| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 77 | 14.6x | 17.8x | Top tier | |
Growth | 49 | -3.8% | 7.1% | Around median | |
Quality | 90 | 21.6% | 4.5% | Top tier | |
Safety | 81 | — | 2.6x | Top tier | |
Capital Return | 74 | — | 2.12% | Top tier | |
Momentum | 69 | 33.6% | 2.9% | Top tier | |
Sentiment | 37 | 4 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Ambev S.A. produces and markets beer and non-alcoholic beverages across markets including Brazil, Argentina, Bolivia, the Dominican Republic, and Canada, generating revenue from a multi-segment portfolio comprising core brands, premium products, balanced choices, non-alcoholic beer, and flavored and ready-to-drink beverages. Its commercial drivers include brands such as Original, Stella Artois, Corona, Michelob Ultra, Skol, Brahma, Quilmes, and Presidente, while the BEES Marketplace and Zé platforms support sales, distribution, and targeted recommendations for more than one million points of sale in Brazil.
In the second quarter of fiscal 2026, total volume increased 1.4% year over year, beer volumes grew by mid-single digits, and net revenue increased 6% organically. Reported revenue was $3.973 billion, below analysts’ estimates of $4.330 billion, but adjusted EBITDA rose 8.9% to BRL 6.4 billion, with its margin expanding by 80 basis points. Adjusted and reported net income reached approximately BRL 3.5 billion, up 23.3% and 24.5%, respectively, while adjusted earnings per share increased 24.2% to BRL 0.22.
The mix improvement was evident in Brazil during the second quarter of fiscal 2026; beer grew 5%, premium products increased by a mid-twenties percentage and came to represent approximately 25% of beer volumes, while balanced choices volumes doubled and non-alcoholic beer grew by a percentage in the thirties. In contrast, non-alcoholic beverage volumes in Brazil declined 4.4%, with approximately 30% of this decline resulting from the exit from a low-return channel. For fiscal 2025, revenue totaled $88.2 billion, gross profit was $45.4 billion, and net income was $16.0 billion, compared with revenue of $89.5 billion and net income of $14.8 billion in fiscal 2024.
The analyst consensus is Neutral, with an average price target of $3.18 and a relatively wide range of $2.85 to $3.50; the average is approximately 7.8% below the 52-week range high of $3.45, while the highest target is slightly above that high. This valuation reflects a balance between earnings, margin, and cash flow growth on the one hand, and the second-quarter fiscal 2026 revenue miss, weakness in non-alcoholic beverages in Brazil, and currency risks in Bolivia on the other.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
Ambev’s total volumes increased 1.4% year over year, with beer volumes growing by mid-single digits and net revenue increasing 6% organically. Reported revenue was $3.973 billion versus analysts’ estimates of $4.330 billion. In contrast, adjusted EBITDA increased 8.9% to BRL 6.4 billion, and its margin expanded by 80 basis points. Adjusted net income also increased 23.3% to approximately BRL 3.5 billion, and adjusted earnings per share rose 24.2% to BRL 0.22.
Beer volumes in Brazil grew 5% during the second quarter of fiscal 2026, supported by industry improvement and market share gains for the fourth consecutive year on a quarterly basis. The premium category increased by a mid-twenties percentage and came to represent approximately 25% of beer volumes, with a portfolio including Original, Stella Artois, Corona, and Michelob Ultra. Balanced choices volumes doubled, while non-alcoholic beer grew by a percentage in the thirties, and Skol 0.0 accounted for approximately 20% of the non-alcoholic beer mix. This was reflected in net revenue growth of 9% for Brazil beer, EBITDA growth of 13%, and margin expansion of 110 basis points.
Automated analysis for informational purposes only — not investment advice.
Non-alcoholic beverage volumes in Brazil declined 4.4% during the second quarter of fiscal 2026, and management acknowledged that the recovery took longer than expected. Approximately 30% of the decline resulted from the decision to exit a low-return quick-service restaurant channel, and the year-over-year comparison effect of this decision will continue throughout the remainder of fiscal 2026. Nevertheless, market share approached its historical levels by the end of the quarter as the price relationship improved. The business delivered double-digit EBITDA growth and margin expansion of more than 300 basis points in the quarter and first half.
Gross merchandise value on BEES Marketplace grew by approximately 60% during the second quarter and first half of fiscal 2026. In the first half, the platform’s gross margin expanded by 6.7 percentage points to 22%, while gross merchandise value in Brazil doubled, driven mainly by third-party sales. Gross merchandise value on Zé increased 16% in the quarter, and the number of orders more than doubled on Brazilian national team match days. Premium products represent 35% of beer volumes on Zé, while balanced choices accounted for approximately 7%, nearly twice their weight in the Brazil beer business.
The revenue gap represents the clearest immediate signal, as second-quarter fiscal 2026 revenue came in approximately $357 million below analysts’ estimates. In Brazil, cash cost of goods sold per hectoliter in the beer business increased 9.7% during the first half, above the full-year range of 4.5% to 7.5%. Unrest and road closures in Bolivia also caused a double-digit volume decline, and the local currency depreciated by approximately 40% in late June 2026. Management expects the currency depreciation to generate a gradual negative effect from the translation of financial and operating results.
Cash flow from operating activities totaled BRL 7.9 billion in the first half of fiscal 2026, an increase of BRL 3.6 billion and more than 80% year over year. Through July 2026, the company completed approximately 95% of the 208 million-share repurchase program, with cash spending of approximately BRL 3.2 billion. It also declared a return on capital payment of BRL 4.2 billion related to fiscal 2025, in addition to declarations totaling BRL 1.8 billion related to fiscal 2026. The total declared return to shareholders was BRL 5.9 billion on an after-tax cash basis through the date of the quarterly report.
