Ambev S.A. (ABEV) 10-Year Financial Performance & Capital Metrics

ABEV • • Industrial / General

Consumer DefensiveAlcoholic BeveragesRegional Beverage ConglomeratesLatin American Beer & Beverage Leaders

AboutAmbev S.A., through its subsidiaries, produces, distributes, and sells beer, draft beer, carbonated soft drinks, other non-alcoholic beverages, malt, and food products in the Americas. The company operates through four segments: Brazil; Central America and the Caribbean; Latin America South; and Canada. It offers beer primarily under the Skol, Brahma, Antarctica, Brahva, Brahva Gold, Extra, Bud Light, Beck, Leffe and Hoegaarden, Bucanero, Cristal, Mayabe, Cacique, Presidente, Brahma Light, Presidente Light, Presidente Golden Light, Bohemia, The One, Corona, Modelo Especial, Stella Artois, and Budweiser, Quilmes Clásica, Paceña, Taquiña, Huari, Becker, Cusqueña, Michelob Ultra, Busch, Pilsen, Ouro Fino, Banks, Deputy, Patricia, Labatt Blue, Alexander Keith's, and Kokanee brands. The company also provides bottled water, isotonic beverages, energy drinks, coconut water, powdered and natural juices, and ready-to-drink teas under the Guaraná Antarctica, Gatorade, H2OH!, Lipton Iced Tea, Fusion, Do Bem, Pepsi, Canada Dry, Squirt, Red Rock, Pepsi-Cola, Seven Up, Nutrl, Bud Light Seltzer, Palm Bay, and Mike's brands. It offers its products through a network of third-party distributors and a direct distribution system. The company was founded in 1885 and is headquartered in São Paulo, Brazil. Ambev S.A. is a subsidiary of Interbrew International B.V.Show more

Revenue $89.45B +12.2%
EBITDA $26.85B +14.5%
Net Income $14.44B -0.4%
EPS (Diluted) 0.91 -1.1%
Gross Margin 51.24% +1.0%
EBITDA Margin 30.01% +2.1%
Operating Margin 24.37% +3.2%
Net Margin 16.14% -11.3%
ROE 16.07% -9.4%
ROIC 23.03% +14.0%
Debt/Equity 0.03 -20.6%
Interest Coverage 9.09 +35.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 23.9% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 11.2%
✓Good 3Y average ROE of 17.0%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.92%

5Y11.2%

3Y7.08%

TTM9.79%

Profit (Net Income) CAGR

10Y1.81%

5Y4.15%

3Y4.45%

TTM15.01%

EPS CAGR

10Y1.82%

5Y4.22%

3Y4.39%

TTM14.77%

ROCE

10Y Avg23.74%

5Y Avg19.19%

3Y Avg19.72%

Latest21.3%

Peer Comparison

Latin American Beer & Beverage Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ABEVAmbev S.A.	40.6B	2.60	2.86	12.18%	17.73%	17.29%	52.58%	0.03
FMXFomento Económico Mexicano, S.A.B. de C.V.	35.58B	102.98	0.14	29.81%	1.86%	86%	80.95%	0.67
CCUCompañía Cervecerías Unidas S.A.	2.6B	14.10	0.02	13.21%	4.5%	8.4%	100%	0.85

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	46.72B	45.6B	47.9B	50.23B	52.6B	58.38B	72.85B	79.71B	79.74B	89.45B
Revenue Growth %	0.23%	-0.02%	0.05%	0.05%	0.05%	0.11%	0.25%	0.09%	0%	0.12%
Cost of Goods Sold+	16.06B	16.68B	18.04B	19.27B	21.68B	27.07B	35.66B	40.42B	39.29B	43.62B
COGS % of Revenue	0.34%	0.37%	0.38%	0.38%	0.41%	0.46%	0.49%	0.51%	0.49%	0.49%
Gross Profit+	30.66B	28.92B	29.86B	30.96B	30.92B	31.31B	37.19B	39.29B	40.45B	45.84B
Gross Margin %	0.66%	0.63%	0.62%	0.62%	0.59%	0.54%	0.51%	0.49%	0.51%	0.51%
Gross Profit Growth %	0.21%	-0.06%	0.03%	0.04%	-0%	0.01%	0.19%	0.06%	0.03%	0.13%
Operating Expenses+	11.52B	13.14B	13.32B	14.06B	14.6B	15.34B	20.11B	21.54B	21.61B	24.04B
OpEx % of Revenue	0.25%	0.29%	0.28%	0.28%	0.28%	0.26%	0.28%	0.27%	0.27%	0.27%
Selling, General & Admin	13.46B	14.18B	14.54B	14.83B	15.33B	17.57B	21.85B	23.97B	23.44B	26.51B
SG&A % of Revenue	0.29%	0.31%	0.3%	0.3%	0.29%	0.3%	0.3%	0.3%	0.29%	0.3%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	233.4M	118.5M	145.4M	199M	-723.5M	-2.23B	-1.73B	-2.43B	-1.82B	-2.47B
Operating Income+	18.78B	17.11B	16.43B	16.99B	16.07B	15.97B	17.08B	17.69B	18.83B	21.8B
Operating Margin %	0.4%	0.38%	0.34%	0.34%	0.31%	0.27%	0.23%	0.22%	0.24%	0.24%
Operating Income Growth %	0.19%	-0.09%	-0.04%	0.03%	-0.05%	-0.01%	0.07%	0.04%	0.06%	0.16%
EBITDA+	21.85B	20.63B	19.92B	21.66B	20.75B	21.15B	21.15B	23.63B	23.45B	26.85B
EBITDA Margin %	0.47%	0.45%	0.42%	0.43%	0.39%	0.36%	0.29%	0.3%	0.29%	0.3%
EBITDA Growth %	0.2%	-0.06%	-0.03%	0.09%	-0.04%	0.02%	0%	0.12%	-0.01%	0.14%
D&A (Non-Cash Add-back)	3.07B	3.53B	3.49B	4.68B	4.68B	5.18B	4.07B	5.94B	4.62B	5.05B
EBIT	17.77B	15.67B	14.94B	14.85B	14.77B	15.61B	17.29B	17.13B	18.84B	21.67B
Net Interest Income+	-1.54B	-2.26B	-3.22B	-2.69B	-2B	469.46M	-287.73M	-123.49M	-778.5M	-774.3M
Interest Income	1.29B	513.6M	774.4M	454M	1.07B	2.25B	1.14B	2.17B	2.09B	1.62B
Interest Expense	3.56B	1.54B	4.27B	1.28B	1.51B	1.79B	1.43B	2.33B	2.82B	2.4B
Other Income/Expense	-2.27B	-3.71B	-3.59B	-3.87B	-3.13B	-2.48B	-3.32B	-3.45B	-3.8B	-2.31B
Pretax Income+	16.51B	13.4B	12.93B	13.17B	12.94B	13.49B	13.76B	14.24B	15.04B	19.49B
Pretax Margin %	0.35%	0.29%	0.27%	0.26%	0.25%	0.23%	0.19%	0.18%	0.19%	0.22%
Income Tax+	3.63B	315M	5.08B	1.79B	754.7M	1.76B	636.6M	-655.6M	75.5M	4.64B
Effective Tax Rate %	0.75%	0.94%	0.57%	0.84%	0.91%	0.84%	0.92%	1.02%	0.96%	0.74%
Net Income+	12.42B	12.55B	7.33B	11.02B	11.78B	11.38B	12.67B	14.46B	14.5B	14.44B
Net Margin %	0.27%	0.28%	0.15%	0.22%	0.22%	0.19%	0.17%	0.18%	0.18%	0.16%
Net Income Growth %	0.03%	0.01%	-0.42%	0.5%	0.07%	-0.03%	0.11%	0.14%	0%	-0%
Net Income (Continuing)	12.88B	13.08B	7.79B	11.35B	12.19B	11.73B	13.12B	14.89B	14.96B	14.85B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	2B	1.83B	1.97B	1.21B	1.28B	1.34B	1.37B	1.37B	1.17B	938.38M
EPS (Diluted)+	0.78	0.79	0.47	0.70	0.74	0.72	0.80	0.91	0.92	0.91
EPS Growth %	0.03%	0.01%	-0.41%	0.49%	0.06%	-0.03%	0.11%	0.14%	0.01%	-0.01%
EPS (Basic)	0.79	0.80	0.47	0.70	0.75	0.72	0.81	0.92	0.92	0.92
Diluted Shares Outstanding	15.93B	15.82B	15.71B	15.86B	15.87B	15.87B	15.86B	15.85B	15.84B	15.81B
Basic Shares Outstanding	15.73B	15.7B	15.71B	15.72B	15.73B	15.73B	15.74B	15.74B	15.84B	15.81B
Dividend Payout Ratio	0.92%	0.82%	1.2%	0.8%	0.67%	0.6%	0.88%	0.85%	0.82%	0.28%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	28.31B	23.89B	24.72B	25.33B	27.62B	35.34B	38.63B	37.82B	36.56B	54.16B
Cash & Short-Term Investments	13.84B	8.16B	10.35B	11.48B	11.92B	18.79B	18.54B	15.38B	16.34B	29.84B
Cash Only	13.62B	7.88B	10.35B	11.46B	11.9B	17.09B	16.63B	14.93B	16.06B	28.6B
Short-Term Investments	215.1M	282.8M	0	13.4M	14.6M	1.7B	1.91B	454.5M	277.2M	1.24B
Accounts Receivable	4.17B	4.37B	7.96B	7.03B	8.57B	4.3B	4.79B	8.2B	9.18B	9.85B
Days Sales Outstanding	32.54	34.96	60.66	51.07	59.47	26.9	24.01	37.56	42.01	40.2
Inventory	4.1B	4.35B	4.32B	5.4B	5.98B	7.61B	11B	12.92B	9.62B	11.69B
Days Inventory Outstanding	93.15	95.13	87.38	102.32	100.66	102.57	112.6	116.69	89.36	97.83
Other Current Assets	5.98B	7.01B	1.51B	1.42B	1.16B	4.64B	4.29B	1.31B	1.43B	2.78B
Total Non-Current Assets+	61.86B	59.95B	62.13B	68.8B	74.12B	89.85B	99.98B	100.14B	96.08B	108.35B
Property, Plant & Equipment	19.14B	19.15B	18.82B	20.1B	22.58B	24.77B	29.22B	30.06B	26.63B	30.17B
Fixed Asset Turnover	2.44x	2.38x	2.54x	2.50x	2.33x	2.36x	2.49x	2.65x	2.99x	2.96x
Goodwill	30.95B	30.51B	31.4B	34.28B	35.01B	40.02B	42.41B	40.59B	38B	44.34B
Intangible Assets	5.09B	5.25B	4.67B	5.84B	6.31B	7.58B	8.69B	9.22B	10.04B	12.53B
Long-Term Investments	833.5M	404.5M	360M	404.4M	467M	551.3M	498.1M	551M	531.3M	579.9M
Other Non-Current Assets	3.09B	2.37B	6.65B	6.16B	6.81B	12.37B	14.42B	13.28B	12.9B	20.73B
Total Assets+	90.18B	83.84B	86.85B	94.13B	101.74B	125.2B	138.6B	137.96B	132.64B	162.51B
Asset Turnover	0.52x	0.54x	0.55x	0.53x	0.52x	0.47x	0.53x	0.58x	0.60x	0.55x
Asset Growth %	0.25%	-0.07%	0.04%	0.08%	0.08%	0.23%	0.11%	-0%	-0.04%	0.23%
Total Current Liabilities+	30.14B	28.77B	28.69B	24.83B	25.01B	33.48B	38.87B	40.54B	41.01B	49.39B
Accounts Payable	11.83B	10.87B	11.85B	14.05B	15.07B	19.34B	25.08B	24.33B	23.2B	25.22B
Days Payables Outstanding	268.92	237.87	239.82	266.13	253.73	260.8	256.69	219.68	215.47	211.09
Short-Term Debt	1.28B	3.62B	1.7B	1.53B	217.1M	2.33B	224.6M	273.3M	151.2M	163.6M
Deferred Revenue (Current)	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	0	7K	31K
Other Current Liabilities	13.01B	10.21B	7.18B	1.84B	-5.41B	-6.92B	-7.14B	4.42B	5.28B	14.46B
Current Ratio	0.94x	0.83x	0.86x	1.02x	1.10x	1.06x	0.99x	0.93x	0.89x	1.10x
Quick Ratio	0.80x	0.68x	0.71x	0.80x	0.87x	0.83x	0.71x	0.61x	0.66x	0.86x
Cash Conversion Cycle	-143.23	-107.77	-91.78	-112.74	-93.6	-131.33	-120.09	-65.43	-84.11	-73.06
Total Non-Current Liabilities+	9.7B	8.42B	10.18B	11.75B	14.18B	16.57B	15.72B	14.09B	11.5B	13.54B
Long-Term Debt	2.29B	1.73B	2.83B	850.7M	697.75M	338.4M	267.2M	454.3M	391.03M	324M
Capital Lease Obligations	30.4M	33M	24.7M	1.31B	1.71B	1.72B	1.99B	2.33B	1.81B	1.85B
Deferred Tax Liabilities	2.47B	2.33B	2.33B	2.42B	2.37B	3.04B	3.21B	3.73B	3.32B	5.01B
Other Non-Current Liabilities	1.02B	2.8B	5B	7.16B	3.15B	4.23B	0	7.58B	5.97B	6.35B
Total Liabilities	39.84B	37.19B	86.85B	36.58B	39.19B	50.05B	54.58B	54.63B	52.5B	62.93B
Total Debt+	3.6B	5.4B	2.55B	2.42B	3.06B	4.79B	3.13B	3.85B	3.5B	3.45B
Net Debt	-10.02B	-2.48B	-7.8B	-9.04B	-8.84B	-12.3B	-13.53B	-11.08B	-12.56B	-25.14B
Debt / Equity	0.07x	0.12x	0.05x	0.04x	0.05x	0.06x	0.04x	0.05x	0.04x	0.03x
Debt / EBITDA	0.16x	0.26x	0.13x	0.11x	0.15x	0.23x	0.15x	0.16x	0.15x	0.13x
Net Debt / EBITDA	-0.46x	-0.12x	-0.39x	-0.42x	-0.43x	-0.58x	-0.64x	-0.47x	-0.54x	-0.94x
Interest Coverage	5.27x	11.08x	3.85x	13.26x	10.62x	8.94x	11.93x	7.60x	6.69x	9.09x
Total Equity+	50.33B	46.65B	47.98B	57.55B	62.56B	75.15B	84.02B	83.33B	80.14B	99.58B
Equity Growth %	0.15%	-0.07%	0.03%	0.2%	0.09%	0.2%	0.12%	-0.01%	-0.04%	0.24%
Book Value per Share	3.16	2.95	3.05	3.63	3.94	4.74	5.30	5.26	5.06	6.30
Total Shareholders' Equity	48.33B	44.83B	46.01B	56.34B	61.28B	73.82B	82.64B	81.96B	78.97B	98.64B
Common Stock	57.61B	57.61B	57.61B	57.71B	57.87B	57.9B	58.04B	58.13B	58.18B	58.23B
Retained Earnings	8.2B	9.7B	8.66B	15.34B	20.87B	25.92B	31.19B	36.91B	43.19B	53.64B
Treasury Stock	0	-908.7M	0	0	-955.2M	-941.7M	-1.04B	-1.07B	-1.01B	-1.33B
Accumulated OCI	62.57B	-12.79B	63.36B	-1.37B	3.41B	15.92B	24.6B	-65.67B	-75.05B	-65.55B
Minority Interest	2B	1.83B	1.97B	1.21B	1.28B	1.34B	1.37B	1.37B	1.17B	938.38M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	23.58B	12.34B	17.87B	17.91B	18.38B	18.86B	22.9B	20.64B	24.71B	26.1B
Operating CF Margin %	0.5%	0.27%	0.37%	0.36%	0.35%	0.32%	0.31%	0.26%	0.31%	0.29%
Operating CF Growth %	0.48%	-0.48%	0.45%	0%	0.03%	0.03%	0.21%	-0.1%	0.2%	0.06%
Net Income	12.88B	13.08B	7.85B	11.38B	12.19B	11.73B	13.12B	14.89B	14.5B	14.85B
Depreciation & Amortization	3.07B	3.51B	3.61B	4.02B	4.68B	5.17B	5.4B	5.96B	6.42B	7.13B
Stock-Based Compensation	197.1M	170.3M	209.3M	161M	205.7M	208.7M	387.6M	313.9M	333.36M	400.9M
Deferred Taxes	3.63B	315M	5.08B	1.79B	754.7M	1.76B	636.6M	-655.6M	253.8M	4.91B
Other Non-Cash Items	-225.2M	-3.16B	1.56B	1.01B	741.4M	-912.3M	358.1M	2.82B	3.5B	-1.02B
Working Capital Changes	4.02B	-1.58B	-435.2M	-446.6M	-184M	897.6M	3B	-2.68B	-296.1M	-165M
Change in Receivables	-380.77M	-578.44M	-265.64M	-149.22M	-721.93M	-848.79M	341.43M	-322.51M	-1.37B	220.44M
Change in Inventory	-681.5M	-437.1M	-63.8M	-1.17B	-844.1M	-1.3B	-3.5B	-3.09B	1.3B	-1.7B
Change in Payables	0	-565.13M	-105.78M	869.81M	1.38B	3.05B	6.16B	726.62M	-223.1M	0
Cash from Investing+	-6B	-5.9B	-3.07B	-3.68B	-4.84B	-6.8B	-7.73B	-5B	-5.77B	-5.46B
Capital Expenditures	-5.26B	-4.13B	-3.2B	-3.57B	-5.07B	-4.69B	-7.68B	-6.53B	-6B	-4.75B
CapEx % of Revenue	0.11%	0.09%	0.07%	0.07%	0.1%	0.08%	0.11%	0.08%	0.08%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	101.8M	133.6M	188.1M	-49.1M	2.8M	108M	15.1M	149M	154.5M	164M
Cash from Financing+	-15.33B	-11.65B	-12.86B	-13.22B	-12.28B	-8.6B	-16.04B	-16.34B	-16.12B	-10.35B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-11.49B	-10.33B	-8.82B	-8.81B	-7.87B	-6.85B	-11.12B	-12.24B	-11.92B	-4.06B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-2.32B	-3.21B	-1.46B	-4.21B	-2.44B	-2.97B	-2.08B	-3.23B	-2.72B	-4.38B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	18.32B	8.21B	14.67B	14.34B	13.31B	14.16B	15.22B	14.11B	18.71B	21.35B
FCF Margin %	0.39%	0.18%	0.31%	0.29%	0.25%	0.24%	0.21%	0.18%	0.23%	0.24%
FCF Growth %	0.61%	-0.55%	0.79%	-0.02%	-0.07%	0.06%	0.07%	-0.07%	0.33%	0.14%
FCF per Share	1.15	0.52	0.93	0.90	0.84	0.89	0.96	0.89	1.18	1.35
FCF Conversion (FCF/Net Income)	1.90x	0.98x	2.44x	1.62x	1.56x	1.66x	1.81x	1.43x	1.70x	1.81x
Interest Paid	0	0	0	0	0	0	0	0	0	742.06M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	26.44%	25.87%	15.5%	20.89%	19.62%	16.53%	15.92%	17.28%	17.74%	16.07%
Return on Invested Capital (ROIC)	36.6%	30.37%	29.21%	28.73%	23.59%	20.55%	19.21%	18.58%	20.2%	23.03%
Gross Margin	65.62%	63.43%	62.33%	61.64%	58.79%	53.64%	51.05%	49.29%	50.72%	51.24%
Net Margin	26.59%	27.51%	15.31%	21.95%	22.4%	19.49%	17.39%	18.14%	18.19%	16.14%
Debt / Equity	0.07x	0.12x	0.05x	0.04x	0.05x	0.06x	0.04x	0.05x	0.04x	0.03x
Interest Coverage	5.27x	11.08x	3.85x	13.26x	10.62x	8.94x	11.93x	7.60x	6.69x	9.09x
FCF Conversion	1.90x	0.98x	2.44x	1.62x	1.56x	1.66x	1.81x	1.43x	1.70x	1.81x
Revenue Growth	22.69%	-2.39%	5.04%	4.87%	4.71%	10.99%	24.8%	9.41%	0.04%	12.18%

Frequently Asked Questions

Valuation & Price

Ambev S.A. (ABEV) has a price-to-earnings (P/E) ratio of 2.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Ambev S.A. (ABEV) reported $90.47B in revenue for fiscal year 2024. This represents a 234% increase from $27.13B in 2011.

Ambev S.A. (ABEV) grew revenue by 12.2% over the past year. This is steady growth.

Yes, Ambev S.A. (ABEV) is profitable, generating $16.04B in net income for fiscal year 2024 (16.1% net margin).

Dividend & Returns

Yes, Ambev S.A. (ABEV) pays a dividend with a yield of 9.87%. This makes it attractive for income-focused investors.

Ambev S.A. (ABEV) has a return on equity (ROE) of 16.1%. This is reasonable for most industries.

Ambev S.A. (ABEV) generated $20.61B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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