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Largest brewer in Latin America, majority-owned by AB InBev, making Brahma and Skol beer plus PepsiCo beverages in Brazil.
Largest brewer in Latin America, majority-owned by AB InBev, making Brahma and Skol beer plus PepsiCo beverages in Brazil.
Brazil is the biggest part of the business, with other Latin American countries and Canada through Labatt adding. It sells through bars, supermarkets and its own direct network. Formed in 1999 by merging Brahma and Antarctica, it came under the AB InBev group in 2004.
In one line: Brazil's Anheuser-Busch, tied to AB InBev.
Moat: wide (scale, brand, distribution). Dominant Latin American brewing scale and distribution network, backed by AB InBev's global brand portfolio.
Headquarters: Sao Paulo, Brazil · Founded: 1999 · Employees: 39,000
Size Ambev SA Sponsored ADR (ABEV) is a United States Consumer Staples company (Beverages: Alcoholic) with a market value of $43.2B, the 285th largest of 3,117 United States companies the cockpit tracks. Shares closed at $2.79 on 6 Nov 2026.
Performance Over six months the shares fell 15.2%, against +11.1% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 15 in its peer set.
Growth Revenue grew 4.2% over the last twelve months (peer median +0.2%); the operating margin is 23.2% (peer median 25.8%).
Valuation It trades at 14.5× forward earnings against a peer median of 16.5× (5th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 13.6 points above its cost of capital (7.8% WACC).
Short interest Short interest is 0.6% of the free float (15 Oct 2026).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $16.7B | $15.8B | $16.6B | $16.0B | $15.4B |
| Revenue growth | — | -5% | +4% | +3% | — |
| Gross profit | $8.08B | $7.56B | $7.92B | $7.53B | $7.12B |
| EBITDA | $5.14B | $4.81B | $4.95B | $4.72B | $4.30B |
| Net income | $3.06B | $2.78B | $2.68B | $2.90B | $2.80B |
| Free cash flow | $4.44B | $3.55B | $3.96B | $3.75B | $2.73B |
| Capital expenditure | $757M | $822M | $882M | $1.20B | $1.26B |
| Total debt | $570M | $618M | $559M | $721M | $714M |
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 |
|---|---|---|---|---|---|---|
| Ambev SA Sponsored ADR ABEV | $43.2B | -15% | +4% | 23% | 14.5× | -5.5% |
| Heineken HEIA.AS | $51.8B | +29% | +1% | 12% | 15.9× | 4.2% |
| Coca-Cola FEMSA SAB de CV Sponsored ADR KOF | $6.01B | +8% | +17% | 14% | 16.5× | -20.1% |
| Molson Coors Beverage TAP | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% |
| Embotelladora Andina S.A. Sponsored ADR Pfd AKO-B | $4.26B | +7% | +10% | 13% | 14.6× | -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 | ABEV | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.5% | +13.2% | lowest of 15 |
| 6-month return | -15.2% | +11.1% | 3rd lowest of 15 |
| Distance from 52-week high | -19.1% | -6.3% | 4th lowest of 15 |
| Revenue growth (TTM) | +4.2% | +0.2% | 4th highest of 15 |
| Operating margin | 23.2% | 25.8% | 7th lowest of 15 |
| Forward P/E | 14.5× | 16.5× | 5th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -5.5% | 1.9% | least demanding of 15 |
| Growth delivered (Del g) | +6.9% | +6.5% | 8th highest of 15 |
| Hurdle (Req g minus delivered) | -12.4 pp | -4.7 pp | 2nd least demanding of 15 |
| ROIC minus cost of capital | +13.6 pp | +4.8 pp | 3rd highest of 15 |
| EV / EBITDA | 7.8× | 11.1× | cheapest of 13 |
| Net debt / EBITDA | -0.6× | 3.0× | 3rd least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ambev SA Sponsored ADR ABEV | United States | $43.2B | -15% | +4% | 23% | 14.5× | -5.5% | +6.9% |
| Wuliangye Yibin 000858.SZ | China | $43.9B | -22% | -6% | 32% | 22.1× | 7.1% | -9.6% |
| Heineken HEIA.AS | Netherlands | $51.8B | +29% | +1% | 12% | 15.9× | 4.2% | +7.8% |
| Diageo DGE.L | United Kingdom | $56.3B | +25% | -6% | 29% | 15.2× | -0.9% | +2.8% |
| Heineken HEIO.AS | Netherlands | $24.7B | +32% | +1% | 12% | 14.5× | -1.1% | +7.8% |
| Shanxi Xinghuacun Fen Wine Factory 600809.SS | China | $24.1B | -8% | -9% | 36% | 17.1× | 3.0% | +22.7% |
| Constellation Brands STZ | United States | $24.0B | -4% | -4% | 30% | 11.9× | -4.5% | +1.2% |
| Carlsberg AS CARL-A.CO | Denmark | $20.9B | +12% | +10% | 14% | 17.2× | -2.2% | +8.8% |
| Pernod Ricard RI.PA | France | $20.0B | +16% | -14% | 26% | 12.5× | 2.1% | +1.3% |
| Luzhou Laojiao 000568.SZ | China | $17.9B | -19% | -38% | 40% | 17.5× | 9.9% | +8.7% |
| 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% |
| Brown–Forman BF-B | United States | $14.2B | +11% | 0% | 29% | 17.9× | -5.1% | +2.7% |
| Anheuser-Busch InBev SA/NV Sponsored ADR BUD | United States | $168B | +5% | +7% | 26% | 18.9× | 2.7% | +4.7% |
| United Spirits UNITDSPR.NS | India | $10.9B | +11% | 0% | 15% | 53.0× | 44.2% | +8.9% |