Anheuser-Busch InBev SA/NV (ABUD34) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Anheuser-Busch InBev SA/NV BRL 38.23, price BRL 80.00, upside -52.2%, quality 66 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 28, 2026.
How to read this chart
60‑month range R$37.45 – R$80.00 · fair‑value band R$25.53 – R$62.17 · the R$80.00 price screens above the R$38.23 fair value. Dashed = 300-day average. As of Sep 28, 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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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. 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 (ABUD34) currently trades at R$80.00, while our model-based Fair Value estimate is R$38.23, 52.2% 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 R$59.17 per share, and 3 of the 24 models we run sit above the R$80.00 price.
Bear case: the Dividend Discount group reads lowest at R$26.40, and 21 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: R$25.53 (bear) to R$62.17 (bull), the price of R$80.00 sits above 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 66/100 (solid quality), in the Consumer Defensive sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
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 R$785B (≈ $150B) · P/E ratio 21.7 · P/S ratio 2.50 · EPS (TTM) R$3.12 · Dividend yield 0.6% · Net margin 11.5% · Return on equity 9.1% · Return on assets (EBIT) 6.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 55% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 3% fair-value upside, at −52%, ABUD34 screens richer than that median.
Fair Value models
Bear R$25.53Fair Value R$38.23Bull R$62.17
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (R$2.36 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.Evidence ⓘEvidence = 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.67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
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)
Revenue growth 7 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.
+1.2%
’18
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’20
’21
’22
’23
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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.
+8.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.7%
Dividend (yield on the price)0.6%
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.26% → 26%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less 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).
−3.5%
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 −5.7% 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.Positive
Recent news coverage is more positive than average.
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 · 52 stocks
Beats the industry median on 7/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Above median
Fair Value upside−5.7% · Below median
Profitability
Return on equity (TTM)9.1% · Above median
Return on assets4.6% · Above median
Net margin (TTM)11.9% · Above median
Operating margin (TTM)26.7% · Top 25%
Growth and dividend
Revenue growth12.0% · Top 25%
Dividend yield (TTM)0.6% · Bottom 25%
Balance sheet
Debt / equity0.81× · Highest 25%
Valuation Multiplesvs Beverages - Brewers median · lower = cheaper
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Is Anheuser-Busch InBev SA/NV (ABUD34) overvalued or undervalued?
As of Sep 28, 2026, our model estimates a fair value of R$38.23 versus a price of R$80.00, about −52% upside (overvalued).
What is the fair value of ABUD34?
Our model-based fair value for Anheuser-Busch InBev SA/NV is R$38.23 (as of Sep 28, 2026), built from audited fundamentals. The current price: R$80.00.
What is the quality score of ABUD34?
Anheuser-Busch InBev SA/NV has a Quality Score of 66/100. 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 (ABUD34)?
Our model-based price target is the fair value of R$38.23 (as of Sep 28, 2026) from 24 valuation models. Cautious scenario R$25.53, optimistic scenario R$62.17. 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 R$38.23, about −52% upside versus a price of R$80.00 (overvalued). Cautious scenario R$25.53, optimistic scenario R$62.17. The calculation is refreshed regularly with new filings.
What is the revenue of Anheuser-Busch InBev SA/NV (ABUD34)?
Anheuser-Busch InBev SA/NV reported trailing-twelve-month revenue of about $61.0B (latest available figure, as of Sep 28, 2026).
Does Anheuser-Busch InBev SA/NV pay a dividend?
Anheuser-Busch InBev SA/NV currently shows a dividend yield of about 0.58% relative to its recent price (as of Sep 28, 2026).
What growth is priced into Anheuser-Busch InBev SA/NV (ABUD34)?
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 -3.5 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.8 % per year. As of Sep 28, 2026.
What discount rate (WACC) does the fair value of ABUD34 use?
Our models discount Anheuser-Busch InBev SA/NV at 11.6 %: a base by market capitalisation (large), damped by beta 0.79, country premium for Brazil. 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 -3.5 % per year a year over ten years, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Anheuser-Busch InBev SA/NV (ABUD34) delivered so far?
Over the past 5 years revenue at Anheuser-Busch InBev SA/NV grew +4.8 % a year. The price currently implies -3.5 % per year free-cash-flow growth a 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 (ABUD34) growing?
The median revenue growth in the sector is +3.0 % a year. That is the yardstick for the growth priced into Anheuser-Busch InBev SA/NV (-3.5 % per year a 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 (ABUD34)?
The free-cash-flow yield on the price is 37.57 %: 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 (11.6 %), 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 (ABUD34)?
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 R$38.23 per share (as of Sep 28, 2026), against a price of R$80.00. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Anheuser-Busch InBev SA/NV stock overvalued or undervalued in 2026?
As of Sep 28, 2026, ABUD34 trades above its calculated fair value: price R$80.00, fair value R$38.23, a gap of about −52% (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 ABUD34?
No. The price is what the market pays today (R$80.00); the fair value is what the company's own numbers justify (R$38.23). For Anheuser-Busch InBev SA/NV the two are R$41.77 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 R$785B (market capitalisation, as of Sep 28, 2026). Per share that is R$80.00; our models calculate a fair value of R$38.23 per share.
What do the bullish and bearish scenarios say about ABUD34?
Our models span a range for Anheuser-Busch InBev SA/NV: cautious scenario R$25.53, base R$38.23, optimistic R$62.17 per share (as of Sep 28, 2026, price R$80.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ABUD34?
Anheuser-Busch InBev SA/NV trades at a price-to-earnings ratio of 21.7 (as of Sep 28, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$38.23 is built from several models across several years. Other multiples: PEG 1.8.
What is the PEG ratio of ABUD34?
The PEG ratio of Anheuser-Busch InBev SA/NV is 1.81 (P/E divided by earnings growth, as of Sep 28, 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 (ABUD34)?
Balance-sheet figures for Anheuser-Busch InBev SA/NV (as of Sep 28, 2026): return on equity 9.1%, debt of 0.81 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is ABUD34 from its 52-week high?
Anheuser-Busch InBev SA/NV trades at R$80.00, at its 52-week high of R$80.00 and 55% above the low of R$51.77 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of R$38.23 is for.
Which stocks are comparable to Anheuser-Busch InBev SA/NV?
From the same area (Consumer Defensive) we also value Heineken N.V, Fomento Económico Mexicano, S.A., Heineken Holding, Constellation Brands, Inc, 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 Sep 28, 2026: price R$80.00, calculated fair value R$38.23 (−52%), Quality Score 66/100, from 24 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 ABUD34 calculated?
We run Anheuser-Busch InBev SA/NV through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R$38.23, 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 14.5 % 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 (ABUD34)?
The closing price on Oct 2, 2026 was R$80.00. Our model-based fair value is R$38.23, about −52% upside (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?
The price sits above even our optimistic bull case (R$62.17). The favourable scenario is already priced in. Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (R$25.53 to R$62.17) leaves room in how you read the outcome.
Key figures of Anheuser-Busch InBev SA/NV
How large is the market capitalisation of Anheuser-Busch InBev SA/NV (ABUD34)?
The market capitalisation of Anheuser-Busch InBev SA/NV is R$785B (≈ $150B). 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 (ABUD34)?
The price-to-sales ratio of Anheuser-Busch InBev SA/NV is 2.50 (P/E × margin). 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 (ABUD34)?
Earnings per share at Anheuser-Busch InBev SA/NV are R$3.12 (price ÷ EPS = P/E 21.7). 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 (ABUD34)?
The dividend yield of Anheuser-Busch InBev SA/NV is 0.6% (payout 14.8%). 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 (ABUD34)?
The net margin of Anheuser-Busch InBev SA/NV is 11.5% (fiscal year 2025). 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 (ABUD34)?
The return on equity (ROE) of Anheuser-Busch InBev SA/NV is 9.1% (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 (ABUD34)?
On an EBIT basis the return on assets of Anheuser-Busch InBev SA/NV is 6.9% (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 (ABUD34)?
The operating margin of Anheuser-Busch InBev SA/NV is 26.7% (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 (ABUD34)?
Revenue at Anheuser-Busch InBev SA/NV is growing +12.0% 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 (ABUD34)?
Earnings per share at Anheuser-Busch InBev SA/NV are growing +20.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Anheuser-Busch InBev SA/NV (ABUD34) carry?
The net debt of Anheuser-Busch InBev SA/NV is $61.4B (fiscal year 2025, ≈ 5.5 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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Some data
Sep 28, 2026