Coca-Cola FEMSA, S.A.B. de C.V.
- Open
- 112.56
- Day high
- 112.88
- Day low
- 111.86
- Prev close
- 112.30
- Volume
- 3K
- Mkt cap
- $23.5B
- P/E (TTM)
- 16.6
- EPS (TTM)
- $6.72
- P/B
- 2.8
- P/S
- 1.3
- Yield
- 3.52%
- Per share
- $3.94
Coca-Cola FEMSA, S.A.B. de C.V. (KOF) is a Consumer Defensive company listed on NYSE. The stock is up 38% over the past year. Drillr has 2 published research articles covering KOF.
Coca-Cola FEMSA, S.A.B. de C.V. (KOF) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
KOF earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 27, 2026 | $1.64 | $1.70 | +3.5% | $4.4B | +0.8% |
| Apr 29, 2026 | $1.41 | $1.18 | -16.0% | $3.9B | +0.6% |
| Feb 24, 2026 | $1.99 | $1.95 | -2.0% | $4.3B | +7.6% |
| Oct 24, 2025 | $1.48 | $1.51 | +2.0% | $3.9B | -8.8% |
| Jul 23, 2025 | $1.52 | $1.30 | -14.5% | $3.9B | -0.1% |
| Apr 25, 2025 | $1.01 | $1.20 | +18.8% | $3.4B | -12.4% |
| Oct 25, 2024 | $1.33 | $1.47 | +10.5% | $3.6B | +5.2% |
| Jul 19, 2024 | $7.38 | $1.55 | -79.0% | $3.8B | -0.2% |
| Apr 12, 2024 | — | $1.47 | — | $3.7B | — |
| Jul 25, 2023 | $1.25 | $1.33 | +6.4% | $203M | -94.3% |
| Apr 14, 2023 | — | $0.09 | — | $158M | — |
| Jul 25, 2022 | $0.83 | $1.10 | +32.5% | $142M | -94.6% |
KOF research & analysis
[FMX] FEMSA Thesis 2026: OXXO Convenience Network Scales Alongside New Bara Format
FEMSA (Fomento Económico Mexicano) FY25 — diversified Mexican consumer + retail conglomerate. Q4 Proximity Americas (OXXO) revenues +5.3% / +6.3% comparable; gross margin 48.1%; operating margin 12%. Added 209 net new OXXO stores Q4. OXXO Mexico same-store sales + traffic improving (recovery from FY24 challenges). OXXO Colombia positive EBITDA full year + nearly breakeven EBIT Q4. OXXO USA 50 converted stores year-end. Bara discount format +63 net new stores Q4 / +157 FY25; ~1/3 store base growth target FY26. Valora (Europe convenience) revenue +2.5% pesos / op income +10.8% / record op income. Health division Q4 revenue +4.6% / +6.7% comparable but underperformance + uncollectible accounts provision. Coca-Cola FEMSA (KOF) revenue +2.9% / op income +13.3%. OXXO GAS same-station +8.7% / margin 4.8%. Spin reduced negative EBIT. Restructuring ~MXN 1B annual run rate savings from 2027. $3.1B total capital returned to shareholders March 2025-March 2026.
FMX[KOF] Coca-Cola FEMSA Thesis 2026: Latin American Bottler Drives Mexico Plus Brazil Volume Recovery
Coca-Cola FEMSA S.A.B. de C.V. (NYSE: KOF) FY2025 revenue ~Mex$280-300B (~$15-17B; +5-9%) with diluted EPS ~Mex$11-13 reflecting continued ~4.0-4.2 billion unit cases aggregate volume growth (~+2-4% YoY) across Mexico (~50% revenue) + Brazil (~25%) + Argentina + Colombia + Guatemala + Costa Rica + Nicaragua + Panama + Uruguay + Venezuela + selected various LATAM under continued President + CEO Ian Craig (~3-year tenure since June 2023). World's largest publicly-traded Coca-Cola bottler with operations across selected ~10 LATAM countries. Founded 1979 as Coca-Cola FEMSA via FEMSA (Fomento Económico Mexicano S.A.B. de C.V.; founded 1890 as Cervecería Cuauhtémoc Mexican brewery + Cervecería Moctezuma) Mexican holding company subsidiary; selected post-1993 NYSE ADR + Mexican Bolsa listings; selected post-2003 ~$3.6B aggregate Latin American Coca-Cola bottling consolidation; selected post-2013 Coca-Cola FEMSA Philippines acquisition; selected post-2017 ~$2.5B Brazilian + Philippines bottler consolidation; selected post-June 2023 Ian Craig CEO appointment; selected post-December 2024 Philippines divestiture announcement ($1.65B aggregate to TCCC + selected various). Headquartered in Mexico City Mexico; ~80,000+ employees globally with ~Mex$280-300B revenue. Three primary geographic segments: Mexico + Central America (~55% revenue ~Mex$155-165B — Mexico ~50% aggregate + Guatemala + Costa Rica + Nicaragua + Panama; ~125+ million Mexican per-capita consumption — selected highest globally), South America (~40% ~Mex$112-120B — Brazil ~25% + Argentina + Colombia + Uruguay + Venezuela), Other (~5% ~Mex$15B). Latin American Coca-Cola bottler franchise leadership: ~4.0-4.2 billion unit cases aggregate FY2025 (~+2-4% YoY); selected ~10 country LATAM Coca-Cola System franchise. Mexico + Brazil volume recovery: Mexico ~+2-4% volume growth FY2025 (~50% aggregate revenue); Brazil ~+3-5% volume growth FY2025 (~25% aggregate revenue); selected post-December 2024 Philippines divestiture LATAM-focused strategic positioning. Capital return + Philippines divestiture: ~Mex$13.50-14.50 annual dividend FY2025 (~+5-10% growth); modest buybacks; aggregate capital return ~Mex$25-30B; net cash position ~Mex$10-15B (post-Philippines divestiture proceeds); investment-grade A2/A- credit rating. President + CEO Ian Craig since June 2023 (~3-year tenure); CFO Jorge Collazo. FY2026 thesis: Latin American bottler franchise leadership + Mexico + Brazil volume recovery + Philippines divestiture proceeds deployment + ~Mex$25-30B aggregate capital return + selected continued post-2024 LATAM consumer cycle recovery. Risks: Mexican peso + Brazilian real currency volatility, LATAM consumer cycle, PepsiCo + selected various LATAM Coca-Cola bottler competition, Mexican + Brazilian regulatory + tax, ~50% combined TCCC + FEMSA family ownership concentration.
Coca-Cola FEMSA, S.A.B. de C.V. company profile
Overview
Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) is one of the world's largest franchise bottlers of Coca-Cola products, founded in 1979 and headquartered in Mexico City, Mexico. The company operates as a subsidiary of Fomento Economico Mexicano (FEMSA) and serves as the exclusive bottler and distributor of Coca-Cola trademark beverages across nine Latin American countries. With operations spanning Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Brazil, Argentina, and Uruguay, Coca-Cola FEMSA has established itself as a dominant player in the Latin American non-alcoholic beverage market, serving over 260 million consumers through an extensive distribution network of retail outlets, restaurants, and direct-to-consumer channels.
Business
Coca-Cola FEMSA operates in the non-alcoholic beverage industry as a franchise bottler, which means it purchases concentrate from The Coca-Cola Company, manufactures the finished beverages, and distributes them to retailers and consumers. The beverage bottling industry involves companies that have territorial rights to produce, market, and distribute specific beverage brands within defined geographic regions under licensing agreements with brand owners. The company's core product portfolio includes sparkling beverages (carbonated soft drinks like Coca-Cola, Sprite, and Fanta), still beverages (juices, teas, coffees, sports drinks, and energy drinks), and bottled water. Sparkling beverages represent the largest portion of volume, though the company has been expanding its still beverage offerings to capture growing consumer demand for healthier and more diverse drink options. Additionally, in Brazil, Coca-Cola FEMSA distributes Heineken beer products, adding an alcoholic beverage component to its portfolio. The company operates through two main geographic segments: 1. Mexico and Central America, which generates approximately 57% of total revenues and includes operations in Mexico, Guatemala, Nicaragua, Costa Rica, and Panama, and 2. South America, contributing about 43% of revenues and covering Brazil, Colombia, Argentina, and Uruguay. Mexico remains the largest single market, representing the majority of the Mexico and Central America segment's performance.
Revenue model
Coca-Cola FEMSA generates revenue primarily through product sales to retailers, restaurants, and other commercial customers. The company purchases concentrate and syrup from The Coca-Cola Company, adds carbonated or still water and sweeteners, bottles the finished products, and sells them at a markup to cover manufacturing, distribution, and marketing costs plus profit margin. Revenue is driven by two key factors: volume (number of unit cases sold) and price per unit case. The company's customers include wholesale supermarkets, discount stores, convenience stores, restaurants, bars, stadiums, and other retail outlets. Coca-Cola FEMSA also operates direct-to-consumer channels including home delivery services and its digital B2B platform called Juntos+, which allows small retailers to place orders directly and access additional services. Several factors influence the company's margins and profitability. Positive margin drivers include pricing power during inflationary periods, operational efficiency improvements through digital transformation and AI-powered tools, economies of scale from volume growth, and favorable commodity cost environments. The company has implemented cost-saving initiatives targeting approximately $90 million in annual savings across operations. Negative margin pressures come from raw material cost inflation (particularly sugar, aluminum, and PET resin), intense competitive dynamics requiring promotional spending, economic downturns that reduce consumer purchasing power, unfavorable foreign exchange movements, and weather-related disruptions that can impact both demand and operations. The company's performance is also sensitive to macroeconomic conditions in Latin America, where economic volatility can significantly affect consumer spending patterns.
Competitive moat
Coca-Cola FEMSA possesses a moderate to strong competitive moat built primarily on its exclusive territorial bottling rights and extensive distribution infrastructure. The company's most significant competitive advantage is its franchise agreement with The Coca-Cola Company, which grants it exclusive rights to produce and distribute Coca-Cola products across its territories. This creates a legal barrier to entry, as competitors cannot manufacture these globally recognized brands within Coca-Cola FEMSA's geographic footprint. The company's distribution network represents another substantial moat component, with deep relationships across hundreds of thousands of retail outlets, sophisticated logistics capabilities, and last-mile delivery infrastructure that would be extremely expensive and time-consuming for competitors to replicate. The company has invested heavily in digital transformation through its Juntos+ platform, which creates switching costs for retailers who become dependent on the integrated ordering, payment, and service ecosystem. However, the moat faces several challenges. Brand competition from PepsiCo and local beverage companies remains intense, particularly in price-sensitive segments. The company's dependence on The Coca-Cola Company for concentrate and strategic direction creates vulnerability to changes in the franchisor relationship. Additionally, evolving consumer preferences toward healthier beverages and away from traditional carbonated soft drinks poses a long-term threat to the core business model. Regulatory pressures around sugar taxes and health labeling requirements across Latin American markets could further erode the moat by making traditional soft drinks less attractive to consumers.
Risks & safety
Coca-Cola FEMSA demonstrates a moderate margin of safety with manageable debt levels but some operational cash flow concerns. • Liquidity and Solvency: Current ratio of 1.21 indicates adequate short-term liquidity. Total debt-to-equity ratio of 0.51 represents reasonable leverage levels. Cash and short-term investments of MXN32.8 billion provide substantial liquidity buffer. • Cash Flow Concerns: Free cash flow has been negative in recent quarters (-MXN102.6 million in Q1 2025, -MXN67.2 million in Q4 2024), indicating capital expenditure demands exceed operating cash generation. However, operating cash flow remains positive at MXN160.2 million in Q1 2025. • Valuation Metrics: Trading at P/E ratio of 19.1x and EV/EBITDA of 99.5x, suggesting elevated valuation levels. Price-to-book ratio of 2.59x indicates premium to book value. • Other Considerations: ROE of 3.4% appears low, suggesting challenges in generating returns on shareholder equity. The company's exposure to Latin American economic volatility and currency fluctuations adds risk to cash flow predictability.
Recent development
Over the past few years, Coca-Cola FEMSA has undergone significant strategic transformation focused on digital innovation and operational efficiency. The company's most notable development has been the rollout of its Juntos+ B2B digital platform, which launched across major markets and reached 1.2 million active users by Q3 2024. This omnichannel platform integrates ordering, payment, loyalty programs, and AI-powered recommendations, with over 50% of the customer base now classified as digital buyers and digital orders representing over 40% of total sales in Mexico. The company has invested heavily in manufacturing capacity expansion, adding seven new bottling lines in 2024 across Mexico, Guatemala, Brazil, and Colombia, with plans to increase manufacturing capacity by 15% and distribution capacity by 30% by end of 2025. This expansion addresses previous capacity constraints that limited market share growth, particularly in Mexico. Artificial intelligence and data analytics have become central to operations, with the introduction of AI-powered tools like Juntos+ Advisor for sales force automation, dynamic pricing optimizers, and personalized promotional targeting. The company has also made significant sustainability commitments, achieving 84% renewable energy usage, reaching water efficiency targets, and diverting 99% of operational waste from landfills. Recent challenges have included managing operations through economic headwinds in key markets like Mexico and Argentina, dealing with natural disasters such as flooding in Brazil's Rio Grande do Sul region, and navigating increased competitive intensity requiring enhanced promotional strategies and tactical calendar adjustments.
KOF company profile · for informational purposes only — not investment advice.
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