Also trades as: ABEV3.SA (SAO) · $vol 84M

$2.88

+0.04 (+1.59%)

Weekly Expected Move ±5.2%

$3 $3 $3 $3 $4

NYSE · Consumer Defensive · Beverages - Alcoholic · Tech Score Sell · Power 44 · $43.7B mcap · 15.17B float · 0.175% daily turnover · Short 60% of daily vol

Credit Risk of going bust: lower than 90% of companies Debt: 1.2% of company value Bonds: none of note held by US funds details ▾

If the stock fell to about $0.00 (down 99.9%), Ambev S.A. would be worth roughly what it owes.
Total debt $547.6M against a stock market value of $43.73B.
Distance to default 13.80 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $373.5M (short-term plus half of long-term), stock volatility 34.7%; Altman Z'' 3.22. A ranking and a back-test, not a forecast.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.

Overview Chart Smart Money Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers ESG Institutions ETF Exposure Dark Pool Short Interest

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

Low

Avg Target

High

Based on 1 analyst since Jul 30, 2026 earnings

Analyst Recommendations

Strong Buy: 0Buy: 2Hold: 7Sell: 6Strong Sell: 0

Rating Summary

ConsensusHold

Avg Target$2.85

Analysts1

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-08-11	UBS	—	$3	$3	-0	-2.2%	$2.92
2026-05-14	UBS	—	$3	$3	+0	-9.1%	$3.19
2026-05-06	Barclays	—	$3	$4	+0	+3.9%	$3.37
2026-04-16	UBS	—	Initiated	$3	—	-15.3%	$3.13
2026-02-17	Barclays	—	Initiated	$3	—	-3.5%	$3.11
2025-11-26	Bernstein	—	$3	$3	+0	+15.2%	$2.50
2025-01-08	Bernstein	Nadine Sarwat	Initiated	$3	—	+38.9%	$1.85
2024-07-11	Goldman Sachs	Thiago Bortoluci	Initiated	$2	—	-1.9%	$2.14

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

Oct 27, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. ABEV receives an overall rating of A. Strongest factors: DCF (4/5), ROE (4/5), ROA (5/5), D/E (4/5). Areas of concern: P/B (2/5).

Rating Change History

Date	From	To
2026-10-12	A-	A
2026-08-24	A	A-
2026-05-20	A-	A
2026-05-19	A	A-
2026-05-08	A-	A
2026-05-07	A	A-
2026-05-04	A+	A
2026-04-30	A	A+
2026-04-28	A-	A
2026-04-01	A	A-

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ — Grade A+

Profitability

Balance Sheet

Earnings Quality

Growth

Value

—

Momentum

Safety

—

Cash Flow

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

—

Piotroski F-Score

7/9

✓ ✓ ✓ ✓ ✓ ✗ ✓ ✓ ✗

Beneish M-Score

-2.97

Unlikely Manipulator

Ohlson O-Score

-10.89

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

A+

Score: 77.8/100

Trend: Deteriorating

Earnings Quality

75/100

OCF/NI: 1.73x

Accruals: -8.4%

The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. ABEV scores 7/9, signaling strong financial health across all three dimensions. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. ABEV's score of -2.97 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. ABEV's implied 0.0% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. ABEV receives an estimated rating of A+ (score: 77.8/100), with a deteriorating trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). ABEV's score of 75/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

14.92x

PEG

1.40x

P/S

2.71x

P/B

2.73x

P/FCF

—

P/OCF

—

EV/EBITDA

—

EV/Revenue

—

EV/EBIT

—

EV/FCF

—

Earnings Yield

—

FCF Yield

—

Shareholder Yield

—

Graham Number

$11.53

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 14.9x earnings, ABEV trades at a reasonable valuation. Graham's intrinsic value formula yields $11.53 per share, suggesting a potential 308% margin of safety at the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.796

NI / EBT

Interest Burden

0.882

EBT / EBIT

EBIT Margin

0.262

EBIT / Rev

Asset Turnover

0.630

Rev / Assets

Equity Multiplier

1.551

Assets / Equity

ROE

18.0%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. ABEV's ROE of 18.0% is driven by Asset Turnover (0.630), indicating efficient use of assets to generate revenue.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

4.99%

Fair P/E

18.48x

Intrinsic Value

$19.27

Price/Value

—

Margin of Safety

—

Premium

—

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with ABEV's realized 5.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. ABEV trades at a premium to its adjusted intrinsic value of $19.27, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 18.5x compares to the current market P/E of 14.9x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$2.84

Median 1Y

$2.58

5th Pctile

$1.40

95th Pctile

$4.75

Ann. Volatility

36.8%

Analyst Target

$2.85

25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

39,606

-6.1% YoY

Revenue / Employee

$2,228,008

Rev: $88,242,467,000

Profit / Employee

$391,441

NI: $15,503,400,000

SGA / Employee

$637,469

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
ROE	19.2%	16.2%	16.7%	16.4%	14.8%	17.6%	18.0%	16.7%	16.7%	18.0%	16.9%	16.0%	14.8%	16.3%	15.9%	15.7%	16.9%	16.6%	16.9%	18.0%	17.97%
ROA	12.1%	9.6%	10.3%	10.4%	9.5%	10.5%	11.2%	10.6%	10.8%	10.7%	10.8%	10.4%	9.8%	9.8%	10.3%	10.3%	11.1%	10.0%	10.7%	11.6%	11.59%
ROIC	24.8%	24.2%	24.6%	22.9%	22.6%	26.3%	25.2%	25.5%	25.9%	28.3%	23.5%	20.7%	20.5%	23.0%	21.8%	22.5%	25.8%	26.9%	26.8%	27.4%	27.38%
ROCE	16.6%	15.6%	17.3%	16.0%	15.4%	17.6%	17.7%	16.7%	16.9%	19.5%	18.5%	17.7%	17.7%	19.3%	20.6%	21.1%	22.0%	21.6%	22.0%	23.5%	23.47%
Gross Margin	50.0%	52.3%	48.9%	47.9%	48.3%	51.6%	50.7%	49.0%	49.7%	53.5%	50.4%	49.8%	50.3%	53.7%	51.3%	50.0%	51.5%	52.6%	51.6%	51.9%	51.86%
Operating Margin	21.7%	23.5%	22.6%	22.4%	19.7%	23.9%	23.8%	18.2%	24.1%	28.0%	24.1%	20.4%	24.1%	27.8%	25.4%	21.9%	30.2%	29.8%	26.1%	23.6%	23.63%
Net Margin	19.2%	16.4%	18.5%	16.5%	15.1%	21.9%	18.0%	13.2%	19.3%	21.9%	18.2%	12.0%	15.7%	18.1%	16.4%	13.5%	22.8%	17.5%	16.8%	16.8%	16.81%
EBITDA Margin	27.2%	27.6%	29.1%	31.4%	25.3%	30.2%	29.6%	25.6%	31.5%	34.8%	32.8%	28.6%	31.6%	35.4%	31.8%	28.3%	36.1%	34.6%	31.8%	31.8%	31.81%
FCF Margin	19.4%	20.9%	17.9%	17.6%	16.6%	17.7%	15.6%	17.4%	20.4%	23.5%	25.3%	25.2%	25.0%	23.9%	24.0%	23.6%	22.8%	22.5%	25.1%	27.2%	27.22%
OCF Margin	28.1%	31.4%	27.6%	27.2%	26.1%	25.9%	23.9%	25.1%	27.4%	31.0%	32.7%	32.2%	31.7%	29.2%	29.0%	28.6%	27.7%	27.7%	29.9%	31.8%	31.77%
ROE 3Y Avg	snapshot only																				16.49%
ROE 5Y Avg	snapshot only																				16.39%
ROA 3Y Avg	snapshot only																				10.72%
ROIC 3Y Avg	snapshot only																				19.27%
ROIC Economic	snapshot only																				22.30%
Cash ROA	snapshot only																				20.29%
Cash ROIC	snapshot only																				38.46%
CROIC	snapshot only																				32.95%
NOPAT Margin	snapshot only																				22.62%
Pretax Margin	snapshot only																				23.13%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				28.46%
SBC / Revenue	snapshot only																				0.50%

Valuation

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
P/E Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	14.923
P/S Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2.711
P/B Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2.726
P/FCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
P/OCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/Revenue	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/EBIT	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/FCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Earnings Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
PEG Ratio	snapshot only																				1.403
Graham Number	snapshot only																				$11.53

Leverage & Solvency

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Current Ratio	1.23	0.99	1.04	1.13	1.19	0.93	0.99	1.01	1.11	0.89	0.99	1.11	1.20	1.10	1.11	1.11	1.15	0.96	1.03	1.02	1.022
Quick Ratio	0.92	0.71	0.69	0.76	0.83	0.61	0.63	0.65	0.79	0.66	0.70	0.78	0.89	0.86	0.80	0.80	0.86	0.73	0.78	0.76	0.759
Debt/Equity	0.04	0.04	0.04	0.04	0.04	0.05	0.05	0.05	0.04	0.04	0.04	0.04	0.03	0.04	0.03	0.03	0.03	0.06	0.03	0.03	0.033
Net Debt/Equity	-0.19	-0.19	-0.14	-0.14	-0.17	-0.14	-0.10	-0.10	-0.15	-0.16	-0.12	-0.12	-0.18	-0.27	-0.18	-0.16	-0.18	-0.17	-0.18	-0.17	-0.174
Debt/Assets	0.02	0.02	0.02	0.03	0.02	0.03	0.03	0.03	0.03	0.03	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.04	0.02	0.02	0.021
Debt/EBITDA	0.14	0.15	0.14	0.17	0.15	0.17	0.17	0.18	0.15	0.14	0.15	0.13	0.13	0.12	0.11	0.11	0.10	0.18	0.11	0.10	0.099
Net Debt/EBITDA	-0.74	-0.73	-0.51	-0.54	-0.70	-0.50	-0.36	-0.36	-0.58	-0.53	-0.41	-0.46	-0.67	-0.91	-0.58	-0.49	-0.57	-0.52	-0.57	-0.52	-0.519
Interest Coverage	50.06	47.70	47.34	42.14	39.51	29.03	31.20	28.37	30.65	30.69	27.67	15.63	15.54	21.61	22.97	25.00	15.14	9.97	8.09	8.50	8.501
Equity Multiplier	1.56	1.68	1.61	1.58	1.58	1.68	1.59	1.57	1.53	1.68	1.55	1.51	1.50	1.65	1.56	1.54	1.53	1.68	1.58	1.56	1.565
Cash Ratio	snapshot only																				0.463
Debt Service Coverage	snapshot only																				10.908
Cash to Debt	snapshot only																				6.221
FCF to Debt	snapshot only																				8.146
Defensive Interval	snapshot only																				451.7 days

Efficiency & Turnover

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Asset Turnover	0.53	0.55	0.57	0.59	0.57	0.58	0.62	0.61	0.59	0.59	0.59	0.58	0.58	0.61	0.65	0.64	0.63	0.57	0.61	0.63	0.630
Inventory Turnover	3.96	3.83	3.52	3.48	3.63	3.38	3.36	3.36	3.52	3.49	3.36	3.38	3.69	4.09	3.94	3.91	4.05	3.86	3.78	3.90	3.901
Receivables Turnover	16.37	16.02	19.29	18.16	15.97	15.72	17.35	17.14	15.11	14.38	15.42	15.26	14.19	14.89	16.83	17.02	15.49	14.24	15.26	16.57	16.567
Payables Turnover	1.88	1.61	1.74	1.93	1.96	1.64	1.89	2.08	2.07	1.65	1.80	2.02	2.06	1.80	2.00	2.19	2.16	1.79	1.91	2.09	2.091
DSO	22	23	19	20	23	23	21	21	24	25	24	24	26	25	22	21	24	26	24	22	22.0 days
DIO	92	95	104	105	101	108	108	109	104	105	109	108	99	89	93	93	90	95	97	94	93.6 days
DPO	195	227	210	189	186	223	193	175	176	221	202	181	178	203	182	167	169	204	191	175	174.6 days
Cash Conversion Cycle	-80	-109	-87	-64	-63	-92	-64	-45	-48	-91	-70	-49	-53	-89	-68	-52	-55	-83	-71	-59	-59.0 days
Fixed Asset Turnover	snapshot only																				3.442
Operating Cycle	snapshot only																				115.6 days
Cash Velocity	snapshot only																				4.811
Capital Intensity	snapshot only																				1.566

Growth (YoY)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue	24.6%	24.8%	19.6%	15.7%	13.9%	9.4%	9.6%	7.5%	4.3%	0.0%	-2.8%	-2.5%	-0.0%	12.2%	15.3%	13.8%	9.8%	-1.4%	-3.8%	-3.8%	-3.76%
Net Income	82.3%	11.4%	4.2%	-7.1%	-17.4%	14.1%	9.6%	5.4%	15.1%	0.3%	-1.6%	0.8%	-7.5%	-0.4%	-0.5%	2.5%	15.0%	7.4%	7.9%	10.1%	10.13%
EPS	82.3%	11.4%	4.4%	-7.1%	-17.3%	14.2%	9.5%	5.5%	15.2%	0.4%	-1.6%	1.1%	-7.4%	-0.3%	0.2%	2.9%	16.1%	8.4%	8.4%	11.2%	11.24%
FCF	-9.1%	7.5%	-13.7%	-7.6%	-2.4%	-7.3%	-4.5%	6.3%	28.1%	32.6%	58.0%	41.1%	22.8%	14.1%	9.4%	6.4%	-0.1%	-7.1%	0.6%	10.9%	10.93%
EBITDA	41.3%	16.2%	11.9%	1.1%	-1.0%	10.0%	9.2%	3.9%	8.3%	5.1%	4.5%	12.0%	8.9%	19.3%	18.4%	14.2%	13.9%	0.1%	-1.6%	1.0%	0.98%
Op. Income	39.5%	6.9%	1.9%	-8.1%	-9.9%	3.6%	6.7%	2.5%	7.1%	6.5%	2.2%	9.2%	6.5%	15.8%	20.2%	17.9%	20.4%	9.2%	5.9%	6.0%	6.01%
OCF Growth	snapshot only																				6.72%
Asset Growth	snapshot only																				-2.78%
Equity Growth	snapshot only																				-4.50%
Debt Growth	snapshot only																				-6.61%
Shares Change	snapshot only																				-0.99%
Dividend Growth	snapshot only																				3.44%

Growth (CAGR)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue 3Y	12.1%	13.2%	13.4%	14.0%	14.4%	14.9%	15.9%	16.7%	14.0%	11.0%	8.4%	6.6%	5.9%	7.1%	7.1%	6.0%	4.6%	3.4%	2.5%	2.2%	2.19%
Revenue 5Y	7.8%	9.8%	10.5%	11.2%	11.4%	10.7%	11.1%	10.8%	10.9%	9.7%	9.2%	9.2%	9.3%	11.2%	11.8%	12.0%	10.2%	8.6%	7.2%	5.8%	5.82%
EPS 3Y	13.8%	4.8%	6.5%	6.0%	5.9%	7.1%	13.1%	17.1%	20.2%	8.5%	4.0%	-0.3%	-4.1%	4.6%	2.6%	3.2%	7.4%	2.8%	2.2%	5.0%	4.99%
EPS 5Y	6.0%	0.2%	2.2%	2.1%	7.9%	14.5%	13.8%	12.5%	7.0%	5.7%	5.4%	4.9%	4.8%	4.2%	7.3%	10.8%	13.3%	6.7%	4.1%	2.6%	2.56%
Net Income 3Y	13.8%	4.8%	6.5%	6.0%	5.9%	7.1%	13.0%	17.0%	20.2%	8.4%	3.9%	-0.4%	-4.2%	4.4%	2.4%	2.9%	7.0%	2.4%	1.8%	4.4%	4.40%
Net Income 5Y	5.7%	0.2%	2.4%	2.5%	8.1%	14.5%	14.1%	12.5%	7.0%	5.7%	5.4%	4.8%	4.8%	4.2%	7.2%	10.6%	13.0%	6.4%	3.8%	2.2%	2.20%
EBITDA 3Y	5.0%	3.1%	4.0%	3.6%	2.4%	4.6%	8.9%	10.9%	14.9%	10.3%	8.5%	5.6%	5.3%	11.3%	10.5%	10.0%	10.3%	7.9%	6.8%	8.9%	8.92%
EBITDA 5Y	3.1%	1.8%	3.4%	3.8%	3.3%	4.6%	4.5%	3.4%	4.4%	4.9%	5.1%	5.3%	4.8%	7.5%	9.8%	11.8%	13.4%	9.9%	8.3%	6.3%	6.30%
Gross Profit 3Y	5.1%	6.3%	6.2%	7.0%	7.6%	8.3%	10.2%	12.5%	10.9%	8.9%	6.8%	5.4%	5.2%	7.2%	7.9%	7.1%	6.2%	4.9%	3.7%	3.5%	3.51%
Gross Profit 5Y	3.2%	5.2%	6.0%	6.7%	6.6%	5.6%	6.0%	5.8%	6.0%	5.5%	5.1%	5.5%	6.0%	8.2%	9.2%	10.3%	9.0%	7.7%	6.6%	5.5%	5.54%
Op. Income 3Y	4.1%	-0.0%	-0.2%	0.3%	0.9%	3.2%	6.9%	9.9%	10.4%	5.6%	3.6%	0.9%	0.9%	8.5%	9.5%	9.7%	11.2%	10.4%	9.2%	10.9%	10.92%
Op. Income 5Y	1.6%	-0.0%	1.3%	1.7%	1.2%	1.5%	1.9%	0.5%	1.7%	1.9%	1.6%	2.5%	3.2%	6.3%	8.5%	11.3%	11.5%	8.3%	7.2%	5.2%	5.16%
FCF 3Y	-2.8%	2.0%	-5.0%	-4.4%	0.0%	2.0%	2.1%	10.2%	4.4%	9.7%	9.2%	11.5%	15.4%	11.9%	18.2%	16.9%	16.3%	12.0%	20.2%	18.5%	18.55%
FCF 5Y	4.9%	13.1%	1.2%	0.4%	-0.6%	-0.8%	-1.2%	0.4%	2.8%	5.5%	5.3%	5.6%	9.5%	9.9%	13.0%	15.0%	6.9%	7.0%	7.4%	10.4%	10.36%
OCF 3Y	2.7%	8.5%	2.3%	2.8%	5.6%	3.9%	3.1%	7.8%	3.9%	9.4%	8.9%	8.7%	10.2%	4.5%	8.9%	7.9%	6.7%	5.8%	10.5%	10.5%	10.54%
OCF 5Y	4.8%	13.2%	4.5%	4.4%	4.1%	2.9%	3.2%	3.7%	4.6%	6.6%	6.3%	6.2%	8.3%	7.3%	8.3%	9.7%	4.5%	5.3%	5.5%	6.8%	6.80%
Assets 3Y	12.2%	13.8%	9.5%	11.4%	11.5%	10.7%	6.0%	3.2%	2.8%	1.9%	0.1%	4.9%	2.9%	5.4%	5.0%	1.3%	-0.3%	2.4%	1.8%	1.2%	1.21%
Assets 5Y	11.3%	10.6%	9.6%	10.2%	11.3%	9.7%	10.5%	8.0%	7.6%	7.1%	6.7%	7.8%	7.5%	9.8%	5.3%	3.2%	2.1%	3.4%	1.4%	2.1%	2.12%
Equity 3Y	13.7%	13.7%	10.1%	11.9%	11.1%	10.2%	6.5%	4.8%	5.0%	2.3%	1.8%	6.5%	4.2%	6.1%	6.2%	2.3%	0.7%	2.4%	2.0%	1.3%	1.25%
Book Value 3Y	13.7%	13.7%	10.1%	11.9%	11.1%	10.3%	6.5%	4.8%	5.0%	2.4%	1.9%	6.6%	4.3%	6.2%	6.5%	2.6%	1.1%	2.8%	2.4%	1.8%	1.83%
Dividend 3Y	1.4%	17.5%	7.2%	5.9%	6.6%	3.3%	7.4%	7.7%	7.4%	-0.8%	-0.9%	-1.0%	-1.1%	-30.1%	-3.4%	2.5%	7.8%	72.2%	9.6%	1.4%	1.37%

Growth Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue Stability	0.74	0.81	0.85	0.85	0.89	0.89	0.91	0.90	0.94	0.92	0.91	0.91	0.91	0.94	0.91	0.89	0.88	0.89	0.84	0.83	0.830
Earnings Stability	0.15	0.14	0.32	0.28	0.45	0.83	0.89	0.68	0.46	0.87	0.82	0.51	0.38	0.82	0.73	0.49	0.42	0.85	0.81	0.53	0.526
Margin Stability	0.91	0.91	0.91	0.91	0.91	0.90	0.90	0.90	0.90	0.91	0.91	0.92	0.92	0.93	0.94	0.95	0.96	0.97	0.98	0.98	0.980
Rev. Growth Consistency	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00	1.00	0.50	0.50	0.50	0.00	0.00	0.00	0.000
Earn. Growth Consistency	0.50	0.50	1.00	0.00	0.00	1.00	1.00	0.50	0.50	1.00	0.00	1.00	0.00	0.00	0.00	1.00	0.50	0.50	0.50	1.00	1.000
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	0.50	0.95	0.98	0.97	0.93	0.94	0.96	0.98	0.94	1.00	0.99	1.00	0.97	1.00	1.00	0.99	0.94	0.97	0.97	0.96	0.959
Earnings Smoothness	0.42	0.89	0.96	0.93	0.81	0.87	0.91	0.95	0.86	1.00	0.98	0.99	0.92	1.00	1.00	0.98	0.86	0.93	0.92	0.90	0.904
ROE Trend	0.04	-0.02	0.02	0.00	-0.00	0.02	0.01	-0.00	0.00	0.02	-0.00	-0.01	-0.01	-0.03	-0.02	0.00	0.02	0.01	0.01	0.03	0.029
Gross Margin Trend	-0.05	-0.05	-0.05	-0.04	-0.04	-0.03	-0.02	-0.01	-0.00	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.00	0.01	0.007
FCF Margin Trend	-0.06	-0.04	-0.06	-0.04	-0.06	-0.05	-0.06	-0.02	0.02	0.04	0.09	0.08	0.07	0.03	0.04	0.02	0.00	-0.01	0.00	0.03	0.028
Sustainable Growth Rate	9.3%	2.0%	4.4%	4.5%	3.6%	2.7%	3.0%	2.4%	3.1%	3.2%	3.0%	2.8%	2.3%	11.7%	4.2%	2.2%	1.5%	-5.3%	1.9%	3.6%	3.64%
Internal Growth Rate	6.2%	1.2%	2.8%	2.9%	2.4%	1.6%	1.9%	1.5%	2.1%	1.9%	2.0%	1.9%	1.5%	7.6%	2.8%	1.5%	1.0%	—	1.2%	2.4%	2.40%

Cash Flow Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
OCF/Net Income	1.23	1.81	1.53	1.54	1.57	1.43	1.33	1.45	1.50	1.70	1.79	1.80	1.87	1.81	1.84	1.78	1.56	1.58	1.69	1.73	1.726
FCF/OCF	0.69	0.66	0.65	0.65	0.64	0.68	0.65	0.69	0.74	0.76	0.77	0.78	0.79	0.82	0.83	0.82	0.82	0.81	0.84	0.86	0.857
FCF/Net Income	snapshot only																				1.479
OCF/EBITDA	snapshot only																				0.945
CapEx/Revenue	8.7%	10.5%	9.7%	9.6%	9.5%	8.2%	8.3%	7.7%	7.0%	7.5%	7.4%	6.9%	6.7%	5.3%	5.0%	5.0%	5.0%	5.2%	4.8%	4.6%	4.56%
CapEx/Depreciation	snapshot only																				0.614
Accruals Ratio	-0.03	-0.08	-0.05	-0.06	-0.05	-0.04	-0.04	-0.05	-0.05	-0.08	-0.09	-0.08	-0.09	-0.08	-0.09	-0.08	-0.06	-0.06	-0.07	-0.08	-0.084
Sloan Accruals	snapshot only																				-0.069
Cash Flow Adequacy	snapshot only																				1.652
Earnings Quality Score	snapshot only																				0.750

Dividends & Buybacks

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Dividend Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	4.69%
Dividend/Share	$0.51	$0.70	$0.62	$0.62	$0.62	$0.77	$0.77	$0.77	$0.77	$0.75	$0.75	$0.75	$0.75	$0.26	$0.68	$0.80	$0.93	$1.31	$0.88	$0.83	$0.73
Payout Ratio	51.5%	87.7%	73.5%	72.4%	75.6%	84.7%	83.1%	85.8%	81.2%	82.2%	82.0%	82.3%	84.7%	28.1%	73.8%	85.8%	91.3%	1.3%	88.9%	79.7%	79.74%
FCF Payout Ratio	60.8%	73.0%	74.2%	72.3%	75.5%	86.8%	96.2%	84.9%	72.9%	63.7%	59.1%	58.2%	57.3%	19.0%	48.4%	58.4%	71.1%	1.0%	62.5%	53.9%	53.93%
Total Payout Ratio	51.8%	88.1%	73.6%	72.8%	76.0%	85.0%	83.5%	85.9%	81.8%	83.0%	83.3%	85.5%	87.7%	31.3%	83.9%	98.9%	1.0%	1.4%	97.2%	96.7%	96.65%
Div. Increase Streak	1	0	1	1	1	1	1	1	1	0	0	0	0	0	0	0	0	0	0	1	0
Chowder Number	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Buyback Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Buyback Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Shareholder Return	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

DuPont Factors

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Tax Burden (NI/EBT)	0.87	0.92	0.93	0.94	0.93	1.02	1.01	1.07	1.03	0.96	0.93	0.86	0.81	0.74	0.73	0.74	0.79	0.80	0.80	0.80	0.796
Interest Burden (EBT/EBIT)	1.05	0.88	0.88	0.87	0.85	0.83	0.82	0.81	0.83	0.84	0.85	0.87	0.88	0.89	0.89	0.89	0.89	0.88	0.88	0.88	0.882
EBIT Margin	0.25	0.21	0.22	0.21	0.21	0.21	0.22	0.20	0.21	0.22	0.23	0.24	0.24	0.24	0.24	0.24	0.25	0.25	0.25	0.26	0.262
Asset Turnover	0.53	0.55	0.57	0.59	0.57	0.58	0.62	0.61	0.59	0.59	0.59	0.58	0.58	0.61	0.65	0.64	0.63	0.57	0.61	0.63	0.630
Equity Multiplier	1.59	1.69	1.62	1.58	1.57	1.68	1.60	1.58	1.55	1.68	1.57	1.53	1.51	1.66	1.55	1.52	1.51	1.67	1.57	1.55	1.551

Per Share

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
EPS (Diluted TTM)	$1.00	$0.80	$0.85	$0.85	$0.83	$0.91	$0.93	$0.90	$0.95	$0.92	$0.92	$0.91	$0.88	$0.91	$0.92	$0.94	$1.02	$0.99	$0.99	$1.04	$1.04
Book Value/Share	$5.47	$5.21	$4.98	$5.44	$5.69	$5.17	$5.36	$5.37	$5.70	$4.99	$5.47	$6.03	$6.21	$6.24	$6.01	$5.88	$5.87	$5.62	$5.75	$5.67	$5.73
Tangible Book/Share	$2.33	$1.99	$2.02	$2.29	$2.48	$2.03	$2.24	$2.31	$2.59	$1.95	$2.31	$2.63	$2.83	$2.64	$2.56	$2.51	$2.60	$2.26	$2.44	$2.42	$2.42
Revenue/Share	$4.38	$4.59	$4.71	$4.85	$4.99	$5.03	$5.16	$5.22	$5.20	$5.04	$5.02	$5.10	$5.21	$5.66	$5.83	$5.83	$5.77	$5.64	$5.63	$5.67	$5.69
FCF/Share	$0.85	$0.96	$0.84	$0.86	$0.83	$0.89	$0.80	$0.91	$1.06	$1.18	$1.27	$1.29	$1.30	$1.35	$1.40	$1.38	$1.32	$1.27	$1.41	$1.54	$1.55
OCF/Share	$1.23	$1.44	$1.30	$1.32	$1.30	$1.30	$1.23	$1.31	$1.42	$1.56	$1.64	$1.64	$1.65	$1.65	$1.69	$1.67	$1.60	$1.56	$1.68	$1.80	$1.81
Cash/Share	$1.26	$1.17	$0.90	$0.99	$1.20	$0.97	$0.79	$0.78	$1.11	$1.03	$0.88	$0.97	$1.32	$1.89	$1.29	$1.11	$1.27	$1.30	$1.25	$1.18	$1.18
EBITDA/Share	$1.42	$1.32	$1.37	$1.39	$1.41	$1.46	$1.50	$1.45	$1.53	$1.53	$1.57	$1.63	$1.66	$1.83	$1.87	$1.87	$1.91	$1.85	$1.85	$1.91	$1.91
Debt/Share	$0.20	$0.20	$0.19	$0.23	$0.22	$0.24	$0.25	$0.26	$0.23	$0.22	$0.24	$0.22	$0.21	$0.22	$0.20	$0.20	$0.18	$0.34	$0.20	$0.19	$0.19
Net Debt/Share	$-1.06	$-0.97	$-0.70	$-0.75	$-0.99	$-0.73	$-0.54	$-0.53	$-0.88	$-0.81	$-0.64	$-0.75	$-1.11	$-1.67	$-1.09	$-0.91	$-1.08	$-0.96	$-1.05	$-0.99	$-0.99

Academic Models

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Piotroski F-Score	7	7	7	5	5	6	6	7	7	8	6	7	7	8	8	8	8	6	7	7	7
Beneish M-Score	-2.41	-2.67	-2.46	-2.46	-2.55	-2.05	-2.51	-2.69	-2.70	-2.71	-2.83	-2.69	-2.77	-2.66	-2.28	-2.36	-2.35	-2.70	-2.85	-2.97	-2.971
Ohlson O-Score	snapshot only																				-10.888
ROIC (Greenblatt)	snapshot only																				87.32%
Net-Net WC	snapshot only																				$-0.57
EVA	snapshot only																				$12670329610.45

Credit

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Credit Rating	snapshot only																				A+
Credit Score	82.75	82.75	82.75	82.75	82.75	82.75	82.75	82.75	82.75	82.75	82.75	81.50	81.50	82.75	82.75	82.75	81.50	77.75	77.75	77.75	77.750
Credit Grade	snapshot only																				5
Credit Trend	snapshot only																				-5.000
Implied Spread (bps)	snapshot only																				125.000

ABEV NYSE

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Workforce & Productivity

Scaling Efficiency

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