One-glance verdict
Undervalued
$112.33 our estimate vs market $73.43
Wall Street consensus: $96.38 (-14.2% lower than our fair-value estimate)
35% below our estimate, below the bear case
Fundamentals snapshot
Anheuser-Busch InBev SA/NV
BUD · NYQ · Consumer Defensive · Beverages - Brewers
Current price
$73.43
52-week range
$58.44 - $86.60
Market cap
$144.59B
Balance sheet
Watch
4.05x Stretched
Net debt $64.72B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Returns 11.4% on equity, ahead of 16% of its peers.
- Reward Free cash flow was positive in 4/10 years.
- Reward Trades at 15.8x P/E vs peer median 17.2x (8.3% cheaper).
- Risk Insider ownership is only 0.0% (peer median: 0.1%).
What this company does
Anheuser-Busch InBev SA/NV
Anheuser-Busch InBev is one of the world's largest beer companies, making famous brands you've likely seen, like Budweiser, Corona, and Stella Artois. The company earns its money by selling these drinks, plus hundreds of others, to people and businesses across the globe. Because so many of its brands are household names, the company benefits from consistent sales in many different countries.
How the company got here
Anheuser-Busch InBev (AB InBev) is a global brewing giant with roots stretching back to 1366 in Belgium. The company as we know it today was formed through a series of major mergers, most notably the 2008 acquisition of American icon Anheuser-Busch (maker of Budweiser) by the Belgian-Brazilian company InBev. InBev itself was the result of a 2004 merger between Belgium's Interbrew and Brazil's AmBev. A further massive acquisition of SABMiller in 2016 solidified its position as the world's largest brewer. This history of strategic combinations brought together a vast portfolio of international and local beer brands under one roof.
What it actually does
At its core, AB InBev makes and sells beer, owning over 500 brands recognized worldwide. You would likely recognize their biggest global names like Budweiser, Corona, Stella Artois, and Michelob Ultra. Beyond these, they produce many popular local beers in various countries, such as Brahma in Brazil and Jupiler in Belgium. The company has also expanded into other beverage categories, offering non-alcoholic beers, canned cocktails, and hard seltzers to keep up with changing consumer tastes.
North America
This segment covers the United States and Canada, historically a very important market for the company. It sells the company's flagship beers like Budweiser and Michelob Ultra to distributors and retailers. While still a massive part of the business, its share of the company's total revenue (the total money earned from sales) has recently been overtaken by other regions. In 2023, this region contributed about a quarter of the company's total revenue.
Middle Americas
Including Mexico, Central America, and the Caribbean, this has become the company's largest and most profitable region. It sells popular brands like Corona and Modelo Especial to a large and growing base of consumers. This segment's strong performance has been a key driver of the company's overall growth. As of 2023, it generates the largest slice of the company's revenue, just over a quarter of the total.
South America
This region includes major markets like Brazil, Colombia, and Argentina, where AB InBev has deep roots and sells very popular local brands like Skol, Brahma, and Quilmes. The company benefits from a strong distribution network that gets its products into countless stores and bars. This segment is the third-largest contributor to the company's sales.
EMEA (Europe, Middle East & Africa)
This diverse region covers the company's original home in Belgium and extends across Europe, the Middle East, and Africa. It sells a mix of global brands like Stella Artois and Budweiser alongside many historic European and African beers. While not the largest segment, it provides a significant and stable source of revenue for the company.
Asia Pacific
This segment operates in countries like China, South Korea, and Australia, selling brands such as Cass and Harbin. It represents a key area for potential future growth as beer consumption habits evolve in these markets. Currently, it is one of the smaller segments in terms of revenue contribution.
What management is betting on now
The company's current strategy focuses on several key areas to drive future growth. They are heavily promoting their 'premium' and 'super-premium' brands like Corona and Michelob Ultra, which have higher margins (the profit made on each sale). Another major focus is digitizing their relationships with retailers through their own online platform called BEES, which helps them sell more efficiently. Finally, the company is investing in sustainability initiatives, such as water conservation and renewable energy, which can also help reduce long-term operating costs.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $112.33 vs current price $73.43
Wall Street consensus is the average analyst price target: $96.38 (-14.2% lower than our fair-value estimate).
Our most-likely fair value is $112.33 a share — about 53.0% above today's price of $73.43, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Watch
Net debt $64.7B. Interest coverage 4.1x.
Net debt
$64.72B
Interest coverage
4.05x
Anheuser-Busch InBev SA/NV's profit covers its interest bill about 4.1 times over.
Watch
Worse cushion
Baseline
Better cushion
BUD
BASELINE
Anheuser-Busch InBev SA/NV
Total debt $72.73B Interest coverage 4.05x This is the baseline the peer rows are being compared against.
Total debt $22.20B Interest coverage 2.94x -27% vs BUD Carries about 1.4x less debt cushion than BUD.
Total debt $10.53B Interest coverage 7.92x +95% vs BUD Carries about 2.0x more debt cushion than BUD.
Total debt $23.24B Interest coverage 5.17x +28% vs BUD Carries about 1.3x more debt cushion than BUD.
Total debt $7.91B Interest coverage 6.58x +62% vs BUD Carries about 1.6x more debt cushion than BUD.
Total debt $9.05B Interest coverage 4.32x +7% vs BUD Has roughly the same debt cushion as BUD.
What you should know
The case for and against BUD
3 Rewards
1 Risk
Rewards
-
Returns 11.4% on equity, ahead of 16% of its peers.
-
Free cash flow was positive in 4/10 years.
-
Trades at 15.8x P/E vs peer median 17.2x (8.3% cheaper).
Risks
-
Insider ownership is only 0.0% (peer median: 0.1%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
15.76x
Forward P/E
14.95x
P/B
9.27x
P/S
2.31x
EV/EBITDA
47.59x
PEG ratio
1.50x
Profitability
How much profit each dollar creates
Gross margin
56.5%
Operating margin
27.3%
Net margin
14.9%
ROE
11.4%
ROA
4.9%
Health
Liquidity and balance-sheet strength
Debt / equity
0.72x
Current ratio
0.66x
Quick ratio
0.46x
Total debt
$72.73B
Total cash
$8.01B
Growth
How the business has been compounding
Revenue TTM
$62.61B
Revenue 5Y CAGR
0.9%
EPS TTM
4.66
EPS 5Y CAGR
5.2%
Cash flow
How much cash the business throws off
Operating CF TTM
$14.88B
Free CF TTM
$11.23B
FCF margin
17.9%
Dividend
Shareholder payout
Yield
1.8%
Payout ratio
29.0%
Last ex-div date
2026-05-08