ABEV vs. PM

Last updated Apr 1, 2026

Compare and contrast key facts about Ambev S.A. (ABEV) and Philip Morris International Inc. (PM).

Performance

ABEV vs. PM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ambev S.A. (ABEV) and Philip Morris International Inc. (PM). The values are adjusted to include any dividend payments, if applicable.

ABEV vs. PM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ABEV Ambev S.A.	18.22%	45.11%	-30.10%	8.41%	2.38%	-4.39%	-32.61%	21.92%	-37.29%	35.34%
PM Philip Morris International Inc.	4.00%	37.99%	34.34%	-1.85%	12.31%	20.78%	3.69%	35.02%	-33.30%	19.85%

Fundamentals

Market Cap ABEV : $45.72B PM : $248.73B
EPS ABEV : $0.99 PM : $7.47
PE Ratio ABEV : 2.95 PM : 22.14
PEG Ratio ABEV : 0.56 PM : 2.10
PS Ratio ABEV : 0.52 PM : 6.27
Total Revenue (TTM) ABEV : $88.24B PM : $40.60B
Gross Profit (TTM) ABEV : $44.56B PM : $26.97B
EBITDA (TTM) ABEV : $28.42B PM : $17.08B

Returns By Period

In the year-to-date period, ABEV achieves a 18.22% return, which is significantly higher than PM's 4.00% return. Over the past 10 years, ABEV has underperformed PM with an annualized return of -1.57%, while PM has yielded a comparatively higher 10.52% annualized return.

ABEV

• 1D: 3.55%
• 1M: -7.59%
• YTD: 18.22%
• 6M: 38.34%
• 1Y: 34.92%
• 3Y*: 7.83%
• 5Y*: 7.73%
• 10Y*: -1.57%

PM

• 1D: 0.31%
• 1M: -10.71%
• YTD: 4.00%
• 6M: 4.76%
• 1Y: 7.86%
• 3Y*: 24.78%
• 5Y*: 18.95%
• 10Y*: 10.52%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

ABEV vs. PM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ABEV

ABEV Risk / Return Rank: 78
ABEV Sharpe Ratio Rank: 81
ABEV Sortino Ratio Rank: 76
ABEV Omega Ratio Rank: 74
ABEV Calmar Ratio Rank: 81
ABEV Martin Ratio Rank: 78

PM

PM Risk / Return Rank: 50
PM Sharpe Ratio Rank: 54
PM Sortino Ratio Rank: 44
PM Omega Ratio Rank: 45
PM Calmar Ratio Rank: 54
PM Martin Ratio Rank: 54

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ABEV vs. PM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ambev S.A. (ABEV) and Philip Morris International Inc. (PM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ABEV	PM	Difference
Sharpe ratio Return per unit of total volatility	1.30	0.31	+0.99
Sortino ratio Return per unit of downside risk	1.87	0.55	+1.31
Omega ratio Gain probability vs. loss probability	1.23	1.08	+0.16
Calmar ratio Return relative to maximum drawdown	2.31	0.50	+1.81
Martin ratio Return relative to average drawdown	4.93	1.06	+3.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ABEV vs. PM - Sharpe Ratio Comparison

The current ABEV Sharpe Ratio is 1.30, which is higher than the PM Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of ABEV and PM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ABEV	PM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	0.31	+0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.87	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.05	0.44	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.52	-0.26

Correlation

The correlation between ABEV and PM is 0.28, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ABEV vs. PM - Dividend Comparison

ABEV's dividend yield for the trailing twelve months is around 6.10%, more than PM's 3.48% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ABEV Ambev S.A.	6.10%	8.10%	6.10%	5.26%	5.36%	4.38%	2.67%	2.51%	3.79%	2.57%	3.41%	4.32%
PM Philip Morris International Inc.	3.48%	3.52%	4.40%	5.46%	4.98%	5.16%	5.73%	5.43%	6.73%	3.99%	4.50%	4.60%

Drawdowns

ABEV vs. PM - Drawdown Comparison

The maximum ABEV drawdown since its inception was -74.04%, which is greater than PM's maximum drawdown of -42.87%. Use the drawdown chart below to compare losses from any high point for ABEV and PM.

Drawdown Indicators

	ABEV	PM	Difference
Max Drawdown Largest peak-to-trough decline	-74.04%	-42.87%	-31.17%
Max Drawdown (1Y) Largest decline over 1 year	-16.41%	-20.64%	+4.23%
Max Drawdown (5Y) Largest decline over 5 years	-44.58%	-22.78%	-21.80%
Max Drawdown (10Y) Largest decline over 10 years	-72.26%	-42.87%	-29.39%
Current Drawdown Current decline from peak	-46.53%	-12.11%	-34.42%
Average Drawdown Average peak-to-trough decline	-31.77%	-10.03%	-21.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.68%	9.75%	-2.07%

Volatility

ABEV vs. PM - Volatility Comparison

Ambev S.A. (ABEV) has a higher volatility of 10.37% compared to Philip Morris International Inc. (PM) at 9.52%. This indicates that ABEV's price experiences larger fluctuations and is considered to be riskier than PM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ABEV	PM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.37%	9.52%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	19.68%	18.02%	+1.66%
Volatility (1Y) Calculated over the trailing 1-year period	27.12%	25.83%	+1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.98%	21.80%	+8.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.87%	24.02%	+9.85%

Financials

ABEV vs. PM - Profitability Comparison

The chart below illustrates the profitability comparison between Ambev S.A. and Philip Morris International Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

ABEV - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Ambev S.A. reported a gross profit of 12.24B and revenue of 24.81B. Therefore, the gross margin over that period was 49.3%.

PM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Philip Morris International Inc. reported a gross profit of 6.78B and revenue of 10.36B. Therefore, the gross margin over that period was 65.4%.

ABEV - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Ambev S.A. reported an operating income of 6.23B and revenue of 24.81B, resulting in an operating margin of 25.1%.

PM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Philip Morris International Inc. reported an operating income of 3.42B and revenue of 10.36B, resulting in an operating margin of 33.0%.

ABEV - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Ambev S.A. reported a net income of 4.35B and revenue of 24.81B, resulting in a net margin of 17.5%.

PM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Philip Morris International Inc. reported a net income of 2.31B and revenue of 10.36B, resulting in a net margin of 22.3%.