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Ambev S.a. (ABEV) stock

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NYSE: ABEV NYSE Beverages

B Fundamentals grade

Ambev S.a. is a US-listed company in the beverages industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$4.0

Cash-flow model

Base case. Range ~$3.0–$5.2 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 48% above it.

Price used: $2.69, November 2, 2026

Ambev S.a. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 5 sales by directors and officers, last 12 monthsInsider trades
  • Funds196 adding, 174 cuttingOf 43 active managers that changed their stake, 28 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Ambev files

Where Ambev S.a. stands after its latest Filing

Revenue for the twelve months was $15.8bn, down 5.2% on a year earlier, against growth of 4.4% a quarter earlier. That puts it 21 of 26 for growth among the beverages companies we cover. Free-cash-flow margin rose to 22.5% from 20.9% a year earlier. Operating margin widened to 26.4% from 23.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 5 of our 7 financial-health checks. Our cash-flow model value is $3.97 a share, against a share price of $2.66. At that price, our model says the market is pricing in cash flow shrinking about 5.2% a year for five years, slower than the 6.7% a year revenue growth it has delivered.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Ambev S.a.'s trailing-twelve-month revenue fell 5.2% year on year, with a free-cash-flow margin of 22.5%. Where it stands out: operating margin of 26.4% ranks 3 of 26 beverages companies we cover. Where it lags: change in growth rate of -9.6pp ranks 24 of 26 beverages companies we cover.

Our discounted-cash-flow model values the business at ~$4.0 per share in the base case (~$3.0–$5.2 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -5.2% (-9.6pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $2.69 is 48% below our value per share of $4.
  • High operating margin. 26.4% of revenue is left as operating profit, against a median of -0.7% for beverages companies we cover.
  • Strong cash generation. 22.5% of revenue turned into free cash flow, against a median of 9.6% for beverages companies we cover.
  • Net cash. Cash exceeds long-term debt by $3.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 5.2% over the last 12 months.
  • Growth slowing. The growth rate is 9.6 points lower than a quarter earlier.

Latest results

Earnings per share
$0.05 against an average estimate of $0.05: beat by 9.4%
Next report
October 29, 2026

Ambev's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.1%
  • 1 week-4.9%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$15.8B
Operating margin
26.4%
Net margin
17.6%
EPS (TTM, diluted)
$0.18

Growth

Revenue growth
−5.2%
Change in growth rate
−9.6 pts
Share count change
−0.8%

Cash

Free cash flow (TTM)
$3.6B
FCF margin
22.5%
Stock pay % of revenue
0.5%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Ambev S.a. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 5.5% a year for five years.That is slower than the 6.7% a year revenue growth Ambev has delivered.

  • Priced in-5.5%
  • Last 12 months-5.2%
  • 3 years a year0.7%
  • 5 years a year6.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($2.63, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$4.0
Price used
$2.63close November 3, 2026
Implied change
▲ +51%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Ambev S.a.'s free cash flow after stock-based pay with after-tax interest added back ($3.6B, FY2025 Q4 TTM), growing 2% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$3.0–~$5.2 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Ambev S.a.'s free cash flow after stock-based pay ( $3.6B, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Ambev S.a. as an operating company, with every model that fits that kind of business. Cost of equity 7.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.54 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$4.0 ~$3.0–$5.2 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$4.2 ~$3.8–$4.9 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$4.0 ~$2.6–$6.4 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$3.4 ~$2.7–$4.4 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$3.9 ~$3.4–$4.2 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ambev S.a. with Beverages in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▼ −5%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $3$5$6$8$11$14
8.5% $3$4$5$6$8$11
10% $2$3$4$5$6$8

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Ambev S.a.: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.05 $0.05 +9.4%
Jun 2026 $0.03 $0.04 +24.9%
Mar 2026 $0.04 $0.05 +14.0%
Dec 2025 $0.05 $0.05 −0.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

11 analysts, Nov 2026
Buy327%
Hold545%
Sell327%

Monthly trend

  1. Nov 20262152111
  2. Oct 2026216211
  3. Sep 2026216211

Counts of recommendations published by analysts covering Ambev S.a., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
—
of tradable shares
Days to cover
3.91
at average volume
Short interest, 1 month
−41%
to October 15, 2026
Held by institutions
7%
of shares
Held by insiders
0.0%
of shares
Employees
39,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How Ambev S.a.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Ambev S.a. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Ambev S.a.
$10B $15B $20B $25B $30B FY15 Q4 FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY15 Q4: $29.6B Revenue (TTM), FY16 Q4: $13.2B Revenue (TTM), FY17 Q4: $15B Revenue (TTM), FY18 Q4: $13.8B Revenue (TTM), FY19 Q4: $13.2B Revenue (TTM), FY20 Q4: $11.4B Revenue (TTM), FY21 Q4: $13.5B Revenue (TTM), FY22 Q4: $15.5B Revenue (TTM), FY23 Q4: $16B Revenue (TTM), FY24 Q4: $16.7B Revenue (TTM), FY25 Q4: $15.8B $15.8B

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue (TTM)
FY15 Q4 $29.6B
FY16 Q4 $13.2B
FY17 Q4 $15B
FY18 Q4 $13.8B
FY19 Q4 $13.2B
FY20 Q4 $11.4B
FY21 Q4 $13.5B
FY22 Q4 $15.5B
FY23 Q4 $16B
FY24 Q4 $16.7B
FY25 Q4 $15.8B
Revenue growth, TTM YoY Ambev S.a.
-60% -40% -20% 0% 20% FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Revenue growth, TTM YoY, FY16 Q4: -55.6% Revenue growth, TTM YoY, FY17 Q4: 14.0% Revenue growth, TTM YoY, FY18 Q4: -7.8% Revenue growth, TTM YoY, FY19 Q4: -4.6% Revenue growth, TTM YoY, FY20 Q4: -13.5% Revenue growth, TTM YoY, FY21 Q4: 18.4% Revenue growth, TTM YoY, FY22 Q4: 14.4% Revenue growth, TTM YoY, FY23 Q4: 3.2% Revenue growth, TTM YoY, FY24 Q4: 4.4% Revenue growth, TTM YoY, FY25 Q4: -5.2% -5.2%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue growth, TTM YoY
FY16 Q4 -55.6%
FY17 Q4 14.0%
FY18 Q4 -7.8%
FY19 Q4 -4.6%
FY20 Q4 -13.5%
FY21 Q4 18.4%
FY22 Q4 14.4%
FY23 Q4 3.2%
FY24 Q4 4.4%
FY25 Q4 -5.2%
Operating margin (TTM) Ambev S.a.
15% 20% 25% 30% 35% 40% FY15 Q4 FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Operating margin (TTM), FY15 Q4: 19.3% Operating margin (TTM), FY16 Q4: 37.5% Operating margin (TTM), FY17 Q4: 34.6% Operating margin (TTM), FY18 Q4: 34.1% Operating margin (TTM), FY19 Q4: 30.9% Operating margin (TTM), FY20 Q4: 27.4% Operating margin (TTM), FY21 Q4: 23.4% Operating margin (TTM), FY22 Q4: 22.2% Operating margin (TTM), FY23 Q4: 23.6% Operating margin (TTM), FY24 Q4: 24.4% Operating margin (TTM), FY25 Q4: 26.4% 26.4%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Operating margin (TTM)
FY15 Q4 19.3%
FY16 Q4 37.5%
FY17 Q4 34.6%
FY18 Q4 34.1%
FY19 Q4 30.9%
FY20 Q4 27.4%
FY21 Q4 23.4%
FY22 Q4 22.2%
FY23 Q4 23.6%
FY24 Q4 24.4%
FY25 Q4 26.4%
FCF margin (TTM) Ambev S.a.
15% 20% 25% 30% 35% FY15 Q4 FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 FCF margin (TTM), FY15 Q4: 18.7% FCF margin (TTM), FY16 Q4: 18.2% FCF margin (TTM), FY17 Q4: 31.4% FCF margin (TTM), FY18 Q4: 29.4% FCF margin (TTM), FY19 Q4: 25.6% FCF margin (TTM), FY20 Q4: 24.3% FCF margin (TTM), FY21 Q4: 20.9% FCF margin (TTM), FY22 Q4: 17.7% FCF margin (TTM), FY23 Q4: 23.5% FCF margin (TTM), FY24 Q4: 23.9% FCF margin (TTM), FY25 Q4: 22.5% 22.5%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period FCF margin (TTM)
FY15 Q4 18.7%
FY16 Q4 18.2%
FY17 Q4 31.4%
FY18 Q4 29.4%
FY19 Q4 25.6%
FY20 Q4 24.3%
FY21 Q4 20.9%
FY22 Q4 17.7%
FY23 Q4 23.5%
FY24 Q4 23.9%
FY25 Q4 22.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Ambev took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $15.8B
  2. Cost of revenue $7.7B · 48.6%
  3. Gross profit $8.1B · 51.4%
  4. Selling, general and admin $2B · 12.4%
  5. Other operating costs $2B · 12.6%
  6. Operating income $4.2B · 26.4%
  7. Interest and other $1.4B · 8.9%
  8. Net income $2.8B · 17.6%

Shares of revenue. Source: Ambev's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 29.6 13.2 15.0 13.8 13.2 11.4 13.5 15.5 16.0 16.7 15.8
Gross profit 9.3 8.4 9.4 8.5 7.7 6.1 6.9 7.6 8.1 8.5 8.1
EBITDA 6.7 6.0 6.5 6.0 5.3 4.1 4.2 4.6 5.1 5.4 5.4
Operating income 5.7 4.9 5.2 4.7 4.1 3.1 3.2 3.4 3.8 4.1 4.2
Net income 3.8 3.6 2.3 3.0 3.0 2.2 2.4 2.8 2.9 2.7 2.8
Diluted EPS $0.24 $0.23 $0.14 $0.19 $0.19 $0.14 $0.15 $0.18 $0.18 $0.17 $0.18
Growth (year on year)
Revenue — −55.6% +14.0% −7.8% −4.6% −13.5% +18.4% +14.4% +3.2% +4.4% −5.2%
EBITDA — −10.5% +8.4% −7.8% −11.5% −21.5% +0.9% +9.9% +10.3% +6.5% +0.3%
Operating income — −13.7% +5.1% −8.9% −13.7% −23.5% +1.5% +8.3% +9.9% +7.7% +2.8%
Net income — −4.3% −37.1% +33.0% −1.3% −25.6% +5.6% +19.4% +3.5% −7.4% +3.2%
Diluted EPS — −4.9% −37.1% +32.8% −1.4% −25.6% +5.7% +19.4% +3.6% −7.2% +4.1%
Margins
Gross margin 31.5% 63.4% 62.4% 61.7% 58.3% 53.6% 51.1% 49.3% 50.7% 51.2% 51.4%
EBITDA margin 22.5% 45.2% 43.0% 43.0% 39.9% 36.2% 30.9% 29.6% 31.7% 32.3% 34.2%
Operating margin 19.3% 37.5% 34.6% 34.1% 30.9% 27.4% 23.4% 22.2% 23.6% 24.4% 26.4%
Net margin 12.8% 27.5% 15.2% 21.9% 22.7% 19.5% 17.4% 18.1% 18.2% 16.1% 17.6%
Free-cash-flow margin 18.7% 18.2% 31.4% 29.4% 25.6% 24.3% 20.9% 17.7% 23.5% 23.9% 22.5%
Cash flow
Cash from operations 7.2 3.6 5.7 5.1 4.7 3.7 4.3 4.0 5.0 4.9 4.4
Capital spending 1.6 1.2 1.0 1.0 1.3 0.9 1.4 1.3 1.2 0.9 0.8
Free cash flow 5.5 2.4 4.7 4.1 3.4 2.8 2.8 2.7 3.7 4.0 3.6
Stock-based pay 0.1 0.0 0.1 0.0 0.1 0.0 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 5.5 2.4 4.7 4.0 3.3 2.7 2.8 2.7 3.7 3.9 3.5
Balance sheet
Cash — 2.4 3.1 3.0 3.0 3.3 3.0 2.8 3.3 4.6 3.4
Total debt 0.0 0.5 — 1.1 7.1 7.2 7.5 8.2 0.7 0.6 0.6
Net debt (negative = net cash) — −1.9 −3.1 −1.9 4.2 3.9 4.6 5.3 −2.6 −4.1 −2.8
Diluted shares 15,820m 15,823m 15,838m 15,856m 15,869m 15,868m 15,858m 15,849m 15,839m 15,815m 15,684m
Returned to shareholders
Buybacks — — — 0.8 0.0 0.0 0.0 0.0 — 0.3 —
Total returned — — — 0.8 0.0 0.0 0.0 0.0 — 0.3 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · December 31, 2025
What it owns · $26.5bn
Short-term assets $8.0bnLonger-term assets $18.5bn
What it owes, and who funded it · $26.3bn
Short-term liabilities $8.3bnLonger-term liabilities $2.0bnShareholders' equity $16.1bn
  • Short-term assets cover short-term liabilities $8.0bn of assets due within a year against $8.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $8.0bn short-term assets against $2.0bn of longer-dated liabilities.
  • More cash than debt $3.4bn of cash against $618m of debt.
  • Debt below 40% of shareholders' equity Debt is 4% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 3% to 4% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.4bn of operating cash flow against $618m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Ambev S.a.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2024 Q4 TTM
Buybacks (TTM)
$320M
Returned to shareholders
8%
of free cash flow
Buybacks, last 3 fiscal years
$320M
Diluted share count
−0.8%
year over year
Total shareholder yield
0.8%
dividends 0.0% + buybacks 0.8% of market value
Days sales outstanding
27 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in beverages
Last 12 months unless stated ABEV KDP CCEP MNST COKE KO Median
Revenue, last 12 months $15.8bn $20.1bn $23.6bn $9.2bn $7.7bn $51.1bn $723m
Revenue growth, last 12 months −5.2% 27.5% 6.9% 20.4% 10.7% 7.1% 6.6%
Revenue growth, 3-year average — 11.3% — 11.3% 5.7% 4.3% 4.3%
Revenue growth, latest quarter — 75.6% — 20.2% 10.6% 7.4% 6.4%
Gross margin 51.4% 49.4% 35.6% 55.5% 39.1% 62.3% 42.6%
Operating margin 26.4% 16.2% 13.4% 29.2% 13.0% 30.0% −0.9%
Operating margin, 3-year average 28.1% 18.7% 11.9% 27.8% 13.0% 27.1% 11.9%
Net margin 17.6% 7.1% 9.3% 23.1% 7.2% 28.7% −1.6%
Cash from operations / revenue 27.7% 12.6% 14.1% 24.3% 12.3% 31.8% 9.9%
Free-cash-flow margin 22.5% 9.8% 9.6% 22.8% 8.4% 28.0% 9.0%
Free-cash-flow margin, 3-year average 24.9% 8.8% 10.6% 22.6% 7.6% 15.7% 8.8%
Stock pay / revenue 0.5% 1.3% 0.2% 1.5% 0.0% 0.5% 1.2%
Change in share count −0.8% 0.1% −1.1% 0.5% 0.7% −0.0% 0.0%

Median of all 26 companies we cover in beverages. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

26 beverages companies
Measure Company Peer median Rank
Revenue growth Growth -5.2% 6.9% 21 of 26
Change in growth rate Growth -9.6pp +0.6pp 24 of 26
Gross margin Profitability 51.4% 44.2% 8 of 26
Operating margin Profitability 26.4% -0.7% 3 of 26
Net margin Profitability 17.6% -1.5% 3 of 26
Free-cash-flow margin Cash generation 22.5% 9.6% 4 of 24
Stock pay as % of revenue Cash generation 0.5% 1.2% 6 of 23
Long-term debt as % of assets Balance sheet 1.5% 12.9% 4 of 18
Change in share count Balance sheet -0.8% 0.0% 4 of 19
Days sales outstanding Balance sheet 27 days 33 days 8 of 21

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$4.4B
Institutions reporting
403
Shares held vs prior quarter
▲ 34.5%
Positions opened / closed
48 / 44

Top buyers and sellers, Q2 2026: 196 institutions bought and 174 sold ; the biggest buyer was First Eagle Investment Management, LLC (+351.7M shares) and the biggest seller Massachusetts Financial Services Co (−15.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
First Eagle Investment Management, LLC $2.2B 698.6M 49.9% ▲ 101.3%
GQG Partners LLC $581M 185.1M 13.2% ▼ 1.1%
Blackrock, Inc. $104M 33.1M 2.4% ▼ 5.4%
Goldman Sachs Group Inc $91M 29.0M 2.1% ▲ 78.6%
Loomis Sayles & Co L P $84.8M 27.0M 1.9% ▲ 31.8%
Renaissance Technologies LLC $78.2M 24.9M 1.8% ▼ 8.9%
Seafarer Capital Partners, LLC $75.6M 24.1M 1.7% ▼ 14.3%
Nomura Asset Management International Inc. $72.2M 23.0M 1.6% ▲ 28.1%
Brandes Investment Partners, LP $64.5M 20.5M 1.5% ▼ 11.0%
Exchange Traded Concepts, LLC $42.8M 13.6M 1.0% ▲ 36.9%
Bank Of America Corp $40.4M 12.9M 0.9% ▼ 21.1%
Morgan Stanley $40M 12.8M 0.9% ▲ 23.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ambev S.a.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $2.6M 5 trades by 5 insiders · 0% under pre-set plans
Net ▼ $2.6M net selling
Insider Date Trade Shares Price Value
Crippa Prado Carla Smith De Vasconcellos See Remarks September 3, 2026 Sell 60,757 $3.09 $187,739
Moreira Ricardo Manuel Frangatos Pires Director July 30, 2026 Sell 468,040 $3.08 $1.4M
Zagman Paulo Andre See Remarks May 5, 2026 Sell 136,250 $3.41 $464,612
Cavalcanti De Lacerda Eduardo Braga See Remarks March 27, 2026 Sell 152,386 $2.85 $434,300
Malik Parente Guilherme See Remarks March 24, 2026 Sell 20,971 $2.76 $57,880

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 25 trades and filings

No trades in Ambev S.a. disclosed in the last 12 months; 25 earlier trades on record.

  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded February 7, 2025, filed March 6, 2025
  • Josh Gottheimer(D-NJ 5):Sale (partial), $1,001 - $15,000, traded February 6, 2025, filed March 6, 2025
  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded January 27, 2025, filed February 10, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K

Data status

When each part of this page on Ambev S.a. was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Ambev S.a. in brief

What does Ambev S.a. do?
Ambev S.a. is a US-listed company in the beverages industry. Its financial year ends in December.
What is Ambev S.a.'s stock ticker?
Ambev S.a. trades under the ticker ABEV on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ambev S.a.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ambev S.a. reported revenue of $15.8B, 5.2% lower than a year earlier, according to its SEC filings.
What is Ambev S.a.'s free cash flow?
Ambev S.a.'s free-cash-flow margin is 22.5% of revenue over the trailing twelve months, ranking 4 of the 24 beverages companies we cover.
What is Ambev S.a.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Ambev S.a.'s free cash flow after stock-based pay gives ~$4.0 per share in the base case, and ~$3.0–$5.2 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Ambev S.a.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are First Eagle Investment Management, LLC, GQG Partners LLC and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Ambev S.a. buying back stock, and does it pay a dividend?
Ambev S.a. spent $320M on share repurchases over the trailing twelve months, and its diluted share count fell 0.8% over the year.
How much debt does Ambev S.a. have?
Ambev S.a.'s debt-to-equity ratio is 3.9%, from its latest balance sheet (2.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Ambev S.a.'s competitors?
In our Beverages peer group, the companies closest to Ambev S.a. are Keurig Dr Pepper, Coca-cola Europacific Partners plc, Monster Beverage, Coca-cola Consolidated, Inc. and The Coca-Cola Company. The side-by-side comparison below sets their revenue, margins and growth against Ambev S.a.'s.
Are insiders buying or selling Ambev S.a. stock?
Over the last 12 months, Ambev S.a.'s directors and officers reported 0 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.