1. Brazil Stocks

  2. •

    Consumer Defensive

  3. •

    Beverages - Alcoholic
Ambev S.A.

Ambev S.A.

ABEV3.SA
Ambev S.A.BR flagB3 S.A.
16.45
BRL
+0.02
- -
256.57BMarket Cap
Ambev S.A.
ABEV3.SA
(B3 S.A.)

Recent

price

16.45

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
1.63
1.67
3.35
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
Revenue per Share
0.49
0.32
0.65
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
Basic EPS, GAAP
0.49
0.58
1.17
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
Free Cash Flow per Basic Share
0.32
0.34
0.58
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
Dividend per Share
- -
- -
0.03
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
Book Value per Share
0.34
0.46
0.82
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
Tangible Book Value per Share
15,480
16,254
9,694
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
Basic Weighted Avg Shares
25,233
27,127
32,478
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
Sales/Revenue/Turnover
39.51
41.31
41.37
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
Operating Margin (%)
1,567
1,662
1,953
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
Depreciation Expense
7,561
5,146
6,346
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
Net Income, GAAP
21.48
22.37
18.28
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
Effective Tax Rate (%)
29.97
18.97
19.54
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
Profit Margin (%)
2,356
325
977
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
Working Capital
4,164
1,890
2,316
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
LT Debt
24,565
33,125
37,523
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
Total Equity
23.83
24.34
26.83
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 Invested Capital (%)
85.75
23.84
21
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 Capital (%)
366.16
- -
5,094.9
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
Return on Common Equity (%)

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
189,390
216,527
237,959

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
- -
0.62
1.31
2026
- -
- -
- -
- -
- -
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Business
Ambev S.A. produces, distributes and sells beer, draft beer, carbonated soft drinks, malt beverages, other alcoholic beverages, non-alcoholic and non-carbonated products primarily in Brazil, Central America and the Caribbean, Latin America South, and Canada. The company offers a broad portfolio of beer brands including Skol, Brahma, Antarctica, Budweiser, Stella Artois, Corona, Quilmes, Labatt, Presidente, Bucanero and Cristal; carbonated soft drinks, bottled water, isotonic beverages, energy drinks, coconut water, powdered and natural juices, and ready-to-drink teas such as Guaraná Antarctica, Gatorade, H2OH!, Pepsi Black, Lipton Iced Tea, Fusion, Pepsi-Cola, Canada Dry, Squirt, Red Rock, Red Bull, Seven Up, Nutrl, Bud Light Seltzer, Palm Bay and Mike's; as well as craft beers from acquisitions like Wäls, Colorado, Bogotá Beer Company, Mill Street Brewery and balanced choice options including Michelob Ultra and Stella Pure Gold no-alcohol variants. Founded in 1999 through the merger of Companhia Cervejaria Brahma (established 1888) and Companhia Antarctica Paulista (established 1885), Ambev maintains headquarters in São Paulo, Brazil, and operates in 18 countries encompassing direct operations in Guatemala (serving El Salvador, Honduras and Nicaragua), Dominican Republic, Cuba, Panama, Barbados, Saint Vincent, Dominica, Antigua, Argentina, Bolivia, Chile, Paraguay and Uruguay through subsidiaries and alliances such as Quilmes and Cervecería Nacional Dominicana. As a subsidiary of Anheuser-Busch InBev, Ambev focuses on premiumization, digital transformation via its B2B platform BEES serving over 3 million monthly active retailers, and portfolio expansion into super premium and balanced choice segments. In recent developments, the company reports robust Q3 2025 performance with 7% net revenue growth, mid-teens expansion in premium brands nearing 50% market share in Brazil, doubled volumes for Stella Pure Gold, 100% GMV increase in Ze Delivery digital ecosystem, expanded environmental initiatives boosting investor confidence, and ongoing SKU optimization alongside rigorous zero-based budgeting for margin expansion.