Ambev SA ABEV

Consumer StaplesBeveragesBrazil

Last close 2.69 USD on Nov 2, 2026, +10.5% year to date

Quant rating

Quant rating A Rank 13 of 174 in Consumer Staples

Growth B 55 of 174
Valuation B 32 of 174
Quality A 1 of 174
Revisions C 73 of 174
Momentum C 95 of 174

Wall Street consensus Hold (3.10)Average target 3.14 USD +16.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 41.6B
Enterprise value: 38.1B
52-week range: 2.29 – 3.44
3-year range: 1.77 – 3.44
Dividend yield: 4.91%
Beta (5 years): 0.59
Shares outstanding: 15,485M
Next earnings: Feb 10, 2027

About the company

Ambev SA, formerly Inbev Participacoes Societarias SA, is a Brazil-based company engaged in the brewing sector. The Company produces, distributes and sells beer, carbonated soft drinks (CSDs) and other non-alcoholic and non-carbonated (NANC) beverages across the Americas. The Company's activities are divided into three segments: Latin America North, including sell of beer, CSD and NANC drinks in Brazil, as well as operations in the Dominican Republic, Saint Vincent, Antigua, Dominica, Cuba, Guatemala, El Salvador, Honduras, Nicaragua, Barbados and Panama; Latin America South, distributing products in Argentina, Bolivia, Paraguay, Uruguay, Chile; and Canada, represented by Labatt’s operations, which comprises sales in Canada and some exports to the U.S. market. The Company markets products under various brand names, such as Adriatica, Brahma, Leffe, Budweiser, Corona, PepsiCo and Lipton. It is a subsidiary of Interbrew International BV.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	16,111	14,480	16,433	15,079	13,079	–
Revenue growth	11.3%	−11.9%	9.0%	15.3%	16.4%	7.5%
EPS (basic, normalized)	0.17	0.17	0.19	0.18	0.15	–
EPS growth	−0.6%	−9.1%	3.3%	18.4%	–	–
Gross margin	51.4%	51.2%	50.7%	49.3%	51.1%	50.7%
Net margin	17.6%	16.1%	18.2%	18.1%	17.4%	17.5%
ROE	16.6%	16.3%	18.0%	17.6%	16.2%	16.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	4,235
Current ratio	1.06x
Long-term debt (mil)	332
Net debt (mil)	−3,605
Total equity (mil)	17,568
Net debt / equity	−0.21x
Net debt / EBITDA	−0.68x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	16,111	+11.3%	2.4x	5,278	+5.0%	7.2x	0.17	−0.6%	16.0x
2026	17,416	+8.1%	2.2x	5,861	+11.0%	6.5x	0.20	+19.0%	13.5x
2027	18,231	+4.7%	2.1x	6,148	+4.9%	6.2x	0.21	+4.9%	12.8x
2028	19,354	+6.2%	2.0x	6,498	+5.7%	5.9x	0.23	+9.3%	11.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	17,416	−0.8%	−1.9%	−5.1%	0.20	+0.6%	+1.2%	+3.8%
2027	18,231	−0.3%	−2.2%	−5.7%	0.21	−1.2%	−1.1%	−0.3%
2028	19,354	−0.7%	−1.7%	−5.3%	0.23	0.0%	−0.2%	+0.9%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	4,096	3,844	3,984	4,629	3,845	3,547	3,826	4,594	4,272	3,991
Sales mean (mil)	3,885	3,584	4,092	4,374	3,830	3,777	3,482	3,773	4,281	4,023
Surprise	+5.4%	+7.3%	−2.6%	+5.8%	+0.4%	−6.1%	+9.9%	+21.8%	−0.2%	−0.8%
EPS reported	0.05	0.03	0.04	0.05	0.04	0.03	0.04	0.05	0.04	0.04
EPS mean	0.04	0.03	0.05	0.05	0.04	0.04	0.04	0.05	0.04	0.04
Surprise	+6.2%	−14.0%	−13.2%	+0.9%	−6.6%	−15.1%	+11.9%	+1.6%	+6.9%	+20.9%

Peer comparison Beverages

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ABEV Ambev SA	41.6B	−0.68x	17.6%	2.48x	13.5x	12.8x	6.5x	6.2x
KO Coca-Cola Co	412.3B	1.69x	27.3%	11.03x	28.7x	27.1x	25.1x	24.1x
BUD Anheuser-Busch Inbev SA	148.4B	3.39x	11.5%	1.75x	19.0x	17.2x	9.5x	9.1x
MNST Monster Beverage Corporation	93.9B	–	23.0%	10.05x	41.5x	36.4x	30.0x	26.8x
CCEP Coca-Cola Europacific Partners PLC	50.8B	–	9.3%	5.53x	23.0x	21.2x	14.4x	13.6x
KDP Keurig Dr Pepper Inc	50.1B	8.45x	12.5%	1.70x	16.1x	14.6x	13.2x	11.6x
Mean		3.21x	16.9%	5.42x	23.6x	21.6x	16.4x	15.2x
Median		2.54x	15.0%	4.01x	21.0x	19.2x	13.8x	12.6x

Technical analysis

1M−9.4%
3M−12.5%
1Y+23.2%
3Y+25.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ambev SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	16,111	14,480	16,433	15,079	13,079	11,240
Cost of revenue	7,826	7,060	8,098	7,647	6,402	5,211
Gross profit	8,285	7,420	8,336	7,432	6,677	6,029
Selling, general & administrative expenses	4,016	3,765	4,243	4,059	3,549	2,963
Research & development	–	–	–	–	–	–
Depreciation/amortization	574	507	587	476	372	420
Interest expense (income), operating	−19.3	−0.6	38.2	5.5	20.8	8.3
Unusual expense (income)	−14.7	71.4	−56.5	−485	−93.5	0.9
Other operating expenses	−429	−344	−355	−267	−381	−516
Operating income	4,158	3,421	3,879	3,644	3,210	3,153
Net interest income (expense)	−394	41.6	−630	−745	−575	−369
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−219	−308	−150	−206	−164	−186
Net income before taxes	3,546	3,154	3,099	2,693	2,470	2,598
Provision for taxes	627	751	15.6	−124	114	339
Minority interest	−88.6	−66.3	−94.5	−82.0	−81.1	−67.9
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,831	2,337	2,989	2,735	2,275	2,191
Extraordinary items	–	–	–	–	–	–
Net income	2,831	2,337	2,989	2,735	2,275	2,191
EBIT, normalized	4,178	3,513	3,977	3,276	3,023	2,749
EBITDA, normalized	5,437	4,668	5,311	4,321	4,021	3,709
Basic EPS, normalized	0.17	0.17	0.19	0.18	0.15	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ambev SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	3,710	4,830	3,367	2,910	3,329	3,618
Receivables	1,868	1,615	1,902	1,559	1,341	1,461
Total inventory	1,921	1,892	1,982	2,445	1,975	1,464
Prepaid expenses	130	114	106	94.5	94.1	56.5
Other current assets	382	315	178	146	196	205
Total current assets	8,011	8,766	7,536	7,154	6,934	6,805
Property, plant & equipment	5,047	4,884	5,488	5,686	5,246	4,769
Goodwill	7,584	7,178	7,832	7,680	7,614	7,706
Intangibles	2,016	2,028	2,070	1,745	1,560	1,460
Long-term investments	131	114	204	209	194	208
Note receivable	1,853	1,700	2,334	2,141	2,214	1,962
Other long-term assets	1,848	1,635	1,874	1,485	1,120	1,196
Total assets	26,490	26,305	27,337	26,099	24,882	24,105
Liabilities
Accounts payable	4,335	4,083	4,780	4,602	4,502	3,724
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,499	1,364	1,723	1,521	1,241	1,045
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	213	207	268	186	152	527
Other current liabilities	2,279	2,341	1,680	1,361	1,082	1,150
Total current liabilities	8,326	7,995	8,451	7,669	6,977	6,446
Long-term debt	405	352	454	527	405	395
Minority interest	157	152	242	260	247	257
Other liabilities	1,551	1,839	1,915	2,138	2,417	2,795
Total liabilities	10,439	10,338	11,062	10,594	10,046	9,893
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	10,640	9,425	11,990	10,997	10,420	11,148
Additional paid-in capital	9,798	8,686	11,060	10,152	9,634	10,332
Retained earnings (accumulated deficit)	10,460	9,169	9,484	7,501	6,058	5,426
Treasury stock	−538	−216	−209	−203	−186	−181
Other equity	−14,308	−11,097	−16,050	−12,943	−11,089	−12,512
Total equity	16,051	15,967	16,275	15,504	14,836	14,213
Total liabilities & shareholders' equity	26,490	26,305	27,337	26,099	24,882	24,105

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ambev SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,919	2,403	3,083	2,817	2,356	2,259
Depreciation, depletion & amortization	1,247	1,154	1,323	1,127	969	995
Deferred taxes	–	–	–	–	–	–
Non-cash items	1,265	1,132	961	591	502	604
Changes in working capital	−967	−464	−274	−630	285	−227
Cash from operations	4,464	4,225	5,093	3,905	4,111	3,631
Investing activities
Capital expenditures	−838	−769	−1,237	−1,236	−1,378	−904
Other investing cash flows	−65.7	−116	49.1	289	−10.4	−406
Cash from investing	−904	−884	−1,188	−947	−1,389	−1,309
Financing activities
Financing cash flow items	−567	−712	−563	−616	−375	−572
Cash dividends paid	−3,736	−657	−2,457	−2,316	−1,995	−1,319
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−585	−307	−301	−159	−509	235
Cash from financing	−4,888	−1,676	−3,321	−3,091	−2,880	−1,656
Foreign exchange effects	−490	365	−335	−198	68.7	334
Net change in cash	−1,818	2,029	249	−330	−88.5	999
Free cash flow	3,626	3,456	3,856	2,669	2,733	2,727

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.