Ambev S.A. (ABEV) Key Metrics
ABEV key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Brazilian reaisABEV returns How much profit the business earns on the capital it uses.
ABEV financial health Debt, liquidity and how easily interest is covered.
ABEV efficiency & capital use Working capital cycle and where the cash goes.
ABEV returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ABEV debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ABEV cash returned to shareholders
ABEV key metrics in Brazilian reais
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 16.6% | 16.3% | 18.0% | 17.6% | 16.2% | 16.8% | 20.0% | 21.6% | 16.1% | 26.9% |
| Return on invested capital (ROIC) | 25.3% | 24.0% | 27.4% | 25.7% | 25.6% | 24.7% | 29.9% | 33.5% | 24.5% | 41.7% |
| Return on assets (ROA) | 10.0% | 9.8% | 10.7% | 10.5% | 9.6% | 10.0% | 12.0% | 12.2% | 8.5% | 14.4% |
| Return on tangible assets | 16.2% | 13.7% | 17.1% | 16.4% | 14.5% | 14.7% | 19.5% | 20.4% | 14.3% | 26.1% |
| Free cash flow margin | 22.5% | 23.9% | 23.5% | 17.7% | 20.9% | 24.3% | 25.6% | 29.4% | 31.4% | 18.0% |
| Income quality (OCF / net income) | 1.58 | 1.81 | 1.70 | 1.43 | 1.81 | 1.66 | 1.56 | 1.67 | 2.51 | 0.98 |
| Financial health | ||||||||||
| Total debt | R$5.35B | R$3.45B | R$3.50B | R$3.85B | R$3.13B | R$4.79B | R$3.06B | R$4.10B | R$4.57B | R$5.40B |
| Cash & short-term investments | R$20.32B | R$29.84B | R$16.34B | R$15.38B | R$18.54B | R$18.79B | R$11.92B | R$11.48B | R$10.35B | R$8.16B |
| Net debt | −R$14.97B | −R$26.39B | −R$12.84B | −R$11.54B | −R$15.41B | −R$14.00B | −R$8.85B | −R$7.37B | −R$5.79B | −R$2.76B |
| Debt / equity | 0.06 | 0.04 | 0.04 | 0.05 | 0.04 | 0.06 | 0.05 | 0.07 | 0.10 | 0.12 |
| Debt / assets | 0.04 | 0.02 | 0.03 | 0.03 | 0.02 | 0.04 | 0.03 | 0.04 | 0.05 | 0.06 |
| Net debt / EBITDA | −0.52 | −0.91 | −0.53 | −0.50 | −0.73 | −0.67 | −0.46 | −0.38 | −0.30 | −0.14 |
| Current ratio | 0.96 | 1.10 | 0.89 | 0.93 | 0.99 | 1.06 | 1.10 | 1.00 | 0.85 | 0.83 |
| Quick ratio | 0.73 | 0.86 | 0.66 | 0.61 | 0.71 | 0.83 | 0.87 | 0.79 | 0.70 | 0.68 |
| Interest coverage | 8.2 | 9.1 | 32.6 | 29.7 | 11.9 | 38.5 | 34.8 | 13.4 | 3.9 | 11.1 |
| Working capital | −R$1.72B | R$4.77B | −R$4.44B | −R$2.72B | −R$239.1M | R$1.86B | R$2.61B | R$120.8M | −R$4.35B | −R$4.89B |
| Invested capital | R$72.94B | R$72.26B | R$66.13B | R$70.42B | R$67.23B | R$59.82B | R$52.43B | R$48.87B | R$39.80B | R$42.06B |
| Tangible asset value | R$36.19B | R$42.71B | R$32.10B | R$33.51B | R$32.92B | R$27.55B | R$21.24B | R$15.75B | R$9.93B | R$10.89B |
| Net current asset value | −R$15.46B | −R$8.77B | −R$15.94B | −R$16.81B | −R$15.96B | −R$14.70B | −R$11.57B | −R$12.93B | −R$16.13B | −R$13.30B |
| Capital allocation | ||||||||||
| Dividends paid | R$20.46B | R$4.06B | R$11.92B | R$12.24B | R$11.12B | R$6.85B | R$7.87B | R$8.81B | R$8.82B | R$10.33B |
| Share buybacks (net) | R$1.93B | R$467.6M | R$119.0M | R$54.1M | R$44.2M | R$7.4M | R$32.0M | R$0 | R$38.6M | R$0 |
| Dividend payout ratio | 132.0% | 28.1% | 82.2% | 84.7% | 87.7% | 60.2% | 66.8% | 80.2% | 121.3% | 82.3% |
| Dividends + buybacks / free cash flow | 112.7% | 21.2% | 64.4% | 87.2% | 73.3% | 48.4% | 59.4% | 59.7% | 58.8% | 125.8% |
| Capex / revenue | 5.2% | 5.3% | 7.5% | 8.2% | 10.5% | 8.0% | 9.7% | 7.1% | 6.7% | 9.1% |
| Capex / operating cash flow | 18.8% | 18.2% | 24.3% | 31.6% | 33.5% | 24.9% | 27.6% | 19.5% | 17.5% | 33.5% |
| Capex / depreciation | 0.67 | 0.67 | 0.94 | 1.10 | 1.42 | 0.91 | 1.08 | 0.80 | 0.79 | 1.18 |
| Stock-based compensation / revenue | 0.5% | 0.4% | 0.4% | 0.4% | 0.5% | 0.4% | 0.4% | 0.3% | 0.4% | 0.4% |
| SG&A / revenue | 6.6% | 6.9% | 6.6% | 6.6% | 6.7% | 5.1% | 5.2% | 4.7% | 5.5% | 4.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 41.5 | 38.8 | 39.8 | 29.8 | 22.8 | 40.2 | 54.7 | 54.5 | 47.0 | 34.2 |
| Days of inventory on hand | 94.6 | 89.2 | 104.7 | 108.0 | 95.2 | 91.6 | 95.8 | 92.2 | 87.7 | 92.4 |
| Days payables outstanding | 203.6 | 202.6 | 220.7 | 223.1 | 227.3 | 232.0 | 245.1 | 245.6 | 230.0 | 248.4 |
| Cash conversion cycle (days) | -67.5 | -74.6 | -76.3 | -85.3 | -109.3 | -100.2 | -94.6 | -99.0 | -95.3 | -121.9 |
| Receivables turnover | 8.79 | 9.40 | 9.18 | 12.27 | 16.02 | 9.07 | 6.67 | 6.70 | 7.77 | 10.69 |
| Payables turnover | 1.79 | 1.80 | 1.65 | 1.64 | 1.61 | 1.57 | 1.49 | 1.49 | 1.59 | 1.47 |
| Inventory turnover | 3.86 | 4.09 | 3.49 | 3.38 | 3.83 | 3.98 | 3.81 | 3.96 | 4.16 | 3.95 |
| Asset turnover | 0.57 | 0.61 | 0.59 | 0.58 | 0.55 | 0.51 | 0.53 | 0.56 | 0.56 | 0.52 |
| Average receivables | R$10.04B | R$9.51B | R$8.69B | R$6.50B | R$4.55B | R$6.44B | R$7.80B | R$7.49B | R$6.16B | R$4.27B |
| Average payables | R$23.91B | R$24.21B | R$23.76B | R$24.70B | R$22.21B | R$17.20B | R$14.56B | R$12.95B | R$11.36B | R$11.35B |
| Average inventory | R$11.10B | R$10.65B | R$11.27B | R$11.96B | R$9.30B | R$6.79B | R$5.69B | R$4.86B | R$4.33B | R$4.22B |
| Intangibles / total assets | 35.5% | 35.0% | 36.2% | 36.1% | 36.9% | 38.0% | 40.6% | 42.6% | 41.5% | 42.6% |
Computed from ABEV's annual financial statements (latest annual report filed March 3, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Brazilian reais; data from EODHD. Averages use the opening and closing balance of each year.
ABEV valuation and financial ratios
Ambev earned a return on equity of 16.6% and a return on invested capital of 25.3% in fiscal 2025. It ended the year with R$5.3 billion of debt and R$20.3 billion in cash and short-term investments, a net cash position of R$15.0 billion. It returned R$22.4 billion to shareholders: R$20.5 billion in dividends and R$1.9 billion in share buybacks, 113% of free cash flow.
See the ABEV income statement, the ABEV chart for price history, or the ABEV stock overview for the latest quote and news.
ABEV key metrics FAQ
What is Ambev's return on equity?
Ambev's return on equity (ROE) was 16.6% in fiscal 2025: net income of R$15.5 billion on average shareholders' equity of R$93.3 billion.
What is Ambev's ROIC?
Ambev's return on invested capital was 25.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Ambev have?
Ambev had total debt of R$5.3 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.06 and more cash than debt.
Does Ambev buy back its shares?
Yes. Ambev spent R$1.9 billion on net share repurchases in fiscal 2025.
What is Ambev's current ratio?
Ambev's current ratio was 0.96 at the end of fiscal 2025: current assets were 0.96 times current liabilities.