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1. Company Snapshot

1.a. Company 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.

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1.b. Last Insights on ABI

Anheuser-Busch InBev's recent performance was positively driven by its Q4 2025 earnings beat, widening profit margins, and upbeat guidance. The company's management paired a higher dividend with fresh market share gains, bolstering investor confidence. A focus on premium and non-alcoholic segments also contributed to growth. Additionally, AB InBev's efforts to streamline its global operations and strategic moves are underway. The company's outlook for 2026 is optimistic, with expected continued earnings growth. (Source: Bloomberg)

1.c. Company Highlights

2. Anheuser-Busch's 2025 Earnings Report: A Mixed Bag

The company's financial performance for 2025 was marked by revenue growth, driven by the strength of its mega brands and premium portfolio. However, EPS came in at $0.714, below analyst estimates of $1.02. The company's EBITDA margin improved by 101 basis points, driven by its efficient operating model and disciplined revenue management. Revenue growth was in line with expectations, with the company delivering consistent financial results despite a dynamic consumer environment.

Publication Date: Feb -13

📋 Highlights
  • 2026 EBITDA Guidance:: 4-8% organic growth, aligned with medium-term outlook, supported by margin expansion and strategic focus.
  • CapEx Range:: $3.5–4 billion for 2026, reflecting disciplined investment in technology and AI to maintain low CapEx while driving growth.
  • Margin Expansion:: EBITDA margin improved 101 bps in 2025, driven by mega brands, premiumization, and efficient operating models.
  • BEES Marketplace Growth:: Added $1B GMV in 2022, with total addressable market 1.5–2x current revenue, leveraging 3P supplier model.
  • Non-Alcohol Beer Momentum:: Outperforming beer category growth, fueled by $1B+ in tech investments and product innovation.

Financial Highlights

The company's financial results for 2025 reflect the discipline and focus of its strategy, with EBITDA growth driven by its three strategic pillars: execute our strategy, digitize and monetize our ecosystem, and optimize our business. As Fernando Tennenbaum noted, "We've made progress on our three strategic pillars... and we're confident that this will drive future growth and profitability." The company's net CapEx for 2026 is expected to be between $3.5 billion and $4 billion.

Valuation Metrics

Using the current valuation metrics, the company's P/E Ratio stands at 18.61, EV/EBITDA at 9.47, and ROE at 10.12%. These metrics suggest that the company's stock is fairly valued, with the P/E Ratio indicating a moderate growth expectation. The EV/EBITDA ratio suggests that the company's enterprise value is reasonable compared to its EBITDA. The ROE indicates that the company is generating a decent return on equity.

Growth Prospects

The company is optimistic about its growth prospects, driven by its diversified geographic footprint, leadership advantages, and disciplined execution of its strategy. The FIFA World Cup in 2026 is expected to provide a major platform for the company to engage with consumers and activate the category. The company's Beyond Beer and non-alcohol beer portfolios are also expected to drive growth, with the BEES marketplace providing a growth opportunity and being incremental to the beer business.

Challenges Ahead

The company faces challenges in the first half of 2026 due to uneven currency exchange, particularly in Brazil and Mexico. However, as the year progresses, cost of goods sold and transaction comps are expected to become easier. The company's sales and marketing efforts will be concentrated in Q2 and Q3 due to the World Cup, which is expected to drive growth.

3. NewsRoom

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Is AnheuserBusch InBev (BUD) Stock Outpacing Its Consumer Staples Peers This Year?

Feb -20

Source:

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Molson Coors Q4 Earnings Beat Estimates, 2026 View Soft

Feb -19

Source: zacks.com

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Anheuser-Busch Inbev (BUD) is a Great Momentum Stock: Should You Buy?

Feb -19

Source:

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Is Constellation Brands' Premiumization Strategy Paying Off?

Feb -19

Source:

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Technical Indicators Flash Warning Signs for Alcohol Stocks as Staples Surge

Feb -17

Source:

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Coca-Cola's Q4 Metrics Signal Growth or Slowing Momentum?

Feb -16

Source: zacks.com

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A Look At Anheuser-Busch InBev (ENXTBR:ABI) Valuation After Earnings Beat Dividend Hike And Upbeat Outlook

Feb -15

Source:

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Anheuser-Busch Stock Surges 6% This Week on Earnings Beat and Analyst Upgrades

Feb -14

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.00%)

6. Segments

Beer Business

Expected Growth: 3.0%

Anheuser-Busch InBev's beer business growth is driven by 3.0% increase in global beer consumption, expansion in emerging markets, premiumization trend, and strategic acquisitions. The company's diversified portfolio, operational efficiency, and strong distribution network also contribute to its growth. Furthermore, innovative product offerings and marketing strategies enhance its market position.

Non-Beer Business (Soft Drinks and Other Business)

Expected Growth: 3.0%

The Non-Beer Business of Anheuser-Busch InBev, comprising Soft Drinks and Other Business, grew 3.0%. This growth was driven by increased demand for low- and no-calorie beverages, expansion into new markets, and successful product innovations, particularly in the soft drinks portfolio, contributing to the segment's positive performance.

7. Detailed Products

Budweiser

A classic American-style lager beer, brewed with a combination of barley malts and rice.

Bud Light

A light, crisp, and refreshing lager beer, brewed with a combination of barley malts and rice.

Stella Artois

A Belgian pilsner beer, brewed with a combination of Saaz and Styrian Golding hops.

Corona

A light, refreshing Mexican lager beer, brewed with a combination of barley malts and corn.

Modelo Especial

A Mexican pilsner beer, brewed with a combination of barley malts and corn.

Michelob Ultra

A low-carb, low-calorie lager beer, brewed with a combination of barley malts and rice.

Elysian

A craft beer brand offering a range of beer styles, including IPAs, stouts, and sours.

Golden Road

A craft beer brand offering a range of beer styles, including IPAs, lagers, and ales.

8. Anheuser-Busch InBev SA/NV's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Anheuser-Busch InBev SA/NV is moderate due to the presence of alternative beverages such as wine, spirits, and soft drinks. However, the company's strong brand portfolio and distribution network help to mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low due to the company's strong brand recognition and customer loyalty. Additionally, the company's large scale of operations and diversified product portfolio make it difficult for customers to negotiate prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the company's dependence on a few large suppliers for raw materials such as barley, hops, and corn. However, the company's large scale of operations and long-term contracts with suppliers help to mitigate this risk.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the brewing industry, including the need for significant capital investment and regulatory approvals. Additionally, the company's strong brand recognition and distribution network make it difficult for new entrants to gain traction.

Intensity Of Rivalry

The intensity of rivalry in the brewing industry is high due to the presence of several large players, including Heineken, Carlsberg, and Molson Coors. The company faces intense competition in terms of pricing, product innovation, and marketing.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 48.85%
Debt Cost 6.83%
Equity Weight 51.15%
Equity Cost 8.21%
WACC 7.53%
Leverage 95.50%

11. Quality Control: Anheuser-Busch InBev SA/NV passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Imperial Brands

A-Score: 7.5/10

Value: 5.6

Growth: 5.0

Quality: 6.4

Yield: 9.4

Momentum: 9.0

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Carlsberg

A-Score: 5.6/10

Value: 4.2

Growth: 4.8

Quality: 4.9

Yield: 5.6

Momentum: 5.0

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Coca-Cola Europacific Partners

A-Score: 5.4/10

Value: 3.5

Growth: 6.0

Quality: 5.0

Yield: 6.2

Momentum: 6.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Heineken

A-Score: 5.2/10

Value: 6.7

Growth: 4.0

Quality: 3.2

Yield: 4.4

Momentum: 4.0

Volatility: 9.0

1-Year Total Return ->

View Full Report
Stock-Card
Heineken

A-Score: 4.8/10

Value: 4.1

Growth: 4.2

Quality: 3.9

Yield: 3.8

Momentum: 4.0

Volatility: 8.7

1-Year Total Return ->

View Full Report
Stock-Card
AB InBev

A-Score: 4.7/10

Value: 5.9

Growth: 3.0

Quality: 4.4

Yield: 1.9

Momentum: 5.0

Volatility: 8.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

66.92$

Current Price

66.92$

Potential

-0.00%

Expected Cash-Flows