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. In the quarter to June 2026, revenue grew 11.0%, EPS grew 126.2% and free cash flow grew 338.5%, each against the same quarter a year earlier.
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Anheuser-Busch InBev SA/NV (BUD) Altman Z-score
Anheuser-Busch InBev SA/NV's Altman Z-score for fiscal 2025 is 1.40, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.40 | 0.10 |
| FY2024 | 1.30 | 0.01 |
| FY2023 | 1.29 | 0.04 |
| FY2022 | 1.25 | 0.10 |
| FY2021 | 1.15 | 0.07 |
| FY2020 | 1.08 | (0.17) |
| FY2019 | 1.24 | 0.23 |
| FY2018 | 1.01 | (0.35) |
| FY2017 | 1.36 | 0.23 |
| FY2016 | 1.13 | (1.19) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.04) | — | −0.05 | |
| Retained earnings / total assets | 0.23 | — | 0.32 | |
| EBIT / total assets | 0.07 | — | 0.23 | |
| Market value of equity / total liabilities | 1.05 | — | 0.63 | |
| Sales / total assets | 0.27 | — | 0.27 | |
| Altman Z-score | Distress zone | 1.40 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.78 | ||
Z and Z″ put Anheuser-Busch InBev SA/NV in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SAM The Boston Beer Company, Inc. compare | 6.1× |
| ABEV Ambev S.A. compare | 3.9× |
| STZ Constellation Brands Inc compare | 2.9× |
| FMX Fomento Economico Mexicano S.A.B. de C.V. compare | 2.8× |
| CCU Compania Cervecerias Unidas, S.A. compare | 2.2× |
| BUD Anheuser-Busch InBev SA/NV | 1.4× |
| TAP Molson Coors Beverage Company compare | 0.8× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets