Tearsheet

Anheuser-Busch InBev SA/NV (BUD)

Market Price (10/31/2025): $59.99 | Market Cap: $119.1 Bil
Sector: Consumer Staples | Industry: Brewers

Anheuser-Busch InBev SA/NV (BUD)

Market Price (10/31/2025): $59.99
Market Cap: $119.1 Bil
Sector: Consumer Staples
Industry: Brewers

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%	Weak multi-year price returns 2Y Excs Rtn is -49%, 3Y Excs Rtn is -45%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.8%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26%
2	Low stock price volatility Vol 12M is 26%

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26%
2	Low stock price volatility Vol 12M is 26%
3	Weak multi-year price returns 2Y Excs Rtn is -49%, 3Y Excs Rtn is -45%
4	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.8%

Market Valuation & Key Metrics

Valuation
Key Metrics

	10/31/25	2024	2023	2022	2021
Share Price CYE	$59.99	$49.28	$62.66	$57.47	$57.41
Market Cap CYE ($ Bil)	119.1	98.6	126.3	115.7	115.4
Total Debt ($ Bil)	0.0	72.2	78.2	80.0	88.8
Total Cash ($ Bil)	0.0	11.4	10.4	10.0	12.4
Enterprise Value ($ Bil)	0.0	170.8	204.5	195.7	204.2
Valuation Ratios
P/S TTM	2.0	1.7	2.2	2.1	2.2
P/EBIT TTM	7.9	6.8	9.5	8.7	9.5
P/E TTM	19.5	17.1	24.4	20.2	26.0
Sector Ratios
P/S TTM (Sector)	0.8	0.9	0.9	0.9	1.5
P/EBIT TTM (Sector)	7.8	8.9	10.3	9.8	11.9
P/E TTM (Sector)	11.8	12.2	13.4	12.8	16.3

	10/31/25	2024	2023
Share Price CYE	$59.99	$49.28	$62.66
Market Cap CYE ($ Bil)	119.1	98.6	126.3
Total Debt ($ Bil)	0.0	72.2	78.2
Total Cash ($ Bil)	0.0	11.4	10.4
Enterprise Value ($ Bil)	0.0	170.8	204.5
Valuation Ratios
P/S TTM	2.0	1.7	2.2
P/EBIT TTM	7.9	6.8	9.5
P/E TTM	19.5	17.1	24.4
Sector Ratios
P/S TTM (Sector)	0.8	0.9	0.9
P/EBIT TTM (Sector)	7.8	8.9	10.3
P/E TTM (Sector)	11.8	12.2	13.4

	BUD	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	58.6
Rev Chg Q	0.6%	6.4%
Rev Chg LTM	-1.3%	5.4%
Rev Chg 3Y Avg	0.8%	5.3%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	15.3
CFO LTM ($ Bil)	�
Net Inc LTM ($ Bil)	6.1
Op Mgn LTM	26.1%	18.7%
Net Inc Mgn	10.4%	12.8%
VALUATION	MODERATE
P/S	2.0	3.2
P/E	19.5	23.6
STABILITY	VERY GOOD
Debt/Equity	0.00	0.21

BUD Stock

Return (1M):

Factor Drivers of Stock Movement

The 4.1% change in BUD stock from 7/31/2025 to 10/30/2025 was primarily driven by a 21.5% change in the company's P/E Multiple.

	7312025	10302025	Change
Stock Price ($)	57.67	60.01	4.06%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	58519.00	58606.00	0.15%
Net Income Margin (%)	12.16%	10.41%	-14.42%
P/E Multiple	16.08	19.54	21.53%
Shares Outstanding (Mil)	1984.00	1986.00	-0.10%
Cumulative Contribution			4.06%

LTM = Last Twelve Months as of date shown

The -7.7% change in BUD stock from 5/1/2025 to 10/30/2025 was primarily driven by a -12.0% change in the company's P/E Multiple.

	5012025	10302025	Change
Stock Price ($)	65.02	60.01	-7.71%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	59767.00	58606.00	-1.94%
Net Income Margin (%)	9.80%	10.41%	6.21%
P/E Multiple	22.21	19.54	-12.00%
Shares Outstanding (Mil)	2000.00	1986.00	0.70%
Cumulative Contribution			-7.71%

LTM = Last Twelve Months as of date shown

The -3.1% change in BUD stock from 10/30/2024 to 10/30/2025 was primarily driven by a -6.6% change in the company's P/E Multiple.

	10302024	10302025	Change
Stock Price ($)	61.91	60.01	-3.07%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	59927.00	58606.00	-2.20%
Net Income Margin (%)	9.89%	10.41%	5.20%
P/E Multiple	20.92	19.54	-6.59%
Shares Outstanding (Mil)	2003.00	1986.00	0.85%
Cumulative Contribution			-3.08%

LTM = Last Twelve Months as of date shown

The 25.1% change in BUD stock from 10/31/2022 to 10/30/2025 was primarily driven by a 17.2% change in the company's Net Income Margin (%).

	10312022	10302025	Change
Stock Price ($)	47.95	60.01	25.14%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	57317.00	58606.00	2.25%
Net Income Margin (%)	8.88%	10.41%	17.24%
P/E Multiple	18.97	19.54	3.05%
Shares Outstanding (Mil)	2012.00	1986.00	1.29%
Cumulative Contribution			25.12%

LTM = Last Twelve Months as of date shown

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
BUD Return	-14%	-13%	0%	9%	-21%	22%	-20%
Peers Return	43%	29%	-10%	20%	1%	-19%	62%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	110%
Monthly Win Rates [3]
BUD Win Rate	58%	42%	33%	67%	42%	56%
Peers Win Rate	58%	55%	42%	53%	45%	38%
S&P 500 Win Rate	58%	75%	42%	67%	75%	67%
Max Drawdowns [4]
BUD Max Drawdown	-57%	-22%	-25%	-11%	-22%	-8%
Peers Max Drawdown	-31%	-15%	-23%	-10%	-17%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: DEO, COKE, TAP, FIZZ, SAM. See BUD Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/30/2025 (YTD)

How Low Can It Go

Unique Key	Event	BUD	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-43.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	76.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-57.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	137.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	Not Fully Recovered days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-48.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	92.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days

Compare to DEO, COKE, TAP, FIZZ, SAM

In The Past

Anheuser-Busch InBev SA/NV's stock fell -43.4% during the 2022 Inflation Shock from a high on 6/15/2021. A -43.4% loss requires a 76.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Anheuser-Busch InBev SA/NV (BUD)

Business 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. Anheuser-Busch InBev SA/NV is a subsidiary of AB InBev NV/SA.

Interactive Breakdown

Anheuser-Busch InBev SA/NV Interactive Breakdown Analysis

Better Bets than Anheuser-Busch InBev SA/NV (BUD)

	BUD	Better Performance than BUD
Metric	Value	Industry (Brewers)
Rev Chg LTM	-1.3%	SAM (-1.1%)
Rev Chg 3Y Avg	0.8%	TAP (2.3%)
Op Mgn LTM	26.1%
Total Yield	5.1%	TAP (16.1%)

	BUD	Better Performance than BUD
Metric	Value	Sector (Consumer Staples)
Rev Chg LTM	-1.3%	WMT (4.2%), COST (8.2%), PG (1.2%), KO (2.8%), PM (7.5%)
Rev Chg 3Y Avg	0.8%	WMT (5.7%), COST (6.6%), PG (1.8%), KO (4.0%), PM (8.0%)
Op Mgn LTM	26.1%	KO (31.3%), PM (37.1%), MO (59.0%), MNST (26.9%), STZ (31.6%)
Total Yield	5.1%	KO (7.2%), PM (7.5%), PEP (7.3%), MO (16.3%), MDLZ (8.0%)

	BUD	Better Performance than BUD
Metric	Value	All Other Sectors
Rev Chg LTM	-1.3%	NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	0.8%	NVDA (92.0%), AAPL (1.8%), MSFT (13.2%), GOOGL (11.0%), AMZN (11.3%)
Op Mgn LTM	26.1%	NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AVGO (39.0%)
Total Yield	5.1%	JPM (6.6%), XOM (9.7%), JNJ (8.2%), BAC (6.8%), BABA (36.3%)

		Best Bets In Consumer Staples Sector
	BUD	MO	PM	MNST	PG	STZ	CL	HSY	FIZZ	SMPL	KO
What You Pay
P/E	19.5	10.9	26.3	41.3	20.9	18.5	21.3	22.7	16.9	18.6	22.8
P/EBIT	7.9	8.2	14.8	31.3	16.0	10.7	14.7	18.2	13.3	12.1	17.0
What You Get
Rev Chg Q	0.6%	0.2%	9.4%	11.1%	3.0%	-15.0%	1.0%	26.0%	0.3%	-1.8%	5.1%
Rev Chg LTM	-1.3%	-0.2%	7.5%	3.7%	1.2%	-5.6%	0.1%	2.5%	0.5%	9.0%	2.8%
Rev Chg 3Y Avg	0.8%	-0.9%	8.0%	8.5%	1.8%	0.7%	4.2%	5.2%	1.7%	7.5%	4.0%
FCF/Rev 3Y Avg	�	42.7%	24.9%	21.4%	18.0%	17.0%	15.4%	13.9%	13.9%	13.1%	13.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 8.7%, alpha of 1.4%, and sharpe of 0.5

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	How Low Can Anheuser-Busch InBev SA/NV Stock Really Go?	Return
2	BUD Dip Buy Analysis
3	Anheuser-Busch InBev SA/NV (BUD) Valuation Ratios Comparison	Financials
4	Anheuser-Busch InBev SA/NV Total Shareholder Return (TSR): -21.4% in 2024 and -5.0% 3-yr compounded annual returns (below peer average)
5	Anheuser-Busch InBev SA/NV (BUD) Operating Cash Flow Comparison	Financials
6	Anheuser-Busch InBev SA/NV (BUD) Net Income Comparison	Financials
7	Anheuser-Busch InBev SA/NV (BUD) Operating Income Comparison	Financials
8	Anheuser-Busch InBev SA/NV (BUD) Revenue Comparison	Financials
9	Fundamental Metrics: ...
10	Anheuser-Busch InBev (BUD) Stock Has 49% Chance Of Rise In The Next One Month
11	ARTICLES
12	BUD Down 5.5% In A Day. History Shows It Can Get Worse.		July 29th, 2025
13	BUD Stock: Is $60 The Right Price?		February 27th, 2025
14	DEO Stock vs. BUD Stock		January 22nd, 2025
15	Why Did BUD Stock Fall 8%?		November 5th, 2024
16	Why Is Anheuser-Busch InBev Stock Down 10%?		September 26th, 2024

	Title
0	DASHBOARDS
1	BUD Down 5.5% In A Day. History Shows It Can Get Worse.
2	BUD Stock: Is $60 The Right Price?
3	DEO Stock vs. BUD Stock
4	Why Did BUD Stock Fall 8%?
5	Why Is Anheuser-Busch InBev Stock Down 10%?
6	ARTICLES
7	How Low Can Anheuser-Busch InBev SA/NV Stock Really Go?
8	BUD Dip Buy Analysis
9	Anheuser-Busch InBev SA/NV (BUD) Valuation Ratios Comparison
10	Anheuser-Busch InBev SA/NV Total Shareholder Return (TSR): -21.4% in 2024 and -5.0% 3-yr compounded annual returns (below peer average)
11	Anheuser-Busch InBev SA/NV (BUD) Operating Cash Flow Comparison
12	Anheuser-Busch InBev SA/NV (BUD) Net Income Comparison
13	Anheuser-Busch InBev SA/NV (BUD) Operating Income Comparison
14	Anheuser-Busch InBev SA/NV (BUD) Revenue Comparison
15	Fundamental Metrics: ...
16	Anheuser-Busch InBev (BUD) Stock Has 49% Chance Of Rise In The Next One Month

Trade Ideas

Select past ideas related to BUD. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
IPAR_9302025_Dip_Buyer_FCFYield	09302025	IPAR	Interparfums	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-6.8%	-6.8%	-6.8%
TAP_9302025_Dip_Buyer_FCFYield	09302025	TAP	Molson Coors Beverage	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-3.8%	-3.8%	-3.8%
STZ_7312025_Monopoly_xInd_xCD_Getting_Cheaper	07312025	STZ	Constellation Brands	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-22.2%	-22.2%	-22.2%
SJM_6302025_Dip_Buyer_FCFYield	06302025	SJM	JM Smucker	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.1%	4.1%	0.0%
BF-B_5312025_Dip_Buyer_ValueBuy	05312025	BF-B	Brown-Forman	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-18.4%	-18.4%	-22.4%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
IPAR_9302025_Dip_Buyer_FCFYield	09302025	IPAR	Interparfums	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-6.8%	-6.8%	-6.8%
TAP_9302025_Dip_Buyer_FCFYield	09302025	TAP	Molson Coors Beverage	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-3.8%	-3.8%	-3.8%
STZ_7312025_Monopoly_xInd_xCD_Getting_Cheaper	07312025	STZ	Constellation Brands	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-22.2%	-22.2%	-22.2%
SJM_6302025_Dip_Buyer_FCFYield	06302025	SJM	JM Smucker	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.1%	4.1%	0.0%
BF-B_5312025_Dip_Buyer_ValueBuy	05312025	BF-B	Brown-Forman	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-18.4%	-18.4%	-22.4%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	GH	Guardant Health	27.9%	202.5%
2	GCI	Gannett	27.7%	3.8%
3	FORM	FormFactor	24.2%	34.7%
4	VIAV	Viavi Solutions	22.3%	69.3%
5	GSAT	Globalstar	22.2%	63.5%
6	MTSR	Metsera	22.1%	63729900.0%
7	PRM	Perimeter Solutions	21.1%	102.3%
8	CHRW	C.H. Robinson Worldwide	19.7%	52.6%
9	INSM	Insmed	16.3%	181.3%
10	CAH	Cardinal Health	15.4%	62.8%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	FMC	FMC	-46.5%	-66.6%
2	APLS	Apellis Pharmaceuticals	-31.0%	-35.0%
3	THRY	Thryv	-30.2%	-44.8%
4	SFM	Sprouts Farmers Market	-26.1%	-39.2%
5	IART	Integra Lifesciences	-23.5%	-47.9%
6	ITRI	Itron	-21.1%	0.4%
7	WOLF	Wolfspeed	-18.2%
8	CMG	Chipotle Mexican Grill	-18.2%	-46.1%
9	CI	Cigna	-17.4%	-9.2%
10	EME	EMCOR	-16.6%	43.0%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	INBX	Inhibrx Biosciences	176.8%	409.8%
2	PUMP	ProPetro	71.2%	16.2%
3	RNA	Avidity Biosciences	43.5%	139.6%
4	DYN	Dyne Therapeutics	42.8%	-0.0%
5	GCI	Gannett	39.3%	3.8%
6	FORM	FormFactor	38.3%	34.7%
7	MBX	MBX Biosciences	35.1%	18.2%
8	BBNX	Beta Bionics	33.8%
9	GH	Guardant Health	33.3%	202.5%
10	LUMN	Lumen Technologies	32.7%	94.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	PMI	Picard Medical	-75.2%	5106.3%
2	LRN	Stride	-56.1%	-35.8%
3	NTLA	Intellia Therapeutics	-52.6%	5.2%
4	FMC	FMC	-48.7%	-66.6%
5	FI	Fiserv	-47.4%	-68.3%
6	VRNS	Varonis Systems	-43.8%	-21.2%
7	THRY	Thryv	-33.4%	-44.8%
8	NFE	New Fortress Energy	-30.5%	-91.9%
9	AKBA	Akebia Therapeutics	-29.5%	10.5%
10	UAMY	United States Antimony	-28.9%	371.2%

1 Month Top Gainers

#	Ticker	Company	1M Rtn	YTD Rtn
1	PRAX	Praxis Precision Medicines	279.1%	161.2%
2	INBX	Inhibrx Biosciences	131.0%	409.8%
3	PUMP	ProPetro	99.6%	16.2%
4	DYN	Dyne Therapeutics	88.4%	-0.0%
5	VICR	Vicor	85.4%	89.2%
6	CELC	Celcuity	74.6%	503.2%
7	GLUE	Monte Rosa Therapeutics	73.5%	87.5%
8	NVTS	Navitas Semiconductor	72.1%	251.8%
9	LUMN	Lumen Technologies	70.3%	94.7%
10	BALY	Ballys	63.4%	4.1%

1 Month Top Losers

#	Ticker	Company	1M Rtn	YTD Rtn
1	PMI	Picard Medical	-62.9%	5106.3%
2	LRN	Stride	-53.8%	-35.8%
3	FMC	FMC	-51.0%	-66.6%
4	FI	Fiserv	-48.3%	-68.3%
5	NFE	New Fortress Energy	-43.6%	-91.9%
6	VG	Venture Global	-41.7%
7	OGN	Organon	-40.2%	-55.0%
8	VRNS	Varonis Systems	-39.5%	-21.2%
9	ITGR	Integer	-38.5%	-52.2%
10	LENZ	LENZ Therapeutics	-37.9%	5.5%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	GH	Guardant Health	27.9%	202.5%
2	GCI	Gannett	27.7%	3.8%
3	FORM	FormFactor	24.2%	34.7%
4	VIAV	Viavi Solutions	22.3%	69.3%
5	GSAT	Globalstar	22.2%	63.5%
6	MTSR	Metsera	22.1%	63729900.0%
7	PRM	Perimeter Solutions	21.1%	102.3%
8	CHRW	C.H. Robinson Worldwide	19.7%	52.6%
9	INSM	Insmed	16.3%	181.3%
10	CAH	Cardinal Health	15.4%	62.8%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	FMC	FMC	-46.5%	-66.6%
2	APLS	Apellis Pharmaceuticals	-31.0%	-35.0%
3	THRY	Thryv	-30.2%	-44.8%
4	SFM	Sprouts Farmers Market	-26.1%	-39.2%
5	IART	Integra Lifesciences	-23.5%	-47.9%
6	ITRI	Itron	-21.1%	0.4%
7	WOLF	Wolfspeed	-18.2%
8	CMG	Chipotle Mexican Grill	-18.2%	-46.1%
9	CI	Cigna	-17.4%	-9.2%
10	EME	EMCOR	-16.6%	43.0%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	INBX	Inhibrx Biosciences	176.8%	409.8%
2	PUMP	ProPetro	71.2%	16.2%
3	RNA	Avidity Biosciences	43.5%	139.6%
4	DYN	Dyne Therapeutics	42.8%	-0.0%
5	GCI	Gannett	39.3%	3.8%
6	FORM	FormFactor	38.3%	34.7%
7	MBX	MBX Biosciences	35.1%	18.2%
8	BBNX	Beta Bionics	33.8%
9	GH	Guardant Health	33.3%	202.5%
10	LUMN	Lumen Technologies	32.7%	94.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	PMI	Picard Medical	-75.2%	5106.3%
2	LRN	Stride	-56.1%	-35.8%
3	NTLA	Intellia Therapeutics	-52.6%	5.2%
4	FMC	FMC	-48.7%	-66.6%
5	FI	Fiserv	-47.4%	-68.3%
6	VRNS	Varonis Systems	-43.8%	-21.2%
7	THRY	Thryv	-33.4%	-44.8%
8	NFE	New Fortress Energy	-30.5%	-91.9%
9	AKBA	Akebia Therapeutics	-29.5%	10.5%
10	UAMY	United States Antimony	-28.9%	371.2%

Peer Comparisons for Anheuser-Busch InBev SA/NV

Financials

	BUD	DEO	COKE	TAP	FIZZ	SAM	Median
Name	Anheuser.	Diageo	Coca-Col.	Molson C.	National.	Boston B.
Mkt Price	60.01	91.00	132.49	43.65	33.62	206.06	75.50
Mkt Cap	119.2	56.7	11.5	8.8	3.1	2.2	10.1
Rev LTM	58,606	16,100	7,070	11,283	1,202	1,982	9,177
Op Inc LTM	15,317	-1,268	927	1,692	237	158	582
FCF LTM	-	-	598	961	173	212	405
FCF 3Y Avg	-	-	531	1,144	165	174	352
CFO LTM	-	-	891	1,643	208	272	582
CFO 3Y Avg	-	-	857	1,817	195	240	548

Growth & Margins

	BUD	DEO	COKE	TAP	FIZZ	SAM	Median
Name	Anheuser.	Diageo	Coca-Col.	Molson C.	National.	Boston B.
Rev Chg LTM	-1.3%	7.4%	4.2%	-5.5%	0.5%	-1.1%	-0.3%
Rev Chg 3Y Avg	0.8%	-	5.5%	2.3%	1.7%	-0.1%	1.7%
Rev Chg Q	0.6%	3.4%	6.9%	-1.6%	0.3%	-11.2%	0.4%
QoQ Delta Rev Chg LTM	0.1%	0.8%	1.8%	-0.5%	0.1%	-3.3%	0.1%
Op Mgn LTM	26.1%	-7.9%	13.1%	15.0%	19.7%	8.0%	14.1%
Op Mgn 3Y Avg	25.4%	1.2%	12.9%	14.1%	18.6%	7.3%	13.5%
QoQ Delta Op Mgn LTM	0.2%	-5.3%	0.1%	-0.0%	0.1%	-1.0%	0.0%
CFO/Rev LTM	-	-	12.6%	14.6%	17.3%	13.7%	14.1%
CFO/Rev 3Y Avg	-	-	12.6%	15.8%	16.3%	11.9%	14.2%
FCF/Rev LTM	-	-	8.5%	8.5%	14.4%	10.7%	9.6%
FCF/Rev 3Y Avg	-	-	7.8%	10.0%	13.9%	8.7%	9.3%

Valuation

	BUD	DEO	COKE	TAP	FIZZ	SAM	Median
Name	Anheuser.	Diageo	Coca-Col.	Molson C.	National.	Boston B.
Mkt Cap	119.2	56.7	11.5	8.8	3.1	2.2	10.1
P/S	2.0	3.5	1.6	0.8	2.6	1.1	1.8
P/EBIT	7.9	-224.7	14.0	5.3	13.3	14.2	10.6
P/E	19.5	19.2	18.7	8.4	16.9	24.2	19.0
P/CFO	-	-	12.9	5.3	15.1	8.2	10.5
Total Yield	5.1%	5.2%	6.1%	16.1%	5.9%	4.1%	5.6%
Dividend Yield	0.0%	0.0%	0.8%	4.3%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-	-	6.3%	10.2%	3.7%	5.7%	6.0%
D/E	0.0	0.3	0.2	0.7	0.0	0.0	0.1
Net D/E	0.0	0.2	0.0	0.7	-0.1	-0.1	0.0

Returns

	BUD	DEO	COKE	TAP	FIZZ	SAM	Median
Name	Anheuser.	Diageo	Coca-Col.	Molson C.	National.	Boston B.
1M Rtn	0.7%	-2.1%	13.3%	-3.5%	-8.9%	-2.5%	-2.3%
3M Rtn	4.1%	-4.7%	18.8%	-9.6%	-26.6%	-0.5%	-2.6%
6M Rtn	-7.7%	-16.1%	11.5%	-22.3%	-22.2%	-15.8%	-16.0%
12M Rtn	-3.1%	-25.8%	11.3%	-18.7%	-25.6%	-31.2%	-22.1%
3Y Rtn	25.1%	-40.1%	183.0%	-5.1%	-24.0%	-44.8%	-14.6%
1M Excs Rtn	-0.9%	-4.9%	9.9%	-6.8%	-12.2%	-8.7%	-5.9%
3M Excs Rtn	-4.3%	-13.5%	8.7%	-18.0%	-36.8%	-11.0%	-12.3%
6M Excs Rtn	-29.4%	-37.8%	-10.2%	-44.1%	-44.0%	-37.6%	-37.7%
12M Excs Rtn	-22.5%	-46.1%	-8.6%	-36.6%	-43.6%	-49.4%	-40.1%
3Y Excs Rtn	-44.5%	-117.6%	116.8%	-82.2%	-94.7%	-127.2%	-88.5%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/30/2025	3/12/2025	3/11/2024	3/17/2023	3/18/2022	3/19/2021	3/24/2020
Key Financials
Total Revenue	58,606	59,768	59,380	57,786	54,304	46,881	52,329
EBITDA	15,101	20,296	19,067	18,981	17,788	11,457	22,217
Operating Income	15,317	15,149	14,260	14,465	14,205	12,608	15,767
Net Income	6,098	5,855	5,341	5,969	4,670	1,405	9,171
EPS	3.06	2.92	2.65	2.97	2.33	0.70	4.62
Growth Rates
Total Revenue Growth	-1.3%	0.7%	2.8%	6.4%	15.8%	-10.4%	-1.3%
EBITDA Growth	2.8%	6.4%	0.5%	6.7%	55.3%	-48.4%	30.9%
Operating Income Growth	1.2%	6.2%	-1.4%	1.8%	12.7%	-20.0%	-4.7%
Net Income Growth	-6.6%	9.6%	-10.5%	27.8%	232.4%	-84.7%	109.9%
Margins
EBITDA Margin	25.8%	34.0%	32.1%	32.8%	32.8%	24.4%	42.5%
Operating Income Margin	26.1%	25.3%	24.0%	25.0%	26.2%	26.9%	30.1%
Net Income Margin	10.4%	9.8%	9.0%	10.3%	8.6%	3.0%	17.5%
Cash & Debt
Total Cash	�	11,395	10,399	9,997	12,393	15,563	7,252
Total Debt	0	72,170	78,168	79,991	88,830	98,565	103,041
Net Debt / (Cash)	�	60,775	67,769	69,994	76,437	83,002	95,789
Cash Flows
Net Cash from Operations	-	15,055	13,265	13,298	14,799	10,891	14,036
Free Cash from Operations	-	11,192	8,627	8,138	9,159	7,110	8,862
Returns to Shareholders
Dividends	0	2,672	3,013	2,442	2,364	1,800	5,015
Share Repurchases	-0	937	362	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/30/2025	7/31/2025	5/8/2025	3/12/2025	10/31/2024	8/1/2024	5/8/2024	3/4/2024	10/31/2023	8/3/2023	5/4/2023	3/4/2024
Key Financials Quarterly
Total Revenue	15,133	15,004	13,628	14,841	15,046	15,333	14,547	14,473	15,574	15,120	14,213	14,668
Ebitda	3,162	4,325	3,587	4,027	4,118	3,320	3,642	3,612	3,637	2,250	3,657	4,328
Operating Income	4,205	4,013	3,587	3,512	4,091	3,905	3,642	3,491	4,028	3,569	3,504	3,608
Net Income	1,054	1,676	2,148	1,220	2,071	1,473	1,091	1,891	1,472	339	1,639	2,844
EPS	0.53	0.84	1.08	0.61	1.03	0.74	0.54	0.94	0.73	0.17	0.81	1.41
Key Financials TTM
Total Revenue TTM	58,606	58,519	58,848	59,767	59,399	59,927	59,714	59,380	59,575	59,092	58,765	57,787
Ebitda TTM	15,101	16,057	15,052	15,107	14,692	14,211	13,141	13,156	13,872	13,809	15,297	13,677
Operating Income TTM	15,317	15,203	15,095	15,150	15,129	15,066	14,730	14,592	14,709	14,736	14,978	14,768
Net Income TTM	6,098	7,115	6,912	5,855	6,526	5,927	4,793	5,341	6,294	6,255	7,513	5,969
Growth Rates Quarterly
Total Revenue Growth	0.6%	-2.1%	-6.3%	2.5%	-3.4%	1.4%	2.3%	-1.3%	3.2%	2.2%	7.4%	3.3%
EBITDA Growth	-23.2%	30.3%	-1.5%	11.5%	13.2%	47.6%	-0.4%	-16.5%	1.8%	-39.8%	79.5%	11.9%
Operating Income Growth	2.8%	2.8%	-1.5%	0.6%	1.6%	9.4%	3.9%	-3.2%	-0.7%	-6.4%	6.4%	5.6%
Net Income Growth	-49.1%	13.8%	96.9%	-35.5%	40.7%	334.5%	-33.4%	-33.5%	2.7%	-78.8%	1625.3%	45.0%
Margins Quarterly
EBITDA Margin	20.9%	28.8%	26.3%	27.1%	27.4%	21.7%	25.0%	25.0%	23.4%	14.9%	25.7%	29.5%
Operating Income Margin	27.8%	26.7%	26.3%	23.7%	27.2%	25.5%	25.0%	24.1%	25.9%	23.6%	24.7%	24.6%
Net Income Margin	7.0%	11.2%	15.8%	8.2%	13.8%	9.6%	7.5%	13.1%	9.5%	2.2%	11.5%	19.4%
Cash & Debt
Total Cash	-	7,267	-	11,395	-	7,548	-	10,399	-	-	-	9,997
Total Debt	0	75,580	0	72,170	0	78,200	0	78,168	0	0	0	79,991
Net Debt / (Cash)	-	68,313	-	60,775	-	70,652	-	67,769	-	-	-	69,994
Cash Flows Quarterly
FCF from Operations	-	-	-	-	-	-	-	-	-	-	-	-
Cash Flows TTM
FCF from Operations TTM	-	-	-	-	-	-	-	-	-	-	-	-
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-	16.5%	-	10.6%	-	5.5%	-	11.5%	-	-	-	14.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	15.6%	-	12.0%	-	11.0%	-	10.6%	-	-	-	11.7%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Middle Americas	16,348	14,180
North America	15,072	16,566
South America	12,040	11,599
EMEA	8,589	8,120
Asia Pacific	6,824	6,532
Global Export and Holding companies	508	790
Beer and Beyond Beer			49,333	43,044	47,984
Non-Beer			4,971	3,837	4,345
Total	59,381	57,787	54,304	46,881	52,329

Operating Income by Segment

$ Mil	2024	2023
Middle Americas	6,201	5,219
North America	3,607	5,220
South America	2,838	2,620
EMEA	1,461	1,478
Asia Pacific	1,451	1,431
Global Export and Holding companies	-1,592	-1,451
Total	13,966	14,517

Assets by Segment

$ Mil	2024	2023
Middle Americas	74,160	66,262
North America	62,931	63,379
EMEA	29,302	30,918
South America	14,791	14,297
Asia Pacific	11,980	12,397
Cash and cash equivalents	10,332
Trade and other receivables	6,024
Inventories	5,583
Global Export and Holding companies	2,808	2,505
Income tax receivables	822
Derivatives	505
Investment securities	67
Assets classified as held for sale	34
Total	219,339	189,758

Price Behavior

Price Behavior

Market Price	$60.01
Market Cap ($ Bil)	119.1
First Trading Date	07/01/2009
Distance from 52W High	-16.3%
	50 Days	200 Days
DMA Price	$60.35	$61.66
DMA Trend	up	down
Distance from DMA	-0.6%	-2.7%
	3M	1YR
Volatility	18.0%	26.1%
Downside Capture	-57.94	27.92
Upside Capture	-18.19	20.10
Correlation (SPY)	3.9%	18.6%

BUD Betas & Captures as of 9/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-0.61	0.14	0.68	0.30	0.27	0.45
Up Beta	-1.29	1.19	0.78	0.38	0.28	0.51
Down Beta	1.20	0.93	0.28	0.08	0.20	0.30
Up Capture	-95%	-17%	15%	25%	17%	18%
Bmk +ve Days	13	23	35	74	144	420
Stock +ve Days	9	22	34	69	131	387
Down Capture	-36%	-81%	164%	53%	50%	76%
Bmk -ve Days	8	19	29	52	107	330
Stock -ve Days	12	20	29	55	116	359

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	10,369,013
Short Interest: % Change Since 9302025	3.0%
Average Daily Volume	1,547,625
Days-to-Cover Short Interest	6.70
Basic Shares Quantity	1,986,000,000
Short % of Basic Shares	0.5%

Returns Analyses

	Title
0	How Low Can Anheuser-Busch InBev SA/NV Stock Really Go?
1	Anheuser-Busch InBev (BUD) Stock Has 44% Chance Of Rise In The Next One Month
2	Anheuser-Busch InBev SA/NV Stock Return Comparison
3	[10/26/2021] Anheuser-Busch InBev NV (BUD) Stock Movement: AI Predicts BUD Stock Price To Move Up 0.7% In A Month

SEC Filings

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Report Date	Filing Date	Filing
9302025	10302025	6-K 9/30/2025
6302025	7312025	6-K 6/30/2025
3312025	5082025	6-K 3/31/2025
12312024	3122025	20-F 12/31/2024
9302024	10312024	6-K 9/30/2024
6302024	8012024	6-K 6/30/2024
3312024	5082024	6-K 3/31/2024
12312023	3112024	20-F 12/31/2023
9302023	10312023	6-K 9/30/2023
6302023	8032023	6-K 6/30/2023
3312023	5042023	6-K 3/31/2023
12312022	3172023	20-F 12/31/2022
9302022	10272022	6-K 9/30/2022
6302022	7292022	6-K 6/30/2022
3312022	5052022	6-K 3/31/2022
12312021	3182022	20-F 12/31/2021

Insider Activity

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5	MarketWatch	Unusual Whales
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Anheuser-Busch InBev SA/NV (BUD)

Market Price (10/31/2025): $59.99 | Market Cap: $119.1 BilSector: Consumer Staples | Industry: Brewers

Anheuser-Busch InBev SA/NV (BUD)

Market Price (10/31/2025): $59.99Market Cap: $119.1 BilSector: Consumer StaplesIndustry: Brewers

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Market Price (10/31/2025): $59.99 | Market Cap: $119.1 Bil
Sector: Consumer Staples | Industry: Brewers

Market Price (10/31/2025): $59.99
Market Cap: $119.1 Bil
Sector: Consumer Staples
Industry: Brewers