Anheuser-Busch Inbev SA BUD

Consumer StaplesBeveragesBelgium

Last close 80.38 USD on Nov 1, 2026, +27.4% year to date

Quant rating

Quant rating B Rank 63 of 174 in Consumer Staples

Growth B 53 of 174
Valuation C 102 of 174
Quality C 88 of 174
Revisions C 94 of 174
Momentum B 42 of 174

Wall Street consensus Buy (1.85)Average target 93.41 USD +16.2%

Historical valuation

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

Key data

Market cap: 144.6B
Enterprise value: 216.6B
52-week range: 59.91 – 86.60
3-year range: 46.15 – 86.60
Dividend yield: 1.46%
Beta (5 years): 0.54
Shares outstanding: 1,797M
Next earnings: Oct 29, 2026

About the company

Anheuser-Busch Inbev SA is a Belgium-based company. The Company is primarily engaged in the manufacturing of beer. The Company operates through six segments: North America, Middle Americas, South America, EMEA, Asia Pacific, Global Export and Holding companies. The Company's brand portfolio includes global brands, such as Budweiser, Corona and Stella Artois; international brands, including Beck's, Leffe and Hoegaarden, and local champions, such as Bud Light, Skol, Brahma, Antarctica, Quilmes, Victoria, Modelo Especial, Michelob Ultra, Harbin, Sedrin, Klinskoye, Sibirskaya Korona, Chernigivske, Cass and Jupiler. The Company's soft drinks business consists of both own production and agreements with PepsiCo related to bottling and distribution arrangements between its various subsidiaries and PepsiCo. Ambev, which is a subsidiary of the Company, is a PepsiCo bottler. Brands that are distributed under these agreements are Pepsi, 7UP and Gatorade.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	59,320	59,768	59,380	57,786	54,304	–
Revenue growth	−0.7%	0.7%	2.8%	6.4%	15.8%	4.8%
EPS (basic, normalized)	3.73	3.53	3.05	3.21	2.85	–
EPS growth	5.7%	15.7%	−5.0%	12.6%	–	–
Gross margin	55.9%	55.3%	53.9%	54.5%	57.5%	55.4%
Net margin	11.5%	9.8%	9.0%	10.3%	8.6%	9.8%
ROE	8.3%	7.3%	6.9%	8.4%	6.8%	7.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	8,011
Current ratio	0.66x
Long-term debt (mil)	68,908
Net debt (mil)	71,992
Total equity (mil)	93,500
Net debt / equity	0.77x
Net debt / EBITDA	3.39x

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	59,320	−0.7%	3.7x	21,223	+2.0%	10.2x	3.73	+5.7%	21.5x
2026	64,530	+8.8%	3.4x	23,196	+9.3%	9.3x	4.41	+18.2%	18.2x
2027	66,880	+3.6%	3.2x	24,281	+4.7%	8.9x	4.88	+10.7%	16.5x
2028	69,594	+4.1%	3.1x	25,514	+5.1%	8.5x	5.43	+11.2%	14.8x

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	64,530	−0.2%	−0.1%	+1.5%	4.41	−1.0%	−2.2%	+3.4%
2027	66,880	−0.3%	−0.1%	+1.7%	4.88	−1.7%	−0.6%	+2.0%
2028	69,594	−0.2%	+0.3%	+1.8%	5.43	−2.6%	−1.6%	+1.4%

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)	14,547	15,333	15,046	14,841	13,628	15,004	15,133	15,555	15,267	16,660
Sales mean (mil)	14,416	15,585	15,644	14,119	13,834	15,184	13,988	14,954	14,871	16,305
Surprise	+0.9%	−1.6%	−3.8%	+5.1%	−1.5%	−1.2%	+8.2%	+4.0%	+2.7%	+2.2%
EPS reported	0.75	0.91	0.98	0.88	0.81	0.98	0.99	0.95	0.97	1.21
EPS mean	0.67	0.87	0.89	0.72	0.74	0.96	0.95	0.90	0.89	1.13
Surprise	+11.9%	+4.9%	+10.6%	+22.2%	+9.8%	+2.5%	+4.5%	+5.8%	+8.6%	+7.3%

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
BUD Anheuser-Busch Inbev SA	144.6B	3.39x	11.5%	1.68x	18.2x	16.5x	9.3x	8.9x
KO Coca-Cola Co	404.7B	1.69x	27.3%	10.83x	28.1x	26.6x	24.7x	23.7x
PEP PepsiCo, Inc.	187.2B	2.22x	8.8%	8.40x	16.3x	16.0x	12.0x	11.7x
MNST Monster Beverage Corporation	92.6B	–	23.0%	9.90x	41.0x	36.0x	29.6x	26.4x
ABEV Ambev SA	42.0B	−0.68x	17.6%	2.45x	14.0x	13.4x	6.7x	6.3x
DGE Diageo PLC	52.3B	–	8.8%	4.81x	14.1x	13.3x	11.7x	11.1x
Mean		1.66x	16.2%	6.35x	22.0x	20.3x	15.6x	14.7x
Median		1.96x	14.5%	6.61x	17.3x	16.2x	11.8x	11.4x

Technical analysis

1M+4.3%
3M−3.4%
1Y+32.3%
3Y+59.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Anheuser-Busch Inbev SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	59,320	59,768	59,380	57,786	54,304	46,881
Cost of revenue	26,141	26,744	27,396	26,305	23,097	19,634
Gross profit	33,179	33,024	31,984	31,481	31,207	27,247
Selling, general & administrative expenses	15,847	16,073	16,021	15,622	15,671	13,505
Research & development	–	–	–	–	–	–
Depreciation/amortization	2,286	2,267	2,182	1,952	1,907	1,867
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	326	−329	251	−256	1,103	3,352
Other operating expenses	−713	−690	−692	−578	−517	−367
Operating income	15,433	15,703	14,222	14,741	13,043	8,890
Net interest income (expense)	−3,232	−4,083	−4,150	−4,605	−4,029	−6,177
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−873	−1,052	−948	−612	−551	−634
Net income before taxes	11,328	10,568	9,124	9,524	8,463	2,079
Provision for taxes	2,850	3,152	2,234	1,928	2,350	1,932
Minority interest	−1,640	−1,561	−1,550	−1,628	−1,444	−797
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	6,838	5,855	5,340	5,968	4,669	−650
Extraordinary items	–	–	–	–	0	2,055
Net income	6,838	5,855	5,340	5,968	4,669	1,405
EBIT, normalized	16,230	15,638	14,705	14,661	14,504	12,552
EBITDA, normalized	21,275	20,783	19,795	19,466	19,106	17,016
Basic EPS, normalized	3.73	3.53	3.05	3.21	2.85	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Anheuser-Busch Inbev SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	11,838	11,296	10,399	10,070	12,471	15,648
Receivables	6,378	5,504	6,372	5,733	5,077	5,134
Total inventory	5,107	5,020	5,583	6,612	5,399	4,482
Prepaid expenses	568	493	474	410	350	354
Other current assets	878	686	539	361	652	901
Total current assets	24,769	22,999	23,367	23,186	23,949	26,519
Property, plant & equipment	23,664	23,503	26,818	26,671	26,678	26,419
Goodwill	117,908	110,479	117,043	113,010	115,796	120,971
Intangibles	41,985	40,034	41,286	40,209	40,430	41,527
Long-term investments	5,163	4,780	5,050	4,831	6,035	6,280
Note receivable	2,315	2,047	2,785	2,665	2,717	2,530
Other long-term assets	3,004	2,795	2,991	2,371	2,022	2,164
Total assets	218,808	206,637	219,340	212,943	217,627	226,410
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	17,055	16,010	17,729	18,589	17,810	15,898
Accrued expenses	5,996	5,519	5,995	5,716	5,674	5,054
Short-term debt	14.0	0	17.0	83.0	53.0	1,527
Current portion of long-term debt	885	1,449	3,987	1,029	1,408	1,559
Other current liabilities	10,525	10,088	9,428	8,966	9,239	8,314
Total current liabilities	34,475	33,066	37,156	34,383	34,184	32,352
Long-term debt	72,128	70,720	74,163	78,880	87,369	95,478
Minority interest	10,449	10,463	10,828	10,880	10,671	10,327
Other liabilities	14,469	14,151	15,345	15,402	16,734	20,229
Total liabilities	131,521	128,400	137,492	139,545	148,958	158,386
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,736	1,736	1,736	1,736	1,736	1,736
Additional paid-in capital	17,620	17,620	17,620	17,620	17,620	17,620
Retained earnings (accumulated deficit)	105,655	101,968	97,111	93,300	87,884	84,420
Treasury stock	−5,083	−3,886	−3,465	−3,706	−3,994	−4,911
Other equity	−32,641	−39,201	−31,154	−35,552	−34,577	−30,841
Total equity	87,287	78,237	81,848	73,398	68,669	68,024
Total liabilities & shareholders' equity	218,808	206,637	219,340	212,943	217,627	226,410

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Anheuser-Busch Inbev SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	8,477	7,416	6,891	7,597	6,114	147
Depreciation, depletion & amortization	5,652	5,544	5,411	5,078	5,052	4,829
Deferred taxes	–	–	–	–	–	–
Non-cash items	7,508	8,447	8,771	7,266	7,641	12,279
Changes in working capital	−6,754	−6,352	−7,808	−6,643	−4,008	−6,364
Cash from operations	14,883	15,055	13,265	13,298	14,799	10,891
Investing activities
Capital expenditures	−3,656	−3,863	−4,638	−5,160	−5,640	−3,781
Other investing cash flows	220	604	248	540	−238	10,117
Cash from investing	−3,436	−3,259	−4,390	−4,620	−5,878	6,336
Financing activities
Financing cash flow items	−1,412	−1,628	−1,509	−394	−192	2,080
Cash dividends paid	−4,543	−2,672	−3,013	−2,442	−2,364	−1,800
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−5,495	−5,554	−4,038	−7,784	−9,042	−8,755
Cash from financing	−11,450	−9,854	−8,560	−10,620	−11,598	−8,475
Foreign exchange effects	452	−1,082	109	−211	−526	−674
Net change in cash	449	860	424	−2,153	−3,203	8,078
Free cash flow	11,227	11,192	8,627	8,138	9,159	7,110

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 1, 2026 after market close.