# Beverages - Brewers — company-by-company sector analysis

> Beverages - Brewers: Anheuser-Busch InBev SA/NV owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Beverages - Brewers has underperformed S&P 500 by 6% over 52 weeks and 2% over 13 weeks. 1 of 4 covered companies beat the S&P 500 on Mansfield relative strength, while 1 of 4 beat the sector itself. Anheuser-Busch InBev SA/NV leads with revenue of $60,959 million, based on 3 of 4 comparable companies through Mar 2026.

### Is the Beverages - Brewers sector outperforming S&P 500?

Beverages - Brewers has underperformed S&P 500 by 6% over 52 weeks and 2% over 13 weeks. 1 of 4 covered companies beat the S&P 500 on Mansfield relative strength, while 1 of 4 beat the sector itself.

### Which Beverages - Brewers company is largest by revenue?

Anheuser-Busch InBev SA/NV leads with revenue of $60,959 million, based on 3 of 4 comparable companies through Mar 2026.

### Which Beverages - Brewers company is growing fastest?

Anheuser-Busch InBev SA/NV has the fastest current revenue growth at 3.6%, across 3 of 4 comparable companies.

### Which Beverages - Brewers company has the strongest 4-Factor Sector Score?

Anheuser-Busch InBev SA/NV ranks first at 54.2/100 with 79% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Beverages - Brewers company reports the most CAPEX?

Anheuser-Busch InBev SA/NV reports the largest latest CAPEX at $1,126 million, with 4 of 4 companies comparable.

### Which Beverages - Brewers company has the least gross debt?

The Boston Beer Company, Inc. has the lowest comparable gross debt at $32 million. Anheuser-Busch InBev SA/NV has the highest at $73,027 million.

### Which Beverages - Brewers company has the lowest comparable PEG?

Anheuser-Busch InBev SA/NV has the lowest comparable Guarded PEG at 3.11, among 1 of 4 companies that pass the metric’s comparability rules.

### How much history does this Beverages - Brewers comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Beverages - Brewers has underperformed S&P 500 by 6% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 2%. 1 of 4 covered companies currently beats the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Anheuser-Busch InBev SA/NV is the strongest against the sector itself at +14.2%.

13-week sector return versus NIFTY 500: -2.0%
52-week sector return versus NIFTY 500: -6.0%
Stocks leading NIFTY: 1/4
Stocks leading sector: 1/4

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 4
Combined market value: ₹2.0 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Anheuser-Busch InBev SA/NV (BUD): 54/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 17.4/35 | Capital efficiency 11.8/25 | Valuation 5.0/20 | Relative strength 20.0/20
   - Exact sum: 17.4 + 11.8 + 5 + 20 = 54.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 10.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
2. Molson Coors Beverage Company (TAP): 40/100 — Mixed-negative evidence; evidence 69%
   - Growth & earnings 14.5/35 | Capital efficiency 9.9/25 | Valuation 10.0/20 | Relative strength 6.0/20
   - Exact sum: 14.5 + 9.9 + 10 + 6 = 40.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Constellation Brands, Inc. (STZ): 38/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 18.8/35 | Capital efficiency 9.6/25 | Valuation 10.0/20 | Relative strength 0.0/20
   - Exact sum: 18.8 + 9.6 + 10 + 0 = 38.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. The Boston Beer Company, Inc. (SAM): 31/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 13.2/35 | Capital efficiency 8.1/25 | Valuation 10.0/20 | Relative strength 0.0/20
   - Exact sum: 13.2 + 8.1 + 10 + 0 = 31.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Anheuser-Busch InBev SA/NV is the scale leader at $60,959 million, 573.1% ahead of Constellation Brands, Inc.. Anheuser-Busch InBev SA/NV's growth is 3.6% from a $60,959 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Anheuser-Busch InBev SA/NV is the scale benchmark; Anheuser-Busch InBev SA/NV is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Anheuser-Busch InBev SA/NV's growth falls below Anheuser-Busch InBev SA/NV's for two consecutive comparable reports while operating margin also compresses.

Evidence: Anheuser-Busch InBev SA/NV · $60,959 million | 573.1% versus #2 · Constellation Brands, Inc. | 5/8 recent comparable periods | 3/4 companies · 76 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Anheuser-Busch InBev SA/NV (BUD): ₹61.0K Cr
2. Constellation Brands, Inc. (STZ): ₹9.1K Cr
3. Molson Coors Beverage Company (TAP): ₹8.9K Cr

### Revenue growth — fastest growers
1. Anheuser-Busch InBev SA/NV (BUD): 3.6%
2. Molson Coors Beverage Company (TAP): -8.7%
3. Constellation Brands, Inc. (STZ): -10.0%

### 20-quarter Revenue history
- BUD: Sep 2021 ₹14.3K Cr | Dec 2021 ₹14.2K Cr | Mar 2022 ₹13.2K Cr | Jun 2022 ₹14.8K Cr | Sep 2022 ₹15.1K Cr | Dec 2022 ₹14.7K Cr | Mar 2023 ₹14.2K Cr | Jun 2023 ₹15.1K Cr | Sep 2023 ₹15.6K Cr | Dec 2023 ₹14.5K Cr | Mar 2024 ₹14.5K Cr | Jun 2024 ₹15.3K Cr | Sep 2024 ₹15.0K Cr | Dec 2024 ₹14.8K Cr | Mar 2025 ₹13.6K Cr | Jun 2025 ₹15.0K Cr | Sep 2025 ₹15.1K Cr | Dec 2025 ₹15.6K Cr | Mar 2026 ₹15.3K Cr | Jun 2026 —
- STZ: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 ₹2.4K Cr
- TAP: Sep 2021 ₹2.2K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹4.9K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- SAM: Sep 2021 ₹562 Cr | Dec 2021 ₹348 Cr | Mar 2022 ₹430 Cr | Jun 2022 ₹616 Cr | Sep 2022 ₹596 Cr | Dec 2022 ₹448 Cr | Mar 2023 — | Jun 2023 ₹410 Cr | Sep 2023 ₹603 Cr | Dec 2023 ₹394 Cr | Mar 2024 ₹426 Cr | Jun 2024 ₹579 Cr | Sep 2024 ₹605 Cr | Dec 2024 ₹402 Cr | Mar 2025 ₹454 Cr | Jun 2025 ₹588 Cr | Sep 2025 ₹537 Cr | Dec 2025 ₹386 Cr | Mar 2026 ₹434 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- BUD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.3% | Sep 2022 5.7% | Dec 2022 3.3% | Mar 2023 7.4% | Jun 2023 2.2% | Sep 2023 3.2% | Dec 2023 -1.3% | Mar 2024 2.4% | Jun 2024 1.4% | Sep 2024 -3.4% | Dec 2024 2.5% | Mar 2025 -6.3% | Jun 2025 -2.2% | Sep 2025 0.6% | Dec 2025 4.8% | Mar 2026 12% | Jun 2026 —
- STZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12% | Dec 2022 5.0% | Mar 2023 -5.0% | Jun 2023 6.4% | Sep 2023 6.9% | Dec 2023 1.4% | Mar 2024 7.1% | Jun 2024 5.8% | Sep 2024 2.9% | Dec 2024 -0.3% | Mar 2025 1.2% | Jun 2025 -5.5% | Sep 2025 -15% | Dec 2025 -9.8% | Mar 2026 -11% | Jun 2026 -3.3%
- TAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.3% | Sep 2022 -4.6% | Dec 2022 15% | Mar 2023 -2.1% | Jun 2023 8.7% | Sep 2023 14% | Dec 2023 -57% | Mar 2024 11% | Jun 2024 32% | Sep 2024 -7.3% | Dec 2024 -9.5% | Mar 2025 20% | Jun 2025 -28% | Sep 2025 -5.1% | Dec 2025 6.4% | Mar 2026 2.0% | Jun 2026 —
- SAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.2% | Sep 2022 6.1% | Dec 2022 29% | Mar 2023 — | Jun 2023 -33% | Sep 2023 1.2% | Dec 2023 -12% | Mar 2024 — | Jun 2024 41% | Sep 2024 0.3% | Dec 2024 2.0% | Mar 2025 6.6% | Jun 2025 1.6% | Sep 2025 -11% | Dec 2025 -4.0% | Mar 2026 -4.4% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Constellation Brands, Inc. leads both opm at 34.7% and margin change at +6.3 percentage points.

Investor read: Constellation Brands, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Constellation Brands, Inc. · 34.7% | 28% versus #2 · Anheuser-Busch InBev SA/NV | 3/8 recent comparable periods | 4/4 companies · 76 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Constellation Brands, Inc. (STZ): 35%
2. Anheuser-Busch InBev SA/NV (BUD): 27%
3. Molson Coors Beverage Company (TAP): 11%
4. The Boston Beer Company, Inc. (SAM): -44%

### Margin change — fastest expanders
1. Constellation Brands, Inc. (STZ): +6.3 pp
2. Molson Coors Beverage Company (TAP): +2.9 pp
3. Anheuser-Busch InBev SA/NV (BUD): +1.1 pp
4. The Boston Beer Company, Inc. (SAM): −51.3 pp

### 20-quarter OPM history
- BUD: Sep 2021 28% | Dec 2021 23% | Mar 2022 24% | Jun 2022 26% | Sep 2022 26% | Dec 2022 25% | Mar 2023 24% | Jun 2023 23% | Sep 2023 24% | Dec 2023 23% | Mar 2024 25% | Jun 2024 25% | Sep 2024 26% | Dec 2024 28% | Mar 2025 26% | Jun 2025 26% | Sep 2025 28% | Dec 2025 23% | Mar 2026 27% | Jun 2026 —
- STZ: Sep 2021 31% | Dec 2021 36% | Mar 2022 32% | Jun 2022 35% | Sep 2022 31% | Dec 2022 31% | Mar 2023 23% | Jun 2023 30% | Sep 2023 35% | Dec 2023 32% | Mar 2024 29% | Jun 2024 35% | Sep 2024 -42% | Dec 2024 32% | Mar 2025 -6.9% | Jun 2025 28% | Sep 2025 35% | Dec 2025 31% | Mar 2026 23% | Jun 2026 35%
- TAP: Sep 2021 19% | Dec 2021 10% | Mar 2022 10% | Jun 2022 3.9% | Sep 2022 11% | Dec 2022 -7.1% | Mar 2023 6.7% | Jun 2023 15% | Sep 2023 18% | Dec 2023 7.1% | Mar 2024 12% | Jun 2024 18% | Sep 2024 15% | Dec 2024 14% | Mar 2025 8.1% | Jun 2025 18% | Sep 2025 -115% | Dec 2025 12% | Mar 2026 11% | Jun 2026 —
- SAM: Sep 2021 -14% | Dec 2021 -21% | Mar 2022 -0.5% | Jun 2022 12% | Sep 2022 6.4% | Dec 2022 -3.8% | Mar 2023 — | Jun 2023 -3.4% | Sep 2023 13% | Dec 2023 -6.6% | Mar 2024 3.6% | Jun 2024 12% | Sep 2024 7.6% | Dec 2024 -14% | Mar 2025 7.4% | Jun 2025 14% | Sep 2025 12% | Dec 2025 -8.6% | Mar 2026 -44% | Jun 2026 —

### 20-quarter Margin change history
- BUD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −34.6 pp | Sep 2022 −1.9 pp | Dec 2022 +1.3 pp | Mar 2023 +0.1 pp | Jun 2023 −2.5 pp | Sep 2023 −2.2 pp | Dec 2023 −1.7 pp | Mar 2024 +0.5 pp | Jun 2024 +1.7 pp | Sep 2024 +2.8 pp | Dec 2024 +4.6 pp | Mar 2025 +1.2 pp | Jun 2025 +1.5 pp | Sep 2025 +1.8 pp | Dec 2025 −4.2 pp | Mar 2026 +1.1 pp | Jun 2026 —
- STZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 −5.6 pp | Mar 2023 −8.8 pp | Jun 2023 −4.1 pp | Sep 2023 +3.9 pp | Dec 2023 +1.7 pp | Mar 2024 +6.0 pp | Jun 2024 +5.0 pp | Sep 2024 −76.6 pp | Dec 2024 −0.1 pp | Mar 2025 −36.3 pp | Jun 2025 −7.0 pp | Sep 2025 +77.3 pp | Dec 2025 −1.1 pp | Mar 2026 +29.9 pp | Jun 2026 +6.3 pp
- TAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −15.9 pp | Sep 2022 −7.6 pp | Dec 2022 −17.4 pp | Mar 2023 −3.4 pp | Jun 2023 +11.1 pp | Sep 2023 +6.8 pp | Dec 2023 +14.2 pp | Mar 2024 +5.4 pp | Jun 2024 +3.4 pp | Sep 2024 −3.2 pp | Dec 2024 +7.1 pp | Mar 2025 −4.0 pp | Jun 2025 −0.2 pp | Sep 2025 −130.2 pp | Dec 2025 −2.0 pp | Mar 2026 +2.9 pp | Jun 2026 —
- SAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.7 pp | Sep 2022 +19.9 pp | Dec 2022 +17.2 pp | Mar 2023 — | Jun 2023 −15.0 pp | Sep 2023 +6.6 pp | Dec 2023 −2.8 pp | Mar 2024 — | Jun 2024 +15.6 pp | Sep 2024 −5.4 pp | Dec 2024 −7.3 pp | Mar 2025 +3.8 pp | Jun 2025 +1.8 pp | Sep 2025 +3.9 pp | Dec 2025 +5.3 pp | Mar 2026 −51.3 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Anheuser-Busch InBev SA/NV leads with $8,910 million of TTM profit, 367.7% above Constellation Brands, Inc.. Anheuser-Busch InBev SA/NV shows 5.1% growth from a $8,910 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Anheuser-Busch InBev SA/NV sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Anheuser-Busch InBev SA/NV · $8,910 million | 367.7% versus #2 · Constellation Brands, Inc. | 6/8 recent comparable periods | 3/4 companies · 76 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Anheuser-Busch InBev SA/NV (BUD): ₹8.9K Cr
2. Constellation Brands, Inc. (STZ): ₹1.9K Cr
3. Molson Coors Beverage Company (TAP): ₹-1.5K Cr

### Profit growth — fastest growers
1. Anheuser-Busch InBev SA/NV (BUD): 5.1%
2. Molson Coors Beverage Company (TAP): -265%

### 20-quarter Net profit history
- BUD: Sep 2021 ₹695 Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹499 Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹607 Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- STZ: Sep 2021 ₹12 Cr | Dec 2021 ₹481 Cr | Mar 2022 ₹406 Cr | Jun 2022 ₹399 Cr | Sep 2022 ₹-1.1K Cr | Dec 2022 ₹480 Cr | Mar 2023 ₹223 Cr | Jun 2023 ₹139 Cr | Sep 2023 ₹701 Cr | Dec 2023 ₹521 Cr | Mar 2024 ₹404 Cr | Jun 2024 ₹893 Cr | Sep 2024 ₹-1.2K Cr | Dec 2024 ₹629 Cr | Mar 2025 ₹-371 Cr | Jun 2025 ₹524 Cr | Sep 2025 ₹486 Cr | Dec 2025 ₹522 Cr | Mar 2026 ₹225 Cr | Jun 2026 ₹672 Cr
- TAP: Sep 2021 ₹358 Cr | Dec 2021 ₹279 Cr | Mar 2022 ₹110 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹158 Cr | Dec 2022 ₹-478 Cr | Mar 2023 ₹54 Cr | Jun 2023 ₹261 Cr | Sep 2023 ₹318 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹155 Cr | Jun 2024 ₹425 Cr | Sep 2024 ₹169 Cr | Dec 2024 ₹205 Cr | Mar 2025 ₹123 Cr | Jun 2025 ₹312 Cr | Sep 2025 ₹-2.1K Cr | Dec 2025 ₹128 Cr | Mar 2026 ₹150 Cr | Jun 2026 —
- SAM: Sep 2021 ₹-58 Cr | Dec 2021 ₹-52 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹-11 Cr | Mar 2023 — | Jun 2023 ₹-9 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹-18 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹-39 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹-23 Cr | Mar 2026 ₹-145 Cr | Jun 2026 —

### 20-quarter Profit growth history
- BUD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.5% | Sep 2022 163% | Dec 2022 41% | Mar 2023 310% | Jun 2023 -69% | Sep 2023 7.7% | Dec 2023 -31% | Mar 2024 -27% | Jun 2024 188% | Sep 2024 27% | Dec 2024 -26% | Mar 2025 71% | Jun 2025 16% | Sep 2025 -38% | Dec 2025 41% | Mar 2026 17% | Jun 2026 —
- STZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -9,608% | Dec 2022 -0.2% | Mar 2023 -45% | Jun 2023 -65% | Sep 2023 — | Dec 2023 8.5% | Mar 2024 81% | Jun 2024 542% | Sep 2024 -269% | Dec 2024 21% | Mar 2025 -192% | Jun 2025 -41% | Sep 2025 — | Dec 2025 -17% | Mar 2026 — | Jun 2026 28%
- TAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -88% | Sep 2022 -56% | Dec 2022 -271% | Mar 2023 -51% | Jun 2023 605% | Sep 2023 101% | Dec 2023 — | Mar 2024 187% | Jun 2024 63% | Sep 2024 -47% | Dec 2024 156% | Mar 2025 -21% | Jun 2025 -27% | Sep 2025 -1,348% | Dec 2025 -38% | Mar 2026 22% | Jun 2026 —
- SAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -10% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -117% | Sep 2023 115% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -41% | Dec 2024 — | Mar 2025 85% | Jun 2025 15% | Sep 2025 35% | Dec 2025 — | Mar 2026 -704% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Anheuser-Busch InBev SA/NV reports $1,126 million of CAPEX; Molson Coors Beverage Company has the highest covered intensity at 9.9%. Coverage is only 4 of 4 companies and 76 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Anheuser-Busch InBev SA/NV · $1,126 million | 385.3% versus #2 · Molson Coors Beverage Company | 8/8 recent comparable periods | 4/4 companies · 76 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Anheuser-Busch InBev SA/NV (BUD): ₹1.1K Cr
2. Molson Coors Beverage Company (TAP): ₹232 Cr
3. Constellation Brands, Inc. (STZ): ₹177 Cr
4. The Boston Beer Company, Inc. (SAM): ₹11 Cr

### CAPEX intensity — highest reinvestment intensity
1. Molson Coors Beverage Company (TAP): 9.9%
2. Constellation Brands, Inc. (STZ): 7.3%
3. Anheuser-Busch InBev SA/NV (BUD): 7.2%
4. The Boston Beer Company, Inc. (SAM): 2.8%

### 20-quarter CAPEX history
- BUD: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹868 Cr | Jun 2024 ₹868 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹702 Cr | Jun 2025 ₹702 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 — | Jun 2026 —
- STZ: Sep 2021 ₹240 Cr | Dec 2021 ₹245 Cr | Mar 2022 ₹428 Cr | Jun 2022 ₹197 Cr | Sep 2022 ₹238 Cr | Dec 2022 ₹249 Cr | Mar 2023 ₹352 Cr | Jun 2023 ₹277 Cr | Sep 2023 ₹305 Cr | Dec 2023 ₹330 Cr | Mar 2024 ₹357 Cr | Jun 2024 ₹375 Cr | Sep 2024 ₹328 Cr | Dec 2024 ₹228 Cr | Mar 2025 ₹283 Cr | Jun 2025 ₹193 Cr | Sep 2025 ₹217 Cr | Dec 2025 ₹246 Cr | Mar 2026 ₹219 Cr | Jun 2026 ₹177 Cr
- TAP: Sep 2021 ₹115 Cr | Dec 2021 ₹236 Cr | Mar 2022 ₹195 Cr | Jun 2022 ₹107 Cr | Sep 2022 ₹82 Cr | Dec 2022 ₹278 Cr | Mar 2023 ₹134 Cr | Jun 2023 ₹119 Cr | Sep 2023 ₹111 Cr | Dec 2023 ₹308 Cr | Mar 2024 ₹159 Cr | Jun 2024 ₹128 Cr | Sep 2024 ₹129 Cr | Dec 2024 ₹258 Cr | Mar 2025 ₹237 Cr | Jun 2025 ₹130 Cr | Sep 2025 ₹89 Cr | Dec 2025 ₹333 Cr | Mar 2026 ₹232 Cr | Jun 2026 —
- SAM: Sep 2021 ₹37 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹20 Cr | Mar 2023 — | Jun 2023 ₹17 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹12 Cr | Jun 2026 ₹11 Cr

### 20-quarter CAPEX intensity history
- BUD: Sep 2021 12% | Dec 2021 12% | Mar 2022 7.6% | Jun 2022 6.8% | Sep 2022 11% | Dec 2022 11% | Mar 2023 7.4% | Jun 2023 7.0% | Sep 2023 8.1% | Dec 2023 8.7% | Mar 2024 6.0% | Jun 2024 5.7% | Sep 2024 7.1% | Dec 2024 7.2% | Mar 2025 5.2% | Jun 2025 4.7% | Sep 2025 7.4% | Dec 2025 7.2% | Mar 2026 — | Jun 2026 —
- STZ: Sep 2021 10% | Dec 2021 11% | Mar 2022 20% | Jun 2022 8.3% | Sep 2022 9.0% | Dec 2022 10% | Mar 2023 18% | Jun 2023 11% | Sep 2023 11% | Dec 2023 13% | Mar 2024 17% | Jun 2024 14% | Sep 2024 11% | Dec 2024 9.3% | Mar 2025 13% | Jun 2025 7.7% | Sep 2025 8.7% | Dec 2025 11% | Mar 2026 11% | Jun 2026 7.3%
- TAP: Sep 2021 5.2% | Dec 2021 5.6% | Mar 2022 11% | Jun 2022 4.7% | Sep 2022 3.9% | Dec 2022 5.7% | Mar 2023 7.7% | Jun 2023 4.8% | Sep 2023 4.6% | Dec 2023 15% | Mar 2024 8.3% | Jun 2024 3.9% | Sep 2024 5.7% | Dec 2024 14% | Mar 2025 10% | Jun 2025 5.5% | Sep 2025 4.2% | Dec 2025 16% | Mar 2026 9.9% | Jun 2026 —
- SAM: Sep 2021 6.6% | Dec 2021 7.8% | Mar 2022 5.6% | Jun 2022 4.4% | Sep 2022 3.4% | Dec 2022 4.5% | Mar 2023 — | Jun 2023 4.1% | Sep 2023 2.8% | Dec 2023 3.8% | Mar 2024 3.8% | Jun 2024 3.5% | Sep 2024 2.8% | Dec 2024 6.0% | Mar 2025 2.2% | Jun 2025 2.4% | Sep 2025 2.4% | Dec 2025 4.7% | Mar 2026 2.8% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: The Boston Beer Company, Inc. has the clearest covered balance-sheet capacity with $234 million net cash and gross debt of $32 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: The Boston Beer Company, Inc. · $32 million | 99.5% versus #2 · Molson Coors Beverage Company | 8/8 recent comparable periods | 4/4 companies · 76 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. The Boston Beer Company, Inc. (SAM): ₹32 Cr
2. Molson Coors Beverage Company (TAP): ₹6.3K Cr
3. Constellation Brands, Inc. (STZ): ₹10.5K Cr
4. Anheuser-Busch InBev SA/NV (BUD): ₹73.0K Cr

### Net debt — lowest net debt
1. The Boston Beer Company, Inc. (SAM): ₹-234 Cr
2. Molson Coors Beverage Company (TAP): ₹5.9K Cr
3. Constellation Brands, Inc. (STZ): ₹10.4K Cr
4. Anheuser-Busch InBev SA/NV (BUD): ₹61.1K Cr

### 20-quarter Gross debt history
- BUD: Sep 2021 ₹88.8K Cr | Dec 2021 ₹88.8K Cr | Mar 2022 ₹83.4K Cr | Jun 2022 ₹83.4K Cr | Sep 2022 ₹80.0K Cr | Dec 2022 ₹80.0K Cr | Mar 2023 ₹80.9K Cr | Jun 2023 ₹80.9K Cr | Sep 2023 ₹78.2K Cr | Dec 2023 ₹78.2K Cr | Mar 2024 ₹78.2K Cr | Jun 2024 ₹78.2K Cr | Sep 2024 ₹72.2K Cr | Dec 2024 ₹72.2K Cr | Mar 2025 ₹75.6K Cr | Jun 2025 ₹75.6K Cr | Sep 2025 ₹73.0K Cr | Dec 2025 ₹73.0K Cr | Mar 2026 — | Jun 2026 —
- STZ: Sep 2021 ₹10.6K Cr | Dec 2021 ₹10.3K Cr | Mar 2022 ₹10.4K Cr | Jun 2022 ₹11.0K Cr | Sep 2022 ₹11.0K Cr | Dec 2022 ₹12.2K Cr | Mar 2023 ₹12.5K Cr | Jun 2023 ₹12.4K Cr | Sep 2023 ₹11.7K Cr | Dec 2023 ₹11.7K Cr | Mar 2024 ₹11.9K Cr | Jun 2024 ₹11.9K Cr | Sep 2024 ₹11.6K Cr | Dec 2024 ₹11.6K Cr | Mar 2025 ₹11.5K Cr | Jun 2025 ₹11.6K Cr | Sep 2025 ₹10.5K Cr | Dec 2025 ₹10.7K Cr | Mar 2026 ₹10.6K Cr | Jun 2026 ₹10.5K Cr
- TAP: Sep 2021 ₹7.2K Cr | Dec 2021 ₹9.1K Cr | Mar 2022 ₹7.3K Cr | Jun 2022 ₹6.8K Cr | Sep 2022 ₹6.6K Cr | Dec 2022 ₹8.9K Cr | Mar 2023 ₹6.6K Cr | Jun 2023 ₹6.6K Cr | Sep 2023 ₹6.2K Cr | Dec 2023 ₹8.2K Cr | Mar 2024 ₹6.2K Cr | Jun 2024 ₹7.1K Cr | Sep 2024 ₹6.2K Cr | Dec 2024 ₹8.8K Cr | Mar 2025 ₹6.2K Cr | Jun 2025 ₹6.3K Cr | Sep 2025 ₹6.3K Cr | Dec 2025 ₹8.6K Cr | Mar 2026 ₹6.3K Cr | Jun 2026 —
- SAM: Sep 2021 ₹63 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹58 Cr | Sep 2022 ₹56 Cr | Dec 2022 ₹54 Cr | Mar 2023 — | Jun 2023 ₹52 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹35 Cr | Jun 2026 ₹32 Cr

### 20-quarter Net debt history
- BUD: Sep 2021 ₹76.4K Cr | Dec 2021 ₹76.4K Cr | Mar 2022 ₹76.1K Cr | Jun 2022 ₹76.1K Cr | Sep 2022 ₹69.9K Cr | Dec 2022 ₹69.9K Cr | Mar 2023 ₹74.0K Cr | Jun 2023 ₹74.0K Cr | Sep 2023 ₹67.8K Cr | Dec 2023 ₹67.8K Cr | Mar 2024 ₹70.6K Cr | Jun 2024 ₹70.6K Cr | Sep 2024 ₹60.8K Cr | Dec 2024 ₹60.8K Cr | Mar 2025 ₹68.2K Cr | Jun 2025 ₹68.2K Cr | Sep 2025 ₹61.1K Cr | Dec 2025 ₹61.1K Cr | Mar 2026 — | Jun 2026 —
- STZ: Sep 2021 ₹10.5K Cr | Dec 2021 ₹10.0K Cr | Mar 2022 ₹10.2K Cr | Jun 2022 ₹10.9K Cr | Sep 2022 ₹10.8K Cr | Dec 2022 ₹12.0K Cr | Mar 2023 ₹12.3K Cr | Jun 2023 ₹12.2K Cr | Sep 2023 ₹11.6K Cr | Dec 2023 ₹11.6K Cr | Mar 2024 ₹11.7K Cr | Jun 2024 ₹11.8K Cr | Sep 2024 ₹11.5K Cr | Dec 2024 ₹11.5K Cr | Mar 2025 ₹11.4K Cr | Jun 2025 ₹11.5K Cr | Sep 2025 ₹10.5K Cr | Dec 2025 ₹10.5K Cr | Mar 2026 ₹10.5K Cr | Jun 2026 ₹10.4K Cr
- TAP: Sep 2021 ₹6.6K Cr | Dec 2021 ₹8.2K Cr | Mar 2022 ₹7.0K Cr | Jun 2022 ₹6.4K Cr | Sep 2022 ₹6.1K Cr | Dec 2022 ₹8.1K Cr | Mar 2023 ₹6.3K Cr | Jun 2023 ₹5.7K Cr | Sep 2023 ₹5.4K Cr | Dec 2023 ₹7.1K Cr | Mar 2024 ₹5.8K Cr | Jun 2024 ₹5.4K Cr | Sep 2024 ₹5.2K Cr | Dec 2024 ₹7.4K Cr | Mar 2025 ₹5.8K Cr | Jun 2025 ₹5.7K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹7.4K Cr | Mar 2026 ₹5.9K Cr | Jun 2026 —
- SAM: Sep 2021 ₹-24 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹59 Cr | Jun 2022 ₹-80 Cr | Sep 2022 ₹-166 Cr | Dec 2022 ₹-127 Cr | Mar 2023 — | Jun 2023 ₹-71 Cr | Sep 2023 ₹-158 Cr | Dec 2023 ₹-253 Cr | Mar 2024 ₹-162 Cr | Jun 2024 ₹-179 Cr | Sep 2024 ₹-218 Cr | Dec 2024 ₹-176 Cr | Mar 2025 ₹-105 Cr | Jun 2025 ₹-168 Cr | Sep 2025 ₹-209 Cr | Dec 2025 ₹-185 Cr | Mar 2026 ₹-129 Cr | Jun 2026 ₹-234 Cr

## Return On Capital Employed

What the numbers say: The Boston Beer Company, Inc. leads ROCE at 8%, 3.4 percentage points above Anheuser-Busch InBev SA/NV. Anheuser-Busch InBev SA/NV has the strongest latest improvement at +2.6 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: The Boston Beer Company, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: The Boston Beer Company, Inc. · 8% | 73.9% versus #2 · Anheuser-Busch InBev SA/NV | 5/8 recent comparable periods | 4/4 companies · 76 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. The Boston Beer Company, Inc. (SAM): 8.0%
2. Anheuser-Busch InBev SA/NV (BUD): 4.6%
3. Constellation Brands, Inc. (STZ): 4.5%
4. Molson Coors Beverage Company (TAP): 1.8%

### ROCE change — fastest improvers
1. Anheuser-Busch InBev SA/NV (BUD): +2.6 pp
2. Constellation Brands, Inc. (STZ): +1.1 pp
3. Molson Coors Beverage Company (TAP): +0.6 pp
4. The Boston Beer Company, Inc. (SAM): +0.4 pp

### 20-quarter ROCE history
- BUD: Sep 2021 2.1% | Dec 2021 1.8% | Mar 2022 1.7% | Jun 2022 4.5% | Sep 2022 2.1% | Dec 2022 2.0% | Mar 2023 1.9% | Jun 2023 1.9% | Sep 2023 2.0% | Dec 2023 1.8% | Mar 2024 2.0% | Jun 2024 2.1% | Sep 2024 2.2% | Dec 2024 2.3% | Mar 2025 2.0% | Jun 2025 2.2% | Sep 2025 2.4% | Dec 2025 2.0% | Mar 2026 4.6% | Jun 2026 —
- STZ: Sep 2021 — | Dec 2021 3.4% | Mar 2022 2.8% | Jun 2022 3.4% | Sep 2022 3.6% | Dec 2022 3.3% | Mar 2023 2.1% | Jun 2023 3.4% | Sep 2023 4.5% | Dec 2023 3.7% | Mar 2024 2.8% | Jun 2024 4.2% | Sep 2024 -5.8% | Dec 2024 3.9% | Mar 2025 -0.7% | Jun 2025 3.4% | Sep 2025 4.5% | Dec 2025 3.5% | Mar 2026 2.4% | Jun 2026 4.5%
- TAP: Sep 2021 2.2% | Dec 2021 1.8% | Mar 2022 0.9% | Jun 2022 0.4% | Sep 2022 1.4% | Dec 2022 -1.5% | Mar 2023 0.7% | Jun 2023 2.1% | Sep 2023 2.6% | Dec 2023 0.7% | Mar 2024 1.4% | Jun 2024 3.6% | Sep 2024 2.0% | Dec 2024 1.2% | Mar 2025 1.2% | Jun 2025 2.5% | Sep 2025 -17% | Dec 2025 1.1% | Mar 2026 1.8% | Jun 2026 —
- SAM: Sep 2021 -6.7% | Dec 2021 -6.5% | Mar 2022 -0.2% | Jun 2022 5.9% | Sep 2022 3.2% | Dec 2022 -1.4% | Mar 2023 — | Jun 2023 -1.2% | Sep 2023 6.5% | Dec 2023 -2.1% | Mar 2024 1.3% | Jun 2024 5.9% | Sep 2024 3.9% | Dec 2024 -5.0% | Mar 2025 3.1% | Jun 2025 7.6% | Sep 2025 5.9% | Dec 2025 -3.4% | Mar 2026 -22% | Jun 2026 8.0%

### 20-quarter ROCE change history
- BUD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.2 pp | Mar 2023 +0.2 pp | Jun 2023 −2.6 pp | Sep 2023 −0.1 pp | Dec 2023 −0.2 pp | Mar 2024 +0.1 pp | Jun 2024 +0.2 pp | Sep 2024 +0.2 pp | Dec 2024 +0.5 pp | Mar 2025 0.0 pp | Jun 2025 +0.1 pp | Sep 2025 +0.2 pp | Dec 2025 −0.3 pp | Mar 2026 +2.6 pp | Jun 2026 —
- STZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.1 pp | Mar 2023 −0.7 pp | Jun 2023 0.0 pp | Sep 2023 +0.9 pp | Dec 2023 +0.4 pp | Mar 2024 +0.7 pp | Jun 2024 +0.8 pp | Sep 2024 −10.3 pp | Dec 2024 +0.2 pp | Mar 2025 −3.5 pp | Jun 2025 −0.8 pp | Sep 2025 +10.3 pp | Dec 2025 −0.4 pp | Mar 2026 +3.1 pp | Jun 2026 +1.1 pp
- TAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 −3.3 pp | Mar 2023 −0.2 pp | Jun 2023 +1.7 pp | Sep 2023 +1.2 pp | Dec 2023 +2.2 pp | Mar 2024 +0.7 pp | Jun 2024 +1.5 pp | Sep 2024 −0.6 pp | Dec 2024 +0.5 pp | Mar 2025 −0.2 pp | Jun 2025 −1.1 pp | Sep 2025 −18.8 pp | Dec 2025 −0.1 pp | Mar 2026 +0.6 pp | Jun 2026 —
- SAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.9 pp | Dec 2022 +5.1 pp | Mar 2023 — | Jun 2023 −7.1 pp | Sep 2023 +3.3 pp | Dec 2023 −0.7 pp | Mar 2024 — | Jun 2024 +7.1 pp | Sep 2024 −2.6 pp | Dec 2024 −2.9 pp | Mar 2025 +1.8 pp | Jun 2025 +1.7 pp | Sep 2025 +2.0 pp | Dec 2025 +1.6 pp | Mar 2026 −25.2 pp | Jun 2026 +0.4 pp

## Valuation Against Growth & Quality

What the numbers say: Anheuser-Busch InBev SA/NV has the lowest comparable Guarded PEG at 3.11×. Only 1 of 4 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Anheuser-Busch InBev SA/NV · 3.11× | Not enough peers | 0/8 recent comparable periods | 1/4 companies · 9 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Anheuser-Busch InBev SA/NV (BUD): 3.1

### P/E — lowest P/E
1. Molson Coors Beverage Company (TAP): 9.3
2. Constellation Brands, Inc. (STZ): 13.2
3. Anheuser-Busch InBev SA/NV (BUD): 19.0
4. The Boston Beer Company, Inc. (SAM): 19.9

### 20-quarter Guarded PEG history
- BUD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 0.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.8 | Mar 2025 0.4 | Jun 2025 0.9 | Sep 2025 — | Dec 2025 1.0 | Mar 2026 3.1 | Jun 2026 —
- TAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.5 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.0 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- BUD: Sep 2021 22.7 | Dec 2021 26.6 | Mar 2022 28.9 | Jun 2022 27.8 | Sep 2022 17.9 | Dec 2022 20.6 | Mar 2023 17.9 | Jun 2023 18.3 | Sep 2023 17.7 | Dec 2023 24.9 | Mar 2024 25.5 | Jun 2024 19.8 | Sep 2024 20.5 | Dec 2024 17.5 | Mar 2025 17.8 | Jun 2025 19.3 | Sep 2025 19.5 | Dec 2025 18.9 | Mar 2026 19.0 | Jun 2026 —
- STZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 37.1 | Sep 2022 793.7 | Dec 2022 735.3 | Mar 2023 — | Jun 2023 — | Sep 2023 31.7 | Dec 2023 28.5 | Mar 2024 26.5 | Jun 2024 18.7 | Sep 2024 77.9 | Dec 2024 64.8 | Mar 2025 — | Jun 2025 — | Sep 2025 23.6 | Dec 2025 21.5 | Mar 2026 16.4 | Jun 2026 13.3
- TAP: Sep 2021 — | Dec 2021 10.0 | Mar 2022 10.8 | Jun 2022 16.5 | Sep 2022 22.2 | Dec 2022 — | Mar 2023 — | Jun 2023 436.1 | Sep 2023 56.9 | Dec 2023 14.0 | Mar 2024 13.6 | Jun 2024 9.4 | Sep 2024 12.9 | Dec 2024 10.7 | Mar 2025 12.7 | Jun 2025 9.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SAM: Sep 2021 65.2 | Dec 2021 490.4 | Mar 2022 — | Jun 2022 — | Sep 2022 148.4 | Dec 2022 60.6 | Mar 2023 — | Jun 2023 67.6 | Sep 2023 58.5 | Dec 2023 55.7 | Mar 2024 38.1 | Jun 2024 39.8 | Sep 2024 41.6 | Dec 2024 59.5 | Mar 2025 39.7 | Jun 2025 27.2 | Sep 2025 25.5 | Dec 2025 19.9 | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Molson Coors Beverage Company leads both ev/ebitda at 6.4× and p/bv at 1.3×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Molson Coors Beverage Company · 6.4× | 26.9% versus #2 · Anheuser-Busch InBev SA/NV | 0/8 recent comparable periods | 4/4 companies · 70 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Molson Coors Beverage Company (TAP): 6.4
2. Anheuser-Busch InBev SA/NV (BUD): 8.8
3. Constellation Brands, Inc. (STZ): 10.6
4. The Boston Beer Company, Inc. (SAM): 229.6

### P/BV — lowest P/BV
1. Molson Coors Beverage Company (TAP): 1.3
2. Anheuser-Busch InBev SA/NV (BUD): 1.4
3. The Boston Beer Company, Inc. (SAM): 2.8
4. Constellation Brands, Inc. (STZ): 2.9

### 20-quarter EV/EBITDA history
- BUD: Sep 2021 10.4 | Dec 2021 11.1 | Mar 2022 5.6 | Jun 2022 5.2 | Sep 2022 4.6 | Dec 2022 10.3 | Mar 2023 5.8 | Jun 2023 10.2 | Sep 2023 9.6 | Dec 2023 10.7 | Mar 2024 10.4 | Jun 2024 9.8 | Sep 2024 10.0 | Dec 2024 8.1 | Mar 2025 9.7 | Jun 2025 10.2 | Sep 2025 8.8 | Dec 2025 9.3 | Mar 2026 8.8 | Jun 2026 —
- STZ: Sep 2021 — | Dec 2021 20.9 | Mar 2022 19.3 | Jun 2022 16.6 | Sep 2022 16.1 | Dec 2022 17.5 | Mar 2023 16.6 | Jun 2023 17.9 | Sep 2023 17.8 | Dec 2023 16.3 | Mar 2024 16.0 | Jun 2024 15.3 | Sep 2024 35.3 | Dec 2024 35.0 | Mar 2025 53.7 | Jun 2025 76.4 | Sep 2025 14.7 | Dec 2025 13.6 | Mar 2026 12.1 | Jun 2026 10.6
- TAP: Sep 2021 — | Dec 2021 7.5 | Mar 2022 7.6 | Jun 2022 8.9 | Sep 2022 9.7 | Dec 2022 20.8 | Mar 2023 19.2 | Jun 2023 16.3 | Sep 2023 13.6 | Dec 2023 10.1 | Mar 2024 9.7 | Jun 2024 6.8 | Sep 2024 7.7 | Dec 2024 8.3 | Mar 2025 8.2 | Jun 2025 6.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SAM: Sep 2021 32.6 | Dec 2021 77.7 | Mar 2022 1,197.5 | Jun 2022 — | Sep 2022 32.6 | Dec 2022 22.8 | Mar 2023 — | Jun 2023 24.4 | Sep 2023 21.1 | Dec 2023 20.9 | Mar 2024 15.9 | Jun 2024 16.0 | Sep 2024 15.4 | Dec 2024 19.0 | Mar 2025 13.7 | Jun 2025 9.7 | Sep 2025 9.9 | Dec 2025 8.0 | Mar 2026 229.6 | Jun 2026 —

### 20-quarter P/BV history
- BUD: Sep 2021 1.6 | Dec 2021 1.8 | Mar 2022 1.7 | Jun 2022 1.5 | Sep 2022 1.2 | Dec 2022 1.7 | Mar 2023 1.7 | Jun 2023 1.5 | Sep 2023 1.3 | Dec 2023 1.6 | Mar 2024 1.6 | Jun 2024 1.5 | Sep 2024 1.7 | Dec 2024 1.3 | Mar 2025 1.5 | Jun 2025 1.7 | Sep 2025 1.3 | Dec 2025 1.4 | Mar 2026 — | Jun 2026 —
- STZ: Sep 2021 — | Dec 2021 3.8 | Mar 2022 3.5 | Jun 2022 4.1 | Sep 2022 4.8 | Dec 2022 5.7 | Mar 2023 4.9 | Jun 2023 5.2 | Sep 2023 5.1 | Dec 2023 4.6 | Mar 2024 4.7 | Jun 2024 4.5 | Sep 2024 5.6 | Dec 2024 5.6 | Mar 2025 4.5 | Jun 2025 4.3 | Sep 2025 3.8 | Dec 2025 3.1 | Mar 2026 3.4 | Jun 2026 2.9
- TAP: Sep 2021 — | Dec 2021 0.8 | Mar 2022 1.1 | Jun 2022 1.1 | Sep 2022 1.1 | Dec 2022 0.8 | Mar 2023 1.1 | Jun 2023 1.4 | Sep 2023 1.3 | Dec 2023 0.9 | Mar 2024 1.4 | Jun 2024 1.0 | Sep 2024 1.2 | Dec 2024 0.9 | Mar 2025 1.5 | Jun 2025 0.9 | Sep 2025 1.2 | Dec 2025 0.8 | Mar 2026 1.3 | Jun 2026 —
- SAM: Sep 2021 6.1 | Dec 2021 6.3 | Mar 2022 4.8 | Jun 2022 4.0 | Sep 2022 3.6 | Dec 2022 3.8 | Mar 2023 — | Jun 2023 3.9 | Sep 2023 3.5 | Dec 2023 3.9 | Mar 2024 3.5 | Jun 2024 3.5 | Sep 2024 3.2 | Dec 2024 3.7 | Mar 2025 3.0 | Jun 2025 2.3 | Sep 2025 2.5 | Dec 2025 2.4 | Mar 2026 3.5 | Jun 2026 2.8

## Market action

Anheuser-Busch InBev SA/NV has the strongest one-year price move in Beverages - Brewers at +45.7%. It also leads on Mansfield relative strength against the S&P 500 at +10.5%. 1 of 4 covered companies is above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Anheuser-Busch InBev SA/NV (BUD): 46%
2. The Boston Beer Company, Inc. (SAM): -11%
3. Molson Coors Beverage Company (TAP): -12%
4. Constellation Brands, Inc. (STZ): -21%

### Strongest relative strength versus NIFTY 500
1. Anheuser-Busch InBev SA/NV (BUD): 10%
2. Molson Coors Beverage Company (TAP): -13%
3. Constellation Brands, Inc. (STZ): -16%
4. The Boston Beer Company, Inc. (SAM): -18%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Anheuser-Busch InBev SA/NV (BUD) — market value ₹1.6 L Cr; latest fundamentals Mar 2026
- Constellation Brands, Inc. (STZ) — market value ₹22.5K Cr; latest fundamentals Jun 2026
- Molson Coors Beverage Company (TAP) — market value ₹8.0K Cr; latest fundamentals Mar 2026
- The Boston Beer Company, Inc. (SAM) — market value ₹1.9K Cr; latest fundamentals Jun 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Beverages - Brewers company is the biggest?

Anheuser-Busch InBev SA/NV is the largest, with trailing-twelve-month revenue of $60,959 million, ahead of Constellation Brands, Inc. at $9,057 million. That covers 3 of 4 companies with comparable reporting through Mar 2026.

### Which Beverages - Brewers company is growing fastest?

Anheuser-Busch InBev SA/NV has the fastest revenue growth at 3.6% year on year, across 3 of 4 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Beverages - Brewers company has the best profit margins?

Constellation Brands, Inc. has the highest operating margin at 34.7%, from 4 of 4 comparable companies. Constellation Brands, Inc. shows the biggest recent improvement, at +6.3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Beverages - Brewers company makes the most profit?

Anheuser-Busch InBev SA/NV earns the most, at $8,910 million of trailing-twelve-month net profit, from 3 of 4 comparable companies. Anheuser-Busch InBev SA/NV has the fastest profit growth at 5.1%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Beverages - Brewers company earns the highest return on capital?

The Boston Beer Company, Inc. leads on return on capital employed at 8%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Beverages - Brewers stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Anheuser-Busch InBev SA/NV screens cheapest at 3.11×. Only 1 of 4 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Beverages - Brewers company has the strongest balance sheet?

The Boston Beer Company, Inc. carries the lowest comparable gross debt at $32 million, from 4 of 4 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Beverages - Brewers company is investing most in new capacity?

Anheuser-Busch InBev SA/NV reports the largest capital spending at $1,126 million, across 4 of 4 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Beverages - Brewers sector beating the market?

Beverages - Brewers has underperformed S&P 500 by 6% over the last 52 weeks and 2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Beverages - Brewers stock has the strongest price momentum?

Anheuser-Busch InBev SA/NV has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Beverages - Brewers company scores highest for research priority?

Anheuser-Busch InBev SA/NV scores 54.2 out of 100 with 79% evidence confidence, from 17.4 points on growth and earnings, 11.8 on capital efficiency, 5 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Beverages - Brewers companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Beverages - Brewers sector?

The 4 Beverages - Brewers companies on this page carry $195,588 million of combined market value. Anheuser-Busch InBev SA/NV is the largest at $163,200 million, about 83% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### How is the Beverages - Brewers sector performing?

1 of the 4 covered Beverages - Brewers companies are beating S&P 500 on Mansfield relative strength. The sector itself is 6% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Beverages - Brewers stocks are listed in the US?

This comparison covers 4 listed Beverages - Brewers companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/beverages-brewers