Latest Ratios: P/E Ratio 17.3x · EV/EBITDA 7.8x · ROE 6.8%. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.0B | $2.4B | $2.1B | $2.3B | $2.4B | $3.0B | $2.7B | $3.5B | $4.6B | $5.5B | $3.9B |
| Enterprise Value | $2.8B | $809.3B | $709.5B | $713.4B | $777.9B | $311.1B | $2.9B | $3.7B | $-43735652413 | $24.5B | $30.6B |
| P/E Ratio → | 17.30 | 0.02 | 0.01 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.02 | 0.04 | 0.03 |
| P/S Ratio | 0.70 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| P/B Ratio | 1.19 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.37 | 1.83 | 0.00 | 0.00 | 0.00 |
| P/FCF | 21.06 | 0.03 | 0.02 | 0.01 | — | 0.02 | 0.02 | 0.03 | 0.03 | 0.04 | 0.00 |
| P/OCF | 8.52 | 0.01 | 0.01 | 0.01 | 0.05 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.00 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.29 | 0.24 | 0.28 | 0.29 | 0.13 | 0.00 | 0.00 | -0.02 | 0.01 | 0.02 |
| EV / EBITDA | 7.82 | 2.31 | 1.71 | 2.07 | 2.25 | 0.68 | 0.01 | 0.01 | -0.08 | 0.08 | 0.11 |
| EV / EBIT | 13.50 | 4.47 | 2.70 | 2.99 | 3.67 | 0.94 | 0.02 | 0.02 | -0.09 | 0.11 | 0.16 |
| EV / FCF | — | 8.80 | 5.57 | 4.33 | — | 2.56 | 0.02 | 0.04 | -0.25 | 0.18 | 0.00 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.4% | 44.4% | 45.2% | 46.3% | 44.1% | 48.0% | 47.0% | 50.2% | 51.8% | 53.0% | 52.4% |
| Operating Margin | 7.3% | 7.3% | 9.0% | 9.4% | 8.1% | 13.3% | 9.4% | 12.8% | 26.5% | 13.4% | 12.3% |
| Net Profit Margin | 4.0% | 4.0% | 5.5% | 4.1% | 4.4% | 8.0% | 5.2% | 7.1% | 17.2% | 7.6% | 7.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.8% | 6.8% | 10.7% | 7.6% | 8.3% | 27.9% | 4928.7% | 18.7% | 23.5% | 10.7% | 9.9% |
| ROA | 2.9% | 2.9% | 4.3% | 3.0% | 3.7% | 14.0% | 2876.9% | 10.8% | 14.0% | 6.7% | 6.4% |
| ROIC | 6.3% | 6.3% | 8.9% | 8.4% | 8.3% | 28.6% | 6236.2% | 26.1% | 27.4% | 13.8% | 12.1% |
| ROCE | 6.7% | 6.7% | 9.0% | 8.7% | 9.0% | 32.0% | 6601.0% | 26.5% | 28.9% | 15.5% | 13.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.82 | 0.82 | 0.85 | 0.99 | 0.96 | 0.40 | 0.36 | 0.22 | 0.19 | 0.15 | 0.13 |
| Debt / EBITDA | 3.78 | 3.78 | 3.40 | 3.85 | 3.98 | 1.26 | 0.00 | 0.00 | 0.48 | 0.59 | 0.58 |
| Net Debt / Equity | — | 0.50 | 0.42 | 0.53 | 0.54 | 0.22 | 0.08 | 0.08 | -0.03 | 0.02 | 0.02 |
| Net Debt / EBITDA | 2.30 | 2.30 | 1.70 | 2.06 | 2.25 | 0.68 | 0.00 | 0.00 | -0.09 | 0.06 | 0.10 |
| Debt / FCF | — | 8.78 | 5.55 | 4.32 | — | 2.54 | 0.00 | 0.00 | -0.28 | 0.14 | 0.00 |
| Interest Coverage | 2.38 | 2.38 | 2.70 | 3.10 | 2.79 | 9.25 | 6.00 | 7.70 | 20.45 | 9.13 | 9.39 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.90 | 1.90 | 2.06 | 2.33 | 2.08 | 1.40 | 1.84 | 1.63 | 1.46 | 1.56 | 1.54 |
| Quick Ratio | 1.34 | 1.34 | 1.50 | 1.69 | 1.46 | 0.93 | 1.37 | 1.12 | 1.09 | 1.11 | 1.07 |
| Cash Ratio | 0.66 | 0.66 | 0.82 | 0.90 | 0.76 | 0.36 | 0.78 | 0.43 | 0.51 | 0.39 | 0.32 |
| Asset Turnover | — | 0.74 | 0.73 | 0.75 | 0.75 | 0.87 | 522.63 | 582.26 | 0.74 | 0.86 | 0.83 |
| Inventory Turnover | 3.43 | 3.43 | 3.33 | 3.12 | 3.04 | 3.52 | 2866.17 | 2738.15 | 3.63 | 3.79 | 3.57 |
| Days Sales Outstanding | — | 65.95 | 68.20 | 69.03 | 67.22 | 57.18 | 0.08 | 0.08 | 69.89 | 56.71 | 58.73 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.8% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Payout Ratio | 66.9% | 66.9% | 50.8% | 62.1% | 134.0% | 137.6% | 106.2% | 167.5% | 24.4% | 58.0% | 58.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.8% | 4747.5% | 7688.8% | 4560.3% | 4875.0% | 6569.2% | 3540.4% | 3713.3% | 6610.0% | 2371.6% | 3056.1% |
| FCF Yield | 4.7% | 3899.3% | 6087.7% | 7106.8% | — | 4007.6% | 5813.4% | 2905.6% | 3779.0% | 2495.8% | 4898898.2% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.8% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Shares Outstanding | — | $185M | $185M | $185M | $185M | $185M | $185M | $185M | $185M | $185M | $185M |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying CCU stock.
Compañía Cervecerías Unidas S.A.'s current P/E ratio is 17.3x. The historical average is 0.0x. This places it at the 100th percentile of its historical range.
Compañía Cervecerías Unidas S.A.'s current EV/EBITDA is 7.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 1.0x.
Compañía Cervecerías Unidas S.A.'s return on equity (ROE) is 6.8%. The historical average is 13.5%.
Based on historical data, Compañía Cervecerías Unidas S.A. is trading at a P/E of 17.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Compañía Cervecerías Unidas S.A.'s current dividend yield is 3.85% with a payout ratio of 66.9%.
Compañía Cervecerías Unidas S.A. has 44.4% gross margin and 7.3% operating margin.
Compañía Cervecerías Unidas S.A.'s Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Persistent margin compression and FX exposure
Margin Compression Signals Structural Strain
Operating margin averaged 7.34% over the past year, down from 15.1% in 2024Q4, with 2026Q2 turning negative at -3.4%, indicating cost pressures are outpacing pricing power.
Gross margin has held near 44% but operating margin volatility is extreme, swinging from 15.1% in 2024Q4 to -3.4% in 2026Q2. This suggests a high fixed-cost base and limited ability to pass through input cost inflation, particularly in aluminum and barley. The negative operating margin in the latest quarter, despite a stable gross margin, points to elevated SG&A and logistics costs that may be structural rather than seasonal. Investors should monitor whether management can restore operating margins to double-digit levels, as the current trajectory suggests a permanent shift in the cost structure.
Return on Capital Decays Amid Seasonal Swings
ROIC averaged 1.8% over the past year, with 2026Q2 at -0.6%, down from 4.7% in 2024Q4, indicating that capital efficiency is deteriorating and not merely cyclical.
ROIC has been consistently low, rarely exceeding 5% even in peak quarters, and the latest quarter shows a negative return. This suggests that the company's invested capital base is not generating adequate returns, possibly due to underperforming international operations or the capital-intensive nature of the beverage business. The gap between ROIC and the cost of capital appears to be widening, which may indicate value destruction. The improvement in asset turnover from 0.14 to 0.17 in 2026Q2 is insufficient to offset margin declines, implying that efficiency gains are not enough to revive returns.
Working Capital Cycle Lengthens, Pressuring Cash Flow
Cash conversion cycle extended to 57 days in 2026Q1 from 63 days in 2024Q4, driven by rising DSO and DIO, while DPO remained stable, indicating reduced efficiency in managing receivables and inventory.
DSO increased from 47 days in 2024Q4 to 50 days in 2026Q1, and DIO rose from 87 to 91 days, while DPO stayed around 84 days. This lengthening of the cash conversion cycle ties up more cash in working capital, which is particularly concerning given the seasonal nature of the business. The negative free cash flow margin of -8.0% in 2026Q2, despite positive operating income in prior quarters, suggests that working capital absorption is a key driver of cash flow volatility. Management's ability to tighten credit terms and inventory management will be critical to stabilizing cash generation.
Leverage Appears Manageable but Coverage Is Thin
Debt-to-equity remained stable at 0.83 in 2026Q2, but interest coverage turned negative at -1.62, indicating that operating income is insufficient to cover interest expenses in the latest quarter.
While the debt-to-equity ratio of 0.83 is moderate, the interest coverage ratio of -1.62 in 2026Q2 is alarming, as it suggests that the company's operating earnings are not covering its interest obligations. This is partly due to the seasonal trough in earnings, but even in 2026Q1, coverage was only 5.22, which is below the historical average. The D/EBITDA ratio of 9.37 in 2026Q1 is elevated, indicating that debt levels are high relative to current EBITDA, which has been depressed by margin compression. If margins do not recover, refinancing risk could increase, especially in a rising rate environment.
Liquidity Buffer Thins as Cash Declines
Current ratio fell to 1.84 in 2026Q2 from 2.04 in 2026Q1, while cash dropped from $611.6B to $347.0B, reducing the cushion against short-term obligations and seasonal cash needs.
The current ratio remains above 1.5, but the sharp decline in cash reserves is concerning, especially given the negative free cash flow in the latest quarter. The quick ratio of 1.84 in 2026Q2 is identical to the current ratio, suggesting that inventory is not a significant liquidity concern, but the reliance on short-term debt may increase if cash continues to deplete. The company's ability to weather a prolonged downturn in consumer spending or a spike in input costs would be tested, as the liquidity buffer is thinning. Investors should monitor whether the company can rebuild cash reserves through improved working capital management or asset sales.
Misapplied P/E Obscures Earnings Distortions
The reported P/E of 17.71 is misleading due to hyperinflationary accounting in Argentina and non-recurring items, which distort net income; EV/EBITDA of 7.95 provides a cleaner valuation metric.
The P/E ratio is commonly used for consumer staples, but for CCU, net income is heavily influenced by IAS 29 adjustments for Argentine hyperinflation, which can create non-cash monetary gains or losses. The negative net margin in 2026Q2 and the volatile EPS figures suggest that P/E is not a reliable indicator of underlying earning power. EV/EBITDA, at 7.95, is more appropriate as it normalizes for capital structure and non-cash items, but even this metric is affected by the depressed EBITDA. Analysts should adjust for hyperinflationary effects and focus on cash flow-based multiples, such as P/FCF, which at 21.56 indicates that the market is paying a premium for cash generation that may not be sustainable.