# Compania Cervecerias Unidas (CCU.US)

Canonical: https://gigainvestors.com/s/CCU

Analysis as of: 2026-10-15T06:32:58.631Z. Financial observations: FY1998–FY2025.

Listing currency: USD. Reporting currency: CLP.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $10.70 per share; close as of 2026-10-15.

Estimated value: low $9.41 per share, central $10.55 per share, high $12.01 per share. Buy at or below the central value $10.55 per share. Valuation as of 2026-10-15T06:32:58.631Z; scenarios are not confidence intervals.

Expected annual return: 9.9% at the stated quote. About 9.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.43×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.13×

- FY2018: 0.27×

- FY2019: 0.13×

- FY2020: 0.09×

- FY2021: 0.13×

- FY2022: 0.08×

- FY2023: 0.09×

- FY2024: 0.09×

- FY2025: 0.07×

### moat: pass

- ROIC, median of available years: 16.1%

- ROIC, second-lowest year: 11.2%

- Typical minus recent gross margin: 3.1 pp

- Typical gross margin (annual median): 47.5%

- Recent gross margin (lower of latest and 3-year median): 44.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.1%

- ROIC including acquisitions, ten-year median: 10.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.8%

- FY2017: 16.9%

- FY2018: 30.3%

- FY2019: >100%

- FY2020: >100%

- FY2021: 16.3%

- FY2022: 11.2%

- FY2023: 13.3%

- FY2024: 12.7%

- FY2025: 9.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CLP 694B

- Net income, five-year total: CLP 695B

- Return on incremental invested capital: 7.2%

- Working capital / revenue, annual change: 1.1 pp

- Working capital / revenue, change between three-year averages: 4.9 pp

- Working capital / revenue, final three-year average: 21.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.96×

- FY2023: 0.92×

- FY2024: 1.00×

- FY2025: 1.11×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 16.9% vs 12.7%

- Per-share earnings: 653.90 to 602.95 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: CLP -1.50T

- Cumulative retained earnings: CLP 367B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -1.0%

- Per-share value change: CLP -50.94

- Per-share value, starting three-year median: CLP 653.90

- Per-share value, ending three-year median: CLP 602.95

- Buybacks concentrated in cheaper years (correlation): 0.68

- Average buyback yield: 0.6%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: CLP 532B

- Cumulative net income, 10 years: CLP 1.48T

- ROIC, first three-year median: 16.9%

- ROIC, last three-year median: 12.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: CLP 641.17

- FY2017: CLP 701.52

- FY2018: CLP 2K

- FY2019: CLP 704.42

- FY2020: CLP 520.44

- FY2021: CLP 1K

- FY2022: CLP 639.61

- FY2023: CLP 571.86

- FY2024: CLP 871.14

- FY2025: CLP 602.95

### accounting: pass

- Sloan accruals: -3.1%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.04×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.26×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -10146.3%

- FY2017: -6.7%

- FY2018: 0.0%

- FY2019: -3583.8%

- FY2020: -5191.4%

- FY2021: -3.3%

- FY2022: 0.0%

- FY2023: -5.5%

- FY2024: -3.2%

- FY2025: -3.1%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 37% since Oct 2021 · sales -4.7%

Story as of 2026-10-16T09:58:28.823Z; price observation 2026-10-15.

Price needs cash profits to grow 1.3% a year for ten years

### Sales · FY2024–2025

sales -4.7%; source https://www.sec.gov/Archives/edgar/data/888746/000129281426002680/ccuform20f_2025.htm; observed 2026-04-29.

- FY2016: CLP 1.56T 

- FY2017: CLP 1.70T 

- FY2018: CLP 1.78T 

- FY2019: CLP 1.82T 

- FY2020: CLP 1.86T 

- FY2021: CLP 2.48T 

- FY2022: CLP 2.71T 

- FY2023: CLP 2.57T 

- FY2024: CLP 2.90T 

- FY2025: CLP 2.77T 

### Gross margin · FY2025

gross margin 44.4%; source https://www.sec.gov/Archives/edgar/data/888746/000129281426002680/ccuform20f_2025.htm; observed 2026-04-29.

- FY2016: 52.4% 

- FY2017: 53.0% 

- FY2018: 51.8% 

- FY2019: 50.2% 

- FY2020: 47.0% 

- FY2021: 48.0% 

- FY2022: 44.1% 

- FY2023: 46.3% 

- FY2024: 45.2% 

- FY2025: 44.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in beverages brewers; annual sales are CLP 2.8 trillion.

- Source: https://www.sec.gov/Archives/edgar/data/888746/000129281426002680/ccuform20f_2025.htm (filed 2026-04-29); FY2025: revenue 2766682360000; grossProfit 1228138367000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); CCU.US: Compañía Cervecerías Unidas S.A., together with its subsidiaries, operates as a diversified beverage company in Chile, Argentina, Bolivia, Colombia, Paraguay, and Uruguay. It operates through three segments: Chile, International Business, and Wine. The company offers wines, soft, isotonic, and sports drinks, nectars, iced tea, pisco, rum, cider, liquors, beers, spirits, cocktails, coolers, and cockail wines; and spring, bottled, mineral, and saborized water. It provides its products under the Cristal, Escudo, Royal Guard, Morenita, Dorada, Andes, Bavaria, Stones, Heineken, Sol, Coors, Austral, Polar Imperial, Patagonia, Kunstmann, Guayacán, D´olbek, Mahina, Volcanes del Sur, Bilz, Pap, Kem, Kem Xtreme, Nobis, Pop, Cachantun, Mas, Mas Woman, Porvenir, Manantial, Red Bull, Rockstar, Perrier, Mistral, Tres Erres, Campanario, Horcón Quemado, Control Valle del Encanto, Espíritu de los Andes, La Serena, Iceberg, Hard Fresh, Ruta, Cocktail, Sabor Andino Sour, Horcón Quemado Sour, Sierra Morena, Cabo Viejo, Kantal, Fehrenberg, Barsol, Puklaro, Pernod Ricard, Fratelli Branca, Sidra 1888, La Pizka, Palermo, Santa Fé, Salta, Córdoba, Isenbeck, Norte, Iguana, Miller Genuine Draft, Amstel, Warsteiner, Grolsch, Blue Moon, Sidra Real, La Victoria, Pehuenia, El Abuelo, Eugenio Bustos, La Celia, Colón, Graffina, Santa Silvia, Villavicencio, Villa del Sur, Levité, Ser, Brío, Altaïr, Cabo de Hornos, Sideral, 1865, Castillo de Molina, Epica, Gato, GatoNegro, Reserva, Gran Reserva, Single Vineyard, Lot series, Misiones de Rengo Varietal, Reserva, Cuvée, Gran Reserva Black, Mision, Sparkling line, Alpaca, Reservado, Siglo de Oro Reserva de Viña Santa Helena, Viñamar, Donnaluna, Manquehuito, Graffigna, Colón, Colón Selecto, Nativa, Nix, Watt's, FullSport, 1888, Imperial, Escudo Silver, Kuntsmann, Miller, and Schneider brands. The company was founded in 1850 and is based in Santiago, Chile. Compañía Cervecerías Unidas S.A. operates as a subsidiary of Inversiones y Rentas S.A.

### Why customers stay

Margins ranged from 44.4% to 46.3% during 2023–25; it earns 16.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: grossProfit / revenue = 46.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: grossProfit / revenue = 45.2%.

- Source: https://www.sec.gov/Archives/edgar/data/888746/000129281426002680/ccuform20f_2025.htm (filed 2026-04-29); FY2025: grossProfit / revenue = 44.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); 10-year return on capital observations [[2016,0.15832640893489078],[2017,0.16875587767902403],[2018,0.30273035193477815],[2019,104.90369028704768],[2020,73.67125377240184],[2021,0.16317799709914224],[2022,0.11245307621327362],[2023,0.13342122001793263],[2024,0.12684912342140114],[2025,0.0956238248947788]]; median 0.1607522030170165. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2016: growth capex 35615390343.60654; upkeep 93268034656.39346; owner earnings 108717498343.60654. Growth capex / owner earnings = 0.3275957494077218.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2017: growth capex 33565976000; upkeep 92199504000; owner earnings 129607353000. Growth capex / owner earnings = 0.25898203476156173.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2018: growth capex 38200956000; upkeep 93239466000; owner earnings 306890792000. Growth capex / owner earnings = 0.12447736131490057.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2019: growth capex 17871659041.223007; upkeep 122616189958.777; owner earnings 112546436041.223. Growth capex / owner earnings = 0.1587936470478466.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2020: growth capex 11880075683.540894; upkeep 110906653316.4591; owner earnings 95059594683.5409. Growth capex / owner earnings = 0.12497502985459154.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2021: growth capex 47737243000; upkeep 124116739000; owner earnings 199162731000. Growth capex / owner earnings = 0.23968963851976904.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2022: growth capex 72139583997.56625; upkeep 131463906002.43375; owner earnings 113201937997.56625. Growth capex / owner earnings = 0.6372645669645444.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: growth capex 0; upkeep 129447840000; owner earnings 96735296000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: growth capex 6762544000; upkeep 153323640000; owner earnings 160944138000. Growth capex / owner earnings = 0.042017957808441586.

- Source: https://www.sec.gov/Archives/edgar/data/888746/000129281426002680/ccuform20f_2025.htm (filed 2026-04-29); FY2025: growth capex 0; upkeep 135383830000; owner earnings 123739247000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Dividend observations: [[2016,69819729000],[2017,75128211000],[2018,74825181000],[2019,218035429000],[2020,102135646000],[2021,274136472000],[2022,158320848000],[2023,65583416000],[2024,81797392000],[2025,74474232000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); CCU.US SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 1.3% yearly over ten years; actual growth was 0.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Ten-year compound average after fade. Initial solved rate 0.005279943202753601. Price 10.7; FX 0.00101; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 653.895640303673 → FY2025 669.7604457879909. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $21.50 per share

- 2016-11: $19.89 per share

- 2016-12: $20.98 per share

- 2017-01: $22.59 per share

- 2017-02: $23.73 per share

- 2017-03: $25.27 per share

- 2017-04: $25.77 per share

- 2017-05: $26.35 per share

- 2017-06: $26.24 per share

- 2017-07: $26.61 per share

- 2017-08: $27.40 per share

- 2017-09: $26.93 per share

- 2017-10: $28.48 per share

- 2017-11: $25.48 per share

- 2017-12: $29.58 per share

- 2018-01: $29.37 per share

- 2018-02: $27.86 per share

- 2018-03: $29.41 per share

- 2018-04: $27.62 per share

- 2018-05: $25.36 per share

- 2018-06: $24.94 per share

- 2018-07: $27.23 per share

- 2018-08: $26.40 per share

- 2018-09: $27.90 per share

- 2018-10: $25.07 per share

- 2018-11: $25.98 per share

- 2018-12: $25.13 per share

- 2019-01: $27.91 per share

- 2019-02: $28.72 per share

- 2019-03: $29.46 per share

- 2019-04: $27.54 per share

- 2019-05: $26.81 per share

- 2019-06: $28.25 per share

- 2019-07: $27.96 per share

- 2019-08: $22.60 per share

- 2019-09: $22.19 per share

- 2019-10: $19.85 per share

- 2019-11: $18.51 per share

- 2019-12: $18.97 per share

- 2020-01: $17.82 per share

- 2020-02: $15.94 per share

- 2020-03: $13.38 per share

- 2020-04: $14.22 per share

- 2020-05: $14.01 per share

- 2020-06: $14.32 per share

- 2020-07: $14.97 per share

- 2020-08: $13.20 per share

- 2020-09: $12.97 per share

- 2020-10: $10.76 per share

- 2020-11: $14.31 per share

- 2020-12: $14.70 per share

- 2021-01: $16.45 per share

- 2021-02: $17.30 per share

- 2021-03: $17.67 per share

- 2021-04: $18.33 per share

- 2021-05: $17.96 per share

- 2021-06: $20.14 per share

- 2021-07: $21.26 per share

- 2021-08: $20.29 per share

- 2021-09: $17.29 per share

- 2021-10: $16.91 per share

- 2021-11: $16.07 per share

- 2021-12: $16.41 per share

- 2022-01: $16.67 per share

- 2022-02: $15.98 per share

- 2022-03: $14.96 per share

- 2022-04: $13.34 per share

- 2022-05: $14.01 per share

- 2022-06: $12.63 per share

- 2022-07: $11.54 per share

- 2022-08: $10.93 per share

- 2022-09: $10.78 per share

- 2022-10: $10.81 per share

- 2022-11: $12.18 per share

- 2022-12: $13.12 per share

- 2023-01: $15.61 per share

- 2023-02: $15.18 per share

- 2023-03: $15.63 per share

- 2023-04: $16.07 per share

- 2023-05: $14.90 per share

- 2023-06: $16.23 per share

- 2023-07: $16.73 per share

- 2023-08: $14.73 per share

- 2023-09: $12.60 per share

- 2023-10: $11.25 per share

- 2023-11: $12.25 per share

- 2023-12: $12.54 per share

- 2024-01: $11.91 per share

- 2024-02: $11.63 per share

- 2024-03: $11.99 per share

- 2024-04: $12.10 per share

- 2024-05: $12.51 per share

- 2024-06: $11.38 per share

- 2024-07: $10.98 per share

- 2024-08: $11.20 per share

- 2024-09: $11.63 per share

- 2024-10: $10.85 per share

- 2024-11: $11.46 per share

- 2024-12: $11.33 per share

- 2025-01: $12.14 per share

- 2025-02: $13.95 per share

- 2025-03: $15.20 per share

- 2025-04: $15.22 per share

- 2025-05: $13.63 per share

- 2025-06: $12.92 per share

- 2025-07: $11.73 per share

- 2025-08: $12.37 per share

- 2025-09: $12.12 per share

- 2025-10: $12.90 per share

- 2025-11: $13.38 per share

- 2025-12: $12.76 per share

- 2026-01: $14.67 per share

- 2026-02: $13.34 per share

- 2026-03: $11.35 per share

- 2026-04: $11.43 per share

- 2026-05: $11.78 per share

- 2026-06: $11.20 per share

- 2026-07: $11.49 per share

- 2026-08: $11.78 per share

- 2026-09: $10.43 per share

- 2026-10: $10.91 per share

## Annual estimated value (USD per share)

- FY2016: low $9.30 per share, central $12.12 per share, high $14.09 per share

- FY2017: low $9.33 per share, central $11.54 per share, high $13.34 per share

- FY2018: low $11.24 per share, central $14.68 per share, high $16.93 per share

- FY2019: low $8.31 per share, central $9.46 per share, high $10.98 per share

- FY2020: low $7.74 per share, central $8.81 per share, high $10.23 per share

- FY2021: low $13.60 per share, central $16.62 per share, high $19.19 per share

- FY2022: low $13.04 per share, central $14.42 per share, high $16.25 per share

- FY2023: low $10.96 per share, central $12.04 per share, high $13.48 per share

- FY2024: low $14.07 per share, central $17.84 per share, high $20.30 per share

- FY2025: low $10.04 per share, central $11.13 per share, high $12.51 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/888746/000129281426002680/ccuform20f_2025.htm); period 2025-12-31, filed 2026-04-29.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.