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World's largest brewer, making Budweiser, Corona (outside the US), Stella Artois and many regional beer brands globally.
World's largest brewer, making Budweiser, Corona (outside the US), Stella Artois and many regional beer brands globally.
Sells beer through bars, shops and wholesalers, built by purchases of Anheuser-Busch in 2008, Grupo Modelo in 2013 and SABMiller in 2016, which is where its heavy debt comes from. Brazil's Ambev, a separately listed subsidiary, is a large part of the group.
Moat: wide (scale, brand, distribution). Unmatched global brewing scale and distribution network built through decades of consolidation.
Headquarters: Leuven, Belgium · Founded: 2008 · Employees: 136,805
Size Anheuser-Busch InBev SA/NV Sponsored ADR (BUD) is a United States Consumer Staples company (Beverages: Alcoholic) with a market value of $168B, the 74th largest of 3,117 United States companies the cockpit tracks. Shares closed at $83.96 on 6 Nov 2026.
Performance Over six months the shares gained 5.1%, against +4.9% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 6 in its peer set.
Growth Revenue grew 6.6% over the last twelve months (peer median -4.1%); the operating margin is 25.8% (peer median 28.9%).
Valuation It trades at 18.9× forward earnings against a peer median of 15.9× (3rd most expensive of 6).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.5 points above its cost of capital (6.9% WACC).
Credit Anheuser-Busch InBev SA/NV Sponsored ADR has 33 bonds outstanding ($39.6B), rated A- by the agencies and trading like A+ at a weighted spread of 70 bp.
Short interest Short interest is 0.3% of the free float (15 Oct 2026).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $62.6B | $59.5B | $59.7B | $59.5B | $57.8B |
| Revenue growth | — | 0% | 0% | +3% | — |
| Gross profit | $35.3B | $31.0B | $30.7B | $29.8B | $29.5B |
| EBITDA | $21.9B | $20.5B | $20.2B | $19.3B | $19.2B |
| Net income | $9.33B | $6.86B | $5.84B | $5.35B | $5.97B |
| Free cash flow | $13.7B | $11.3B | $11.2B | $8.64B | $7.77B |
| Capital expenditure | $3.64B | $3.67B | $3.86B | $4.65B | $5.16B |
| Total debt | n/a | $73.0B | $72.2B | $78.2B | $80.0B |
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 |
|---|---|---|---|---|---|---|
| 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% |
| Molson Coors Beverage TAP | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% |
| Constellation Brands STZ | $24.0B | -4% | -4% | 30% | 11.9× | -4.5% |
| Carlsberg AS CARL-A.CO | $20.9B | +12% | +10% | 14% | 17.2× | -2.2% |
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 | BUD | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.5% | +15.7% | 3rd lowest of 6 |
| 6-month return | +5.1% | +4.9% | 3rd highest of 6 |
| Distance from 52-week high | -3.0% | -7.3% | 3rd highest of 6 |
| Revenue growth (TTM) | +6.6% | -4.1% | highest of 6 |
| Operating margin | 25.8% | 28.9% | 3rd lowest of 6 |
| Forward P/E | 18.9× | 15.9× | 3rd most expensive of 6 |
| Growth the price implies (Req g, 7 yrs) | 2.7% | 0.7% | 3rd most demanding of 6 |
| Growth delivered (Del g) | +4.7% | +6.9% | 3rd lowest of 6 |
| Hurdle (Req g minus delivered) | -2.1 pp | -3.8 pp | 2nd most demanding of 6 |
| ROIC minus cost of capital | +0.5 pp | +13.6 pp | 2nd lowest of 6 |
| EV / EBITDA | 10.9× | 11.2× | 2nd cheapest of 4 |
| Net debt / EBITDA | 2.9× | 3.0× | 2nd least indebted of 4 |
| Bond spread | 70 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Anheuser-Busch InBev SA/NV Sponsored ADR BUD | United States | $168B | +5% | +7% | 26% | 18.9× | 2.7% | +4.7% |
| Kweichow Moutai 600519.SS | China | $272B | +5% | -4% | 65% | 21.7× | 0.7% | +11.5% |
| Diageo DGE.L | United Kingdom | $56.3B | +25% | -6% | 29% | 15.2× | -0.9% | +2.8% |
| Heineken HEIA.AS | Netherlands | $51.8B | +29% | +1% | 12% | 15.9× | 4.2% | +7.8% |
| Wuliangye Yibin 000858.SZ | China | $43.9B | -22% | -6% | 32% | 22.1× | 7.1% | -9.6% |
| Ambev SA Sponsored ADR ABEV | United States | $43.2B | -15% | +4% | 23% | 14.5× | -5.5% | +6.9% |
Anheuser-Busch InBev SA/NV Sponsored ADR has 33 bonds outstanding with $39.6B face value. The agencies rate it A-; its bonds trade like A+. Weighted yield 5.70%, a spread of 70 bp over government bonds.