Latest Ratios: P/E Ratio 15.3x · EV/EBITDA 7.7x · ROE 16.5%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $45.7B | $38.7B | $29.3B | $44.3B | $43.1B | $44.4B | $48.6B | $73.9B | $62.2B | $101.5B | $77.7B |
| Enterprise Value | $43.1B | $25.5B | $4.1B | $31.8B | $32.0B | $30.9B | $36.3B | $65.1B | $54.8B | $95.7B | $75.2B |
| P/E Ratio → | 15.33 | 2.49 | 2.03 | 3.04 | 2.99 | 3.50 | 4.25 | 6.30 | 5.60 | 13.74 | 6.22 |
| P/S Ratio | 2.68 | 0.44 | 0.33 | 0.56 | 0.54 | 0.61 | 0.83 | 1.42 | 1.24 | 2.12 | 1.70 |
| P/B Ratio | 2.68 | 0.44 | 0.29 | 0.55 | 0.52 | 0.53 | 0.65 | 1.18 | 1.08 | 2.13 | 1.67 |
| P/FCF | 11.92 | 1.95 | 1.37 | 2.37 | 3.06 | 2.92 | 3.43 | 5.56 | 4.33 | 6.92 | 9.46 |
| P/OCF | 9.68 | 1.58 | 1.12 | 1.79 | 2.09 | 1.94 | 2.58 | 4.02 | 3.47 | 5.68 | 6.29 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.29 | 0.05 | 0.40 | 0.40 | 0.42 | 0.62 | 1.25 | 1.09 | 2.00 | 1.65 |
| EV / EBITDA | 7.67 | 0.87 | 0.14 | 1.26 | 1.35 | 1.37 | 1.72 | 3.14 | 2.54 | 4.65 | 3.65 |
| EV / EBIT | 10.01 | 1.15 | 0.19 | 1.78 | 1.87 | 1.98 | 2.32 | 4.41 | 3.69 | 6.40 | 4.80 |
| EV / FCF | — | 1.28 | 0.19 | 1.70 | 2.27 | 2.03 | 2.56 | 4.89 | 3.82 | 6.52 | 9.16 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 51.4% | 51.4% | 51.2% | 50.7% | 49.3% | 51.1% | 53.6% | 58.3% | 61.7% | 62.4% | 63.4% |
| Operating Margin | 25.3% | 25.3% | 24.4% | 23.6% | 22.2% | 23.4% | 27.4% | 30.9% | 34.1% | 34.6% | 37.5% |
| Net Profit Margin | 17.6% | 17.6% | 16.1% | 18.2% | 18.1% | 17.4% | 19.5% | 22.7% | 21.9% | 15.2% | 27.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.5% | 16.5% | 16.1% | 17.7% | 17.3% | 15.9% | 16.5% | 19.6% | 20.9% | 15.4% | 25.9% |
| ROA | 10.0% | 10.0% | 9.8% | 10.7% | 10.5% | 9.6% | 10.0% | 12.0% | 12.2% | 8.5% | 14.4% |
| ROIC | 22.3% | 22.3% | 23.0% | 20.2% | 18.6% | 19.2% | 20.6% | 23.2% | 28.0% | 28.9% | 30.4% |
| ROCE | 20.7% | 20.7% | 21.3% | 19.9% | 17.9% | 17.8% | 19.0% | 22.1% | 27.1% | 29.3% | 29.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.03 | 0.04 | 0.05 | 0.04 | 0.06 | 0.05 | 0.07 | 0.10 | 0.12 |
| Debt / EBITDA | 0.18 | 0.18 | 0.12 | 0.14 | 0.16 | 0.14 | 0.23 | 0.15 | 0.19 | 0.22 | 0.26 |
| Net Debt / Equity | — | -0.15 | -0.25 | -0.16 | -0.13 | -0.16 | -0.16 | -0.14 | -0.13 | -0.12 | -0.05 |
| Net Debt / EBITDA | -0.46 | -0.46 | -0.87 | -0.50 | -0.47 | -0.60 | -0.58 | -0.43 | -0.34 | -0.28 | -0.12 |
| Debt / FCF | — | -0.67 | -1.18 | -0.67 | -0.79 | -0.89 | -0.87 | -0.66 | -0.51 | -0.39 | -0.30 |
| Interest Coverage | 8.14 | 8.14 | 9.13 | 30.86 | 28.73 | 10.89 | 37.63 | 31.96 | 11.60 | 3.50 | 10.15 |
Net cash position: cash ($18.6B) exceeds total debt ($5.3B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.96 | 0.96 | 1.10 | 0.89 | 0.93 | 0.99 | 1.06 | 1.10 | 1.00 | 0.85 | 0.83 |
| Quick Ratio | 0.73 | 0.73 | 0.86 | 0.66 | 0.61 | 0.71 | 0.83 | 0.87 | 0.79 | 0.70 | 0.68 |
| Cash Ratio | 0.45 | 0.45 | 0.60 | 0.40 | 0.38 | 0.48 | 0.56 | 0.48 | 0.46 | 0.36 | 0.28 |
| Asset Turnover | — | 0.60 | 0.55 | 0.60 | 0.58 | 0.53 | 0.47 | 0.51 | 0.53 | 0.55 | 0.54 |
| Inventory Turnover | 4.07 | 4.07 | 3.73 | 4.08 | 3.13 | 3.24 | 3.56 | 3.63 | 3.56 | 4.17 | 3.84 |
| Days Sales Outstanding | — | 42.31 | 40.20 | 42.01 | 37.56 | 24.01 | 26.90 | 60.15 | 51.07 | 60.66 | 34.96 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 8.6% | 52.8% | 13.9% | 26.9% | 28.4% | 25.0% | 14.1% | 10.6% | 14.2% | 8.7% | 13.3% |
| Payout Ratio | 132.0% | 132.0% | 28.1% | 82.2% | 84.7% | 87.7% | 60.2% | 66.8% | 80.2% | 121.3% | 82.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.5% | 40.1% | 49.2% | 32.9% | 33.5% | 28.6% | 23.5% | 15.9% | 17.9% | 7.3% | 16.1% |
| FCF Yield | 8.4% | 51.3% | 73.0% | 42.2% | 32.7% | 34.3% | 29.2% | 18.0% | 23.1% | 14.5% | 10.6% |
| Buyback Yield | 0.8% | 5.0% | 1.6% | 0.3% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 9.4% | 57.8% | 15.5% | 27.2% | 28.5% | 25.1% | 14.1% | 10.7% | 14.2% | 8.7% | 13.3% |
| Shares Outstanding | — | $15.7B | $15.8B | $15.8B | $15.8B | $15.9B | $15.9B | $15.9B | $15.9B | $15.7B | $15.8B |
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying ABEV stock.
Ambev S.A.'s current P/E ratio is 15.3x. The historical average is 11.8x. This places it at the 88th percentile of its historical range.
Ambev S.A.'s current EV/EBITDA is 7.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.9x.
Ambev S.A.'s return on equity (ROE) is 16.5%. The historical average is 21.1%.
Based on historical data, Ambev S.A. is trading at a P/E of 15.3x. This is at the 88th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ambev S.A.'s current dividend yield is 8.59% with a payout ratio of 132.0%.
Ambev S.A. has 51.4% gross margin and 25.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Ambev S.A.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
FX and tax overhangs
Margin Resilience Amid FX Pressures
Gross margin expanded to 51.9% in 2026Q2 from 50.0% a year earlier, according to recent financial statements, indicating premiumization and cost discipline are offsetting commodity and currency headwinds.
Operating margin improved to 23.6% in 2026Q2 from 21.9% in 2025Q2, reflecting fixed cost absorption and SG&A discipline. Net margin of 16.8% is supported by tax benefits like JCP, but investors should monitor the sustainability of these benefits given potential tax reforms.
ROIC Cyclicality Masks Underlying Strength
ROIC fluctuated between 3.7% and 7.3% over the past ten quarters, as per reported figures, with 2026Q2 at 4.7%, reflecting seasonal and FX-driven volatility rather than a structural decline.
The quarterly ROIC pattern aligns with working capital swings and seasonality, not a deterioration in earning power. The company's asset-light model and low capital intensity suggest that normalized ROIC is higher than the quarterly figures imply, warranting a full-year view.
Negative CCC Highlights Supplier Leverage
Cash conversion cycle remained deeply negative at -65 days in 2026Q2, based on reported data, driven by DPO of 201 days, indicating Ambev funds operations with supplier credit.
The negative CCC is a structural advantage, reflecting Ambev's scale and bargaining power with suppliers. DSO of 39 days and DIO of 98 days are stable, but the extension of DPO from 170 days in 2024Q4 to 201 days suggests increasing supplier leverage, which may not be sustainable indefinitely.
Minimal Debt Provides Strategic Flexibility
Debt-to-equity stood at 0.03 in 2026Q2, with interest coverage of 9.04x, according to recent financial statements, indicating a fortress balance sheet with ample capacity for shareholder returns.
Total debt of $2.9B against $16.6B cash implies net cash position, insulating Ambev from rising rates. The low leverage is a competitive advantage, allowing aggressive dividend payouts and potential M&A, though parent ABI's debt load may influence capital allocation.
Liquidity Buffer Adequate but Tight
Current ratio improved to 1.02 in 2026Q2 from 0.96 in 2025Q4, as per reported figures, with quick ratio at 0.76, indicating sufficient short-term coverage but limited inventory cushion.
The current ratio hovers near 1.0, but the negative CCC and strong operating cash flow mitigate liquidity risk. Cash reserves of $16.6B provide a substantial buffer, though the quick ratio below 1 suggests reliance on inventory turnover and supplier credit in a stress scenario.
P/E Misleads Due to JCP and FX
The trailing P/E of 15.66 understates earnings power because JCP payments reduce net income but are tax-efficient, as reported in financial disclosures, making EV/EBITDA or P/FCF more appropriate.
Forward P/E of 2.91 is distorted by hyperinflationary accounting and one-off items, while EV/EBITDA of 7.84 better captures operating performance. Investors should adjust for JCP and Argentina's inflation to compare with peers like Heineken, which do not have similar tax structures.