AB InBev is by far the world's largest beer company. It controls hundreds of beer brands, such as Budweiser, Stella Artois, Beck's, and Leffe, and an assortment of acquired craft brewers in the U.S. The company is a product of the 2008 merger between U.S. brewer Anheuser-Busch and Belgian-Brazilian brewer InBev, plus the 2016 acquisition of South African brewing giant SABMiller.
Things started out well for the mega-beer experiment, but rapid changes in consumer preferences and sluggish major beer label growth have hurt AB InBev shareholders in recent years. Since the creation of the new entity in 2009, shares are only up about 109%, compared to a 745% gain for the S&P 500.
However, since the market hit the reset button on AB InBev (shares are basically flat since the start of 2020), the company trades more like the value stock it is -- reflecting slow but steady sales, consistent profitability, and a modest dividend, yielding 1.7% as of August 2026. However, with the mega-beer merger not going exactly as planned, there are better beer investments than AB InBev.
The company was also damaged in April 2023 after it partnered with transgender activist Dylan Mulvaney, putting their likeness on some of its cans. Protestors responded by dumping cans of Bud Light. AB InBev stock fell in the aftermath of the controversy, but it has recovered those losses since then and has traded mostly flat.
AB InBev's size and diversification give it some protection from a single brand falling out of favor, but Bud Light is no longer the most popular beer in the U.S., falling behind both Modelo and Michelob Ultra, showing how far it's fallen.