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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%
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 (below 1: weak)
Debt/Equity 0.71
P/E ratio 16.38
Fwd P/E (9.68) (negative: loss-making)
P/S ratio 2.44
P/B ratio 1.51
Past 5Y EPS Growth 37.58% (at or above 15%: strong)
This Y EPS Growth 18.93% (at or above 15%: strong)
Next Y EPS Growth 10.85%
Next Y revenue growth (99.96%) (below 0%: weak)
Next 5Y EPS Growth 13.07%

Green and red mark values outside typical ranges. 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 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.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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 $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.

Source: company filings (standardised) and stockrow calculations.

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

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stockrow.com/BUD · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com