Ambev SA

Ambev SA

2.76
USD
+0.12
(+4.55%)
0.20EPS
15.08P/E
45.47BMarket Cap
Mar 04Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
2.74
2.4
2.94
2.88
3.02
3.16
3.27
3.67
4.58
5.01
5.01
5.63
5.59
5.67
Basic EPS, GAAP
0.75
0.76
0.78
0.79
0.46
0.69
0.74
0.72
0.8
0.91
0.91
0.91
0.98
1
Free Cash Flow per Basic Share
0.9
0.72
1.15
0.52
0.95
0.93
0.84
0.89
0.96
0.89
1.18
1.34
1.26
1.57
Dividend per Share
0.57
0.76
0.72
0.65
0.56
0.56
0.5
0.43
0.7
0.77
0.75
0.26
1.3
0.78
Book Value per Share
1.89
2.66
3.05
2.83
2.87
3.54
3.86
4.64
5.2
5.15
4.96
6.21
5.57
5.84
Tangible Book Value per Share
0.56
0.69
0.78
0.57
0.6
1.02
1.26
1.65
1.98
2.02
1.94
2.63
2.24
2.59
Basic Weighted Avg Shares
12,806
15,840
15,884
15,854
15,868
15,876
15,885
15,891
15,895
15,900
15,903
15,892
15,774
15,691
Sales/Revenue/Turnover
35,079
38,080
46,720
45,603
47,899
50,231
52,005
58,379
72,854
79,709
79,737
89,453
88,243
89,016
Operating Margin (%)
41.88
41.11
40.03
34.11
33.91
33.7
31.23
27.51
23.6
21.83
23.54
24.04
25.3
26.43
Depreciation Expense
2,105
2,393
3,075
3,512
4,037
4,448
4,675
5,167
5,397
5,956
6,418
7,126
6,832
6,642
Net Income, GAAP
9,557
12,066
12,424
12,547
7,269
10,995
11,780
11,379
12,671
14,458
14,502
14,437
15,503
15,747
Effective Tax Rate (%)
17.88
13.97
22.01
2.35
39.33
13.52
5.83
13.06
4.63
- -
0.5
23.81
17.68
20.51
Profit Margin (%)
27.24
31.68
26.59
27.51
15.18
21.89
22.65
19.49
17.39
18.14
18.19
16.14
17.57
17.69
Working Capital
3,456
-1,096
-1,827
-4,887
-4,704
121
2,610
1,865
-239
-2,724
-4,442
4,767
-1,724
2,428
LT Debt
1,865
1,635
2,317
1,766
2,831
2,162
2,410
2,054
2,254
2,788
2,203
2,176
2,220
1,718
Total Equity
44,225
43,645
50,334
46,651
47,564
57,455
62,556
75,151
84,018
83,328
80,144
99,581
88,775
91,442
Return on Invested Capital (%)
26.92
27.17
27.18
29.37
17.78
24.04
22.12
17.86
18.35
- -
20.37
16.59
18.41
18.41
Return on Capital (%)
19.13
27.03
25.82
26.84
15.42
21.36
20.59
17.67
16.72
- -
19.72
16.99
17.68
18.29
Return on Common Equity (%)
27.95
28.32
27.44
26.94
16.08
21.59
20.05
16.85
16.2
17.57
18.02
16.26
16.62
17.22

Capital Structure

BRL

•

in mil. unless spec.
Mar'26
Jun'26
Sep'26
ST Debt
1,104
1,074
997
LT Borrowings
234
1,875
216
LT Finance Leases
1,767
- -
1,502
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
15,753
15,608
15,571
Market Capitalization
238,190
253,326
235,638

Working Capital

BRL

•

in mil. unless spec.
Mar'26
Jun'26
Sep'26
Total Current Assets
42,833
40,475
43,153
Cash, Cash Equivalents & STI
19,641
18,346
21,914
Accounts Receivable, Net
5,931
5,569
6,254
Inventories
10,399
10,416
9,983
Total Current Liabilities
41,664
39,622
40,725
Payables & Accruals
34,375
32,102
33,334
ST Debt
1,104
1,074
997
Deferred Revenue
- -
- -
- -

Growth Rates

BRL

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.5%
4.11%
-10.85%
Free Cash Flow
6.27%
7.98%
-6.98%
Net Income, GAAP
4.66%
6.54%
7.39%
Sales/Revenue/Turnover
6.84%
9.02%
-1.35%
Total Cash Common Dividend
35.98%
81.65%
404.47%

Quarterly Revenue

BRL

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
20,276
20,044
22,097
27,035
89,453
2025
22,497
20,090
20,847
24,808
88,243
2026
22,464
20,149
21,595
- -
- -

Quarterly Earnings Per Share

BRL

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.23
0.15
0.22
0.31
0.91
2025
0.23
0.17
0.3
0.28
0.98
2026
0.24
0.22
0.27
- -
- -

Quarterly Dividends Per Share

BRL

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.01
0.01
0.24
0.26
2025
0.42
0.13
0.13
0.61
1.3
2026
- -
0.08
0.09
- -
- -

Company Description

CEO
Carlos Eduardo Klützenschell Lisboa
Full Time Employees
39,000
Sector
Consumer non-durables
Industry
Beverages: alcoholic
Address
Rua Dr. Renato Paes de Barros, 1017 São Paulo SP Brazil 04530-001
IPO Date
Nov 11, 2013
Business
Ambev S.A. produces, distributes and sells beer, draft beer, carbonated soft drinks, malt beverages, other alcoholic beverages, non-alcoholic and non-carbonated products primarily in Brazil, Central America and the Caribbean, Latin America South, and Canada. The company offers a broad portfolio of beer brands including Skol, Brahma, Antarctica, Budweiser, Stella Artois, Corona, Quilmes, Labatt, Presidente, Bucanero and Cristal; carbonated soft drinks, bottled water, isotonic beverages, energy drinks, coconut water, powdered and natural juices, and ready-to-drink teas such as Guaraná Antarctica, Gatorade, H2OH!, Pepsi Black, Lipton Iced Tea, Fusion, Pepsi-Cola, Canada Dry, Squirt, Red Rock, Red Bull, Seven Up, Nutrl, Bud Light Seltzer, Palm Bay and Mike's; as well as craft beers from acquisitions like Wäls, Colorado, Bogotá Beer Company, Mill Street Brewery and balanced choice options including Michelob Ultra and Stella Pure Gold no-alcohol variants. Founded in 1999 through the merger of Companhia Cervejaria Brahma (established 1888) and Companhia Antarctica Paulista (established 1885), Ambev maintains headquarters in São Paulo, Brazil, and operates in 18 countries encompassing direct operations in Guatemala (serving El Salvador, Honduras and Nicaragua), Dominican Republic, Cuba, Panama, Barbados, Saint Vincent, Dominica, Antigua, Argentina, Bolivia, Chile, Paraguay and Uruguay through subsidiaries and alliances such as Quilmes and Cervecería Nacional Dominicana. As a subsidiary of Anheuser-Busch InBev, Ambev focuses on premiumization, digital transformation via its B2B platform BEES serving over 3 million monthly active retailers, and portfolio expansion into super premium and balanced choice segments. In recent developments, the company reports robust Q3 2025 performance with 7% net revenue growth, mid-teens expansion in premium brands nearing 50% market share in Brazil, doubled volumes for Stella Pure Gold, 100% GMV increase in Ze Delivery digital ecosystem, expanded environmental initiatives boosting investor confidence, and ongoing SKU optimization alongside rigorous zero-based budgeting for margin expansion.

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