UNITED BREWERIES CO INC

CCU
About the company

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.

Country: ChilePrice: $10.75Market Cap: $2.0B

Investment snapshot

18%positive consensus
Scored 1d ago

Positive

3

BUY / PASS

Neutral / negative

4 / 9

NEUTRAL / FAIL

Median fair value

$5.64

-47.5% vs price

Models with upside

4 / 17

Positive margin of safety

Strongest signal

7 of 10 pass — Lynch, Pabrai and Oshaughnessy object

Key risk

15 of 16 flag CCU's profitability — Graham, Buffett, Lynch +12 more

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe 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.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked 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.

MetricGraham

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

VerdictFAILFAILFAILFAIL · Rank #665 (Top 21.5%)NEUTRALPASSPASSFAILFAILFAILFAILNEUTRALPASSNEUTRALFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/A+54.9%N/A+4.7%N/AN/A-18.7%-107.5%+40.8%+47.4%-16.8%N/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Market data at 2026-11-01

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Market data at 2026-11-01

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Where It Passes

  • Cash Flow70% pass✓ 9✗ 3▾

    7 of 10 pass — Lynch, Pabrai and Oshaughnessy object

    Free Cash Flow Proxy$178.0M
    ✓BuffettPositive and growing
    FCF Positive and Growing$135.5M
    ✗LynchPositive and growing
    Operating Cash Flow$289.4M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=7.21%, ROA=4.42%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)6.9x
    ✓Dreman< 8x
    P/E or FCF YieldFCF Yield=6.8%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive9/10 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap6.8%
    ✓Ackman>= 4%
    Price / FCF per Share14.7x
    ✓Ackman<= 25
    Positive Operating Cash Flow frequency10/10 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$135.5M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+6.81%; #1201/4519 (top 26.6%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Valuation models57% pass✓ 4✗ 3▾

    Models split on CCU at $10.75 — fair values range $2.59–$11.91

    Buffett fair value$11.91
    ✓Buffett+54.9% margin vs $10.75
    Greenblatt fair value$5.64
    ✓Greenblatt+4.7% margin vs $10.75
    Munger fair value$4.53
    ✗Munger-18.7% margin vs $10.75
    Pabrai fair value$2.59
    ✗Pabrai-107.5% margin vs $10.75
    Akre fair value$9.08
    ✓Akre+40.8% margin vs $10.75
    Marks fair value$10.21
    ✓Marks+47.4% margin vs $10.75
    Ackman fair value$4.60
    ✗Ackman-16.8% margin vs $10.75

Where It Falls Short

  • Profitability6% pass✓ 11✗ 24▾

    15 of 16 flag CCU's profitability — Graham, Buffett, Lynch +12 more

    Net income / market capitalization+8.93%; #816/6340 (top 12.9%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive EPS (10 years)4/11 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)10/11 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)11.3%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)9.0% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$178.0M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR37.4%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    ROE11.6%
    ✗Lynch> 15%
    EBIT / Enterprise Value16.7%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=16.7%, ROC=12.9%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets4.42%
    ✓PiotroskiROA > 0
    ROA Change YoY3.46% -> 4.42% (delta: +0.97%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=7.21%, ROA=4.42%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY46.3% -> 45.2%
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue5.7%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity11.6%
    ✗Dreman> 12%
    Margin of SafetyP/B=1.3x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity10.5% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency10/10 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue9.0%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity11.6%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend8.1% (2022) -> 9.0% (2024)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 44.1% -> 45.2%, operating margin 8.1% -> 9.0%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Gross profit / total assets+32.92%; #1275/3702 (top 34.4%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+11.58%; #1572/5226 (top 30.1%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0152; #1172/5884 (top 19.9%)
    ✓AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR37.4% over 3 years
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Debt & Leverage8% pass✓ 3✗ 12▾

    11 of 12 flag CCU'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 Liabilities2.06
    ✓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=2.7x, 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
  • Valuation15% pass✓ 9✗ 19▾

    11 of 13 flag CCU's valuation — Graham, Lynch, Greenblatt +8 more

    Price / Book Value per Share1.3x
    ✗Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Net income / market capitalization+8.93%; #816/6340 (top 12.9%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio1.3x
    ✓Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value16.7%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=16.7%, ROC=12.9%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)6.9x
    ✓Dreman< 8x
    Valuation ReasonablenessOE Yield=9.0%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=6.8%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=1.3x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share14.7x
    ✓Ackman<= 25
    Price vs. Trailing Low103% of trailing low ($5.22)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Positive book equity / market capitalization+0.7715; #2008/6449 (top 31.1%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share1.76x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change-15.3%
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+1.4692; #1363/5247 (top 26.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+6.81%; #1201/4519 (top 26.6%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-14.27%; #3680/6202 (top 59.3%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Verdicts23% pass✓ 3✗ 10▾

    Split decision: 9 FAIL · 4 NEUTRAL · 3 PASS

    Overall verdict
    ✗GrahamFAIL (3/9)✗BuffettFAIL (3/9)✗LynchFAIL (2/7)✗GreenblattRank #665•PiotroskiNEUTRAL (F-Score 6)✓DremanPASS (6/11)✓MungerPASS (2/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (3/5)✗AckmanFAIL (3/9)•TempletonNEUTRAL (5/8)✓SleepPASS (3/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (3/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
  • Growth25% pass✓ 5✗ 8▾

    6 of 8 flag CCU's growth — Graham, Lynch, Ackman +3 more

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR37.4%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: -3.9% vs Rev: 0.8%
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$0.46 (2015) -> $1.20 (2018)
    ✓DremanPositive over recent years
    EPS CAGR37.4% CAGR over 3 years
    ✓Dreman> 5% annualized
    Positive Net Income Frequency10/10 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth0.8%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 44.1% -> 45.2%, operating margin 8.1% -> 9.0%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR3.3%
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR37.4% over 3 years
    ✗Neff7%-20% annualized
  • Efficiency38% pass✓ 4✗ 7▾

    5 of 8 flag CCU's efficiency — Greenblatt, Piotroski, Munger +2 more

    Current Ratio2.06
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)15.3%
    ✓Buffett> 10%
    ROIC - WACC+5.3%
    ✓BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)12.9%
    ✗Greenblatt> 25%
    Current Ratio Change YoY2.33 -> 2.06
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.75x -> 0.73x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities2.06
    ✓Dreman> 1.5
    Return on Invested Capital
    ✗Munger> 15%
    ROIC (high and growing)FY2022: ROIC=unavailable; FY2023: ROIC=unavailable; FY2024: ROIC=unavailable
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)1/2 years above 12% (latest 19.4%)
    ✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2024. Current investor scores may use newer quarterly data.

Company Profile

Industry: Beer & Liquor
SIC Sector: Food Products
Size: Small Cap($2.0B)
Revenue: $2.9B+0.8% YoY
Net Income: $177.7M+32.8% YoY

Financial Snapshot

Operating Margin9.0%
Return on Equity11.6%
Debt / Equity--
Current Ratio2.06
Shares Retired0.0% / 0.0% 2y

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Shareholder Return

Fiscal 2024

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

Buybacks
—
Dividends
$82.3M

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.

MetricFY 2024
Sources
  • 20-F · 2025-04-29
FY 2023
Sources
  • 20-F · 2024-04-30
FY 2022
Sources
  • 20-F · 2023-04-28
FY 2021
Sources
  • 20-F · 2022-04-28
FY 2020
Sources
  • 20-F · 2021-04-23
Market Cap$2.0Bcurrent$4.2Best.$5.4Best.$5.4Best.$4.8Best.
Revenue$2.9B↑1%$2.9B↓8%$3.2B↑9%$2.9B↑12%$2.6B
Operating Income$264.4M↓3%$271.3M↑6%$255.6M↓34%$388.1M↑58%$246.4M
Net Income$177.7M↑33%$133.9M↓15%$158.3M↓38%$257.3M↑69%$152.2M
EPS (Diluted)----------
Gross Margin45.2%↓2%46.3%↑5%44.1%↓8%48.0%↑2%47.0%
Operating Margin9.0%↓3%9.4%↑16%8.1%↓39%13.3%↑41%9.4%
ROE11.6%↑19%9.7%↓6%10.3%↓38%16.8%↑101%8.3%
Total Debt------$41.3M↓9%$45.2M
Shareholders' Equity$1.5B↑11%$1.4B↓10%$1.5B$1.5B↓16%$1.8B
Current Ratio2.06↓12%2.33↑12%2.08↑49%1.40↓24%1.84
Debt / Equity———0.03↑8%0.02
Operating Cash Flow$289.4M↓13%$332.4M↑519%$53.7M↓84%$344.5M↓13%$394.8M
Free Cash Flow$135.5M↓29%$191.8M↑215%-$166.7M↓215%$145.3M↓37%$230.2M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Beer & Liquor

CCU vs Peers — Financial Grading

Revenue$2.9BBottom 25%
Net Income$177.7MBottom 25%
ROE11.6%Bottom 25%
D/E—
Op. Margin9.0%Bottom 25%
Curr. Ratio2.06Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
COCA COLA COKO$427.0B$99.25$47.9B$13.1B40.7%1.3728.7%1.463/96/94/71/3F-Score 73/11
PEPSICO INCPEP$198.2B$145.44$93.9B$8.2B40.4%2.4112.2%0.854/96/93/71/3F-Score 56/11
Anheuser-Busch InBev SA/NVBUD$167.0B$84.81$59.3B$6.8B7.8%0.8426.0%0.721/91/93/71/3F-Score 72/11
DIAGEO PLCDEO$56.6B$101.59$28.0B$2.5B22.9%2.1415.5%1.631/94/92/71/3F-Score 45/11
Keurig Dr Pepper Inc.KDP$49.5B$36.34$16.6B$2.1B8.1%0.6321.5%0.642/92/92/71/3F-Score 62/11
AMBEV S.A.ABEV$42.5B$2.76$16.1B$2.8B17.6%0.0426.4%0.961/95/96/73/3F-Score 64/11
CONSTELLATION BRANDS, INC.STZ$24.6B$145.61$9.1B$1.7B20.9%1.2729.8%1.081/92/92/71/3F-Score 55/11
BROWN FORMAN CORPBF-B$14.1B$30.65$3.9B$715.0M17.8%0.6125.5%3.245/96/92/71/3F-Score 75/11