The Coca-Cola Company (KO)

Working capital turnover

		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
Revenue (ttm)	US$ in thousands	45,754,000	45,030,000	44,140,000	43,493,000	43,004,000	42,343,000	41,322,000	40,126,000	38,655,000	37,802,000	36,412,000	33,433,000	33,014,000	33,471,000	34,326,000	37,173,000	37,266,000	36,004,000	35,272,000	34,696,000
Total current assets	US$ in thousands	26,732,000	27,867,000	27,591,000	26,880,000	22,591,000	24,139,000	23,141,000	22,156,000	22,545,000	24,240,000	22,481,000	21,932,000	19,240,000	30,410,000	29,371,000	28,234,000	20,411,000	23,117,000	24,360,000	28,540,000
Total current liabilities	US$ in thousands	23,571,000	24,409,000	24,115,000	23,357,000	19,724,000	21,439,000	20,531,000	18,787,000	19,950,000	15,990,000	15,299,000	16,486,000	14,601,000	26,891,000	26,848,000	32,397,000	26,973,000	25,100,000	29,382,000	27,943,000
Working capital turnover		14.47	13.02	12.70	12.35	15.00	15.68	15.83	11.91	14.90	4.58	5.07	6.14	7.12	9.51	13.61	—	—	—	—	58.12

December 31, 2023 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $45,754,000K ÷ ($26,732,000K – $23,571,000K)
= 14.47

The working capital turnover ratio for Coca-Cola Co has shown fluctuations over the past eight quarters, ranging from a low of 11.91 in Q1 2022 to a high of 15.83 in Q2 2022. The trend indicates that the company has been able to efficiently utilize its working capital to generate sales revenue.

In Q4 2022, the working capital turnover ratio was 15.00, indicating that for every dollar of working capital invested, the company generated $15.00 in sales revenue. However, in the subsequent quarters, this ratio decreased to 14.47 in Q4 2023, suggesting a slight decline in efficiency in utilizing working capital.

Overall, the working capital turnover ratio for Coca-Cola Co has remained relatively high, indicating that the company has been effectively managing its working capital to drive revenue generation. It is important for the company to monitor and maintain this ratio to ensure optimal utilization of resources and sustainable business growth.