Ambev S.A. (ABEV) Financial Ratios
26 years of historical data (2000–2025) · Consumer Defensive · Beverages - Alcoholic
EV/EBITDA
↓
8.22
↑+721% vs avg
5yr avg: 1.00
30Y Low0.1·High32.1
P/FCF
↓
12.73
↑+446% vs avg
5yr avg: 2.33
30Y Low1.4·High55.1
P/B Ratio
↓
2.86
↑+514% vs avg
5yr avg: 0.47
30Y Low0.3·High8.6
ROE
↑
16.5%
-1% vs avg
5yr avg: 16.7%
30Y Low8%·High39%
Debt/EBITDA
↑
0.18
↑+23% vs avg
5yr avg: 0.15
30Y Low0.1·High4.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ABEV Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Ambev S.A. trades at 16.4x earnings, 481% above its 5-year average of 2.8x, sitting at the 88th percentile of its historical range. Compared to the Consumer Defensive sector median P/E of 19.4x, the stock trades at a discount of 16%. On a free-cash-flow basis, the stock trades at 12.7x P/FCF, 446% above the 5-year average of 2.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $51.1B | $38.7B | $29.3B | $44.3B | $43.1B | $44.4B | $48.6B | $73.9B | $62.2B | $101.5B | $77.7B |
| Enterprise Value | $48.4B | $25.5B | $4.1B | $31.8B | $32.0B | $30.9B | $36.3B | $65.1B | $54.8B | $95.7B | $75.2B |
| P/E Ratio → | 16.35 | 2.49 | 2.03 | 3.04 | 2.99 | 3.50 | 4.25 | 6.30 | 5.60 | 13.74 | 6.22 |
| P/S Ratio | 2.87 | 0.44 | 0.33 | 0.56 | 0.54 | 0.61 | 0.83 | 1.42 | 1.24 | 2.12 | 1.70 |
| P/B Ratio | 2.86 | 0.44 | 0.29 | 0.55 | 0.52 | 0.53 | 0.65 | 1.18 | 1.08 | 2.13 | 1.67 |
| P/FCF | 12.73 | 1.95 | 1.37 | 2.37 | 3.06 | 2.92 | 3.43 | 5.56 | 4.33 | 6.92 | 9.46 |
| P/OCF | 10.34 | 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
ABEV EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Ambev S.A.'s enterprise value stands at 8.2x EBITDA, 721% above its 5-year average of 1.0x. The Consumer Defensive sector median is 11.3x, placing the stock at a 27% discount on an enterprise-value basis.
| 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 | 8.22 | 0.87 | 0.14 | 1.26 | 1.35 | 1.37 | 1.72 | 3.14 | 2.54 | 4.65 | 3.65 |
| EV / EBIT | 10.73 | 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 |
ABEV Profitability
Margins and return-on-capital ratios measuring operating efficiency
Ambev S.A. earns an operating margin of 25.3%, significantly above the Consumer Defensive sector average of 1.1%. Operating margins have expanded from 23.6% to 25.3% over the past 3 years, signaling improving operational efficiency. ROE of 16.5% indicates solid capital efficiency, compared to the sector median of 6.8%. ROIC of 22.3% represents excellent returns on invested capital versus a sector median of 5.5%.
Margins
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% |
Return on Capital
| 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% |
ABEV Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Ambev S.A. carries a Debt/EBITDA ratio of 0.2x, which is very conservative (95% below the sector average of 3.4x). The company holds a net cash position — cash of $18.6B exceeds total debt of $5.3B, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 8.1x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| 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)
ABEV Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.96x is below 1.0, meaning current liabilities exceed current assets — though the company's $18.6B cash position helps mitigate short-term liquidity concerns. The current ratio has improved from 0.89x to 0.96x over the past 3 years.
| 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 |
ABEV Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Ambev S.A. returns 8.8% to shareholders annually — split between a 8.1% dividend yield and 0.8% buyback yield. The payout ratio exceeds 100% at 132.0%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 6.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 8.1% | 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% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.1% | 40.1% | 49.2% | 32.9% | 33.5% | 28.6% | 23.5% | 15.9% | 17.9% | 7.3% | 16.1% |
| FCF Yield | 7.9% | 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 | 8.8% | 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 |
Peer Comparison
Compare ABEV with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ABEVYou | $51B | 16.4 | 8.2 | 12.7 | 51.4% | 25.3% | 16.5% | 22.3% | 0.2 |
 BUD | $138B | 28.1 | 9.5 | 12.3 | 55.3% | 25.9% | 6.5% | 7.5% | 3.4 |
 TAP | $8B | -4.0 | — | 7.6 | 37.6% | -21.0% | -17.8% | -10.1% | — |
 SAM | $2B | 20.5 | 8.5 | 10.1 | 45.6% | 6.9% | 12.3% | 15.5% | 0.2 |
 KO | $338B | 25.8 | 25.2 | 63.7 | 61.6% | 28.7% | 43.2% | 15.8% | 3.1 |
 PEP | $214B | 26.0 | 17.8 | 27.8 | 54.1% | 12.2% | 42.6% | 14.9% | 3.5 |
 MNST | $74B | 39.2 | 28.5 | 37.8 | 55.8% | 29.2% | 26.8% | 33.1% | — |
 CELH | $9B | 137.0 | 18.2 | 27.2 | 50.4% | 18.6% | 5.2% | 19.7% | 1.3 |
 FIZZ | $3B | 17.7 | 12.4 | 19.3 | 37.0% | 19.6% | 37.2% | 57.9% | 0.3 |
 COKE | $15B | 26.1 | 15.0 | 23.8 | 39.7% | 13.2% | 168.3% | 34.2% | 2.6 |
 BG | $24B | 25.2 | 22.6 | — | 4.5% | 1.5% | 5.8% | 3.3% | 9.6 |
| Consumer Defensive Median | — | 19.4 | 11.3 | 15.0 | 40.1% | 1.1% | 6.8% | 5.5% | 3.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 26 years · Updated daily
Full ABEV Stock Analysis
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
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Start ComparisonABEV — Frequently Asked Questions
Quick answers to the most common questions about buying ABEV stock.
What is Ambev S.A.'s P/E ratio?
Ambev S.A.'s current P/E ratio is 16.4x. The historical average is 11.8x. This places it at the 88th percentile of its historical range.
What is Ambev S.A.'s EV/EBITDA?
Ambev S.A.'s current EV/EBITDA is 8.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.9x.
What is Ambev S.A.'s ROE?
Ambev S.A.'s return on equity (ROE) is 16.5%. The historical average is 21.1%.
Is ABEV stock overvalued?
Based on historical data, Ambev S.A. is trading at a P/E of 16.4x. This is at the 88th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Ambev S.A.'s dividend yield?
Ambev S.A.'s current dividend yield is 8.06% with a payout ratio of 132.0%.
What are Ambev S.A.'s profit margins?
Ambev S.A. has 51.4% gross margin and 25.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Ambev S.A. have?
Ambev S.A.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.