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Ambev S.A.

ABEV Consumer Defensive Beverages Brewers

Ambev S.A.’s revenue for fiscal 2025 (year ended December 2025) was $15.8 billion, down 4.70% from fiscal 2024.

Revenue
+3.83%
EPS
0.00%
Free cash flow
+1,033.0%
Total debt
+6.24%

Quarter to June 2026, against a year earlier

2.66 0.01 −0.37%
Market cap
$40.5B
P/E
14.8×
Fwd P/E
—
Dividend yield
4.55%
F-score
7/9
Altman Z
3.94
Beneish M
−2.76
Dividend safety
27/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 2.59
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 2 — 1 — 1 — 1 — —
Insider Ownership 2.81%

Capital & Financial Ratios $m

Size
Market Cap 40,510.00
Revenue ttm 15,626.95
Net income ttm 2,911.01
Free cash flow ttm 2,769.05
Net debt Q (3,172.09)
Valuation
P/E 14.78
Forward P/E —
Price / sales 2.66
Forward P/S Powerpack
Price / FCF 14.99
Price / book 2.36
Financial health
Current ratio Q 1.02
Debt / equity Q 0.03 (at or below 0.5: strong)
Interest coverage Q 5.28
Growth
Revenue growth Q +3.83% (above 0%: growing)
Operating income growth Q −2.25% (below 0%: shrinking)
EPS, this year +10.56%
EPS, next year A +4.57%
Revenue, next year A —
EPS, past 5 yrs +5.15%
EPS, next 5 yrs A +7.98%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.5×, against a ten-year median of 3.3×; over the ten years it ranged from 1.4× in 2024 to 7.4× in 2018.
P/E against its own 10 years 20.93%
10-year low 10-year high
P/S against its own 10 years 22.37%
10-year low 10-year high
P/B against its own 10 years 19.98%
10-year low 10-year high
EV/Sales against its own 10 years 21.04%
10-year low 10-year high
EV/FCF against its own 10 years 34.12%
10-year low 10-year high

Dividends

Yield
4.55%
Annual rate
0.12
Payout ratio
67.2%
Growth, 2016–26
−15.2%/yr
  1. 0.12 ’16
  2. 0.02 ’17 −81%
  3. 0.15 ’18 +546%
  4. 0.08 ’20 −46%
  5. 0.10 ’21 +24%
  6. 0.14 ’22 +47%
  7. 0.15 ’23 +5%
  8. 0.11 ’24 −26%
  9. 0.14 ’25 +30%
  10. 0.02 ’26 −84%
paid

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,348 5,758 3,777 3,756
Receivables 1,838 1,827 1,787 1,632
Inventory 1,927 2,167 1,884 2,061
Other 211 289 342 486
7,324 10,041 7,858 8,010
2023 2024 2025 Q'26
Payables 4,646 4,676 4,252 4,102
ST’ Debt 260 237 209 212
Other 1,363 2,321 1,979 2,106
8,213 9,157 8,167 7,841

Compound Annual Growth %

10y 5y 3y
Sales 1.03% 6.89% 0.78%
Cash Flow (4.85%) 3.66% 3.08%
Earnings (3.07%) 4.69% (0.28%)
Book Value 0.34% 1.75% (0.50%)

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 0.05 Actual 0.05

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 0.05 0.05 Met by 0.00
Mar 2026 0.05 0.05 Met by 0.00
Jun 2026 0.04 0.04 Met by 0.00
Sep 2026 0.05 0.05 Met by 0.00
Dec 2026 0.06 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.05 0.04 — — —
’25 0.04 0.03 0.06 — 0.18
’24 0.05 0.03 0.04 0.05 0.17
’23 0.04 0.03 0.05 0.06 0.18
’22 0.04 0.04 0.04 0.06 0.18
’21 0.03 0.02 0.04 0.06 0.15
’20 0.02 0.02 0.03 0.08 0.14
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,266 3,987 — — —
’25 3,840 3,546 3,828 — 15,804
’24 4,094 3,840 3,984 4,666 16,585
’23 3,952 3,817 4,161 4,040 15,971
’22 3,529 3,655 3,928 4,327 15,440
’21 3,045 2,193 3,539 4,722 13,500
’20 2,847 2,166 2,904 3,408 11,326
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 600 958 — — —
’25 206 545 1,305 — 4,379
’24 145 636 1,416 2,642 4,839
’23 (111) 684 1,631 2,746 4,950
’22 99 454 1,132 2,313 3,998
’21 519 120 1,481 2,124 4,244
’20 349 282 1,316 1,711 3,658
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 518 789 — — —
’25 70 355 1,107 — 3,587
’24 (53) 460 1,229 2,354 3,990
’23 (328) 419 1,366 2,321 3,778
’22 (63) 92 817 1,913 2,759
’21 284 (43) 1,002 1,634 2,877
’20 52 187 1,103 1,428 2,769
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 13,074 15,002 13,743 13,329 11,326 13,500 15,440 15,971 16,585 15,804 15,627 +2.1% — — — —
Gross margin, % 63.43 62.33 61.64 58.79 53.64 51.05 49.29 50.72 51.24 51.42 51.26 (12.0) pt
EBT 3,841 4,050 3,602 3,280 2,618 2,550 2,757 3,012 3,613 3,478 3,356 (1.1%)
EBT margin, % 29.38 26.99 26.21 24.61 23.12 18.89 17.86 18.86 21.79 22.01 21.48 (7.4) pt
Net income 3,751 2,459 3,113 3,089 2,276 2,432 2,884 2,997 2,753 2,864 2,911 (3.0%)
Per share, $
Per share, $ Revenue 0.83 0.96 0.87 0.85 0.72 0.86 0.98 1.01 1.05 1.01 1.00 +2.2%
Earnings 0.23 0.15 0.18 0.18 0.14 0.15 0.18 0.18 0.17 0.18 0.18 (2.7%)
Cash flow 0.23 0.36 0.31 0.30 0.23 0.27 0.25 0.31 0.31 0.28 0.22 +2.5%
Capex (0.07) (0.06) (0.06) (0.08) (0.06) (0.09) (0.08) (0.07) (0.05) (0.05) (0.04) (4.0%)
Free cash flow 0.15 0.29 0.25 0.22 0.18 0.18 0.18 0.24 0.25 0.23 0.18 +4.7%
Book value 0.85 0.96 1.00 1.01 0.93 0.99 1.03 1.02 1.17 1.02 1.13 +2.0%
Shares, m 15,697 15,706 15,718 15,728 15,733 15,737 15,742 15,745 15,735 15,618 15,609 (0.1%)
Valuation, ×
Valuation, × P/E 21.13 44.07 19.60 25.89 21.41 18.97 14.39 15.33 10.88 13.72 14.78 20.5
P/S 6.09 6.92 4.48 5.50 4.25 3.26 2.64 2.72 1.76 2.43 2.66 4.0
P/B 5.95 6.91 3.91 4.62 3.30 2.83 2.53 2.71 1.58 2.26 2.36 3.7
EV/Sales 6.02 6.75 4.30 5.33 4.00 3.04 2.49 2.56 1.45 2.23 2.45 3.8
EV/FCF 32.91 21.89 14.95 20.75 16.37 14.28 13.94 10.80 6.01 9.10 13.85 16.1
Cash, $m
Cash, $m Operating cash flow 3,539 5,598 4,901 4,658 3,658 4,244 3,998 4,950 4,839 4,379 3,408 +2.4%
Capex (1,147) (971) (949) (1,236) (889) (1,367) (1,240) (1,172) (849) (792) (639) (4.0%)
Free cash flow 2,393 4,627 3,951 3,422 2,769 2,877 2,759 3,778 3,990 3,587 2,769 +4.6%
Balance, $m
Balance, $m Working capital (1,401) (1,244) 137 661 362 (44) (528) (890) 884 (309) 169 (15.5%)
Net debt (849) (2,557) (2,537) (2,287) (2,814) (2,972) (2,302) (2,647) (5,118) (3,170) (3,172) +15.8%
Shareholders’ equity 13,375 15,028 15,745 15,852 14,579 15,568 16,141 16,053 18,462 15,900 17,592 +1.9%
Returns, %
Returns, % ROA 13.95 8.96 11.39 11.58 8.82 9.40 10.69 10.90 9.44 9.90 10.43 (4.1) pt
ROIC 24.47 25.78 22.00 18.89 16.92 15.70 15.47 17.58 18.93 20.51 17.44 (4.0) pt
ROE 25.03 16.17 19.60 18.89 14.51 15.58 17.66 18.05 15.51 16.16 16.15 (8.9) pt
People
People Employees 53,250 51,432 49,617 51,352 50,479 52,806 47,108 42,774 42,167 39,606 — (3.2%)
Revenue/emp, $m 0.25 0.29 0.28 0.26 0.22 0.26 0.33 0.37 0.39 0.40 — +5.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Ambev S.A. vs peers in Beverages Brewers (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BUD Anheuser-Busch InBev SA/NV $139.1B 17.0× — (loss-making) +11.04% (above 0%: growing) +126.19% (above 0%: growing) +338.53% (above 0%: growing) 57.49% 27.63% Compare
ABEV Ambev S.A. $40.5B 14.8× — +3.83% (above 0%: growing) 0.00% +1,032.99% (above 0%: growing) 51.86% 23.89%
FMX Fomento Economico Mexicano S.A.B. de C.V. $25.0B 24.2× — +22.50% (above 0%: growing) +132.50% (above 0%: growing) +401.84% (above 0%: growing) 40.09% 8.27% Compare
STZ Constellation Brands Inc $22.1B 11.9× 11.3× +6.13% (above 0%: growing) +28.91% (above 0%: growing) −3.25% (below 0%: shrinking) 52.91% 30.57% Compare
TAP Molson Coors Beverage Company $7.3B — (loss-making) 8.8× −3.26% (below 0%: shrinking) −42.06% (below 0%: shrinking) +29.37% (above 0%: growing) 34.34% 10.72% Compare
SAM The Boston Beer Company, Inc. $2.0B — (loss-making) — (loss-making) −3.34% (below 0%: shrinking) −8.99% (below 0%: shrinking) +13.63% (above 0%: growing) 50.39% 12.45% Compare
CCU Compania Cervecerias Unidas, S.A. $1.9B 16.6× 16.2× +4.81% (above 0%: growing) n/m +19.70% (above 0%: growing) 41.60% (3.35%) Compare
Median of peers $14.7B 16.8× 11.3× +5.47% +28.91% +24.54% 45.99% 11.59%

All 7 Beverages Brewers stocks →

Ambev S.A. (ABEV) Latest News

30 Oct

Impact 4 · · MarketBeat earnings

29 Oct

Impact 4 · · The Motley Fool transcript
Impact 3 · · Associated Press

28 Oct

Impact 3 · · Zacks

27 Oct

Impact 3 · · Simply Wall St.

26 Oct

Impact 4 · · The Motley Fool
Impact 3 · · Zacks

13 Oct

Impact 4 · · Zacks

9 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

23 Sep

Impact 3 · · GuruFocus.com

3 Aug

Impact 3 · · The Motley Fool transcript

30 Jul

Impact 4 ·
Impact 4 · · MarketBeat
Impact 3 · · The Motley Fool transcript

25 Jun

Impact 3 · · Zacks

21 May

Impact 3 · · Insider Monkey

8 May

Impact 4 · · The Motley Fool

5 May

Impact 4 · · Insider Monkey
Impact 4 · · MarketBeat

30 Apr

Impact 3 · · Zacks

2 Apr

Impact 4 · · Simply Wall St.

24 Feb

Impact 4 · · Insider Monkey

18 Feb

Impact 3 · · Simply Wall St.
Impact 3 · · Zacks

13 Feb

Impact 3 · · Insider Monkey

12 Feb

Impact 4 · · GuruFocus.com transcript
Impact 4 · · MarketBeat transcript
Impact 4 · · Associated Press Finance

28 Dec

Impact 3 · · Insider Monkey
stockrow.com/ABEV · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com