Upside case
Bull case
$258+213.8%
BUD would need investors to value it at roughly 60x earnings — about 41x more generous than today's 19x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Anheuser-Busch InBev SA/NV (BUD) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
45
analysts
26 bullish · 3 bearish · 45 covering BUD
Strong Buy
0
Buy
26
Hold
16
Sell
3
Strong Sell
0
Consensus Target
$89
+8.4% vs today
Scenario Range
$101 – $258
Model bear to bull value window
Coverage
45
Published analyst ratings
Valuation Context
19.2x
Forward P/E · Market cap $141.3B
BUD price targets
Three scenarios for where BUD stock could go
Current
~$82
Confidence
57 / 100
Updated
May 1, 2026
Where we are now
Current · $82
Bear
$101
Base
$181
Bull
$258
Market caseClosest to today
Base case
$181+120.2%
At 42x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$101+22.7%
The bear case assumes sentiment or fundamentals disappoint enough to push BUD down roughly 23% from the current price.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Anheuser-Busch InBev SA/NV
BUD · NYSEConsumer DefensiveBeverages - AlcoholicDecember year-end
Anheuser-Busch InBev is the world's largest brewer, producing and distributing a global portfolio of beer brands. It generates revenue primarily from beer sales — with its largest markets being North America, Latin America, and Europe — and makes money through volume sales of its core brands like Budweiser, Corona, and Stella Artois. The company's competitive advantage lies in its massive global scale, extensive distribution network, and portfolio of iconic brands that command pricing power.
Market Cap
$141.3B
Revenue TTM
$119.8B
Net Income TTM
$12.6B
Net Margin
10.5%
BUD Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
92%Exceptional
12 quarters tracked
Revenue Beat Rate
80%Exceptional
vs consensus estimates
Avg EPS Surprise
+8.9%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q4 2024
Q1 2025
Q3 2025
Q4 2025
Last 4 Quarters
EPS beats: 4 of 4Q4 2024
EPS
$0.98/$0.90
Revenue
$29.9B/$14.8B
Q1 2025
EPS
$0.88/$0.75
Revenue
—/$13.8B
Q3 2025
EPS
$0.98/$0.94
Revenue
—/$15.7B
Q4 2025
EPS
$0.99/$0.97
Revenue
$30.0B/$15.6B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q4 2024 | $0.98/$0.90 | +8.9% | $29.9B/$14.8B | +102.1% |
| Q1 2025 | $0.88/$0.75 | +17.3% | —/$13.8B | — |
| Q3 2025 | $0.98/$0.94 | +4.3% | —/$15.7B | — |
| Q4 2025 | $0.99/$0.97 | +2.1% | $30.0B/$15.6B | +92.4% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$106.4B
-11.2% YoY
FY2
$111.8B
+5.0% YoY
EPS Outlook
FY1
$5.86
-7.1% YoY
FY2
$6.30
+7.5% YoY
Trailing FCF (TTM)$32.2B
FCF Margin: 26.9%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
BUD beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
BUD Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2024
Total disclosed revenue $59.8B
Product Mix
Latest annual revenue by segment or product family
Segment breakdown not available for this company.
Geographic Mix
Latest annual revenue by reported region
Middle America
28.6%
+4.4% YoY
Tap, hover, or focus a slice to inspect segment detail.
Middle America is the largest reported region at 28.6%, up 4.4% YoY.
BUD Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Undervalued
Fair value est. $89 — implies +17.2% from today's price.
Upside to Fair Value
17.2%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
BUD
28.7x
vs
S&P 500
25.2x
+14% premium
vs Consumer Defensive Trailing P/E
BUD
28.7x
vs
Consumer Defensive
19.6x
+46% premium
vs BUD 5Y Avg P/E
Today
28.7x
vs
5Y Average
37.9x
24% discount
Forward PE
19.2x
S&P 500
19.1x
+1%
Consumer Defensive
14.6x
+31%
5Y Avg
—
—
Trailing PE
28.7x
S&P 500
25.2x
+14%
Consumer Defensive
19.6x
+46%
5Y Avg
37.9x
-24%
PEG Ratio
—
S&P 500
1.75x
—
Consumer Defensive
1.85x
—
5Y Avg
—
—
EV/EBITDA
9.6x
S&P 500
15.3x
-37%
Consumer Defensive
11.4x
-16%
5Y Avg
10.8x
-11%
Price/FCF
12.6x
S&P 500
21.3x
-41%
Consumer Defensive
15.7x
-20%
5Y Avg
14.6x
-13%
Price/Sales
2.4x
S&P 500
3.1x
-25%
Consumer Defensive
0.8x
+180%
5Y Avg
2.3x
+4%
Dividend Yield
1.59%
S&P 500
1.88%
-15%
Consumer Defensive
2.73%
-42%
5Y Avg
2.01%
-21%
| Metric | BUD | S&P 500 | Consumer Defensive | 5Y Avg BUD |
|---|---|---|---|---|
| Forward PE | 19.2x | 19.1x | 14.6x+31% | — |
| Trailing PE | 28.7x | 25.2x+14% | 19.6x+46% | 37.9x-24% |
| PEG Ratio | — | 1.75x | 1.85x | — |
| EV/EBITDA | 9.6x | 15.3x-37% | 11.4x-16% | 10.8x-11% |
| Price/FCF | 12.6x | 21.3x-41% | 15.7x-20% | 14.6x-13% |
| Price/Sales | 2.4x | 3.1x-25% | 0.8x+180% | 2.3x |
| Dividend Yield | 1.59% | 1.88% | 2.73% | 2.01% |
BUD trades above S&P 500 benchmarks on 1 of 5 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolBUD Financial Health
Verdict
Strong
BUD generates $32.2B in free cash flow at a 26.9% margin — returns 2.3% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$119.8B
Revenue Growth
TTM vs prior year
+3.7%
Gross Margin
Gross profit as a share of revenue
55.2%
Operating Margin
Operating income divided by revenue
31.7%
Net Margin
Net income divided by revenue
10.5%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$6.30
Free Cash Flow (TTM)
Cash generation after capex
$32.2B
FCF Margin
FCF as share of revenue — the primary cash quality signal
26.9%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
7.5%
ROA
Return on assets, trailing twelve months
6.0%
Cash & Equivalents
Liquid assets on the balance sheet
$11.2B
Net Debt
Total debt minus cash
$61.0B
Debt Serviceability
Net debt as a multiple of annual free cash flow
1.9× FCF
~1.9 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
13.8%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
2.3%
Dividend
1.6%
Buyback
0.7%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$937M
Dividend / Share
Annualized trailing dividend per share
$1.31
Payout Ratio
Share of earnings distributed as dividends
45.6%
Shares Outstanding
Declining as buybacks retire shares
2.0B
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageBUD Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Debt & Cash Flow Risk
BUD’s balance sheet shows substantial financial leverage, placing it in a “distress zone” per its Altman Z‑Score. The net debt‑to‑equity ratio is high, and operating cash flow does not adequately cover debt obligations, raising default risk.
Medium
Brand Reputation Risk
The Bud Light controversy has inflicted a sustained negative impact on market share and sales, especially in North America. The fallout has not fully recovered, continuing to drag overall growth.
Medium
Commodity & Supply Chain Risk
Fluctuations in commodity prices used in beer production, coupled with supply chain disruptions, can erode profitability. Volatility in raw material costs directly affects margin compression.
Medium
Market Competition Risk
High market saturation in certain regions and intensifying competition can squeeze BUD’s volume and revenue streams. Competitive pressures may limit pricing power and growth prospects.
Lower
Technical & Market Signal Risk
Weak technical indicators and negative chart patterns, along with the company’s classification within the beverages sector, are noted as detractors from market‑beating performance. These factors may influence short‑term trading sentiment.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why BUD Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
Global Scale & Brand Power
Anheuser‑Busch InBev’s top 20 brands each generate over $1 billion annually, and its sales volume is more than double that of its closest competitor. This extensive brand portfolio—Budweiser, Stella Artois, Bud Light, Michelob Ultra—provides a robust global distribution network.
Earnings Growth Outlook
Analysts project EPS to rise 5.64% next year, from $3.37 to $3.56 per share. This growth reflects the company’s ability to maintain pricing power and expand margins.
Financial Strength & Efficiency
Gross profit exceeds 50% and operating margin stands at 25%. The firm generates immense free cash flow while its debt‑to‑capital ratio has been steadily decreasing, underscoring financial resilience.
Premiumization & Digital Expansion
BUD is driving growth through premium beer, digital channels, and the no‑alcohol segment. Products like Michelob Ultra Zero, Cutwater, and Nütrl are contributing to this upward trajectory.
Share Buybacks & Market Position
The company actively repurchases shares, boosting shareholder value. It recently captured the top spot in the U.S. beer market from Modelo Especial, and U.S. non‑alcoholic volume is expected to grow significantly over the next decade.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
BUD Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$82.09
52W Range Position
97%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$56.97
+44.1% from the low
52-Week High
$82.91
-1.0% from the high
1 Month
+13.18%
3 Month
+8.29%
YTD
+28.9%
1 Year
+24.1%
3Y CAGR
+8.3%
5Y CAGR
+1.8%
10Y CAGR
-4.1%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
BUD vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
19.2x
vs 12.9x median
+49% above peer median
Revenue Growth
-11.2%
vs +0.2% median
-4696% below peer median
Net Margin
10.5%
vs 11.8% median
-11% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
BUD BUD Anheuser-Busch InBev SA/NV | $141.3B | 19.2x | -11.2% | 10.5% | Buy | +8.4% |
TAP TAP Molson Coors Beverage Company | $8.0B | 9.1x | -0.8% | -18.9% | Hold | +13.0% |
SAM SAM The Boston Beer Company, Inc. | $2.2B | 20.9x | +0.2% | -2.9% | Hold | +19.6% |
ABE ABEV Ambev S.A. | $53.6B | 3.4x | +2.5% | 17.6% | Hold | -17.2% |
STZ STZ Constellation Brands, Inc. | $26.4B | 12.9x | +0.8% | 11.8% | Buy | +15.4% |
DEO DEO Diageo plc | $47.0B | 18.1x | -3.7% | 14.7% | Hold | +46.6% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
BUD Dividend and Capital Return
BUD returns 2.3% total yield, led by a 1.63% dividend. Buybacks add another 0.7%.
Dividend SustainableFCF Well Covered
Total Shareholder Yield
2.3%
Dividend + buyback return per year
Buyback Yield
0.7%
Dividend Yield
1.63%
Payout Ratio
45.6%
How BUD Splits Its Return
Div 1.63%
Buyback 0.7%
Dividend 1.63%Buybacks 0.7%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$1.31
Growth Streak
Consecutive years of dividend increases
3Y
3Y Div CAGR
33.8%
5Y Div CAGR
18.7%
Ex-Dividend Date
—
Payment Cadence
Annual
3 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$937M
Estimated Shares Retired
11M
Approx. Share Reduction
0.6%
Shares Outstanding
Current diluted share count from the screening snapshot
2.0B
At 0.6%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.70 | — | — | — |
| 2025 | $1.30 | +47.8% | — | — |
| 2024 | $0.88 | +6.8% | 0.9% | 3.5% |
| 2023 | $0.82 | +51.8% | 0.3% | 2.5% |
| 2022 | $0.54 | -8.9% | 0.0% | 2.0% |
FAQ
7 questionsBUD Investor Questions
Common questions answered from live analyst data and company financials.
01Is Anheuser-Busch InBev SA/NV (BUD) stock a buy or sell in 2026?
Anheuser-Busch InBev SA/NV (BUD) is rated Buy by Wall Street analysts as of 2026. Of 45 analysts covering the stock, 26 rate it Buy or Strong Buy, 16 rate it Hold, and 3 rate it Sell or Strong Sell. The consensus 12-month price target is $89, implying +8.4% from the current price of $82. The bear case scenario is $101 and the bull case is $258.
02What is the BUD stock price target for 2026?
The Wall Street consensus price target for BUD is $89 based on 45 analyst estimates. The high-end target is $100 (+21.8% from today), and the low-end target is $82 (-0.1%). The base case model target is $181.
03Is Anheuser-Busch InBev SA/NV (BUD) stock overvalued in 2026?
BUD trades at 19.2x times forward earnings. The stock's valuation is broadly in line with the broader market. Based on current multiples versus the peer group, the relative model signals undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Anheuser-Busch InBev SA/NV (BUD) stock in 2026?
The primary risks for BUD in 2026 are: (1) Debt & Cash Flow Risk — BUD’s balance sheet shows substantial financial leverage, placing it in a “distress zone” per its Altman Z‑Score. (2) Brand Reputation Risk — The Bud Light controversy has inflicted a sustained negative impact on market share and sales, especially in North America. (3) Commodity & Supply Chain Risk — Fluctuations in commodity prices used in beer production, coupled with supply chain disruptions, can erode profitability. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Anheuser-Busch InBev SA/NV's revenue and earnings forecast?
Analyst consensus estimates BUD will report consensus revenue of $106.4B (-11.2% year-over-year) and EPS of $5.86 (-7.1% year-over-year) for the upcoming fiscal year. The following year, analysts project $111.8B in revenue.
06When does Anheuser-Busch InBev SA/NV (BUD) report its next earnings?
A confirmed upcoming earnings date for BUD is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Anheuser-Busch InBev SA/NV generate?
Anheuser-Busch InBev SA/NV (BUD) generated $32.2B in free cash flow over the trailing twelve months — a free cash flow margin of 26.9%. BUD returns capital to shareholders through dividends (1.6% yield) and share repurchases ($937M TTM).