Anheuser-Busch InBev SA/NV (BUD) 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

-15.7%

$70.32

vs $83.40 price

Levered DCF

$63.98

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.53

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	18.51×	17.15×	24.38×	20.22×	25.99×	99.87×	17.76×	29.78×
P/B	1.46×	1.28×	1.59×	1.65×	1.77×	2.05×	2.15×	2.02×
P/S	2.14×	1.68×	2.19×	2.09×	2.24×	2.98×	3.11×	2.45×
EV / EBITDA	9.04×	7.95×	10.39×	10.06×	11.15×	19.64×	11.58×	10.77×
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×	0.53×
Debt / equity	0.84×	0.92×	0.96×	1.09×	1.29×	1.45×	1.36×	1.7×
Interest coverage	4.05×	3.47×	2.93×	3.15×	3.15×	2.03×	3.2×	3.37×
Dividend yield	3.6%	2.7%	2.3%	2.0%	1.9%	1.3%	3.1%	6.0%
Payout ratio	66.7%	45.6%	56.5%	40.9%	50.5%	129.0%	54.7%	177.4%

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	8.9%	11.1%	6.6%	6.4%	7.4%	4.4%	4.5%	6.7%
Earnings yield	5.4%	5.8%	4.1%	4.9%	3.8%	1.0%	5.6%	3.4%
Enterprise value	$188.4B	$161.3B	$198.1B	$191B	$198.3B	$223.1B	$258.6B	$232.8B
Net debt / EBITDA	2.95×	3.01×	3.56×	3.69×	4.32×	7.34×	4.29×	4.76×
Cash conversion cycle (days)	-128	-116	-135	-131	-172	-186	-178	-164