Anheuser-Busch InBev SA/NV vs Keurig Dr Pepper Inc., two Food & Beverage stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Both these beverage houses lean on scale, but only one leans on debt. Keurig Dr Pepper runs 0.88 net debt to equity; AB InBev, despite its acquisitive past, now shows none. The brewer keeps more of each sale, 14.29% against KDP's 10.81%, and yields more free cash, 6.53% versus 3.47%. Returns on equity are both modest, BUD's 8.67% against KDP's 6.28%. The market prices them close on earnings, 24.68 times for BUD and 24.73 for KDP, but on book KDP's 1.56 sits below BUD's 1.76. AB InBev is nearly four times larger at $171.9B against $45.5B. Similar mediocre returns, cleaner balance sheet at the brewer.
Comparison updated 2026-07-11.
| Metric | BUD | KDP |
|---|---|---|
| Price | $79.60 | $31.67 |
| Market cap | $160.7B | $43.2B |
| Sector | Food & Beverage | Food & Beverage |
| Stage | Mature | Mature |
| P/E | 23.1 | 23.5 |
| P/B | 1.64 | 1.48 |
| P/S | 2.71 | 2.55 |
| EV/EBITDA | 9.7 | 18.7 |
| Revenue growth | +2.3% | +9.2% |
| Gross margin | 55.9% | 52.8% |
| Operating margin | 26.0% | 19.0% |
| Net margin | 14.3% | 10.8% |
| Return on equity | 8.7% | 6.3% |
| Return on assets | 3.9% | 2.5% |
| Return on invested capital | 11.8% | 4.9% |
| FCF yield | 7.0% | 3.7% |
| Dividend yield | — | 2.9% |
| Debt / equity | 0.00 | 0.88 |
| Current ratio | 0.72 | 2.31 |
| Altman Z (solvency) | 6.77 | 1.24 |
| Piotroski F (quality) | 6 / 9 | 4 / 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.