BR stock · Consumer Defensive sector · Beverages—Brewers
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Ambev S.A.

ABEVNYSE

2.83

USD
+0.03
(+1.07%)
After Hours Market
16.47P/E
22Forward P/E
0.82P/E to S&P500
47.772BMarket CAP
21.57%Div Yield
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in millions
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Income Statement
Revenue
2,572
2,626
1,799
2,692
2,824
2,069
3,003
4,521
6,821
8,225
11,038
8,948
13,306
15,203
14,556
15,726
14,727
14,326
11,792
14,005
14,461
12,940
13,087
11,238
13,077
COGS
1,529
1,499
1,055
1,458
1,457
944
1,398
1,800
2,454
2,778
3,678
3,118
4,436
5,091
4,718
5,021
4,825
4,821
4,054
5,122
5,447
4,964
5,394
5,210
6,401
Gross Profit
1,043
1,127
744
1,234
1,367
1,125
1,604
2,721
4,367
5,447
7,361
5,830
8,871
10,113
9,838
10,704
9,903
9,505
7,738
8,883
9,014
7,976
7,693
6,028
6,676
Gross Profit Ratio
40.56%
42.92%
41.35%
45.84%
48.41%
54.38%
53.43%
60.19%
64.02%
66.23%
66.68%
65.15%
66.66%
66.52%
67.58%
68.07%
67.24%
66.35%
65.62%
63.43%
62.33%
61.64%
58.79%
53.64%
51.05%
Operating Expenses
606
754
487
1,067
984
736
807
1,601
3,165
3,414
3,292
2,423
3,718
3,983
3,988
4,033
3,713
3,615
3,018
4,105
4,148
3,708
3,684
2,936
3,591
R&D Expenses
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Selling, G&A Exp.
- -
- -
- -
- -
- -
- -
662
1,156
- -
2,171
2,759
2,589
4,027
4,359
3,988
4,339
4,132
4,130
3,397
4,354
4,389
3,821
3,813
3,382
3,921
General and Admin. Exp.
- -
- -
- -
- -
- -
- -
145
233
- -
361
450
448
848
721
634
755
735
685
576
665
792
610
667
568
875
Selling and Marketing Exp.
- -
- -
- -
- -
- -
- -
517
923
- -
1,810
2,308
2,141
3,179
3,638
3,354
3,584
3,397
3,446
2,821
3,688
3,597
3,211
3,147
2,814
3,046
Other Expenses
606
754
487
1,067
984
736
145
445
3,165
1,243
533
(166)
(309)
(377)
- -
(306)
(420)
(515)
(379)
(248)
(242)
(113)
(130)
(446)
(331)
COGS and Expenses
2,135
2,252
1,542
2,525
2,440
1,680
2,205
3,401
5,620
6,191
6,969
5,541
8,154
9,073
8,706
9,054
8,537
8,436
7,072
9,227
9,594
8,671
9,077
8,146
9,992
Interest Income
- -
- -
- -
192
- -
- -
- -
4
41
- -
- -
111
210
473
411
120
145
150
145
158
139
117
266
434
198
Interest Expense
- -
- -
- -
- -
- -
- -
- -
243
- -
- -
- -
625
774
665
662
272
352
380
317
697
565
393
454
407
257
Depreciation and Amortization
52
71
53
104
306
212
352
650
1,114
1,154
800
558
790
944
781
863
886
900
776
1,079
1,090
1,036
1,163
995
969
EBITDA
518
373
222
137
668
559
988
1,523
2,136
3,079
3,277
4,020
6,264
7,421
7,433
7,435
6,315
6,574
5,146
5,725
5,403
4,730
4,736
3,931
3,614
EBITDA ratio
20.13%
14.21%
12.32%
5.09%
23.67%
27.03%
32.89%
33.69%
31.31%
37.43%
29.69%
44.92%
47.08%
48.81%
51.06%
47.28%
42.88%
45.89%
43.64%
40.88%
37.36%
36.55%
36.19%
34.98%
27.64%
Operating Income
437
373
257
167
383
390
850
814
1,202
2,025
2,520
3,381
5,265
6,039
6,283
6,762
6,503
5,954
4,740
5,253
4,959
4,376
3,999
3,075
3,066
Operating Income ratio
16.99%
14.22%
14.30%
6.22%
13.58%
18.83%
28.30%
18.02%
17.61%
24.62%
22.83%
37.79%
39.57%
39.72%
43.17%
43.00%
44.16%
41.56%
40.19%
37.51%
34.29%
33.82%
30.56%
27.36%
23.44%
Total Other Income Exp.(Gains)
29
(71)
(89)
(134)
(21)
(42)
(205)
(126)
(100)
(13)
23
(513)
(563)
(192)
(251)
(396)
(657)
(548)
(572)
(1,138)
(1,056)
(985)
(779)
(477)
(596)
Income Before Tax
466
302
169
33
362
347
645
689
1,101
2,011
2,543
2,868
4,702
5,846
6,032
6,366
5,846
5,405
4,168
4,115
3,904
3,392
3,220
2,598
2,470
Income Before Tax ratio
18.11%
11.52%
9.38%
1.23%
12.82%
16.79%
21.47%
15.24%
16.15%
24.45%
23.04%
32.05%
35.34%
38.46%
41.44%
40.48%
39.70%
37.73%
35.35%
29.38%
26.99%
26.21%
24.61%
23.12%
18.89%
Income Tax Expense (Gain)
46
29
(10)
(208)
22
(79)
147
193
361
614
895
625
1,267
1,256
1,353
1,173
1,040
755
917
97
1,533
461
188
339
114
Net Income
420
274
179
241
339
427
488
437
661
1,310
1,582
2,211
3,434
4,556
4,637
5,127
4,036
4,539
3,136
3,853
2,214
2,840
2,931
2,191
2,274
Net Income Ratio
16.33%
10.43%
9.92%
8.96%
12.02%
20.62%
16.26%
9.67%
9.69%
15.93%
14.33%
24.71%
25.81%
29.97%
31.85%
32.60%
27.41%
31.68%
26.59%
27.51%
15.31%
21.95%
22.40%
19.49%
17.39%
EPS
0.04
0.03
0.02
0.00
0.01
0.01
0.01
0.01
0.01
0.02
0.11
0.14
0.21
0.28
0.29
0.31
0.32
0.29
0.20
0.25
0.14
0.18
0.19
0.14
0.14
EPS Diluted
0.04
0.03
0.02
0.00
0.01
0.01
0.01
0.01
0.01
0.02
0.10
0.13
0.21
0.28
0.28
0.31
0.31
0.29
0.20
0.24
0.14
0.18
0.18
0.14
0.14
Weighted Avg. Shares Outs.
10,551
10,332
10,377
54,338
57,695
57,433
45,912
82,033
81,774
79,739
14,226
15,362
16,075
15,480
16,254
15,616
12,679
15,683
15,726
15,697
15,710
15,718
15,728
15,733
15,737
Weighted Avg. Shares Outs. Dil.
10,551
10,332
10,377
56,412
57,695
57,433
46,283
82,033
81,774
79,739
16,185
16,623
16,110
15,530
16,315
15,688
12,825
15,820
15,928
15,823
15,710
15,856
15,869
15,868
15,857
Balance Sheet
Cash and Cash Equivalents
11
17
19
23
1,044
782
414
486
358
719
1,297
1,425
2,319
3,560
4,334
4,355
4,777
3,657
3,438
2,419
3,126
2,953
2,961
3,290
2,985
Short-Term Investments
782
883
922
504
55
208
517
81
111
106
98
0
42
644
104
233
122
268
54
87
4
3
4
327
344
Cash & Short-Term Investments
792
900
940
527
1,099
990
930
567
469
824
1,395
1,425
2,361
4,205
4,437
4,588
4,899
3,926
3,492
2,506
3,130
2,956
2,965
3,617
3,328
Net Receivables
300
254
237
408
347
217
518
811
714
1,206
1,327
1,688
2,661
2,395
2,238
1,625
1,991
1,735
1,858
3,007
2,510
1,810
2,132
1,461
1,329
Inventory
289
310
212
303
349
243
330
520
504
637
819
872
854
1,148
1,201
1,160
1,132
1,228
1,035
1,263
1,240
1,313
1,406
1,391
1,975
Other Current Assets
132
167
118
140
232
130
124
128
421
516
886
29
34
31
0
558
643
910
762
560
582
445
370
334
302
Total Current Assets
1,514
1,630
1,508
1,378
2,027
1,580
1,902
2,025
2,108
3,184
4,427
4,015
5,911
7,779
7,877
7,931
8,665
7,798
7,147
7,336
7,462
6,525
6,872
6,803
6,934
PP&E
2,190
1,761
1,052
1,643
1,360
929
1,441
2,083
2,310
2,673
3,360
3,156
3,784
4,237
4,972
5,568
5,900
5,921
4,831
5,882
5,682
5,177
5,617
4,768
5,246
Goodwill
- -
- -
- -
- -
- -
- -
583
6,841
7,150
8,399
8,417
7,738
10,056
10,509
9,366
9,744
11,438
10,347
7,813
9,370
9,480
8,830
8,710
7,705
7,613
Intangible Assets
- -
- -
13
315
267
177
- -
- -
- -
- -
- -
1,077
1,109
1,098
946
1,432
1,360
1,413
1,285
1,611
1,411
1,505
1,569
1,459
1,560
Goodwill and Intangible Assets
- -
- -
13
315
267
177
583
6,841
7,150
8,399
8,417
8,815
11,164
11,607
10,312
11,176
12,798
11,759
9,098
10,981
10,892
10,334
10,279
9,164
9,173
Investments
- -
- -
- -
- -
- -
- -
9
55
- -
- -
- -
150
156
137
142
133
38
41
210
124
109
104
116
106
89
Tax Assets
- -
- -
- -
511
502
440
633
835
873
1,666
1,706
- -
785
657
- -
692
697
524
694
697
688
520
734
878
849
Other Non-Current Assets
445
494
432
583
615
371
560
591
1,875
724
2,019
1,928
1,206
1,297
1,456
923
971
1,097
781
728
1,387
1,587
1,695
2,381
2,589
Total Non-Current Assets
2,635
2,255
1,497
3,052
2,745
1,918
3,226
10,405
12,208
13,462
15,503
14,049
17,095
17,935
16,881
18,493
20,405
19,342
15,614
18,412
18,758
17,722
18,442
17,297
17,946
Other Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
35,891
Total Assets
4,149
3,885
3,005
4,430
4,772
3,498
5,128
12,431
14,316
16,645
19,930
18,063
23,006
25,714
24,758
26,425
29,070
27,140
22,760
25,748
26,221
24,247
25,314
24,100
24,879
Accounts Payable
261
212
175
297
247
223
- -
133
455
648
1,201
1,446
2,048
2,805
6,057
3,202
3,355
3,276
2,987
3,338
3,579
3,619
3,749
3,723
4,501
Short-Term Debt
636
748
578
649
744
172
683
1,296
517
983
1,391
1,558
470
1,571
1,194
409
440
409
324
1,115
399
402
162
527
152
Tax Payable
- -
- -
- -
- -
- -
- -
450
615
- -
751
1,113
867
1,532
1,234
426
1,473
1,297
1,333
1,096
1,315
1,659
1,376
1,369
1,100
1,091
Deferred Revenue
- -
- -
- -
- -
- -
- -
- -
5
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Other Current Liabilities
415
349
294
438
485
406
949
1,869
1,187
1,565
2,175
1,548
2,353
1,984
481
3,961
3,477
4,525
4,297
4,384
4,683
2,374
2,311
2,194
2,323
Total Current Liabilities
1,312
1,309
1,046
1,384
1,476
800
1,632
3,303
2,160
3,196
4,767
4,552
4,872
6,359
7,731
7,572
7,273
8,210
7,608
8,836
8,661
6,396
6,223
6,444
6,977
Long-Term Debt
781
816
520
476
1,233
1,096
1,385
1,644
2,562
3,485
4,144
3,054
3,706
2,509
1,014
1,125
785
615
585
542
372
222
600
395
404
Deferred Revenue
- -
- -
- -
- -
- -
- -
- -
34
- -
70
88
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Deferred Tax Liabilities
146
- -
98
268
14
7
81
156
- -
190
347
355
288
612
394
769
1,106
654
624
715
703
625
590
586
577
Other Non-Current Liabilities
458
529
419
461
555
405
472
820
1,050
603
693
1,025
1,349
1,433
1,759
2,359
1,282
1,242
1,239
1,327
1,998
2,180
2,338
2,208
1,840
Total Non-Current Liabilities
1,385
1,346
1,037
1,205
1,802
1,508
1,938
2,655
3,612
4,347
5,271
4,434
5,343
4,554
3,167
4,253
3,173
2,511
2,448
2,585
3,074
3,027
3,527
3,189
2,821
Other Liabilities
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Capital Lease Obligations
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
10
9
8
8
13
10
11
534
408
- -
Total Liabilities
2,697
2,654
2,084
2,590
3,278
2,309
3,571
5,957
5,772
7,544
10,039
8,986
10,215
10,913
10,899
11,825
10,446
10,721
10,056
11,421
11,735
9,423
9,750
9,634
9,798
Preferred Stock
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Common Stock
- -
- -
- -
- -
- -
- -
1,080
1,786
- -
- -
- -
- -
- -
- -
4,456
5,946
24,128
21,662
14,542
17,693
17,394
14,866
14,397
11,146
10,419
Retained Earnings
- -
339
307
268
395
- -
- -
- -
- -
757
- -
5,989
9,495
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Other Compreh. Income(Loss)
(1,255)
(1,162)
(944)
(1,601)
(1,545)
357
527
4,737
6,227
(4,920)
7,008
(3,775)
(5,319)
(5,673)
9,287
8,136
25,915
22,537
15,794
19,725
19,129
18,087
18,831
15,574
4,416
Other Total Stockhold. Equity
2,706
2,053
1,559
3,174
2,644
- -
(117)
(124)
- -
- -
- -
- -
- -
- -
- -
- -
(31,909)
(28,316)
(18,137)
(23,653)
(22,632)
(18,440)
(17,982)
(12,510)
- -
Total Stockholders Equity
1,451
1,230
922
1,840
1,494
1,167
1,490
6,399
8,492
8,998
9,786
8,980
12,631
14,678
13,743
14,083
18,134
15,884
12,199
13,766
13,890
14,513
15,246
14,210
14,834
Total Liab.&Stockhold. Equity
4,149
3,885
3,005
4,430
4,772
3,475
5,060
12,356
14,264
16,541
19,825
17,966
22,846
25,591
24,642
25,907
28,579
26,605
22,255
25,187
25,625
23,936
24,996
23,843
24,632
Minority Interest
- -
- -
- -
- -
- -
22
68
75
52
104
105
97
160
122
117
517
490
535
505
561
596
311
318
257
247
Total Liabilities & Equity
4,149
3,885
3,005
4,430
4,772
3,498
5,128
12,431
14,316
16,645
19,930
18,063
23,006
25,714
24,758
26,425
29,070
27,140
22,760
25,748
26,221
24,247
25,314
24,100
24,879
Cash Flow Statement
Net Income
- -
- -
- -
241
339
427
488
437
661
1,310
1,582
2,211
3,434
4,556
4,637
5,127
4,036
4,539
3,136
3,853
2,214
2,840
2,931
2,191
2,274
Depreciation and Amortization
- -
- -
- -
104
306
212
352
650
1,114
1,154
800
558
790
944
781
863
886
900
776
1,079
1,090
1,036
1,163
995
969
Deferred Income Tax
- -
- -
- -
- -
(63)
(114)
(69)
(86)
38
- -
- -
- -
- -
- -
1,353
1,173
1,040
755
917
97
1,533
461
188
339
114
Stock Based Compensation
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
25
77
72
66
71
77
61
50
52
63
41
51
40
70
Change in Working Capital
- -
- -
- -
- -
(69)
41
(117)
(102)
(202)
(220)
350
49
(176)
(268)
319
8
(139)
183
1,015
(485)
(131)
(115)
(46)
173
538
Accounts Receivable
- -
- -
- -
- -
- -
- -
(4)
(53)
- -
(78)
(93)
- -
- -
- -
(226)
- -
(497)
- -
- -
- -
- -
- -
- -
- -
- -
Inventory
- -
- -
- -
- -
(65)
11
(17)
(75)
40
(67)
(84)
(171)
109
(352)
(156)
(96)
(179)
(222)
(172)
(134)
(19)
(301)
(210)
(251)
(628)
Accounts Payable
- -
- -
- -
- -
- -
- -
- -
- -
- -
134
474
- -
- -
- -
701
- -
537
- -
- -
- -
- -
- -
- -
- -
- -
Other Working Capital
- -
- -
- -
- -
- -
- -
(142)
85
(5)
(229)
(27)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Other Non-Cash Items
- -
- -
- -
(345)
128
209
220
388
164
550
1,716
195
864
758
(391)
(348)
554
(457)
58
(804)
627
350
286
(108)
145
Cash Provided by Operating Activities
- -
- -
- -
- -
641
775
874
1,287
1,774
2,795
4,449
3,038
4,990
6,063
6,765
6,893
6,454
5,980
5,952
3,791
5,396
4,614
4,573
3,630
4,111
CAPEX
- -
- -
- -
- -
(193)
(148)
(298)
(480)
(585)
(666)
(916)
(846)
(825)
(1,378)
(1,717)
(1,471)
(1,609)
(1,690)
(1,328)
(1,269)
(967)
(920)
(1,261)
(903)
(1,378)
Acquisitions Net
- -
- -
- -
- -
(95)
- -
(604)
99
- -
(1,235)
(242)
- -
(26)
(11)
- -
(1,238)
(108)
(4)
(282)
(560)
(101)
(34)
27
(83)
(24)
Purchases of Investments
- -
- -
- -
- -
- -
- -
- -
- -
(22)
(1,232)
(133)
- -
(97)
(643)
- -
(133)
- -
(168)
(31)
(23)
(0)
(6)
(17)
(343)
(43)
Sales/Maturities of Investments
- -
- -
- -
- -
- -
- -
- -
508
- -
84
- -
- -
- -
63
- -
- -
60
- -
102
- -
84
- -
- -
- -
- -
Other Investing Activities
- -
- -
- -
- -
(157)
(6)
205
(86)
(84)
1,282
54
(187)
(19)
(14)
535
52
47
68
26
41
57
14
48
21
57
Cash Used for Investing Activities
- -
- -
- -
- -
(445)
(154)
(697)
42
(692)
(1,768)
(1,237)
(956)
(890)
(1,913)
(1,182)
(2,789)
(1,609)
(1,794)
(1,514)
(1,811)
(928)
(947)
(1,204)
(1,309)
(1,388)
Debt Repayment
- -
- -
- -
- -
- -
- -
(868)
(2,811)
- -
(3,458)
(5,272)
(2,832)
(2,173)
(4)
(2,270)
(847)
(421)
(674)
(1,429)
(583)
(1,646)
(647)
(719)
(489)
(560)
Common Stock Issued
- -
- -
- -
- -
37
8
- -
- -
- -
2
72
24
69
148
119
103
7
59
2
0
- -
3
3
- -
- -
Common Stock Repurchased
- -
- -
- -
- -
(107)
(95)
(107)
(606)
(155)
(824)
(1,738)
(259)
- -
- -
(17)
(15)
(16)
(28)
(208)
- -
(12)
- -
(8)
(1)
(8)
Dividends Paid
- -
- -
- -
- -
(136)
(95)
(355)
(227)
(971)
(836)
(1,097)
(1,210)
(2,043)
(3,031)
(2,938)
(2,659)
(3,052)
(4,537)
(2,900)
(3,173)
(2,663)
(2,271)
(1,958)
(1,319)
(1,995)
Other Financing Activities
- -
- -
- -
- -
804
(641)
1,210
2,351
(145)
4,431
5,325
2,548
745
(42)
463
(315)
(492)
235
666
179
436
(492)
(374)
153
(317)
Cash Used/Provided by Financing Activities
- -
- -
- -
- -
599
(823)
(120)
(1,293)
(1,271)
(686)
(2,711)
(1,730)
(3,401)
(2,929)
(4,643)
(3,734)
(3,973)
(4,945)
(3,869)
(3,576)
(3,884)
(3,406)
(3,056)
(1,656)
(2,880)
Effect of Forex Changes on Cash
- -
- -
- -
- -
- -
285
(35)
(0)
(4)
(14)
(68)
98
(271)
(86)
217
50
107
38
439
(167)
163
25
(205)
334
69
Net Change In Cash
- -
- -
- -
- -
795
83
22
36
(194)
328
432
449
427
1,135
1,157
421
979
(720)
1,008
(1,763)
747
286
109
999
(89)
Cash at the End of Period
- -
- -
- -
- -
1,044
782
414
486
358
719
1,297
1,417
2,309
3,560
4,327
4,355
4,777
3,620
3,437
2,419
3,125
2,953
2,961
3,290
2,979
Cash at the Beginning of Period
- -
- -
- -
- -
249
700
391
450
552
391
865
968
1,882
2,425
3,170
3,934
3,799
4,341
2,429
4,182
2,378
2,667
2,852
2,291
3,068
Free Cash Flow
- -
- -
- -
- -
448
627
576
808
1,188
2,129
3,532
2,193
4,164
4,685
5,048
5,423
4,845
4,290
4,624
2,522
4,429
3,694
3,312
2,726
2,733
Forex Rate
- -
- -
- -
0.51
0.43
0.28
0.35
0.38
0.43
0.47
0.56
0.43
0.57
0.60
0.54
0.49
0.42
0.38
0.25
0.31
0.30
0.26
0.25
0.19
0.18