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Coca-Cola Co (NEOE:COLA) Piotroski F-Score : 4 (As of Dec. 14, 2024)


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What is Coca-Cola Co Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Coca-Cola Co has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Coca-Cola Co's Piotroski F-Score or its related term are showing as below:

NEOE:COLA' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 9
Current: 4

During the past 13 years, the highest Piotroski F-Score of Coca-Cola Co was 9. The lowest was 4. And the median was 6.


Coca-Cola Co Piotroski F-Score Historical Data

The historical data trend for Coca-Cola Co's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Coca-Cola Co Piotroski F-Score Chart

Coca-Cola Co Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 4.00 7.00 7.00 8.00

Coca-Cola Co Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 9.00 8.00 8.00 5.00 4.00

Competitive Comparison of Coca-Cola Co's Piotroski F-Score

For the Beverages - Non-Alcoholic subindustry, Coca-Cola Co's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Coca-Cola Co's Piotroski F-Score Distribution in the Beverages - Non-Alcoholic Industry

For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Coca-Cola Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Coca-Cola Co's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was 2646.977 + 4300.387 + 3304.275 + 3857.901 = C$14,110 Mil.
Cash Flow from Operations was 3582.072 + 714.701 + 4913.242 + -1705.441 = C$7,505 Mil.
Revenue was 14555.018 + 15295.68 + 16943.491 + 16057.428 = C$62,852 Mil.
Gross Profit was 8338.044 + 9563.184 + 10348.645 + 9739.574 = C$37,989 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(132032.792 + 131078.345 + 134537.011 + 138697.341 + 143947.924) / 5 = C$136058.6826 Mil.
Total Assets at the begining of this year (Sep23) was C$132,033 Mil.
Long-Term Debt & Capital Lease Obligation was C$58,240 Mil.
Total Current Assets was C$41,028 Mil.
Total Current Liabilities was C$38,700 Mil.
Net Income was 2759.113 + 4251.308 + 3383.944 + 4177.02 = C$14,571 Mil.

Revenue was 13754.812 + 15023.934 + 15905.999 + 16173.604 = C$60,858 Mil.
Gross Profit was 7623.902 + 9116.983 + 9379.916 + 9872.218 = C$35,993 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(123347.067 + 126018.535 + 133277.893 + 130808.642 + 132032.792) / 5 = C$129096.9858 Mil.
Total Assets at the begining of last year (Sep22) was C$123,347 Mil.
Long-Term Debt & Capital Lease Obligation was C$46,244 Mil.
Total Current Assets was C$37,707 Mil.
Total Current Liabilities was C$33,028 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Coca-Cola Co's current Net Income (TTM) was 14,110. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Coca-Cola Co's current Cash Flow from Operations (TTM) was 7,505. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Sep23)
=14109.54/132032.792
=0.10686391

ROA (Last Year)=Net Income/Total Assets (Sep22)
=14571.385/123347.067
=0.11813321

Coca-Cola Co's return on assets of this year was 0.10686391. Coca-Cola Co's return on assets of last year was 0.11813321. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Coca-Cola Co's current Net Income (TTM) was 14,110. Coca-Cola Co's current Cash Flow from Operations (TTM) was 7,505. ==> 7,505 <= 14,110 ==> CFROA <= ROA ==> Score 0.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=58239.672/136058.6826
=0.42804818

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=46243.546/129096.9858
=0.35820779

Coca-Cola Co's gearing of this year was 0.42804818. Coca-Cola Co's gearing of last year was 0.35820779. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Sep24)=Total Current Assets/Total Current Liabilities
=41028.125/38699.567
=1.06017013

Current Ratio (Last Year: Sep23)=Total Current Assets/Total Current Liabilities
=37706.838/33027.818
=1.14166906

Coca-Cola Co's current ratio of this year was 1.06017013. Coca-Cola Co's current ratio of last year was 1.14166906. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Coca-Cola Co's number of shares in issue this year was 16297.636. Coca-Cola Co's number of shares in issue last year was 16357.955. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=37989.447/62851.617
=0.6044307

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=35993.019/60858.349
=0.59142286

Coca-Cola Co's gross margin of this year was 0.6044307. Coca-Cola Co's gross margin of last year was 0.59142286. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Sep23)
=62851.617/132032.792
=0.47603036

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=60858.349/123347.067
=0.49339113

Coca-Cola Co's asset turnover of this year was 0.47603036. Coca-Cola Co's asset turnover of last year was 0.49339113. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+0+0+0+1+1+0
=4

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Coca-Cola Co has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Coca-Cola Co  (NEOE:COLA) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Coca-Cola Co Piotroski F-Score Related Terms

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Coca-Cola Co Business Description

Address
One Coca-Cola Plaza, Atlanta, GA, USA, 30313
Founded in 1886, Atlanta-headquartered Coca-Cola is the world's largest nonalcoholic beverage company, with a strong portfolio of 200 brands covering key categories including carbonated soft drinks, water, sports, energy, juice, and coffee. Together with bottlers and distribution partners, the company sells finished beverage products bearing Coca-Cola and licensed brands through retailers and food-service locations in more than 200 countries and regions globally. Coca-Cola generates around two thirds of its total revenue overseas, with a significant portion from emerging economies in Latin America and Asia-Pacific.

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