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AmbevBSP:ABEV3 +0.06%82 3-Year ROIIC % is 33.82 as of Dec. 2025, which is 180% above its 10-year median of 12.07. GuruFocus rates BSP:ABEV3 with a GF Score™ of 82/100 and a GF Value™ of R$14.15 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 199 Beverages - Alcoholic companies, Ambev ranks better than 79.9% on this metric.
3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
Ambev's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was 33.82%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Ambev's 3-Year ROIIC % or its related term are showing as below:
BSP:ABEV3's 3-Year ROIIC % is ranked better than 79.9% of 199
companies
in the Beverages - Alcoholic industry
Industry Median: -0.05
vs BSP:ABEV3: 33.82
Ambev (BSP:ABEV3) 3-Year ROIIC % Explanation
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
Ambev 3-Year ROIIC % Related Terms
Ambev 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for Ambev's 3-Year ROIIC % 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.
BSP:ABEV3 vs BUD, STZ, TAP: 3-Year ROIIC % Comparison
For the Beverages - Brewers subindustry, Ambev's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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.
Ambev 3-Year ROIIC % vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Ambev's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Ambev's 3-Year ROIIC % falls into.
Ambev's 3-Year ROIIC % for the quarter that ended in Dec. 2025 is calculated as:
3-Year ROIIC %
=
3-Year Incremental Net Operating Profit After Taxes (NOPAT)**
/
3-Year Incremental Invested Capital**
=
( 18375.96432 (Dec. 2025) - 17402.7 (Dec. 2022) )
/
( 108499.1 (Dec. 2025) - 105621.1 (Dec. 2022) )
=
973.26432
/
2878
=
33.82%***
* 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
Ambev (BSP:ABEV3) has a 3-Year ROIIC % of 33.82 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Ambev and its competitors. This is 180% above median its historical median of 12.07. According to the industry distribution chart, Ambev ranks #40 out of 199 companies in the Beverages - Alcoholic industry, placing it in the top 20.1%.
Is Ambev's 3-Year ROIIC % too high?
Ambev's current 3-Year ROIIC % of 33.82 is 180% above median its 10-year median of 12.07. Based on the distribution chart, Ambev ranks #40 out of 199 companies in the Beverages - Alcoholic industry, which is in the top quartile — a strong position relative to peers. Overall, Ambev has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ambev's 3-Year ROIIC % compare to BUD and STZ?
According to the Beverages - Alcoholic industry distribution chart, Ambev ranks #40 out of 199 companies for 3-Year ROIIC %. This places Ambev in the top 20% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good 3-Year ROIIC % for a Beverages - Alcoholic company?
A good 3-Year ROIIC % depends on the Beverages - Alcoholic industry context. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Ambev and its competitors. Ambev's current 3-Year ROIIC % is 33.82, which is 180% above median its own 10-year median of 12.07. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ambev stock overvalued right now?
Based on GuruFocus' analysis, Ambev (BSP:ABEV3) is currently considered Modestly Overvalued. The stock's GF Value™ is R$14.15, compared to a current price of R$15.83 — trading 11.9% above its estimated fair value. The current 3-Year ROIIC % is 33.82, which is 180% above median its 10-year median of 12.07. Ambev's overall GF Score™ is 82/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For Ambev (BSP:ABEV3), the current 3-Year ROIIC % is 33.82 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Ambev (BSP:ABEV3) Overvalued in 2026?
Based on GuruFocus' analysis, Ambev stock appears to be overvalued.
The current stock price of R$15.83 is trading 11.9% above its estimated GF Value™ of R$14.15.
GuruFocus considers Ambev to be Modestly Overvalued.
Key valuation signals for BSP:ABEV3:
3-Year ROIIC %: 33.82 (180% above median its 10-year median of 12.07)
GF Value™: R$14.15 vs. price of R$15.83 (11.9% above fair value)
No single metric tells the full story. See the BSP:ABEV3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ambev is the largest brewer in Latin America and the Caribbean and is Anheuser-Busch InBev's subsidiary in the region. It produces, distributes, and sells beer and PepsiCo products in Brazil and other Latin American countries and owns Argentina's largest brewer, Quinsa. Ambev was formed in 1999 through the merger of Brazil's two largest beverage companies, Brahma and Antarctica. In 2004, Ambev combined with Canadian brewer Labatt, giving AB InBev a controlling interest of 62%.
82GF Score
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