Anheuser-Busch InBev vs Constellation Brands
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KIRA’s take AI analyst
I put Anheuser-Busch InBev and Constellation Brands side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
Anheuser-Busch InBev
BUD
3/7
Revenue growth5-year growthGross margin
Constellation Brands
STZ
4/7
Operating marginNet marginFCF marginReturn on equity
Side by side
Best in the row
| 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 | — | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.