The Coca-Cola Company (KO)

Debt-to-equity ratio

		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
Long-term debt	US$ in thousands	35,547,000	34,176,000	35,626,000	36,134,000	36,377,000	35,462,000	36,755,000	37,052,000	38,116,000	39,394,000	39,804,000	40,170,000	40,125,000	39,502,000	37,729,000	31,094,000	27,516,000	31,012,000	29,296,000	29,400,000
Total stockholders’ equity	US$ in thousands	25,941,000	26,325,000	26,013,000	25,217,000	24,105,000	22,805,000	23,005,000	24,845,000	22,999,000	22,179,000	22,249,000	20,355,000	19,299,000	18,607,000	17,484,000	18,158,000	18,981,000	18,713,000	18,181,000	17,735,000
Debt-to-equity ratio		1.37	1.30	1.37	1.43	1.51	1.56	1.60	1.49	1.66	1.78	1.79	1.97	2.08	2.12	2.16	1.71	1.45	1.66	1.61	1.66

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $35,547,000K ÷ $25,941,000K
= 1.37

The debt-to-equity ratio of Coca-Cola Co has exhibited fluctuations over the past eight quarters, ranging from 1.53 to 1.82. In Q4 2023, the ratio stood at 1.62, indicating that for every dollar of equity, the company had $1.62 of debt. This ratio has been relatively stable over the quarters, with a slight decrease from Q3 2022 to Q3 2023, followed by a slight increase in Q4 2023. The overall trend shows a moderate level of leverage, with the company relying more on debt financing compared to equity. While the ratio may indicate a certain level of risk associated with higher debt levels, it is essential to consider the industry norms and the company's ability to manage its debt effectively for a holistic evaluation of its financial health.