Anheuser-busch Inbev SA key statistics and ratios

In fiscal 2025, Anheuser-busch Inbev SA had return on equity of 8.3%, an operating margin of 26.0%, debt equal to 83.6% of equity and a current ratio of 0.72. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Anheuser-busch Inbev SA: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
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%
Return on equity	18.1%	2.1%	11.1%	6.4%	13.1%	2.0%	6.8%	8.4%	6.9%	7.3%	8.3%
Return on assets	—	0.5%	3.2%	1.8%	3.9%	0.6%	2.1%	2.8%	2.5%	2.7%	3.2%
Asset turnover	—	0.18	0.22	0.22	0.22	0.20	0.24	0.27	0.27	0.28	0.28
Current ratio	—	1.07	0.65	0.52	0.83	0.82	0.70	0.67	0.63	0.70	0.72
Debt to equity	—	171.8%	160.4%	173.0%	136.0%	—	0.0%	0.0%	0.0%	92.2%	83.6%
Interest cover (operating income ÷ interest)	7.6x	3.1x	3.8x	72.3x	3.9x	—	3.8x	4.0x	51.3x	60.0x	52.0x
Effective tax rate	20.8%	37.2%	16.2%	33.4%	21.8%	92.9%	27.8%	20.2%	24.5%	29.8%	25.2%
R&D as % of revenue	0.5%	0.5%	0.5%	0.5%	0.6%	0.6%	0.5%	—	—	—	—
Capital spending as % of revenue	11.0%	10.9%	8.5%	9.4%	9.9%	8.1%	10.4%	8.9%	7.8%	6.5%	6.2%
Free cash flow ÷ net income	113.3%	413.5%	128.2%	230.2%	96.6%	506.0%	196.1%	136.3%	161.5%	191.2%	164.2%
Dividends ÷ net income	96.3%	680.9%	116.1%	177.6%	54.7%	128.1%	50.6%	40.9%	56.4%	45.6%	66.4%
Dividends and buybacks ÷ free cash flow	95.7%	164.7%	90.6%	77.2%	56.6%	25.3%	25.8%	30.0%	39.1%	32.2%	61.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Anheuser-busch Inbev SA's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Anheuser-busch Inbev SA.