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Ambev (ABEV) USD

Ambev S.A. produces and distributes beer, soft drinks, and other beverages across Brazil, Latin America, and Canada, operating a broad network of distributors, supermarkets, and retailers.

At a glance: strengths & risks
✓Revenue growing (+8% y/y, Q3 2026)✓Net cash balance sheet✗Margins compressing (38%→35%, Q3 2026)

Sector: Beverages

BR_ABEV

Price chart

2.66 USDDay -0.37%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
2.66 USD · -0.37%
Market cap
41.5 bn USD

Growth

Δ revenue y/y
8.3%
Δ EBITDA y/y
-4.9%

Multiples

P/E (LTM)
13.4x
3y avg: 13.1x
P/B (FY)
2.6x
P/E (ann.)
12.6x
EV/EBITDA (LTM)
6.6x
3y avg: 6.5x
EV/EBITDA (ann.)
6.8x

Cash return

Dividend yield
0.9%
FCF yield (LTM)
8.7%

Value creation

fundamental value/yr, % of market cap
Value created / year
-2.7%
↓ details

Liquidity

Daily turnover (listing)
88.7 mln USD

Shares: yahoo_fundamentals_timeseries/ABEV

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-09-30Q3 2026 (3M)OK4.2
y/y 8.3%
1.1
y/y -8.7%
0.3
y/y 10.4%
1.4
y/y -4.9%
0.8
y/y -8.8%
1.5-0.427.5
y/y 5.1%
17.7
y/y 2.4%
18.8%-3.7Link
2026-06-30Q2 2026 (3M)PARTIAL4.0
y/y 10.1%
1.0
y/y 20.6%
0.3
y/y -1.3%
1.3
y/y 14.5%
0.7
y/y 36.7%
0.3-0.127.2
y/y 6.7%
17.5
y/y 4.7%
15.4%-3.0Link
2026-03-31Q1 2026 (3M)PARTIAL4.5
y/y 11.8%
1.2
y/y 17.4%
0.3
y/y 4.8%
1.5
y/y 14.5%
0.8
y/y 14.4%
0.6-0.128.5
y/y 8.6%
18.1
y/y 6.6%
18.1%-3.3Link
2025-12-31Q4 2025 (3M)PARTIAL4.5
y/y 3.5%
1.3
y/y 5.2%
0.3
y/y 0.3%
1.6
y/y 4.1%
0.8
y/y 1.7%
2.4-0.326.5
y/y 0.7%
16.2
y/y 0.6%
17.5%-3.1Link
2025-09-30Q3 2025 (3M)PARTIAL3.9
y/y 1.0%
1.2
y/y 26.0%
0.3
y/y -1.0%
1.5
y/y 19.4%
0.9
y/y 46.0%
1.3-0.226.2
y/y 2.3%
17.2
y/y 0.4%
21.3%-3.1Link
2025-06-30Q2 2025 (3M)PARTIAL3.6
y/y 0.9%
0.8
y/y 9.2%
0.3
y/y -0.4%
1.1
y/y 6.4%
0.5
y/y 14.5%
0.5-0.225.5
y/y -0.3%
16.7
y/y -2.3%
11.9%-2.6Link
2025-03-31Q1 2025 (3M)PARTIAL4.0
y/y 1.0%
1.0
y/y 6.6%
0.3
y/y -4.4%
1.3
y/y 3.8%
0.7
y/y -8.9%
0.2-0.126.2
y/y 0.2%
17.0
y/y -0.5%
16.4%-3.0Link
2024-12-31Q4 2024 (3M)PARTIAL4.4
y/y 5.9%
1.2
y/y 8.6%
0.3
y/y 5.6%
1.5
y/y 8.0%
0.8
y/y -13.1%
2.3-0.226.3
y/y -4.0%
16.1
y/y -2.7%
14.4%-4.3Link
2024-09-30Q3 2024 (3M)PARTIAL3.8
y/y -4.8%
0.9
y/y -4.3%
0.3
y/y -9.3%
1.2
y/y -5.6%
0.6
y/y -22.2%
1.4-0.225.6
y/y -6.5%
17.2
y/y -5.4%
14.4%-3.0Link
2024-06-30Q2 2024 (3M)PARTIAL3.6
y/y -10.7%
0.7
y/y -1.1%
0.3
y/y -15.0%
1.0
y/y -5.7%
0.4
y/y -20.5%
0.6-0.225.6
y/y -9.4%
17.1
y/y -6.4%
10.2%-2.1Link
2024-03-31Q1 2024 (3M)PARTIAL4.0
y/y -3.8%
1.0
y/y -2.5%
0.3
y/y 4.2%
1.3
y/y -0.9%
0.7
y/y -3.0%
0.1-0.226.2
y/y -3.8%
17.1
y/y -1.5%
17.7%-2.0Link
2023-12-31Q4 2023 (3M)PARTIAL4.1
y/y —
1.1
y/y —
0.3
y/y —
1.4
y/y —
0.9
y/y —
2.9-0.527.4
y/y —
16.6
y/y —
17.8%-2.7Link
2023-09-30Q3 2023 (3M)PARTIAL4.0
y/y —
1.0
y/y —
0.3
y/y —
1.3
y/y —
0.8
y/y —
1.6-0.327.3
y/y —
18.1
y/y —
17.5%-2.8Link
2023-06-30Q2 2023 (3M)PARTIAL4.0
y/y —
0.7
y/y —
0.4
y/y —
1.1
y/y —
0.5
y/y —
0.7-0.328.2
y/y —
18.3
y/y —
12.4%-1.8Link
2023-03-31Q1 2023 (3M)PARTIAL4.1
y/y —
1.0
y/y —
0.3
y/y —
1.3
y/y —
0.8
y/y —
-0.1-0.227.2
y/y —
17.3
y/y —
—-1.8Link

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)27
Long-term debt (incl. LT leases)42
− Cash & equivalents3 726
Net debt-3 658

Net debt / LTM EBITDA: -0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0004 0005 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-20%-10%0%10%20%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) ($ mln)

05001 0001 5002 0002 5002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

-5 000-4 000-3 000-2 000-1 00002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.65x of reported net profit; after capex, 1.25x.
year20212022202320242025
cash flow / profit1.75x1.39x1.65x1.76x1.53x
accruals, % of assets-7.1%-4.2%-7.3%-6.9%-5.8%
Last twelve months (to 2026-06-30): 1.65x of profit came back as operating cash flow.
net debt / EBITDA -0.6x · capex 2.1x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -2.7%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-09-30 vs 2025-09-30)
= (1 396 − 1 468) × 4.13
-295
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (41 543 + -3 658) ÷ 5 774
6.6x
3. Target multiple
(Current EV/EBITDA + 7) ÷ 2
= (6.6 + 7) ÷ 2
6.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 509 + 267 + 132 − 13
896
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-295 × 6.8 + 896) ÷ 41 543
-2.7%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +11% vs -12% the year before — a +23.4 pp move. 3-year CAGR +1%.
revenue growth by year: 2023 +7% · 2024 -12% · 2025 +11%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: consumer (Brazil). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Magazine LuizaBrazil0.82.3x
Lojas RennerBrazil1.62.4x
AssaiBrazil1.93.6x
AzulBrazil1.84.2x
CyrelaBrazil1.24.4x
Vibra EnergiaBrazil6.55.0x
SLC AgricolaBrazil1.86.6x
Group median4.2x
Group average4.1x
This companyBrazil41.56.6x

Group median 4.2x; this company 6.6x — a 56% premium.

Group average 4.1x; against the average this company is at a 61% premium.

At the adjusted group median the market cap would be -33% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 19.4x, Russia 3.8x, South Africa 5.2x, Kazakhstan 6.2x, India 17.7x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-31; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-230.014 USDEx-dividend: 0.014 USD per sharePaidYahoo Finance (ex-div)
2026-06-240.009 USDEx-dividend: 0.009 USD per sharePaidYahoo Finance (ex-div)
2025-08-110.023 USDEx-dividend: 0.023 USD per sharePaidYahoo Finance (ex-div)
2025-05-190.024 USDEx-dividend: 0.024 USD per sharePaidYahoo Finance (ex-div)
2025-03-180.022 USDEx-dividend: 0.022 USD per sharePaidYahoo Finance (ex-div)
2024-12-230.108 USDEx-dividend: 0.108 USD per sharePaidYahoo Finance (ex-div)
2023-12-220.147 USDEx-dividend: 0.147 USD per sharePaidYahoo Finance (ex-div)
2022-12-200.146 USDEx-dividend: 0.146 USD per sharePaidYahoo Finance (ex-div)
2021-12-200.108 USDEx-dividend: 0.108 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://ri.ambev.com.br/en/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Ambev (ABEV) — from primary filings.

Frequently asked questions

What is Ambev (ABEV)'s P/E ratio?
Ambev (ABEV) trades at a P/E of 13.4x (price to trailing 12-month earnings).
What is Ambev (ABEV)'s EV/EBITDA?
Ambev (ABEV) trades at 6.6x EV/EBITDA.
What is Ambev (ABEV)'s P/B ratio?
Ambev (ABEV) trades at a P/B of 2.6x.
What is Ambev (ABEV)'s dividend yield?
Ambev (ABEV)'s trailing 12-month dividend yield is 0.9%.
What is Ambev (ABEV)'s return on equity (ROE)?
Ambev (ABEV)'s ROE is 18.8%.
What is Ambev (ABEV)'s market capitalization?
Ambev (ABEV)'s market cap is 41.5 bn USD.

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