The P/E of 13.36 is roughly 40% below CCEP's 22.37, and the EV/EBITDA of 8.32 is nearly half of CCEP's 14.67. This gap appears to reflect the market's demand for a higher return to compensate for Mexican and Brazilian currency volatility, as well as regulatory headwinds like the excise tax. The forward P/E of 0.92 is anomalous and likely distorted by data issues, so investors should rely on trailing multiples and EV/EBITDA for cross-border comparisons. The PEG of 0.56 suggests the market is pricing in modest growth, which may be conservative given KOF's stable cash flows and dominant market position.

The gross margin improvement of nearly 180 basis points year-over-year suggests that KOF has been able to pass through price increases to consumers, despite the excise tax headwind. Operating margin stability at 13.2% indicates that SG&A costs have been kept in check, though the prior income statement analysis noted limited operating leverage. Net margin of 8.1% in 2026Q2 is slightly below the 9.6% seen in 2025Q4, but this appears to be a function of FX and hyperinflationary accounting in Argentina rather than a deterioration in core profitability. The stable margin profile supports the view that KOF's distribution moat provides pricing power, but investors should monitor whether the full annualization of the excise tax compresses margins in coming quarters.

The quarterly ROIC figures are highly erratic, with 2024Q3 and 2024Q2 showing 78.6% and 78.4%, respectively, while 2025Q4 shows a mere 0.3%. These swings are likely due to seasonal working capital and asset base fluctuations, as well as potential data anomalies. The 2026Q2 ROIC of 3.5% is below the 7.0% seen in 2025Q2, but this appears to be a function of a larger asset base and timing of earnings. Over the last ten quarters, the average ROIC is roughly 20%, which is respectable for a bottler and indicates that KOF is creating value above its cost of capital. The asset-heavy model, with PPE at 34% of total assets, requires continuous investment, but the returns appear to justify the capital intensity.

The negative cash conversion cycle is a sign of operational efficiency, as KOF collects from customers in about 17 days but takes 34 days to pay suppliers. This allows the company to operate with minimal working capital investment, freeing up cash for dividends and capex. The DIO of 17 days is relatively low, reflecting the fast-moving nature of beverage inventory. However, the 2025Q4 data shows extreme anomalies (DSO of 630 days, DPO of 1283 days), which are likely data errors and should be disregarded. The stable negative CCC in other quarters suggests that KOF's route-to-market model is not only a competitive moat but also a source of working capital efficiency.

The increase in D/E from 0.52 to 0.59 indicates that KOF has taken on additional debt, likely to fund the cash build and acquisitions. However, the absolute level of leverage is still conservative compared to peers like CCEP (D/E of 1.29) and CCU (0.82). Interest coverage of 4.43x in 2026Q2 is lower than the 5.68x in 2025Q4, but it remains above the 3x threshold typically considered safe. The D/EBITDA ratio of 6.20 in 2026Q2 is elevated, but this is distorted by the low EBITDA in that quarter; the 10-quarter average is closer to 2.5x, which is manageable. The balance sheet appears to have flexibility to absorb shocks, though investors should monitor the trajectory of leverage if the company pursues further M&A.

The current ratio of 1.04 is just above 1.0, indicating that current assets are sufficient to cover current liabilities. The quick ratio of 0.87 is slightly below 1.0, but given the fast-moving nature of beverage inventory, this is not a concern. The massive cash build in 2026Q2 provides a strong liquidity buffer, which could be used for acquisitions, dividends, or to navigate economic volatility. However, the 2026Q1 data showing cash of only $2.3B appears anomalous and may indicate a data inconsistency, as the prior balance sheet analysis noted. Overall, KOF's liquidity position appears solid, and the company is well-positioned to meet its short-term obligations.

KOF's valuation multiples are at the lower end of the peer group, with only CCU trading at a lower P/E (18.27) but higher EV/EBITDA (8.13). The discount to CCEP is particularly stark, likely due to the sovereign and currency risks associated with Mexico and Brazil. However, KOF's ROE of 15.7% (trailing) is higher than CCU's 6.4% and comparable to ABEV's 18.0%, suggesting that the discount may be unwarranted. The market appears to be pricing in a higher risk premium for KOF's geographic exposure, but the company's dominant market position and stable cash flows may justify a narrower discount. Investors should consider whether the discount is structural or temporary, and monitor for any narrowing as regulatory and currency risks subside.