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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. 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.

77.33 0.08 −0.10%

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Market cap: $135.4B
P/E: 16.4×
Fwd P/E: −9.7×
Dividend yield: 1.74%
F-score: 7/9
Altman Z: 1.40
Beneish M: −2.47
Dividend safety: 43/100

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

Insider Decisions trades per month

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

Insider Ownership 11.36%

Capital & Financial Ratios $m

Market Cap 135,430.00

Revenue 62,615.00

Net Income 7,061.00

Free Cash Flow 17,911.00

Net Debt 63,649.00

Current Ratio 0.66

Debt/Equity 0.71

P/E ratio 16.38

Fwd P/E (9.68)

P/S ratio 2.44

P/B ratio 1.51

Past 5Y EPS Growth 37.58%

This Y EPS Growth 18.93%

Next Y EPS Growth 10.85%

Next Y revenue growth (99.96%)

Next 5Y EPS Growth 13.07%

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 4.16%

10-year low 10-year high

P/S against its own 10 years 49.37%

10-year low 10-year high

P/B against its own 10 years 39.96%

10-year low 10-year high

EV/Sales against its own 10 years 36.00%

10-year low 10-year high

EV/FCF against its own 10 years 64.81%

10-year low 10-year high

Dividends

Payout Ratio 0.29

Annual Dividend Rate 1.35

Annual Dividend Yield 1.74%

	total	individual payouts
2026	1.17	1.17
2025	1.30	1.13 0.17
2024	0.88	0.88
2023	0.82	0.82
2022	0.53	0.53
2021	0.60	0.60
2020	0.57	0.57
2019	2.01	1.12 0.89
2018	3.30	2.39 0.91
2017	4.08	2.19 1.88
2016	4.00	2.30 1.70

special payouts not included in total or ratios

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%

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	98.28	103.55	64.55	64.99	32.58	54.08	44.51	51.66	49.66	45.94	Analyst estimates 2026–2028 Powerpack
	High	136.08	126.50	117.06	102.70	83.54	79.67	67.91	67.09	67.49	72.13
People
People	Employees	206,633	182,915	175,000	170,000	163,695	169,339	166,632	155,000	143,885	136,805
	Revenue/emp, $m	0.22	0.31	0.30	0.31	0.29	0.32	0.35	0.38	0.42	0.43
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
	Gross margin, %	60.89	62.11	62.42	61.09	58.12	57.47	54.48	53.86	55.25	55.93
	EBT	4,334	11,076	7,741	12,776	2,079	8,463	9,524	9,124	10,568	11,328
	EBT margin, %	9.52	19.62	14.59	24.41	4.43	15.58	16.48	15.37	17.68	19.10
	Net income	2,769	9,183	5,157	9,990	147	6,114	7,597	6,891	7,416	8,477
	Depreciation	3,477	4,276	4,624	4,657	4,829	5,052	5,078	5,411	5,544	5,652
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
	Earnings	0.72	4.06	2.21	4.62	0.70	2.33	2.97	2.65	2.92	3.45
	Cash flow	5.89	7.83	7.18	7.07	5.45	7.37	6.61	6.58	7.52	7.50
	Capex	(2.78)	(2.09)	(2.31)	(2.45)	(1.85)	(2.74)	(2.40)	(2.22)	(1.86)	(1.79)
	Free cash flow	3.11	5.74	4.87	4.63	3.61	4.63	4.20	4.36	5.65	5.71
	Book value	47.42	40.70	36.40	42.62	39.21	39.53	41.87	45.97	44.28	49.26
	Shares, m	1,717	1,971	1,975	1,984	1,998	2,007	2,013	2,016	2,003	1,984
Valuation, ×
Valuation, ×	P/E	145.19	27.76	29.78	17.76	99.87	25.99	20.14	24.25	17.21	18.62
	P/S	3.94	3.93	2.45	3.11	2.98	2.24	2.08	2.18	1.68	2.14
	P/B	2.20	2.76	1.81	1.93	1.78	1.53	1.42	1.40	1.13	1.30
	EV/Sales	6.30	5.77	4.42	4.93	4.73	3.63	3.28	3.31	2.69	3.16
	EV/FCF	14.89	16.19	9.45	10.91	11.44	11.00	9.55	11.56	7.82	12.57
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
	Capex	(4,768)	(4,124)	(4,568)	(4,854)	(3,687)	(5,498)	(4,838)	(4,482)	(3,735)	(3,552)
	Free cash flow	5,342	11,306	9,613	9,182	7,204	9,301	8,460	8,783	11,320	11,331
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)
	Total debt	122,559	116,382	111,581	102,974	98,559	88,777	79,909	78,150	72,169	73,013
	Net debt	107,350	104,148	104,404	95,414	82,084	75,685	69,508	67,246	60,220	60,486
	Shareholders’ equity	81,425	80,220	71,889	84,553	78,351	79,340	84,278	92,676	88,700	97,736
Returns, %
Returns, %	ROA	0.63	3.18	1.82	3.90	0.61	2.10	2.77	2.47	2.75	3.21
	ROIC	4.29	5.88	5.85	5.62	3.85	5.57	5.90	5.46	6.50	6.09
	ROE	1.95	9.89	5.75	11.72	1.72	5.92	7.30	6.04	6.46	7.33

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%
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%	Compare
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	17.7×	14.2×	+4.32%	0.00%	+24.54%	45.99%	11.59%

All 7 Beverages Brewers stocks →

Anheuser-Busch InBev SA/NV (BUD) key facts

Concern: Anheuser-Busch InBev SA/NV’s revenue for fiscal 2025 (year ended December 2025) was $59.3 billion, down 0.75% from fiscal 2024.
Strength: Net income was $8.5 billion, or $3.45 per share (basic), a net margin of 11.5%.
Anheuser-Busch InBev SA/NV (BUD) is a Beverages Brewers company in the Consumer Defensive sector, traded in the US as an ADR.
As of October 9, 2026, BUD traded at $77.33, a market capitalization of $135.4 billion.
At that price the stock trades at 16.4× trailing-twelve-month earnings and 2.4× sales; its P/E is higher than 4% of its own readings over the past ten years.
Anheuser-Busch InBev SA/NV pays an annual dividend of $1.35 per share, a yield of 1.74%, with a payout ratio of 28.5%.
Return on equity was 7.33% and debt-to-equity 0.71.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 1.40 (distress zone) for fiscal 2025.