ABEVNYSEBeveragesFiscal year ends December 31
AMBEV S.A.
Financials through fiscal 2025, year ended Dec 31, 2025
$3.25−0.04 (-1.22%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
51.4%−2.2 pts over 5 years
Operating margin
26.4%−0.9 pts over 5 years
Net margin
17.6%−1.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -1.4% | +3.4% | +8.6% | +6.6% | |
| Gross profit | -1.0% | +4.9% | +7.7% | +4.0% | |
| Operating income | +7.0% | +9.6% | +7.9% | +2.2% | |
| Net income | +7.4% | +2.4% | +6.4% | +2.2% | |
| EPS, diluted | +8.3% | +2.7% | +6.6% | +2.3% | |
| Free cash flow | -7.0% | +12.1% | +7.0% | +0.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 16.8% | 16.6% | |
| Return on assets | 14.4% | 10.0% | 10.1% | |
| Current ratio | 0.83 | 1.06 | 0.96 | |
| Debt to equity | 0.12 | 0.06 | 0.04 | |
| Interest coverage | 3.7× | 2.9× | 5.3× | |
| Inventory turnover | – | 4.0× | 3.9× | |
| Capex to revenue | 8.8% | 8.0% | 5.2% | |
| Diluted shares | 15.82B | 15.87B | 15.68B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Ambev generated 118.80B BRL from operations and spent 34.82B BRL on capital expenditure, dividends and share buybacks. 85% of that went back into the business.
Generated
118.80B BRL
Used
34.82B BRL
Capital expenditure29.55B BRL85%Dividends3.55B BRL10%Share buybacks1.72B BRL5%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin17.6%
×Asset turnover0.57×
×Equity multiplier1.65×
=Return on equity, FY202516.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 17.6% | 0.57× | 1.65× | 16.6% |
| FY2024 | 16.1% | 0.61× | 1.66× | 16.3% |
| FY2023 | 18.2% | 0.59× | 1.68× | 18.0% |
| FY2022 | 18.1% | 0.58× | 1.68× | 17.6% |
| FY2021 | 17.4% | 0.55× | 1.69× | 16.2% |
| FY2020 | 19.5% | 0.51× | 1.68× | 16.8% |
| FY2019 | 22.7% | 0.53× | 1.68× | 20.0% |
| FY2018 | 21.9% | 0.54× | 1.81× | 21.6% |
| FY2017 | 15.2% | 0.56× | 1.91× | 16.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero15.50B BRL
- Cash generatingOperating cash flow above zero24.45B BRL
- Return on assets improvedROA up on the prior year10.9% → 9.5%
- Earnings backed by cashOperating cash flow above net income24.45B BRL vs 15.50B BRL
- Less leverageLong-term debt to assets fell1.3% → 1.5%
- Better liquidityCurrent ratio rose1.10 → 0.96
- No dilutionShare count did not rise15.81B → 15.68B
- Gross margin improvedGross margin up on the prior year51.24% → 51.42%
- More efficientAsset turnover rose0.67 → 0.54