Anheuser-Busch InBev/NV (MEX:ANB) Cyclically Adjusted PB Ratio: (As of Aug. 01, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

MEX:ANB Anheuser-Busch InBev SA/NV MEX:ANB
73 GF Score
Price MXN1,475.00
GF Value MXN1,207.32
Valuation Modestly Overvalued
! 8 Warning Signs
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What is Anheuser-Busch InBev/NV Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Anheuser-Busch InBev/NV  (MEX:ANB) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


Anheuser-Busch InBev/NV Cyclically Adjusted PB Ratio Related Terms


Anheuser-Busch InBev/NV Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Anheuser-Busch InBev/NV's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Anheuser-Busch InBev/NV Cyclically Adjusted PB Ratio Chart

Anheuser-Busch InBev/NV Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.78 1.66 1.66 1.31 1.45

Anheuser-Busch InBev/NV Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.57 0.00 1.45 0.00 0.00

MEX:ANB vs STZ, TAP: Cyclically Adjusted PB Ratio Comparison

For the Beverages - Brewers subindustry, Anheuser-Busch InBev/NV's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Anheuser-Busch InBev/NV Cyclically Adjusted PB Ratio vs Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, Anheuser-Busch InBev/NV's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Anheuser-Busch InBev/NV's Cyclically Adjusted PB Ratio falls into.


MEX:ANB
73GF Score
Anheuser-Busch InBev SA/NV MEX:ANB
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Anheuser-Busch InBev/NV Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Anheuser-Busch InBev/NV's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Anheuser-Busch InBev/NV's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=826.485/138.4600*138.4600
=826.485

Current CPI (Jun. 2026) = 138.4600.

Anheuser-Busch InBev/NV Quarterly Data

Book Value per Share CPI Adj_Book
201609 0.000 102.118 0.000
201612 760.399 102.614 1,026.029
201703 0.000 103.972 0.000
201706 679.721 103.902 905.795
201709 0.000 104.170 0.000
201712 737.113 104.804 973.823
201803 0.000 105.419 0.000
201806 687.964 106.063 898.105
201809 0.000 106.618 0.000
201812 647.157 107.252 835.465
201903 0.000 107.876 0.000
201906 688.534 107.896 883.575
201909 0.000 107.470 0.000
201912 728.862 108.065 933.869
202003 0.000 108.550 0.000
202006 703.357 108.540 897.240
202009 0.000 108.441 0.000
202012 686.086 108.511 875.448
202103 0.000 109.522 0.000
202106 689.727 110.305 865.782
202109 0.000 111.543 0.000
202112 711.084 114.705 858.348
202203 0.000 118.620 0.000
202206 725.971 120.948 831.081
202209 0.000 124.120 0.000
202212 721.332 126.578 789.047
202303 0.000 126.528 0.000
202306 668.403 125.973 734.657
202309 0.000 127.083 0.000
202312 700.317 128.292 755.821
202403 0.000 130.552 0.000
202406 729.437 130.691 772.802
202409 0.000 130.968 0.000
202412 825.990 132.346 864.151
202503 0.000 134.348 0.000
202506 777.905 133.495 806.836
202509 0.000 133.740 0.000
202512 805.671 135.070 825.892
202603 0.000 136.560 0.000
202606 826.485 138.460 826.485

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Anheuser-Busch InBev/NV (MEX:ANB) Overvalued in 2026?

Based on GuruFocus' analysis, Anheuser-Busch InBev/NV stock appears to be overvalued. The current stock price of MXN1,475.00 is trading 22.2% above its estimated GF Value™ of MXN1,207.32. GuruFocus considers Anheuser-Busch InBev/NV to be Modestly Overvalued.

Key valuation signals for MEX:ANB:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: MXN1,207.32 vs. price of MXN1,475.00 (22.2% above fair value)
  • GF Score™: 73/100 with 8 warning signs

No single metric tells the full story. See the MEX:ANB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Anheuser-Busch InBev/NV Business Description

Address Brouwerijplein 1, Leuven, BEL, 3000
Anheuser-Busch InBev is the largest brewer in the world and one of the world's top five consumer product companies, as measured by EBITDA. The company's portfolio contains six of the top 10 beer brands by volume, and we estimate it distributes 23 brands with retail sales over $1 billion. AB InBev was created by the 2008 merger of Belgium-based InBev and US-based Anheuser-Busch. The firm holds a 62% economic interest in Ambev, an 87% stake in Budweiser APAC, and in 2016 acquired SABMiller.
73GF Score

Get the complete analysis for MEX:ANB

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

MXN1,475.00
Price
MXN1,207.32
GF Value