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Japanese brewer of Asahi Super Dry beer, also owns European beer brands and soft-drink businesses.
Japanese brewer of Asahi Super Dry beer, also owns European beer brands and soft-drink businesses.
Grew from a Japanese brewer into a global one by buying European beer brands from SABMiller in 2016 (Peroni, Grolsch, Pilsner Urquell) and Australia's Carlton United Breweries in 2020. Beer is sold to supermarkets, convenience stores and restaurants, and soft drinks and spirits fill out the range.
In one line: Japan's Anheuser-Busch.
Moat: narrow (brand, distribution). Strong domestic beer brand and distribution, but global brewers compete on scale in a mature category.
Headquarters: Tokyo, Japan · Founded: 1889 · Employees: 28,560
Size Asahi Group Hldgs (2502.T) is a Japan Consumer Staples company (Beverages: Alcoholic) with a market value of $16.4B, the 93rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,698 on 6 Nov 2026.
Performance Over six months the shares gained 9.7%, against +0.1% for the median peer and +1.8% for the Japan market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 2.7% over the last twelve months (peer median -1.8%); the operating margin is 8.8% (peer median 15.8%).
Valuation It trades at 13.1× forward earnings against a peer median of 17.1× (7th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points below its cost of capital (5.0% WACC).
Credit Asahi Group Hldgs has 4 bonds outstanding ($2.67B), rated Baa1 by the agencies and trading like BBB at a weighted spread of 87 bp.
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥3.00T | ¥2.89T | ¥2.94T | ¥2.77T | ¥2.51T |
| Revenue growth | — | -2% | +6% | +10% | — |
| Gross profit | ¥1.14T | ¥1.01T | ¥1.01T | ¥924B | ¥852B |
| EBITDA | ¥436B | ¥426B | ¥443B | ¥412B | ¥384B |
| Net income | ¥162B | ¥122B | ¥192B | ¥164B | ¥152B |
| Free cash flow | ¥109B | -¥18.7B | ¥295B | ¥258B | ¥183B |
| Capital expenditure | ¥161B | ¥155B | ¥136B | ¥110B | ¥99.8B |
| Total debt | ¥1.69T | ¥1.77T | ¥1.39T | ¥1.52T | ¥1.64T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Asahi Group Hldgs 2502.T | $16.4B | +10% | +3% | 9% | 13.1× | 1.8% |
| Kirin 2503.T | $15.2B | +21% | +6% | 11% | 13.7× | -4.2% |
| Anheuser-Busch InBev SA/NV Sponsored ADR BUD | $168B | +5% | +7% | 26% | 18.9× | 2.7% |
| Heineken HEIA.AS | $51.8B | +29% | +1% | 12% | 15.9× | 4.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2502.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.7% | +10.6% | 9th lowest of 21 |
| 6-month return | +9.7% | +0.1% | 10th highest of 21 |
| Distance from 52-week high | -6.0% | -17.0% | 6th highest of 21 |
| Revenue growth (TTM) | +2.7% | -1.8% | 4th highest of 20 |
| Operating margin | 8.8% | 15.8% | 2nd lowest of 20 |
| Forward P/E | 13.1× | 17.1× | 7th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 1.8% | -1.0% | 9th most demanding of 19 |
| Growth delivered (Del g) | +7.4% | +6.7% | 10th highest of 19 |
| Hurdle (Req g minus delivered) | -5.6 pp | -7.7 pp | 7th most demanding of 19 |
| ROIC minus cost of capital | -1.0 pp | +4.9 pp | 2nd lowest of 20 |
| EV / EBITDA | 9.2× | 10.7× | 6th cheapest of 15 |
| Net debt / EBITDA | 3.3× | 2.2× | 4th most indebted of 15 |
| Bond spread | 87 bp | 95 bp | 3rd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Asahi Group Hldgs 2502.T | Japan | $16.4B | +10% | +3% | 9% | 13.1× | 1.8% | +7.4% |
| Kirin 2503.T | Japan | $15.2B | +21% | +6% | 11% | 13.7× | -4.2% | +5.6% |
| Luzhou Laojiao 000568.SZ | China | $17.9B | -19% | -38% | 40% | 17.5× | 9.9% | +8.7% |
| Brown–Forman BF-B | United States | $14.2B | +11% | 0% | 29% | 17.9× | -5.1% | +2.7% |
| Pernod Ricard RI.PA | France | $20.0B | +16% | -14% | 26% | 12.5× | 2.1% | +1.3% |
| Carlsberg AS CARL-A.CO | Denmark | $20.9B | +12% | +10% | 14% | 17.2× | -2.2% | +8.8% |
| Constellation Brands STZ | United States | $24.0B | -4% | -4% | 30% | 11.9× | -4.5% | +1.2% |
| Shanxi Xinghuacun Fen Wine Factory 600809.SS | China | $24.1B | -8% | -9% | 36% | 17.1× | 3.0% | +22.7% |
| United Spirits UNITDSPR.NS | India | $10.9B | +11% | 0% | 15% | 53.0× | 44.2% | +8.9% |
| Heineken HEIO.AS | Netherlands | $24.7B | +32% | +1% | 12% | 14.5× | -1.1% | +7.8% |
| Bud Apac 1876.HK | Hong Kong | $10.7B | -16% | -3% | 15% | 20.1× | -0.9% | +0.7% |
| Tsingtao Brewery 0168.HK | Hong Kong | $9.12B | -21% | +1% | 16% | 10.8× | -5.0% | +2.6% |
| Davide Campari-Milano CPR.MI | Italy | $8.93B | +22% | -1% | 20% | 21.0× | 3.6% | +11.5% |
| China Res Beer 0291.HK | Hong Kong | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% | +3.1% |
| Thai Beverage Public Y92.SI | Singapore | $8.56B | +2% | -8% | 13% | 10.6× | -4.7% | +3.2% |
| Jiangsu Yanghe Distillery 002304.SZ | China | $8.50B | -23% | -31% | 4% | 32.6× | n/a | n/a |
| Molson Coors Beverage TAP | United States | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% | +2.9% |
| Molson Coors Canada TPX-B.TO | Canada | $7.38B | -12% | n/a | n/a | n/a | n/a | n/a |
| Anhui Gujing Distillery 000596.SZ | China | $7.29B | -2% | -28% | 17% | 21.5× | 4.3% | +12.7% |
| Jiangsu King's Luck Brewery Joint-stock 603369.SS | China | $6.40B | +25% | -5% | 33% | 16.2× | 1.9% | +15.3% |
| Radico Khaitan RADICO.NS | India | $6.37B | +33% | +16% | 17% | 66.7× | 45.1% | +20.5% |
Asahi Group Hldgs has 4 bonds outstanding with $2.67B face value. The agencies rate it Baa1; its bonds trade like BBB. Weighted yield 3.85%, a spread of 87 bp over government bonds.