Anheuser-Busch InBev SA/NV (ABI.BR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-9.2%

€67.22

vs €74.00 price

Levered DCF

€52.41

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.68

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.01×	17.11×	24.33×	20.14×	25.98×	98.09×	17.66×	29.88×
P/B	1.47×	1.28×	1.59×	1.65×	1.77×	2.02×	2.14×	2.02×
P/S	2.16×	1.67×	2.19×	2.1×	2.24×	2.93×	3.09×	2.46×
EV / EBITDA	9.02×	7.94×	10.38×	10.08×	11.15×	19.08×	11.54×	10.87×
Gross margin	55.9%	55.3%	53.9%	54.5%	57.5%	58.1%	61.1%	62.4%
Operating margin	26.4%	25.9%	23.5%	25.1%	25.5%	20.5%	30.8%	30.9%
Net margin	11.5%	9.8%	9.0%	10.3%	8.6%	3.0%	17.5%	8.2%
Current ratio	0.72×	0.7×	0.63×	0.67×	0.7×	0.82×	0.83×	0.52×
Debt / equity	0.84×	0.92×	0.96×	1.09×	1.29×	1.45×	1.36×	1.73×
Interest coverage	3.9×	3.7×	3.08×	3.32×	3.24×	2.07×	3.29×	1.77×
Dividend yield	3.7%	2.7%	2.3%	2.0%	1.9%	1.3%	3.1%	6.0%
Payout ratio	69.2%	45.6%	56.4%	40.9%	50.6%	128.1%	54.7%	177.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.8%	7.5%	6.5%	8.1%	6.8%	2.1%	12.1%	6.8%
Return on invested capital	6.3%	6.2%	5.7%	6.4%	5.4%	0.3%	6.1%	5.4%
Return on assets	3.1%	2.8%	2.4%	2.8%	2.1%	0.6%	3.9%	1.9%
Free cash flow yield	9.1%	11.2%	6.6%	6.7%	7.5%	5.2%	5.5%	7.7%
Earnings yield	5.3%	5.9%	4.1%	4.9%	3.8%	1.0%	5.7%	3.4%
Enterprise value	€189.3B	€161.1B	€197.8B	€191.3B	€198.3B	€220.5B	€257.7B	€235B
Net debt / EBITDA	2.92×	3.01×	3.56×	3.69×	4.32×	7.21×	4.29×	4.84×
Cash conversion cycle (days)	-245	-117	-124	-131	-164	-174	-164	-164