Ambev (ADR) (ABEV)
Brazilian brewer distributing global beer brands and PepsiCo products across Latin America and Canada.
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Sells a Brazilian beer portfolio built from a 1999 industry merger, distributes global AB InBev brands regionally, and holds an exclusive PepsiCo bottling franchise across parts of Latin America. Anheuser-Busch InBev controls the company; digital ordering platforms and a Zero-Based Budgeting management discipline extend its historical brewing and distribution base.
Traces to the 1999 merger of Brazil's two largest brewers, Brahma and Antarctica, and now sits inside the Anheuser-Busch InBev group. Core brands — Skol, Brahma, Antarctica, plus global names like Budweiser, Corona and Stella Artois — sit alongside an exclusive PepsiCo bottling and distribution franchise covering Pepsi, Gatorade and Guaraná Antarctica.
Brazil is the core market, with operations reaching Central America and the Caribbean, Argentina, Bolivia, Paraguay and Uruguay, and Canada through Labatt.
Zé Delivery reaches consumers directly, while BEES handles business ordering for most of the retail base; management runs on Zero-Based Budgeting and meritocracy discipline.
Anheuser-Busch InBev holds voting control through two subsidiaries, with a Brazilian foundation as the largest minority holder. On-trade exclusivity agreements central to Brazilian beer distribution operate under an antitrust cease-and-desist agreement.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 11, 2026 | UBS | Target | Target: $2.90 | Target: $2.85 |
| Jul 15, 2026 | Scotiabank | Downgrade | ||
| May 14, 2026 | UBS | Reiterate | Rating: —Target: $2.65 | Target: $2.90 |
| May 6, 2026 | Barclays | Reiterate | Rating: —Target: $3 | Target: $3.50 |
| Apr 16, 2026 | UBS | Downgrade | Target: — | Target: $2.65 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $3.59B · Total debt $576.8M · Total assets $27.03B · Shareholders' equity $17.27B
- Revenue
- $3.94B
- Operating income
- $931.1M
- Net income
- $662.4M
Reported in BRL, converted at the latest exchange rate
HistoryDividendAnnual yieldUpcoming
| Institutions | ≈ 6.64% | 1.05B ADS | |
|---|---|---|---|
| 409 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.18% | 29.09M ADS | |
| 10 holders · as of Sep 11, 2026 | |||
| Other | ≈ 93.18% | 14.69B ADS | |
| remainder | |||
15.76B ADS as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
First Eagle Investment Management, LLCInstitution | 2.22% | 349.32M ADS | as of Jun 30, 2026 |
GQG Partners LLCInstitution | 1.17% | 185.07M ADS | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 0.21% | 33.06M ADS | as of Jun 30, 2026 |
Goldman Sachs Group IncInstitution | 0.18% | 28.98M ADS | as of Jun 30, 2026 |
Loomis Sayles & Co L PInstitution | 0.17% | 27.00M ADS | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 30, 2026 | Ricardo Manuel Frangatos Pires Moreira | director | −468,040 | $3.08 |
| May 5, 2026 | Paulo Andre Zagman | officer: See Remarks | −136,250 | $3.41 |
| Mar 27, 2026 | de Lacerda Eduardo Braga Cavalcanti | officer: See Remarks | −152,386 | $2.85 |
| Mar 24, 2026 | Parente Guilherme Malik | officer: See Remarks | −20,971 | $2.76 |
- Coca-Cola
Century-long soft-drink rival across Brazil and Latin America
- Compañía Cervecerías Unidas (ADR)
Direct beer rival across Chile, Argentina, and the LAS bloc
- Coca-Cola FEMSA (ADR)
Coca-Cola's bottling arm contesting Brazil's cooler space
- Molson Coors Class B
Duopoly rival for Labatt in the Canadian beer market
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ambev (ADR) | $3.02 | +1.17% | $46.05B | 14.6 | 18.2 | 2.7 | +10.8% |
| Coca-Cola | $88.33 | +1.38% | $374.84B | 26.2 | 26.1 | 7.5 | +6.7% |
| Compañía Cervecerías Unidas (ADR) | $11.20 | +0.81% | $2.05B | 19.0 | 12.2 | 0.7 | +5.2% |
| Coca-Cola FEMSA (ADR) | $111.84 | +0.61% | $23.35B | 16.8 | 20.4 | 1.4 | +12.2% |
| Molson Coors Class B | $37.96 | +1.06% | $7.04B | — | 8.0 | 0.6 | −3.3% |
| Median | 19.0 | 16.3 | 1.0 | +5.9% |