ABEV vs BUD: Ambev SA ADR and Anheuser Busch Inbev NV ADR compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Anheuser Busch Inbev NV ADR is the larger company, worth $151.1B, about 3.1 times Ambev SA ADR.
- Anheuser Busch Inbev NV ADR grew revenue faster over the last year (-0.8% vs -1.4%).
- Ambev SA ADR keeps more of each dollar of revenue as operating profit (26.4% vs 26.0%).
- On earnings, Ambev SA ADR is the cheaper stock (15.9x vs 22.8x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ABEV | BUD |
|---|---|---|
| Market cap | $49.4B | $151.1B |
| Share price | $3.19 | $77.33 |
| Revenue (last fiscal year) | $88.2B | $59.3B |
| Free cash flow (last fiscal year) | $19.9B | $11.2B |
| Revenue growth, last year | -1.4% | -0.8% |
| Revenue growth per year, last 5 fiscal years | +4.9% | +2.2% |
| Operating margin | 26.4% | 26.0% |
| Net margin | 17.6% | 11.5% |
| Return on equity | 17.6% | 7.8% |
| P/E (trailing) | 15.9x | 22.8x |
| Price / free cash flow | 2.49x | 13.4x |
| EV / EBITDA | 7.86x | 13.6x |
| FCF growth the price implies | — | -0.21% |
| Dividend yield | 5.0% | 1.7% |
| Debt / equity | 0.64x | 1.39x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 5 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Ambev SA ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $72.9B | $15.2B | 23.4% |
| 2022 | $79.7B | $14.1B | 22.2% |
| 2023 | $79.7B | $18.7B | 23.6% |
| 2024 | $89.5B | $21.3B | 24.4% |
| 2025 | $88.2B | $19.9B | 26.4% |
Anheuser Busch Inbev NV ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $54.3B | $9.2B | 25.5% |
| 2022 | $57.8B | $8.1B | 25.1% |
| 2023 | $59.4B | $8.6B | 23.5% |
| 2024 | $59.8B | $11.2B | 25.9% |
| 2025 | $59.3B | $11.2B | 26.0% |
Where the revenue comes from
Ambev SA ADR · by segments, 2025
Brazil$49.0B56%
Latin America - South$18.0B20%
CAC$11.0B12%
Canada$10.3B12%
Anheuser Busch Inbev NV ADR · by segments, 2025
Beer business$53.0B89%
Non-beer business$6.3B11%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ABEV in InvestinglyQuestions
Which is bigger, Ambev SA ADR or Anheuser Busch Inbev NV ADR?
Anheuser Busch Inbev NV ADR (BUD), at $151.1B against $49.4B.
Is ABEV or BUD cheaper?
By trailing P/E, Ambev SA ADR (15.9x) is cheaper than Anheuser Busch Inbev NV ADR (22.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, ABEV or BUD?
Anheuser Busch Inbev NV ADR: revenue grew -0.8% over the last year, against -1.4%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.