VOL. XCIV, NO. 247
WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES
Ambev S.A. ABEV3
B3 - Brasil Bolsa BalcaoBeer, wine and spiritsFinancials to Jun 30, 2026 · Updated Oct 5, 2026
Moat ranks
Balance sheet
| R$B | Dec 31 | Jun 30 |
|---|---|---|
| Cash | 18.6 | 16.6 |
| Securities | 1.7 | 1.7 |
| Debt | 0.4 | 0.4 |
| Net cash | 19.9 | 18.0 |
| Equity | 87.9 | 88.3 |
- Debt / EBITDA
- 0.01×
- Debt / equity
- 0.00×
- Leases (6/30/26)
- R$2.6B
- Diluted shares
- 15,580M
- Book value / share
- R$5.67
- Price / book
- 2.8×
- Net cash / share
- R$1.15
- Market cap
- R$244.2B
- Enterprise value
- R$226.2B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 0.3% | +0.1 pts | |
| Operating margin | 23.9% | +2.0 pts | |
| FCF margin | 19.0% | +9.3 pts | |
| Capex / revenue | 4.4% | -1.0 pts | |
| Brazil beer volume (quarter) | 21.0M | +5% | |
| Brazil beer revenue per hectoliter | R$465.50 | +4% | |
| Brazil non-alcoholic beverage volume (quarter) | 7.6M | -4% | |
| Brazil non-alcoholic beverage revenue per hectoliter | R$270.60 | +6% | |
| Central America and Caribbean beverage volume (quarter) | 2.7M | +5% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About ABEV3
Ambev is the leading brewer across several Latin American markets, with its strongest advantages in Brazil Beer: established brands, roughly one million points of sale, 207 exclusive third-party distributor operations, 89 distribution centers and high BEES adoption. First-half 2026 revenue and normalized operating profit remained concentrated in Brazil Beer.
- Brand Trust
Entrenched mainstream, premium, and no-alcohol beer brands support habitual demand, shelf/tap visibility, and marketing efficiency.
- Distribution Control
Dense route-to-market, BEES-enabled ordering, and execution breadth across retail formats increase availability and make share gains harder for challengers.
- Contractual Exclusivity
Bottling and distribution licenses, notably for the Pepsi portfolio, add brands to the existing distribution network.
- Distribution Control
Shared distribution backbone reduces incremental cost-to-serve and improves shelf availability for NAB alongside beer, though 2Q26 volume was soft.
- Dec 31, 2025 · Gain −R$22M
Fourth-quarter adjustment reduced the earlier SLU disposal gain; it does not reflect weaker beer sales.
- Sep 30, 2025 · Gain +R$884M
Sale of control of SLU raised third-quarter profit, including historical currency reserves. CAC organic growth removes the lost business from its comparison.
- Sep 30, 2025 · Tax benefit +R$375M
A reduction of penalties on the 2017 PERT settlement reversed income-tax expense in 3Q2025. This recovery of an old charge does not measure current beverage demand.
- Sep 30, 2025 · Tax benefit +R$269M
The same PERT settlement reversal recovered earlier interest charges in finance income. It is separate from recurring income on cash and beverage operating profit.
- Dec 31, 2022 · Tax benefit +R$1.0B
Recognition of historical tax credits increased operating profit; these recoveries are separate from current beverage sales.
Ownership
Go deeper on ABEV3
- Compare stock research toolsFundamentals, valuation and screening platforms for ABEV3.18 tools
- See ABEV3's price chartNo price chart here yet. See price history and indicators.17 tools
- Read ABEV3's earnings callsTranscripts and audio of results calls, with management's own words.16 tools
- Investing tool dealsCurrent discounts on research, charting and tracking tools.80 deals
On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share (R$) | |||||||||||||
| Revenue | 2.88 | 3.02 | 3.17 | 3.28 | 3.68 | 4.59 | 5.03 | 5.03 | 5.66 | 5.63 | 5.67 | +7.7%/yr | |
| Cash flow | 0.78 | 1.15 | 1.16 | 1.16 | 1.19 | 1.44 | 1.30 | 1.56 | 1.65 | 1.56 | 1.80 | +8.0%/yr | |
| Earnings | 0.79 | 0.46 | 0.69 | 0.74 | 0.72 | 0.80 | 0.91 | 0.92 | 0.91 | 0.99 | 1.04 | +2.5%/yr | |
| Free cash flow | 0.52 | 0.95 | 0.93 | 0.84 | 0.89 | 0.96 | 0.89 | 1.18 | 1.35 | 1.27 | 1.54 | +10.4%/yr | |
| Capex | 0.26 | 0.20 | 0.23 | 0.32 | 0.30 | 0.48 | 0.41 | 0.38 | 0.30 | 0.29 | 0.26 | +1.3%/yr | |
| Dividends | 0.65 | 0.56 | 0.56 | 0.50 | 0.43 | 0.70 | 0.77 | 0.75 | 0.26 | 1.30 | 0.83 | +8.0%/yr | |
| Book value | 2.83 | 2.90 | 3.55 | 3.86 | 4.65 | 5.21 | 5.17 | 4.99 | 6.24 | 5.61 | 5.67 | +7.9%/yr | |
| Diluted shares (M) | 15,823 | 15,838 | 15,856 | 15,869 | 15,868 | 15,858 | 15,849 | 15,839 | 15,815 | 15,684 | 15,580 | -0.1%/yr | |
| Totals (R$B) | |||||||||||||
| Revenue | 45.6 | 47.9 | 50.2 | 52.0 | 58.4 | 72.9 | 79.7 | 79.7 | 89.5 | 88.2 | 88.3 | +7.6%/yr | |
| Operating income | 17.1 | 16.6 | 17.2 | 16.1 | 16.0 | 17.1 | 17.7 | 18.8 | 21.8 | 23.3 | 24.0 | +3.5%/yr | |
| Net income | 12.5 | 7.3 | 11.0 | 11.8 | 11.4 | 12.7 | 14.5 | 14.5 | 14.4 | 15.5 | 16.2 | +2.4%/yr | |
| Free cash flow | 8.2 | 15.1 | 14.8 | 13.3 | 14.2 | 15.2 | 14.1 | 18.7 | 21.3 | 19.9 | 24.0 | +10.3%/yr | |
| Dividends | 10.3 | 8.8 | 8.8 | 7.9 | 6.9 | 11.1 | 12.2 | 11.9 | 4.1 | 20.5 | 13.0 | +7.9%/yr | |
| Net cash | 2.8 | 7.8 | 9.1 | 11.0 | 16.1 | 18.1 | 14.7 | 15.8 | 29.4 | 19.9 | 18.0 | +R$17.1B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 63.4 | 62.4 | 61.7 | 58.3 | 53.6 | 51.1 | 49.3 | 50.7 | 51.2 | 51.4 | 51.9 | -12.0 pts | |
| Operating margin | 37.5 | 34.6 | 34.1 | 30.9 | 27.4 | 23.4 | 22.2 | 23.6 | 24.4 | 26.4 | 27.2 | -11.1 pts | |
| Net margin | 27.5 | 15.2 | 21.9 | 22.7 | 19.5 | 17.4 | 18.1 | 18.2 | 16.1 | 17.6 | 18.4 | -9.9 pts | |
| FCF margin | 18.0 | 31.4 | 29.4 | 25.6 | 24.3 | 20.9 | 17.7 | 23.5 | 23.9 | 22.5 | 27.2 | +4.5 pts | |
| ROIC | 34.1 | 36.4 | 30.5 | 26.8 | 23.2 | 22.2 | 22.0 | 25.0 | 26.4 | 28.8 | 28.6 | -5.4 pts | |
| Return on equity | 28.0 | 15.8 | 19.5 | 19.2 | 15.4 | 15.3 | 17.6 | 18.4 | 14.6 | 17.6 | 18.4 | -10.4 pts | |
| Stock pay % of revenue | 0.4 | 0.4 | 0.3 | 0.4 | 0.4 | 0.5 | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | +0.1 pts | |
| Capex % of revenue | 9.1 | 6.7 | 7.1 | 9.7 | 8.0 | 10.5 | 8.2 | 7.5 | 5.3 | 5.2 | 4.6 | -3.9 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- widening
- Pricing power
- moderate
- Brazil - Beer48.7%2 claims
- Brazil - Non-alcoholic beverages10.2%2 claims
- Central America and the Caribbean10.7%2 claims
- Latin America South19.4%2 claims
- Canada11.0%2 claims
Moat claims
- Applies to
- Brazil - Beer
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Jun 30, 2026
Entrenched mainstream, premium, and no-alcohol beer brands support habitual demand, shelf/tap visibility, and marketing efficiency.
Brazil beer volume recovered from a 4.5% fall in 2025 to 1.2% growth in 1Q2026 and 5.0% in 2Q2026. Premium volumes grew in the mid-twenties in 2Q. Reported broad share gains support stronger brand pull, although no absolute current share is disclosed.
- Brazil beer volume (full year)89,394,500-5%
- Brazil beer volume (quarter)21,034,900+5%
- Brazil beer revenue per hectoliterR$465.50+4%
- Premiumization by competitors
- Craft/RTD substitution
- Alcohol advertising/marketing restrictions
- FilingAmbev Form 20-F (FY2025) - Corporate Information (brand portfolio)Mar 3, 2026
- FilingAmbev 6-K (2Q26) - Brazil Beer commercial highlightsJul 30, 2026
- SourceHeineken 1Q2026 trading updateApr 23, 2026
- Applies to
- Brazil - Beer
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Jun 30, 2026
Dense route-to-market, BEES-enabled ordering, and execution breadth across retail formats increase availability and make share gains harder for challengers.
BEES supports faster product rollout across about one million outlets. Brazil Marketplace merchandise value grew 87% in 2Q2026 as beer volumes and estimated share rose. The ordering network is gaining use, but merchandise value alone does not prove more profit or customer lock-in.
- Brazil beer volume (full year)89,394,500-5%
- Brazil beer volume (quarter)21,034,900+5%
- Brazil beer revenue per hectoliterR$465.50+4%
- Brazil BEES Marketplace merchandise value growth+87%
- Retail consolidation increases buyer power
- Third-party logistics reduces distribution differentiation
- Channel shift to marketplaces/direct models
- FilingAmbev Form 20-F (FY2025) - Brazil distribution footprintMar 3, 2026
- FilingAmbev 6-K (2Q26) - Digital commercial executionJul 30, 2026
- SourceCADE - Ambev beer-market settlementOct 11, 2023
- Applies to
- Brazil - Non-alcoholic beverages
- Confidence
- Durability
- medium
- Trajectory
- stableas of Jun 30, 2026
Bottling and distribution licenses, notably for the Pepsi portfolio, add brands to the existing distribution network.
Exclusive Pepsi production and bottling rights and Red Bull distribution rights remain valuable. They have not made Ambev the soft-drink leader: NAB volumes fell 4.4% in 2Q2026 and still trailed the industry. License continuity supports the claim; the consumer result limits it.
- Brazil non-alcoholic beverage volume (full year)33,614,400-3%
- Brazil non-alcoholic beverage volume (quarter)7,615,300-4%
- Brazil non-alcoholic beverage revenue per hectoliterR$270.60+6%
- License renewal / commercial-terms risk
- PepsiCo strategic changes
- Health/regulatory pressure on sugary beverages
- FilingAmbev Form 20-F (FY2025) - PepsiCo agreementsMar 3, 2026
- FilingAmbev Form 20-F (FY2025) - Licensed NAB portfolioMar 3, 2026
- Applies to
- Brazil - Non-alcoholic beverages
- Confidence
- Durability
- durable
- Trajectory
- narrowingas of Jun 30, 2026
Shared distribution backbone reduces incremental cost-to-serve and improves shelf availability for NAB alongside beer, though 2Q26 volume was soft.
Brazil NAB volumes fell 3.1% in 2025, 3.9% in 1Q2026 and 4.4% in 2Q2026. Management still reports underperformance despite the shared beer distribution network. Scale is not currently translating into better category execution.
- Brazil non-alcoholic beverage volume (full year)33,614,400-3%
- Brazil non-alcoholic beverage volume (quarter)7,615,300-4%
- Brazil non-alcoholic beverage revenue per hectoliterR$270.60+6%
- Brazil BEES Marketplace merchandise value growth+87%
- Retail consolidation increases buyer power
- Competitors match execution with 3PL and digital ordering
- FilingAmbev Form 20-F (FY2025) - Brazil route-to-marketMar 3, 2026
- FilingAmbev 6-K (2Q26) - Brazil NAB commercial highlightsJul 30, 2026
- Applies to
- Central America and the Caribbean
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Jun 30, 2026
Local flagship brands and AB InBev licensed brands support consumer pull and on-trade visibility across multiple CAC markets.
CAC organic volumes rose 7.7% in 1Q2026 and 5.4% in 2Q2026, with Dominican Republic brand-equity gains. The brands are gaining demand in the continuing business. Reported CAC contraction includes the sale of SLU and is not a like-for-like demand measure.
- Central America and Caribbean beverage volume (full year)12,035,800-2%
- Central America and Caribbean beverage volume (quarter)2,659,400+5%
- Central America and Caribbean beverage revenue per hectoliterR$871.40+2%
- Local competition and informal channels
- Currency volatility impacting affordability
- Political/regulatory shocks
- FilingAmbev Form 20-F (FY2025) - Corporate Information (brand portfolio)Mar 3, 2026
- FilingAmbev 6-K (2Q26) - CAC commercial highlightsJul 30, 2026
- Applies to
- Central America and the Caribbean
- Confidence
- Durability
- durable
- Trajectory
- stableas of Jun 30, 2026
Scale distribution and commercial execution across fragmented retail helps sustain share and availability.
BEES already handles all reported B2B buying or net revenue in the Dominican Republic and Panama. Growth in the remaining CAC business supports execution, but no new outlet coverage or competitor service comparison proves the distribution gap is widening.
- Central America and Caribbean beverage volume (full year)12,035,800-2%
- Central America and Caribbean beverage volume (quarter)2,659,400+5%
- Central America and Caribbean beverage revenue per hectoliterR$871.40+2%
- Distributor disintermediation
- Modern trade share increases bargaining power
- FilingAmbev Form 20-F (FY2025) - CAC BEES adoptionMar 3, 2026
- FilingAmbev 6-K (2Q26) - CAC operating performanceJul 30, 2026
- Applies to
- Latin America South
- Confidence
- Durability
- durable
- Trajectory
- stableas of Jun 30, 2026
Regionally iconic brands (e.g., Quilmes, Andes) create local demand pull and defend share in concentrated markets.
Ambev reports share gains in Argentina and Bolivia despite a 2.9% LAS volume decline in 2Q2026. Local brands are defending their position through weak demand; inflation-driven price increases and BRL translation do not prove stronger pricing power.
- South America excluding Brazil beverage volume (full year)32,162,300-1%
- South America excluding Brazil beverage volume (quarter)6,015,000-3%
- South America excluding Brazil beverage revenue per hectoliterR$536.30+8%
- Economic volatility driving down-trading
- Local competitors and imports in premium segments
- Regulatory/tax changes
- FilingAmbev Form 20-F (FY2025) - Corporate Information (brand portfolio)Mar 3, 2026
- FilingAmbev 6-K (2Q26) - LAS commercial highlightsJul 30, 2026
- Applies to
- Latin America South
- Confidence
- Durability
- durable
- Trajectory
- stableas of Jun 30, 2026
Scale route-to-market helps sustain shelf presence across fragmented trade in multiple LAS countries.
High BEES use and exclusive distributors support availability across the region. Weak demand and foreign-exchange constraints, especially in Argentina and Bolivia, limit sales. The latest evidence supports the existing network but does not quantify a larger advantage over CCU.
- South America excluding Brazil beverage volume (full year)32,162,300-1%
- South America excluding Brazil beverage volume (quarter)6,015,000-3%
- South America excluding Brazil beverage revenue per hectoliterR$536.30+8%
- Distributor consolidation
- Competitors invest to close execution gap
- FilingAmbev Form 20-F (FY2025) - LAS BEES adoptionMar 3, 2026
- Applies to
- Canada
- Confidence
- Durability
- medium
- Trajectory
- stableas of Jun 30, 2026
Established domestic brands (e.g., Labatt) and global AB InBev licensed portfolio support shelf presence, though competition remains intense.
Canada volumes fell 1.8% in 2Q2026 while Labatt reported leading share gains. Brand strength is defending position in a shrinking beer market; premium and ready-to-drink competition keep the advantage modest.
- Canada beverage volume (full year)8,622,200-1%
- Canada beverage volume (quarter)2,403,300-2%
- Canada beverage revenue per hectoliterR$1,146+4%
- Premium imports and craft share gains
- Private-label expansion in retail
- Regulatory changes in alcohol retail
- FilingAmbev Form 20-F (FY2025) - Operating segments (Canada)Mar 3, 2026
- FilingAmbev 6-K (2Q26) - Canada commercial highlightsJul 30, 2026
- Applies to
- Canada
- Confidence
- Durability
- medium
- Trajectory
- stableas of Jun 30, 2026
BEES adds a modest direct-ordering layer, but only 22% of Canadian net revenue used it in 2025 and regulated channels limit differentiation.
BEES orders rose from about 20% of Canadian revenue in 2024 to 22% in 2025. This supports incremental service gains, but most revenue still uses other routes and provincial rules give large rivals access to the same channels.
- Canada beverage volume (full year)8,622,200-1%
- Canada beverage volume (quarter)2,403,300-2%
- Canada beverage revenue per hectoliterR$1,146+4%
- Canada revenue ordered through BEES22.0%+2.0 pts
- Retail and provincial channel reform
- Competitors match execution investments
- FilingAmbev Form 20-F (FY2025) - Canada BEES adoptionMar 3, 2026
- FilingAmbev 6-K (2Q26) - Canada operating performanceJul 30, 2026
Profile change log
- Oct 5, 2026 · analyst revision
Kept FY2017 book equity at its reported R$46,008.8 million closing value. The R$45,590.3 million January 2018 opening comparative includes later accounting adoption adjustments; relabeling it as the year-end value would hide that change.
- Oct 5, 2026 · analyst revision
Final filing review added the 3Q2025 PERT recovery of R$375 million in tax and R$269 million in finance income. FY2016 tax adjustments include only the separately identified withholding reversal and loss-carryforward recognition. Extended the BEES history and clarified that Argentina returnable-pack data describes Ambev sales, not the whole market.
- Oct 5, 2026 · analyst revision
Added ten annual financial periods, twelve quarters, five linked regional end markets and operating KPI histories. Reconciled leases, cash dividends, gross share repurchases where disclosed, retrospective accounting changes and non-recurring tax/disposal effects to the statements. Market cap now uses the dated ABEV3 close and latest published issued and treasury shares.
- Oct 5, 2026 · business change
Recorded the July 2025 sale of control of SLU and the August 2026 completion of the buyback and cancellation of 279 million treasury shares. The disposal changes CAC comparisons; cancellation changes issued shares without itself reducing shares held by outside investors.
- Oct 5, 2026 · analyst revision
Added dated trajectories for all ten claims, management and an investment debate. Brazil beer brand and distribution evidence is improving; Brazil NAB distribution is weakening. Regional leadership must be tested against physical volumes, rivals and category demand.
- Oct 5, 2026 · analyst revision
Removed the 55% to 65% Brazil beer share band. The cited analyst estimate was dated March 2025 and did not establish a June 2026 range. Latest filings support leadership and share gains without an absolute share; moat strengths and evidence status are unchanged.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Brazil beer
Beer sold through Brazilian grocery, cash-and-carry, traditional retail, bars and restaurants. The retail panel below covers modern food retail only; it is not total Brazilian beer sales or all-channel volume share.
- Ambev
- Heineken
- Grupo Petrópolis
- Cervejaria Cidade Imperial
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| ABEV3 | 87 | 51.9% | 27.2% | |
| Industry median | 11 | 76 | 58.9% | 24.2% |
| Sector median | 85 | 74 | 55.5% | 16.9% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Real household income and employment drive purchase frequency; beer is affordable but consumers can switch brand, pack or drinking occasion when budgets tighten.
- Premium, alcohol-free and new consumption occasions support mix. Gains must be checked against physical volume because higher prices alone can hide weaker demand.
- Dense delivery routes, chilled availability and retailer ordering systems support shelf access and launch speed across fragmented outlets.
- Hot weather, summer, holidays and major sporting events raise demand and can change quarterly comparisons.
- Packaging, malt and BRL/USD hedges strongly affect costs. Hedges delay rather than remove currency and commodity shocks; interest rates affect both consumer budgets and cash yields.
- Heineken and other established producers can win premium demand and match route-to-market investment; sampled retail shares differ materially by region.
- Alcohol health concerns, substitution into ready-to-drink products and weaker discretionary occasions can reduce beer demand even when brands gain share.
- Tax reform, state-incentive disputes, excise rules and marketing restrictions can reduce recurring profit or force changes to price and mix.
- CADE restrictions limit outlet exclusivity, while large supermarket groups can demand discounts and weaken distributor bargaining power.
- Drought, water limits and crop failures can interrupt production or raise grain, glass and aluminum costs. Weaker BRL makes dollar-linked inputs dearer.
Bulls & bears
Can Brazil beer keep gaining volume and premium demand while price and mix cover input costs, without relying on historical tax recoveries or inflation accounting to support profit?
Arguments
What to watch
- 1Brazil beer volume and company-reported organic revenue per hectoliter, alongside Heineken results for the same period
- 2Brazil beer cash cost per hectoliter excluding marketplace products and the 4.5% to 7.5% 2026 guidance
- 3Brazil NAB volume versus its industry and continuity of Pepsi and Red Bull agreements
- 4CAC volume on a constant business perimeter after SLU; Argentina and Bolivia physical volume rather than inflation-driven BRL sales
- 5Canada beer volume, share commentary and ready-to-drink demand; BEES adoption with a consistent revenue denominator
- 6Operating cash flow, capital spending, gross repurchases and cash dividends, with recurring tax incentives kept in earnings
Next check: Review 3Q2026 results on October 29, 2026, as confirmed in Ambev’s investor-relations calendar. Check whether Brazil beer volume and cost performance sustain the recovery and whether NAB underperformance improves.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 2, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 87/100 by <a href="https://www.findmymoat.com/stocks/BVMF:ABEV3">Find My Moat</a> (as of September 2026)Request update
Spot something outdated? Send a quick note and source so we can refresh this profile.
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.