Adjusted Financial Ratios
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McDonald’s Corp. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Adjusted Financial Ratios (Summary)
McDonald’s Corp., adjusted financial ratios
Based on: 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), 10-K (reporting date: 2019-12-31).
| 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 improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| 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 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 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 deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | McDonald’s Corp. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
McDonald’s Corp., Financial Ratios: Reported vs. Adjusted
Adjusted Total Asset Turnover
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Total asset turnover = Revenues ÷ Total assets
= ÷ =
2 Adjusted revenues. See details »
3 Adjusted total assets. See details »
4 2023 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 improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Adjusted Debt to Equity
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity (deficit)
= ÷ =
2 Adjusted total debt. See details »
3 Adjusted shareholders’ equity (deficit). See details »
4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ equity (deficit)
= ÷ =
Adjusted Debt to Capital
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Adjusted total debt. See details »
3 Adjusted total capital. See details »
4 2023 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 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Adjusted Financial Leverage
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity (deficit)
= ÷ =
2 Adjusted total assets. See details »
3 Adjusted shareholders’ equity (deficit). See details »
4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity (deficit)
= ÷ =
Adjusted Net Profit Margin
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Net profit margin = 100 × Net income ÷ Revenues
= 100 × ÷ =
2 Adjusted net income. See details »
3 Adjusted revenues. See details »
4 2023 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 deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Adjusted Return on Equity (ROE)
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
ROE = 100 × Net income ÷ Shareholders’ equity (deficit)
= 100 × ÷ =
2 Adjusted net income. See details »
3 Adjusted shareholders’ equity (deficit). See details »
4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity (deficit)
= 100 × ÷ =
Adjusted Return on Assets (ROA)
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × ÷ =
2 Adjusted net income. See details »
3 Adjusted total assets. See details »
4 2023 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 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |