VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

Ambev S.A. vs Heineken N.V.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Ambev S.A.

ABEV3 · B3 - Brasil Bolsa Balcao

Market cap (USD)$250.3B
Gross margin (TTM)50.5%
Operating margin (TTM)25.7%
Net margin (TTM)17.6%
SectorConsumer
IndustryBeverages - Alcoholic
CountryBR
Data as of2025-12-28
Moat score
82/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Ambev S.A.'s moat claims, evidence, and risks.

View ABEV3 analysis

Heineken N.V.

HEIA · Euronext Amsterdam

Market cap (USD)$43.4B
Gross margin (TTM)22.3%
Operating margin (TTM)11.9%
Net margin (TTM)4.8%
SectorConsumer
IndustryBeverages - Alcoholic
CountryNL
Data as of2025-12-28
Moat score
65/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Heineken N.V.'s moat claims, evidence, and risks.

View HEIA analysis

Comparison highlights

  • Moat score gap: Ambev S.A. leads (82 / 100 vs 65 / 100 for Heineken N.V.).
  • Segment focus: Ambev S.A. has 5 segments (45% in Brazil - Beer); Heineken N.V. has 4 segments (38.7% in Europe).
  • Moat breadth: Ambev S.A. has 3 moat types across 3 domains; Heineken N.V. has 5 across 2.

Primary market context

Ambev S.A.

Brazil - Beer

Market

Beer production and distribution

Geography

Brazil

Customer

On-trade and off-trade retailers; distributors

Role

Producer & distributor

Revenue share

45%

Heineken N.V.

Europe

Market

Beer, cider and beyond-beer alcoholic beverages

Geography

Europe

Customer

Consumers via on-trade (bars/restaurants) and off-trade (retail/wholesale)

Role

Brewer / brand owner / route-to-market operator

Revenue share

38.7%

Side-by-side metrics

Ambev S.A.
Heineken N.V.
Ticker / Exchange
ABEV3 - B3 - Brasil Bolsa Balcao
HEIA - Euronext Amsterdam
Market cap (USD)
$250.3B
$43.4B
Gross margin (TTM)
50.5%
22.3%
Operating margin (TTM)
25.7%
11.9%
Net margin (TTM)
17.6%
4.8%
Sector
Consumer
Consumer
Industry
Beverages - Alcoholic
Beverages - Alcoholic
HQ country
BR
NL
Primary segment
Brazil - Beer
Europe
Market structure
Oligopoly
Oligopoly
Market share
55%-65% (estimated)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
82 / 100
65 / 100
Moat domains
Demand, Supply, Legal
Demand, Supply
Last update
2025-12-28
2025-12-28

Moat coverage

Shared moat types

Brand TrustDistribution Control

Ambev S.A. strengths

Contractual Exclusivity

Heineken N.V. strengths

Scale Economies Unit CostData Workflow LockinOperational Excellence

Segment mix

Ambev S.A. segments

Full profile >

Brazil - Beer

Oligopoly

45%

Brazil - Non-alcoholic beverages

Oligopoly

9.4%

Central America and the Caribbean

Oligopoly

12.3%

Latin America South

Oligopoly

22.2%

Canada

Oligopoly

11.2%

Heineken N.V. segments

Full profile >

Europe

Oligopoly

38.7%

Americas

Oligopoly

34%

Africa & Middle East

Oligopoly

13.5%

Asia Pacific

Oligopoly

13.8%

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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.