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Coca-Cola Co Piotroski F-Score

: 6 (As of Today)
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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 6 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:

KO' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 6   Max: 8
Current: 6

During the past 13 years, the highest Piotroski F-Score of Coca-Cola Co was 8. The lowest was 2. 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 Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 7.00 5.00 4.00 7.00

Coca-Cola Co Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Piotroski F-Score 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 Premium Member Only Premium Member Only Premium Member Only 6.00 6.00 7.00 7.00 6.00

Competitive Comparison

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 Piotroski F-Score Distribution

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 (Jun22) TTM:Last Year (Jun21) TTM:
Net Income was 2471 + 2414 + 2781 + 1905 = $9,571 Mil.
Cash Flow from Operations was 3706 + 3394 + 623 + 3923 = $11,646 Mil.
Revenue was 10042 + 9464 + 10491 + 11325 = $41,322 Mil.
Gross Profit was 6065 + 5376 + 6400 + 6495 = $24,336 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was
(90194 + 90606 + 94354 + 94064 + 93169) / 5 = $92477.4 Mil.
Total Assets at the begining of this year (Jun21) was $90,194 Mil.
Long-Term Debt & Capital Lease Obligation was $36,755 Mil.
Total Current Assets was $23,141 Mil.
Total Current Liabilities was $20,531 Mil.
Net Income was 1737 + 1456 + 2245 + 2641 = $8,079 Mil.

Revenue was 8652 + 8611 + 9020 + 10129 = $36,412 Mil.
Gross Profit was 5181 + 5033 + 5515 + 6342 = $22,071 Mil.
Average Total Assets from the begining of last year (Jun20)
to the end of last year (Jun21) was
(94689 + 97184 + 87296 + 89993 + 90194) / 5 = $91871.2 Mil.
Total Assets at the begining of last year (Jun20) was $94,689 Mil.
Long-Term Debt & Capital Lease Obligation was $39,804 Mil.
Total Current Assets was $22,481 Mil.
Total Current Liabilities was $15,299 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 9,571. ==> 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 11,646. ==> 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 (Jun21)
=9571/90194
=0.10611571

ROA (Last Year)=Net Income/Total Assets (Jun20)
=8079/94689
=0.08532142

Coca-Cola Co's return on assets of this year was 0.10611571. Coca-Cola Co's return on assets of last year was 0.08532142. ==> This year is higher. ==> Score 1.

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 9,571. Coca-Cola Co's current Cash Flow from Operations (TTM) was 11,646. ==> 11,646 > 9,571 ==> CFROA > ROA ==> Score 1.

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: Jun22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun21 to Jun22
=36755/92477.4
=0.39744846

Gearing (Last Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=39804/91871.2
=0.43325874

Coca-Cola Co's gearing of this year was 0.39744846. Coca-Cola Co's gearing of last year was 0.43325874. ==> This year is lower or equal to last year. ==> Score 1.

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: Jun22)=Total Current Assets/Total Current Liabilities
=23141/20531
=1.12712484

Current Ratio (Last Year: Jun21)=Total Current Assets/Total Current Liabilities
=22481/15299
=1.46944245

Coca-Cola Co's current ratio of this year was 1.12712484. Coca-Cola Co's current ratio of last year was 1.46944245. ==> 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 4353. Coca-Cola Co's number of shares in issue last year was 4338. ==> There is larger number of shares in issue this year. ==> Score 0.

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
=24336/41322
=0.58893568

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=22071/36412
=0.60614633

Coca-Cola Co's gross margin of this year was 0.58893568. Coca-Cola Co's gross margin of last year was 0.60614633. ==> Last year's gross margin is higher ==> Score 0.

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 (Jun21)
=41322/90194
=0.45814577

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun20)
=36412/94689
=0.38454308

Coca-Cola Co's asset turnover of this year was 0.45814577. Coca-Cola Co's asset turnover of last year was 0.38454308. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

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

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

Coca-Cola Co has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Coca-Cola Co  (NYSE:KO) 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

Thank you for viewing the detailed overview of Coca-Cola Co's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Coca-Cola Co Business Description

Coca-Cola Co logo
Address
One Coca-Cola Plaza, Atlanta, GA, USA, 30313
Coca-Cola is the largest nonalcoholic beverage entity in the world, owning and marketing some of the leading carbonated beverage brands, such as Coke, Fanta, and Sprite, as well as nonsparkling brands, such as Minute Maid, Georgia Coffee, Costa, and Glaceau. Operationally, the firm focuses its manufacturing efforts early in the supply chain, making the concentrate (or beverage bases) for its drinks that are then processed and distributed by its network of more than 100 bottlers. Concentrate operations represent roughly 85% of the company's unit case volume. The firm generates most of its revenue internationally, with countries like Mexico, Brazil, and Japan being key markets outside of the U.S.
Executives
Allen Herbert A Iii director ALLEN & COMPANY LLC 711 FIFTH AVENUE NEW YORK NY 10022
Douglas Monica Howard officer: SVP & General Counsel 535 MADISON AVENUE, 20TH FLOOR NEW YORK NY 10022
Braun Henrique other: Operating Unit President C/O THE COCA-COLA COMPANY ONE COCA-COLA PLAZA ATLANTA GA 30313
Gayton Bradley M officer: SVP & General Counsel ONE COCA-COLA PLAZA ATLANTA GA 30313
Loveless Kathy officer: Vice President & Controller C/O THE COCA-COLA COMPANY ONE COCA-COLA PLAZA ATLANTA GA 30313
Chang Lisa other: Chief People Officer THE COCA-COLA COMPANY ONE COCA-COLA PLAZA ATLANTA GA 30313
Arroyo Manuel other: Group President THE COCA-COLA COMPANY ONE COCA-COLA PLAZA ATLANTA GA 30313
Koumettis Nikolaos other: Group President THE COCA-COLA COMPANY ONE COCA-COLA PLAZA ATLANTA GA 30313
Quan Nancy officer: Senior Vice President THE COCA-COLA COMPANY ONE COCA-COLA PLAZA ATLANTA GA 30313
Tsay Caroline J director C/O ROSETTA STONE INC. 1919 NORTH LYNN STREET, 7TH FLOOR ARLINGTON VA 22209
Davis Christopher C director C/O GRAHAM HOLDINGS COMPANY 1300 NORTH 17TH STREET, SUITE 1700 ARLINGTON VA 22209
Dinkins James L officer: Senior Vice President C/O THE COCA-COLA COMPANY ONE COCA-COLA PLAZA ATLANTA GA 30313
Perez Beatriz R officer: Senior Vice President ONE COCA-COLA PLAZA ATLANTA GA 30313
Randazza Mark officer: Principal Accounting Officer THE COCA-COLA COMPANY ONE COCA-COLA PLAZA ATLANTA GA 30313
Long Robert Edward officer: Senior Vice President THE COCA-COLA COMPANY ONE COCA-COLA PLAZA ATLANTA GA 30313

Coca-Cola Co Headlines

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