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Coca-Cola FEMSA, S.A.B. de C.V. (KOF) MXN

Coca-Cola FEMSA (KOF) is one of the world’s largest Coca-Cola bottlers, producing and distributing beverages across Mexico and Latin America.

At a glance: strengths & risks
✓Revenue growing (+11% y/y, Q3 2026)✓Low leverage (1.0x EBITDA)

Sector: Beverages (bottler)

MX_KOF

Price chart

214.68 MXNDay 1.74%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
214.68 MXN · 1.74%
Market cap
451.0 bn MXN

Growth

Δ revenue y/y
10.9%
Δ EBITDA y/y
14.1%

Multiples

P/E (LTM)
18.6x
3y avg: 15.4x
P/B (FY)
3.1x
P/E (ann.)
18.1x
EV/EBITDA (LTM)
9.4x
3y avg: 7.8x
EV/EBITDA (ann.)
10.9x

Cash return

Dividend yield
3.5%
FCF yield (LTM)
1.5%

Value creation

fundamental value/yr, % of market cap
Value created / year
+5.1%
↓ details

Liquidity

Daily turnover (listing)
17.1 mln MXN

Shares: yahoo_fundamentals_timeseries/KOFUBL.MX

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B MXN, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB MXNOperating profitB MXND&AB MXNEBITDAB MXNNet profitB MXNOperating CFB MXNCapex + M&AB MXNAssetsB MXNEquityB MXNROE (annualized)Net debtB MXNSource
2026-09-30Q3 2026 (3M)OK79.7
y/y 10.9%
11.8
y/y 15.3%
0.5
y/y -7.4%
12.3
y/y 14.1%
6.2
y/y 5.5%
——344.2
y/y 9.2%
151.1
y/y 6.9%
17.0%84.4Link
2026-06-30Q2 2026 (3M)OK76.3
y/y 4.7%
10.5
y/y 9.0%
1.0
y/y 1.3%
11.5
y/y 8.3%
6.2
y/y 16.9%
——336.3
y/y 7.1%
142.6
y/y 4.1%
17.2%85.6Link
2026-03-31Q1 2026 (3M)PARTIAL70.9
y/y 1.1%
9.0
y/y -2.3%
4.3
y/y 8.4%
13.4
y/y 0.9%
4.3
y/y -15.5%
—-3.1333.1
y/y 6.7%
146.9
y/y -8.0%
11.9%49.6Report (PDF)
2025-12-31Q4 2025 (3M)OK77.8
y/y —
11.7
y/y —
8.3
y/y —
19.9
y/y —
7.5
y/y —
——314.5
y/y 2.1%
146.2
y/y 1.9%
16.6%53.3Link
2025-09-30Q3 2025 (3M)OK71.9
y/y —
10.2
y/y —
0.6
y/y —
10.8
y/y —
5.9
y/y —
——315.3
y/y —
141.4
y/y —
17.0%42.8Link
2025-06-30Q2 2025 (3M)OK72.9
y/y —
9.7
y/y —
1.0
y/y —
10.6
y/y —
5.3
y/y —
——313.9
y/y —
136.9
y/y —
14.3%81.5Link
2025-03-31Q1 2025 (3M)OK70.2
y/y 10.0%
9.2
y/y 7.3%
4.0
y/y 20.4%
13.3
y/y 11.0%
5.1
y/y 2.7%
——312.1
y/y 12.2%
159.7
y/y 26.9%
13.6%46.1Report (PDF)
2024-12-31FY 2024 (12M)OK—
y/y 14.2%
—
y/y 15.7%
—
y/y 14.9%
—
y/y 15.5%
—
y/y 21.5%
——308.0
y/y 12.6%
143.4
y/y 12.9%
17.6%39.1Link
2024-03-31Q1 2024 (3M)OK63.8
y/y —
8.6
y/y —
3.3
y/y —
11.9
y/y —
5.0
y/y —
——278.1
y/y —
125.9
y/y —
15.8%36.6Report (PDF)
2023-12-31FY 2023 (12M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——273.5
y/y —
127.0
y/y —
15.2%35.6Report (PDF)
2023-09-30Q3 2023 (3M)PARTIAL62.9
y/y —
8.5
y/y —
3.4
y/y —
11.8
y/y —
5.4
y/y —
——274.6
y/y —
130.8
y/y —
16.9%29.8Report (PDF)
2023-06-30Q2 2023 (3M)OK61.4
y/y —
8.6
y/y —
0.0
y/y —
8.6
y/y —
4.9
y/y —
——263.3
y/y —
123.7
y/y —
—37.2Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)11 518
Long-term debt (incl. LT leases)72 852
Net debt84 370

Net debt / LTM EBITDA: 1.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

020 00040 00060 00080 0002023 q22023 q32024 q12025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

0%5%10%15%2023 q22023 q32024 q12025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Net debt / cash ($ mln)

020 00040 00060 00080 000100 0002023 q42024 q12024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 1.79x of reported net profit; after capex, 0.70x.
year202320242025
cash flow / profit2.17x1.79x1.29x
accruals, % of assets-8.3%-6.1%-2.2%
net debt / EBITDA 1.0x · capex 2.0x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +5.1%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-09-30 vs 2025-09-30)
= (12 296 − 10 777) × 4.65
7 057
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (451 007 + 84 370) ÷ 57 126
9.4x
3. Target multiple
(Current EV/EBITDA + 9) ÷ 2
= (9.4 + 9) ÷ 2
9.2x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -41 611 + 0 + 0 − 0
-41 611
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (7 057 × 9.2 + -41 611) ÷ 451 007
+5.1%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • FCF (LTM) approximated by latest FY (ended 2025-12-31, before the latest reported period 2026-09-30)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +5% vs +14% the year before — a -9.5 pp move. 3-year CAGR —.
revenue growth by year: 2024 +14% · 2025 +5%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: consumer (Mexico). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
AlseaMexico2.24.0x
El Puerto de Liverpool, S.A.B. de C.V.Mexico7.24.3x
Grupo Bimbo, S.A.B. de C.V.Mexico14.36.1x
Walmart de México y Centroamérica, S.A.B. de C.V.Mexico45.17.9x
Arca Continental (AC)Mexico19.88.2x
Fomento Economico Mexicano (FEMSA)Mexico42.59.7x
Group median7.0x
Group average6.7x
This companyMexico24.29.4x

Group median 7.0x; this company 9.4x — a 34% premium.

Group average 6.7x; against the average this company is at a 40% premium.

At the adjusted group median the market cap would be -28% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.6x, Russia 3.8x, South Africa 5.5x, Kazakhstan 6.3x, India 17.8x, Indonesia 4.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-29; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-10-121.935 MXNEx-dividend: 1.935 MXN per sharePaidYahoo Finance (ex-div)
2026-07-131.935 MXNEx-dividend: 1.935 MXN per sharePaidYahoo Finance (ex-div)
2026-04-201.935 MXNEx-dividend: 1.935 MXN per sharePaidYahoo Finance (ex-div)
2025-12-081.84 MXNEx-dividend: 1.84 MXN per sharePaidYahoo Finance (ex-div)
2025-10-141.84 MXNEx-dividend: 1.84 MXN per sharePaidYahoo Finance (ex-div)
2025-07-151.84 MXNEx-dividend: 1.84 MXN per sharePaidYahoo Finance (ex-div)
2025-04-221.84 MXNEx-dividend: 1.84 MXN per sharePaidYahoo Finance (ex-div)
2024-04-123.04 MXNEx-dividend: 3.04 MXN per sharePaidYahoo Finance (ex-div)
2023-10-312.9 MXNEx-dividend: 2.9 MXN per sharePaidYahoo Finance (ex-div)
2023-04-283.2625 MXNEx-dividend: 3.2625 MXN per sharePaidYahoo Finance (ex-div)
2022-04-295.43 MXNEx-dividend: 5.43 MXN per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://investors.coca-colafemsa.com/en/financial-information/quarterly-reports/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Coca-Cola FEMSA, S.A.B. de C.V. (KOF) — from primary filings.

Frequently asked questions

What is Coca-Cola FEMSA, S.A.B. de C.V. (KOF)'s P/E ratio?
Coca-Cola FEMSA, S.A.B. de C.V. (KOF) trades at a P/E of 18.6x (price to trailing 12-month earnings).
What is Coca-Cola FEMSA, S.A.B. de C.V. (KOF)'s EV/EBITDA?
Coca-Cola FEMSA, S.A.B. de C.V. (KOF) trades at 9.4x EV/EBITDA.
What is Coca-Cola FEMSA, S.A.B. de C.V. (KOF)'s P/B ratio?
Coca-Cola FEMSA, S.A.B. de C.V. (KOF) trades at a P/B of 3.1x.
What is Coca-Cola FEMSA, S.A.B. de C.V. (KOF)'s dividend yield?
Coca-Cola FEMSA, S.A.B. de C.V. (KOF)'s trailing 12-month dividend yield is 3.5%.
What is Coca-Cola FEMSA, S.A.B. de C.V. (KOF)'s return on equity (ROE)?
Coca-Cola FEMSA, S.A.B. de C.V. (KOF)'s ROE is 17.0%.
What is Coca-Cola FEMSA, S.A.B. de C.V. (KOF)'s market capitalization?
Coca-Cola FEMSA, S.A.B. de C.V. (KOF)'s market cap is 451.0 bn MXN.

See also: Mexican Stocks (2026): Quality Value and the Nearshoring Trade · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map