British American Tobacco p.l.c. vs Anheuser-Busch InBev SA/NV, two Food & Beverage stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Tobacco and beer both throw off cash, and both these names carry no net debt, yet their profiles diverge. British American Tobacco keeps a remarkable 30.32% of revenue as profit against AB InBev's 14.29%, and earns more on equity, 16.13% versus 8.67%. The market still prefers the brewer's growth story, pricing BTI at just 14.13 times earnings against BUD's 24.68, even though tobacco is the more profitable trade. AB InBev converts slightly more to free cash, a 6.53% yield against BTI's 5.34%. On book, BTI at 2.25 times sits above BUD's 1.76. AB InBev is larger at $171.9B versus $137.3B. Beer gets the benefit of the doubt on volume; tobacco gets discounted for its slow decline despite fatter margins.
Comparison updated 2026-07-11.
| Metric | BTI | BUD |
|---|---|---|
| Price | $60.01 | $79.60 |
| Market cap | $131.2B | $160.7B |
| Sector | Food & Beverage | Food & Beverage |
| Stage | Mature | Mature |
| P/E | 13.5 | 23.1 |
| P/B | 2.15 | 1.64 |
| P/S | 4.05 | 2.71 |
| EV/EBITDA | 10.0 | 9.7 |
| Revenue growth | +0.0% | +2.3% |
| Gross margin | — | 55.9% |
| Operating margin | 39.0% | 26.0% |
| Net margin | 30.3% | 14.3% |
| Return on equity | 16.1% | 8.7% |
| Return on assets | 7.1% | 3.9% |
| Return on invested capital | 16.4% | 11.8% |
| FCF yield | 5.6% | 7.0% |
| Debt / equity | 0.00 | 0.00 |
| Current ratio | 0.87 | 0.72 |
| Altman Z (solvency) | 6.81 | 6.77 |
| Piotroski F (quality) | 6 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.