Ambev S.A.

Ambev S.A.

ABEV
Ambev S.A.US flagNew York Stock Exchange
3.15
USD
-0.10
- -
49.05BMarket Cap
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
2.77
2.43
2.97
2.91
3.05
3.2
3.31
3.71
4.63
5.06
5.06
5.69
5.65
5.65
Basic EPS, GAAP
0.75
0.77
0.79
0.8
0.46
0.7
0.75
0.72
0.81
0.92
0.92
0.92
0.99
0.24
Free Cash Flow per Basic Share
0.91
0.73
1.16
0.52
0.96
0.94
0.85
0.9
0.97
0.9
1.19
1.36
1.27
1.42
Dividend per Share
0.58
0.77
0.73
0.66
0.56
0.56
0.5
0.44
0.71
0.78
0.76
0.26
1.31
0.89
Book Value per Share
4.5
3.67
3.66
3.67
3.64
3.67
3.68
3.68
3.69
3.69
3.7
3.7
3.73
4.01
Tangible Book Value per Share
1.1
0.79
0.91
0.69
0.73
1.1
1.35
1.75
2.09
2.13
2.04
2.71
2.32
2.5
Basic Weighted Avg Shares
12,679
15,683
15,726
15,697
15,710
15,718
15,728
15,733
15,737
15,742
15,745
15,734
15,618
15,604
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
88,242
88,210
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
25.8
Depreciation Expense
2,105
2,392
3,075
3,512
4,037
4,448
4,675
5,167
5,397
5,956
6,418
7,126
6,832
6,722
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
3,768
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
17.58
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
4.27
Working Capital
3,456
-1,096
-1,827
-4,887
-4,704
121
2,610
1,864
-239
-2,724
-4,442
4,767
-1,724
1,169
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
2,001
Total Equity
44,225
43,645
50,334
46,651
47,564
57,455
62,556
75,151
84,018
83,328
80,144
99,580
88,775
90,824
Return on Invested Capital (%)
25.63
26.88
27.07
26.71
17.45
23.73
22.35
17.96
18.47
- -
20.31
16.36
17.62
18.35
Return on Capital (%)
21.91
20.57
20.72
22.22
12.49
19.15
20.91
20.38
22.08
- -
26.7
25.27
27.58
8.41
Return on Common Equity (%)
33.39
21.06
21.57
21.78
12.66
19.13
20.38
19.66
21.86
24.89
24.94
24.81
26.62
6.08

Capital Structure

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
1,051
1,167
1,104
LT Borrowings
264
257
234
LT Finance Leases
1,581
1,963
1,767
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
15,592
15,617
15,597
Market Capitalization
185,929
211,839
237,062

Working Capital

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
41,940
43,876
42,833
Cash, Cash Equivalents & STI
19,841
20,320
19,641
Accounts Receivable, Net
5,592
6,352
5,931
Inventories
10,472
10,520
10,399
Total Current Liabilities
36,577
45,599
41,664
Payables & Accruals
30,842
38,312
34,375
ST Debt
1,051
1,167
1,104
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

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

FRC

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
88,242
2026
22,464
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.92
2025
- -
- -
- -
- -
0.99
2026
0.24
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.01
0.01
0.25
0.26
2025
0.42
0.13
0.13
0.62
1.31
2026
- -
- -
- -
- -
- -

Company Description

APIChat
CEO
Carlos Eduardo Klutzenschell Lisboa
Full Time Employees
43,000
Sector
Consumer Defensive
Industry
Beverages - Alcoholic
Address
Rua Dr. Renato Paes de Barros, 1017 São Paulo SP Brazil 04530-001
IPO Date
Mar 5, 1997
Business
Ambev S.A. produces, distributes and sells beer, carbonated soft drinks, non-alcoholic and non-carbonated beverages, draft beer, malt and food products across 18 countries primarily in the Americas including Brazil, Canada, Argentina, Bolivia, Chile, Paraguay, Uruguay, Guatemala, Dominican Republic, Cuba, Panama, Barbados, Saint Vincent, Dominica and Antigua; the company offers a broad portfolio of beer brands such as Skol, Brahma, Antarctica, Bohemia, Budweiser, Stella Artois, Corona, Quilmes, Labatt, Presidente, Bucanero, Cristal, Original, Leffe, premium and super premium variants including zero-alcohol, gluten-free and low-calorie options like Corona Zero Alcohol, Budweiser Zero, Stella Pure Gold and Michelob Ultra; non-alcoholic beverages include proprietary brands such as Guaraná Antarctica, Fusion, H2OH!, flavored water and cereal bars alongside licensed PepsiCo products encompassing Pepsi carbonated soft drinks, Gatorade, Lipton Iced Tea throughout Brazil under an exclusive franchise agreement extended to December 31, 2027, and craft beer offerings from acquired breweries including Wäls, Colorado and Mill Street; founded through the 1999 merger of Companhia Cervejaria Brahma and Companhia Antarctica Paulista with headquarters in São Paulo, Brazil, Ambev operates as a subsidiary of Anheuser-Busch InBev and maintains leadership in key markets with strategic focus on premiumization, balanced choice portfolio expansion, digital ecosystem via BEES Marketplace achieving annualized gross merchandise value of BRL 8 billion, category growth through functionality innovations and revenue management; recent developments encompass Board-approved share buyback programs including a new authorization in October 2025 for up to 208 million common shares worth approximately BRL 2.5 billion through April 2027 primarily for cancellation to enhance shareholder value, declaration of interim dividends totaling BRL 6 billion in 2025, resilient performance with double-digit EBITDA growth and margin expansion amid market challenges as reported in Q2 and Q3 2025 earnings, and ongoing investments in core and above-core segments alongside optimization of distribution networks and digital capabilities.

Company News

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