Tearsheet

Investment Highlights

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Market Valuation

 9/4/252024202320222021
Share Price CYE$2.15$1.80$2.63$2.42$2.37
Market Cap CYE ($ Bil)33.528.341.438.137.3
Total Debt ($ Bil)3.23.53.53.83.1
Total Cash ($ Bil)17.529.816.315.418.5
Enterprise Value ($ Bil)19.131.844.941.940.4
Valuation Ratios     
P/S TTM0.40.30.60.50.6
P/EBIT TTM1.51.32.52.52.8
P/E TTM2.32.03.03.03.5
Sector Ratios     
P/S TTM (Sector)1.11.21.21.31.5
P/EBIT TTM (Sector)14.013.814.314.716.9
P/E TTM (Sector)20.621.420.321.124.1
 9/4/2520242023
Share Price CYE$2.15$1.80$2.63
Market Cap CYE ($ Bil)33.528.341.4
Total Debt ($ Bil)3.23.53.5
Total Cash ($ Bil)17.529.816.3
Enterprise Value ($ Bil)19.131.844.9
Valuation Ratios   
P/S TTM0.40.30.6
P/EBIT TTM1.51.32.5
P/E TTM2.32.03.0
Sector Ratios   
P/S TTM (Sector)1.11.21.2
P/EBIT TTM (Sector)14.013.814.3
P/E TTM (Sector)20.621.420.3

Business Description

Ambev S.A., through its subsidiaries, produces, distributes, and sells beer, draft beer, carbonated soft drinks, other non-alcoholic beverages, malt, and food products in the Americas. The company operates through four segments: Brazil; Central America and the Caribbean; Latin America South; and Canada. It offers beer primarily under the Skol, Brahma, Antarctica, Brahva, Brahva Gold, Extra, Bud Light, Beck, Leffe and Hoegaarden, Bucanero, Cristal, Mayabe, Cacique, Presidente, Brahma Light, Presidente Light, Presidente Golden Light, Bohemia, The One, Corona, Modelo Especial, Stella Artois, and Budweiser, Quilmes Clásica, Paceña, Taquiña, Huari, Becker, Cusqueña, Michelob Ultra, Busch, Pilsen, Ouro Fino, Banks, Deputy, Patricia, Labatt Blue, Alexander Keith's, and Kokanee brands. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
ABEV Return     20%20%
Peers Return74%-23%-10%14%-8%-19%1%
S&P 500 Return16%27%-19%24%23%10%100%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: TAP, SAM.
[3] 2025 data is for the year up to 9/3/2025 (YTD)

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Peer Comparisons for Ambev

Financials

ABEVTAPSAMMedian
NameAmbev Molson C.Boston B. 
Mkt Price-50.25215.73132.99
Mkt Cap-10.12.46.2
Rev LTM-11,2832,0506,666
Op Inc LTM-1,692183937
FCF LTM-961222591
FCF 3Y Avg-1,144172658
CFO LTM-1,643286965
CFO 3Y Avg-1,8172401,029

Growth & Margins

ABEVTAPSAMMedian
NameAmbev Molson C.Boston B. 
Rev Chg LTM--5.5%2.5%-1.5%
Rev Chg 3Y Avg-2.3%1.6%2.0%
Rev Chg Q--1.6%1.5%-0.0%
QoQ Delta Rev Chg LTM--0.5%0.4%-0.0%
Op Mgn LTM-15.0%8.9%12.0%
Op Mgn 3Y Avg-14.1%7.3%10.7%
QoQ Delta Op Mgn LTM--0.0%0.6%0.3%
CFO/Rev LTM-14.6%14.0%14.3%
CFO/Rev 3Y Avg-15.8%11.8%13.8%
FCF/Rev LTM-8.5%10.8%9.7%
FCF/Rev 3Y Avg-10.0%8.5%9.2%

Valuation

ABEVTAPSAMMedian
NameAmbev Molson C.Boston B. 
Mkt Cap-10.12.46.2
P/S-0.91.21.0
P/EBIT-6.113.19.6
P/E-9.730.119.9
P/CFO-6.18.47.2
Total Yield-14.0%3.3%8.7%
Dividend Yield-3.7%0.0%1.9%
FCF Yield 3Y Avg-10.2%6.2%8.2%
D/E-0.60.00.3
Net D/E-0.6-0.10.2

Returns

ABEVTAPSAMMedian
NameAmbev Molson C.Boston B. 
1M Rtn-4.2%3.0%3.6%
3M Rtn--4.8%-3.9%-4.3%
6M Rtn--14.9%-9.7%-12.3%
12M Rtn--4.6%-20.6%-12.6%
3Y Rtn-5.5%-34.8%-14.6%
1M Excs Rtn-1.4%0.1%0.8%
3M Excs Rtn--13.0%-10.4%-11.7%
6M Excs Rtn--26.9%-22.7%-24.8%
12M Excs Rtn--17.7%-35.9%-26.8%
3Y Excs Rtn--54.1%-92.7%-73.4%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Single Segment79,73779,70972,85458,37952,005
Total79,73779,70972,85458,37952,005


Price Behavior

Short Interest

Short Interest: As Of Date8152025
Short Interest: Shares Quantity55,238,643
Short Interest: % Change Since 7312025-26.9%
Average Daily Volume24,972,246
Days-to-Cover Short Interest2.21
Basic Shares Quantity15,613,200,000
Short % of Basic Shares0.4%