Latest Ratios: P/E Ratio 15.1x · EV/EBITDA 7.5x · 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 | $43.5B | $38.7B | $29.3B | $44.3B | $43.1B | $44.4B | $48.6B | $73.9B | $62.2B | $101.5B | $77.7B |
| Enterprise Value | $41.1B | $25.5B | $4.1B | $31.8B | $32.0B | $30.9B | $36.3B | $65.1B | $54.8B | $95.7B | $75.2B |
| P/E Ratio → | 15.07 | 2.49 | 2.03 | 3.04 | 2.99 | 3.50 | 4.25 | 6.30 | 5.60 | 13.74 | 6.22 |
| P/S Ratio | 2.69 | 0.44 | 0.33 | 0.56 | 0.54 | 0.61 | 0.83 | 1.42 | 1.24 | 2.12 | 1.70 |
| P/B Ratio | 2.71 | 0.44 | 0.29 | 0.55 | 0.52 | 0.53 | 0.65 | 1.18 | 1.08 | 2.13 | 1.67 |
| P/FCF | 9.69 | 1.95 | 1.37 | 2.37 | 3.06 | 2.92 | 3.43 | 5.56 | 4.21 | 6.74 | 9.46 |
| P/OCF | 9.78 | 1.58 | 1.12 | 1.79 | 2.09 | 1.94 | 2.58 | 4.02 | 3.39 | 5.56 | 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 | 7.49 | 0.87 | 0.14 | 1.26 | 1.35 | 1.37 | 1.72 | 3.14 | 2.54 | 4.65 | 3.65 |
| EV / EBIT | 10.12 | 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 | 3.71 | 6.36 | 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 | -0.50 | -0.38 | -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 | 8.5% | 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 | 6.6% | 40.1% | 49.2% | 32.9% | 33.5% | 28.6% | 23.5% | 15.9% | 17.9% | 7.3% | 16.1% |
| FCF Yield | 10.3% | 51.3% | 73.0% | 42.2% | 32.7% | 34.3% | 29.2% | 18.0% | 23.8% | 14.8% | 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 | 9.3% | 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 15.1x. 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 7.5x. 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 15.1x. 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 8.51% 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
Brazil FX and JCP tax exposure
Trailing Multiple Looks Fair, Forward Figures Unreliable
Based on Ambev's reported figures, trailing P/E of 15.47 and EV/EBITDA of 7.74 sit at a discount to the Anheuser-Busch InBev parent's 24.62 P/E and 10.61 EV/EBITDA, though the forward P/E of 2.69 appears implausibly low and warrants verification.
The trailing P/E of 15.47 and EV/EBITDA of 7.74 suggest a valuation below its parent and the Boston Beer peer, which may reflect a discount for Brazilian currency and tax exposure rather than a mispricing. The forward P/E of 2.69 and forward EV/EBITDA of 1.52 are far outside any plausible range and more likely indicate a data or consensus-estimate issue than genuine earnings acceleration, so investors should not anchor on them. The 8.5% dividend yield and P/FCF of 12.03 point to a cash-yielding profile that the market may be pricing as compensation for emerging-market risk.
Margins Stable Despite Quarterly Swings
Gross margin has held between 49.8% and 53.7% across ten quarters while operating margin ranged from 20.4% to 30.2%, with the latest 25.5% operating margin suggesting pricing and mix are offsetting input cost and currency pressure.
The tight gross margin band indicates that premiumization and procurement scale are absorbing commodity and FX volatility, which supports the view of a durable cost position. Operating margin's wider range suggests that selling and administrative costs are not scaling smoothly with revenue, so earnings power is more sensitive to seasonal volume than the gross line implies. Net margin of 19.7% in the latest quarter, well above the 12.0% low, is consistent with favorable tax and financial items, which warrants further investigation before treating it as recurring.
Returns Low on a Large Equity Base
ROE of 4.7% and ROIC of 5.5% in the latest quarter, against peers like Boston Beer's 15.5% ROIC, suggest Ambev's large goodwill-heavy asset base is diluting returns on invested capital.
ROE and ROIC have trended within a narrow low-to-mid single-digit range over the period, with the most recent 7.3% ROIC in 2025Q4 the peak rather than an established trajectory. The gap between ROIC and the 8.5% dividend yield suggests the company is returning more cash than its current returns would generate, which may be sustainable given the cash balance but is not evidence of value compounding. Investors should monitor whether margin strength translates into higher returns as acquired intangibles are amortized or impaired.
Debt Minimal, Interest Coverage Comfortable
Debt-to-equity of 0.03 and interest coverage of 8.95 in the latest quarter, as reported, indicate negligible financial leverage and ample capacity to service obligations, though coverage has fallen from its peak in recent quarters.
Leverage metrics are unambiguously low, with debt-to-EBITDA of 0.38 indicating that debt service is not a meaningful constraint on the business. The decline in interest coverage from prior readings, while still comfortable, may reflect a mix shift in financing or lower operating income in specific quarters rather than rising debt. The more relevant risk for this balance sheet appears to be tax and currency policy rather than refinancing or covenant exposure.
Working Capital Metric Misleads on Supplier Financing
The negative cash conversion cycle of -59 days, as reported, is often read as a pure efficiency advantage, but it may largely reflect supplier payment terms of 182 days that could reverse if supplier credit tightens.
A negative CCC is typically interpreted as operational excellence, but for Ambev it appears driven substantially by long DPO of 182 to 201 days, which functions as supplier financing rather than a structural efficiency gain. Because the DPO component carries the metric, the ratio can deteriorate quickly if suppliers or banks shorten terms during a Brazilian credit squeeze. Analysts should examine DPO trend and supplier concentration directly rather than treating the headline CCC as a durable quality signal.