# Anheuser-Busch INBEV SA/NV (BUD) — Stock CV

Anheuser-Busch INBEV SA/NV is a $152B consumer staples company. Revenue shrank 0.7% over the last year, it keeps 12¢ of every dollar of sales as profit, and its net debt equals ~4.7 years of free cash flow. It trades at 16.3× earnings.

> Anheuser-Busch InBev is the largest brewer in the world and one of the top five consumer product companies by EBITDA. The company's portfolio contains six of the top 10 beer brands by volume, and we estimate it distributes 23 brands with retail sales over $1 billion.

## Identity

- **Ticker**: BUD
- **Sector**: Consumer Defensive
- **Employees**: 137 000
- **Website**: https://www.ab-inbev.com
- **Market cap**: $152B
- **Last price**: $77.33
- **Financial profile**: Strained

## Vitals (FY2025)

- **Revenue**: $59.3B
- **Net income**: $6.84B
- **Free cash flow**: $13.8B
- **Net debt**: $64.7B
- **P/E**: 16.3
- **Revenue growth (YoY)**: -0.7%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 69 |
| Growth | 43 |
| Profitability | 55 |
| Health | 32 |
| Quality | 97 |
| Moat | 68 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [ ] Revenue growing — -0.7% YoY
- [x] Profitable — $6.84B FY2025
- [x] Profit growing — +5.2% YoY
- [x] Generates cash — $13.8B FY2025
- [x] Debt under control — ~4.7y of cash flow to repay
- [x] Established company — $152B market cap
- [x] Not printing shares — -1.5% shares over ~5y
- [x] Proven track record — 5/5 profitable years
- [ ] Financially stable — Altman Z 1.6 — distress
- [x] Pays a dividend — yield 2.62%
- [x] Valuation not extreme — P/E 16.3

## Experience (career milestones)

- **FY2025** — Best year on record: $6.84B net income
- **FY2021** — Profitable every year on record: 5 consecutive profitable years in our data
- **FY2021** — Revenue already above $50B: $54.3B in first reported year
- **FY2021** — Positive free cash flow every year since: 5-year streak
- **2015** — Anheuser-Busch InBev made a bid of £70 billion, (US$107 billion when the deal closed), or £44…
- **2013** — The company bought Grupo Modelo, Mexico's leading brewer and owner of the Corona brand
- **2012** — AB InBev bought a 51% stake of Cervecería Nacional Dominicana, a beer producer in the Dominican Republic…
- **2008** — InBev acquired Anheuser-Busch, creating Anheuser-Busch InBev (AB InBev), expanding on InBev's previous…
- **2002** — Interbrew also acquired stakes in the K.K
- **2000** — Interbrew acquired Bass and Whitbread in the UK
- **1999** — AmBev (short for America Beverages, formally Companhia de Bebidas das Américas, Portuguese for "Beverages Company of…
- **1995** — The first transaction in this phase took place in Hungary, followed in 1995 by the acquisition of Labatt Brewing…
- **1987** — Interbrew was formed in 1987 from a merger of the two largest breweries in Belgium: Artois and Piedboeuf
- **1873** — They then acquired a number of German breweries: Diebels and Beck's & Co

## Strengths

- High gross margin (56.5%)
- Strong cash conversion — FCF is 23.2% of revenue
- Piotroski F-Score 7/9 — fundamentally strong checklist

## Watch-outs

- Revenue shrinking 0.7% year over year
- Altman Z-Score 1.58 — elevated financial-distress risk

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $54.3B | $4.67B | $8.14B |
| FY2022 | $57.8B | $5.97B | $8.63B |
| FY2023 | $59.4B | $5.34B | $11.2B |
| FY2024 | $59.8B | $5.86B | $11.2B |
| FY2025 | $59.3B | $6.84B | $13.8B |

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Source: https://stockcv.com/BUD — derived from company filings; may be delayed or incomplete. Information, not investment advice.