olivLaw · European equity research
Anheuser-Busch Inbev ABI.BR
Belgium · Euronext Brussels · ISIN BE0974293251 · Vertical: Listed companies from Belgium
At the close of 05 Nov 2026, Anheuser-Busch Inbev (ABI.BR) stock was 75.66 EUR (+0.50% on the day), with beta 0.50, 52-week range 51.76–75.82 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 63.2
- strong (55–70)
- Bollinger (20, 2)
- 69.12 – 76.95
- in the upper half of the band · %B 0.83 · band width 10.7%
- SMA 50 / 200
- 69.78 / 67.87
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.38 / 1.32
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.0% | +0.4% | +11.6 pp | — |
| 3 months | +3.0% | −3.3% | +6.3 pp | — |
| 6 months | +11.6% | +4.0% | +7.6 pp | — |
| Year to date | +37.8% | +8.1% | +29.7 pp | — |
| 1 year | +39.0% | +10.7% | +28.3 pp | +6.3% |
| 3 years | +38.0% | +50.1% | −12.1 pp | −6.5% |
| 5 years | +44.3% | +43.6% | +0.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 59.4 bn | 59.8 bn | 59.3 bn |
| Revenue YoY | unavailable | +0.7% | −0.7% |
| Net income | 5.3 bn | 5.9 bn | 6.8 bn |
| Net income YoY | unavailable | +9.6% | +16.8% |
| Diluted EPS | 2.60 | 2.86 | 3.39 |
| Diluted EPS YoY | unavailable | +10.0% | +18.5% |
| net % | 9.0% | 9.8% | 11.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 11.6 bn USD
- Financial debt
- 73.0 bn USD
- Net debt
- 61.4 bn USD
- Equity
- 97.7 bn USD
- Total assets
- 218.8 bn USD
- Debt / equity
- 0.75x
- Current ratio
- 0.72x
- ROE
- 7.3%
- ROA
- 3.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 59.4 bn | 59.8 bn | 59.3 bn | esef· 17 Feb 2026verified |
| Cost of revenue | 27.4 bn | 26.7 bn | 26.1 bn | esef· 17 Feb 2026verified |
| Gross profit | 32.0 bn | 33.0 bn | 33.2 bn | esef· 17 Feb 2026verified |
| Operating income | 14.0 bn | 15.5 bn | 15.4 bn | esef· 17 Feb 2026verified |
| Interest expense | 5.8 bn | 5.1 bn | 4.9 bn | esef· 17 Feb 2026verified |
| Pre-tax income | 9.1 bn | 10.6 bn | 11.3 bn | esef· 17 Feb 2026verified |
| Income tax | 2.2 bn | 3.2 bn | 2.9 bn | esef· 17 Feb 2026verified |
| Net income | 5.3 bn | 5.9 bn | 6.8 bn | esef· 17 Feb 2026verified |
| Diluted EPS | 2.60 | 2.86 | 3.39 | esef· 17 Feb 2026verified |
| Dividend per share | 1.49 | 0.82 | 2.29 | esef· 17 Feb 2026derived |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 10.3 bn | 11.2 bn | 11.6 bn | esef· 17 Feb 2026verified |
| Receivables | 6.0 bn | 5.3 bn | 6.2 bn | esef· 17 Feb 2026verified |
| Inventories | 5.6 bn | 5.0 bn | 5.1 bn | esef· 17 Feb 2026verified |
| Current assets | 23.4 bn | 23.0 bn | 24.8 bn | esef· 17 Feb 2026verified |
| Property, plant & equipment, net | 26.8 bn | 23.5 bn | 23.7 bn | esef· 17 Feb 2026verified |
| Goodwill | 117.0 bn | 110.5 bn | 117.9 bn | esef· 17 Feb 2026verified |
| Intangibles (excl. goodwill) | 41.3 bn | 40.0 bn | 42.0 bn | esef· 17 Feb 2026verified |
| Total assets | 219.3 bn | 206.6 bn | 218.8 bn | esef· 17 Feb 2026verified |
| Short-term debt | 4.0 bn | 1.4 bn | 885.0 m | esef· 17 Feb 2026verified |
| Long-term debt | 74.2 bn | 70.7 bn | 72.1 bn | esef· 17 Feb 2026verified |
| Current liabilities | 37.2 bn | 33.1 bn | 34.5 bn | esef· 17 Feb 2026verified |
| Equity | 92.7 bn | 88.7 bn | 97.7 bn | esef· 17 Feb 2026verified |
| Shares outstanding at year end | 2.0 bn | 2.0 bn | 2.0 bn | esef· 17 Feb 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 13.3 bn | 15.1 bn | 14.9 bn | esef· 17 Feb 2026verified |
| Investing cash flow | -4.4 bn | -3.3 bn | -3.4 bn | esef· 17 Feb 2026verified |
| Financing cash flow | -8.6 bn | -9.9 bn | -11.5 bn | esef· 17 Feb 2026verified |
| Dividends paid | 3.0 bn | 2.7 bn | 4.5 bn | esef· 17 Feb 2026verified |
| Share repurchases | 362.0 m | 937.0 m | 2.3 bn | esef· 17 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 30.12 – 79.04 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E36.26 – 79.04 (Mid 49.55)25 companies used · median multiple 14.6x · quartiles 10.7x – 23.3xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)30.12 – 40.51 (Mid 34.55)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.5% | 44 (vs peers) | 38% |
| Net margin · Quality | 11.5% | 82 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.1x | 25 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet15/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality59/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ANHEUSER-BUSCH INBEV (ABI.BR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 59.3 bn USD in 2025; YoY growth -0.7%; net margin 11.5%; ROE 8.3%.
The estimated value range is 33.19–59.78 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 11.5%
What contradicts it
- Interest coverage: 3.1x
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for ABI.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
- Anheuser-Busch InBev Maps Organic Growth Engine at Capital Markets DayYahoo Finance — News · 23 Sept 2026 · EN
- Anheuser-Busch InBev Unveils ‘Reignite’ Growth Plan at Capital Markets DayYahoo Finance — News · 23 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202517 Feb 2026
- Annual report 202517 Feb 2026
- Annual report 202404 Mar 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.