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Anheuser-Busch InBev SA/NV

BUD Consumer Defensive Beverages Brewers

Anheuser-Busch InBev SA/NV’s revenue for fiscal 2025 (year ended December 2025) was $59.3 billion, down 0.75% from fiscal 2024.

Revenue
+11.0%
EPS
+126.2%
Free cash flow
+338.5%

Quarter to June 2026, against a year earlier

80.38 0.86 +1.08%
Market cap
$139.1B
P/E
17.0×
Fwd P/E
−9.7×
Dividend yield
1.68%
F-score
7/9
Altman Z
1.40
Beneish M
−2.47
Dividend safety
43/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 11.36%

Capital & Financial Ratios $m

Size
Market Cap 139,120.00
Revenue ttm 62,615.00
Net income ttm 7,061.00
Free cash flow ttm 17,911.00
Net debt Q 63,649.00
Valuation
P/E 17.02
Forward P/E (9.68) (negative: loss-making)
Price / sales 2.53
Forward P/S Powerpack
Price / FCF 8.86
Price / book 1.57
Financial health
Current ratio Q 0.66 (below 1: weak)
Debt / equity Q 0.71
Interest coverage Q 4.35
Growth
Revenue growth Q +11.04% (above 0%: growing)
Operating income growth Q +14.70% (above 0%: growing)
EPS, this year +18.81% (at or above 15%: strong)
EPS, next year A +10.16%
Revenue, next year A −99.96% (below 0%: weak)
EPS, past 5 yrs +37.58% (at or above 15%: strong)
EPS, next 5 yrs A +13.04%

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 3.5×, against a ten-year median of 3.9×; over the ten years it ranged from 2.7× in 2025 to 6.9× in 2017.
P/E against its own 10 years 9.59%
10-year low 10-year high
P/S against its own 10 years 52.66%
10-year low 10-year high
P/B against its own 10 years 46.38%
10-year low 10-year high
EV/Sales against its own 10 years 40.32%
10-year low 10-year high
EV/FCF against its own 10 years 67.68%
10-year low 10-year high

Dividends

Yield
1.68%
Annual rate
1.35
Payout ratio
28.5%
Growth, 2017–26
−12.9%/yr
  1. 4.08 ’17
  2. 3.30 ’18 −19%
  3. 2.01 ’19 −39%
  4. 0.57 ’20 −72%
  5. 0.60 ’21 +6%
  6. 0.53 ’22 −12%
  7. 0.82 ’23 +56%
  8. 0.88 ’24 +7%
  9. 1.30 ’25 +48%
  10. 1.17 ’26 −10%
paid

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 10,904 11,949 12,527 8,640
Receivables 6,846 5,997 6,946 8,026
Inventory 5,583 5,020 5,107 5,528
Other — — — —
23,367 22,999 24,769 22,242
2023 2024 2025 Q'26
Payables 25,981 23,804 25,455 24,605
ST’ Debt 3,987 1,449 885 3,381
Other 5,587 6,008 6,296 4,226
37,156 33,066 34,475 33,476

Compound Annual Growth %

10y 5y 3y
Sales 3.13% 4.82% 0.88%
Cash Flow 0.53% 6.44% 3.82%
Earnings (1.89%) 37.23% 4.63%
Book Value 7.89% 4.52% 5.06%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 1.14 Actual 1.21

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 0.91 0.95 Beat by 0.04
Mar 2026 0.90 0.97 Beat by 0.07
Jun 2026 1.09 1.21 Beat by 0.12
Sep 2026 1.14 1.21 Beat by 0.07
Dec 2026 1.13 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.30 1.90 — — —
’25 1.08 0.84 0.53 0.99 3.45
’24 0.54 0.73 1.03 0.61 2.92
’23 0.81 0.17 0.73 0.94 2.65
’22 0.05 0.79 0.71 1.41 2.97
’21 0.30 0.93 0.12 0.98 2.33
’20 (1.13) 0.18 0.52 1.13 0.70
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 15,267 16,660 — — —
’25 13,628 15,004 15,133 15,555 59,320
’24 14,547 15,333 15,046 14,842 59,768
’23 14,213 15,120 15,574 14,473 59,380
’22 13,235 14,793 15,091 14,667 57,786
’21 12,293 13,539 14,274 14,198 54,304
’20 11,003 10,294 12,816 12,768 46,881
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’25 — — — — 14,883
’24 — — — — 15,055
’23 — — — — 13,265
’22 — — — — 13,298
’21 — — — — 14,799
’20 — — — — 10,891
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 — 3,881 — — —
’25 — 1,355 — 1,355 11,331
’24 — 885 — 11,320 11,320
’23 — (466) — 8,783 8,783
’22 — 243 — 8,460 8,460
’21 — 1,835 — 9,301 9,301
’20 — (405) — 7,204 7,204
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
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 45,517 56,444 53,041 52,329 46,881 54,304 57,786 59,380 59,768 59,320 62,615 +3.0% — — — —
Gross margin, % 60.89 62.11 62.42 61.09 58.12 57.47 54.48 53.86 55.25 55.93 56.49 (5.0) pt
EBT 4,334 11,076 7,741 12,776 2,079 8,463 9,524 9,124 10,568 11,328 14,120 +11.3%
EBT margin, % 9.52 19.62 14.59 24.41 4.43 15.58 16.48 15.37 17.68 19.10 22.55 +9.6 pt
Net income 2,769 9,183 5,157 9,990 147 6,114 7,597 6,891 7,416 8,477 7,061 +13.2%
Per share, $
Per share, $ Revenue 26.51 28.64 26.86 26.38 23.46 27.06 28.71 29.45 29.84 29.90 31.72 +1.3%
Earnings 0.72 4.06 2.21 4.62 0.70 2.33 2.97 2.65 2.92 3.45 4.72 +19.0%
Cash flow 5.89 7.83 7.18 7.07 5.45 7.37 6.61 6.58 7.52 7.50 13.02 +2.7%
Capex (2.78) (2.09) (2.31) (2.45) (1.85) (2.74) (2.40) (2.22) (1.86) (1.79) (3.95) (4.8%)
Free cash flow 3.11 5.74 4.87 4.63 3.61 4.63 4.20 4.36 5.65 5.71 9.07 +7.0%
Book value 47.42 40.70 36.40 42.62 39.21 39.53 41.87 45.97 44.28 49.26 51.25 +0.4%
Shares, m 1,717 1,971 1,975 1,984 1,998 2,007 2,013 2,016 2,003 1,984 1,981 +1.6%
Valuation, ×
Valuation, × P/E 145.19 27.76 29.78 17.76 99.87 25.99 20.14 24.25 17.21 18.62 17.02 42.7
P/S 3.94 3.93 2.45 3.11 2.98 2.24 2.08 2.18 1.68 2.14 2.53 2.7
P/B 2.20 2.76 1.81 1.93 1.78 1.53 1.42 1.40 1.13 1.30 1.57 1.7
EV/Sales 6.30 5.77 4.42 4.93 4.73 3.63 3.28 3.31 2.69 3.16 3.55 4.2
EV/FCF 14.89 16.19 9.45 10.91 11.44 11.00 9.55 11.56 7.82 12.57 12.41 11.5
Cash, $m
Cash, $m Operating cash flow 10,110 15,430 14,181 14,036 10,891 14,799 13,298 13,265 15,055 14,883 25,704 +4.4%
Capex (4,768) (4,124) (4,568) (4,854) (3,687) (5,498) (4,838) (4,482) (3,735) (3,552) (7,793) (3.2%)
Free cash flow 5,342 11,306 9,613 9,182 7,204 9,301 8,460 8,783 11,320 11,331 17,911 +8.7%
Balance, $m
Balance, $m Working capital 2,648 (12,251) (16,545) (6,027) (5,833) (10,235) (11,197) (13,789) (10,067) (9,706) (11,234) n/m
Net debt 107,350 104,148 104,404 95,414 82,084 75,685 69,508 67,246 60,220 60,486 63,649 (6.2%)
Shareholders’ equity 81,425 80,220 71,889 84,553 78,351 79,340 84,278 92,676 88,700 97,736 101,185 +2.0%
Returns, %
Returns, % ROA 0.63 3.18 1.82 3.90 0.61 2.10 2.77 2.47 2.75 3.21 4.35 +2.6 pt
ROIC 4.29 5.88 5.85 5.62 3.85 5.57 5.90 5.46 6.50 6.09 6.25 +1.8 pt
ROE 1.95 9.89 5.75 11.72 1.72 5.92 7.30 6.04 6.46 7.33 9.80 +5.4 pt
People
People Employees 206,633 182,915 175,000 170,000 163,695 169,339 166,632 155,000 143,885 136,805 — (4.5%)
Revenue/emp, $m 0.22 0.31 0.30 0.31 0.29 0.32 0.35 0.38 0.42 0.43 — +7.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

Anheuser-Busch InBev SA/NV 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%
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% Compare
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 15.7× 11.3× +4.32% 0.00% +24.54% 45.99% 11.59%

All 7 Beverages Brewers stocks →

Anheuser-Busch InBev SA/NV (BUD) Latest News

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stockrow.com/BUD · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com