Colbún S.A.

COLBUN.SN

Regulated Electric · Utilities

Exchange

Santiago Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Strong

Stability

Good

Valuation

Strong

Dividends

Weak

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Winston Score History

The full picture

Colbún is one of the largest electricity generation companies in Chile. It operates a mix of hydroelectric, natural gas, solar, and wind power plants to produce electricity. The company sells power mainly to other utilities, mining companies, and industrial customers through long-term contracts and the spot market.

Colbún earns revenue primarily by selling electricity under power purchase agreements and on Chile's wholesale energy market. Its operations are concentrated in Chile, where it ranks among the top three generators by installed capacity. The company's large portfolio of hydroelectric plants gives it a cost advantage, though drought years can significantly reduce output and profitability. Looking ahead, Colbún is investing heavily in renewable energy projects to expand capacity and reduce its carbon footprint, but execution risk and regulatory changes in Chile's energy market remain key factors to watch.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-16.0% YoY

YoY Growth Rate

Earnings declining

Insider Activity

59.6%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

850M CLP cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Colbún S.A. is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

44.9%

Healthy — 44.9% gross margin

Profit after running costs

Operating Margin

19.6%

Healthy — 19.6% operating margin

Return on the money invested

ROCE

4.7%

Weak — 4.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+2.4%

Nearly flat sales (+2.4% YoY)

Profit growth

EPS YoY

-51.0%

Earnings shrinking (-51.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

328%

Turns 328% of profit into real cash

Spare cash per sale

FCF Margin

8.5%

Modest free cash flow (8.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.69

Moderate — manageable debt (0.69)

Covers its interest

Interest Cover

3.01x

Tight — interest eats into profit (3.0x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

22.4x

no trend

Growth-priced — P/E 22.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+7.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (22.4 → 14.7)

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Dividends

Dividend

Dividend Yield

1.10%

no trend

Small dividend — 1.10% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-13.4%

no trend

Dividend cut (-13.4% YoY) — warning sign

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