Anheuser-Busch InBev SA/NV (BUD) 10-Year Financial Performance & Capital Metrics

BUD • • Industrial / General

Consumer DefensiveAlcoholic BeveragesGlobal Beer GiantsGlobal Beer Leaders

AboutAnheuser-Busch InBev SA/NV engages in the production, distribution, and sale of beer, alcoholic beverages, and soft drinks worldwide. It offers a portfolio of approximately 500 beer brands, which primarily include Budweiser, Corona, and Stella Artois; Beck's, Hoegaarden, Leffe, and Michelob Ultra; and Aguila, Antarctica, Bud Light, Brahma, Cass, Castle, Castle Lite, Cristal, Harbin, Jupiler, Modelo Especial, Quilmes, Victoria, Sedrin, and Skol brands. The company was founded in 1366 and is headquartered in Leuven, Belgium.Show more

Revenue $59.77B +0.7%
EBITDA $21.02B +8.5%
Net Income $5.86B +9.6%
EPS (Diluted) 2.86 +10.0%
Gross Margin 55.25% +2.6%
EBITDA Margin 35.17% +7.8%
Operating Margin 25.91% +10.2%
Net Margin 9.8% +8.9%
ROE 6.46% +7.0%
ROIC 7.49% +12.6%
Debt/Equity 0.81 -3.5%
Interest Coverage 3.47 +18.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 9/9
✓FCF machine: 18.7% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.42%

5Y2.69%

3Y3.25%

TTM3.66%

Profit (Net Income) CAGR

10Y-4.44%

5Y-8.58%

3Y7.83%

TTM23.72%

EPS CAGR

10Y-6.4%

5Y-8.79%

3Y7.85%

TTM11.39%

ROCE

10Y Avg8.05%

5Y Avg7.33%

3Y Avg8.16%

Latest8.71%

Peer Comparison

Global Beer Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BUDAnheuser-Busch InBev SA/NV	118.45B	68.72	24.03	0.65%	10.49%	13.75%	9.45%	0.81
TAPMolson Coors Beverage Company	9.38B	50.64	9.47	-0.64%	-18.64%	-19.59%	13.17%	0.46

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	43.6B	45.52B	54.86B	53.04B	52.33B	46.88B	54.3B	57.79B	59.38B	59.77B
Revenue Growth %	-0.07%	0.04%	0.21%	-0.03%	-0.01%	-0.1%	0.16%	0.06%	0.03%	0.01%
Cost of Goods Sold+	17.14B	17.8B	20.98B	19.93B	20.36B	19.63B	23.1B	26.3B	27.4B	26.74B
COGS % of Revenue	0.39%	0.39%	0.38%	0.38%	0.39%	0.42%	0.43%	0.46%	0.46%	0.45%
Gross Profit+	26.47B	27.71B	33.88B	33.11B	31.97B	27.25B	31.21B	31.48B	31.98B	33.02B
Gross Margin %	0.61%	0.61%	0.62%	0.62%	0.61%	0.58%	0.57%	0.54%	0.54%	0.55%
Gross Profit Growth %	-0.07%	0.05%	0.22%	-0.02%	-0.03%	-0.15%	0.15%	0.01%	0.02%	0.03%
Operating Expenses+	13.08B	14.83B	17.42B	16.69B	15.87B	17.63B	17.38B	16.96B	18.02B	17.54B
OpEx % of Revenue	0.3%	0.33%	0.32%	0.31%	0.3%	0.38%	0.32%	0.29%	0.3%	0.29%
Selling, General & Admin	13.73B	15.17B	17.76B	16.81B	16.42B	15.37B	17.57B	17.55B	18.17B	18.34B
SG&A % of Revenue	0.31%	0.33%	0.32%	0.32%	0.31%	0.33%	0.32%	0.3%	0.31%	0.31%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-651M	-339M	-336M	-113M	-552M	2.26B	-192M	-591M	-155M	-803M
Operating Income+	13.39B	12.88B	16.46B	16.41B	16.1B	9.62B	13.82B	14.52B	13.97B	15.49B
Operating Margin %	0.31%	0.28%	0.3%	0.31%	0.31%	0.21%	0.25%	0.25%	0.24%	0.26%
Operating Income Growth %	-0.11%	-0.04%	0.28%	-0%	-0.02%	-0.4%	0.44%	0.05%	-0.04%	0.11%
EBITDA+	14.88B	16.36B	21.09B	21.04B	20.75B	14.45B	18.88B	19.59B	19.38B	21.02B
EBITDA Margin %	0.34%	0.36%	0.38%	0.4%	0.4%	0.31%	0.35%	0.34%	0.33%	0.35%
EBITDA Growth %	-0.19%	0.1%	0.29%	-0%	-0.01%	-0.3%	0.31%	0.04%	-0.01%	0.08%
D&A (Non-Cash Add-back)	0	3.48B	4.63B	4.62B	4.66B	4.83B	5.05B	5.08B	5.41B	5.54B
EBIT	14.88B	9.18B	15.39B	17B	17.67B	6.73B	12.74B	13.9B	13.66B	14.75B
Net Interest Income+	-1.89B	-4.29B	-4.81B	-4.53B	-4.61B	-4.58B	-4.28B	-4.32B	-4.19B	-3.88B
Interest Income	337.39M	559.77M	289.97M	332.64M	409.92M	150.99M	112.82M	294.16M	565.88M	589.96M
Interest Expense	2.23B	4.85B	5.1B	4.87B	5.02B	4.73B	4.4B	4.61B	4.76B	4.47B
Other Income/Expense	-926M	-8.55B	-6.2B	-8.67B	-3.32B	-7.54B	-5.36B	-4.99B	-4.84B	-4.92B
Pretax Income+	12.46B	4.33B	10.26B	7.74B	12.78B	2.08B	8.46B	9.52B	9.12B	10.57B
Pretax Margin %	0.29%	0.1%	0.19%	0.15%	0.24%	0.04%	0.16%	0.16%	0.15%	0.18%
Income Tax+	2.59B	1.61B	1.66B	2.58B	2.79B	1.93B	2.35B	1.93B	2.23B	3.15B
Effective Tax Rate %	0.66%	0.29%	0.78%	0.56%	0.72%	0.68%	0.55%	0.63%	0.59%	0.55%
Net Income+	8.27B	1.24B	7.99B	4.37B	9.17B	1.41B	4.67B	5.97B	5.34B	5.86B
Net Margin %	0.19%	0.03%	0.15%	0.08%	0.18%	0.03%	0.09%	0.1%	0.09%	0.1%
Net Income Growth %	-0.1%	-0.85%	5.44%	-0.45%	1.1%	-0.85%	2.32%	0.28%	-0.11%	0.1%
Net Income (Continuing)	9.87B	2.72B	8.61B	5.16B	9.99B	147M	6.11B	7.6B	6.89B	7.42B
Discontinued Operations	0	48M	560M	531M	424M	2.06B	0	0	0	0
Minority Interest	3.58B	10.09B	7.63B	7.42B	8.83B	10.33B	10.67B	10.88B	10.83B	10.46B
EPS (Diluted)+	5.84	0.71	3.98	2.17	4.53	0.70	2.28	2.91	2.60	2.86
EPS Growth %	0.05%	-0.88%	4.61%	-0.45%	1.09%	-0.85%	2.26%	0.28%	-0.11%	0.1%
EPS (Basic)	5.84	0.72	4.06	2.21	4.62	0.70	2.33	2.97	2.65	2.92
Diluted Shares Outstanding	1.64B	1.75B	2.01B	2.01B	2.03B	2B	2.04B	2.05B	2.05B	2.04B
Basic Shares Outstanding	1.64B	1.72B	1.97B	1.98B	1.98B	2B	2.01B	2.01B	2.02B	2B
Dividend Payout Ratio	0.96%	6.81%	1.16%	1.78%	0.55%	1.28%	0.51%	0.41%	0.56%	0.46%

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+	18.29B	43.06B	23.96B	18.28B	28.81B	26.52B	23.95B	23.19B	23.37B	23B
Cash & Short-Term Investments	6.98B	14.24B	11.78B	7.16B	7.33B	15.56B	12.47B	10.07B	10.4B	11.39B
Cash Only	6.92B	8.58B	10.47B	7.07B	7.24B	15.17B	12.02B	9.9B	10.33B	11.17B
Short-Term Investments	55M	5.66B	1.3B	87M	92M	396M	374M	97M	67M	221M
Accounts Receivable	3.3B	7.19B	4.92B	6.5B	4.17B	3.4B	3.56B	3.71B	4.42B	5.5B
Days Sales Outstanding	27.61	57.63	32.72	44.75	29.06	26.48	23.96	23.41	27.15	33.62
Inventory	2.76B	3.82B	4.02B	4.11B	4.32B	4.39B	5.4B	6.61B	5.58B	5.02B
Days Inventory Outstanding	58.76	78.4	69.92	75.28	77.47	81.63	85.32	91.75	74.38	68.51
Other Current Assets	4.69B	17.41B	2.72B	54M	12.33B	2.63B	2.17B	2.39B	2.49B	586M
Total Non-Current Assets+	116.34B	215.32B	222.17B	213.82B	207.83B	199.89B	193.68B	189.76B	195.97B	183.64B
Property, Plant & Equipment	18.95B	27.52B	27.18B	25.91B	27.54B	26.42B	26.68B	26.67B	26.82B	23.5B
Fixed Asset Turnover	2.30x	1.65x	2.02x	2.05x	1.90x	1.77x	2.04x	2.17x	2.21x	2.54x
Goodwill	65.06B	136.53B	140.94B	133.31B	128.11B	120.97B	115.8B	113.01B	117.04B	110.48B
Intangible Assets	29.68B	44.57B	45.87B	44.83B	42.45B	41.53B	40.43B	40.21B	41.29B	40.03B
Long-Term Investments	260M	4.41B	5.36B	6.24B	5.97B	6.28B	6.04B	4.83B	5.05B	4.78B
Other Non-Current Assets	1.21B	1.03B	1.59B	2.07B	2.03B	2.67B	2.77B	2.73B	5.78B	2.35B
Total Assets+	134.63B	258.38B	246.13B	232.1B	236.65B	226.41B	217.63B	212.94B	219.34B	206.64B
Asset Turnover	0.32x	0.18x	0.22x	0.23x	0.22x	0.21x	0.25x	0.27x	0.27x	0.29x
Asset Growth %	-0.06%	0.92%	-0.05%	-0.06%	0.02%	-0.04%	-0.04%	-0.02%	0.03%	-0.06%
Total Current Liabilities+	28.46B	40.12B	36.21B	34.46B	34.84B	32.35B	34.18B	34.38B	37.16B	33.07B
Accounts Payable	11.62B	14.07B	15.24B	15.51B	15.88B	15.9B	17.81B	18.59B	17.73B	16.01B
Days Payables Outstanding	247.41	288.49	265.2	284.05	284.59	295.55	281.45	257.94	236.21	218.5
Short-Term Debt	6.16B	8.78B	8.54B	4.29B	5.18B	2.95B	1.01B	775M	3.3B	893M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0	0
Other Current Liabilities	6.64B	5.95B	5.36B	8.01B	7.22B	7.04B	8.09B	7.76B	8.39B	6.08B
Current Ratio	0.64x	1.07x	0.66x	0.53x	0.83x	0.82x	0.70x	0.67x	0.63x	0.70x
Quick Ratio	0.55x	0.98x	0.55x	0.41x	0.70x	0.68x	0.54x	0.48x	0.48x	0.54x
Cash Conversion Cycle	-161.04	-152.45	-162.56	-164.02	-178.05	-187.44	-172.17	-142.77	-134.67	-116.37
Total Non-Current Liabilities+	60.46B	136.84B	129.69B	125.74B	117.25B	115.71B	104.1B	94.28B	89.51B	84.87B
Long-Term Debt	43.42B	113.73B	108.76B	105.42B	95.87B	93.64B	85.54B	76.92B	72.04B	68.97B
Capital Lease Obligations	122M	208M	186M	1.57B	1.69B	1.84B	1.83B	1.96B	2.13B	1.75B
Deferred Tax Liabilities	11.96B	16.68B	13.11B	13.16B	12.82B	12.63B	0	11.82B	11.87B	11.32B
Other Non-Current Liabilities	16.92B	6.22B	20.75B	18.74B	12.82B	20.23B	16.73B	15.4B	3.47B	2.83B
Total Liabilities	88.92B	176.96B	165.91B	160.2B	152.09B	148.06B	138.29B	128.66B	126.66B	117.94B
Total Debt+	49.47B	122.74B	116.5B	109.91B	103.04B	98.56B	88.83B	79.99B	78.17B	72.17B
Net Debt	42.54B	114.16B	106.03B	102.84B	95.8B	83.4B	76.81B	70.09B	67.84B	61B
Debt / Equity	1.08x	1.51x	1.45x	1.53x	1.22x	1.26x	1.12x	0.95x	0.84x	0.81x
Debt / EBITDA	3.32x	7.50x	5.53x	5.22x	4.96x	6.82x	4.71x	4.08x	4.03x	3.43x
Net Debt / EBITDA	2.86x	6.98x	5.03x	4.89x	4.62x	5.77x	4.07x	3.58x	3.50x	2.90x
Interest Coverage	6.01x	2.66x	3.23x	3.37x	3.20x	2.03x	3.15x	3.15x	2.93x	3.47x
Total Equity+	45.72B	81.42B	80.22B	71.9B	84.55B	78.35B	79.34B	84.28B	92.68B	88.7B
Equity Growth %	-0.16%	0.78%	-0.01%	-0.1%	0.18%	-0.07%	0.01%	0.06%	0.1%	-0.04%
Book Value per Share	27.86	46.40	39.91	35.76	41.73	39.21	38.80	41.11	45.12	43.40
Total Shareholders' Equity	42.14B	71.34B	72.58B	64.49B	75.72B	68.02B	68.67B	73.4B	81.85B	78.24B
Common Stock	1.74B	1.74B	1.74B	1.74B	1.74B	1.74B	1.74B	1.74B	1.74B	1.74B
Retained Earnings	35.95B	28.21B	28.39B	26.07B	31.48B	30.87B	33.88B	38.82B	42.22B	46.58B
Treasury Stock	0	0	0	0	0	0	-3.99B	-3.71B	-3.46B	-3.89B
Accumulated OCI	-13.17B	23.77B	24.84B	19.06B	24.88B	17.8B	19.43B	18.93B	23.74B	16.19B
Minority Interest	3.58B	10.09B	7.63B	7.42B	8.83B	10.33B	10.67B	10.88B	10.83B	10.46B

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+	14.12B	10.11B	15.43B	14.66B	13.4B	10.89B	14.8B	13.3B	13.27B	15.05B
Operating CF Margin %	0.32%	0.22%	0.28%	0.28%	0.26%	0.23%	0.27%	0.23%	0.22%	0.25%
Operating CF Growth %	-0%	-0.28%	0.53%	-0.05%	-0.09%	-0.19%	0.36%	-0.1%	-0%	0.13%
Net Income	9.87B	2.77B	9.18B	5.69B	9.99B	1.41B	6.11B	7.6B	6.89B	5.86B
Depreciation & Amortization	3.15B	3.48B	4.28B	4.26B	4.66B	4.83B	4.77B	5.08B	5.41B	5.54B
Stock-Based Compensation	221M	231M	351M	337M	340M	169M	510M	448M	570M	0
Deferred Taxes	2.59B	1.61B	1.92B	2.84B	2.79B	1.93B	2.35B	1.93B	2.23B	-311M
Other Non-Cash Items	-3.5B	1.85B	-519M	1.02B	-4.37B	6.04B	-1.69B	-1.41B	-992M	4.15B
Working Capital Changes	1.79B	173M	219M	512M	-5M	592M	2.46B	-346M	-849M	-182M
Change in Receivables	-138M	-714M	67M	-105M	-258M	516M	164M	-48M	-1.15B	341M
Change in Inventory	-424M	-364M	-213M	-603M	-426M	-427M	-1.23B	-1.55B	717M	-149M
Change in Payables	0	0	0	0	258M	-516M	-164M	48M	0	0
Cash from Investing+	-4.93B	-60.08B	7.85B	-3.96B	-5.07B	6.34B	-5.88B	-4.62B	-4.35B	-3.26B
Capital Expenditures	-4.75B	-4.98B	-4.74B	-5.09B	-5.17B	-4.07B	-5.64B	-5.16B	-4.64B	-3.86B
CapEx % of Revenue	0.11%	0.11%	0.09%	0.1%	0.1%	0.09%	0.1%	0.09%	0.08%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	737M	-5.48B	1.45B	1.31B	353M	-211M	206M	610M	275M	650M
Cash from Financing+	-9.28B	50.73B	-21B	-13.95B	-8.51B	-8.47B	-11.6B	-10.62B	-8.6B	-9.85B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-7.97B	-8.45B	-9.28B	-7.76B	-5.01B	-1.8B	-2.36B	-2.44B	-3.01B	-2.67B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-772M	-3.49B	-1.38B	-1.46B	-866M	2.08B	-192M	-394M	-1.54B	-1.63B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	9.37B	5.13B	10.69B	9.58B	8.22B	7.11B	9.16B	8.14B	8.63B	11.19B
FCF Margin %	0.21%	0.11%	0.19%	0.18%	0.16%	0.15%	0.17%	0.14%	0.15%	0.19%
FCF Growth %	-0.04%	-0.45%	1.08%	-0.1%	-0.14%	-0.14%	0.29%	-0.11%	0.06%	0.3%
FCF per Share	5.71	2.92	5.32	4.76	4.06	3.56	4.48	3.97	4.20	5.48
FCF Conversion (FCF/Net Income)	1.71x	8.15x	1.93x	3.36x	1.46x	7.75x	3.17x	2.23x	2.48x	2.57x
Interest Paid	0	0	0	0	0	0	0	0	0	0
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)	16.55%	1.95%	9.89%	5.75%	11.72%	1.72%	5.92%	7.3%	6.04%	6.46%
Return on Invested Capital (ROIC)	10.84%	6.81%	6.47%	6.82%	6.8%	4.22%	6.52%	7.01%	6.65%	7.49%
Gross Margin	60.7%	60.89%	61.77%	62.42%	61.09%	58.12%	57.47%	54.48%	53.86%	55.25%
Net Margin	18.97%	2.73%	14.56%	8.24%	17.53%	3%	8.6%	10.33%	8.99%	9.8%
Debt / Equity	1.08x	1.51x	1.45x	1.53x	1.22x	1.26x	1.12x	0.95x	0.84x	0.81x
Interest Coverage	6.01x	2.66x	3.23x	3.37x	3.20x	2.03x	3.15x	3.15x	2.93x	3.47x
FCF Conversion	1.71x	8.15x	1.93x	3.36x	1.46x	7.75x	3.17x	2.23x	2.48x	2.57x
Revenue Growth	-7.35%	4.39%	20.52%	-3.31%	-1.34%	-10.41%	15.83%	6.41%	2.76%	0.65%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
transportation services, lease agreements and advertising services	8.1M	11M	13M	-	-	-	-
transportation services, lease agreements and advertising services Growth	-	35.80%	18.18%	-	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
Middle America	11.61B	11.91B	10.03B	12.54B	14.18B	16.35B	17.07B
Middle America Growth	-	2.57%	-15.78%	25.01%	13.07%	15.29%	4.43%
Norh America	15.5B	15.49B	15.62B	16.26B	16.57B	15.07B	14.65B
Norh America Growth	-	-0.10%	0.87%	4.06%	1.90%	-9.02%	-2.77%
South America	10.24B	9.79B	8.09B	9.49B	11.6B	12.04B	12.42B
South America Growth	-	-4.38%	-17.34%	17.33%	22.17%	3.80%	3.18%
EMEA	8.37B	7.91B	6.83B	8.03B	8.12B	8.59B	9B
EMEA Growth	-	-5.46%	-13.60%	17.51%	1.10%	5.78%	4.82%
Asia Pacific	6.74B	6.54B	5.65B	6.85B	6.53B	6.82B	6.2B
Asia Pacific Growth	-	-2.84%	-13.69%	21.25%	-4.61%	4.47%	-9.20%
Global Export & Holding Companies	582M	685M	652M	1.13B	790M	508M	408M
Global Export & Holding Companies Growth	-	17.70%	-4.82%	73.77%	-30.27%	-35.70%	-19.69%

Frequently Asked Questions

Valuation & Price

Anheuser-Busch InBev SA/NV (BUD) has a price-to-earnings (P/E) ratio of 24.0x. This is roughly in line with market averages.

Growth & Financials

Anheuser-Busch InBev SA/NV (BUD) reported $119.82B in revenue for fiscal year 2024. This represents a 207% increase from $39.05B in 2011.

Anheuser-Busch InBev SA/NV (BUD) grew revenue by 0.7% over the past year. Growth has been modest.

Yes, Anheuser-Busch InBev SA/NV (BUD) is profitable, generating $12.57B in net income for fiscal year 2024 (9.8% net margin).

Dividend & Returns

Yes, Anheuser-Busch InBev SA/NV (BUD) pays a dividend with a yield of 1.90%. This makes it attractive for income-focused investors.

Anheuser-Busch InBev SA/NV (BUD) has a return on equity (ROE) of 6.5%. This is below average, suggesting room for improvement.

Anheuser-Busch InBev SA/NV (BUD) generated $32.18B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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