Ambev S.A.
- Open
- 3.05
- Day high
- 3.06
- Day low
- 3.03
- Prev close
- 3.06
- Volume
- 6.5M
- Mkt cap
- $47.7B
- P/E (TTM)
- 15.8
- EPS (TTM)
- $0.19
- P/B
- 2.7
- P/S
- 2.8
- Yield
- 5.16%
- Per share
- $0.16
- ▼Insiders net selling -$465K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Ambev S.A. (ABEV) is a Consumer Defensive company listed on NYSE. The stock is up 29% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering ABEV.
Ambev S.A. (ABEV) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ABEV earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.05 | $0.05 | +0.0% | $4.6B | +4.2% |
| Feb 12, 2026 | $0.05 | $0.05 | +0.0% | $4.5B | +6.0% |
| Oct 30, 2025 | $0.04 | $0.04 | +0.0% | $3.9B | -18.1% |
| Jul 31, 2025 | $0.03 | $0.03 | +0.0% | $3.7B | -11.0% |
| May 8, 2025 | $0.04 | $0.04 | +0.0% | $3.9B | +1.0% |
| Feb 26, 2025 | $0.05 | $0.05 | +0.0% | $4.4B | +14.2% |
| Oct 31, 2024 | $0.04 | $0.04 | -11.1% | $3.8B | -3.5% |
| Feb 29, 2024 | $0.05 | $0.06 | +20.0% | $4.1B | -9.0% |
| Oct 31, 2023 | $0.04 | $0.05 | +20.0% | $4.0B | -3.7% |
| Aug 3, 2023 | $0.03 | $0.03 | +12.0% | $3.9B | -3.8% |
| May 4, 2023 | $0.03 | $0.04 | +45.5% | $4.0B | +0.4% |
| Mar 2, 2023 | $0.03 | $0.06 | +118.1% | $4.2B | -8.6% |
ABEV insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 11, 2026 | Zagman Paulo Andreofficer: See Remarks | Sell | 136,250 | $3.41 |
| Apr 13, 2026 | Cavalcanti de Lacerda Eduardo Bragaofficer: See Remarks | Sell | 152,386 | $2.85 |
| Apr 1, 2026 | Malik Parente Guilhermeofficer: See Remarks | Grant | 8,455 | $3.11 |
| Apr 1, 2026 | Duarte Valdecirofficer: See Remarks | Grant | 38,074 | $3.11 |
| Apr 1, 2026 | Crippa Prado Carla Smith de Vasconcellosofficer: See Remarks | Grant | 11,261 | $3.11 |
| Apr 1, 2026 | Parolari Guilherme Fleury de Figueiredo Ferrazofficer: See Remarks | Grant | 44,714 | $3.11 |
| Apr 1, 2026 | Cavalcanti de Lacerda Eduardo Bragaofficer: See Remarks | Grant | 30,431 | $3.11 |
| Apr 1, 2026 | Klutzenschell Lisboa Carlos Eduardoofficer: Chief Executive Officer | Grant | 205,372 | $3.11 |
| Mar 26, 2026 | Malik Parente Guilhermeofficer: See Remarks | Sell | 20,971 | $2.76 |
Source: ABEV SEC Form 4 filings, latest Jun 11, 2026. For informational purposes only — not investment advice.
See the full ABEV insider & 13F page →Ambev S.A. company profile
Overview
Ambev S.A. (NYSE:ABEV) is a Brazilian multinational beverage company founded in 1885 and headquartered in São Paulo, Brazil. The company was formed through various mergers and acquisitions over its long history, becoming one of the largest brewing companies in the Americas. As a subsidiary of Interbrew International B.V., Ambev operates across four main geographic segments: Brazil, Central America and the Caribbean, Latin America South, and Canada. The company has been publicly traded since 1997 and has established itself as a dominant player in the Latin American beverage market through both organic growth and strategic acquisitions.
Business
Ambev operates in the alcoholic and non-alcoholic beverage industry, with beer production and distribution serving as its primary business. The company's operations span across multiple beverage categories and geographic markets throughout the Americas. The company's business is organized into two main product categories. Beer production represents the largest segment, accounting for approximately 75-80% of total revenues. Ambev produces and distributes a comprehensive portfolio of beer brands ranging from mass-market to premium segments. Key beer brands include Skol and Brahma (mass-market brands popular in Brazil), Antarctica, Corona, Budweiser, Stella Artois (premium international brands), and regional favorites like Quilmes in Argentina, Presidente in the Dominican Republic, and Labatt Blue in Canada. The company also produces specialty beers including non-alcoholic beer variants, low-calorie options, and craft-style offerings. Non-alcoholic beverages constitute the secondary segment, representing approximately 20-25% of revenues. This includes carbonated soft drinks (primarily Pepsi products under licensing agreements), bottled water, isotonic beverages like Gatorade, energy drinks, coconut water, fruit juices, and ready-to-drink teas. Popular brands in this category include Guaraná Antarctica (a Brazilian guaraná-flavored soda), H2OH!, Lipton Iced Tea, and various Pepsi-Cola products. The company also operates digital platforms that are becoming increasingly important to its business model. BEES is a B2B e-commerce platform that connects Ambev directly with retailers and distributors, while Zé Delivery is a direct-to-consumer delivery service that fulfills millions of orders annually. These platforms represent a growing but still small portion of overall revenues, estimated at less than 5% currently but expanding rapidly.
Revenue model
Ambev generates revenue primarily through direct product sales to distributors, retailers, and consumers across its geographic markets. The company operates both through third-party distributor networks and its own direct distribution system, selling beverages to bars, restaurants, supermarkets, convenience stores, and directly to consumers through its digital platforms. The company's revenue model is straightforward product sales, where it manufactures beverages and sells them at wholesale prices to distributors and retailers, who then sell to end consumers. Pricing varies significantly by brand positioning, with premium brands like Corona and Budweiser commanding higher margins than mass-market brands like Skol. The company also generates growing revenue from its digital marketplace platforms, where it earns transaction fees and commissions from third-party sellers using the BEES platform. Several factors influence Ambev's profitability and margins. Commodity costs represent a major input expense, particularly aluminum for cans, glass for bottles, and agricultural inputs like barley and hops. Currency fluctuations significantly impact the company since it operates across multiple countries with different currencies, while many input costs are dollar-denominated. Economic conditions in key markets, especially Brazil and Argentina, directly affect consumer purchasing power and demand for both premium and mass-market beverages. Competitive dynamics also influence margins, as the company must balance pricing power with market share retention in highly competitive markets. The company's premiumization strategy - shifting consumers toward higher-margin premium brands - has been a key margin expansion driver. Regulatory factors including tax policies, particularly in Brazil where beverage taxes can change significantly, directly impact profitability. Finally, operational efficiency improvements through digitization, supply chain optimization, and manufacturing productivity gains help offset cost pressures and support margin expansion.
Competitive moat
Ambev possesses a moderately strong competitive moat built primarily on market leadership, distribution scale, and brand portfolio strength, though this moat faces increasing challenges in certain markets. The company's primary moat stems from its dominant market positions across key Latin American markets, particularly in Brazil where it holds an estimated 60%+ market share in beer. This scale advantage provides significant cost benefits in procurement, manufacturing, and distribution that smaller competitors cannot easily replicate. The company's extensive distribution network, built over decades, creates high barriers to entry for new competitors who would need massive capital investments to establish comparable reach. Brand portfolio strength represents another moat element, with Ambev controlling both beloved local brands (like Brahma and Antarctica in Brazil) and internationally recognized premium brands (Corona, Budweiser, Stella Artois). This portfolio breadth allows the company to serve different consumer segments and price points while maintaining pricing power, particularly in the premium segment where brand loyalty is stronger. The company's digital platform investments in BEES and Zé Delivery are creating new moat elements by increasing customer stickiness and providing valuable data insights that competitors lack. These platforms create switching costs for retailers and consumers while generating network effects as more participants join. However, Ambev's moat faces several challenges. Economic volatility in key markets like Argentina and Brazil can rapidly erode demand and pricing power. Regulatory risks, particularly around taxation and import policies, can significantly impact profitability. The company also faces increasing competition from craft breweries and new beverage categories that appeal to changing consumer preferences. Additionally, currency devaluation in key markets can erode the dollar-value of earnings and make international expansion more difficult. The moat is moderately strong in stable market conditions but can weaken quickly during economic or regulatory disruptions, making it somewhat fragile compared to companies with more defensive business models.
Risks & safety
Ambev demonstrates a solid margin of safety with strong financial fundamentals, though some metrics warrant monitoring. **Overall Assessment:** The company maintains strong liquidity and manageable debt levels, though valuation appears fairly priced rather than deeply discounted. **Cash and Debt Position:** - Cash and short-term investments: $4.9 billion (Q4 2024) - Very low debt-to-equity ratio: 3.5% - Strong free cash flow generation: $3.7 billion annually - Minimal solvency risk given strong cash position and low leverage **Valuation Metrics:** - P/E ratio: 12.5x (reasonable for a mature beverage company) - EV/EBITDA: 5.8x (attractive for the industry) - Price-to-book: 1.8x (moderate premium to book value) - Current ratio: 1.1x (adequate but not exceptional liquidity coverage) **Other Considerations:** - Strong dividend payments with recent BRL 2 billion interim dividend - Exposure to emerging market currency volatility - Cyclical earnings dependent on economic conditions in key markets - Graham number suggests fair valuation rather than deep value opportunity
Recent development
Over the past few years, Ambev has executed a comprehensive transformation strategy centered on three key pillars that have reshaped its business model and market approach. The company's "Lead and Grow the Category" initiative has focused heavily on premiumization, successfully shifting consumers toward higher-margin brands. This strategy has driven significant growth in premium and super-premium segments, with brands like Corona, Budweiser, and Stella Artois growing volumes by double digits annually. The company has also expanded into functional beverages, launching zero-alcohol variants, low-calorie options, and gluten-free products to capture evolving consumer preferences. Digital transformation through the "Digitize and Monetize Ecosystem" pillar has been perhaps the most significant strategic development. The BEES B2B platform now serves 1.3 million monthly active buyers across eight of the company's top ten markets, creating direct relationships with retailers and providing valuable consumer insights. Zé Delivery, the direct-to-consumer platform, has expanded to over 700 cities and fulfilled 66 million orders in 2024, representing a 10% increase year-over-year. The marketplace component of these platforms has shown particularly strong growth, with GMV expanding by approximately 50% annually. The "Optimize Business" pillar has driven significant operational improvements, with the company achieving ten consecutive quarters of EBITDA growth through 2025. Manufacturing efficiency improvements, supply chain optimization, and strict cost discipline have enabled margin expansion even amid inflationary pressures. The company has also made substantial sustainability investments, achieving carbon-neutral operations at 15 plants and reducing water usage by 7% per liter of beverage produced. Recent strategic moves include a renewed focus on the Skol brand, which management has identified as a priority for 2025 after acknowledging underperformance. The company has also maintained disciplined capital allocation, returning approximately BRL 12.5 billion to shareholders in 2024 while continuing to invest in organic growth opportunities and selective digital platform expansion.
ABEV company profile · for informational purposes only — not investment advice.
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