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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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Market cap: $48.4B
P/E: 17.7×
Fwd P/E: —
Dividend yield: 3.79%
F-score: 7/9
Altman Z: 3.94
Beneish M: −2.76
Dividend safety: 27/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 2.59

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	2	—	1	—	1	—	1	—

Insider Ownership 2.81%

Capital & Financial Ratios $m

Market Cap 48,400.00

Revenue 15,626.95

Net Income 2,911.01

Free Cash Flow 2,769.05

Net Debt (3,172.09)

Current Ratio 1.02

Debt/Equity 0.03

P/E ratio 17.72

Fwd P/E —

P/S ratio 3.19

P/B ratio 2.83

Past 5Y EPS Growth 5.15%

This Y EPS Growth 12.21%

Next Y EPS Growth 5.63%

Next Y revenue growth —

Next 5Y EPS Growth 8.69%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 44.35%

10-year low 10-year high

P/S against its own 10 years 44.57%

10-year low 10-year high

P/B against its own 10 years 46.75%

10-year low 10-year high

EV/Sales against its own 10 years 44.09%

10-year low 10-year high

EV/FCF against its own 10 years 60.45%

10-year low 10-year high

Dividends

Payout Ratio 0.67

Annual Dividend Rate 0.12

Annual Dividend Yield 3.79%

	total	individual payouts
2026	0.02	0.01 0.01
2025	0.14	0.02 0.02 0.02 0.10
2024	0.11	0.11
2023	0.15	0.15
2022	0.14	0.14
2021	0.10	0.01 0.08
2020	0.08	0.08
2018	0.15	0.02 0.04 0.08
2017	0.02	0.02 0.05 0.09
2016	0.12	0.03 0.04 0.05 0.07

special payouts not included in total or ratios

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%)

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	3.86	4.98	3.77	3.97	1.90	2.38	2.42	2.40	1.82	1.76	Analyst estimates 2026–2028 Powerpack
	High	6.34	7.03	7.43	5.45	4.73	3.95	3.32	3.23	2.82	2.64
People
People	Employees	53,250	51,432	49,617	51,352	50,479	52,806	47,108	42,774	42,167	39,606
	Revenue/emp, $m	0.25	0.29	0.28	0.26	0.22	0.26	0.33	0.37	0.39	0.40
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
	Gross margin, %	63.43	62.33	61.64	58.79	53.64	51.05	49.29	50.72	51.24	51.42
	EBT	3,841	4,050	3,602	3,280	2,618	2,550	2,757	3,012	3,613	3,478
	EBT margin, %	29.38	26.99	26.21	24.61	23.12	18.89	17.86	18.86	21.79	22.01
	Net income	3,751	2,459	3,113	3,089	2,276	2,432	2,884	2,997	2,753	2,864
	Depreciation	1,007	1,131	1,101	1,185	1,002	1,000	1,154	1,286	1,321	1,224
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
	Earnings	0.23	0.15	0.18	0.18	0.14	0.15	0.18	0.18	0.17	0.18
	Cash flow	0.23	0.36	0.31	0.30	0.23	0.27	0.25	0.31	0.31	0.28
	Capex	(0.07)	(0.06)	(0.06)	(0.08)	(0.06)	(0.09)	(0.08)	(0.07)	(0.05)	(0.05)
	Free cash flow	0.15	0.29	0.25	0.22	0.18	0.18	0.18	0.24	0.25	0.23
	Book value	0.85	0.96	1.00	1.01	0.93	0.99	1.03	1.02	1.17	1.02
	Shares, m	15,697	15,706	15,718	15,728	15,733	15,737	15,742	15,745	15,735	15,618
Valuation, ×
Valuation, ×	P/E	21.13	44.07	19.60	25.89	21.41	18.97	14.39	15.33	10.88	13.72
	P/S	6.09	6.92	4.48	5.50	4.25	3.26	2.64	2.72	1.76	2.43
	P/B	5.95	6.91	3.91	4.62	3.30	2.83	2.53	2.71	1.58	2.26
	EV/Sales	6.02	6.75	4.30	5.33	4.00	3.04	2.49	2.56	1.45	2.23
	EV/FCF	32.91	21.89	14.95	20.75	16.37	14.28	13.94	10.80	6.01	9.10
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
	Capex	(1,147)	(971)	(949)	(1,236)	(889)	(1,367)	(1,240)	(1,172)	(849)	(792)
	Free cash flow	2,393	4,627	3,951	3,422	2,769	2,877	2,759	3,778	3,990	3,587
Balance, $m
Balance, $m	Working capital	(1,401)	(1,244)	137	661	362	(44)	(528)	(890)	884	(309)
	Total debt	1,547	800	663	776	930	575	730	701	640	607
	Net debt	(849)	(2,557)	(2,537)	(2,287)	(2,814)	(2,972)	(2,302)	(2,647)	(5,118)	(3,170)
	Shareholders’ equity	13,375	15,028	15,745	15,852	14,579	15,568	16,141	16,053	18,462	15,900
Returns, %
Returns, %	ROA	13.95	8.96	11.39	11.58	8.82	9.40	10.69	10.90	9.44	9.90
	ROIC	24.47	25.78	22.00	18.89	16.92	15.70	15.47	17.58	18.93	20.51
	ROE	25.03	16.17	19.60	18.89	14.51	15.58	17.66	18.05	15.51	16.16

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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	$135.4B	16.4×	— (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.	$48.4B	17.7×	—	+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.	$23.9B	23.8×	—	+22.50% (above 0%: growing)	+132.50% (above 0%: growing)	+401.84% (above 0%: growing)	40.09%	8.27%	Compare
STZ Constellation Brands Inc	$21.1B	10.9×	12.2×	+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	$7.1B	— (loss-making)	7.9×	−3.26% (below 0%: shrinking)	−42.06% (below 0%: shrinking)	+29.37% (above 0%: growing)	34.34%	10.72%	Compare
CCU Compania Cervecerias Unidas, S.A.	$2.1B	17.6×	16.2×	+4.81% (above 0%: growing)	n/m	+19.70% (above 0%: growing)	41.60%	(3.35%)	Compare
SAM The Boston Beer Company, Inc.	$1.8B	— (loss-making)	49.8×	−3.34% (below 0%: shrinking)	−8.99% (below 0%: shrinking)	+13.63% (above 0%: growing)	50.39%	12.45%	Compare
Median of peers	$14.1B	17.0×	14.2×	+5.47%	+28.91%	+24.54%	45.99%	11.59%

All 7 Beverages Brewers stocks →

Ambev S.A. (ABEV) key facts

Concern: Ambev S.A.’s revenue for fiscal 2025 (year ended December 2025) was $15.8 billion, down 4.70% from fiscal 2024.
Ambev S.A. (ABEV) is a Beverages Brewers company in the Consumer Defensive sector, traded in the US as an ADR.
As of October 9, 2026, ABEV traded at $3.19, a market capitalization of $48.4 billion.
Ambev S.A. pays an annual dividend of $0.12 per share, a yield of 3.79%, with a payout ratio of 67.2%.
Return on equity was 16.2% and debt-to-equity 0.03.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 3.94 (safe zone) for fiscal 2025.