Brown–Forman vs Anheuser-Busch InBev
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The short version
- Anheuser-Busch InBev is the larger business, with $59.3B of revenue in fiscal 2025 against $3.9B for Brown–Forman, about 15 times as much.
- Brown–Forman turned more of its sales into free cash flow (22.7% FCF margin, against 18.9%).
| Latest fiscal year | BF-B · FY26 | BUD · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.5B | — |
| Revenue | $3.9B | $59.3B |
| Free cash flow | $893M | $11.2B |
| Net income | $715M | $6.8B |
| Growth | ||
| Revenue growth | −1.2% | −0.8% |
| 5-year growth | 2.6% | 4.8% |
| Share count change | −1.3% | — |
| Profitability | ||
| Gross margin | 60.5% | 55.9% |
| Operating margin | 25.5% | 26.0% |
| Net margin | 18.2% | 11.5% |
| FCF margin | 22.7% | 18.9% |
| Return on capital | 12.9% | — |
| Return on equity | 17.9% | 8.3% |
| Balance sheet | ||
| Net debt | $2.2B | — |
| Net debt / EBITDA | 2.0x | — |
| Dividends and buybacks | $827M | $6.8B |
| Valuation & quality | ||
| P/E | 19.0x | — |
| Piotroski F-score | 6 | — |
Revenue
FY17
BF-B $3.0B
BUD $54.9B
FY18
BF-B $3.2B
BUD $53.0B
FY19
BF-B $3.3B
BUD $52.3B
FY20
BF-B $3.4B
BUD $46.9B
FY21
BF-B $3.5B
BUD $54.3B
FY22
BF-B $3.9B
BUD $57.8B
FY23
BF-B $4.2B
BUD $59.4B
FY24
BF-B $4.2B
BUD $59.8B
FY25
BF-B $4.0B
BUD $59.3B
FY26
BF-B $3.9B
BUD —
BF-B
BUD
Operating margin
FY17
BF-B 33.7%
BUD 30.0%
FY18
BF-B 32.3%
BUD 31.0%
FY19
BF-B 34.4%
BUD 30.8%
FY20
BF-B 32.4%
BUD 20.5%
FY21
BF-B 33.7%
BUD 25.5%
FY22
BF-B 30.6%
BUD 25.1%
FY23
BF-B 26.7%
BUD 23.5%
FY24
BF-B 33.8%
BUD 25.9%
FY25
BF-B 27.9%
BUD 26.0%
FY26
BF-B 25.5%
BUD —
BF-B
BUD
Free cash flow
FY17
BF-B $544M
BUD $10.2B
FY18
BF-B $526M
BUD $10.1B
FY19
BF-B $681M
BUD $8.9B
FY20
BF-B $611M
BUD $7.1B
FY21
BF-B $755M
BUD $9.2B
FY22
BF-B $798M
BUD $8.1B
FY23
BF-B $457M
BUD $8.6B
FY24
BF-B $419M
BUD $11.2B
FY25
BF-B $431M
BUD $11.2B
FY26
BF-B $893M
BUD —
BF-B
BUD
Return on capital
FY17
BF-B 23.6%
BUD —
FY18
BF-B 22.1%
BUD —
FY19
BF-B 24.7%
BUD —
FY20
BF-B 23.3%
BUD —
FY21
BF-B 24.5%
BUD —
FY22
BF-B 22.1%
BUD —
FY23
BF-B 17.5%
BUD —
FY24
BF-B 18.6%
BUD —
FY25
BF-B 14.3%
BUD —
FY26
BF-B 12.9%
BUD —
BF-B
BUD
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.