.74 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||
| Mondelēz International Inc. | 0.40 | 0.42 | 0.42 | 0.40 | 0.41 | 0.41 | 0.43 | 0.44 | 0.46 | 0.45 | 0.41 | 0.41 | 0.41 | 0.42 | 0.41 | 0.42 | 0.42 | 0.43 | 0.43 | 0.44 | ||||||
| PepsiCo Inc. | 0.71 | 0.70 | 0.70 | 0.71 | 0.70 | 0.70 | 0.71 | 0.71 | 0.69 | 0.67 | 0.68 | 0.69 | 0.72 | 0.72 | 0.73 | 0.76 | 0.77 | 0.77 | 0.78 | 0.75 | ||||||
| Philip Morris International Inc. | 1.35 | 1.25 | 1.25 | 1.26 | 1.31 | 1.25 | 1.25 | 1.23 | 1.26 | 1.51 | 1.48 | 1.52 | 1.57 | 1.57 | 1.62 | 1.65 | 1.66 | 1.70 | 1.68 | 1.84 | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 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: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-25), 10-Q (reporting date: 2020-06-26), 10-Q (reporting date: 2020-03-27).
1 Q4 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 deteriorated from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024. |
Debt to Assets
Coca-Cola Co., debt to assets calculation (quarterly data)
| Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Sep 25, 2020 | Jun 26, 2020 | Mar 27, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Loans and notes payable | 1,499) | 2,203) | 3,793) | 6,054) | 4,557) | 3,915) | 4,828) | 5,455) | 2,373) | 3,396) | 4,358) | 3,610) | 3,307) | 1,866) | 1,867) | 1,933) | 2,183) | 5,857) | 9,423) | 13,657) | ||||||
| Current maturities of long-term debt | 648) | 1,067) | 1,939) | 1,392) | 1,960) | 2,080) | 1,171) | 811) | 399) | 729) | 788) | 1,039) | 1,338) | 448) | 337) | 2,880) | 485) | 7,508) | 5,181) | 5,642) | ||||||
| Long-term debt, excluding current maturities | 42,375) | 42,994) | 38,085) | 35,104) | 35,547) | 34,176) | 35,626) | 36,134) | 36,377) | 35,462) | 36,755) | 37,052) | 38,116) | 39,394) | 39,804) | 40,170) | 40,125) | 39,502) | 37,729) | 31,094) | ||||||
| Total debt | 44,522) | 46,264) | 43,817) | 42,550) | 42,064) | 40,171) | 41,625) | 42,400) | 39,149) | 39,587) | 41,901) | 41,701) | 42,761) | 41,708) | 42,008) | 44,983) | 42,793) | 52,867) | 52,333) | 50,393) | ||||||
| Total assets | 100,549) | 106,266) | 101,202) | 99,392) | 97,703) | 97,578) | 98,456) | 97,404) | 92,763) | 92,471) | 93,169) | 94,064) | 94,354) | 90,606) | 90,194) | 89,993) | 87,296) | 97,184) | 94,689) | 94,013) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to assets1 | 0.44 | 0.44 | 0.43 | 0.43 | 0.43 | 0.41 | 0.42 | 0.44 | 0.42 | 0.43 | 0.45 | 0.44 | 0.45 | 0.46 | 0.47 | 0.50 | 0.49 | 0.54 | 0.55 | 0.54 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||
| Mondelēz International Inc. | 0.26 | 0.27 | 0.27 | 0.25 | 0.27 | 0.28 | 0.29 | 0.31 | 0.32 | 0.32 | 0.29 | 0.29 | 0.29 | 0.30 | 0.29 | 0.29 | 0.30 | 0.30 | 0.31 | 0.31 | ||||||
| PepsiCo Inc. | 0.45 | 0.45 | 0.45 | 0.46 | 0.44 | 0.45 | 0.45 | 0.45 | 0.42 | 0.42 | 0.42 | 0.43 | 0.44 | 0.44 | 0.46 | 0.48 | 0.48 | 0.48 | 0.50 | 0.48 | ||||||
| Philip Morris International Inc. | 0.74 | 0.74 | 0.75 | 0.77 | 0.73 | 0.76 | 0.77 | 0.76 | 0.70 | 0.67 | 0.68 | 0.70 | 0.67 | 0.70 | 0.72 | 0.74 | 0.70 | 0.75 | 0.76 | 0.76 | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 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: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-25), 10-Q (reporting date: 2020-06-26), 10-Q (reporting date: 2020-03-27).
1 Q4 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 Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024. |
Financial Leverage
Coca-Cola Co., financial leverage calculation (quarterly data)
| Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Sep 25, 2020 | Jun 26, 2020 | Mar 27, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Total assets | 100,549) | 106,266) | 101,202) | 99,392) | 97,703) | 97,578) | 98,456) | 97,404) | 92,763) | 92,471) | 93,169) | 94,064) | 94,354) | 90,606) | 90,194) | 89,993) | 87,296) | 97,184) | 94,689) | 94,013) | ||||||
| Equity attributable to shareowners of The Coca-Cola Company | 24,856) | 26,518) | 25,853) | 26,429) | 25,941) | 26,325) | 26,013) | 25,217) | 24,105) | 22,805) | 23,005) | 24,845) | 22,999) | 22,179) | 22,249) | 20,355) | 19,299) | 18,607) | 17,484) | 18,158) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Financial leverage1 | 4.05 | 4.01 | 3.91 | 3.76 | 3.77 | 3.71 | 3.78 | 3.86 | 3.85 | 4.05 | 4.05 | 3.79 | 4.10 | 4.09 | 4.05 | 4.42 | 4.52 | 5.22 | 5.42 | 5.18 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||
| Mondelēz International Inc. | 2.54 | 2.59 | 2.64 | 2.73 | 2.52 | 2.48 | 2.51 | 2.58 | 2.65 | 2.55 | 2.40 | 2.41 | 2.37 | 2.43 | 2.41 | 2.45 | 2.46 | 2.46 | 2.47 | 2.48 | ||||||
| PepsiCo Inc. | 5.51 | 5.17 | 5.12 | 5.25 | 5.43 | 5.31 | 5.42 | 5.46 | 5.38 | 4.98 | 5.02 | 5.11 | 5.76 | 5.88 | 6.04 | 6.54 | 6.91 | 6.83 | 7.17 | 6.32 | ||||||
| Philip Morris International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 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: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-25), 10-Q (reporting date: 2020-06-26), 10-Q (reporting date: 2020-03-27).
1 Q4 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 increased from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024. |
Interest Coverage
Coca-Cola Co., interest coverage calculation (quarterly data)
Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 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: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-25), 10-Q (reporting date: 2020-06-26), 10-Q (reporting date: 2020-03-27).
1 Q4 2024 Calculation
Interest coverage
= (EBITQ4 2024
+ EBITQ3 2024
+ EBITQ2 2024
+ EBITQ1 2024)
÷ (Interest expenseQ4 2024
+ Interest expenseQ3 2024
+ Interest expenseQ2 2024
+ Interest expenseQ1 2024)
= (3,237 + 3,805 + 3,446 + 4,254)
÷ (431 + 425 + 418 + 382)
= 8.90
| 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 Q2 2024 to Q3 2024 but then slightly improved from Q3 2024 to Q4 2024. |