# Anheuser Busch Inbev SA NV (ABI.BR)

Canonical: https://gigainvestors.com/s/ABI.BR

Analysis as of: 2026-10-16T07:33:35.528Z. Financial observations: FY2000–FY2025.

Listing currency: EUR. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 72.92 per share; close as of 2026-10-15.

Estimated value: low EUR 39.83 per share, central EUR 44.92 per share, high EUR 51.70 per share. Buy at or below the central value EUR 44.92 per share. Valuation as of 2026-10-16T07:33:35.528Z; scenarios are not confidence intervals.

Expected annual return: 7.1% at the stated quote. About 7.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; BE 10-year bond 4.3% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.28×

- FY2017: 0.30×

- FY2018: 0.31×

- FY2019: 0.31×

- FY2020: 0.21×

- FY2021: 0.25×

- FY2022: 0.25×

- FY2023: 0.24×

- FY2024: 0.26×

- FY2025: 0.26×

### moat: pass

- ROIC, median of available years: 33.2%

- ROIC, second-lowest year: 20.9%

- Typical minus recent gross margin: 2.5 pp

- Typical gross margin (annual median): 57.8%

- Recent gross margin (lower of latest and 3-year median): 55.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.2%

- ROIC including acquisitions, ten-year median: 3.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 19.3%

- FY2017: 35.7%

- FY2018: 30.9%

- FY2019: 29.1%

- FY2020: 20.9%

- FY2021: 34.1%

- FY2022: 38.1%

- FY2023: 32.4%

- FY2024: 38.1%

- FY2025: 38.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $30B

- Net income, five-year total: $29B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -0.9 pp

- Working capital / revenue, final three-year average: -14.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.90×

- FY2022: 0.93×

- FY2023: 1.03×

- FY2024: 1.16×

- FY2025: 1.16×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 30.9% vs 38.1%

- Per-share earnings: 4.05 to 2.87 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.9%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: -$100B

- Cumulative retained earnings: $22B

- Diluted shares, 10-year annual growth: 1.9%

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -4.2%

- Per-share value change: -$1.18

- Per-share value, starting three-year median: $4.05

- Per-share value, ending three-year median: $2.87

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 2.4%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: $107B

- Cumulative net income, 10 years: $53B

- ROIC, first three-year median: 30.9%

- ROIC, last three-year median: 38.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.63

- FY2017: $4.05

- FY2018: $2.21

- FY2019: $4.68

- FY2020: $0.71

- FY2021: $2.33

- FY2022: $2.93

- FY2023: $2.65

- FY2024: $2.87

- FY2025: $3.46

### accounting: pass

- Sloan accruals: -4.0%

- Receivables to sales index (DSRI): 1.17×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.27×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.83×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.4%

- FY2017: -3.0%

- FY2018: -4.6%

- FY2019: -1.8%

- FY2020: -5.6%

- FY2021: -4.7%

- FY2022: -3.4%

- FY2023: -3.6%

- FY2024: -4.5%

- FY2025: -4.0%

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Gates](https://gigainvestors.com/GFT): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 7.3% a year for ten years · "EBITDA Growth: Increased by 6.5% with continued margin expansion." (finance.yahoo.com, Aug 2025) · sales -0.7%

Story as of 2026-10-16T09:59:56.809Z; price observation 2026-10-15.

Price needs cash profits to grow 7.3% a year for ten years

- 2025-05-09: AB InBev Q1 Earnings Beat on Brand Momentum, Revenues Fall Short ([finance.yahoo.com](https://finance.yahoo.com/news/ab-inbev-q1-earnings-beat-163300779.html))

- 2025-06-05: BUD Q1 Earnings Call: Revenue Misses, Margins Expand as Management Focuses on Brand Investment ([finance.yahoo.com](https://finance.yahoo.com/news/bud-q1-earnings-call-revenue-113817182.html))

- 2025-07-31: Anheuser-Busch (NYSE:BUD) Reports Sales Below Analyst Estimates In Q2 Earnings, Stock Drops ([finance.yahoo.com](https://finance.yahoo.com/news/anheuser-busch-nyse-bud-reports-101045441.html))

- 2025-08-01: AB InBev Q2 Earnings Beat Estimates, Revenues Miss on Soft Volumes ([finance.yahoo.com](https://finance.yahoo.com/news/ab-inbev-q2-earnings-beat-160200088.html))

- 2026-01-26: AB InBev Leverages Premiumization and Digital Expansion to Fuel Growth ([finance.yahoo.com](https://finance.yahoo.com/news/ab-inbev-leverages-premiumization-digital-141600647.html))

- 2026-02-12: Anheuser-Busch Fourth-Quarter Earnings Surprisingly Rise; Revenue Misses Views Amid Volume Weakness ([finance.yahoo.com](https://finance.yahoo.com/news/anheuser-busch-fourth-quarter-earnings-154235645.html))

### Sales · FY2024–2025

sales -0.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: $46B 

- FY2017: $55B 

- FY2018: $53B 

- FY2019: $52B 

- FY2020: $47B 

- FY2021: $54B 

- FY2022: $58B 

- FY2023: $59B 

- FY2024: $60B 

- FY2025: $59B 

### Gross margin · FY2025

gross margin 55.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 60.9% 

- FY2017: 61.8% 

- FY2018: 62.4% 

- FY2019: 61.1% 

- FY2020: 58.1% 

- FY2021: 57.5% 

- FY2022: 54.5% 

- FY2023: 53.9% 

- FY2024: 55.3% 

- FY2025: 55.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in beverages brewers; annual sales are USD 59.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.528Z); FY2025: revenue 59320000000; grossProfit 33179000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ABI.BR: Anheuser-Busch InBev SA/NV produces and sells beer in North America, Middle Americas, South America, Europe, the Middle East, Africa, and the Asia Pacific. It operates through North America, Middle Americas, South America, EMEA, Asia Pacific, and Global Export and Holding Companies segments. The company also offers flavored malt beverages, soft drinks, spirit-based ready-to-drink cocktails and beverages, and energy drinks. In addition, it operates BEES, a business-to-business digital commerce platform; on-demand delivery platforms under the Zé Delivery and TaDa Delivery brands; and premium at-home draft system under the PerfectDraft brand. The company provides a portfolio of approximately 500 beer brands, which primarily include Budweiser, Corona Extra, Michelob Ultra, and Stella Artois; Aguila, Brahma, Carling Black Label, Cass Fresh, Jupiler, Quilmes, SKOL, and Victoria; Beck's, Hoegaarden, and Leffe; Antarctica, Bud Light, Castle, Castle Lite, Cristal, Harbin, Modelo Especial, Sedrin, and Skol brands, as well as non-beer brands comprising Brutal Fruit, Cutwater, and NÜTRL brands. The company was formerly known as InBev SA and changed its name to Anheuser-Busch InBev SA/NV in November 2008. Anheuser-Busch InBev SA/NV was founded in 1366 and is headquartered in Leuven, Belgium.

### Why customers stay

Margins ranged from 53.9% to 55.9% during 2023–25; it earns 33.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.528Z); FY2023: grossProfit / revenue = 53.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.528Z); FY2024: grossProfit / revenue = 55.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.528Z); FY2025: grossProfit / revenue = 55.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.528Z); 10-year return on capital observations [[2016,0.19332517547100111],[2017,0.3568672269170415],[2018,0.3093509373405794],[2019,0.2905789068161937],[2020,0.20864197530864198],[2021,0.340681037851441],[2022,0.38108871355585855],[2023,0.3237687219821502],[2024,0.3808875511370515],[2025,0.3844539578141098]]; median 0.3322248799167956. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 2.4 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.528Z); FY2016: growth capex 1164154764.9872637; upkeep 3814845235.0127363; owner earnings 903154764.9872637. Growth capex / owner earnings = 1.2889870154244059.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.528Z); FY2017: growth capex 116000000; upkeep 4625000000; owner earnings 7990000000. Growth capex / owner earnings = 0.014518147684605758.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.528Z); FY2018: growth capex 0; upkeep 5005000000; owner earnings 3989000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.528Z); FY2019: growth capex 0; upkeep 5174000000; owner earnings 8249000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.528Z); FY2020: growth capex 0; upkeep 4854000000; owner earnings 933200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.528Z); FY2021: growth capex 588000000; upkeep 5052000000; owner earnings 4214600000. Growth capex / owner earnings = 0.13951501921890572.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.528Z); FY2022: growth capex 82000000; upkeep 5078000000; owner earnings 5577353133.228015. Growth capex / owner earnings = 0.014702314528278883.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.528Z); FY2023: growth capex 0; upkeep 4638000000; owner earnings 5501617590.711176. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.528Z); FY2024: growth capex 0; upkeep 3863000000; owner earnings 6818359088.45739. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.528Z); FY2025: growth capex 0; upkeep 3805055000; owner earnings 7939843260.79264. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.528Z); Dividend observations: [[2016,8450000000],[2017,9275000000],[2018,7761000000],[2019,5015000000],[2020,5015000000],[2021,2364000000],[2022,2442000000],[2023,3013000000],[2024,2672000000],[2025,4728218000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.528Z); FY2025: cash repurchases 2394812000 USD.

### Are managers owners

Insiders own 43.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ABI.BR SharesStats.PercentInsiders = 43.877 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.3% yearly over ten years; actual decline was 0.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.528Z); Ten-year compound average after fade. Initial solved rate 0.09185181260291941. Price 72.92; FX 0.891837899543379; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.068860450944546 → FY2025 4.014656952821611. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 104.55 per share

- 2016-11: EUR 98.04 per share

- 2016-12: EUR 100.55 per share

- 2017-01: EUR 96.15 per share

- 2017-02: EUR 103.25 per share

- 2017-03: EUR 102.90 per share

- 2017-04: EUR 103.40 per share

- 2017-05: EUR 103.85 per share

- 2017-06: EUR 96.71 per share

- 2017-07: EUR 101.80 per share

- 2017-08: EUR 99.52 per share

- 2017-09: EUR 101.30 per share

- 2017-10: EUR 105.05 per share

- 2017-11: EUR 96.70 per share

- 2017-12: EUR 93.13 per share

- 2018-01: EUR 91.14 per share

- 2018-02: EUR 87.48 per share

- 2018-03: EUR 89.28 per share

- 2018-04: EUR 82.72 per share

- 2018-05: EUR 80.22 per share

- 2018-06: EUR 86.50 per share

- 2018-07: EUR 86.59 per share

- 2018-08: EUR 80.65 per share

- 2018-09: EUR 75.22 per share

- 2018-10: EUR 65.14 per share

- 2018-11: EUR 67.64 per share

- 2018-12: EUR 57.70 per share

- 2019-01: EUR 66.61 per share

- 2019-02: EUR 68.55 per share

- 2019-03: EUR 74.76 per share

- 2019-04: EUR 79.26 per share

- 2019-05: EUR 72.61 per share

- 2019-06: EUR 77.84 per share

- 2019-07: EUR 91.07 per share

- 2019-08: EUR 86.20 per share

- 2019-09: EUR 87.42 per share

- 2019-10: EUR 72.04 per share

- 2019-11: EUR 71.87 per share

- 2019-12: EUR 72.71 per share

- 2020-01: EUR 68.42 per share

- 2020-02: EUR 50.73 per share

- 2020-03: EUR 40.47 per share

- 2020-04: EUR 41.88 per share

- 2020-05: EUR 41.91 per share

- 2020-06: EUR 43.87 per share

- 2020-07: EUR 46.12 per share

- 2020-08: EUR 48.81 per share

- 2020-09: EUR 46.23 per share

- 2020-10: EUR 44.56 per share

- 2020-11: EUR 55.88 per share

- 2020-12: EUR 57.01 per share

- 2021-01: EUR 51.98 per share

- 2021-02: EUR 47.46 per share

- 2021-03: EUR 53.75 per share

- 2021-04: EUR 58.83 per share

- 2021-05: EUR 61.56 per share

- 2021-06: EUR 60.81 per share

- 2021-07: EUR 53.40 per share

- 2021-08: EUR 51.99 per share

- 2021-09: EUR 49.15 per share

- 2021-10: EUR 52.77 per share

- 2021-11: EUR 49.26 per share

- 2021-12: EUR 53.17 per share

- 2022-01: EUR 55.72 per share

- 2022-02: EUR 55.14 per share

- 2022-03: EUR 54.26 per share

- 2022-04: EUR 55.40 per share

- 2022-05: EUR 52.17 per share

- 2022-06: EUR 51.36 per share

- 2022-07: EUR 52.27 per share

- 2022-08: EUR 48.35 per share

- 2022-09: EUR 46.75 per share

- 2022-10: EUR 50.60 per share

- 2022-11: EUR 56.05 per share

- 2022-12: EUR 56.27 per share

- 2023-01: EUR 55.09 per share

- 2023-02: EUR 57.23 per share

- 2023-03: EUR 61.33 per share

- 2023-04: EUR 59.10 per share

- 2023-05: EUR 49.91 per share

- 2023-06: EUR 51.83 per share

- 2023-07: EUR 52.05 per share

- 2023-08: EUR 52.50 per share

- 2023-09: EUR 52.51 per share

- 2023-10: EUR 53.63 per share

- 2023-11: EUR 57.61 per share

- 2023-12: EUR 58.42 per share

- 2024-01: EUR 57.51 per share

- 2024-02: EUR 55.72 per share

- 2024-03: EUR 56.46 per share

- 2024-04: EUR 56.16 per share

- 2024-05: EUR 57.62 per share

- 2024-06: EUR 54.12 per share

- 2024-07: EUR 54.96 per share

- 2024-08: EUR 55.30 per share

- 2024-09: EUR 59.38 per share

- 2024-10: EUR 54.98 per share

- 2024-11: EUR 50.94 per share

- 2024-12: EUR 48.25 per share

- 2025-01: EUR 47.69 per share

- 2025-02: EUR 57.64 per share

- 2025-03: EUR 56.92 per share

- 2025-04: EUR 57.60 per share

- 2025-05: EUR 62.04 per share

- 2025-06: EUR 58.24 per share

- 2025-07: EUR 51.40 per share

- 2025-08: EUR 53.54 per share

- 2025-09: EUR 50.80 per share

- 2025-10: EUR 52.90 per share

- 2025-11: EUR 53.02 per share

- 2025-12: EUR 54.90 per share

- 2026-01: EUR 60.08 per share

- 2026-02: EUR 68.82 per share

- 2026-03: EUR 59.72 per share

- 2026-04: EUR 64.40 per share

- 2026-05: EUR 69.00 per share

- 2026-06: EUR 72.66 per share

- 2026-07: EUR 75.20 per share

- 2026-08: EUR 68.28 per share

- 2026-09: EUR 65.32 per share

- 2026-10: EUR 70.74 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 45.72 per share, central EUR 51.19 per share, high EUR 58.48 per share

- FY2017: low EUR 46.83 per share, central EUR 52.62 per share, high EUR 60.33 per share

- FY2018: low EUR 41.12 per share, central EUR 46.80 per share, high EUR 53.93 per share

- FY2019: low EUR 41.17 per share, central EUR 46.92 per share, high EUR 54.06 per share

- FY2020: low EUR 23.94 per share, central EUR 26.32 per share, high EUR 29.50 per share

- FY2021: low EUR 25.51 per share, central EUR 28.33 per share, high EUR 32.09 per share

- FY2022: low EUR 24.50 per share, central EUR 27.46 per share, high EUR 31.40 per share

- FY2023: low EUR 29.76 per share, central EUR 33.43 per share, high EUR 38.31 per share

- FY2024: low EUR 29.94 per share, central EUR 33.58 per share, high EUR 38.43 per share

- FY2025: low EUR 32.13 per share, central EUR 36.02 per share, high EUR 41.20 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:21.347Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.