NYSE : CCU
Compañía Cervecerías Unidas S.A. — Financial statements
Consumer Staples · Beverages - Brewers · Chile
Last price 10.4 USD (Nov 2, 2026, 10:19 AM EST) · Market cap 1.93B
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Financial statements
Compañía Cervecerías Unidas S.A. (CCU) reported revenue of 2.94T CLP (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CLP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.94T | 2.91T | 2.90T | 2.57T | 2.71T | 2.48T |
| Cost of Revenue | 1.63T | 1.62T | 1.59T | 1.38T | 1.51T | 1.29T |
| Gross Profit | 1.31T | 1.29T | 1.31T | 1.19T | 1.20T | 1.19T |
| Selling, General & Admin | 764.98B | 753.30B | 751.34B | 667.38B | 691.61B | 599.99B |
| Other Operating Expenses | 332.34B | 352.26B | 324.55B | 280.72B | 284.95B | 263.27B |
| Operating Expenses | 1.10T | 1.11T | 1.08T | 948.09B | 976.55B | 863.26B |
| Operating Income | 215.60B | 186.03B | 237.72B | 238.85B | 219.96B | 329.89B |
| Interest Expense | -75.73B | -79.95B | -97.17B | -77.02B | -75.93B | -35.66B |
| Interest & Investment Income | 19.93B | 27.52B | 38.10B | 39.40B | 22.87B | 14.26B |
| Earnings From Equity Investments | -12.24B | -14.35B | -9.49B | -19.22B | -10.98B | 226.03M |
| Currency Exchange Gain (Loss) | 1.65B | 1.47B | -17.80B | -65.94B | -20.17B | -10.15B |
| Other Non Operating Income (Expenses) | -19.45B | -17.63B | -10.72B | -14.03B | 1.20B | 2.53B |
| EBT Excluding Unusual Items | 129.76B | 103.09B | 140.64B | 102.04B | 136.94B | 301.10B |
| Gain (Loss) on Sale of Investments | 159.15M | 394.86M | -6.15B | 96.44M | -111.71M | 10.02M |
| Gain (Loss) on Sale of Assets | 970.47M | 4.77B | 29.80B | 853.59M | 923.03M | 416.30M |
| Asset Writedown | -6.07B | -2.19B | ||||
| Pretax Income | 127.03B | 110.24B | 165.53B | 103.16B | 135.75B | 301.68B |
| Income Tax Expense | 1.44B | -27.05B | -11.02B | -15.27B | 263.94M | 82.63B |
| Earnings From Continuing Operations | 125.58B | 137.29B | 176.54B | 118.43B | 135.48B | 219.05B |
| Minority Interest in Earnings | -21.85B | -20.14B | -15.60B | -12.77B | -17.32B | -19.89B |
| Net Income | 103.74B | 117.15B | 160.94B | 105.65B | 118.17B | 199.16B |
| Net Income to Common | 103.74B | 117.15B | 160.94B | 105.65B | 118.17B | 199.16B |
| Shares Outstanding (Basic) | 369.50M | 369.50M | 369.50M | 369.50M | 369.50M | 369.50M |
| Shares Outstanding (Diluted) | 369.50M | 369.50M | 369.50M | 369.50M | 369.50M | 369.50M |
| EPS (Basic) | 280.75 | 317.05 | 435.57 | 285.93 | 319.80 | 539.00 |
| EPS (Diluted) | 280.74 | 317.05 | 435.57 | 285.93 | 319.80 | 539.00 |
| Free Cash Flow | 149.98B | 96.67B | 134.60B | 169.70B | -142.73B | 123.69B |
| Free Cash Flow Per Share | 405.89 | 261.63 | 364.27 | 459.26 | -386.28 | 334.74 |
| Dividend Per Share | 74.53 | 158.53 | 217.78 | 171.56 | 159.90 | 400.00 |
| Gross Margin | 44.67% | 44.39% | 45.23% | 46.27% | 44.13% | 48.02% |
| Operating Margin | 7.33% | 6.39% | 8.18% | 9.31% | 8.11% | 13.28% |
| Profit Margin | 3.53% | 4.03% | 5.54% | 4.12% | 4.36% | 8.02% |
| Free Cash Flow Margin | 5.10% | 3.32% | 4.63% | 6.61% | -5.26% | 4.98% |
| EBITDA | 345.11B | 323.11B | 372.61B | 364.97B | 346.45B | 454.00B |
| EBITDA Margin | 11.74% | 11.11% | 12.83% | 14.23% | 12.78% | 18.27% |
| D&A For EBITDA | 129.51B | 137.08B | 134.89B | 126.12B | 126.50B | 124.12B |
| EBIT | 215.60B | 186.03B | 237.72B | 238.85B | 219.96B | 329.89B |
| EBIT Margin | 7.33% | 6.39% | 8.18% | 9.31% | 8.11% | 13.28% |
| Effective Tax Rate | 1.14% | 0.19% | 27.39% | |||
| Advertising Expenses | 150.40B | 152.57B | 139.21B | 141.41B | 145.31B |
Balance sheet
Fiscal year January - December; amounts in CLP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 346.97B | 519.18B | 707.12B | 618.15B | 597.08B | 265.57B |
| Short-Term Investments | 1.18B | 1.22B | 822.29M | 3.31B | 11.96B | 14.01B |
| Cash & Short-Term Investments | 348.15B | 520.39B | 707.95B | 621.47B | 609.04B | 279.58B |
| Accounts Receivable | 298.54B | 425.84B | 449.50B | 388.15B | 378.86B | 318.99B |
| Other Receivables | 75.69B | 71.74B | 76.71B | 95.47B | 76.05B | 77.26B |
| Receivables | 374.23B | 497.58B | 526.21B | 483.62B | 454.99B | 396.29B |
| Inventory | 441.55B | 441.01B | 476.27B | 440.49B | 496.98B | 365.97B |
| Other Current Assets | 45.28B | 52.11B | 60.84B | 56.10B | 100.94B | 49.53B |
| Total Current Assets | 1.21T | 1.51T | 1.77T | 1.60T | 1.66T | 1.09T |
| Property, Plant & Equipment | 1.58T | 1.51T | 1.57T | 1.31T | 1.39T | 1.25T |
| Long-Term Investments | 161.49B | 143.46B | 139.75B | 149.59B | 177.98B | 169.37B |
| Goodwill | 151.62B | 148.55B | 161.58B | 127.59B | 136.97B | 131.17B |
| Other Intangible Assets | 257.19B | 236.87B | 244.63B | 153.12B | 172.39B | 151.94B |
| Long-Term Accounts Receivable | 125.24M | 164.61M | 844.34M | |||
| Long-Term Deferred Tax Assets | 45.14B | 45.77B | 41.55B | 28.45B | 27.20B | 30.57B |
| Other Long-Term Assets | 62.62B | 51.48B | 62.37B | 53.77B | 26.88B | 21.66B |
| Total Assets | 3.46T | 3.65T | 3.99T | 3.42T | 3.60T | 2.85T |
| Accounts Payable | 334.03B | 385.90B | 433.26B | 371.13B | 428.87B | 449.80B |
| Accrued Expenses | 56.89B | 62.97B | 75.21B | 74.63B | 69.20B | 52.71B |
| Short-Term Debt | 487.52M | 25.69M | ||||
| Current Portion of Long-Term Debt | 156.74B | 168.49B | 143.78B | 66.35B | 171.26B | 90.15B |
| Current Portion of Leases | 14.71B | 9.69B | 9.45B | 7.14B | 9.12B | 6.15B |
| Current Income Taxes Payable | 7.38B | 18.89B | 41.11B | 9.94B | 9.06B | 35.07B |
| Current Unearned Revenue | 1.65B | 1.71B | 1.44B | 1.36B | 6.87M | |
| Other Current Liabilities | 84.55B | 149.23B | 155.48B | 156.85B | 108.28B | 147.19B |
| Total Current Liabilities | 655.95B | 795.65B | 860.01B | 687.48B | 797.15B | 781.12B |
| Long-Term Debt | 1.06T | 1.04T | 1.23T | 1.23T | 1.18T | 458.30B |
| Long-Term Leases | 52.12B | 42.23B | 39.78B | 34.06B | 31.31B | 29.01B |
| Long-Term Unearned Revenue | 3.66B | 3.94B | 4.36B | 3.99B | ||
| Pension & Post-Retirement Benefits | 51.50B | 53.44B | 48.03B | 39.59B | 41.84B | 34.27B |
| Long-Term Deferred Tax Liabilities | 90.17B | 88.97B | 127.96B | 86.36B | 112.70B | 118.09B |
| Other Long-Term Liabilities | 2.85B | 2.40B | 2.84B | 842.25M | 379.96M | 451.08M |
| Total Liabilities | 1.91T | 2.03T | 2.32T | 2.09T | 2.16T | 1.42T |
| Common Stock | 562.69B | 562.69B | 562.69B | 562.69B | 562.69B | 562.69B |
| Retained Earnings | 1.04T | 1.02T | 965.78B | 895.87B | 843.05B | 832.18B |
| Comprehensive Income & Other | -175.34B | -112.90B | -3.29B | -240.20B | -90.71B | -87.26B |
| Total Common Equity | 1.43T | 1.47T | 1.53T | 1.22T | 1.32T | 1.31T |
| Minority Interest | 125.61B | 144.53B | 147.33B | 119.02B | 120.94B | 117.90B |
| Shareholders' Equity | 1.55T | 1.62T | 1.67T | 1.34T | 1.44T | 1.43T |
| Total Liabilities & Equity | 3.46T | 3.65T | 3.99T | 3.42T | 3.60T | 2.85T |
| Total Debt | 1.28T | 1.26T | 1.43T | 1.34T | 1.39T | 583.64B |
| Net Cash (Debt) | -931.80B | -742.80B | -719.30B | -720.34B | -778.37B | -304.06B |
| Net Cash Per Share | -2,521.76 | -2,010.26 | -1,946.66 | -1,949.47 | -2,106.54 | -822.88 |
| Filing Date Shares Outstanding | 369.50M | 369.50M | 369.50M | 369.50M | 369.50M | 369.50M |
| Total Common Shares Outstanding | 369.50M | 369.50M | 369.50M | 369.50M | 369.50M | 369.50M |
| Working Capital | 553.26B | 715.45B | 911.26B | 914.20B | 864.80B | 310.26B |
| Book Value Per Share | 3,859.42 | 3,983.54 | 4,127.66 | 3,297.31 | 3,558.91 | 3,538.86 |
| Tangible Book Value | 1.02T | 1.09T | 1.12T | 937.65B | 1.01T | 1.02T |
| Tangible Book Value Per Share | 2,753.04 | 2,940.46 | 3,028.30 | 2,537.60 | 2,721.68 | 2,772.65 |
| Land | 273.01B | 266.30B | 277.84B | 253.14B | 280.33B | 275.54B |
| Buildings | 825.09B | 775.28B | 790.55B | 608.83B | 581.78B | 515.27B |
| Machinery | 1.46T | 1.41T | 1.47T | 1.10T | 1.07T | 922.20B |
| Construction In Progress | 183.14B | 190.73B | 178.08B | 159.16B | 259.75B | 233.75B |
Cash flow statement
Fiscal year January - December; amounts in CLP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 103.74B | 117.15B | 160.94B | 105.65B | 118.17B | 199.16B |
| Depreciation & Amortization | 150.37B | 149.64B | 146.86B | 126.12B | 126.50B | 124.12B |
| Other Amortization | 8.91B | 5.55B | 6.46B | |||
| Other Operating Activities | 42.86B | -33.29B | -26.75B | 62.33B | -198.73B | -29.92B |
| Operating Cash Flow | 305.88B | 239.05B | 287.52B | 294.10B | 45.94B | 293.36B |
| Capital Expenditures | -155.90B | -142.38B | -152.92B | -124.40B | -188.67B | -169.67B |
| Sale of Property, Plant & Equipment | 668.17M | 2.94B | 52.43B | 1.23B | 3.58B | 147.27M |
| Cash Acquisitions | -167.82B | -551.59M | -2.00B | |||
| Sale (Purchase) of Intangibles | -13.60B | -14.52B | -7.17B | -5.05B | -14.93B | -2.19B |
| Investment in Securities | -20.75B | -10.98B | -10.66B | -7.09B | -36.47B | -5.79B |
| Other Investing Activities | -34.18M | 641.46M | 572.25M | 71.38M | 30.02M | -1.49B |
| Investing Cash Flow | -357.44B | -164.30B | -118.29B | -137.23B | -236.46B | -178.99B |
| Short-Term Debt Issued | 206.96B | 52.90B | 68.93B | 46.84B | 7.30B | |
| Long-Term Debt Issued | 2.05B | 8.22B | 736.28B | 92.95B | ||
| Total Debt Issued | 169.86B | 209.01B | 52.90B | 77.15B | 783.12B | 100.25B |
| Short-Term Debt Repaid | -25.00M | |||||
| Long-Term Debt Repaid | -341.14B | -90.58B | -170.12B | -89.01B | -53.68B | |
| Lease Payments | -14.01B | -12.39B | -16.27B | -10.70B | -9.66B | -7.63B |
| Total Debt Repaid | -200.79B | -341.14B | -90.58B | -170.12B | -89.04B | -53.68B |
| Net Debt Issued (Repaid) | -30.93B | -132.12B | -37.68B | -92.98B | 694.08B | 46.57B |
| Issuance of Common Stock | 3.31B | 230.13M | 2.75B | 2.77B | 1.65B | |
| Common Dividends Paid | -71.41B | -78.32B | -81.80B | -65.58B | -158.32B | -274.14B |
| Other Financing Activities | 4.02B | 3.64B | -8.31B | 37.76B | -307.78M | -6.08B |
| Financing Cash Flow | -95.01B | -206.58B | -125.04B | -118.04B | 537.10B | -233.64B |
| Foreign Exchange Rate Adjustments | -17.71B | -56.12B | 44.78B | -17.76B | -15.07B | -11.54B |
| Net Cash Flow | -164.29B | -187.95B | 88.97B | 21.07B | 331.51B | -130.82B |
| Free Cash Flow | 149.98B | 96.67B | 134.60B | 169.70B | -142.73B | 123.69B |
| Free Cash Flow Margin | 5.10% | 3.32% | 4.63% | 6.61% | -5.26% | 4.98% |
| Free Cash Flow Per Share | 405.89 | 261.63 | 364.27 | 459.26 | -386.28 | 334.74 |
| Levered Free Cash Flow | 72.39B | 47.42B | 90.77B | 167.72B | -296.22B | 101.89B |
| Unlevered Free Cash Flow | 119.72B | 97.39B | 151.50B | 215.86B | -248.76B | 124.18B |
| Free Cash Flow After Leases | 135.96B | 84.28B | 118.32B | 158.99B | -152.40B | 116.06B |
| Cash Interest Paid | 60.03B | 54.99B | 68.81B | 70.45B | 47.10B | 28.98B |
| Cash Income Tax Paid | 42.73B | 57.56B | 14.70B | 8.96B | 66.28B | 78.97B |
Ratios
Fiscal year January - December; amounts in CLP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.92B | 2.41B | 2.13B | 2.36B | 2.46B | 3.01B |
| Enterprise Value | 2.99B | 3.43B | 3.05B | 3.34B | 3.46B | 3.25B |
| Last Close Price | 10.33 | 12.66 | 11.02 | 11.87 | 12.25 | 14.62 |
| PE Ratio | 18.07 | 18.50 | 13.18 | 19.62 | 17.71 | 12.86 |
| PS Ratio | 0.60 | 0.74 | 0.73 | 0.81 | 0.77 | 1.03 |
| PB Ratio | 1.14 | 1.34 | 1.27 | 1.55 | 1.46 | 1.80 |
| P/TBV Ratio | 1.73 | 2.00 | 1.90 | 2.21 | 2.08 | 2.50 |
| P/FCF Ratio | 12.48 | 22.42 | 15.76 | 12.21 | 20.70 | |
| P/OCF Ratio | 6.12 | 9.07 | 7.38 | 7.05 | 45.57 | 8.73 |
| EV/Sales Ratio | 0.93 | 1.06 | 1.04 | 1.14 | 1.08 | 1.11 |
| EV/EBITDA Ratio | 7.96 | 9.56 | 8.12 | 8.03 | 8.47 | 6.11 |
| EV/EBIT Ratio | 12.74 | 16.60 | 12.73 | 12.27 | 13.35 | 8.40 |
| EV/FCF Ratio | 19.43 | 31.95 | 22.49 | 17.27 | 22.41 | |
| Debt / Equity Ratio | 0.82 | 0.78 | 0.85 | 1.00 | 0.97 | 0.41 |
| Debt / EBITDA Ratio | 3.56 | 3.76 | 3.71 | 3.68 | 4.00 | 1.29 |
| Debt / FCF Ratio | 8.53 | 13.07 | 10.60 | 7.91 | 4.72 | |
| Net Debt / Equity Ratio | 0.60 | 0.46 | 0.43 | 0.54 | 0.54 | 0.21 |
| Net Debt / EBITDA Ratio | 2.70 | 2.30 | 1.93 | 1.97 | 2.25 | 0.67 |
| Net Debt / FCF Ratio | 6.21 | 7.68 | 5.34 | 4.25 | -5.45 | 2.46 |
| Asset Turnover | 0.84 | 0.76 | 0.78 | 0.73 | 0.84 | 0.93 |
| Inventory Turnover | 3.60 | 3.53 | 3.47 | 2.94 | 3.51 | 4.25 |
| Quick Ratio | 1.10 | 1.28 | 1.44 | 1.61 | 1.33 | 0.86 |
| Current Ratio | 1.84 | 1.90 | 2.06 | 2.33 | 2.08 | 1.40 |
| Return on Equity (ROE) | 7.94% | 8.35% | 11.73% | 8.54% | 9.47% | 15.46% |
| Return on Assets (ROA) | 3.86% | 3.05% | 4.01% | 4.25% | 4.27% | 7.68% |
| Return on Invested Capital (ROIC) | 8.80% | 7.83% | 10.69% | 11.18% | 11.13% | 14.82% |
| Return on Capital Employed (ROCE) | 7.70% | 6.50% | 7.60% | 8.70% | 7.90% | 16.00% |
| Earnings Yield | 5.54% | 5.41% | 7.59% | 5.10% | 5.64% | 7.78% |
| FCF Yield | 8.01% | 4.46% | 6.35% | 8.19% | -6.82% | 4.83% |
| Dividend Yield | 2.18% | 2.70% | 3.79% | 3.06% | 2.82% | 5.77% |
| Payout Ratio | 39.70% | 66.86% | 50.82% | 62.08% | 133.98% | 137.64% |
| Total Shareholder Return | 2.18% | 2.70% | 3.79% | 3.06% | 2.82% | 5.77% |