Coca-Cola Consolidated Inc. (COKE)

Liquidity ratios

	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
Current ratio	1.56	1.85	1.74	1.67	1.38	1.40	1.24	1.18	1.29	1.39	1.25	1.36	1.32	1.43	1.42	1.49	1.33	1.39	1.44	1.45
Quick ratio	0.57	0.66	0.46	1.08	0.83	0.86	0.19	0.14	0.78	0.24	0.07	0.08	0.78	0.95	0.91	0.92	0.79	0.82	0.87	0.86
Cash ratio	0.58	0.68	0.48	0.36	0.22	0.19	0.19	0.14	0.17	0.24	0.07	0.08	0.08	0.24	0.12	0.08	0.02	0.01	0.01	0.02

Coca-Cola Consolidated Inc's liquidity ratios have been showing some fluctuations over the past eight quarters.

The current ratio, which measures the company's ability to meet short-term obligations with its current assets, has generally been above 1, indicating a healthy liquidity position. However, the ratio has shown some variability, ranging from a low of 1.18 in Q1 2022 to a high of 1.85 in Q3 2023. A higher current ratio suggests a stronger ability to cover short-term liabilities.

The quick ratio, also known as the acid-test ratio, provides a more stringent measure of liquidity as it excludes inventory from current assets. Similarly to the current ratio, the quick ratio has exhibited variability over the quarters but has generally remained above 1. This indicates that the company can meet its short-term obligations without relying heavily on inventory.

The cash ratio, which is the most conservative liquidity measure as it only considers cash and cash equivalents, has shown consistent improvement from Q1 2022 to Q4 2023. Despite starting at 0.25 in Q1 2022, the ratio has gradually increased to 0.66 in Q4 2023, suggesting that Coca-Cola Consolidated Inc has been building up its cash reserves relative to its short-term liabilities.

Overall, the trends in the liquidity ratios of Coca-Cola Consolidated Inc indicate a generally stable liquidity position with improvements in the cash ratio, providing confidence in the company's ability to meet its short-term financial obligations.

Additional liquidity measure

		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
Cash conversion cycle	days	19.60	19.67	20.70	35.35	32.37	35.17	20.01	18.66	32.75	16.96	17.09	19.13	33.84	34.11	37.42	39.82	39.66	41.16	44.03	41.00

The cash conversion cycle for Coca-Cola Consolidated Inc has shown some fluctuations over the past eight quarters. In Q1 2022, the company had a cash conversion cycle of 19.73 days, which decreased to 18.25 days in Q2 2022. However, the cycle increased in Q3 2022 to 20.97 days before slightly decreasing in Q4 2022 to 20.16 days.

In 2023, the cash conversion cycle continued to fluctuate. It decreased to 21.66 days in Q1 2023 but then increased to 18.85 days in Q2 2023. The cycle slightly increased again in Q3 2023 to 17.04 days.

Overall, the cash conversion cycle for Coca-Cola Consolidated Inc has ranged from 17.04 days to 21.66 days over the past eight quarters. This indicates that the company takes an average of around 17 to 22 days to convert its investments in inventory and other resources into cash inflows from sales. Understanding and managing these fluctuations in the cash conversion cycle can be crucial for the company's cash flow management and overall financial health.