MeritValue

Anheuser-Busch InBev SA/NV

BUDdata completeness 100%11 fiscal years on file

Data notes: no data for concept 'interestExpense'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$54.3B1$57.8B2$59.4B3$59.8B3$59.3B3
Net income$4.67B4$5.97B5$5.34B6$5.86B6$6.84B6
Operating cash flow$14.8B7$13.3B8$13.3B9$15.1B9$14.9B9
Capital expenditure$5.64B10$5.16B11$4.64B12$3.86B12$3.66B12
Free cash flow (derived)$9.16B7$8.14B8$8.63B9$11.2B9$11.2B9
Total debt———$72.2B13$73B13
Cash & equivalents$12.1B14$9.97B15$10.3B16$11.2B17$11.6B17
Diluted shares1.74B1.74B1.74B1.80B1.80B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
5.6e-7%
of the whole company
Your share of last year’s profit
$38.04
Your share of its debt
$406.26
Your share of free cash flow
$62.47
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$163.16
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth11.2%
  • fcfBase$11.2B
DCF · Growth Exit 5Y
$112.72
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth11.2%
  • fcfBase$11.2B
Earnings Power Value
$34.33
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$5.86B
  • growthAssumed0.0%
Graham Number
$60.87
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years11.2%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $112.72

Default growth 11.2%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001193125-24-064823 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001193125-25-052976 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001193125-26-088105 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001193125-24-064823 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001193125-25-052976 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-12-31 · accession 0001193125-26-088105 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0001193125-24-064823 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001193125-25-052976 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001193125-26-088105 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001193125-24-064823 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001193125-25-052976 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001193125-26-088105 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2024-12-31 · accession 0001193125-26-088105 (Borrowings)
  14. 20-F · period ending 2021-12-31 · accession 0001193125-23-073993 (CashAndCashEquivalents)
  15. 20-F · period ending 2022-12-31 · accession 0001193125-24-064823 (CashAndCashEquivalents)
  16. 20-F · period ending 2023-12-31 · accession 0001193125-25-052976 (CashAndCashEquivalents)
  17. 20-F · period ending 2024-12-31 · accession 0001193125-26-088105 (CashAndCashEquivalents)