Anheuser-Busch Inbev Sa (BUD) AI Stock Analysis

• Market Cap: $140.41B
• Dividend Yield: 1.83%
• Average Volume (3M): 2.41M
• Price to Earnings (P/E): 18.5
• Beta (1Y): 0.27
• Revenue Growth: -2.06%
• EPS Growth: 21.03%
• Country: US
• Employees: 144,000
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Beverages - Alcoholic
• EPS (TTM): 0.95
• Shares Outstanding: 1,797,203,200
• 10 Day Avg. Volume: 1,893,503
• 30 Day Avg. Volume: 2,410,825
• PEG Ratio: 1.00
• Price to Book (P/B): 1.46
• Price to Sales (P/S): 2.14
• P/FCF Ratio: 11.28
• Enterprise Value/Market Cap: 1.42
• Enterprise Value/Revenue: 3.35
• Enterprise Value/Gross Profit: 5.86
• Enterprise Value/Ebitda: 9.61
• 1Y Price Target: $98.00
• Price Target Upside: 36.23% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 4.35
• Revenue Forecast (FY): $63.56B

• Rating: 68 Neutral
• Price Target: $76.00 ▲(5.64% Upside)
• Action: Downgraded Date: 02/18/26
• Date: Action: Downgraded 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 free cash flow and capital returns

Consistently large operating and free cash flows provide durable funding for buybacks, dividends, debt repurchases and targeted capex. This cash generation supports capital allocation flexibility across cycles, enabling shareholder returns while funding strategic investments and balance sheet repair.

Sustained margin expansion and profitability

Material margin expansion reflects successful price/mix, premiumization and scale efficiencies. Higher operating leverage and strengthened gross margins make earnings and cashflows more resilient to moderate volume volatility and provide structural support for future reinvestment and returns.

Portfolio premiumization and digital ecosystem growth

Growth in BEES, marketplace and DTC plus faster-growing Beyond Beer and no‑alcohol segments diversifies revenue and increases revenue/hl over time. Digital and premium channels improve direct customer relationships, margin mix and structural growth optionality beyond core beer volumes.

Negative Factors

Reported 2025 revenue weakness and volatility

A pronounced reported revenue decline in 2025 introduces uncertainty about sustainable top-line momentum. Even with strong margins, uneven revenue outcomes complicate forecasting, weaken leverage of fixed costs and raise execution risk for restoring volume-led growth in key markets.

High absolute debt load

Despite improving leverage ratios, a very large absolute debt stock restricts strategic optionality, increases sensitivity to interest and FX movements, and leaves less room for large acquisitions or cyclical cushion without continued strong cash conversion and disciplined allocation.

China and on‑trade structural weakness

Significant China revenue declines and persistent on‑trade weakness create a lasting regional drag given the market's scale. Policy shifts, channel reorganization and slower premiumization in China raise the risk that global recovery depends on hard-to-replicate improvements there.

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 Artois; Beck's, Hoegaarden, Leffe, and Michelob Ultra; and Aguila, Antarctica, Bud Light, Brahma, Cass, Castle, Castle Lite, Cristal, Harbin, Jupiler, Modelo Especial, Quilmes, Victoria, Sedrin, and Skol brands. The company was founded in 1366 and is headquartered in Leuven, Belgium.

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 premium beer sold in large volumes through off-premise channels (e.g., supermarkets, convenience stores) and on-premise channels (e.g., bars, restaurants); (2) above-core and premium offerings that typically carry higher margins, where pricing, brand strength, and mix can materially influence earnings; and (3) packaging formats (cans, bottles, kegs) and brand/pack innovation that support revenue per hectoliter. The company’s earnings are influenced by its ability to manage pricing and promotional spend, optimize product mix, and drive scale efficiencies in brewing, procurement, and logistics. Distribution is a major factor: AB InBev sells through a combination of owned or affiliated distribution in certain markets and third-party wholesalers/distributors in others, leveraging long-standing relationships with retail and on-premise customers to secure shelf space, tap handles, and menu placements. Marketing and sponsorships help build brand equity and support volume and pricing; however, specific partnership terms and financial contributions are not provided here and are therefore null.

Anheuser-Busch Inbev Sa Financial Statement Overview

Summary

Profitability and cash generation are strong (2025 EBIT/EBITDA margins ~25%/~35%, operating cash flow ~$13–15B, free cash flow ~$11.3B). Balance sheet leverage is improving (debt-to-equity down to ~0.84x), but absolute debt remains high (~$73B) and the reported 2025 revenue decline is a key top-line risk.

Income Statement

Profitability is solid and improving: net margin rose from ~3.0% (2020) to ~11.5% (2025), and EBIT/EBITDA margins have strengthened to ~25%/~35% in 2025. Revenue has largely been stable in the high-$50B range since 2021, but growth has been modest and turned sharply negative in 2025 (reported -65.4%), which is a clear risk flag and creates uncertainty around the top-line trajectory despite strong margins.

Balance Sheet

Leverage has improved versus earlier years: debt-to-equity declined from ~1.45x (2020) to ~0.84x (2025), indicating a healthier capital structure trend. However, absolute debt remains high (~$73B in 2025), and returns on equity are only moderate (~7–8% recently), suggesting profitability is good but not exceptional relative to the equity base and leverage still matters.

Cash Flow

Cash generation is consistently strong: operating cash flow has been roughly $13–15B (2022–2025) and free cash flow is robust at ~$11.3B in 2025. Free cash flow conversion is decent but not perfect (free cash flow is ~75% of net income in 2024–2025), and free cash flow growth is volatile (notably negative in 2025), which points to some variability in cash efficiency year to year.

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

• Technical Analysis Sentiment: Neutral
• Last Price: 71.94
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BUD, the sentiment is Neutral. The current price of 71.94 is below the 20-day moving average (MA) of 75.69, below the 50-day MA of 73.22, and above the 200-day MA of 65.92, indicating a neutral trend. The MACD of -0.86 indicates Positive momentum. The RSI at 32.65 is Neutral, neither overbought nor oversold. The STOCH value of 19.23 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BUD.

Anheuser-Busch Inbev Sa Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ABEV	80 Outperform	$44.12B	13.63	16.90%	8.22%	-0.68%	4.29%
FMX	70 Outperform	$21.32B	35.36	7.60%	4.33%	1.44%	-38.87%
BUD	68 Neutral	$140.41B	18.53	12.35%	1.83%	-2.06%	21.03%
STZ	67 Neutral	$26.37B	11.96	15.12%	2.92%	-5.57%	119.49%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
TAP	54 Neutral	$8.32B	-4.26	-18.18%	4.08%	-4.01%	-339.22%
CCU	53 Neutral	$2.16B	19.13	7.86%	2.53%	16.59%	1.72%

Anheuser-Busch Inbev Sa Corporate Events

AB InBev Files 2025 Form 20-F With U.S. SEC

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 company’s website or the SEC’s portal, with printed copies available on request, underscoring AB InBev’s ongoing compliance with U.S. disclosure requirements and transparency for global investors.

The report gives markets an official, detailed view of the brewer’s 2025 performance, following previously reported revenue of 59.3 billion USD for the year. By completing this regulatory milestone on schedule, AB InBev reinforces its standing as a major cross-listed multinational and provides key financial information that will inform analysts, bondholders and shareholders as they assess the company’s operating momentum and capital-market profile.

The most recent analyst rating on (BUD) stock is a Buy with a $89.00 price target. To see the full list of analyst forecasts on Anheuser-Busch Inbev Sa stock, see the BUD Stock Forecast page.

Anheuser-Busch InBev Updates U.S. Investors on January 2026 Amendments to Articles of Association

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 company’s Belgian corporate charter, including its legal form as a listed public limited company, its Brussels registered office and website, and its broad corporate purpose spanning beverage production and related holdings.

The coordinated Articles detail AB InBev’s history of amendments since its 2016 incorporation, including multiple notarial acts, changes to its registered office and confirmation of its unlimited duration under Belgian company law. By incorporating the updated Articles into existing U.S. registration statements, the brewer aligns its capital markets documentation with its latest governance framework, providing greater transparency on capital structure, share classes and corporate purpose for shareholders and other stakeholders.

The most recent analyst rating on (BUD) stock is a Buy with a $89.00 price target. To see the full list of analyst forecasts on Anheuser-Busch Inbev Sa stock, see the BUD Stock Forecast page.

AB InBev Posts Higher 2025 Earnings, Raises Payout Amid Premium and No-Alcohol Growth

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 environment and adverse weather in some markets. Normalized EBITDA rose 4.9% for the year with a 101-basis-point margin expansion to 35.8%, underlying EPS increased 6% to 3.73 USD, free cash flow reached 11.3 billion USD, and net debt to EBITDA edged down to 2.87x, underlining improved profitability and balance sheet resilience.

The brewer highlighted strong momentum in its premium, Beyond Beer and no-alcohol portfolios, noting that revenue per hectoliter grew 4.4% in 2025, driven by price/mix and premiumization, while marketing investments of 7.4 billion USD supported share gains in roughly two-thirds of its markets. The board proposed a final dividend of 1.00 EUR per share for 2025, bringing the total annual payout to 1.15 EUR, and confirmed progress on a previously announced 6 billion USD share buyback, signaling confidence in future cash generation and a shareholder-friendly capital allocation stance.

The most recent analyst rating on (BUD) stock is a Buy with a $85.00 price target. To see the full list of analyst forecasts on Anheuser-Busch Inbev Sa stock, see the BUD Stock Forecast page.

AB InBev Reclaims Full Ownership of US Metal Container Plants in $2.9 Billion Deal

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 Management, in a transaction valued at approximately 2.9 billion USD. The deal restores full ownership of the packaging assets to AB InBev, consolidating control over a critical part of its US supply chain and cost base, and potentially enhancing operational flexibility and margin management in one of its most important beer markets.

The most recent analyst rating on (BUD) stock is a Hold with a $76.00 price target. To see the full list of analyst forecasts on Anheuser-Busch Inbev Sa stock, see the BUD Stock Forecast page.

AB InBev to Reacquire $3 Billion Minority Stake in US Metal Container Plants

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 at approximately $3 billion. The company’s seven US metal container facilities, spread across six states, are described as strategically important for quality control, cost efficiency, innovation speed and supply security for AB InBev’s brands, while also supporting manufacturing employment and local economic growth. The repurchase, to be funded entirely with cash on hand, is positioned as aligned with AB InBev’s capital allocation framework focused on long-term shareholder value and is expected to be earnings-per-share accretive in the first year after closing, with completion targeted for the first quarter of 2026 subject to customary conditions.

The most recent analyst rating on (BUD) stock is a Buy with a $75.00 price target. To see the full list of analyst forecasts on Anheuser-Busch Inbev Sa stock, see the BUD Stock Forecast page.