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Anheuser-Busch Inbev Sa
(NYSE:BUD)
Select Model
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Rating:65Neutral
Price Target:
$93.00
▲(13.89% Upside)
Action:Reiterated
Date:06/04/26
The score is driven primarily by strong profitability and durable cash generation alongside improving leverage, tempered by the sharp reported 2025 revenue decline and a still-large debt load. Technicals are supportive but not decisive (positive longer-term trend with mixed momentum), and valuation is only moderate with a modest dividend yield.
Positive Factors
Cash Generation & Profitability
AB InBev's sizeable operating cash flow (~$13–15B historically) and free cash flow (~$11.3B in 2025) create durable internal funding for brand investment, marketing, buybacks and debt reduction. Reliable cash generation underpins strategic flexibility and resilience across cycles.
Negative Factors
High Absolute Debt
A nominal debt stock near $73B keeps interest and refinancing exposure material even as ratios improve. Large absolute indebtedness magnifies macro, currency and rate risks, constrains discretionary spending, and limits flexibility if operating cash flow weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation & Profitability
AB InBev's sizeable operating cash flow (~$13–15B historically) and free cash flow (~$11.3B in 2025) create durable internal funding for brand investment, marketing, buybacks and debt reduction. Reliable cash generation underpins strategic flexibility and resilience across cycles.
Read all positive factors
Anheuser-Busch Inbev Sa Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyAnheuser-Busch Inbev Sa (BUD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$159.90B
Dividend Yield1.7%
Average Volume (3M)1.93M
Price to Earnings (P/E)13.3
Beta (1Y)0.27
Revenue Growth6.60%
EPS Growth31.61%
CountryUS
Employees136,805
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Alcoholic
Share Statistics
EPS (TTM)4.71
Shares Outstanding1,797,206,000
10 Day Avg. Volume1,336,193
30 Day Avg. Volume1,934,220
Financial Highlights & Ratios
PEG Ratio1.00
Price to Book (P/B)1.46
Price to Sales (P/S)2.14
P/FCF Ratio11.28
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$94.93Price Target Upside16.25% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)4.48
Revenue Forecast (FY)$64.85B
Anheuser-Busch Inbev Sa Business Overview & Revenue Model
Company Description
Anheuser-Busch InBev SA/NV (AB InBev) is a global beverage giant involved in the manufacturing, marketing, and retailing of a wide variety of beers, other alcoholic drinks, and soft drinks across the world. The company manages an expansive collect...
How the Company Makes Money
Anheuser-Busch InBev makes money primarily by selling beer and other alcoholic beverages to customers such as wholesalers, retailers, and on-premise venues (e.g., bars and restaurants), with revenue recognized from the sale of finished products. I...
Anheuser-Busch Inbev Sa Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call emphasized disciplined execution and multiple positive financial and strategic outcomes — EPS growth, EBITDA and margin expansion, strong momentum in Beyond Beer, non-alcohol and BEES Marketplace, significant buybacks and a higher dividend — while acknowledging ongoing volume headwinds, a notable revenue decline in China, and transactional FX/hedging pressures. Management highlighted improving momentum into late Q4 and early 2026 and reiterated mid-term outlook, but cautioned on near-term phasing and market-specific challenges.Positive Updates
Underlying EPS and Profit Growth
Underlying EPS of $3.73, up 6% in U.S. dollars and 9.4% in constant currency; underlying profit increased by $350 million. Dollar-based EPS has grown at a CAGR of 6.7% since 2021.
Negative Updates
Overall Volume Underperformance
Aggregate volumes for 2025 were below potential and below trend in many regions; management noted volumes underperformed through much of the year and only showed stronger momentum in December and early 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
Underlying EPS and Profit Growth
Underlying EPS of $3.73, up 6% in U.S. dollars and 9.4% in constant currency; underlying profit increased by $350 million. Dollar-based EPS has grown at a CAGR of 6.7% since 2021.
Read all positive updates
Company Guidance
AB InBev guided 2026 to organic EBITDA growth of 4–8%, with net capital expenditures of $3.5–4.0 billion and a normalized effective tax rate of 26–28%, reiterating that this is in line with its medium‑term outlook; management also signalled continued margin upside after 2025’s 101 bps EBITDA margin expansion. On capital allocation, the company is executing a further $6.0 billion share buyback (after $3.2 billion completed), proposed a €1.00 final dividend (bringing total dividends to a 15% year‑over‑year increase including the interim), repurchased $2.7 billion of debt in 2025 and finished the year at 2.87x leverage despite a $2.8 billion FX headwind, with no bonds maturing in 2026 and a weighted average bond maturity of 13 years. Operational and digital targets underpin the guidance: 2025 saw revenue/hl +4.4%, revenue +2%, EBITDA +4.9%, underlying EPS $3.73 (+6% in USD, +9.4% constant currency) and underlying profit growth of $350 million; BEES GMV was $53 billion (+12%) with Marketplace GMV $3.5 billion (+61%), DTC served 12.3 million consumers (+11%), Beyond Beer revenue +23% and non‑alcohol beer revenue +34%, metrics management expects to leverage while investing behind brands and major activations (e.g., the World Cup).Anheuser-Busch Inbev Sa Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
63
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 62.53B | 59.32B | 59.77B | 59.38B | 57.79B | 54.30B |
| Gross Profit | 35.33B | 33.18B | 33.02B | 31.98B | 31.48B | 31.21B |
| EBITDA | 24.64B | 20.84B | 20.30B | 19.07B | 18.98B | 17.79B |
| Net Income | 9.32B | 6.84B | 5.86B | 5.34B | 5.97B | 4.67B |
Balance Sheet | ||||||
| Total Assets | 218.38B | 218.81B | 206.64B | 219.34B | 212.94B | 217.63B |
| Cash, Cash Equivalents and Short-Term Investments | 7.91B | 11.94B | 11.39B | 10.40B | 10.00B | 12.39B |
| Total Debt | 72.32B | 73.03B | 72.17B | 78.17B | 79.99B | 88.83B |
| Total Liabilities | 117.20B | 121.07B | 117.94B | 126.66B | 128.66B | 138.29B |
| Stockholders Equity | 93.50B | 87.29B | 78.24B | 81.85B | 73.40B | 68.67B |
Cash Flow | ||||||
| Free Cash Flow | 13.73B | 11.26B | 11.17B | 8.64B | 7.77B | 8.95B |
| Operating Cash Flow | 17.36B | 14.93B | 15.03B | 13.29B | 12.93B | 14.58B |
| Investing Cash Flow | -7.32B | -3.77B | -3.69B | -4.38B | -4.64B | -5.87B |
| Financing Cash Flow | -9.65B | -11.16B | -9.40B | -8.59B | -10.23B | -11.39B |
Anheuser-Busch Inbev Sa Technical Analysis
Neutral
81.66
Price Trends
81.67
Negative
78.61
Positive
72.97
Positive
Market Momentum
>-0.01
Positive
43.30
Neutral
10.03
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BUD, the sentiment is Neutral. The current price of 81.66 is below the 20-day moving average (MA) of 82.72, below the 50-day MA of 81.67, and above the 200-day MA of 72.97, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 43.30 is Neutral, neither overbought nor oversold. The STOCH value of 10.03 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BUD.
Anheuser-Busch Inbev Sa Risk Analysis
Anheuser-Busch Inbev Sa disclosed 44 risk factors in its most recent earnings report. Anheuser-Busch Inbev Sa reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Anheuser-Busch Inbev Sa Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $45.52B | 14.28 | 18.13% | 4.28% | 4.24% | 19.95% | |
71 Outperform | $23.82B | 19.71 | 13.60% | 6.08% | 18.16% | 89.79% | |
65 Neutral | $159.90B | 13.31 | 12.72% | 1.65% | 6.60% | 31.61% | |
64 Neutral | $22.88B | 12.77 | 23.13% | 3.14% | -9.99% | ― | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
60 Neutral | $2.22B | 19.22 | 6.96% | 2.49% | 0.56% | -28.00% | |
57 Neutral | $7.90B | -3.61 | -22.65% | 4.64% | -1.77% | -326.16% |
* Consumer Defensive Sector Average
BUD
Anheuser-Busch Inbev Sa
79.19
19.30
32.22%
CCU
Compania Cervecerias Unidas SA
11.65
-0.65
-5.31%
STZ
Constellation Brands
133.96
-30.74
-18.66%
FMX
Fomento Economico Mexicano
117.50
38.21
48.18%
TAP
Molson Coors
41.57
-7.55
-15.38%
ABEV
Ambev SA
2.82
0.73
34.80%
Anheuser-Busch Inbev Sa Corporate Events
AB InBev Files Amended H1 2026 Interim Report with U.S. SEC
Jul 30, 2026
Anheuser-Busch InBev has filed a Form 6-K with the U.S. Securities and Exchange Commission dated July 30, 2026, furnishing its unaudited interim report for the six‑month period ended June 30, 2026, prepared under IFRS and presented in U.S. d...
AB InBev Lifts Q2 2026 Earnings as Megabrands, No-Alcohol and Beyond Beer Power Growth
Jul 30, 2026
On July 30, 2026, AB InBev reported solid second-quarter and half-year 2026 results, highlighting broad-based growth in beer and continued momentum across its portfolio. Revenue rose 5.6% in the second quarter with beer volumes up 1.1%, while repo...
AB InBev Names Mondelēz Chief Dirk Van de Put as Board Chairman
Jun 16, 2026
On 16 June 2026, AB InBev’s board unanimously appointed independent director Dirk Van de Put as its new chairman, effective immediately, following the retirement of long-time chair Martin J. Barrington at the company’s annual sharehold...
Anheuser-Busch InBev Updates and Files Coordinated Articles of Association With U.S. SEC
May 14, 2026
Anheuser-Busch InBev SA/NV has filed a Form 6-K with the U.S. Securities and Exchange Commission dated May 14, 2026, furnishing an updated English translation of its Articles of Association. The coordinated text reflects amendments approved and no...
AB InBev Delivers Record Q1 2026 EPS on Strong Megabrand and Digital Growth
May 5, 2026
On May 5, 2026, AB InBev reported solid first-quarter 2026 results, with revenue up 5.8%, total volumes rising 0.8% and beer volumes up 1.2%, supported by a 4.5% increase in revenue per hectoliter and gains or stable share in about 75% of its mark...
Anheuser-Busch InBev Files SEC-Compliant Q1 2026 Interim Report on Form 6-K
May 5, 2026
Anheuser-Busch InBev SA/NV has filed a Form 6-K with the U.S. Securities and Exchange Commission for May 2026, furnishing its unaudited interim report for the three-month period ended 31 March 2026. The filing, dated 5 May 2026, incorporates the c...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.