Ambev S.A.
Financial ratios & Valuation

Forward Multiples (2025 – 2028)

2025202620272028
Price/Earnings ratio
2.322.141.991.77
Price/Sales ratio
0.410.380.370.35
Earnings per Share (EPS)
$0.93$1.01$1.08$1.21

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
21.4822.3519.9846.8321.6825.0021.9719.3715.6514.8313.0625.00
Price/Sales ratio
6.805.945.497.164.755.594.283.362.832.692.215.59
Price/Book Value ratio
6.135.745.597.464.244.803.382.972.762.721.854.80
Price/Cash Flow ratio
16.3011.7720.3119.2113.3416.0213.2610.7110.968.706.9716.02
Price/Free Cash Flow ratio
22.7315.1630.5323.4016.6722.1217.6516.1216.0411.508.8322.12
Price/Earnings Growth ratio
8.058.6015.78-1.130.443.50-5.491.541.15N/A0.273.50
Dividend Yield
4.65%4.13%4.11%2.56%3.68%2.67%2.73%4.52%5.40%5.53%5.70%3.68%
Profitability Indicator Ratios
Gross Profit Margin
66.34%65.62%63.42%62.33%61.63%58.78%53.63%51.05%49.28%50.72%50.08%58.78%
Operating Profit Margin
41.56%40.19%37.50%34.29%33.82%30.56%27.35%23.44%22.19%23.61%23.53%30.56%
Pretax Profit Margin
37.73%35.34%29.38%26.99%26.21%24.60%23.11%18.88%17.85%18.85%21.20%24.60%
Net Profit Margin
31.68%26.59%27.51%15.30%21.94%22.39%19.49%17.39%18.13%18.18%16.92%22.39%
Effective Tax Rate
13.96%22.00%2.35%39.28%13.59%5.83%13.06%4.62%-4.60%0.50%16.89%13.59%
Return on Assets
16.72%13.77%14.96%8.44%11.71%11.57%9.08%9.14%10.47%10.93%9.46%11.57%
Return On Equity
28.57%25.70%27.99%15.93%19.56%19.22%15.41%15.33%17.64%18.36%15.53%19.22%
Return on Capital Employed
31.45%31.27%31.06%28.24%24.51%20.94%17.41%17.12%18.15%20.54%17.37%20.94%
Liquidity Ratios
Current Ratio
N/AN/AN/AN/AN/AN/A1.05N/AN/AN/A1.19N/A
Quick Ratio
0.790.800.670.710.800.860.820.710.610.650.880.80
Cash ratio
0.440.450.270.360.460.470.510.420.360.390.550.46
Days of Sales Outstanding
44.1932.5434.9660.6551.0659.4647.4537.0937.5626.2837.9159.46
Days of Inventory outstanding
97.1693.1495.1387.37102.31100.66102.56112.59116.6989.3598.44100.66
Operating Cycle
141.35125.69130.09148.03153.38160.12150.02149.69154.25115.63136.35160.12
Days of Payables Outstanding
248.05268.92237.86239.81266.13253.72260.79256.68219.67215.47186.98253.72
Cash Conversion Cycle
-106.69-143.23-107.76-91.78-112.74-93.60-110.77-106.99-65.42-99.83-50.63-112.74
Debt Ratios
Debt Ratio
0.030.030.060.050.020.000.020.000.000.000.020.02
Debt Equity Ratio
0.060.070.110.090.040.010.030.000.000.000.030.03
Long-term Debt to Capitalization
0.030.040.030.050.010.010.000.000.000.000.020.01
Total Debt to Capitalization
0.060.060.100.080.040.010.030.000.000.000.030.03
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/A7.87N/AN/AN/A5.53N/A
Cash Flow to Debt Ratio
5.886.602.303.947.5220.097.0546.5628.3745.577.737.52
Company Equity Multiplier
1.701.861.871.881.671.661.691.671.681.671.501.66
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.410.500.270.370.350.340.320.310.250.300.310.34
Free Cash Flow / Operating Cash Flow Ratio
0.710.770.660.820.800.720.750.660.680.750.780.78
Cash Flow Coverage Ratio
5.886.602.303.947.5220.097.0546.5628.3745.577.737.52
Short Term Coverage Ratio
14.6418.383.4010.5011.7084.668.08101.9675.52163.4321.5711.70
Dividend Payout Ratio
99.95%92.48%82.33%120.29%79.94%66.81%60.19%87.72%84.67%82.20%84.74%79.94%