Sunday 11 October 2026
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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. In the quarter to June 2026, revenue grew 3.83%, EPS was flat, free cash flow grew 1,033.0% and total debt rose 6.24%, each against the same quarter a year earlier.
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
13.72 | 10.88 | 15.33 | 14.39 | 18.97 | 21.41 | 25.89 | 19.60 | 44.07 | 21.13 |
Piotroski F-Score |
7 | 7 | 7 | 5 | 5 | 4 | 5 | 6 | 6 | 6 |
P/S ratio |
2.43 | 1.76 | 2.72 | 2.64 | 3.26 | 4.25 | 5.50 | 4.48 | 6.92 | 6.09 |
Altman Z-Score |
3.94 | 2.99 | 4.00 | 3.78 | 3.86 | 4.18 | 6.54 | 5.06 | 6.26 | 5.65 |
Altman Z″-Score (non-manufacturers) |
3.88 | 3.83 | 3.40 | 3.21 | 3.17 | 3.23 | 5.34 | 3.43 | 2.59 | 2.68 |
P/FCF ratio |
9.92 | 7.30 | 11.50 | 14.78 | 15.32 | 17.39 | 21.42 | 15.59 | 22.44 | 33.26 |
Beneish M-Score |
(2.76) | (2.84) | (2.71) | (2.54) | (2.82) | (3.03) | (2.62) | (2.97) | (3.03) | (2.18) |
P/Operating CF |
29.53 | 11.02 | 15.83 | 17.62 | 20.75 | 28.14 | 29.91 | 23.86 | 37.61 | 36.54 |
Dividend Safety Score |
27 | — | — | — | — | — | — | — | — | — |
P/B ratio |
2.26 | 1.58 | 2.71 | 2.53 | 2.83 | 3.30 | 4.62 | 3.91 | 6.91 | 5.95 |
Price to Tangible BV |
5.07 | 3.68 | 6.76 | 6.28 | 7.22 | 9.01 | 13.62 | 12.92 | 27.84 | 25.48 |
EV/Sales |
2.23 | 1.45 | 2.56 | 2.49 | 3.04 | 4.00 | 5.33 | 4.30 | 6.75 | 6.02 |
EV/EBITDA |
6.66 | 4.47 | 8.07 | 8.40 | 9.87 | 10.83 | 13.44 | 10.28 | 16.13 | 13.32 |
EV/Operating CF |
7.53 | 4.96 | 8.24 | 9.62 | 9.68 | 12.39 | 15.24 | 12.06 | 18.09 | 22.25 |
EV/FCF |
9.10 | 6.01 | 10.80 | 13.94 | 14.28 | 16.37 | 20.75 | 14.95 | 21.89 | 32.91 |
Quick Ratio |
0.68 | 0.83 | 0.63 | 0.59 | 0.68 | 0.80 | 0.83 | 0.75 | 0.66 | 0.63 |
Current Ratio |
0.96 | 1.10 | 0.89 | 0.93 | 0.99 | 1.06 | 1.10 | 1.02 | 0.86 | 0.83 |
Net Debt/EBITDA |
(0.59) | (0.95) | (0.52) | (0.50) | (0.71) | (0.67) | (0.43) | (0.44) | (0.41) | (0.14) |
Debt/Assets |
2.33% | 2.12% | 2.64% | 2.73% | 2.24% | 3.83% | 3.01% | 2.57% | 2.94% | 6.44% |
Debt/Equity |
0.04 | 0.03 | 0.04 | 0.05 | 0.04 | 0.06 | 0.05 | 0.04 | 0.05 | 0.12 |
Asset Turnover |
0.56 | 0.59 | 0.60 | 0.59 | 0.54 | 0.45 | 0.52 | 0.52 | 0.59 | 0.51 |
Operating CF/Net income |
1.58 | 1.81 | 1.70 | 1.43 | 1.81 | 1.66 | 1.56 | 1.62 | 2.44 | 0.98 |
Capex/Depreciation |
(0.65) | (0.64) | (0.91) | (1.07) | (1.37) | (0.89) | (1.04) | (0.86) | (0.86) | (1.14) |
Interest Coverage |
5.29 | 4.83 | 3.00 | 2.24 | 3.15 | 3.02 | 3.41 | 3.72 | 3.85 | 3.72 |
| 16.16% | 15.51% | 18.05% | 17.66% | 15.58% | 14.51% | 18.89% | 19.60% | 16.17% | 25.03% | |
| 9.90% | 9.44% | 10.90% | 10.69% | 9.40% | 8.82% | 11.58% | 11.39% | 8.96% | 13.95% | |
ROIC |
20.51% | 18.93% | 17.58% | 15.47% | 15.70% | 16.92% | 18.89% | 22.00% | 25.78% | 24.47% |
Return on Tangible Assets |
59.81% | 41.32% | 65.36% | 52.90% | 43.72% | 42.73% | 46.77% | 53.52% | 49.37% | 87.94% |
Average Days of Receivables |
41.26 | 40.20 | 42.01 | 37.56 | 37.10 | 47.46 | 59.47 | 51.07 | 63.36 | 78.37 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
28.49% | 29.50% | 29.39% | 30.07% | 29.99% | 30.09% | 29.14% | 29.53% | 30.35% | 31.09% |
Intangible Assets out of Total Assets |
0.36 | 0.35 | 0.36 | 0.36 | 0.37 | 0.38 | 0.41 | 0.43 | 0.42 | 0.43 |
Share Based Compensation of Revenue |
0.51% | 0.45% | 0.42% | 0.39% | 0.53% | 0.36% | 0.39% | 0.32% | 0.44% | 0.37% |
Graham Net Nets |
(0.03) | (0.06) | (0.07) | (0.08) | (0.07) | (0.06) | (0.04) | (0.05) | (0.04) | (0.05) |
Graham Number |
2.11 | 2.12 | 2.03 | 2.04 | 1.81 | 1.73 | 2.02 | 2.12 | 1.80 | 2.15 |
Earnings Yield |
7.29% | 9.19% | 6.52% | 6.95% | 5.27% | 4.67% | 3.86% | 5.10% | 2.27% | 4.73% |
Free Cash Flow Yield |
10.08% | 13.71% | 8.69% | 6.77% | 6.53% | 5.75% | 4.67% | 6.41% | 4.46% | 3.01% |
Revenue per Share |
1.01 | 1.05 | 1.01 | 0.98 | 0.86 | 0.72 | 0.85 | 0.87 | 0.96 | 0.83 |
Operating CF per Share |
0.28 | 0.31 | 0.31 | 0.25 | 0.27 | 0.23 | 0.30 | 0.31 | 0.36 | 0.23 |
Capex per Share |
(0.05) | (0.05) | (0.07) | (0.08) | (0.09) | (0.06) | (0.08) | (0.06) | (0.06) | (0.07) |
Free Cash Flow per Share |
0.23 | 0.25 | 0.24 | 0.18 | 0.18 | 0.18 | 0.22 | 0.25 | 0.29 | 0.15 |
Cash per Share |
0.24 | 0.37 | 0.21 | 0.19 | 0.23 | 0.24 | 0.19 | 0.20 | 0.21 | 0.15 |
Shareholders Equity per Share |
1.02 | 1.17 | 1.02 | 1.03 | 0.99 | 0.93 | 1.01 | 1.00 | 0.96 | 0.85 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
1.02 | 1.17 | 1.02 | 1.03 | 0.99 | 0.93 | 1.01 | 1.00 | 0.96 | 0.85 |
Free Cash Flow |
3,586.87 | 3,989.86 | 3,777.94 | 2,758.85 | 2,876.95 | 2,768.59 | 3,421.58 | 3,951.50 | 4,626.72 | 2,392.60 |
Working Capital |
(308.70) | 883.76 | (889.73) | (527.58) | (44.32) | 361.71 | 661.40 | 137.16 | (1,243.56) | (1,401.05) |
Capital Expenditures |
(792.20) | (848.85) | (1,171.75) | (1,239.52) | (1,366.66) | (889.43) | (1,236.24) | (949.01) | (971.45) | (1,146.54) |
Net Current Asset Value |
(2,227.43) | (1,626.29) | (3,192.26) | (3,256.77) | (2,957.00) | (2,852.34) | (2,930.77) | (3,077.75) | (4,432.12) | (3,814.05) |
EV/EBIT |
8.37 | 5.94 | 10.82 | 11.23 | 12.98 | 14.23 | 17.32 | 12.71 | 19.68 | 16.05 |
Capex to Sales |
0.05 | 0.05 | 0.07 | 0.08 | 0.10 | 0.08 | 0.09 | 0.07 | 0.06 | 0.09 |
Price to Operating Income |
9.12 | 7.20 | 11.52 | 11.90 | 13.92 | 15.12 | 17.88 | 13.26 | 20.18 | 16.23 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.25 | 0.24 | 0.24 | 0.20 | 0.18 | 0.21 | 0.21 | 0.20 | 0.19 | 0.18 |
Cash ROIC |
17.68% | 16.05% | 18.79% | 13.86% | 14.61% | 14.38% | 17.38% | 20.15% | 24.12% | 13.82% |
Accounts Receivable Turnover |
8.75 | 9.05 | 9.32 | 10.43 | 9.49 | 6.22 | 6.51 | 6.07 | 5.54 | 5.17 |
Accounts Payable Turnover |
1.72 | 1.73 | 1.68 | 1.67 | 1.57 | 1.39 | 1.43 | 1.40 | 1.66 | 1.42 |
Inventory Turnover |
3.79 | 3.95 | 3.55 | 3.45 | 3.76 | 3.51 | 3.67 | 3.73 | 4.35 | 3.72 |
Average Days of Payables |
202.18 | 211.09 | 215.47 | 219.68 | 256.69 | 260.80 | 253.73 | 266.13 | 239.82 | 237.87 |
Days of Inventory on Hand |
89.58 | 97.83 | 89.36 | 116.69 | 112.60 | 102.57 | 100.66 | 102.32 | 87.38 | 95.14 |
Average Receivables |
1,806.56 | 1,832.40 | 1,713.52 | 1,480.42 | 1,422.25 | 1,822.02 | 2,047.20 | 2,263.62 | 2,705.79 | 2,527.19 |
Average Payables |
4,464.39 | 4,661.21 | 4,679.21 | 4,679.68 | 4,199.37 | 3,785.22 | 3,831.36 | 3,778.38 | 3,414.38 | 3,364.46 |
Average Inventory |
2,025.72 | 2,046.99 | 2,214.94 | 2,270.77 | 1,756.95 | 1,495.26 | 1,496.45 | 1,415.32 | 1,299.51 | 1,285.38 |
Average Assets |
28,057.08 | 28,348.85 | 26,645.56 | 26,202.75 | 24,985.56 | 25,034.87 | 25,767.28 | 26,477.46 | 25,619.68 | 25,784.08 |
Average Common Equity |
17,180.90 | 17,257.51 | 16,096.70 | 15,854.53 | 15,073.90 | 15,215.51 | 15,798.33 | 15,386.59 | 14,201.57 | 14,370.91 |
Columns are period end dates