COCA COLA FEMSA SAB DE CV

KOF

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.

About the company

Country: MexicoPrice: $120.63Market Cap: $25.3B

Investment snapshot

24%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

2 / 11

NEUTRAL / FAIL

Median fair value

$0.85

-99.3% vs price

Models with upside

0 / 17

Positive margin of safety

Key risk

No clean pass — all 13 investors flag at least one valuation criterion

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 #442 (Top 14.3%)	NEUTRAL	FAIL	FAIL	FAIL	FAIL	FAIL	PASS	FAIL	PASS	BUY	FAIL	NEUTRAL	FAIL
Score
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Intrinsic Value (annual)			N/A		N/A					N/A		N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	-14978.7%	-29322.0%	N/A	-12871.0%	N/A	-12336.1%	-20005.0%	-21441.1%	-13303.3%	N/A	-6215.7%	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2024 Latest source filing: 2025-04-10 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-10 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-10 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-10 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-10 Score computed: 2026-11-14	Annual history · FY 2024 · Market data at 2026-11-01 Latest source filing: 2025-04-10 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2024 Latest source filing: 2025-04-10 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2024 Latest source filing: 2025-04-10 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-04-10 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-04-10 Score computed: 2026-11-14	Annual history · FY 2024 · Market data at 2026-11-01 Latest source filing: 2025-04-10 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-04-10 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-04-10 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-04-10 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-10 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-10 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-04-10 Score computed: 2026-11-14

Where It Passes

Where It Falls Short

Valuation0% pass✓ 2✗ 26▾
No clean pass — all 13 investors flag at least one valuation criterion
Net income / market capitalization+4.54%; #1834/6340 (top 28.9%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Price / 3-yr avg EPS1857.3x
✗Graham<= 15x
Price-to-Book Ratio291.6x
✗Graham<= 1.5x
P/E x P/B541,666.9
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value7.4%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=7.4%, ROC=41.6%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS1765.2x
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)985.6x
✗Dreman< 8x
Price / Book Value per Share291.6x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=1765.2x, OE Yield=0.0%
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=1765.2x, FCF Yield=3.5%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=1765.2x, P/B=291.6x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-12282.1% (IV=$0.97 vs Price=$120.63)
✗Marks>= 20% below intrinsic value
Price / FCF per Share2261.3x
✗Ackman<= 25
Price vs. Trailing Low154% of trailing low ($78.49)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Positive book equity / market capitalization+0.2743; #3812/6449 (top 59.1%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS1765.2x
✗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 Share291.64x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change+36.2%
✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.5351; #2544/5247 (top 48.5%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+3.54%; #1919/4519 (top 42.5%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+12.15%; #1742/6202 (top 28.1%)
✗OshaughnessyTop 10% of eligible cross-section
Valuation models0% pass✗ 8▾
KOF overvalued: all 8 models price fair value below $120.63 (median $0.85)
Graham fair value$0.80
✗Graham-14978.7% margin vs $120.63
Buffett fair value$0.41
✗Buffett-29322.0% margin vs $120.63
Greenblatt fair value$0.93
✗Greenblatt-12871.0% margin vs $120.63
Dreman fair value$0.97
✗Dreman-12336.1% margin vs $120.63
Munger fair value$0.60
✗Munger-20005.0% margin vs $120.63
Pabrai fair value$0.56
✗Pabrai-21441.1% margin vs $120.63
Akre fair value$0.90
✗Akre-13303.3% margin vs $120.63
Ackman fair value$1.91
✗Ackman-6215.7% margin vs $120.63
Growth13% pass✓ 3✗ 10▾
7 of 8 flag KOF's growth — Graham, Lynch, Dreman +4 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 CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: -2.8% vs Rev: -2.9%
✗LynchInventory growth < Revenue growth
EPS Growth Direction
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency9/10 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth22.3%
✓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 trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR10.9%
✓SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Efficiency13% pass✓ 2✗ 9▾
7 of 8 flag KOF's efficiency — Graham, Buffett, Piotroski +4 more
Current Ratio1.12
✗Graham>= 2.0
ROIC (3-5 yr avg)
✗Buffett> 10%
ROIC - WACC
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)41.6%
✓Greenblatt> 25%
Current Ratio Change YoY1.23 -> 1.12
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.87x -> 0.91x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities1.12
✗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)
✗SleepROIC > 12% in a majority of years
Profitability19% pass✓ 13✗ 22▾
13 of 16 flag KOF's profitability — Graham, Buffett, Lynch +10 more
Net income / market capitalization+4.54%; #1834/6340 (top 28.9%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive EPS (10 years)8/11 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)9/11 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)13.8%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$577.3M
✗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 CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE16.5%
✓Lynch> 15%
EBIT / Enterprise Value7.4%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=7.4%, ROC=41.6%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets7.70%
✓PiotroskiROA > 0
ROA Change YoY7.14% -> 7.70% (delta: +0.56%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=13.78%, ROA=7.70%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY46.8% -> 46.0%
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue13.0%
✓Dreman>= 8%
Net Income / Shareholders' Equity16.5%
✓Dreman> 12%
Margin of SafetyP/E=1765.2x, P/B=291.6x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity15.7% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value-12282.1% (IV=$0.97 vs Price=$120.63)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency9/10 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue
✗Ackman>= 15%
Net Income / Shareholders Equity16.5%
✓Ackman>= 15%
5-Year EPS CAGR
✗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+41.80%; #902/3702 (top 24.4%)
✓AsnessTop 30% of eligible cross-section
Net income / positive book equity+16.54%; #1026/5226 (top 19.6%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0134; #1040/5884 (top 17.7%)
✓AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years8/9 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
Verdicts27% pass✓ 4✗ 11▾
Split decision: 11 FAIL · 2 NEUTRAL · 2 PASS · 1 BUY
Overall verdict
✗GrahamFAIL (1/9)✗BuffettFAIL (0/9)✗LynchFAIL (1/7)✓GreenblattRank #442•PiotroskiNEUTRAL (F-Score 7)✗DremanFAIL (4/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (3/5)✓AckmanPASS (5/9)✗TempletonFAIL (3/8)✓SleepPASS (3/6)✓AsnessBUY (Rank #171/2370 (Top 7.2%))✗NeffFAIL (3/6)•SchlossNEUTRAL (4/7)✗OshaughnessyFAIL (Rank #429/963 (Top 44.5%))
Debt & Leverage33% pass✓ 6✗ 9▾
8 of 12 flag KOF's debt & leverage — Graham, Buffett, Lynch +5 more
LT Debt vs Net Current AssetsLT Debt $3.4B vs NCA $385.9M
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.50, IC: 5.8x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.50
✗Lynch< 0.33
Cash - Long-term Debt$-3.3B
✗LynchPositive preferred
LT Debt / Total Assets Change23.79% -> 22.85%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities1.12
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.50
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.50
✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=5.8x, D/EBITDA=1.3x
✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.50
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.5008; #2467/4210 (top 58.6%)
✗AsnessTop 30% of eligible cross-section
Cash Flow40% pass✓ 5✗ 7▾
6 of 10 flag KOF's cash flow — Buffett, Lynch, Dreman +3 more
Free Cash Flow Proxy$577.3M
✗BuffettPositive and growing
FCF Positive and Growing$896.6M
✗LynchPositive and growing
Operating Cash Flow$2.1B
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=13.78%, ROA=7.70%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)985.6x
✗Dreman< 8x
P/E or FCF YieldP/E=1765.2x, FCF Yield=3.5%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive9/9 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap0.0%
✗Ackman>= 4%
Price / FCF per Share2261.3x
✗Ackman<= 25
Positive Operating Cash Flow frequency9/9 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$896.6M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+3.54%; #1919/4519 (top 42.5%)
✗OshaughnessyTop 10% of eligible cross-section

Business & financials

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

Company Profile

Industry: Candy & Soda

SIC Sector: Food Products

Size: Large Cap($25.3B)

Revenue: $13.6B-2.9% YoY

Net Income: $1.2B-0.2% YoY

Financial Snapshot

Operating Margin--

Return on Equity16.5%

Debt / Equity0.50

Current Ratio1.12

EPS (Diluted)$0.07−0.1% 1y

Shares Retired0.0% / 0.0% 2y

Similar Companies

MNSTMonster Beverage Corp

$90.9B

CCEPCOCA-COLA EUROPACIFIC PARTNERS plc

$52.0B

FMXMEXICAN ECONOMIC DEVELOPMENT INC

$44.9B

COKECoca-Cola Consolidated, Inc.

$14.3B

Shareholder Return

Fiscal 2024

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

Buybacks: —
Dividends: $623.8M

What drove EPS

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

FY21

48.2% = 48.2% + 0.0%

FY22

27.8% = 27.4% + 0.3%

FY23

17.8% = 17.8% + 0.0%

FY24

−0.1% = −0.2% + 0.1%

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 2024 Sources 20-F · 2025-04-10	FY 2023 Sources 20-F · 2024-04-12	FY 2022 Sources 20-F · 2023-04-17	FY 2021 Sources 20-F · 2022-04-11	FY 2020 Sources 20-F · 2021-04-08
Market Cap	$25.3Bcurrent	$1.5Test.	$1.1Test.	$752.6Best.	$590.6Best.
Revenue	$13.6B↓3%	$14.0B↑23%	$11.3B↑22%	$9.3B	$9.2B
Operating Income	--	--	--	--	--
Net Income	$1.2B	$1.2B↑18%	$978.2M↑27%	$767.8M↑48%	$518.2M
EPS (Diluted)	$0.07	$0.07↑18%	$0.06↑28%	$0.05↑48%	$0.03
Gross Margin	46.0%↓2%	46.8%↑3%	45.5%↓3%	46.8%↑4%	45.1%
Operating Margin	—	—	—	—	—
ROE	16.5%↑8%	15.4%↑1%	15.2%↑17%	12.9%↑47%	8.8%
Total Debt	$3.5B↓9%	$3.8B↑7%	$3.6B↓12%	$4.1B↓3%	$4.2B
Shareholders' Equity	$7.0B↓7%	$7.5B↑16%	$6.4B↑8%	$5.9B↑1%	$5.9B
Current Ratio	1.12↓9%	1.23↓10%	1.37↓21%	1.74↑3%	1.69
Debt / Equity	0.50↓2%	0.51↓8%	0.56↓19%	0.69↓4%	0.72
Operating Cash Flow	$2.1B↓18%	$2.5B↑37%	$1.8B↑14%	$1.6B↓9%	$1.8B
Free Cash Flow	$896.6M↓33%	$1.3B↑39%	$962.9M↓16%	$1.1B↓11%	$1.3B

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Candy & Soda

KOF vs Peers — Financial Grading

Revenue$13.6BTop 25%

Net Income$1.2BMedian

ROE16.5%Median

D/E0.50Median

Op. Margin—

Curr. Ratio1.12Bottom 25%

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 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
ANDINA BOTTLING CO INCAKO-A	$4.0B	$25.29	$3.7B	$298.6M	23.2%	—	—	1.41	2/9	3/9	4/7	3/3	F-Score 7	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