ANDINA BOTTLING CO INC

AKO-A

Embotelladora Andina S.A., together with its subsidiaries, produces, bottles, commercializes, and distributes Coca-Cola trademark beverages in Chile, Brazil, Argentina, and Paraguay. It offers fruit juices, other fruit-flavored beverages, sport drinks, flavored waters, and mineral and purified water; iced tea and matte beverages; seed-based beverages; energy drinks; pre-mixed cocktails; and polyethylene terephthalate (PET) bottles and preforms, returnable PET bottles, cases, and plastic caps.

About the company

Country: ChilePrice: $25.29Market Cap: $4.0B

Investment snapshot

24%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

6 / 7

NEUTRAL / FAIL

Median fair value

$3.63

-85.6% vs price

Models with upside

2 / 17

Positive margin of safety

Strongest signal

9 of 10 pass — Oshaughnessy objects

Key risk

11 of 12 flag AKO-A's debt & leverage — Graham, Buffett, Lynch +8 more

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	BUY · Rank #230 (Top 7.4%)	NEUTRAL	NEUTRAL	PASS	NEUTRAL	FAIL	FAIL	NEUTRAL	FAIL	PASS	NEUTRAL	PASS	FAIL	NEUTRAL
Score
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Intrinsic Value (annual)					N/A								N/A	N/A	N/A	N/A	N/A
Margin of Safety	-35.5%	+20.5%	-16.1%	-15.8%	N/A	-9.8%	-35.5%	-37.7%	-0.4%	-39.6%	+18.8%	-67.9%	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-04-01 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-01 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-01 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-01 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-01 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-04-01 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-04-01 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-04-01 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-01 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-01 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-04-01 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-04-01 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-01 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-04-01 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-01 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-01 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-04-01 Score computed: 2026-11-14

Where It Passes

Cash Flow90% pass✓ 11✗ 1▾
9 of 10 pass — Oshaughnessy objects
Free Cash Flow Proxy$298.6M
✓BuffettPositive and growing
FCF Positive and Growing$203.7M
✓LynchPositive and growing
Operating Cash Flow$512.4M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=13.48%, ROA=7.86%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)7.8x
✓Dreman< 8x
P/E or FCF YieldP/E=13.4x, FCF Yield=5.1%
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive11/11 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap5.1%
✓Ackman>= 4%
Price / FCF per Share19.6x
✓Ackman<= 25
Positive Operating Cash Flow frequency11/11 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$203.7M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+5.11%; #1560/4519 (top 34.5%)
✗OshaughnessyTop 10% of eligible cross-section
Growth75% pass✓ 11✗ 2▾
6 of 8 pass — Lynch and Sleep object
EPS Growth (3-yr avg, 10-yr window)84.6%
✓Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)1.16
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR11.5%
✓Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthN/A (no inventory)
✓LynchInventory growth < Revenue growth
EPS Growth Direction$0.13 (2015) -> $0.32 (2025)
✓DremanPositive over recent years
EPS CAGR9.2% CAGR over 10 years
✓Dreman> 5% annualized
Positive Net Income Frequency11/11 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth9.7%
✓Ackman>= 5%
Positive EPS Growth Frequency3/4 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR13.2% CAGR over 4 years
✓Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR9.2%
✓SleepCAGR > 7%
3-5 Year Diluted EPS CAGR13.2% over 4 years
✓Neff7%-20% annualized

Where It Falls Short

Debt & Leverage8% pass✓ 1✗ 14▾
11 of 12 flag AKO-A's debt & leverage — Graham, Buffett, Lynch +8 more
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest Coverage
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity
✗Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities1.41
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity
✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
Debt Levels
✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=6.6x, D/EBITDA=N/A
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity
✗Ackman<= 1.0
Negative debt-to-equity (higher means less debt)
✗AsnessTop 30% of eligible cross-section
Efficiency13% pass✓ 2✗ 9▾
7 of 8 flag AKO-A's efficiency — Graham, Buffett, Piotroski +4 more
Current Ratio1.41
✗Graham>= 2.0
ROIC (3-5 yr avg)
✗Buffett> 10%
ROIC - WACC
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)37.9%
✓Greenblatt> 25%
Current Ratio Change YoY1.12 -> 1.41
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.98x -> 0.98x
✗PiotroskiImproved YoY
Current Assets / Current Liabilities1.41
✗Dreman> 1.5
Return on Invested Capital
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)
✗SleepROIC > 12% in a majority of years
Valuation models18% pass✓ 2✗ 9▾
Models split on AKO-A at $25.29 — fair values range $2.51–$5.30
Graham fair value$3.11
✗Graham-35.5% margin vs $25.29
Buffett fair value$5.30
✓Buffett+20.5% margin vs $25.29
Lynch fair value$3.63
✗Lynch-16.1% margin vs $25.29
Greenblatt fair value$3.64
✗Greenblatt-15.8% margin vs $25.29
Dreman fair value$3.84
✗Dreman-9.8% margin vs $25.29
Munger fair value$3.11
✗Munger-35.5% margin vs $25.29
Pabrai fair value$3.06
✗Pabrai-37.7% margin vs $25.29
Akre fair value$4.20
✗Akre-0.4% margin vs $25.29
Marks fair value$3.02
✗Marks-39.6% margin vs $25.29
Ackman fair value$5.19
✓Ackman+18.8% margin vs $25.29
Templeton fair value$2.51
✗Templeton-67.9% margin vs $25.29
Verdicts36% pass✓ 4✗ 7▾
Split decision: 7 FAIL · 6 NEUTRAL · 3 PASS
Overall verdict
✗GrahamFAIL (2/9)✗BuffettFAIL (3/9)✗LynchFAIL (4/7)✓GreenblattRank #230•PiotroskiNEUTRAL (F-Score 7)•DremanNEUTRAL (7/11)✓MungerPASS (2/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (2/6)✗MarksFAIL (3/5)•AckmanNEUTRAL (7/9)✗TempletonFAIL (3/8)✓SleepPASS (3/6)•AsnessNEUTRAL (Not ranked)✓NeffPASS (6/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
Valuation38% pass✓ 11✗ 17▾
8 of 13 flag AKO-A's valuation — Graham, Lynch, Dreman +5 more
Net income / market capitalization+7.48%; #1094/6340 (top 17.3%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Price / 3-yr avg EPS16.5x
✗Graham<= 15x
Price-to-Book Ratio3.1x
✗Graham<= 1.5x
P/E x P/B51.10
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)1.16
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value13.6%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=13.6%, ROC=37.9%
✓GreenblattBoth EY > 10% and ROC > 25%
Price / EPS13.4x
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)7.8x
✓Dreman< 8x
Price / Book Value per Share3.1x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=13.4x, OE Yield=4.2%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=13.4x, FCF Yield=5.1%
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=13.4x, P/B=3.1x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-9.8% (IV=$3.84 vs Price=$4.22)
✗Marks>= 20% below intrinsic value
Price / FCF per Share19.6x
✓Ackman<= 25
Price vs. Trailing Low170% of trailing low ($2.48)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Positive book equity / market capitalization+0.3223; #3595/6449 (top 55.7%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS13.4x
✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E1.40
✓Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share11.94x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change+1.8%
✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.9316; #1843/5247 (top 35.1%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+5.11%; #1560/4519 (top 34.5%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+5.82%; #2104/6202 (top 33.9%)
✗OshaughnessyTop 10% of eligible cross-section
Profitability44% pass✓ 24✗ 11▾
9 of 16 flag AKO-A's profitability — Graham, Buffett, Lynch +6 more
Net income / market capitalization+7.48%; #1094/6340 (top 17.3%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive EPS (10 years)9/12 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)84.6%
✓Graham>= 33% growth
Net Income Positive (10+ years)11/12 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)19.1%
✓Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$298.6M
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)0.29
✓BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)1.16
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR11.5%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE23.2%
✓Lynch> 15%
EBIT / Enterprise Value13.6%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=13.6%, ROC=37.9%
✓GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets7.86%
✓PiotroskiROA > 0
ROA Change YoY7.07% -> 7.86% (delta: +0.79%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=13.48%, ROA=7.86%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY39.7% -> 39.1%
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue11.4%
✓Dreman>= 8%
Net Income / Shareholders' Equity23.2%
✓Dreman> 12%
Margin of SafetyP/E=13.4x, P/B=3.1x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity22.1% (3-yr avg)
✓AkreROE > 20% (3-year avg)
Discount to Intrinsic Value-9.8% (IV=$3.84 vs Price=$4.22)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency11/11 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue
✗Ackman>= 15%
Net Income / Shareholders Equity23.2%
✓Ackman>= 15%
5-Year EPS CAGR13.2% CAGR over 4 years
✓Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Gross profit / total assets+38.22%; #1021/3702 (top 27.6%)
✓AsnessTop 30% of eligible cross-section
Net income / positive book equity+23.22%; #664/5226 (top 12.7%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0130; #1019/5884 (top 17.3%)
✓AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR13.2% over 4 years
✓Neff7%-20% annualized
Positive Diluted-EPS Years8/8 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Candy & Soda

SIC Sector: Food Products

Size: Mid Cap($4.0B)

Revenue: $3.7B+14.5% YoY

Net Income: $298.6M+27.5% YoY

Financial Snapshot

Operating Margin--

Return on Equity23.2%

Debt / Equity--

Current Ratio1.41

EPS (Diluted)$0.32+27.5% 1y

Shares Retired0.0% / 0.0% 2y

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Shareholder Return

Fiscal 2025

Retired 0.0% of shares last year, 0.0% over two.

Buybacks: —
Dividends: $217.7M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22

−19.3% = −19.3% + −0.0%

FY23

32.2% = 32.2% + 0.0%

FY24

20.9% = 20.9% + 0.0%

FY25

27.5% = 27.5% + −0.0%

Earnings Fewer shares More shares

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2025 Sources 20-F · 2026-04-01	FY 2024 Sources 20-F · 2025-03-26	FY 2023 Sources 20-F · 2024-03-27	FY 2022 Sources 20-F · 2023-04-26	FY 2021 Sources 20-F · 2022-04-27
Market Cap	$4.0Bcurrent	$14.1Best.	$9.7Best.	$9.2Best.	$6.6Best.
Revenue	$3.7B↑15%	$3.2B↑10%	$3.0B↓5%	$3.1B↑19%	$2.6B
Operating Income	--	--	--	--	--
Net Income	$298.6M↑27%	$234.2M↑21%	$193.8M↑32%	$146.6M↓19%	$181.7M
EPS (Diluted)	$0.32↑27%	$0.25↑21%	$0.20↑32%	$0.15↓19%	$0.19
Gross Margin	39.1%↓1%	39.7%↑2%	38.8%	38.7%↑2%	38.0%
Operating Margin	—	—	—	—	—
ROE	23.2%↓3%	23.8%↑23%	19.3%↑32%	14.7%↑2%	14.4%
Total Debt	--	--	--	--	--
Shareholders' Equity	$1.3B↑31%	$982.9M↓2%	$1.0B	$999.1M↓21%	$1.3B
Current Ratio	1.41↑26%	1.12↓21%	1.42↑16%	1.22↓35%	1.87
Debt / Equity	—	—	—	—	—
Operating Cash Flow	$512.4M↑42%	$359.6M↓13%	$414.7M↓11%	$464.3M↑30%	$358.3M
Free Cash Flow	$203.7M↑208%	$66.1M↓66%	$196.8M↓20%	$246.2M↑26%	$195.2M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Candy & Soda

AKO-A vs Peers — Financial Grading

Revenue$3.7BMedian

Net Income$298.6MMedian

ROE23.2%Top 25%

D/E—

Op. Margin—

Curr. Ratio1.41Median

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
Monster Beverage CorpMNST	$90.9B	$46.46	$8.3B	$1.9B	23.1%	—	29.2%	3.70	2/9	6/9	2/7	1/3	F-Score 6	6/11
COCA-COLA EUROPACIFIC PARTNERS plcCCEP	$52.0B	$118.57	$24.6B	$2.3B	24.8%	1.30	13.4%	0.80	1/9	1/9	5/7	0/3	F-Score 7	3/11
MEXICAN ECONOMIC DEVELOPMENT INCFMX	$44.9B	$131.91	$37.9B	$2.0B	13.5%	0.49	—	1.69	1/9	1/9	0/7	1/3	F-Score 4	5/11
COCA COLA FEMSA SAB DE CVKOF	$25.3B	$120.63	$13.6B	$1.2B	16.5%	0.50	—	1.12	1/9	0/9	1/7	1/3	F-Score 7	4/11
Coca-Cola Consolidated, Inc.COKE	$14.3B	$214.34	$7.2B	$570.6M	-77.1%	-3.77	13.2%	1.26	2/9	5/9	1/7	1/3	F-Score 5	2/11
Celsius Holdings, Inc.CELH	$8.1B	$32.42	$2.5B	$108.0M	9.1%	0.57	5.6%	1.68	2/9	2/9	4/7	1/3	F-Score 4	7/11
NATIONAL BEVERAGE CORPFIZZ	$3.5B	$37.23	$1.2B	$183.6M	28.9%	—	19.5%	4.39	2/9	5/9	2/7	1/3	F-Score 6	5/11
Zevia PBCZVIA	$78.0M	$1.08	$161.3M	$9.9M	-19.4%	0.00	-7.3%	2.08	2/9	1/9	2/7	0/3	F-Score 5	2/11