BUD vs STZ: Anheuser Busch Inbev NV ADR and Constellation Brands 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 6.6 times Constellation Brands.
- Constellation Brands grew revenue faster over the last year (+6.1% vs -0.8%).
- Constellation Brands keeps more of each dollar of revenue as operating profit (30.2% vs 26.0%).
- On earnings, Constellation Brands is the cheaper stock (13.7x vs 22.8x).
- Anheuser Busch Inbev NV ADR's price assumes faster free cash flow growth: about -0% a year, against -1% for Constellation Brands (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BUD | STZ |
|---|---|---|
| Market cap | $151.1B | $22.7B |
| Share price | $77.33 | $122.64 |
| Revenue (last fiscal year) | $59.3B | $9.1B |
| Free cash flow (last fiscal year) | $11.2B | $1.8B |
| Revenue growth, last year | -0.8% | +6.1% |
| Revenue growth per year, last 5 fiscal years | +2.2% | +0.9% |
| Operating margin | 26.0% | 30.2% |
| Net margin | 11.5% | 20.9% |
| Return on equity | 7.8% | 22.4% |
| P/E (trailing) | 22.8x | 13.7x |
| Price / free cash flow | 13.4x | 12.7x |
| EV / EBITDA | 13.6x | 10.2x |
| FCF growth the price implies | -0.21% | -1.0% |
| Dividend yield | 1.7% | 3.2% |
| Debt / equity | 1.39x | 1.54x |
| Fundamental grade | C | B |
| Superinvestors holding it | 5 | 7 |
| Insider purchases, last 12 months | 0 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Constellation Brands
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $8.8B | $1.7B | 26.4% |
| 2023 | $9.5B | $1.7B | 30.1% |
| 2024 | $10.0B | $1.5B | 31.8% |
| 2025 | $10.2B | $1.9B | 3.5% |
| 2026 | $9.1B | $1.8B | 29.8% |
Where the revenue comes from
Anheuser Busch Inbev NV ADR · by segments, 2025
Beer business$53.0B89%
Non-beer business$6.3B11%
Constellation Brands · by segments, 2026
Beer$8.3B91%
Wine and Spirits$824M9%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BUD in InvestinglyQuestions
Which is bigger, Anheuser Busch Inbev NV ADR or Constellation Brands?
Anheuser Busch Inbev NV ADR (BUD), at $151.1B against $22.7B.
Is BUD or STZ cheaper?
By trailing P/E, Constellation Brands (13.7x) is cheaper than Anheuser Busch Inbev NV ADR (22.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, BUD or STZ?
Constellation Brands: revenue grew +6.1% over the last year, against -0.8%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.