Upside case
Bull case
$246+204.2%
BUD would need investors to value it at roughly 56x earnings — about 38x more generous than today's 18x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated Jun 18, 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
+10.2% vs today
Scenario Range
$117 – $246
Model bear to bull value window
Coverage
45
Published analyst ratings
Valuation Context
18.4x
Forward P/E · Market cap $138.9B
BUD price targets
Three scenarios for where BUD stock could go
Current
~$81
Confidence
49 / 100
Updated
Jun 18, 2026
Where we are now
Current · $81
Bear
$117
Base
$186
Bull
$246
Market caseClosest to today
Base case
$186+130.9%
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
$117+45.5%
The bear case assumes sentiment or fundamentals disappoint enough to push BUD down roughly 45% 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
$138.9B
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
100%Exceptional
vs consensus estimates
Avg EPS Surprise
+6.6%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$0.98/$0.94
Revenue
—/$15.7B
Q4 2025
EPS
$0.99/$0.97
Revenue
$30.0B/$15.6B
Q1 2026
EPS
$0.95/$0.91
Revenue
$29.5B/$14.7B
Q2 2026
EPS
$0.97/$0.90
Revenue
$30.6B/$14.7B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.98/$0.94 | +4.3% | —/$15.7B | — |
| Q4 2025 | $0.99/$0.97 | +2.1% | $30.0B/$15.6B | +92.4% |
| Q1 2026 | $0.95/$0.91 | +4.4% | $29.5B/$14.7B | +100.8% |
| Q2 2026 | $0.97/$0.90 | +7.8% | $30.6B/$14.7B | +108.4% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$123.1B
+2.7% YoY
FY2
$124.4B
+1.1% YoY
EPS Outlook
FY1
$6.41
+1.6% YoY
FY2
$6.43
+0.4% YoY
Trailing FCF (TTM)$32.2B
FCF Margin: 26.9%
Next Earnings
July 30, 2026
Expected EPS
$1.13
Expected Revenue
$16.4B
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
Expensive versus peers
Fair value est. $40 — implies -50.3% from today's price.
Premium to Fair Value
50.3%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
BUD
28.2x
vs
S&P 500
24.4x
+15% premium
vs Consumer Defensive Trailing P/E
BUD
28.2x
vs
Consumer Defensive
18.9x
+49% premium
vs BUD 5Y Avg P/E
Today
28.2x
vs
5Y Average
37.9x
25% discount
Forward PE
18.4x
S&P 500
18.8x
-2%
Consumer Defensive
14.2x
+30%
5Y Avg
—
—
Trailing PE
28.2x
S&P 500
24.4x
+15%
Consumer Defensive
18.9x
+49%
5Y Avg
37.9x
-25%
PEG Ratio
—
S&P 500
1.66x
—
Consumer Defensive
1.92x
—
5Y Avg
—
—
EV/EBITDA
9.5x
S&P 500
15.2x
-37%
Consumer Defensive
11.1x
-14%
5Y Avg
10.8x
-12%
Price/FCF
12.4x
S&P 500
20.7x
-40%
Consumer Defensive
15.3x
-19%
5Y Avg
14.6x
-15%
Price/Sales
2.3x
S&P 500
3.1x
-25%
Consumer Defensive
0.9x
+164%
5Y Avg
2.3x
+3%
Dividend Yield
1.62%
S&P 500
1.91%
-15%
Consumer Defensive
3.06%
-47%
5Y Avg
2.01%
-20%
| Metric | BUD | S&P 500 | Consumer Defensive | 5Y Avg BUD |
|---|---|---|---|---|
| Forward PE | 18.4x | 18.8x | 14.2x+30% | — |
| Trailing PE | 28.2x | 24.4x+15% | 18.9x+49% | 37.9x-25% |
| PEG Ratio | — | 1.66x | 1.92x | — |
| EV/EBITDA | 9.5x | 15.2x-37% | 11.1x-14% | 10.8x-12% |
| Price/FCF | 12.4x | 20.7x-40% | 15.3x-19% | 14.6x-15% |
| Price/Sales | 2.3x | 3.1x-25% | 0.9x+164% | 2.3x |
| Dividend Yield | 1.62% | 1.91% | 3.06% | 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
1.7B
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 June 17, 2026
High Risk
Volume Weakness
Downside risk is driven by declining sales volumes, which could negatively impact revenue and profitability.
High Risk
Input-Cost Pressure
Rising costs of raw materials and production inputs may squeeze margins and reduce earnings.
High Risk
Refinancing Risk
Potential challenges in refinancing debt could strain liquidity and increase financial instability.
Medium
Margin Recovery Uncertainty
Upside depends on margin recovery, which remains uncertain given current market conditions.
Medium
Pricing Power Sustainability
Sustained pricing power is required for upside, but competitive pressures may limit this ability.
Lower
Capital Allocation Risks
Ineffective capital allocation decisions could hinder growth and shareholder returns.
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 June 17, 2026
Stock analysis availability
Comprehensive stock analysis, price targets, and dividend information are readily available for informed investment decisions.
Real-time stock data
Investors have access to real-time price charts, key statistics, and historical performance data.
Analyst forecasts
Detailed revenue and earnings estimates from analysts provide insights into future performance.
MarketBeat coverage
MarketBeat offers up-to-date headlines, short interest data, and stock recommendations.
Investment decision support
Vital stock trading and investing information helps investors evaluate opportunities.
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
$80.74
52W Range Position
86%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$56.97
+41.7% from the low
52-Week High
$84.46
-4.4% from the high
1 Month
-0.71%
3 Month
+15.46%
YTD
+26.7%
1 Year
+13.8%
3Y CAGR
+12.5%
5Y CAGR
+1.5%
10Y CAGR
-4.4%
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
18.4x
vs 12.0x median
+54% above peer median
Revenue Growth
+2.7%
vs +3.4% median
-20% 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 | $138.9B | 18.4x | +2.7% | 10.5% | Buy | +10.2% |
TAP TAP Molson Coors Beverage Company | $7.4B | 8.3x | +0.7% | -18.9% | Hold | +19.3% |
SAM SAM The Boston Beer Company, Inc. | $1.9B | 18.5x | +3.4% | -2.9% | Hold | +37.6% |
ABE ABEV Ambev S.A. | $48.7B | 2.9x | +6.3% | 17.7% | Hold | +2.6% |
STZ STZ Constellation Brands, Inc. | $24.5B | 12.0x | +3.9% | 11.8% | Buy | +26.2% |
DEO DEO Diageo plc | $44.7B | 17.1x | +2.7% | 14.7% | Hold | +38.6% |
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 1.62% 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
1.62%
Payout Ratio
45.6%
How BUD Splits Its Return
Div 1.62%
Buyback 0.7%
Dividend 1.62%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
Semi-Annual
2 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
12M
Approx. Share Reduction
0.7%
Shares Outstanding
Current diluted share count from the screening snapshot
1.7B
At 0.7%/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 | $1.17 | — | — | — |
| 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 +10.2% from the current price of $81. The bear case scenario is $117 and the bull case is $246.
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 (+23.9% from today), and the low-end target is $82 (+1.6%). The base case model target is $186.
03Is Anheuser-Busch InBev SA/NV (BUD) stock overvalued in 2026?
BUD trades at 18.4x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals expensive versus peers. 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) Volume Weakness — Downside risk is driven by declining sales volumes, which could negatively impact revenue and profitability. (2) Input-Cost Pressure — Rising costs of raw materials and production inputs may squeeze margins and reduce earnings. (3) Refinancing Risk — Potential challenges in refinancing debt could strain liquidity and increase financial instability. 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 $123.1B (+2.7% year-over-year) and EPS of $6.41 (+1.6% year-over-year) for the upcoming fiscal year. The following year, analysts project $124.4B in revenue.
06When does Anheuser-Busch InBev SA/NV (BUD) report its next earnings?
Anheuser-Busch InBev SA/NV is expected to report its next earnings on approximately 2026-07-30. Consensus expects EPS of $1.13 and revenue of $16.4B. Over recent quarters, BUD has beaten EPS estimates 92% of the time.
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).