Anheuser Busch Inbev SA NV (ABI) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Anheuser Busch Inbev SA NV stock €62.16, price €75.52, that is 17.7% below the price, quality 62 out of 100. Rating: overvalued. Calculated from audited financials with 23 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range €43.48 – €75.82 · fair‑value band €37.17 – €90.82 · the €75.52 price screens above the €62.16 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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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.
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The company also offers flavored malt beverages, soft drinks, spirit-based ready-to-drink cocktails and beverages, and energy drinks.
In addition, it operates BEES, a business-to-business digital commerce platform; on-demand delivery platforms under the Zé Delivery and TaDa Delivery brands; and premium at-home draft system under the PerfectDraft brand.
The company provides a portfolio of approximately 500 beer brands, which primarily include Budweiser, Corona Extra, Michelob Ultra, and Stella Artois; Aguila, Brahma, Carling Black Label, Cass Fresh, Jupiler, Quilmes, SKOL, and Victoria; Beck's, Hoegaarden, and Leffe; Antarctica, Bud Light, Castle, Castle Lite, Cristal, Harbin, Modelo Especial, Sedrin, and Skol brands, as well as non-beer brands comprising Brutal Fruit, Cutwater, and NÜTRL brands.
The company was formerly known as InBev SA and changed its name to Anheuser-Busch InBev SA/NV in November 2008. Anheuser-Busch InBev SA/NV was founded in 1366 and is headquartered in Leuven, Belgium.
Stock analysis
Anheuser Busch Inbev SA NV (ABI) currently trades at €75.52, while our model-based Fair Value estimate is €62.16, 18% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €73.64 per share, and 6 of the 23 models we run sit above the €75.52 price.
Bear case: the Dividend Discount group reads lowest at €38.64, and 17 of the 23 models stay below the price. Data coverage for this calculation is high.
Scenario range: €37.17 (bear) to €90.82 (bull), the price of €75.52 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 62/100 (solid quality), in the Consumer Defensive sector.
Mixed Growth: Spin-off in 2008: revenue and profit before it include the divested business. Growth is measured afresh from 2008.
Anheuser Busch Inbev SA NV reported revenue of $59.3B in FY2025 versus $54.3B in FY2021, a compound +2.2%/yr. Reported net income was $6.8B in FY2025, compounding +10.0%/yr from FY2021.
Key figures
Market cap €149B Large · P/E ratio 17.0 · P/S ratio 2.60 · EPS (TTM) €4.23 · Dividend yield 1.9% · Net margin 15.4% · Return on equity 11.4% · Return on assets (EBIT) 6.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 63 out of 100 (medium confidence).
What moves the price
The share trades at its 52-week high and 48% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 21% fair-value upside, at −18%, ABI screens richer than that median.
Fair Value models
Bear€37.17Fair Value €62.16Bull€90.82
Price €75.52 · Downside -17.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€2.43 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2008: revenue and profit before it include the divested business. Growth is measured afresh from 2008.
Revenue growth 1 year
−0.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.8%
Start year 2020 (pandemic). Over 10 years: +3.3% a year
Revenue growth 17 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.6%
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’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+8.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.9%
Dividend (yield on the price)1.9%
Per share before 2008divided by the spin-off factor 1.5996
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.8.6% vs −3.6%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.21% → 26%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+7.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +5.3% a year for the price and +2.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: Global scale from an integrated production and distribution network supporting megabrands forms the main strength, offset by low returns on equity and elevated debt.
Main risk: Elevated debt from past acquisitions might constrain the company's ability to refinance on favourable terms or fund growth initiatives, limiting operational flexibility.
Bull case: The company could use its global scale, BEES platform and expansion into non-alcoholic and adjacent beverages to generate stronger cash flows that support deleveraging and offset regulatory pressures.
Bear case: Persistent debt constraints combined with tighter regulations might reduce investment capacity and traditional beer volumes, leaving the business more exposed to slower growth in core categories.
AB InBev has confirmed to Russian authorities that it plans to retain long-term ownership of its joint venture there, forgoing dividends and royalties while the unit continues generating substantial cash. This keeps one more large market inside the same global production and distribution network that supports megabrands and premiumization. Does preserving that scale advantage outweigh the ongoing operational and reputational exposure in a staples business our models currently see as overvalued?
Compare Anheuser Busch Inbev SA NV with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Beverages - Brewers · 55 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score62 · Above median
Fair Value upside−17.7% · Below median
Profitability
Return on equity (12 months)11.4% · Above median
Return on assets3.1% · Below median
Net margin (12 months)15.4% · Above median
Operating margin (12 months)27.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)9.1% · Above median
Dividend yield (12 months)1.9% · Below median
Balance sheet
Debt / equity0.83× · Highest 25%
Valuation Multiplesvs Beverages - Brewers median · lower = cheaper
P/E (12 months)17.0× · Pricier than median
P/B1.91× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)2.60× · Pricier than median
Price / free cash flow (fiscal year)14.2× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Anheuser Busch Inbev SA NV Fair Value". https://www.fairvalue-calculator.com/stock/ABI
Frequently asked questions
Is Anheuser Busch Inbev SA NV (ABI) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of €62.16 versus a price of €75.52, about 18% lower (overvalued).
What is the fair value of ABI?
Our model-based fair value for Anheuser Busch Inbev SA NV is €62.16 (as of Nov 9, 2026), built from audited fundamentals. The current price: €75.52.
What is the quality score of ABI?
Anheuser Busch Inbev SA NV has a Quality Score of 62/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Anheuser Busch Inbev SA NV (ABI)?
Our model-based price target is the fair value of €62.16 (as of Nov 9, 2026) from 23 valuation models. Cautious scenario €37.17, optimistic scenario €90.82. It is a calculation from audited fundamentals, not an analyst target.
What is the Anheuser Busch Inbev SA NV stock forecast for 2026?
Our models put fair value at €62.16, about 18% lower versus a price of €75.52 (overvalued). Cautious scenario €37.17, optimistic scenario €90.82. The calculation is refreshed regularly with new filings.
What is the revenue of Anheuser Busch Inbev SA NV (ABI)?
Anheuser Busch Inbev SA NV reported trailing-twelve-month revenue of about $64.0B (latest available figure, as of Nov 9, 2026).
Does Anheuser Busch Inbev SA NV pay a dividend?
Anheuser Busch Inbev SA NV currently shows a dividend yield of 1.85% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Anheuser Busch Inbev SA NV (ABI) and when is the ex-dividend date?
Anheuser Busch Inbev SA NV pays a dividend of €1.40 per share a year, a dividend yield of 1.9%. The next ex-dividend date is Nov 19, 2026. A dividend has been paid every year since at least 2001. The payout ratio is 55.9% of earnings (on adjusted earnings, reported 69.2%). Free cash flow covers the dividend 2.47 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Anheuser Busch Inbev SA NV (ABI)?
For today's price to be fair in a discounted-cash-flow model, Anheuser Busch Inbev SA NV would have to grow free cash flow by +7.8 % per year for five years (discount rate 9.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.8 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of ABI use?
Our models discount Anheuser Busch Inbev SA NV at 9.2 %: a base by market capitalisation (large), damped by beta 0.78, country premium for Belgium. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Anheuser Busch Inbev SA NV that is +7.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.2 %) and the same formula as our fair value.
How much growth has Anheuser Busch Inbev SA NV (ABI) delivered so far?
Over the past 5 years revenue at Anheuser Busch Inbev SA NV grew +4.8 % a year. The price currently implies free-cash-flow growth of +7.8 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Anheuser Busch Inbev SA NV (ABI) growing?
The median revenue growth in the sector is +3.6 % a year. That is the yardstick for the growth priced into Anheuser Busch Inbev SA NV (+7.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Anheuser Busch Inbev SA NV (ABI)?
The free-cash-flow yield on the price is 7.02 %: that much free cash flow Anheuser Busch Inbev SA NV produces per unit of market value. When it exceeds the discount rate of our models (9.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Anheuser Busch Inbev SA NV (ABI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Anheuser Busch Inbev SA NV it is €62.16 per share (as of Nov 9, 2026), against a price of €75.52. It is the blended result of 23 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Anheuser Busch Inbev SA NV stock overvalued or undervalued in 2026?
As of Nov 9, 2026, ABI trades above its calculated fair value: price €75.52, fair value €62.16, a gap of about −18% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ABI?
No. The price is what the market pays today (€75.52); the fair value is what the company's own numbers justify (€62.16). For Anheuser Busch Inbev SA NV the two are €13.36 per share apart. That gap is exactly why we show both numbers side by side.
How much is Anheuser Busch Inbev SA NV worth?
The market values Anheuser Busch Inbev SA NV at about €149B (market capitalisation, as of Nov 9, 2026). Per share that is €75.52; our models calculate a fair value of €62.16 per share.
What do the bullish and bearish scenarios say about ABI?
Our models span a range for Anheuser Busch Inbev SA NV: cautious scenario €37.17, base €62.16, optimistic €90.82 per share (as of Nov 9, 2026, price €75.52). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ABI?
Anheuser Busch Inbev SA NV trades at a price-to-earnings ratio of 17.0 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €62.16 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 19.7 (reported for FY2025: 24.4). Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), earnings ex one-offs: 19.3. Other multiples: PEG 1.7, P/B 1.9, P/S 2.6, EV/EBITDA 11.2.
What is the PEG ratio of ABI?
The PEG ratio of Anheuser Busch Inbev SA NV is 1.67 (P/E divided by earnings growth, as of Nov 9, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Anheuser Busch Inbev SA NV (ABI)?
Balance-sheet figures for Anheuser Busch Inbev SA NV (as of Nov 9, 2026): return on equity 11.4%, debt of 0.83 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is ABI from its 52-week high?
Anheuser Busch Inbev SA NV trades at €75.52, at its 52-week high of €75.82 and 48% above the low of €51.02 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of €62.16 is for.
Which stocks are comparable to Anheuser Busch Inbev SA NV?
From the same area (Consumer Defensive) we also value Heineken N.V, Constellation Brands, Inc, Heineken Holding, Tsingtao Brewery Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Anheuser Busch Inbev SA NV stock attractive at the current price?
The data as of Nov 9, 2026: price €75.52, calculated fair value €62.16 (−18%), Quality Score 62/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ABI calculated?
We run Anheuser Busch Inbev SA NV through 23 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €62.16 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Anheuser Busch Inbev SA NV itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Anheuser Busch Inbev SA NV (ABI)?
The closing price on Nov 9, 2026 was €75.52. Our model-based fair value is €62.16, about 18% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Anheuser Busch Inbev SA NV right now?
Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (€37.17 to €90.82) leaves room in how you read the outcome.
Where does the earnings growth of Anheuser Busch Inbev SA NV (ABI) come from?
Earnings per share at Anheuser Busch Inbev SA NV grew −2.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.1 %, EBIT margin −2.2 %, tax rate −0.8 %, residual (interest, one-offs) −0.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Anheuser Busch Inbev SA NV
How large is the market capitalisation of Anheuser Busch Inbev SA NV (ABI)?
The market capitalisation of Anheuser Busch Inbev SA NV is €149B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Anheuser Busch Inbev SA NV (ABI)?
The price-to-sales ratio of Anheuser Busch Inbev SA NV is 2.60 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Anheuser Busch Inbev SA NV (ABI)?
Earnings per share at Anheuser Busch Inbev SA NV are €4.23 (price ÷ EPS = P/E 17.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Anheuser Busch Inbev SA NV (ABI)?
The dividend yield of Anheuser Busch Inbev SA NV is 1.9% (payout 55.9%, on adjusted earnings, reported 69.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Anheuser Busch Inbev SA NV (ABI)?
The net margin of Anheuser Busch Inbev SA NV is 15.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Anheuser Busch Inbev SA NV (ABI)?
The return on equity (ROE) of Anheuser Busch Inbev SA NV is 11.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Anheuser Busch Inbev SA NV (ABI)?
On an EBIT basis the return on assets of Anheuser Busch Inbev SA NV is 6.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Anheuser Busch Inbev SA NV (ABI)?
The operating margin of Anheuser Busch Inbev SA NV is 27.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Anheuser Busch Inbev SA NV (ABI)?
Revenue at Anheuser Busch Inbev SA NV is growing +9.1% versus a year earlier (3y avg +0.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Anheuser Busch Inbev SA NV (ABI)?
Earnings per share at Anheuser Busch Inbev SA NV are growing +52.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Anheuser Busch Inbev SA NV (ABI) carry?
The net debt of Anheuser Busch Inbev SA NV is $61.4B (fiscal year 2025, ≈ 5.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 9, 2026