Anheuser-Busch InBev vs Constellation Brands
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The short version
- Anheuser-Busch InBev is the larger business, with $59.3B of revenue in fiscal 2025 against $9.1B for Constellation Brands, about 6.5 times as much.
- Anheuser-Busch InBev grew revenue faster (−0.8%, against −10.5%).
- Constellation Brands kept more of each dollar of sales as operating profit (29.8% operating margin, against 26.0%).
- Constellation Brands turned more of its sales into free cash flow (19.6% FCF margin, against 18.9%).
| Latest fiscal year | BUD · FY25 | STZ · FY26 |
|---|---|---|
| Size | ||
| Market cap | — | — |
| Revenue | $59.3B | $9.1B |
| Free cash flow | $11.2B | $1.8B |
| Net income | $6.8B | $1.7B |
| Growth | ||
| Revenue growth | −0.8% | −10.5% |
| 5-year growth | 4.8% | 1.2% |
| Share count change | — | — |
| Profitability | ||
| Gross margin | 55.9% | 51.6% |
| Operating margin | 26.0% | 29.8% |
| Net margin | 11.5% | 18.5% |
| FCF margin | 18.9% | 19.6% |
| Return on capital | — | 10.7% |
| Return on equity | 8.3% | 22.5% |
| Balance sheet | ||
| Net debt | — | $10.5B |
| Net debt / EBITDA | — | 3.3x |
| Dividends and buybacks | $6.8B | $1.6B |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | — | — |
Revenue
FY17
BUD $54.9B
STZ $7.3B
FY18
BUD $53.0B
STZ $7.6B
FY19
BUD $52.3B
STZ $8.1B
FY20
BUD $46.9B
STZ $8.3B
FY21
BUD $54.3B
STZ $8.6B
FY22
BUD $57.8B
STZ $8.8B
FY23
BUD $59.4B
STZ $9.5B
FY24
BUD $59.8B
STZ $10.0B
FY25
BUD $59.3B
STZ $10.2B
FY26
BUD —
STZ $9.1B
BUD
STZ
Operating margin
FY17
BUD 30.0%
STZ 32.6%
FY18
BUD 31.0%
STZ 30.1%
FY19
BUD 30.8%
STZ 29.7%
FY20
BUD 20.5%
STZ 25.8%
FY21
BUD 25.5%
STZ 32.4%
FY22
BUD 25.1%
STZ 26.4%
FY23
BUD 23.5%
STZ 30.1%
FY24
BUD 25.9%
STZ 31.8%
FY25
BUD 26.0%
STZ 3.5%
FY26
BUD —
STZ 29.8%
BUD
STZ
Free cash flow
FY17
BUD $10.2B
STZ $789M
FY18
BUD $10.1B
STZ $874M
FY19
BUD $8.9B
STZ $1.4B
FY20
BUD $7.1B
STZ $1.8B
FY21
BUD $9.2B
STZ $1.9B
FY22
BUD $8.1B
STZ $1.7B
FY23
BUD $8.6B
STZ $1.7B
FY24
BUD $11.2B
STZ $1.5B
FY25
BUD $11.2B
STZ $1.9B
FY26
BUD —
STZ $1.8B
BUD
STZ
Return on capital
FY17
BUD —
STZ 11.7%
FY18
BUD —
STZ 13.3%
FY19
BUD —
STZ 9.1%
FY20
BUD —
STZ 6.7%
FY21
BUD —
STZ 9.2%
FY22
BUD —
STZ 5.1%
FY23
BUD —
STZ 6.6%
FY24
BUD —
STZ 11.7%
FY25
BUD —
STZ 1.4%
FY26
BUD —
STZ 10.7%
BUD
STZ
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.