Coca-Cola Femsa SAB de CV KOF

Consumer StaplesBeveragesMexico

Last close 115.68 USD on Nov 1, 2026, +26.0% year to date

Quant rating

Quant rating A Rank 17 of 174 in Consumer Staples

Growth A 14 of 174
Valuation C 112 of 174
Quality A 15 of 174
Revisions C 101 of 174
Momentum A 13 of 174

Wall Street consensus Buy (2.11)Average target 124.30 USD +7.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 24.2B
Enterprise value: 26.6B
52-week range: 85.38 – 122.00
3-year range: 74.50 – 122.00
Dividend yield: 3.70%
Beta (5 years): 0.57
Shares outstanding: 13,130M
Next earnings: Mar 5, 2027

About the company

Coca-Cola FEMSA, S.A.B. de C.V. is a franchise bottler of Coca-Cola trademark beverages across the world. The Company and its subsidiaries are engaged in the production, distribution and marketing of certain Coca-Cola beverages. It is also engaged in acquiring, holding and transferring all types of bonds, shares and marketable securities. The Company's segments include Mexico and Central America division, which comprises Mexico (including corporate operations), Guatemala, Nicaragua, Costa Rica and Panama; the South America division, which consists of Brazil, Argentina and Colombia; Venezuela, which operates in an economy with exchange control and hyper-inflation, and the Asian division, which consists of the Company's equity method investment in Coca-Cola FEMSA Philippines, Inc. The Coca-Cola trademark beverages include sparkling beverages (colas and flavored sparkling beverages), waters and still beverages (including juice drinks, coffee, teas, milk, dairy and isotonic drinks).

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	16,204	13,439	14,456	11,643	9,509	–
Revenue growth	20.6%	−7.0%	24.2%	22.4%	2.9%	11.9%
EPS (basic, normalized)	5.91	6.17	5.25	4.51	3.69	–
EPS growth	−4.2%	17.7%	16.3%	22.3%	–	–
Gross margin	45.6%	46.0%	45.2%	44.2%	45.5%	45.3%
Net margin	8.2%	8.5%	8.0%	8.4%	8.1%	8.2%
ROE	16.5%	17.5%	15.5%	15.4%	13.2%	15.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,767
Current ratio	1.14x
Long-term debt (mil)	4,201
Net debt (mil)	2,636
Total equity (mil)	8,364
Net debt / equity	0.32x
Net debt / EBITDA	0.86x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	16,204	+20.6%	1.6x	3,079	+12.1%	8.6x	5.91	−4.2%	19.6x
2026	17,321	+6.9%	1.5x	3,496	+13.6%	7.6x	6.74	+14.0%	17.2x
2027	18,666	+7.8%	1.4x	3,757	+7.4%	7.1x	7.35	+9.1%	15.7x
2028	19,772	+5.9%	1.3x	3,982	+6.0%	6.7x	7.89	+7.3%	14.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	17,321	−1.9%	−0.5%	−1.5%	6.74	−2.3%	+0.4%	−3.1%
2027	18,666	−1.7%	−0.3%	−1.8%	7.35	−1.9%	−1.5%	−6.2%
2028	19,772	−1.7%	−0.6%	−2.7%	7.89	−2.1%	−1.9%	−6.9%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,760	4,030	3,676	3,764	3,437	3,743	3,861	4,252	4,040	4,392
Sales mean (mil)	3,655	3,788	3,538	3,503	3,478	3,887	3,875	4,316	4,029	4,326
Surprise	+2.9%	+6.4%	+3.9%	+7.4%	−1.2%	−3.7%	−0.4%	−1.5%	+0.3%	+1.5%
EPS reported	1.40	1.55	1.47	1.73	1.20	1.30	1.51	1.95	1.18	1.70
EPS mean	1.20	7.38	1.33	1.40	1.19	1.53	1.34	1.86	1.35	1.54
Surprise	+17.1%	−79.0%	+10.2%	+23.6%	+1.1%	−15.0%	+12.2%	+4.8%	−12.5%	+10.7%

Peer comparison Beverages

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
KOF Coca-Cola Femsa SAB de CV	24.2B	0.86x	8.2%	24.16x	17.2x	15.7x	7.6x	7.1x
ABEV3 Ambev SA	42.0B	−0.64x	17.6%	2.48x	14.1x	13.3x	6.9x	6.6x
PEP PepsiCo, Inc.	187.2B	2.22x	8.8%	8.40x	16.3x	16.0x	12.0x	11.7x
ABI Anheuser-Busch Inbev SA	144.6B	3.39x	11.5%	1.70x	18.1x	16.5x	9.3x	8.8x
MNST Monster Beverage Corporation	92.6B	–	23.0%	9.90x	41.0x	36.0x	29.6x	26.4x
CCEP Coca-Cola Europacific Partners PLC	49.8B	–	9.3%	5.43x	22.1x	20.3x	14.2x	13.4x
Mean		1.46x	13.1%	8.68x	21.5x	19.7x	13.2x	12.3x
Median		1.54x	10.4%	6.92x	17.6x	16.3x	10.6x	10.3x

Technical analysis

1M+7.4%
3M+7.4%
1Y+38.9%
3Y+72.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Coca-Cola Femsa SAB de CV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	16,204	13,439	14,456	11,643	9,509	9,240
Cost of revenue	8,807	7,255	7,917	6,493	5,184	5,073
Gross profit	7,397	6,183	6,539	5,150	4,325	4,167
Selling, general & administrative expenses	5,094	4,232	4,488	3,542	2,964	2,841
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−58.4	−36.3	25.8	−1.3	8.7	23.7
Other operating expenses	23.1	70.8	49.2	51.8	30.7	158
Operating income	2,339	1,917	1,975	1,558	1,321	1,145
Net interest income (expense)	−255	−166	−252	−261	−247	−355
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−20.1	−22.0	−25.4	27.5	41.1	18.9
Net income before taxes	2,064	1,730	1,698	1,324	1,115	809
Provision for taxes	704	565	518	336	323	273
Minority interest	−65.0	−39.4	−40.7	−30.4	−30.4	−3.1
Equity in affiliates	29.5	14.7	12.7	19.8	4.3	−14.1
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,324	1,140	1,152	977	767	519
Extraordinary items	–	–	–	–	–	–
Net income	1,324	1,140	1,152	977	767	519
EBIT, normalized	2,280	1,881	2,001	1,556	1,330	1,169
EBITDA, normalized	3,049	2,463	2,622	2,092	1,810	1,674
Basic EPS, normalized	5.91	6.17	5.25	4.51	3.69	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Coca-Cola Femsa SAB de CV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,567	1,574	1,832	2,068	2,306	2,189
Receivables	1,657	1,220	1,367	1,142	894	855
Total inventory	778	675	701	610	584	490
Prepaid expenses	98.5	85.3	53.2	87.0	88.1	81.6
Other current assets	40.5	53.6	42.6	160	51.0	30.2
Total current assets	4,142	3,609	3,995	4,068	3,923	3,646
Property, plant & equipment	6,207	4,917	4,785	3,763	3,107	3,057
Goodwill	1,214	1,057	1,318	1,194	1,118	1,179
Intangibles	4,471	3,836	4,649	4,101	3,869	4,053
Long-term investments	787	588	586	441	373	392
Note receivable	–	–	–	–	–	–
Other long-term assets	650	787	800	708	865	912
Total assets	17,470	14,793	16,133	14,275	13,256	13,239
Liabilities
Accounts payable	1,772	1,622	1,613	1,378	1,110	865
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,254	1,184	1,284	454	380	408
Short-term debt	224	69.3	5.2	0	31.5	82.8
Current portion of long-term debt	252	133	47.4	462	118	198
Other current liabilities	206	218	290	682	616	602
Total current liabilities	3,708	3,226	3,239	2,976	2,256	2,156
Long-term debt	4,116	3,491	3,943	3,687	4,111	4,187
Minority interest	435	342	394	333	294	281
Other liabilities	1,091	845	1,065	840	662	733
Total liabilities	9,350	7,904	8,641	7,837	7,323	7,357
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	114	98.9	122	106	101	104
Additional paid-in capital	2,530	2,188	2,687	2,340	2,224	2,293
Retained earnings (accumulated deficit)	6,406	5,137	5,663	4,553	3,956	3,820
Treasury stock	–	–	–	–	–	–
Other equity	−931	−536	−979	−560	−347	−335
Total equity	8,120	6,889	7,492	6,439	5,933	5,882
Total liabilities & shareholders' equity	17,470	14,793	16,133	14,275	13,256	13,239

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Coca-Cola Femsa SAB de CV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,093	1,744	1,711	1,344	1,120	795
Depreciation, depletion & amortization	769	582	621	535	480	505
Deferred taxes	–	–	–	–	–	–
Non-cash items	357	344	335	280	222	467
Changes in working capital	−1,509	−633	−173	−337	−225	1.6
Cash from operations	1,709	2,039	2,494	1,822	1,597	1,769
Investing activities
Capital expenditures	−1,321	−1,239	−1,217	−911	−488	−500
Other investing cash flows	149	115	33.1	−95.6	21.6	−28.4
Cash from investing	−1,172	−1,124	−1,184	−1,006	−466	−529
Financing activities
Financing cash flow items	−409	−350	−303	−329	−292	−294
Cash dividends paid	−874	−618	−724	−589	−520	−517
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	608	24.5	−527	−153	−177	832
Cash from financing	−675	−943	−1,554	−1,071	−989	21.0
Foreign exchange effects	−124	111	−300	−104	41.0	−103
Net change in cash	−262	82.6	−544	−358	183	1,158
Free cash flow	388	800	1,277	912	1,110	1,268

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.