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Anheuser-busch Inbev SA (BUD) stock

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NYSE: BUD NYSE Beverages

B Fundamentals grade

Anheuser-busch Inbev SA 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

~$46

Cash-flow model

Base case. Range ~$25–$73 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 45% below it.

Price used: $83.97, November 2, 2026

Anheuser-busch Inbev SA 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.

Value diary

Our note on each quarter Anheuser-busch Inbev SA files

Where Anheuser-busch Inbev SA stands after its latest Filing

Revenue for the twelve months was $59.3bn, down 0.7% on a year earlier, against growth of 0.7% a quarter earlier. Free-cash-flow margin rose to 18.9% from 16.9% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 1 of our 2 financial-health checks. Our cash-flow model value is $46.02 a share, against a share price of $80.38. At that price, our model says the market is pricing in about 8.2% a year of cash-flow growth for five years, faster than the 4.8% 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

Anheuser-busch Inbev SA's trailing-twelve-month revenue fell 0.7% year on year, with a free-cash-flow margin of 18.9%. Where it stands out: operating margin of 26.0% ranks 4 of 26 beverages companies we cover.

Our discounted-cash-flow model values the business at ~$46 per share in the base case (~$25–$73 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 0.3% while net income grew 16.8%: a 16pp divergence.

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

  • High operating margin. 26.0% of revenue is left as operating profit, against a median of -0.7% for beverages companies we cover.
  • Net cash. Cash exceeds long-term debt by $11.6bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $83.97 is 45% above our value per share of $46.
  • Revenue shrinking. Revenue fell 0.7% over the last 12 months.

Latest results

Earnings per share
$1.21 against an average estimate of $1.17: beat by 3.7%
Next report
October 29, 2026; average EPS estimate $1.08

Anheuser-busch Inbev SA's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.5%
  • 1 week+2.4%

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)
$59.3B
Operating margin
26.0%
Net margin
11.5%

Growth

Revenue growth
−0.7%
Change in growth rate
−1.4 pts

Cash

Free cash flow (TTM)
$11.2B
FCF margin
18.9%
Stock pay % of revenue
1.1%

News & updates

Updated November 2, 2026

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

No recent updates are available for BUD from the sources we follow. See filings →

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

Anheuser-busch Inbev SA valuation models and calculator

What the price is pricing in

The share price implies about 8.3% a year of cash-flow growth for five years.That is close to the 4.8% a year revenue growth Anheuser-busch Inbev SA has delivered.

  • Priced in8.3%
  • Last 12 months-0.7%
  • 3 years a year0.9%
  • 5 years a year4.8%

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 ($81.64, 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
Sell12-month view
12-month price target
~$46
Price used
$81.64close November 3, 2026
Implied change
▼ 44%
Uncertainty
High

How we got here: a discounted-cash-flow model of Anheuser-busch Inbev SA's free cash flow after stock-based pay with after-tax interest added back ($9.9B, 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 ~$25–~$73 ; that spread sets a 35% 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 Anheuser-busch Inbev SA's free cash flow after stock-based pay ( $9.9B, 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 Anheuser-busch Inbev SA 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. ~$46 ~$25–$73 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$78 ~$69–$120 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$44 ~$30–$66 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$45 ~$37–$59 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. ~$52 ~$44–$78 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Anheuser-busch Inbev SA 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 ▼ −40%
  • Revenue growth 5 points higher ▲ +53%
  • Free-cash-flow margin 1 point lower ▼ −8%
  • Last year's free-cash-flow margin change, if it persists ▲ +2%
  • Discount rate 1 point higher ▼ −23%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $35$61$94$139$196$271
8.5% $19$37$61$93$134$187
10% $9$23$42$66$97$137

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

Fiscal yearEPSGrowthRevenueGrowth
Current $4.43 +19% $64.7bn +9%
Next $4.88 +10% $67.1bn +4%

Next year's EPS estimate has moved −1.7% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.4% on 90 days ago. In the last 30 days, 0 analysts raised Anheuser-busch Inbev SA's forecast and 6 cut it.

Consensus EPS forecast Anheuser-busch Inbev SA, last 90 days
$4.40 $4.60 $4.80 $5.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.45 Current fiscal year, 60 days ago: $4.46 Current fiscal year, 30 days ago: $4.42 Current fiscal year, 7 days ago: $4.42 Current fiscal year, Now: $4.43 $4.43 Next fiscal year, 90 days ago: $4.97 Next fiscal year, 60 days ago: $4.99 Next fiscal year, 30 days ago: $4.93 Next fiscal year, 7 days ago: $4.91 Next fiscal year, Now: $4.88 $4.88

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.45$4.97
60 days ago $4.46$4.99
30 days ago $4.42$4.93
7 days ago $4.42$4.91
Now $4.43$4.88

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.17 $1.21 +3.7%
Jun 2026 $1.14 $1.21 +6.4%
Mar 2026 $0.91 $0.97 +6.2%
Dec 2025 $0.88 $0.95 +8.4%

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

Analyst recommendations

12 analysts, Nov 2026
Buy1083%
Hold217%
Sell00%

Monthly trend

  1. Nov 202637212
  2. Oct 202637212
  3. Sep 202647112
  4. Aug 202637212

Counts of recommendations published by analysts covering Anheuser-busch Inbev SA, 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
0.7%
of tradable shares
Days to cover
2.94
at average volume
Short interest, 1 month
−16%
to October 15, 2026
Held by institutions
6%
of shares
Held by insiders
0.0%
of shares
Employees
137,000
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 Anheuser-busch Inbev SA’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.

Implied vs realised volatility

Not enough history

There is not enough price history to measure realised volatility.

  • Puts and calls are priced at about the same implied volatility.
  • Why: not enough price history to measure realised volatility.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

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.

BUD Anheuser-busch Inbev SA Grade B $83.67

Own 100 shares, sell the $87.50 call expiring December 18, 2026 (46 days) for $1.50 a share — $150 per contract.

Previous session · Bid $1.50, ask $1.90, quoted Mon 2 Nov, 17:17 New York time with BUD at $83.67. Option prices move with the shares: check the live chain at your broker before trading.

  • If BUD ends below $87.50: you keep your shares and the $150 — 1.8% extra on the position, 14.2% a year at that pace.
  • If it ends above $87.50: your shares are sold at $87.50, a total return of 6.4% including the premium — at or above our value of ~$46.
$533 $0 −$1.6k Break-even $82.17 Price $83.67 ← Our value ~$46
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$150
Annualised
14.2%
Break-even
$82.17
Max gain
$533.5
Chance of selling
~36%

Collar

Own the shares, buy the $82.50 put and sell the $87.50 call, both expiring December 18, 2026 (46 days).

  • Net cost of $1.20 a share ($120 per contract of 100 shares).
  • Worst case at expiry: -2.8%, if the shares fall below $82.50 (-1.4% from today).
  • Best case at expiry: +3.1%, if the shares rise above $87.50 (+4.6%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $46.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

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.

Anheuser-busch Inbev SA 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) Anheuser-busch Inbev SA
$40B $45B $50B $55B $60B FY15 Q4 FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY15 Q4: $43.1B Revenue (TTM), FY16 Q4: $45.5B Revenue (TTM), FY17 Q4: $54.9B Revenue (TTM), FY18 Q4: $53B Revenue (TTM), FY19 Q4: $52.3B Revenue (TTM), FY20 Q4: $46.9B Revenue (TTM), FY21 Q4: $54.3B Revenue (TTM), FY22 Q4: $57.8B Revenue (TTM), FY23 Q4: $59.4B Revenue (TTM), FY24 Q4: $59.8B Revenue (TTM), FY25 Q4: $59.3B $59.3B

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

View chart data
Period Revenue (TTM)
FY15 Q4 $43.1B
FY16 Q4 $45.5B
FY17 Q4 $54.9B
FY18 Q4 $53B
FY19 Q4 $52.3B
FY20 Q4 $46.9B
FY21 Q4 $54.3B
FY22 Q4 $57.8B
FY23 Q4 $59.4B
FY24 Q4 $59.8B
FY25 Q4 $59.3B
Revenue growth, TTM YoY Anheuser-busch Inbev SA
-20% -10% 0% 10% 20% 30% FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Revenue growth, TTM YoY, FY16 Q4: 5.7% Revenue growth, TTM YoY, FY17 Q4: 20.5% Revenue growth, TTM YoY, FY18 Q4: -3.3% Revenue growth, TTM YoY, FY19 Q4: -1.3% Revenue growth, TTM YoY, FY20 Q4: -10.4% Revenue growth, TTM YoY, FY21 Q4: 15.8% Revenue growth, TTM YoY, FY22 Q4: 6.4% Revenue growth, TTM YoY, FY23 Q4: 2.8% Revenue growth, TTM YoY, FY24 Q4: 0.7% Revenue growth, TTM YoY, FY25 Q4: -0.7% -0.7%

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

View chart data
Period Revenue growth, TTM YoY
FY16 Q4 5.7%
FY17 Q4 20.5%
FY18 Q4 -3.3%
FY19 Q4 -1.3%
FY20 Q4 -10.4%
FY21 Q4 15.8%
FY22 Q4 6.4%
FY23 Q4 2.8%
FY24 Q4 0.7%
FY25 Q4 -0.7%
Operating margin (TTM) Anheuser-busch Inbev SA
20% 25% 30% 35% FY15 Q4 FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Operating margin (TTM), FY15 Q4: 32.3% Operating margin (TTM), FY16 Q4: 28.3% Operating margin (TTM), FY17 Q4: 30.0% Operating margin (TTM), FY18 Q4: 30.9% Operating margin (TTM), FY19 Q4: 30.8% Operating margin (TTM), FY20 Q4: 20.5% Operating margin (TTM), FY21 Q4: 25.5% Operating margin (TTM), FY22 Q4: 25.1% Operating margin (TTM), FY23 Q4: 23.5% Operating margin (TTM), FY24 Q4: 25.9% Operating margin (TTM), FY25 Q4: 26.0% 26.0%

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

View chart data
Period Operating margin (TTM)
FY15 Q4 32.3%
FY16 Q4 28.3%
FY17 Q4 30.0%
FY18 Q4 30.9%
FY19 Q4 30.8%
FY20 Q4 20.5%
FY21 Q4 25.5%
FY22 Q4 25.1%
FY23 Q4 23.5%
FY24 Q4 25.9%
FY25 Q4 26.0%
FCF margin (TTM) Anheuser-busch Inbev SA
10% 15% 20% 25% FY15 Q4 FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 FCF margin (TTM), FY15 Q4: 21.8% FCF margin (TTM), FY16 Q4: 11.3% FCF margin (TTM), FY17 Q4: 18.7% FCF margin (TTM), FY18 Q4: 19.0% FCF margin (TTM), FY19 Q4: 16.9% FCF margin (TTM), FY20 Q4: 15.2% FCF margin (TTM), FY21 Q4: 16.9% FCF margin (TTM), FY22 Q4: 14.1% FCF margin (TTM), FY23 Q4: 14.5% FCF margin (TTM), FY24 Q4: 18.7% FCF margin (TTM), FY25 Q4: 18.9% 18.9%

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

View chart data
Period FCF margin (TTM)
FY15 Q4 21.8%
FY16 Q4 11.3%
FY17 Q4 18.7%
FY18 Q4 19.0%
FY19 Q4 16.9%
FY20 Q4 15.2%
FY21 Q4 16.9%
FY22 Q4 14.1%
FY23 Q4 14.5%
FY24 Q4 18.7%
FY25 Q4 18.9%

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

Where the money goes

FY2025, from the 10-K

Each dollar Anheuser-busch Inbev SA 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 $59.3B
  2. Cost of revenue $26.1B · 44.1%
  3. Gross profit $33.2B · 55.9%
  4. Selling, general and admin $10.8B · 18.1%
  5. Other operating costs $7B · 11.8%
  6. Operating income $15.4B · 26.0%
  7. Income tax $2.9B · 4.8%
  8. Interest and other $5.7B · 9.6%
  9. Net income $6.8B · 11.5%

Shares of revenue. Source: Anheuser-busch Inbev SA'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 43.1 45.5 54.9 53.0 52.3 46.9 54.3 57.8 59.4 59.8 59.3
Gross profit 26.5 27.7 33.9 33.1 32.0 27.2 31.2 31.5 32.0 33.0 33.2
Operating income 13.9 12.9 16.5 16.4 16.1 9.6 13.8 14.5 14.0 15.5 15.4
Net income 8.3 1.2 8.0 4.4 9.2 1.4 4.7 6.0 5.3 5.9 6.8
Diluted EPS $4.96 $0.71 $3.98 $2.17 $4.53 $0.69 $2.28 $2.91 $2.60 $2.86 $3.39
Growth (year on year)
Revenue — +5.7% +20.5% −3.3% −1.3% −10.4% +15.8% +6.4% +2.8% +0.7% −0.7%
Operating income — −7.4% +27.8% −0.3% −1.9% −40.2% +43.7% +5.0% −3.8% +10.9% −0.5%
Net income — −85.0% +543.8% −45.3% +109.9% −84.7% +232.4% +27.8% −10.5% +9.6% +16.8%
Diluted EPS — −85.7% +460.6% −45.5% +108.8% −84.8% +230.4% +27.6% −10.7% +10.0% +18.5%
Margins
Gross margin 61.5% 60.9% 61.8% 62.4% 61.1% 58.1% 57.5% 54.5% 53.9% 55.3% 55.9%
Operating margin 32.3% 28.3% 30.0% 30.9% 30.8% 20.5% 25.5% 25.1% 23.5% 25.9% 26.0%
Net margin 19.2% 2.7% 14.6% 8.2% 17.5% 3.0% 8.6% 10.3% 9.0% 9.8% 11.5%
Free-cash-flow margin 21.8% 11.3% 18.7% 19.0% 16.9% 15.2% 16.9% 14.1% 14.5% 18.7% 18.9%
Cash flow
Cash from operations 14.1 10.1 14.9 15.1 14.0 10.9 14.8 13.3 13.3 15.1 14.9
Capital spending 4.7 5.0 4.7 5.0 5.2 3.8 5.6 5.2 4.6 3.9 3.7
Free cash flow 9.4 5.1 10.2 10.1 8.9 7.1 9.2 8.1 8.6 11.2 11.2
Stock-based pay 0.2 0.2 0.3 0.3 0.3 0.2 0.5 0.4 0.6 0.6 0.6
Free cash flow after stock pay 9.2 4.9 9.9 9.7 8.5 6.9 8.6 7.7 8.1 10.5 10.6
Balance sheet
Cash — 8.6 10.5 7.1 7.2 15.3 12.1 10.0 10.3 11.2 11.6
Total debt — 122.6 116.4 111.6 103.0 — 0.0 0.0 0.0 72.2 73.0
Net debt (negative = net cash) — 114.0 105.9 104.5 95.7 −15.3 −12.1 −10.0 −10.3 61.0 61.4
Returned to shareholders
Dividends 8.0 8.5 9.3 7.8 5.0 1.8 2.4 2.4 3.0 2.7 4.5
Buybacks 1.0 — — — — — 0.0 0.0 0.4 0.9 2.3
Total returned 9.0 8.5 9.3 7.8 5.0 1.8 2.4 2.4 3.4 3.6 6.8

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

1 of 2 checks passed · December 31, 2025
What it owns · $218.8bn
Short-term assets $24.8bnLonger-term assets $194.0bn
What it owes, and who funded it · $121.8bn
Short-term liabilities $34.5bnShareholders' equity $87.3bn
  • Short-term assets cover short-term liabilities $24.8bn of assets due within a year against $34.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $15.4bn against $296m of interest.

From Anheuser-busch Inbev SA'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

FY2025 Q4 TTM
Buybacks (TTM)
$2.3B
Dividends (TTM)
$4.5B
Returned to shareholders
61%
of free cash flow
Buybacks, last 3 fiscal years
$3.6B
Total shareholder yield
4.0%
dividends 2.7% + buybacks 1.4% of market value
Dividend payout ratio
66%
of net income paid out
Days sales outstanding
38 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in beverages
Last 12 months unless stated BUD KO PEP CCEP KDP ABEV Median
Revenue, last 12 months $59.3bn $51.1bn $98.2bn $23.6bn $20.1bn $15.8bn $723m
Revenue growth, last 12 months −0.7% 7.1% 6.4% 6.9% 27.5% −5.2% 6.6%
Revenue growth, 3-year average — 4.3% 2.4% — 11.3% — 4.3%
Revenue growth, latest quarter — 7.4% 5.6% — 75.6% — 6.4%
Gross margin 55.9% 62.3% 54.2% 35.6% 49.4% 51.4% 42.6%
Operating margin 26.0% 30.0% 15.3% 13.4% 16.2% 26.4% −0.9%
Operating margin, 3-year average 27.1% 27.1% 13.3% 11.9% 18.7% 28.1% 11.9%
Net margin 11.5% 28.7% 11.1% 9.3% 7.1% 17.6% −1.6%
Cash from operations / revenue 25.1% 31.8% 14.8% 14.1% 12.6% 27.7% 9.9%
Free-cash-flow margin 18.9% 28.0% 10.7% 9.6% 9.8% 22.5% 9.0%
Free-cash-flow margin, 3-year average 18.2% 15.7% 8.3% 10.6% 8.8% 24.9% 8.8%
Stock pay / revenue 1.1% 0.5% 0.3% 0.2% 1.3% 0.5% 1.2%
Change in share count — −0.0% −0.3% −1.1% 0.1% −0.8% 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 -0.7% 6.9% 16 of 26
Change in growth rate Growth -1.4pp +0.6pp 18 of 26
Gross margin Profitability 55.9% 44.2% 5 of 26
Operating margin Profitability 26.0% -0.7% 4 of 26
Net margin Profitability 11.5% -1.5% 6 of 26
Free-cash-flow margin Cash generation 18.9% 9.6% 5 of 24
Stock pay as % of revenue Cash generation 1.1% 1.2% 9 of 23
Days sales outstanding Balance sheet 38 days 33 days 12 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
$7.9B
Institutions reporting
609
Shares held vs prior quarter
▲ 3.6%
Positions opened / closed
108 / 39

Top buyers and sellers, Q2 2026: 348 institutions bought and 181 sold ; the biggest buyer was Wellington Management Group LLP (+3.2M shares) and the biggest seller D. E. Shaw & Co., Inc (−2.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Dodge & Cox $2.4B 29.5M 30.8% ▼ 0.7%
Fisher Asset Management, LLC $1B 12.5M 13.0% ▲ 4.5%
Morgan Stanley $327M 4.0M 4.1% ▲ 2.5%
FMR LLC $269M 3.3M 3.4% ▲ 21.5%
Wellington Management Group LLP $263M 3.2M 3.3% ▲ 10464.1%
Connor, Clark & Lunn Investment Management Ltd. $236M 2.9M 3.0% ▲ 190.7%
Point72 Asset Management, L.P. $192M 2.3M 2.4% New
Goldman Sachs Group Inc $161M 1.9M 2.0% ▲ 8.6%
Gates Foundation Trust $140M 1.7M 1.8% 0.0%
Holocene Advisors, LP $136M 1.7M 1.7% ▲ 21.6%
Davenport & Co LLC $130M 1.6M 1.7% ▼ 13.8%
Capital International Investors $124M 1.5M 1.6% ▼ 0.9%

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 Anheuser-busch Inbev SA's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

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 23 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of Anheuser-busch Inbev SA shares.

  • Kevin Hern(R-OK 1):Sale (full), $1,001 - $15,000, traded August 18, 2026, filed September 1, 2026
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded August 4, 2025, filed September 12, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded July 16, 2025, filed August 13, 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

Data status

When each part of this page on Anheuser-busch Inbev SA 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.

Anheuser-busch Inbev SA in brief

What does Anheuser-busch Inbev SA do?
Anheuser-busch Inbev SA is a US-listed company in the beverages industry. Its financial year ends in December.
What is Anheuser-busch Inbev SA's stock ticker?
Anheuser-busch Inbev SA trades under the ticker BUD on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Anheuser-busch Inbev SA's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Anheuser-busch Inbev SA reported revenue of $59.3B, 0.7% lower than a year earlier, according to its SEC filings.
What is Anheuser-busch Inbev SA's free cash flow?
Anheuser-busch Inbev SA's free-cash-flow margin is 18.9% of revenue over the trailing twelve months, ranking 5 of the 24 beverages companies we cover.
What is Anheuser-busch Inbev SA's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Anheuser-busch Inbev SA's free cash flow after stock-based pay gives ~$46 per share in the base case, and ~$25–$73 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Anheuser-busch Inbev SA's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Dodge & Cox, Fisher Asset Management, LLC and Morgan Stanley. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Does Anheuser-busch Inbev SA pay a dividend?
Yes: Anheuser-busch Inbev SA paid $4.5B in dividends over the trailing twelve months, a dividend yield of 2.68% and a payout ratio of 66.4%.
Who are Anheuser-busch Inbev SA's competitors?
In our Beverages peer group, the companies closest to Anheuser-busch Inbev SA are The Coca-Cola Company, PepsiCo, Coca-cola Europacific Partners plc, Keurig Dr Pepper and Ambev S.a. The side-by-side comparison below sets their revenue, margins and growth against Anheuser-busch Inbev SA's.