Anheuser-Busch InBev SA/NV (BUD) vs The Boston Beer Company, Inc. (SAM)

Anheuser-Busch InBev SA/NV and The Boston Beer Company, Inc. are both Beverages Brewers companies. Anheuser-Busch InBev SA/NV is the larger, with a market value of $136.1B against $1.7B — 79.6× the size. The Boston Beer Company, Inc. has negative trailing earnings, so its P/E is not meaningful; Anheuser-Busch InBev SA/NV trades at 16.5×. Anheuser-Busch InBev SA/NV grew revenue faster over the last twelve months: 7.00% against −6.06%. Anheuser-Busch InBev SA/NV has the higher net margin (14.9% vs −3.64%) and the higher return on invested capital (6.25% vs −12.4%). Across the 20 metrics below, Anheuser-Busch InBev SA/NV leads on 12 and The Boston Beer Company, Inc. on 8.

Valuation

Metric BUD SAM Beverages Brewers median
P/E 16.53 n/m 16.53
P/S 2.46 0.88 0.88
P/B 1.52 2.38 2.23
Price to free cash flow 8.60 8.25 10.33
EV/EBITDA 13.21 n/m 9.41
EV/Sales 3.48 0.77 1.11
Earnings yield 6.05% (4.15%) 5.65%
Free cash flow yield 11.63% 12.11% 9.68%

Profitability

Metric BUD SAM Beverages Brewers median
Gross margin 56.49% 48.88% 48.88%
Operating margin 26.32% (4.71%) 8.54%
Net margin 14.90% (3.64%) 3.62%
Free cash flow margin 28.60% 10.71% 12.13%
Return on equity 9.80% (8.61%) 6.89%
Return on assets 4.34% (5.55%) 4.09%
Return on invested capital 6.25% (12.35%) 6.25%

Growth

Metric BUD SAM Beverages Brewers median
Revenue growth (TTM) 7.00% (6.06%) (1.77%)
EPS growth (last fiscal year) 18.15% 95.45% —
Revenue growth, 5-year CAGR 4.82% 2.50% 4.82%
Net income growth, 5-year CAGR 37.23% (10.79%) 0.61%

Health

Metric BUD SAM Beverages Brewers median
Debt to equity 0.71 0.01 0.71
Current ratio 0.66 1.05 1.02
Net debt to EBITDA 2.87 (0.89) 2.65

Dividend

Metric BUD SAM Beverages Brewers median
Dividend yield 1.56% — 2.14%
Payout ratio 0.27 0.00 0.55

Size

Metric BUD SAM Beverages Brewers median
Market cap 136.06b 1.71b 19.50b

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