Anheuser-Busch Companies, LLC (BUD) Valuation Ratios - Annual

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Stock Price	61	50.1	64.6	60	60.6	69.9	82	65.8	111.6	105.4	125
Total Shares Outstanding	2,019.2	1,975.4	1,983.8	1,983.8	1,981	1,972.2	1,959.4	1,956.7	1,933.6	1,933.7	1,606.3
Market Cap	123,113.2	98,909.9	128,195	119,106.5	119,951	137,880	160,747.5	128,771.4	215,716.6	203,889.5	200,792.8
Total Enterprise Value (TEV)	123,113.2	168,697.9	202,804	198,879.5	205,573	228,042	259,880.5	236,125.4	320,641.6	313,862.5	240,950.8
Dividend Yield	—	2.7%	2.3%	2%	1.9%	1.3%	3.1%	6.1%	4.2%	4.7%	4%
Buyback Yield	—	0.9%	0.3%	—	—	—	-3.5%	—	—	—	0.5%
Debt Paydown Yield	—	4.7%	2.9%	6.5%	7.5%	6.3%	5.3%	4%	4.8%	-30.7%	-0.2%
Shareholder Yield	—	5.7%	3.2%	6.6%	7.6%	6.4%	1.8%	4.1%	4.8%	-30.7%	0.3%
P/S	2.1	1.7	2.2	2.1	2.2	2.9	3.1	2.4	3.9	4.5	4.6
P/Gross Profit	3.8	3	4	3.8	3.8	5.1	5	3.9	6.4	7.4	7.6
P/E	19.9	17.5	24.9	20.6	26.6	101.3	18.1	30.3	30.2	148.5	25.2
Earnings Yield	5%	5.7%	4%	4.8%	3.8%	1%	5.5%	3.3%	3.3%	0.7%	4%
P/OCF	—	6.6	9.7	9	8.1	12.7	11.5	8.5	14.5	20.2	14.2
P/FCF	—	8.8	14.9	14.6	13.1	19.4	18.1	12.8	21.1	39.7	21.4
FCF Yield	—	11.3%	6.7%	6.8%	7.6%	5.2%	5.5%	7.8%	4.7%	2.5%	4.7%
P/B	—	1.3	1.6	1.6	1.7	2	2.1	2	3	2.9	4.8
EV/Sales	2.1	2.8	3.4	3.4	3.8	4.9	5	4.5	5.8	6.9	5.5
EV/Gross Profit	3.8	5.1	6.3	6.3	6.6	8.4	8.1	7.1	9.5	11.3	9.1
EV/EBITDA	5	8	10.5	10.1	10.9	15.8	12.5	11.2	15.2	19.2	14.1
EV/EBIT	5	10.9	14.5	13.7	14.9	23.7	16.1	14.4	19.5	24.4	17.3
EV/OCF	—	11.2	15.3	15	13.9	20.9	18.5	15.7	21.5	31	17.1
EV/FCF	—	15.1	23.5	24.4	22.4	32.1	29.3	23.5	31.3	61.2	25.7

Dividends

Dividends	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Dividend Yield	—	2.7%	2.3%	2%	1.9%	1.3%	3.1%	6.1%	4.2%	4.7%	4%
DPS	—	1.3	1.5	1.2	1.2	0.9	2.6	4	4.7	4.9	5
Payout Ratio	—	45.6%	56.4%	40.9%	50.6%	128.1%	54.7%	177.6%	116.1%	680.9%	96.3%

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Gross Profit Margin	55.9%	55.3%	53.9%	54.5%	57.5%	58.1%	61.1%	62.4%	61.8%	60.9%	60.7%
Operating Margin	42.3%	25.9%	23.5%	25.1%	25.5%	20.5%	30.8%	30.9%	30%	28.3%	31.9%
EBITDA Margin	42.3%	35.2%	32.6%	33.9%	34.8%	30.8%	39.7%	39.7%	38.4%	35.9%	39.1%
Net Profit Margin	13.3%	12.4%	11.6%	13.1%	11.3%	0.3%	19.1%	9.7%	15.7%	6%	22.6%
Effective Tax Rate	14.9%	29.8%	24.5%	20.2%	27.8%	92.9%	21.8%	33.4%	16.2%	37.2%	20.8%
Pre-Tax Profit Margin	34.2%	17.7%	15.4%	16.5%	15.6%	4.4%	24.4%	14.6%	18.7%	9.5%	28.6%
Free Cash Flow Margin	—	18.7%	14.5%	14.1%	16.9%	15.2%	16.9%	19%	18.7%	11.3%	21.5%
OCF / Sales	—	25.2%	22.3%	23%	27.3%	23.2%	26.8%	28.4%	27.2%	22.2%	32.4%
OCF / Net Income	—	203%	192.5%	175%	242.1%	7,408.8%	140.5%	292.1%	173.4%	371.6%	143.1%
FCF / OCF	—	74.3%	65%	61.2%	61.9%	65.3%	63.1%	66.8%	68.6%	50.8%	66.4%
FCF / Net Income	—	150.9%	125.2%	107.1%	149.8%	4,836.7%	88.7%	195.1%	119%	188.6%	95%
FCF / EBITDA	—	53.2%	44.5%	41.5%	48.5%	49.2%	42.7%	47.8%	48.6%	31.4%	54.9%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Return on Invested Capital	—	5.4%	5.2%	5.8%	4.9%	0.3%	5.6%	4.7%	3.8%	2.6%	8.5%
Return on Assets	20.4%	5.1%	4.9%	5.4%	4.5%	0.3%	5.4%	4.6%	3.6%	2.5%	7.9%
Return on Equity	17.6%	8.2%	7.8%	9.3%	7.8%	0.2%	12.8%	6.8%	10.6%	4.3%	19.7%
Return on Total Capital	—	12.8%	11.8%	12.1%	9.6%	0.6%	11.2%	9.3%	11.3%	9.3%	22.3%
Return on Capital Employed	—	8.7%	7.7%	8%	7.3%	4.9%	8%	8%	5.1%	4.8%	12.6%
Return on Tangible Assets	—	12.7%	11.4%	12.5%	9.8%	0.2%	16.4%	9%	8.1%	2.8%	24.1%
Receivables Turnover	22.2	10.6	10.5	11.1	11	8.5	8.3	8.2	5.7	5.3	9.5
Days Sales Outstanding	16.4	34.5	34.9	32.8	33.2	42.9	43.8	44.5	64.2	68.9	38.4
Payables Turnover	2.2	1.1	1	1	1	0.9	0.9	0.8	0.9	0.9	1
Days Payables Outstanding	168.1	339.7	348.6	359.3	382.4	426	407.2	433.3	416.3	417.7	378.8
Inventory Turnover	10.3	5	4.5	4.4	4.7	4.4	4.7	4.8	3.5	3.3	5.9
Days Inventory Outstanding	35.5	72.4	81.2	83.3	78.1	82.8	77.6	76.5	103.7	109.3	62.2
Cash Conversion Cycle	-116.2	-232.9	-232.5	-243.2	-271.1	-300.3	-285.8	-312.3	-248.4	-239.5	-278.3
Asset Turnover	0.6	0.3	0.3	0.3	0.2	0.2	0.2	0.2	0.1	0.1	0.3
Fixed Asset Turnover	5	2.4	2.2	2.2	2	1.7	1.9	1.9	1.4	1.3	2.2
Operating Cycle	51.9	106.8	116.1	116.1	111.3	125.7	121.4	121	168	178.3	100.5
CapEx to OCF	—	0.3	0.3	0.4	0.4	0.3	0.4	0.3	0.3	0.5	0.3
CapEx to Revenue	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
CapEx to Depreciation	—	0.7	0.9	1	1.1	0.8	1.1	1.1	1	1.4	1.5

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Debt	—	70,720	74,180	78,963	87,422	95,483	97,632	107,111	109,066	114,125	43,554
Net Debt	—	59,325	63,781	68,893	74,951	79,835	90,302	99,950	97,290	99,887	36,576
Current Ratio	—	0.7	0.6	0.7	0.7	0.8	0.8	0.5	0.7	1.1	0.6
Quick Ratio	—	0.5	0.4	0.4	0.5	0.6	0.4	0.4	0.5	0.3	0.4
Cash Ratio	—	0.3	0.3	0.3	0.4	0.5	0.2	0.2	0.3	0.2	0.2
Debt Ratio	—	0.3	0.3	0.4	0.4	0.4	0.4	0.5	0.4	0.2	0.3
Assets to Equity	—	2.3	2.4	2.5	2.7	2.9	2.8	3.3	3.1	6.3	2.9
Cash Flow to Debt Ratio	—	0.2	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.3
Long-term Debt to Assets	—	0.3	0.3	0.4	0.4	0.4	0.4	0.5	0.4	0.2	0.3
Intangibles to Total Assets	—	0.7	0.7	0.7	0.7	0.7	0.7	0.8	0.8	0.7	0.7
Net Current Asset Value	—	-105,401	-114,125	-116,359	-125,010	-131,867	-132,112	-151,102	-149,581	-276,126	-74,204
Goodwill / Assets	—	0.5	0.5	0.5	0.5	0.5	0.5	0.6	0.6	0.5	0.5
Debt / Equity	—	0.8	0.8	0.9	1.1	1.2	1.2	1.5	1.4	1.4	1
Total Debt / Capitalization	—	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
Long Term Debt / Capitalization	—	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
Long-Term Debt / Equity	—	0.8	0.8	0.9	1.1	1.2	1.2	1.5	1.4	1.4	1
Net Debt / EBITDA	—	2.8	3.3	3.5	4	5.5	4.4	4.8	4.6	6.1	2.1
EBIT / Interest Expense	6.5	1.3	1.2	1.5	1.2	0.6	1.7	0.9	1.2	0.7	3
EBITDA / Interest Expense	6.5	1.8	1.7	2	1.6	0.9	2.2	1.2	1.5	0.9	3.7
(EBITDA - Capex) / Interest Expense	6.5	1.5	1.3	1.4	1.1	0.7	1.6	0.9	1.2	0.6	2.7

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Revenue per Share	29.4	29.2	28.9	28.2	26.6	23	26.7	27.3	27.3	25.9	27.2
Basic EPS	3.1	2.9	2.7	3	2.3	0.7	4.6	2.2	3.8	0.7	5.1
Diluted EPS	3.1	2.9	2.6	2.9	2.3	0.7	4.5	2.2	3.7	0.7	5
Book Value per Share	—	38.3	39.8	35.8	33.6	33.4	38.7	33.2	36.1	40.6	26.3
Tangible Book Value per Share	—	-35.4	-37.2	-38.9	-42.8	-46.4	-48.4	-58.4	-56.8	-165.5	-32.8
Cash per Share	—	5.6	5.1	4.9	6.1	7.7	3.7	3.7	5.9	8.1	4.3
Operating Cash Flow per Share	—	7.4	6.5	6.5	7.2	5.3	7.2	7.7	7.4	5.8	8.8
Free Cash Flow per Share	—	5.5	4.2	4	4.5	3.5	4.5	5.2	5.1	2.9	5.8
CapEx per Share	—	1.9	2.3	2.5	2.8	1.9	2.6	2.6	2.3	2.8	3
Weighted Avg. Shares Outstanding	1,993	2,003	2,016	2,013	2,007	1,998	1,958.5	1,945.2	1,971	1,717	1,604.5
Weighted Avg. Shares Outstanding Diluted	1,993	2,044	2,054	2,050	2,045	2,037	1,958.5	1,945.2	2,010	1,755	1,604.5

Common Size

Common Size	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15	Dec '14	Dec '13	Dec '12
SG&A to Revenue	15.6%	30.7%	30.6%	30.4%	32.4%	32.8%	31.4%	31.7%	32.4%	33.3%	31.5%
Stock-based Comp to Revenue	—	1.1%	1%	0.8%	0.9%	0.4%	0.6%	0.6%	0.6%	0.5%	0.5%