Latest Ratios: P/E Ratio 15.7x · EV/EBITDA 7.9x · ROE 16.5%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $46.9B | $38.7B | $29.3B | $44.3B | $43.1B | $44.4B | $48.6B | $73.9B | $62.2B | $101.5B | $77.7B |
| Enterprise Value | $44.3B | $25.5B | $4.1B | $31.8B | $32.0B | $30.9B | $36.3B | $65.1B | $54.8B | $95.7B | $75.2B |
| P/E Ratio → | 15.67 | 2.49 | 2.03 | 3.04 | 2.99 | 3.50 | 4.25 | 6.30 | 5.60 | 13.74 | 6.22 |
| P/S Ratio | 2.75 | 0.44 | 0.33 | 0.56 | 0.54 | 0.61 | 0.83 | 1.42 | 1.24 | 2.12 | 1.70 |
| P/B Ratio | 2.74 | 0.44 | 0.29 | 0.55 | 0.52 | 0.53 | 0.65 | 1.18 | 1.08 | 2.13 | 1.67 |
| P/FCF | 12.20 | 1.95 | 1.37 | 2.37 | 3.06 | 2.92 | 3.43 | 5.56 | 4.33 | 6.92 | 9.46 |
| P/OCF | 9.91 | 1.58 | 1.12 | 1.79 | 2.09 | 1.94 | 2.58 | 4.02 | 3.47 | 5.68 | 6.29 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.29 | 0.05 | 0.40 | 0.40 | 0.42 | 0.62 | 1.25 | 1.09 | 2.00 | 1.65 |
| EV / EBITDA | 7.85 | 0.87 | 0.14 | 1.26 | 1.35 | 1.37 | 1.72 | 3.14 | 2.54 | 4.65 | 3.65 |
| EV / EBIT | 10.26 | 1.15 | 0.19 | 1.78 | 1.87 | 1.98 | 2.32 | 4.41 | 3.69 | 6.40 | 4.80 |
| EV / FCF | — | 1.28 | 0.19 | 1.70 | 2.27 | 2.03 | 2.56 | 4.89 | 3.82 | 6.52 | 9.16 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 51.4% | 51.4% | 51.2% | 50.7% | 49.3% | 51.1% | 53.6% | 58.3% | 61.7% | 62.4% | 63.4% |
| Operating Margin | 25.3% | 25.3% | 24.4% | 23.6% | 22.2% | 23.4% | 27.4% | 30.9% | 34.1% | 34.6% | 37.5% |
| Net Profit Margin | 17.6% | 17.6% | 16.1% | 18.2% | 18.1% | 17.4% | 19.5% | 22.7% | 21.9% | 15.2% | 27.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.5% | 16.5% | 16.1% | 17.7% | 17.3% | 15.9% | 16.5% | 19.6% | 20.9% | 15.4% | 25.9% |
| ROA | 10.0% | 10.0% | 9.8% | 10.7% | 10.5% | 9.6% | 10.0% | 12.0% | 12.2% | 8.5% | 14.4% |
| ROIC | 22.3% | 22.3% | 23.0% | 20.2% | 18.6% | 19.2% | 20.6% | 23.2% | 28.0% | 28.9% | 30.4% |
| ROCE | 20.7% | 20.7% | 21.3% | 19.9% | 17.9% | 17.8% | 19.0% | 22.1% | 27.1% | 29.3% | 29.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.03 | 0.04 | 0.05 | 0.04 | 0.06 | 0.05 | 0.07 | 0.10 | 0.12 |
| Debt / EBITDA | 0.18 | 0.18 | 0.12 | 0.14 | 0.16 | 0.14 | 0.23 | 0.15 | 0.19 | 0.22 | 0.26 |
| Net Debt / Equity | — | -0.15 | -0.25 | -0.16 | -0.13 | -0.16 | -0.16 | -0.14 | -0.13 | -0.12 | -0.05 |
| Net Debt / EBITDA | -0.46 | -0.46 | -0.87 | -0.50 | -0.47 | -0.60 | -0.58 | -0.43 | -0.34 | -0.28 | -0.12 |
| Debt / FCF | — | -0.67 | -1.18 | -0.67 | -0.79 | -0.89 | -0.87 | -0.66 | -0.51 | -0.39 | -0.30 |
| Interest Coverage | 8.14 | 8.14 | 9.13 | 30.86 | 28.73 | 10.89 | 37.63 | 31.96 | 11.60 | 3.50 | 10.15 |
Net cash position: cash ($18.6B) exceeds total debt ($5.3B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.96 | 0.96 | 1.10 | 0.89 | 0.93 | 0.99 | 1.06 | 1.10 | 1.00 | 0.85 | 0.83 |
| Quick Ratio | 0.73 | 0.73 | 0.86 | 0.66 | 0.61 | 0.71 | 0.83 | 0.87 | 0.79 | 0.70 | 0.68 |
| Cash Ratio | 0.45 | 0.45 | 0.60 | 0.40 | 0.38 | 0.48 | 0.56 | 0.48 | 0.46 | 0.36 | 0.28 |
| Asset Turnover | — | 0.60 | 0.55 | 0.60 | 0.58 | 0.53 | 0.47 | 0.51 | 0.53 | 0.55 | 0.54 |
| Inventory Turnover | 4.07 | 4.07 | 3.73 | 4.08 | 3.13 | 3.24 | 3.56 | 3.63 | 3.56 | 4.17 | 3.84 |
| Days Sales Outstanding | — | 42.31 | 40.20 | 42.01 | 37.56 | 24.01 | 26.90 | 60.15 | 51.07 | 60.66 | 34.96 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 8.4% | 52.8% | 13.9% | 26.9% | 28.4% | 25.0% | 14.1% | 10.6% | 14.2% | 8.7% | 13.3% |
| Payout Ratio | 132.0% | 132.0% | 28.1% | 82.2% | 84.7% | 87.7% | 60.2% | 66.8% | 80.2% | 121.3% | 82.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.4% | 40.1% | 49.2% | 32.9% | 33.5% | 28.6% | 23.5% | 15.9% | 17.9% | 7.3% | 16.1% |
| FCF Yield | 8.2% | 51.3% | 73.0% | 42.2% | 32.7% | 34.3% | 29.2% | 18.0% | 23.1% | 14.5% | 10.6% |
| Buyback Yield | 0.8% | 5.0% | 1.6% | 0.3% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 9.2% | 57.8% | 15.5% | 27.2% | 28.5% | 25.1% | 14.1% | 10.7% | 14.2% | 8.7% | 13.3% |
| Shares Outstanding | — | $15.7B | $15.8B | $15.8B | $15.8B | $15.9B | $15.9B | $15.9B | $15.9B | $15.7B | $15.8B |
Macroeconomic and Currency Volatility
Based on current market data, Ambev trades at a P/E of 16.89, which appears to incorporate a significant risk premium compared to global peers, reflecting investor caution regarding the company's exposure to volatile Latin American macroeconomic conditions and the potential for future regulatory shifts in Brazil.
The forward P/E of 3.03 suggests that the market may be pricing in a sharp contraction in earnings or is heavily discounting the sustainability of current profit levels. Investors should monitor whether this valuation gap is a structural discount for emerging market risk or an opportunity created by the market's failure to value the company's digital platform expansion.
According to recent financial statements, Ambev's ROIC has fluctuated between 3.7% and 7.3% over the last ten quarters, suggesting that while the company maintains a dominant market position, its ability to compound returns on invested capital is hampered by a significant goodwill-heavy asset base.
The disparity between ROE and ROIC highlights that the company's returns are heavily influenced by its capital structure and historical acquisition costs rather than purely operational efficiency. This trend warrants further investigation into whether the company can improve its capital allocation efficiency as it pivots toward a more digital-first business model.
As reported in quarterly filings, Ambev maintains a negative cash conversion cycle, consistently ranging between -40 and -89 days, which indicates that the company effectively utilizes its supplier leverage to finance operations and manage the inherent volatility of the Brazilian retail environment.
The ability to maintain such a negative CCC suggests that the company's distribution network provides a structural advantage in managing cash flow. However, investors should monitor whether this efficiency is sustainable if supplier terms tighten or if the competitive landscape in the B2B platform space forces a change in payment dynamics.
Based on the most recent quarterly data, Ambev maintains a current ratio of 1.03 and a debt-to-equity ratio of 0.03, confirming a fortress balance sheet that provides substantial protection against regional economic shocks and ensures the company can comfortably meet its short-term obligations.
The company's minimal reliance on debt is a critical defensive feature that insulates it from the high-interest-rate environment in Brazil. This liquidity position appears more than adequate to support ongoing operations and dividend distributions, even under severe stress scenarios that might impact less capitalized regional competitors.
The P/E ratio is frequently misapplied to Ambev, as it fails to account for the significant non-cash charges and the unique tax-efficient nature of Interest on Equity payments, which can distort the company's true earnings power and dividend-paying capacity in the eyes of investors.
Analysts should instead focus on EV/EBITDA or free cash flow yields to better understand the underlying operational performance, as these metrics are less sensitive to the accounting nuances of the Brazilian tax system. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation relative to its actual cash-generating capabilities.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying ABEV stock.
Ambev S.A.'s current P/E ratio is 15.7x. The historical average is 11.8x. This places it at the 88th percentile of its historical range.
Ambev S.A.'s current EV/EBITDA is 7.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.9x.
Ambev S.A.'s return on equity (ROE) is 16.5%. The historical average is 21.1%.
Based on historical data, Ambev S.A. is trading at a P/E of 15.7x. This is at the 88th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ambev S.A.'s current dividend yield is 8.41% with a payout ratio of 132.0%.
Ambev S.A. has 51.4% gross margin and 25.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Ambev S.A.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.