Anheuser-busch Inbev (BUD)
NYSE:BUD
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Anheuser-Busch Inbev Sa
(NYSE:BUD)
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Rating:68Neutral
Price Target:
$76.00
â–˛(5.64% Upside)
Action:DowngradedDate:02/18/26
The score is primarily supported by strong profitability and durable cash generation alongside improving leverage, reinforced by favorable 2026 EBITDA growth guidance and significant buybacks/dividend growth. Offsetting factors are the reported 2025 revenue decline and high absolute debt, while technicals show an extended rally (RSI/Stoch very overbought) and valuation/income metrics are only average-to-modest.
Positive Factors
Strong cash generation
Consistent high operating cash flow and sizable free cash flow provide durable funding for buybacks, dividends, capex and debt reduction. This cash engine supports strategic flexibility, capital returns and resiliency across cycles, reducing dependence on external financing.
Negative Factors
High absolute debt level
Despite improving leverage ratios, a very large absolute debt stock limits financial flexibility and raises exposure to interest, FX and refinancing shocks. Large nominal debt can constrain strategic moves and increases dependency on sustained strong FCF to maintain credit metrics.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent high operating cash flow and sizable free cash flow provide durable funding for buybacks, dividends, capex and debt reduction. This cash engine supports strategic flexibility, capital returns and resiliency across cycles, reducing dependence on external financing.
Read all positive factors
Anheuser-Busch Inbev Sa (BUD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$147.16B
Dividend Yield1.83%
Average Volume (3M)2.13M
Price to Earnings (P/E)18.5
Beta (1Y)0.33
Revenue Growth-2.06%
EPS Growth21.03%
CountryUS
Employees144,000
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Alcoholic
Share Statistics
EPS (TTM)0.95
Shares Outstanding1,797,203,500
10 Day Avg. Volume1,588,812
30 Day Avg. Volume2,126,264
Financial Highlights & Ratios
PEG Ratio1.00
Price to Book (P/B)1.46
Price to Sales (P/S)2.14
P/FCF Ratio11.28
Enterprise Value/Market Cap1.40
Enterprise Value/Revenue3.45
Enterprise Value/Gross Profit6.04
Enterprise Value/Ebitda9.92
Forecast
1Y Price Target
$94.96Price Target Upside32.00% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)4.27
Revenue Forecast (FY)$63.53B
Anheuser-Busch Inbev Sa Business Overview & Revenue Model
Company Description
Anheuser-Busch InBev SA/NV engages in the production, distribution, and sale of beer, alcoholic beverages, and soft drinks worldwide. It offers a portfolio of approximately 500 beer brands, which primarily include Budweiser, Corona, and Stella Art...
How the Company Makes Money
Anheuser-Busch InBev primarily makes money by selling beer and other alcoholic beverages to retailers and wholesalers, with revenue recognized from the sale of branded products across its portfolio. Key revenue streams include (1) mainstream and p...
Anheuser-Busch Inbev Sa Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyAnheuser-Busch Inbev Sa Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call emphasized disciplined execution and multiple positive financial and strategic outcomes — EPS growth, EBITDA and margin expansion, strong momentum in Beyond Beer, non-alcohol and BEES Marketplace, significant buybacks and a higher dividend — while acknowledging ongoing volume headwinds, a notable revenue decline in China, and transactional FX/hedging pressures. Management highlighted improving momentum into late Q4 and early 2026 and reiterated mid-term outlook, but cautioned on near-term phasing and market-specific challenges.Positive Updates
Underlying EPS and Profit Growth
Underlying EPS of $3.73, up 6% in U.S. dollars and 9.4% in constant currency; underlying profit increased by $350 million. Dollar-based EPS has grown at a CAGR of 6.7% since 2021.
Negative Updates
Overall Volume Underperformance
Aggregate volumes for 2025 were below potential and below trend in many regions; management noted volumes underperformed through much of the year and only showed stronger momentum in December and early 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
Underlying EPS and Profit Growth
Underlying EPS of $3.73, up 6% in U.S. dollars and 9.4% in constant currency; underlying profit increased by $350 million. Dollar-based EPS has grown at a CAGR of 6.7% since 2021.
Read all positive updates
Company Guidance
AB InBev guided 2026 to organic EBITDA growth of 4–8%, with net capital expenditures of $3.5–4.0 billion and a normalized effective tax rate of 26–28%, reiterating that this is in line with its medium‑term outlook; management also signalled continued margin upside after 2025’s 101 bps EBITDA margin expansion. On capital allocation, the company is executing a further $6.0 billion share buyback (after $3.2 billion completed), proposed a €1.00 final dividend (bringing total dividends to a 15% year‑over‑year increase including the interim), repurchased $2.7 billion of debt in 2025 and finished the year at 2.87x leverage despite a $2.8 billion FX headwind, with no bonds maturing in 2026 and a weighted average bond maturity of 13 years. Operational and digital targets underpin the guidance: 2025 saw revenue/hl +4.4%, revenue +2%, EBITDA +4.9%, underlying EPS $3.73 (+6% in USD, +9.4% constant currency) and underlying profit growth of $350 million; BEES GMV was $53 billion (+12%) with Marketplace GMV $3.5 billion (+61%), DTC served 12.3 million consumers (+11%), Beyond Beer revenue +23% and non‑alcohol beer revenue +34%, metrics management expects to leverage while investing behind brands and major activations (e.g., the World Cup).Anheuser-Busch Inbev Sa Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
63
Positive
Cash Flow
68
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 59.50B | 59.77B | 59.38B | 57.79B | 54.30B |
| Gross Profit | 33.28B | 33.02B | 31.98B | 31.48B | 31.21B |
| EBITDA | 20.76B | 20.30B | 19.07B | 18.98B | 17.79B |
| Net Income | 6.86B | 5.86B | 5.34B | 5.97B | 4.67B |
Balance Sheet | |||||
| Total Assets | 218.81B | 206.64B | 219.34B | 212.94B | 217.63B |
| Cash, Cash Equivalents and Short-Term Investments | 11.94B | 11.39B | 10.40B | 10.00B | 12.39B |
| Total Debt | 73.03B | 72.17B | 78.17B | 79.99B | 88.83B |
| Total Liabilities | 121.07B | 117.94B | 126.66B | 128.66B | 138.29B |
| Stockholders Equity | 87.29B | 78.24B | 81.85B | 73.40B | 68.67B |
Cash Flow | |||||
| Free Cash Flow | 11.26B | 11.17B | 8.64B | 7.77B | 8.95B |
| Operating Cash Flow | 14.93B | 15.03B | 13.29B | 12.93B | 14.58B |
| Investing Cash Flow | -3.77B | -3.69B | -4.38B | -4.64B | -5.87B |
| Financing Cash Flow | -11.16B | -9.40B | -8.59B | -10.23B | -11.39B |
Anheuser-Busch Inbev Sa Technical Analysis
Positive
71.94
Price Trends
73.84
Positive
69.02
Positive
65.83
Positive
Market Momentum
-0.46
Negative
59.72
Neutral
89.87
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BUD, the sentiment is Positive. The current price of 71.94 is above the 20-day moving average (MA) of 70.43, below the 50-day MA of 73.84, and above the 200-day MA of 65.83, indicating a bullish trend. The MACD of -0.46 indicates Negative momentum. The RSI at 59.72 is Neutral, neither overbought nor oversold. The STOCH value of 89.87 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BUD.
Anheuser-Busch Inbev Sa Risk Analysis
Anheuser-Busch Inbev Sa disclosed 44 risk factors in its most recent earnings report. Anheuser-Busch Inbev Sa reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Anheuser-Busch Inbev Sa Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $49.01B | 13.63 | 16.90% | 8.22% | -0.68% | 4.29% | |
70 Outperform | $23.34B | 35.40 | 7.60% | 4.33% | 1.44% | -38.87% | |
68 Neutral | $147.16B | 18.53 | 8.17% | 1.83% | -2.06% | 21.03% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
61 Neutral | $26.06B | 11.96 | 15.12% | 2.92% | -5.57% | 119.49% | |
53 Neutral | $2.26B | 19.13 | 7.86% | 2.53% | 16.59% | 1.72% | |
49 Neutral | $8.71B | -4.26 | -18.18% | 4.08% | -4.01% | -339.22% |
* Consumer Defensive Sector Average
BUD
Anheuser-Busch Inbev Sa
74.39
14.10
23.39%
CCU
Compania Cervecerias Unidas SA
12.18
-2.04
-14.35%
STZ
Constellation Brands
150.26
-28.50
-15.94%
FMX
Fomento Economico Mexicano
115.57
24.61
27.06%
TAP
Molson Coors
43.90
-14.35
-24.64%
ABEV
Ambev SA
3.08
0.94
43.93%
Anheuser-Busch Inbev Sa Corporate Events
AB InBev Chair Martin Barrington to Retire After April 2026 Shareholders’ Meeting
Mar 27, 2026
Anheuser-Busch InBev, the Leuven-based brewing giant behind more than 400 beer brands including Budweiser, Corona, Stella Artois and Michelob Ultra, operates with a geographically diversified portfolio spanning developed and emerging markets and s...
AB InBev Files 2025 Form 20-F With U.S. SEC
Mar 4, 2026
On March 3, 2026, AB InBev announced it had filed its Annual Report on Form 20-F for the year ended December 31, 2025 with the U.S. Securities and Exchange Commission. The filing provides audited financial statements and can be accessed via the co...
Anheuser-Busch InBev Updates U.S. Investors on January 2026 Amendments to Articles of Association
Mar 2, 2026
On March 2, 2026, Anheuser-Busch InBev SA/NV filed a Form 6-K in the United States, furnishing an English translation of its coordinated Articles of Association as amended on January 2, 2026. The filing formally updates U.S. investors on the compa...
AB InBev Posts Higher 2025 Earnings, Raises Payout Amid Premium and No-Alcohol Growth
Feb 13, 2026
On 12 February 2026, AB InBev reported its fourth-quarter and full-year 2025 results, showing revenue growth of 2.5% in Q4 and 2.0% for the year, despite volume declines of 1.5% in the quarter and 2.3% for 2025 amid a constrained consumer environm...
AB InBev Reclaims Full Ownership of US Metal Container Plants in $2.9 Billion Deal
Jan 30, 2026
On 30 January 2026, AB InBev completed the previously announced reacquisition of the 49.9% minority stake in its US-based metal container plants from a consortium of institutional investors led and/or advised by affiliates of Apollo Global Managem...
AB InBev to Reacquire $3 Billion Minority Stake in US Metal Container Plants
Jan 6, 2026
On 6 January 2026, AB InBev announced it had exercised its right to reacquire the 49.9% minority stake in its US-based metal container plants from a consortium of institutional investors led or advised by Apollo Global Management, in a deal valued...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.