Anheuser-Busch InBev SA/NV

BUD

Anheuser-Busch InBev SA/NV produces and sells beer in North America, Middle Americas, South America, Europe, the Middle East, Africa, and the Asia Pacific. It operates through North America, Middle Americas, South America, EMEA, Asia Pacific, and Global Export and Holding Companies segments. The company also offers flavored malt beverages, soft drinks, spirit-based ready-to-drink cocktails and beverages, and energy drinks.

About the company

Country: BelgiumPrice: $84.81Market Cap: $167.0B

Investment snapshot

24%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

5 / 8

NEUTRAL / FAIL

Median fair value

$57.80

-31.8% vs price

Models with upside

0 / 17

Positive margin of safety

Strongest signal

7 of 10 pass — Dreman, Pabrai and Oshaughnessy object

Key risk

BUD overvalued: all 11 models price fair value below $84.81 (median $57.80)

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	FAIL	FAIL	BUY · Rank #216 (Top 7%)	NEUTRAL	FAIL	PASS	FAIL	FAIL	FAIL	NEUTRAL	NEUTRAL	PASS	BUY	NEUTRAL	NEUTRAL	FAIL
Score
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Intrinsic Value (annual)					N/A								N/A	N/A	N/A	N/A	N/A
Margin of Safety	-39.3%	-331.6%	-0.1%	-29.0%	N/A	-91.7%	-30.2%	-815.9%	-46.7%	-116.5%	-9.6%	-101.4%	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

Cash Flow70% pass✓ 9✗ 3▾
7 of 10 pass — Dreman, Pabrai and Oshaughnessy object
Free Cash Flow Proxy$8.8B
✓BuffettPositive and growing
FCF Positive and Growing$11.2B
✓LynchPositive and growing
Operating Cash Flow$14.9B
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=6.80%, ROA=3.12%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)10.2x
✗Dreman< 8x
P/E or FCF YieldP/E=25.0x, FCF Yield=6.7%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive11/11 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap7.4%
✓Ackman>= 4%
Price / FCF per Share13.6x
✓Ackman<= 25
Positive Operating Cash Flow frequency11/11 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$11.2B
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+6.72%; #1220/4519 (top 27.0%)
✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

Valuation models0% pass✗ 11▾
BUD overvalued: all 11 models price fair value below $84.81 (median $57.80)
Graham fair value$60.87
✗Graham-39.3% margin vs $84.81
Buffett fair value$19.65
✗Buffett-331.6% margin vs $84.81
Lynch fair value$84.75
✗Lynch-0.1% margin vs $84.81
Greenblatt fair value$65.73
✗Greenblatt-29.0% margin vs $84.81
Dreman fair value$44.25
✗Dreman-91.7% margin vs $84.81
Munger fair value$65.15
✗Munger-30.2% margin vs $84.81
Pabrai fair value$9.26
✗Pabrai-815.9% margin vs $84.81
Akre fair value$57.80
✗Akre-46.7% margin vs $84.81
Marks fair value$39.18
✗Marks-116.5% margin vs $84.81
Ackman fair value$77.41
✗Ackman-9.6% margin vs $84.81
Templeton fair value$42.12
✗Templeton-101.4% margin vs $84.81
Efficiency13% pass✓ 2✗ 9▾
7 of 8 flag BUD's efficiency — Graham, Buffett, Piotroski +4 more
Current Ratio0.72
✗Graham>= 2.0
ROIC (3-5 yr avg)7.7%
✗Buffett> 10%
ROIC - WACC-2.3%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)179.8%
✓Greenblatt> 25%
Current Ratio Change YoY0.70 -> 0.72
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.29x -> 0.27x
✗PiotroskiImproved YoY
Current Assets / Current Liabilities0.72
✗Dreman> 1.5
Return on Invested Capital7.6%
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=8.1%; FY2025: ROIC=7.6%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC2.5% (RR=34% x ROIC=7.6%)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/2 years above 12% (latest 7.6%)
✗SleepROIC > 12% in a majority of years
Profitability19% pass✓ 14✗ 21▾
13 of 16 flag BUD's profitability — Graham, Buffett, Lynch +10 more
Positive EPS (10 years)11/12 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)4.1%
✗Graham>= 33% growth
Net Income Positive (10+ years)11/12 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)7.4%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)26.0% (latest)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$8.8B
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)0.46
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)0.67
✓Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR37.5%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE7.8%
✗Lynch> 15%
EBIT / Enterprise Value6.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=6.6%, ROC=179.8%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets3.12%
✓PiotroskiROA > 0
ROA Change YoY2.83% -> 3.12% (delta: +0.29%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=6.80%, ROA=3.12%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY55.3% -> 55.9%
✓PiotroskiImproved YoY
Pre-Tax Income / Revenue19.1%
✓Dreman>= 8%
Net Income / Shareholders' Equity7.8%
✗Dreman> 12%
Margin of SafetyP/E=25.0x, P/B=1.7x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity7.3% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value-91.7% (IV=$44.25 vs Price=$84.81)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency11/11 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue26.0%
✓Ackman>= 15%
Net Income / Shareholders Equity7.8%
✗Ackman>= 15%
5-Year EPS CAGR37.5% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend23.5% (2023) -> 26.0% (2025)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 53.9% -> 55.9%, operating margin 23.5% -> 26.0%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization+4.09%; #1980/6340 (top 31.2%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+15.16%; #2421/3702 (top 65.4%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+7.83%; #2113/5226 (top 40.4%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0034; #362/5884 (top 6.2%)
✓AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR37.5% over 5 years
✗Neff7%-20% annualized
Positive Diluted-EPS Years10/10 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
Valuation23% pass✓ 6✗ 22▾
10 of 13 flag BUD's valuation — Graham, Greenblatt, Dreman +7 more
Price / 3-yr avg EPS28.7x
✗Graham<= 15x
Price-to-Book Ratio1.7x
✗Graham<= 1.5x
P/E x P/B50.20
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)0.67
✓Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value6.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=6.6%, ROC=179.8%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS25.0x
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)10.2x
✗Dreman< 8x
Price / Book Value per Share1.7x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=25.0x, OE Yield=5.8%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=25.0x, FCF Yield=6.7%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=25.0x, P/B=1.7x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-91.7% (IV=$44.25 vs Price=$84.81)
✗Marks>= 20% below intrinsic value
Price / FCF per Share13.6x
✓Ackman<= 25
Price vs. Trailing Low172% of trailing low ($49.18)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization+4.09%; #1980/6340 (top 31.2%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.5227; #2810/6449 (top 43.6%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS25.0x
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E1.62
✓Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per ShareN/A (non-positive TBVPS)
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change+20.9%
✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.3552; #3090/5247 (top 58.9%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+6.72%; #1220/4519 (top 27.0%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+6.03%; #2085/6202 (top 33.6%)
✗OshaughnessyTop 10% of eligible cross-section
Debt & Leverage25% pass✓ 4✗ 11▾
9 of 12 flag BUD's debt & leverage — Graham, Buffett, Lynch +6 more
Total Debt / Shareholders' Equity0.84
✗Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.84, IC: 3.0x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.84
✗Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities0.72
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Debt Levels0.84
✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=3.0x, D/EBITDA=3.5x
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.84
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.8365; #3028/4210 (top 71.9%)
✗AsnessTop 30% of eligible cross-section
Growth25% pass✓ 5✗ 8▾
6 of 8 flag BUD's growth — Graham, Lynch, Dreman +3 more
EPS Growth (3-yr avg, 10-yr window)4.1%
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)0.67
✓Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR37.5%
✓Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: 1.7% vs Rev: -0.7%
✗LynchInventory growth < Revenue growth
EPS Growth Direction$4.96 (2015) -> $3.39 (2025)
✗DremanPositive over recent years
EPS CAGR-3.7% CAGR over 10 years
✗Dreman> 5% annualized
Positive Net Income Frequency11/11 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth0.7%
✗Ackman>= 5%
Positive EPS Growth Frequency4/5 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR37.5% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 53.9% -> 55.9%, operating margin 23.5% -> 26.0%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR4.8%
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR37.5% over 5 years
✗Neff7%-20% annualized
Verdicts33% pass✓ 4✗ 8▾
Split decision: 8 FAIL · 5 NEUTRAL · 2 PASS · 1 BUY
Overall verdict
✗GrahamFAIL (1/9)✗BuffettFAIL (1/9)✗LynchFAIL (3/7)✓GreenblattRank #216•PiotroskiNEUTRAL (F-Score 7)✗DremanFAIL (2/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (3/5)•AckmanNEUTRAL (7/9)•TempletonNEUTRAL (5/8)✓SleepPASS (3/6)✓AsnessBUY (Rank #517/2370 (Top 21.8%))•NeffNEUTRAL (4/6)•SchlossNEUTRAL (4/7)✗OshaughnessyFAIL (Rank #442/963 (Top 45.9%))

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Beer & Liquor

SIC Sector: Food Products

Size: Large Cap($167.0B)

Revenue: $59.3B-0.7% YoY

Net Income: $6.8B+16.8% YoY

Financial Snapshot

Operating Margin26.0%

Return on Equity7.8%

Debt / Equity0.84

Current Ratio0.72

EPS (Diluted)$3.39+18.5% 1y

Buybacks (1y)$2.3B

Buybacks (2y)$3.2B

Shares Retired−0.0% / −3.5% 2y

Similar Companies

KDPKeurig Dr Pepper Inc.

$49.5B

Shareholder Return

Fiscal 2025

Issued 0.0% of shares last year, 3.5% issued over two.

Buybacks: $2.3B
Dividends: $4.5B

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22

27.6% = 27.8% + −0.1%

FY23

−10.7% = −10.5% + −0.1%

FY24

10.0% = 9.6% + 0.3%

FY25

18.5% = 16.8% + 1.5%

Earnings Fewer shares More shares

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 2025 Sources 20-F · 2026-03-03	FY 2024 Sources 20-F · 2025-03-12	FY 2023 Sources 20-F · 2024-03-11	FY 2022 Sources 20-F · 2023-03-17	FY 2021 Sources 20-F · 2022-03-18
Market Cap	$167.0Bcurrent	$88.4Best.	$102.4Best.	$98.7Best.	$102.2Best.
Revenue	$59.3B↓1%	$59.8B↑1%	$59.4B↑3%	$57.8B↑6%	$54.3B
Operating Income	$15.4B↓1%	$15.5B↑11%	$14.0B↓4%	$14.5B↑5%	$13.8B
Net Income	$6.8B↑17%	$5.9B↑10%	$5.3B↓11%	$6.0B↑28%	$4.7B
EPS (Diluted)	$3.39↑19%	$2.86↑10%	$2.60↓11%	$2.91↑28%	$2.28
Gross Margin	55.9%↑1%	55.3%↑3%	53.9%↓1%	54.5%↓5%	57.5%
Operating Margin	26.0%	25.9%↑10%	23.5%↓6%	25.1%↓1%	25.5%
ROE	7.8%↑5%	7.5%↑15%	6.5%↓20%	8.1%↑20%	6.8%
Total Debt	$73.0B↑1%	$72.2B	--	--	--
Shareholders' Equity	$87.3B↑12%	$78.2B↓4%	$81.8B↑12%	$73.4B↑7%	$68.7B
Current Ratio	0.72↑3%	0.70↑11%	0.63↓7%	0.67↓4%	0.70
Debt / Equity	0.84↓9%	0.92	—	—	—
Operating Cash Flow	$14.9B↓1%	$15.1B↑13%	$13.3B	$13.3B↓10%	$14.8B
Free Cash Flow	$11.2B	$11.2B↑30%	$8.6B↑6%	$8.1B↓11%	$9.2B

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Beer & Liquor

BUD vs Peers — Financial Grading

Revenue$59.3BTop 25%

Net Income$6.8BTop 25%

ROE7.8%Bottom 25%

D/E0.84Median

Op. Margin26.0%Median

Curr. Ratio0.72Bottom 25%

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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
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
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AMBEV S.A.ABEV	$42.5B	$2.76	$16.1B	$2.8B	17.6%	0.04	26.4%	0.96	1/9	5/9	6/7	3/3	F-Score 6	4/11
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