AMBEV S.A.
ABEVAbout the company
Ambev S.A., through its subsidiaries, engages in the production, distribution, and sale of beer, draft beer, soft drinks, malt and food, and other beverages in Brazil, Central America and Caribbean, Latin America South, and Canada. The company offers beer, ready-to-drink cocktails and spritzers, soft drinks, water, teas, and isotonic drinks under the Brahma, Skol, Antarctica, Original, Quilmes, Andes Origen, Patricia, Paceha, Huari, Pilsen, Presidente, Balboa, Guaraná Antarctica, and Beats brands.
Investment snapshot
Positive
7
BUY / PASS
Neutral / negative
4 / 5
NEUTRAL / FAIL
Median fair value
$2.26
-18.1% vs price
Models with upside
3 / 17
Positive margin of safety
Strongest signal
5 of 8 pass — Graham, Piotroski and Dreman object
Key risk
Split decision: 5 FAIL · 5 BUY · 4 NEUTRAL · 2 PASS
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | PASS | NEUTRAL | BUY · Rank #62 (Top 2%) | NEUTRAL | FAIL | BUY | FAIL | BUY | FAIL | BUY | PASS | BUY | BUY | FAIL | NEUTRAL | NEUTRAL |
| Score | |||||||||||||||||
| Analysis | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… |
| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||
| Margin of Safety | -36.0% | -59.5% | -117.3% | -41.5% | N/A | -6.6% | +42.5% | -268.0% | +44.6% | -7.4% | +34.3% | -22.1% | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | Annual history · FY 2025 Latest source filing: 2026-03-03 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-03 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-03 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-03 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-03 Score computed: 2026-11-14 | Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-03-03 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-03 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-03 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-03 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-03 Score computed: 2026-11-14 | Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-03-03 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-03 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-03 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-03 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-03 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-03 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-03 Score computed: 2026-11-14 |
Where It Passes
- Efficiency63% pass✓ 8✗ 3▾
5 of 8 pass — Graham, Piotroski and Dreman object
Current Ratio0.96✗Graham>= 2.0ROIC (3-5 yr avg)19.4%✓Buffett> 10%ROIC - WACC+9.4%✓BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)276.0%✓Greenblatt> 25%Current Ratio Change YoY1.10 -> 0.96✗PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.55x -> 0.61x✓PiotroskiImproved YoYCurrent Assets / Current Liabilities0.96✗Dreman> 1.5Return on Invested Capital20.2%✓Munger> 15%ROIC (high and growing)FY2023: ROIC=18.3%; FY2024: ROIC=16.9%; FY2025: ROIC=20.2%✓AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROIC20.2% (RR=100% x ROIC=20.2%)✓AkreReinvestment Rate * ROIC > 10%ROIC (5-year)3/5 years above 12% (latest 20.2%)✓SleepROIC > 12% in a majority of years - Verdicts62% pass✓ 8✗ 5▾
Split decision: 5 FAIL · 5 BUY · 4 NEUTRAL · 2 PASS
Overall verdict✗GrahamFAIL (1/9)✓BuffettPASS (5/9)•LynchNEUTRAL (6/7)✓GreenblattRank #62•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (4/11)✓MungerBUY (3/4)✗PabraiFAIL (1/3)✓AkreBUY (5/6)✗MarksFAIL (2/5)✓AckmanBUY (9/9)✓TempletonPASS (4/8)✓SleepBUY (5/6)✓AsnessBUY (Rank #113/2370 (Top 4.8%))✗NeffFAIL (3/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked) - Cash Flow60% pass✓ 8✗ 4▾
6 of 10 pass — Buffett, Dreman, Pabrai +1 more object
Free Cash Flow Proxy✗BuffettPositive and growingFCF Positive and Growing$3.6B✓LynchPositive and growingOperating Cash Flow$4.5B✓PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=16.85%, ROA=10.69%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)9.7x✗Dreman< 8xP/E or FCF YieldP/E=15.3x, FCF Yield=8.5%✗PabraiP/E < 15 or FCF Yield > 10%FCF Positive11/11 years FCF positive✓MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap8.3%✓Ackman>= 4%Price / FCF per Share12.0x✓Ackman<= 25Positive Operating Cash Flow frequency11/11 years positive✓SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$3.6B✓Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization+8.52%; #935/4519 (top 20.7%)✗OshaughnessyTop 10% of eligible cross-section - Debt & Leverage58% pass✓ 10✗ 5▾
7 of 12 pass — Graham, Piotroski, Dreman +2 more object
LT Debt vs Net Current AssetsLT Debt $405.3M vs NCA $-314.7M✗GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 0.04, IC: 5.3x✓BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0.04✓Lynch< 0.33Cash - Long-term Debt$3.0B✓LynchPositive preferredLT Debt / Total Assets Change1.34% -> 1.53%✗PiotroskiDecreased YoYCurrent Assets / Current Liabilities0.96✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity0.04✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xDebt Levels0.04✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=5.3x, D/EBITDA=N/A (D&A unavailable)✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0.04✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.0385; #917/4210 (top 21.8%)✓AsnessTop 30% of eligible cross-section
Where It Falls Short
- Valuation23% pass✓ 6✗ 22▾
10 of 13 flag ABEV's valuation — Graham, Lynch, Dreman +7 more
Net income / market capitalization+6.65%; #1251/6340 (top 19.7%)✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPrice / 3-yr avg EPS16.0x✗Graham<= 15xPrice-to-Book Ratio2.7x✗Graham<= 1.5xP/E x P/B43.40✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)2.17✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value10.7%✓Greenblatt> 10%Earnings Yield + ROC AssessmentEY=10.7%, ROC=276.0%✓GreenblattBoth EY > 10% and ROC > 25%Price / EPS15.3x✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)9.7x✗Dreman< 8xPrice / Book Value per Share2.7x✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Valuation ReasonablenessP/E=15.3x✓MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldP/E=15.3x, FCF Yield=8.5%✗PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/E=15.3x, P/B=2.7x✗MarksP/E < 15 or P/B < 2.0Discount to Intrinsic Value-6.8% (IV=$2.59 vs Price=$2.76)✗Marks>= 20% below intrinsic valuePrice / FCF per Share12.0x✓Ackman<= 25Price vs. Trailing Low149% of trailing low ($1.85)✗Templeton<= 120% of trailing low (certified split-adjusted live window)Positive book equity / market capitalization+0.3774; #3364/6449 (top 52.2%)✗AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS15.3x✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per Share6.74x✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change+21.2%✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+0.3788; #2987/5247 (top 56.9%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization+8.52%; #935/4519 (top 20.7%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date-13.48%; #3624/6202 (top 58.4%)✗OshaughnessyTop 10% of eligible cross-section - Valuation models27% pass✓ 3✗ 8▾
Models split on ABEV at $2.76 — fair values range $0.75–$4.98
Graham fair value$2.03✗Graham-36.0% margin vs $2.76Buffett fair value$1.73✗Buffett-59.5% margin vs $2.76Lynch fair value$1.27✗Lynch-117.3% margin vs $2.76Greenblatt fair value$1.95✗Greenblatt-41.5% margin vs $2.76Dreman fair value$2.59✗Dreman-6.6% margin vs $2.76Munger fair value$4.80✓Munger+42.5% margin vs $2.76Pabrai fair value$0.75✗Pabrai-268.0% margin vs $2.76Akre fair value$4.98✓Akre+44.6% margin vs $2.76Marks fair value$2.57✗Marks-7.4% margin vs $2.76Ackman fair value$4.20✓Ackman+34.3% margin vs $2.76Templeton fair value$2.26✗Templeton-22.1% margin vs $2.76 - Profitability44% pass✓ 22✗ 13▾
9 of 16 flag ABEV's profitability — Graham, Buffett, Lynch +6 more
Net income / market capitalization+6.65%; #1251/6340 (top 19.7%)✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive EPS (10 years)11/12 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)-22.0%✗Graham>= 33% growthNet Income Positive (10+ years)11/12 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)16.7%✓Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)26.4% (latest)✗BuffettStable or rising over 10 yearsFree Cash Flow Proxy✗BuffettPositive and growingEarnings Variance (10-yr CoV)0.18✓BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)2.17✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR7.0%✓Lynch15-30% (Fast Grower); > 0% to passROE17.6%✓Lynch> 15%EBIT / Enterprise Value10.7%✓Greenblatt> 10%Earnings Yield + ROC AssessmentEY=10.7%, ROC=276.0%✓GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets10.69%✓PiotroskiROA > 0ROA Change YoY8.88% -> 10.69% (delta: +1.80%)✓PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=16.85%, ROA=10.69%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY51.2% -> 51.4%✓PiotroskiImproved YoYPre-Tax Income / Revenue22.0%✓Dreman>= 8%Net Income / Shareholders' Equity17.6%✓Dreman> 12%Margin of SafetyP/E=15.3x, P/B=2.7x✗PabraiP/B < 1.5 or P/E < 15Return on Equity16.9% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic Value-6.8% (IV=$2.59 vs Price=$2.76)✗Marks>= 20% below intrinsic valuePositive Net Income Frequency11/11 years positive✓MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue26.4%✓Ackman>= 15%Net Income / Shareholders Equity17.6%✓Ackman>= 15%5-Year EPS CAGR7.0% CAGR over 5 years✓Templeton> 0% (5-year EPS CAGR)Operating Margin Trend23.6% (2023) -> 26.4% (2025)✓TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendgross margin 50.7% -> 51.4%, operating margin 23.6% -> 26.4%✗SleepRevenue rising; gross margin flat or falling; operating margin holdingGross profit / total assets+31.28%; #1362/3702 (top 36.8%)✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity+17.63%; #946/5226 (top 18.1%)✓AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.0084; #729/5884 (top 12.4%)✓AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR7.0% over 5 years✓Neff7%-20% annualizedPositive Diluted-EPS Years10/10 years positive✓Schloss>= 70% positive over 5-10 observed years (app rule) - Growth50% pass✓ 8✗ 5▾
4 of 8 pass — Graham, Lynch, Dreman +1 more object
EPS Growth (3-yr avg, 10-yr window)-22.0%✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)2.17✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR7.0%✓Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthInv: 1.5% vs Rev: 11.3%✓LynchInventory growth < Revenue growthEPS Growth Direction$0.20 (2015) -> $0.18 (2025)✗DremanPositive over recent yearsEPS CAGR-1.0% CAGR over 10 years✗Dreman> 5% annualizedPositive Net Income Frequency11/11 years positive✓MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth5.9%✓Ackman>= 5%Positive EPS Growth Frequency4/5 years with positive EPS growth✓AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR7.0% CAGR over 5 years✓Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendgross margin 50.7% -> 51.4%, operating margin 23.6% -> 26.4%✗SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR9.0%✓SleepCAGR > 7%3-5 Year Diluted EPS CAGR7.0% over 5 years✓Neff7%-20% annualized
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 0.0% of shares last year, 0.0% issued over two.
- Buybacks
- —
- Dividends
- —
What drove EPS
A buyback raises earnings per share without the company earning more. This splits each year's change into the two.
Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
| Metric | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|
| Market Cap | $42.5Bcurrent | $28.3Best. | $38.0Best. | $36.6Best. | $36.9Best. |
| Revenue | $16.1B↑11% | $14.5B↓12% | $16.4B↑6% | $15.5B↑19% | $13.1B |
| Operating Income | $4.3B↑21% | $3.5B↓9% | $3.9B↑13% | $3.4B↑12% | $3.1B |
| Net Income | $2.8B↑21% | $2.3B↓22% | $3.0B↑6% | $2.8B↑24% | $2.3B |
| EPS (Diluted) | $0.18↑22% | $0.15↓22% | $0.19↑6% | $0.18↑24% | $0.14 |
| Gross Margin | 51.4% | 51.2%↑1% | 50.7%↑3% | 49.3%↓3% | 51.1% |
| Operating Margin | 26.4%↑8% | 24.4%↑3% | 23.6%↑6% | 22.2%↓5% | 23.4% |
| ROE | 17.6%↑20% | 14.6%↓20% | 18.4%↑4% | 17.6%↑15% | 15.3% |
| Total Debt | $618.5M↑11% | $558.9M↑23% | $454.2M↓95% | $8.4B↑11% | $7.6B |
| Shareholders' Equity | $16.1B↑1% | $16.0B↓2% | $16.3B↑2% | $16.0B↑8% | $14.8B |
| Current Ratio | 0.96↓12% | 1.10↑23% | 0.89↓4% | 0.93↓6% | 0.99 |
| Debt / Equity | 0.04↑10% | 0.04↑25% | 0.03↓95% | 0.53↑3% | 0.51 |
| Operating Cash Flow | $4.5B↑6% | $4.2B↓17% | $5.1B↑27% | $4.0B↓2% | $4.1B |
| Free Cash Flow | $3.6B↑5% | $3.5B↓10% | $3.9B↑40% | $2.7B↑1% | $2.7B |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Beer & Liquor
ABEV vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| COCA COLA COKO | $427.0B | $99.25 | $47.9B | $13.1B | 40.7% | 1.37 | 28.7% | 1.46 | 3/9 | 6/9 | 4/7 | 1/3 | F-Score 7 | 3/11 |
| PEPSICO INCPEP | $198.2B | $145.44 | $93.9B | $8.2B | 40.4% | 2.41 | 12.2% | 0.85 | 4/9 | 6/9 | 3/7 | 1/3 | F-Score 5 | 6/11 |
| Anheuser-Busch InBev SA/NVBUD | $167.0B | $84.81 | $59.3B | $6.8B | 7.8% | 0.84 | 26.0% | 0.72 | 1/9 | 1/9 | 3/7 | 1/3 | F-Score 7 | 2/11 |
| DIAGEO PLCDEO | $56.6B | $101.59 | $28.0B | $2.5B | 22.9% | 2.14 | 15.5% | 1.63 | 1/9 | 4/9 | 2/7 | 1/3 | F-Score 4 | 5/11 |
| Keurig Dr Pepper Inc.KDP | $49.5B | $36.34 | $16.6B | $2.1B | 8.1% | 0.63 | 21.5% | 0.64 | 2/9 | 2/9 | 2/7 | 1/3 | F-Score 6 | 2/11 |
| CONSTELLATION BRANDS, INC.STZ | $24.6B | $145.61 | $9.1B | $1.7B | 20.9% | 1.27 | 29.8% | 1.08 | 1/9 | 2/9 | 2/7 | 1/3 | F-Score 5 | 5/11 |
| BROWN FORMAN CORPBF-B | $14.1B | $30.65 | $3.9B | $715.0M | 17.8% | 0.61 | 25.5% | 3.24 | 5/9 | 6/9 | 2/7 | 1/3 | F-Score 7 | 5/11 |
| Primo Brands CorpPRMB | $8.6B | $23.88 | $6.7B | $60.1M | 2.0% | 1.72 | 6.5% | 0.95 | 1/9 | 3/9 | 1/7 | 1/3 | F-Score 6 | 1/11 |