olivLaw · US equity research
Embotelladora Andina S.A. AKO-A
Bottled & Canned Soft Drinks & Carbonated Waters · SIC 2086 · Vertical: Bottled & Canned Soft Drinks & Carbonated Waters (SIC 2086)
Embotelladora Andina, known commercially as Coca-Cola Andina, produces and distributes soft drinks and other beverages in Chile, Brazil, Argentina and Paraguay under bottler agreements with The Coca-Cola Company. In fiscal 2025 net sales reached Ch$3344836 million and sales volume rose 4.1%, showing expansion even as gross margin eased slightly.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Embotelladora Andina S.A. (AKO-A) stock was 25.00 USD (+2.33% on the day), with beta 0.22, 52-week range 20.29–26.96 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 62.1
- strong (55–70)
- Bollinger (20, 2)
- 23.39 – 24.73
- above the upper band · %B 1.20 · band width 5.6%
- SMA 50 / 200
- 24.06 / 23.47
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.10 / 0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.7% | −1.1% | +6.8 pp | — |
| 3 months | +4.2% | −0.5% | +4.6 pp | — |
| 6 months | +10.8% | +4.4% | +6.4 pp | — |
| Year to date | +7.3% | +12.3% | −5.0 pp | — |
| 1 year | +11.7% | +13.5% | −1.8 pp | +25.3% |
| 3 years | +144.1% | +76.4% | +67.7 pp | +2.6% |
| 5 years | +124.6% | +63.7% | +60.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,672.9 bn | 1,779.0 bn | 1,698.3 bn | 2,216.7 bn | 2,656.9 bn | 2,618.4 bn | 3,224.2 bn | 3,344.8 bn |
| Revenue YoY | −9.5% | +6.3% | −4.5% | +30.5% | +19.9% | −1.4% | +23.1% | +3.7% |
| Net income | 96.6 bn | 173.7 bn | 122.0 bn | 154.7 bn | 125.5 bn | 171.4 bn | 232.7 bn | 268.7 bn |
| Net income YoY | −18.0% | +79.8% | −29.8% | +26.8% | −18.9% | +36.6% | +35.7% | +15.5% |
| Diluted EPS | unavailable | unavailable | unavailable | 163.43 | 132.58 | 181.12 | 245.80 | 283.86 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | −18.9% | +36.6% | +35.7% | +15.5% |
| net % | 5.8% | 9.8% | 7.2% | 7.0% | 4.7% | 6.5% | 7.2% | 8.0% |
| Free cash flow | 114.2 bn | 144.5 bn | 192.9 bn | 166.2 bn | 210.8 bn | 174.1 bn | 65.7 bn | 183.3 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 296.5 bn CLP
- Financial debt
- unavailable CLP
- Net debt
- unavailable CLP
- Equity
- 1,196.6 bn CLP
- Total assets
- 3,420.4 bn CLP
- Debt / equity
- unavailable
- Current ratio
- 1.41x
- ROE
- 24.3%
- ROA
- 8.0%
- FCF margin
- 5.5%
Financial statements (source on every figure)
Revenue and net income (CLP)
Margins
Income statement · CLP
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1,698.3 bn | 2,216.7 bn | 2,656.9 bn | 2,618.4 bn | 3,224.2 bn | 3,344.8 bn | SEC (XBRL)· 01 Apr 2026verified |
| Cost of revenue | 1,022.5 bn | 1,375.4 bn | 1,628.7 bn | 1,602.0 bn | 1,945.4 bn | 2,037.7 bn | SEC (XBRL)· 01 Apr 2026verified |
| Gross profit | 675.8 bn | 841.3 bn | 1,028.2 bn | 1,016.4 bn | 1,278.9 bn | 1,307.2 bn | SEC (XBRL)· 01 Apr 2026verified |
| Depreciation & amortisation | 110.9 bn | 104.8 bn | 119.4 bn | 112.8 bn | 151.1 bn | 159.2 bn | SEC (XBRL)· 01 Apr 2026verified |
| Interest expense | 54.8 bn | 53.0 bn | 59.5 bn | 65.3 bn | 70.4 bn | 68.2 bn | SEC (XBRL)· 01 Apr 2026verified |
| Pre-tax income | 178.0 bn | 203.2 bn | 232.8 bn | 260.5 bn | 368.0 bn | 380.6 bn | SEC (XBRL)· 01 Apr 2026verified |
| Income tax | 54.9 bn | 46.2 bn | 104.3 bn | 86.0 bn | 133.4 bn | 110.2 bn | SEC (XBRL)· 01 Apr 2026verified |
| Net income | 122.0 bn | 154.7 bn | 125.5 bn | 171.4 bn | 232.7 bn | 268.7 bn | SEC (XBRL)· 01 Apr 2026verified |
| Diluted EPS | — | 163.43 | 132.58 | 181.12 | 245.80 | 283.86 | SEC (XBRL)· 01 Apr 2026verified |
Balance sheet · CLP
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 304.3 bn | 304.3 bn | 291.7 bn | 303.7 bn | 248.9 bn | 296.5 bn | SEC (XBRL)· 01 Apr 2026verified |
| Receivables | 194.0 bn | 265.5 bn | 279.8 bn | 298.9 bn | 332.8 bn | 339.8 bn | SEC (XBRL)· 01 Apr 2026verified |
| Current assets | 797.3 bn | 991.0 bn | 1,161.7 bn | 981.8 bn | 1,013.2 bn | 1,033.1 bn | SEC (XBRL)· 01 Apr 2026verified |
| Property, plant & equipment, net | 605.6 bn | 716.4 bn | 798.2 bn | 872.4 bn | 1,097.8 bn | 1,179.4 bn | SEC (XBRL)· 01 Apr 2026verified |
| Goodwill | 98.3 bn | 118.0 bn | 129.0 bn | 122.1 bn | 144.7 bn | 137.1 bn | SEC (XBRL)· 01 Apr 2026verified |
| Intangibles (excl. goodwill) | 604.5 bn | 659.6 bn | 671.8 bn | 695.9 bn | 693.4 bn | 719.5 bn | SEC (XBRL)· 01 Apr 2026verified |
| Total assets | 2,448.1 bn | 2,946.1 bn | 3,010.7 bn | 2,921.5 bn | 3,291.1 bn | 3,420.4 bn | SEC (XBRL)· 01 Apr 2026verified |
| Accounts payable | 230.4 bn | 327.4 bn | 384.8 bn | 428.9 bn | 457.1 bn | 480.4 bn | SEC (XBRL)· 01 Apr 2026verified |
| Current liabilities | 378.1 bn | 529.6 bn | 949.2 bn | 692.9 bn | 906.1 bn | 730.4 bn | SEC (XBRL)· 01 Apr 2026verified |
| Total liabilities | 1,616.5 bn | 1,844.7 bn | 2,127.3 bn | 2,000.5 bn | 2,276.7 bn | 2,223.9 bn | SEC (XBRL)· 01 Apr 2026verified |
| Equity | 831.6 bn | 1,101.4 bn | 883.4 bn | 921.0 bn | 1,014.4 bn | 1,196.6 bn | SEC (XBRL)· 01 Apr 2026verified |
- 2023
- 872.4 bn
- 2024
- 1,097.8 bn
- 2025
- 1,179.4 bn
SEC (XBRL)· 01 Apr 2026verified
Cash flow · CLP
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 278.8 bn | 305.1 bn | 397.5 bn | 366.8 bn | 357.2 bn | 461.1 bn | SEC (XBRL)· 01 Apr 2026verified |
| Capex | 85.9 bn | 138.9 bn | 186.7 bn | 192.7 bn | 291.5 bn | 277.8 bn | SEC (XBRL)· 01 Apr 2026verified |
| Free cash flow | 192.9 bn ≈ | 166.2 bn ≈ | 210.8 bn ≈ | 174.1 bn ≈ | 65.7 bn ≈ | 183.3 bn ≈ | SEC (XBRL)· 01 Apr 2026derived |
| Investing cash flow | -223.9 bn | -198.3 bn | -85.2 bn | -158.3 bn | -289.9 bn | -248.6 bn | SEC (XBRL)· 01 Apr 2026verified |
| Financing cash flow | — | — | — | -187.1 bn | — | — | SEC (XBRL)· 27 Mar 2024verified |
| Dividends paid | 100.0 bn | 106.3 bn | 274.3 bn | 165.9 bn | 158.4 bn | 195.9 bn | SEC (XBRL)· 01 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 8.0% | 63 (vs peers) | 17% |
| FCF conversion · Quality | 68.2% | 55 (on a fixed band) | 17% |
| Revenue CAGR 3Y · Growth | 8.0% | 66 (on a fixed band) | 22% |
| EPS CAGR 3Y · Growth | 28.9% | 100 (on a fixed band) | 22% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.4x | 51 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 106.9% | 19 (on a fixed band) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial51/100 · 1/3 factors with a value
- Growth83/100 · 2/2 factors with a value
- Quality59/100 · 2/3 factors with a value
- Returns· partial19/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Andina Bottling Co Inc (AKO-A). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3,344.8 bn CLP in 2025; YoY growth 3.7%; net margin 8.0%; ROE 25.2%.
The estimated value range is 3,226.93–6,057.62 CLP per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 28.9%
What contradicts it
- Payout ratio (FCF): 106.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Bottled & Canned Soft Drinks & Carbonated Waters (SIC 2086) · same industry (4-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MNSTMonster Beverage Corp | 47.8 bn | 22.4 | 25.7% | 23.1% | +10.7% | +30% / +77% |
| CELHCelsius Holdings, Inc. | 7.8 bn | 104.3 | 10.5% | 4.2% | +85.5% | −25% / −38% |
| FIZZNational Beverage Corp. | 3.5 bn | 20.2 | 40.1% | 14.8% | −1.7% | +11% / −21% |
| COKECoca-Cola Consolidated, Inc. | 1.5 bn | 2.5 | 90.0% | 7.5% | +4.8% | +25% / +178% |
| REEDReed's, Inc. | 12.0 m | — | -14,800.0% | -63.5% | −10.2% | −80% / −92% |
| AKO-AAndina Bottling Co Inc | — | — | 25.2% | 8.0% | +3.7% | +12% / +144% |
| FMXMexican Economic Development, Inc. | — | — | 12.0% | 5.1% | −9.9% | +36% / +3% |
| ZVIAZevia PBC | — | — | -18.0% | -4.8% | +4.0% | −55% / −44% |
| KOFCoca Cola Femsa Sab De Cv | — | 82.6 | — | — | +18.2% | +33% / +38% |
| CCEPCOCA-COLA EUROPACIFIC PARTNERS plc | — | — | 23.8% | 9.3% | +2.3% | +26% / +91% |
1- and 3-year price returns: for AKO-A from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 01 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (27 Oct 2026), 6-K (30 Sept 2026), 6-K (07 Aug 2026), 6-K (30 Jul 2026).
In brief
Embotelladora Andina, known commercially as Coca-Cola Andina, produces and distributes soft drinks and other beverages in Chile, Brazil, Argentina and Paraguay under bottler agreements with The Coca-Cola Company. In fiscal 2025 net sales reached Ch$3344836 million 1 and sales volume rose 4.1% 1, showing expansion even as gross margin eased slightly 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on The Coca-Cola Companyhigh
Bottler agreements could be terminated or not renewed on the same terms, which would directly affect sales 1.
- Complex regulationmedium
Changes in pricing, environmental or labor rules could raise compliance costs 1.
- Currency and inflationhigh
Devaluation of operating currencies against the Chilean peso could reduce reported revenue 1.
- Raw material costsmedium
Higher costs for PET resin, sugar or concentrate could reduce profitability 1.
- Climate and water riskslow
Water scarcity, energy shortages or natural disasters could affect production costs and capacity 1.
Investment thesis
What would need to be true (bull case)
- If volume keeps growing in all countries and margins stabilize, the company could consolidate its revenue over the medium term 1.
- Its leading position in the Coca-Cola system in the region gives a scale advantage that is hard to replicate 1.
- Diversification into waters, non-alcoholic beverages and other categories could reduce reliance on a single product 1.
What to watch
- Renewal of bottler agreements for Chile, Brazil, Argentina and Paraguay2027-2028
- Evolution of gross margin and cost of sales per unit casenext 10-K
- Effect of Argentine currency conversion on reported salesQ1 2027
- Average volume market shares for soft drinks in the four countries2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 01 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (27 Oct 2026), 6-K (30 Sept 2026), 6-K (07 Aug 2026), 6-K (30 Jul 2026).
The business
Founded in Chile in 1946, the company is a leading Coca-Cola bottler in the region and operates through subsidiaries in four countries 1. Its products include carbonated soft drinks, mineral waters, juices and other non-alcoholic beverages, as well as third-party brands of beer, spirits and wine it distributes 1. The relationship with The Coca-Cola Company is central, since most net sales come from beverages bearing its trademarks 1.
Segments
Chile
Chile was the largest contributor to net sales, at 39.4% in fiscal 2025, with an average soft drink volume market share of 64.6% 1. The segment grew in both volume and price 1.
Brazil
Brazil accounted for 29.2% of net sales in fiscal 2025 and was the main source of volume growth, with a soft drink volume market share of 64.7% 1.
Market context
Trends
- Volume growth in all countriestailwind
Sales volume increased in all four countries in fiscal 2025, particularly in mineral waters and non-alcoholic beverages, which could support medium-term demand if the trend holds 1.
- Input cost pressureheadwind
Cost of sales grew faster than net sales because of PET resin and concentrate costs and currency devaluation against the dollar 1. If these pressures persist, margins could be affected 1.
- Currency and inflation effect in Argentinamixed
Argentina, classified as hyperinflationary, grew sales in local currency but reported lower sales in Chilean pesos, reflecting a translation effect 1. This effect could weigh on reported results in coming periods.
- Shifting consumer preferencesmixed
Health concerns about sugar, plastic packaging and possible taxes could reduce demand for some products 1. The company is broadening its water and non-alcoholic offer to respond to these trends 1.
Competitive position
Competition comes from local and regional brand bottlers, low-cost beverages and Pepsi products, and it could intensify over time 1. The company relies on marketing and innovation to maintain brand loyalty and market share 1.
- PepsiPEP
Pepsi products are named as a direct competitor in the regions where the company operates 1.
- Local and regional brand bottlers
Local and regional brands compete in each territory, and their lower prices can pressure margins 1.
- Low-cost beverages
Low-cost beverages compete in price-sensitive segments and can limit price increases 1.
- The Coca-Cola CompanyKO
The partner and reference shareholder whose contractual relationship defines the company's activity 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)27 Oct 2026
- Current report (foreign issuer)30 Sept 2026
- Current report (foreign issuer)07 Aug 2026
- Current report (foreign issuer)07 Aug 2026
- Current report (foreign issuer)30 Jul 2026
- Current report (foreign issuer)29 Jul 2026
- Current report (foreign issuer)07 May 2026
- Current report (foreign issuer)29 Apr 2026
- Current report (foreign issuer)16 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Embotelladora Andina S.A. · 01 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.