# Coca-Cola FEMSA (KOFUBL.MX)

Canonical: https://gigainvestors.com/s/KOFUBL.MX

Analysis as of: 2026-10-16T07:34:30.582Z. Financial observations: FY2015–FY2026.

Listing currency: MXN. Reporting currency: MXN.

## 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: MXN 211.77 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.02×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.13×

- FY2018: 0.14×

- FY2019: 0.14×

- FY2020: 0.14×

- FY2021: 0.14×

- FY2022: 0.14×

- FY2023: 0.14×

- FY2024: 0.14×

- FY2025: 0.14×

- LTM to Jun 2026: 0.14×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 13.5%

- ROIC, second-lowest year: 11.0%

- Typical minus recent gross margin: -0.5 pp

- Typical gross margin (annual median): 45.2%

- Recent gross margin (lower of latest and 3-year median): 45.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.6%

- ROIC including acquisitions, ten-year median: 7.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.4%

- FY2017: 13.0%

- FY2018: 11.0%

- FY2019: 12.5%

- FY2020: 12.1%

- FY2021: 14.0%

- FY2022: 16.0%

- FY2023: 16.7%

- FY2024: 16.0%

- FY2025: 14.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: MXN 90B

- Net income, five-year total: MXN 102B

- Return on incremental invested capital: 26.9%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.0 pp

- Working capital / revenue, final three-year average: 0.8%

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

- FY2021: 1.01×

- FY2022: 0.98×

- FY2023: 0.86×

- FY2024: 0.89×

- FY2025: 0.73×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 11.0% vs 16.0%

- Per-share earnings: 4.85 to 11.30 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

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

- Market cap gain: MXN 87B

- Cumulative retained earnings: MXN 34B

- Diluted shares, 10-year annual growth: 0.1%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.1%

- Per-share value change: MXN 6.45

- Per-share value, starting three-year median: MXN 4.85

- Per-share value, ending three-year median: MXN 11.30

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: MXN 36B

- Cumulative net income, 10 years: MXN 135B

- ROIC, first three-year median: 11.0%

- ROIC, last three-year median: 16.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: MXN 4.85

- FY2017: MXN -6.09

- FY2018: MXN 6.62

- FY2019: MXN 5.76

- FY2020: MXN 4.91

- FY2021: MXN 7.48

- FY2022: MXN 9.06

- FY2023: MXN 9.30

- FY2024: MXN 11.30

- FY2025: MXN 11.35

### accounting: pass

- Sloan accruals: -2.2%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.29×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.70×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.0%

- FY2017: -16.1%

- FY2018: -5.9%

- FY2019: -7.4%

- FY2020: -9.4%

- FY2021: -6.3%

- FY2022: -5.9%

- FY2023: -8.8%

- FY2024: -6.1%

- FY2025: -2.2%

## Holders

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

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

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

## Price story

Up 55% since Oct 2023 · "These effects were partially offset by lower sweetener costs and revenue growth." (SEC filing, Apr 2026) · sales +1.8%

Story as of 2026-10-16T10:00:00.911Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +1.8%; source https://www.sec.gov/Archives/edgar/data/910631/000162828026025313/kof-20251231.htm; observed 2026-04-16.

- FY2017: MXN 204B 

- FY2018: MXN 182B 

- FY2019: MXN 194B 

- FY2020: MXN 184B 

- FY2021: MXN 195B 

- FY2022: MXN 227B 

- FY2023: MXN 245B 

- FY2024: MXN 280B 

- FY2025: MXN 292B 

- FY2026: MXN 297B 

### Gross margin · FY2025

gross margin 45.6%; source https://www.sec.gov/Archives/edgar/data/910631/000162828026025313/kof-20251231.htm; observed 2026-04-16.

- FY2016: 44.8% 

- FY2017: 45.0% 

- FY2018: 46.0% 

- FY2019: 45.0% 

- FY2020: 45.1% 

- FY2021: 45.5% 

- FY2022: 44.2% 

- FY2023: 45.2% 

- FY2024: 46.0% 

- FY2025: 45.6% 

## Owner memo

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

### How it makes money

Operates in beverages non-alcoholic; annual sales are MXN 291.7 billion.

- Source: https://eodhd.com/api/fundamentals/KOFUBL.MX.json#2025-12-31 (filed 2026-04-16); FY2025: revenue 291746000000; grossProfit 133176000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KOFUBL.MX: Coca-Cola FEMSA, S.A.B. de C.V., a franchise bottler, produces, markets, sells, and distributes Coca-Cola trademarked beverages in Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Brazil, Argentina, and Uruguay. The company offers sparkling beverages, including colas and flavored sparkling beverages; waters; and other non-carbonated beverages, including tea, sports drinks, energy drinks, fruit-based beverages, juice, coffee, milk, value-added dairy, and plant-based drinks. It also distributes and sells beer products under the Heineken, Estrella Galicia, and Therezópolis brands; alcoholic ready-to-drink beverages, such as Bacardí Coca-Cola and Topo Chico Hard Seltzer; and Monster products. The company sells its products to distributors, retail outlets, wholesale supermarkets, discount and convenience stores, retailers, points-of-sale outlets, restaurants and bars, stadiums, auditoriums, theaters, and home deliveries. Coca-Cola FEMSA, S.A.B. de C.V. was founded in 1979 and is headquartered in Mexico City, Mexico.

### Why customers stay

Margins ranged from 45.2% to 46% during 2023–25; it earns 13.5% on its capital.

- Source: https://eodhd.com/api/fundamentals/KOFUBL.MX.json#2023-12-31 (filed 2026-04-16); FY2023: grossProfit / revenue = 45.2%.

- Source: https://eodhd.com/api/fundamentals/KOFUBL.MX.json#2024-12-31 (filed 2026-04-16); FY2024: grossProfit / revenue = 46%.

- Source: https://eodhd.com/api/fundamentals/KOFUBL.MX.json#2025-12-31 (filed 2026-04-16); FY2025: grossProfit / revenue = 45.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); 10-year return on capital observations [[2016,0.10398836143161162],[2017,0.1297407632942697],[2018,0.10977399636534572],[2019,0.12452373902209618],[2020,0.12121033481801789],[2021,0.14022922534777396],[2022,0.16022791389617408],[2023,0.16700830460690008],[2024,0.16014111790234803],[2025,0.14831400502869316]]; median 0.13498499432102185. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Prices rose 6%.

- Source: https://www.sec.gov/Archives/edgar/data/910631/000162828026025313/kof-20251231.htm (filed 2026-04-16); [p0]  conversion by the ADS depositary of cash dividends paid on the Series L shares and Series B shares underlying our units represented by such ADSs. In addition, exchange rate fluctuations between the Mexican peso and the U.S. dollar affect the market price of the ADSs. Under Mexican income tax law, dividends, either in cash or in kind, paid to individuals who are Mexican residents, and to individuals and companies that are non-Mexican residents, on our shares, including the Series L shares and the Series B shares underlying our units, including units represented by ADSs, are subject to a 10.0% Mexican withholding tax, or a lower rate if covered by a tax treaty. Profits that were earned and subject to income tax before January 1, 2014 are exempt from this withholding tax. See “Item 10. Additional Information—Taxation—Mexican Taxation.” 6 Risk Factors Risks Related to Our Company Risks related to our relationship with our major shareholders. Our business depends on our relationship with The Coca-Cola Company, and changes in this relationship may adversely affect our business, financial condition and results of operations. Substantially all of our sales are derived from sales of Coca-Cola trademark beverages. We produce, market, sell and distribute Coca-Cola trademark beverages through standard bottler agreements in the territories where we operate, which we refer to as “our territories.” See “Item 4. Information on the Company—The Company—Our Territories.” We are required to purchase concentrate for all Coca-Cola trademark beverages from affiliates of The Coca-Cola Company, which price may be determined from time to time by The Coca-Cola Company in all such territories. We are also required to purchase sweeteners and other raw materials only from companies authorized by The Coca-Cola Company. Increases in the cost, disrup

[p1] g, in November 2006, FEMSA acquired, through a subsidiary, 148,000,000 of our Series D shares from certain subsidiaries of The Coca-Cola Company, representing 9.4% of the total outstanding voting shares and 8.0% of our total outstanding equity, at a price of US$2.888 per share for an aggregate amount of US$427.4 million. Pursuant to our bylaws, the acquired shares were converted from Series D shares to Series A shares. •We may be entering some markets where significant infrastructure investment may be required. The Coca-Cola Company and FEMSA will conduct a joint study that will outline strategies for these markets, as well as the investment levels required to execute these strategies. Subsequently, it is intended that FEMSA and The Coca-Cola Company will reach an agreement on the level of funding to be provided by each of the partners. The parties intend that this allocation of funding responsibilities would not be overly burdensome for either partner. Cooperation Framework with The Coca-Cola Company In July 2016, we announced a new, comprehensive cooperation framework with The Coca-Cola Company. This cooperation framework seeks to maintain a mutually beneficial business relationship over the long term, which will allow both companies to focus on continuing to drive the business forward and generate profitable growth. The cooperation framework contemplates the following main objectives: •Long-term guidelines in relationship economics. Concentrate prices for sparkling beverages in Mexico gradually increased from July 2017 through July 2019. •Other concentrate price adjustments. Potential future concentrate price adjustments for sparkling beverages and flavored water in Mexico will consider investment and profitability levels that are beneficial both to us and The Coca-Cola Company. •Marketing and commercial strategies.

[p2] lified in its entirety by reference to, our consolidated financial statements including the notes thereto. Our consolidated financial statements were prepared in accordance with IFRS as issued by the International Accounting Standards Board. Average Price Per Unit Case. We use average price per unit case to analyze average pricing trends in the different territories where we operate. We calculate average price per unit case by dividing net sales by total sales volume. Sales of beer and spirits, which are not included in our sales volumes, are excluded from this calculation. Effects of Changes in Economic Conditions. Our results are affected by changes in economic conditions in Mexico, Brazil and in the other countries where we operate. For the year ended December 31, 2025, 74.9% of our total revenues were attributable to Mexico and Brazil. Some of these economies continue to be influenced by the U.S. economy, and therefore, deterioration in economic conditions in the U.S. economy may affect these economies. Deterioration or prolonged periods of weak economic conditions in the countries where we conduct operations may have, and in the past have had, a negative effect on our company and a material adverse effect on our results and financial condition. Our business may also be significantly affected by the interest rates, inflation rates and exchange rates of the local currencies of the countries where we operate. Decreases in growth rates, periods of negative growth and/or increases in inflation or interest rates may result in lower demand for our products, lower real pricing of our products or a shift to lower margin products. In addition, an increase in interest rates would increase the cost to us of variable rate funding, which would have an adverse effect on our financial position. Treatment of Argentina as a Hyperin

[p3] to, our consolidated financial statements including the notes thereto. Our consolidated financial statements were prepared in accordance with IFRS as issued by the International Accounting Standards Board. Average Price Per Unit Case. We use average price per unit case to analyze average pricing trends in the different territories where we operate. We calculate average price per unit case by dividing net sales by total sales volume. Sales of beer and spirits, which are not included in our sales volumes, are excluded from this calculation. Effects of Changes in Economic Conditions. Our results are affected by changes in economic conditions in Mexico, Brazil and in the other countries where we operate. For the year ended December 31, 2025, 74.9% of our total revenues were attributable to Mexico and Brazil. Some of these economies continue to be influenced by the U.S. economy, and therefore, deterioration in economic conditions in the U.S. economy may affect these economies. Deterioration or prolonged periods of weak economic conditions in the countries where we conduct operations may have, and in the past have had, a negative effect on our company and a material adverse effect on our results and financial condition. Our business may also be significantly affected by the interest rates, inflation rates and exchange rates of the local currencies of the countries where we operate. Decreases in growth rates, periods of negative growth and/or increases in inflation or interest rates may result in lower demand for our products, lower real pricing of our products or a shift to lower margin products. In addition, an increase in interest rates would increase the cost to us of variable rate funding, which would have an adverse effect on our financial position. Treatment of Argentina as a Hyperinflationary Economy. Argentina’s econ

[p4] ts including the notes thereto. Our consolidated financial statements were prepared in accordance with IFRS as issued by the International Accounting Standards Board. Average Price Per Unit Case. We use average price per unit case to analyze average pricing trends in the different territories where we operate. We calculate average price per unit case by dividing net sales by total sales volume. Sales of beer and spirits, which are not included in our sales volumes, are excluded from this calculation. Effects of Changes in Economic Conditions. Our results are affected by changes in economic conditions in Mexico, Brazil and in the other countries where we operate. For the year ended December 31, 2025, 74.9% of our total revenues were attributable to Mexico and Brazil. Some of these economies continue to be influenced by the U.S. economy, and therefore, deterioration in economic conditions in the U.S. economy may affect these economies. Deterioration or prolonged periods of weak economic conditions in the countries where we conduct operations may have, and in the past have had, a negative effect on our company and a material adverse effect on our results and financial condition. Our business may also be significantly affected by the interest rates, inflation rates and exchange rates of the local currencies of the countries where we operate. Decreases in growth rates, periods of negative growth and/or increases in inflation or interest rates may result in lower demand for our products, lower real pricing of our products or a shift to lower margin products. In addition, an increase in interest rates would increase the cost to us of variable rate funding, which would have an adverse effect on our financial position. Treatment of Argentina as a Hyperinflationary Economy. Argentina’s economy meets the criteria to be treated as

[p5]  in accordance with IFRS as issued by the International Accounting Standards Board. Average Price Per Unit Case. We use average price per unit case to analyze average pricing trends in the different territories where we operate. We calculate average price per unit case by dividing net sales by total sales volume. Sales of beer and spirits, which are not included in our sales volumes, are excluded from this calculation. Effects of Changes in Economic Conditions. Our results are affected by changes in economic conditions in Mexico, Brazil and in the other countries where we operate. For the year ended December 31, 2025, 74.9% of our total revenues were attributable to Mexico and Brazil. Some of these economies continue to be influenced by the U.S. economy, and therefore, deterioration in economic conditions in the U.S. economy may affect these economies. Deterioration or prolonged periods of weak economic conditions in the countries where we conduct operations may have, and in the past have had, a negative effect on our company and a material adverse effect on our results and financial condition. Our business may also be significantly affected by the interest rates, inflation rates and exchange rates of the local currencies of the countries where we operate. Decreases in growth rates, periods of negative growth and/or increases in inflation or interest rates may result in lower demand for our products, lower real pricing of our products or a shift to lower margin products. In addition, an increase in interest rates would increase the cost to us of variable rate funding, which would have an adverse effect on our financial position. Treatment of Argentina as a Hyperinflationary Economy. Argentina’s economy meets the criteria to be treated as a hyperinflationary economy based on various economic factors, including that Arge

[p6] flation rates and exchange rates of the local currencies of the countries where we operate. Decreases in growth rates, periods of negative growth and/or increases in inflation or interest rates may result in lower demand for our products, lower real pricing of our products or a shift to lower margin products. In addition, an increase in interest rates would increase the cost to us of variable rate funding, which would have an adverse effect on our financial position. Treatment of Argentina as a Hyperinflationary Economy. Argentina’s economy meets the criteria to be treated as a hyperinflationary economy based on various economic factors, including that Argentina’s cumulative inflation over the three-year period prior to December 31, 2025 exceeded 100.0%, according to available indexes in the country. We recognized inflationary effects of our Argentine operations and functional currency was converted to Mexican pesos for the periods ended December 31, 2025 and 2024 using the exchange rates at the end of such periods. See Note 3.4 to our consolidated financial statements. New Accounting Pronouncements For a description of the current IFRS and amendments to IFRS adopted during 2025, see Note 2.4 to our consolidated financial statements. In addition, for a description of the accounting standards issued in recent years, see Note 26 to our consolidated financial statements. 44 Critical Accounting Judgments and Estimates For a description of the critical accounting judgments and estimates, see Note 2.3 to our consolidated financial statements. Results The following table sets forth our consolidated income statements for the years ended December 31, 2025, 2024 and 2023. Year Ended December 31, 2025 (1) 2025 2024 2023 (in millions of Mexican pesos or millions of U.S. dollars, except per share data) Net sales $ 16,170 Ps. 291,14

[p7]  2025 as compared to 2024. •Sales volume of our bottled water category, excluding bulk water, increased by 1.0% in 2025 as compared to 2024. •Sales volume of our bulk water category decreased by 3.4% in 2025 as compared to 2024. Consolidated average price per unit case increased by 6.0% to Ps. 68.09 in 2025, as compared to Ps. 64.23 in 2024, mainly as a result of our revenue management initiatives. These factors were offset by the negative translation effect resulting from the appreciation of most of our operating currencies relative to the Mexican peso. Cost of Goods Sold. Our cost of goods sold increased by 5.0% to Ps. 158,570 million in 2025 as compared to 2024 and had an effect on our gross profit as further described below. The components of cost of goods sold include raw materials (principally concentrate, sweeteners and packaging materials), depreciation costs attributable to our production facilities, wages and other labor 46 costs associated with labor force employed at our production facilities and certain overhead costs. Concentrate prices are determined as a percentage of the retail price of our products in local currency, net of applicable taxes. Packaging material purchases, mainly PET resin and aluminum, and HFCS, used as a sweetener in some countries, are denominated in U.S. dollars. Gross Profit. Our gross profit increased by 3.4% to Ps. 133,176 million in 2025 as compared to 2024, with a gross margin decrease of 40 basis points as compared to 2024 to reach 45.6% in 2025. This gross margin decrease was mainly driven by higher promotional discounts and an unfavorable mix, coupled with higher fixed costs such as labor. These effects were partially offset by lower sweetener costs and revenue growth. Administrative and Selling Expenses. Our administrative and selling expenses increased by 4.1% to Ps. 91,70

[p8]  concentrate, sweeteners and packaging materials), depreciation costs attributable to our production facilities, wages and other labor 46 costs associated with labor force employed at our production facilities and certain overhead costs. Concentrate prices are determined as a percentage of the retail price of our products in local currency, net of applicable taxes. Packaging material purchases, mainly PET resin and aluminum, and HFCS, used as a sweetener in some countries, are denominated in U.S. dollars. Gross Profit. Our gross profit increased by 3.4% to Ps. 133,176 million in 2025 as compared to 2024, with a gross margin decrease of 40 basis points as compared to 2024 to reach 45.6% in 2025. This gross margin decrease was mainly driven by higher promotional discounts and an unfavorable mix, coupled with higher fixed costs such as labor. These effects were partially offset by lower sweetener costs and revenue growth. Administrative and Selling Expenses. Our administrative and selling expenses increased by 4.1% to Ps. 91,708 million in 2025 as compared to 2024. Our administrative and selling expenses as a percentage of total revenues decreased by 10 basis points to 31.4% in 2025 as compared to 2024, mainly driven by a decline in freight and marketing expenses. These effects were partially offset by higher labor and depreciation. Other Expenses Net. We recorded other net gains of Ps. 635 million in 2025 as compared to expenses of Ps. 719 million in 2024. This decrease was mainly as a result of a non-cash foreign exchange gain, as compared to a foreign exchange loss in the previous year, mainly related to the appreciation of the Mexican peso and the recognition of insurance claims related to the impact of hurricanes in Mexico and floods in Brazil. For more information, see Notes 2.5 and 18 to our consolidated financial 

### Where the cash goes

Spends 23.8% of cash earnings on expansion; earns 26.9% on new investment.

- Source: https://eodhd.com/api/fundamentals/KOFUBL.MX.json#2016-12-31 (filed 2026-04-16); FY2016: growth capex 1642000000; upkeep 8666000000; owner earnings 10070000000. Growth capex / owner earnings = 0.1630585898709037.

- Source: https://eodhd.com/api/fundamentals/KOFUBL.MX.json#2018-12-31 (filed 2026-04-16); FY2018: growth capex 0; upkeep 9917000000; owner earnings 14022000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KOFUBL.MX.json#2019-12-31 (filed 2026-04-16); FY2019: growth capex 0; upkeep 10324000000; owner earnings 12142400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KOFUBL.MX.json#2020-12-31 (filed 2026-04-16); FY2020: growth capex 0; upkeep 9655000000; owner earnings 10421800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KOFUBL.MX.json#2021-12-31 (filed 2026-04-16); FY2021: growth capex 0; upkeep 9344000000; owner earnings 15897000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KOFUBL.MX.json#2022-12-31 (filed 2026-04-16); FY2022: growth capex 7310000000; upkeep 10425000000; owner earnings 18607000000. Growth capex / owner earnings = 0.39286290105874133.

- Source: https://eodhd.com/api/fundamentals/KOFUBL.MX.json#2023-12-31 (filed 2026-04-16); FY2023: growth capex 5994022774.834738; upkeep 12670124225.165262; owner earnings 16892675774.834738. Growth capex / owner earnings = 0.35482968209004045.

- Source: https://eodhd.com/api/fundamentals/KOFUBL.MX.json#2024-12-31 (filed 2026-04-16); FY2024: growth capex 11644013561.707462; upkeep 14147986438.292538; owner earnings 21071213561.707462. Growth capex / owner earnings = 0.5526028924536188.

- Source: https://eodhd.com/api/fundamentals/KOFUBL.MX.json#2025-12-31 (filed 2026-04-16); FY2025: growth capex 4146899327.5792503; upkeep 19643100672.42075; owner earnings 17459299327.57925. Growth capex / owner earnings = 0.23751808418959172.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); Incremental return on capital 0.26929809504400837, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); Dividend observations: [[2016,6944000000],[2017,6991000000],[2018,7038000000],[2019,7437000000],[2020,10210000000],[2021,10588000000],[2022,11463000000],[2023,11798802000],[2024,12870000000],[2025,15735000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KOFUBL.MX SharesStats.PercentInsiders = 0.002 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); Closing price 211.77 MXN; reporting-to-trading FX 1; FY2025 annual sales per share 138.87162972366806; price multiple 1.5249334973701096. FY2025 cash earnings/share 8.310658420181502. Closing-price date 2026-10-15.

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

- 2016-10: MXN 141.98 per share

- 2016-11: MXN 129.53 per share

- 2016-12: MXN 131.37 per share

- 2017-01: MXN 129.39 per share

- 2017-02: MXN 131.95 per share

- 2017-03: MXN 134.48 per share

- 2017-04: MXN 136.82 per share

- 2017-05: MXN 150.00 per share

- 2017-06: MXN 153.77 per share

- 2017-07: MXN 151.55 per share

- 2017-08: MXN 146.53 per share

- 2017-09: MXN 140.71 per share

- 2017-10: MXN 129.51 per share

- 2017-11: MXN 127.97 per share

- 2017-12: MXN 136.95 per share

- 2018-01: MXN 142.26 per share

- 2018-02: MXN 127.00 per share

- 2018-03: MXN 120.23 per share

- 2018-04: MXN 121.43 per share

- 2018-05: MXN 116.87 per share

- 2018-06: MXN 112.46 per share

- 2018-07: MXN 116.70 per share

- 2018-08: MXN 114.93 per share

- 2018-09: MXN 114.26 per share

- 2018-10: MXN 115.86 per share

- 2018-11: MXN 122.58 per share

- 2018-12: MXN 119.15 per share

- 2019-01: MXN 119.50 per share

- 2019-02: MXN 116.60 per share

- 2019-03: MXN 128.31 per share

- 2019-04: MXN 120.93 per share

- 2019-05: MXN 122.22 per share

- 2019-06: MXN 119.11 per share

- 2019-07: MXN 117.76 per share

- 2019-08: MXN 118.56 per share

- 2019-09: MXN 120.09 per share

- 2019-10: MXN 105.71 per share

- 2019-11: MXN 112.15 per share

- 2019-12: MXN 114.88 per share

- 2020-01: MXN 114.94 per share

- 2020-02: MXN 108.98 per share

- 2020-03: MXN 95.65 per share

- 2020-04: MXN 97.10 per share

- 2020-05: MXN 96.79 per share

- 2020-06: MXN 100.62 per share

- 2020-07: MXN 91.92 per share

- 2020-08: MXN 91.80 per share

- 2020-09: MXN 90.19 per share

- 2020-10: MXN 80.32 per share

- 2020-11: MXN 91.06 per share

- 2020-12: MXN 91.51 per share

- 2021-01: MXN 88.92 per share

- 2021-02: MXN 87.79 per share

- 2021-03: MXN 94.41 per share

- 2021-04: MXN 94.83 per share

- 2021-05: MXN 99.17 per share

- 2021-06: MXN 105.47 per share

- 2021-07: MXN 112.85 per share

- 2021-08: MXN 116.27 per share

- 2021-09: MXN 116.32 per share

- 2021-10: MXN 110.95 per share

- 2021-11: MXN 105.31 per share

- 2021-12: MXN 111.70 per share

- 2022-01: MXN 108.27 per share

- 2022-02: MXN 112.48 per share

- 2022-03: MXN 109.53 per share

- 2022-04: MXN 111.27 per share

- 2022-05: MXN 117.89 per share

- 2022-06: MXN 111.34 per share

- 2022-07: MXN 123.42 per share

- 2022-08: MXN 123.18 per share

- 2022-09: MXN 117.67 per share

- 2022-10: MXN 124.81 per share

- 2022-11: MXN 131.57 per share

- 2022-12: MXN 131.84 per share

- 2023-01: MXN 143.26 per share

- 2023-02: MXN 132.34 per share

- 2023-03: MXN 144.73 per share

- 2023-04: MXN 148.43 per share

- 2023-05: MXN 145.29 per share

- 2023-06: MXN 143.08 per share

- 2023-07: MXN 141.36 per share

- 2023-08: MXN 144.47 per share

- 2023-09: MXN 136.78 per share

- 2023-10: MXN 136.79 per share

- 2023-11: MXN 145.98 per share

- 2023-12: MXN 160.97 per share

- 2024-01: MXN 163.86 per share

- 2024-02: MXN 166.36 per share

- 2024-03: MXN 160.38 per share

- 2024-04: MXN 169.95 per share

- 2024-05: MXN 158.31 per share

- 2024-06: MXN 156.87 per share

- 2024-07: MXN 169.06 per share

- 2024-08: MXN 165.45 per share

- 2024-09: MXN 174.30 per share

- 2024-10: MXN 166.52 per share

- 2024-11: MXN 161.06 per share

- 2024-12: MXN 161.99 per share

- 2025-01: MXN 162.79 per share

- 2025-02: MXN 183.01 per share

- 2025-03: MXN 187.06 per share

- 2025-04: MXN 184.71 per share

- 2025-05: MXN 184.22 per share

- 2025-06: MXN 181.82 per share

- 2025-07: MXN 156.42 per share

- 2025-08: MXN 158.46 per share

- 2025-09: MXN 151.95 per share

- 2025-10: MXN 159.84 per share

- 2025-11: MXN 158.64 per share

- 2025-12: MXN 171.07 per share

- 2026-01: MXN 182.78 per share

- 2026-02: MXN 191.44 per share

- 2026-03: MXN 174.70 per share

- 2026-04: MXN 176.96 per share

- 2026-05: MXN 187.40 per share

- 2026-06: MXN 184.89 per share

- 2026-07: MXN 187.26 per share

- 2026-08: MXN 188.94 per share

- 2026-09: MXN 194.88 per share

- 2026-10: MXN 211.95 per share

## Annual estimated value (MXN 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

Prior published observations retained from 2026-10-15T06:40:17.690Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/910631/000162828026025313/kof-20251231.htm); period 2025-12-31, filed 2026-04-16.

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.