Anheuser-Busch InBev SA/NV Financials

BUD

FY2025 annual

Revenue $59.3B -0.7% YoY

Net Income $8.5B +14.3% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow $11.2B +0.3% YoY

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Mar 3, 2026 Currency USD FYE December

Anheuser-Busch InBev SA/NV (BUD) reported $59.3B in revenue for fiscal year 2025, down 0.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BUD FY2025 2026-08-15

Profit expansion without top-line growth is the clearest pattern, as cash generation improves while leverage steadily recedes.

From FY2023 to FY2025, revenue stayed near $59B, but net margin rose from 11.6% to 14.3% and free cash flow stayed above $11B; that points to a business extracting more earnings and cash from a largely unchanged sales base. Capex also fell from $4.6B to $3.7B, which helps explain why cash available for debt reduction, dividends, and buybacks improved faster than sales.

The company still runs with tight short-term liquidity—a current ratio of 0.7x in FY2025—even though operating cash flow was $14.9B; that suggests the operating model depends on steady cash turnover rather than a large near-term asset cushion. In plain terms, it behaves more like a business financed by ongoing cash generation than by excess working capital.

Balance-sheet repair is visible in leverage, with debt-to-equity down from 1.4x in FY2023 to 0.7x in FY2025, but the asset base is still heavily shaped by acquisitions: goodwill was $117.9B against total equity of $97.7B. So while solvency has improved, much of the stated balance-sheet support is intangible rather than readily liquid.

Financial Health Signals

Financial Health Score 29/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Anheuser-Busch InBev SA/NV's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Not available for Anheuser-Busch InBev SA/NV, and counted as zero in the overall score.

Growth

Anheuser-Busch InBev SA/NV's revenue declined 0.7% year-over-year, from $59.8B to $59.3B. This contraction results in a growth score of 31/100.

Leverage

Anheuser-Busch InBev SA/NV has a moderate D/E ratio of 0.75. This balance of debt and equity financing earns a leverage score of 52/100.

Liquidity

Anheuser-Busch InBev SA/NV's current ratio of 0.72 is below the typical benchmark, resulting in a score of 9/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Anheuser-Busch InBev SA/NV converts 18.9% of revenue into free cash flow ($11.2B). This strong cash generation earns a score of 84/100.

Returns

Not available for Anheuser-Busch InBev SA/NV, and counted as zero in the overall score.

Piotroski F-Score Partial

6/8

Anheuser-Busch InBev SA/NV passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.76x

For every $1 of reported earnings, Anheuser-Busch InBev SA/NV generates $1.76 in operating cash flow ($14.9B OCF vs $8.5B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$59.3B

YoY-0.7%

5Y CAGR+4.8%

10Y CAGR+3.3%

Anheuser-Busch InBev SA/NV generated $59.3B in revenue in fiscal year 2025. This represents a decrease of 0.7% from the prior year.

Net Income

$8.5B

YoY+14.3%

5Y CAGR+30.9%

10Y CAGR-1.5%

Anheuser-Busch InBev SA/NV reported $8.5B in net income in fiscal year 2025. This represents an increase of 14.3% from the prior year.

EBITDA

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

$11.2B

YoY+0.3%

5Y CAGR+9.6%

10Y CAGR+1.8%

Anheuser-Busch InBev SA/NV generated $11.2B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 0.3% from the prior year.

Cash & Debt

$11.6B

YoY+4.2%

5Y CAGR-5.3%

Anheuser-Busch InBev SA/NV held $11.6B in cash against $73.0B in long-term debt as of fiscal year 2025.

Shares Outstanding

1.80B

YoY0.0%

5Y CAGR+1.2%

Anheuser-Busch InBev SA/NV had 1.80B shares outstanding in fiscal year 2025. That is unchanged from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Net Margin

14.3%

YoY+1.9pp

5Y CAGR+9.6pp

10Y CAGR-8.6pp

Anheuser-Busch InBev SA/NV's net profit margin was 14.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.9 percentage points from the prior year.

Return on Equity

8.7%

YoY+0.3pp

5Y CAGR+5.9pp

10Y CAGR-12.9pp

Anheuser-Busch InBev SA/NV's ROE was 8.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.3 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks

$2.6B

YoY+188.9%

Anheuser-Busch InBev SA/NV spent $2.6B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 188.9% from the prior year.

Capital Expenditures

$3.7B

YoY-5.4%

5Y CAGR-0.7%

10Y CAGR-2.6%

Anheuser-Busch InBev SA/NV invested $3.7B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 5.4% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

BUD Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

BUD quarterly income statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Revenue	$59.3B-0.7%	$59.8B+0.7%	$59.4B+2.8%	$57.8B+6.4%	$54.3B+15.8%	$46.9B-10.4%	$52.3B-1.3%	$53.0B-3.3%	$54.9B+20.5%	$45.5B+5.7%	$43.1B
Interest Expense	$144.0M+1.4%	$142.0M-9.0%	$156.0M+20.0%	$130.0M+5.7%	$123.0M+6.0%	$116.0M-6.5%	$124.0M+11.7%	$111.0M-9.8%	$123.0M+9.8%	$112.0M+107.7%	-$1.5B
Income Tax	$2.9B-9.6%	$3.2B+41.1%	$2.2B+15.9%	$1.9B-18.0%	$2.4B+21.6%	$1.9B-30.7%	$2.8B+7.8%	$2.6B+55.9%	$1.7B+2.8%	$1.6B-37.8%	$2.6B
Net Income	$8.5B+14.3%	$7.4B+7.6%	$6.9B-9.3%	$7.6B+24.3%	$6.1B+177.7%	$2.2B-78.9%	$10.4B+83.1%	$5.7B-37.9%	$9.2B+231.0%	$2.8B-71.9%	$9.9B
EPS (Diluted)	N/A	N/A	N/A	$2.91+27.6%	$2.28+790.9%	-$0.33-107.6%	$4.32+126.2%	$1.91-48.4%	$3.70	$0.68	$4.96

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Interest Expense, Income Tax, Net Income, EPS (Diluted).

BUD Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

BUD quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Total Assets	$218.8B+5.9%	$206.6B-5.8%	$219.3B+3.0%	$212.9B-2.2%	$217.6B-3.9%	$226.4B-4.3%	$236.6B+1.2%	$233.9B-5.8%	$248.2B-3.3%	$256.6B	N/A
Current Assets	$24.8B+7.7%	$23.0B-1.6%	$23.4B+0.8%	$23.2B-3.2%	$23.9B-9.7%	$26.5B-8.0%	$28.8B+57.6%	$18.3B-23.7%	$24.0B-44.3%	$43.0B+89518.8%	$48.0M
Cash & Equivalents	$11.6B+4.2%	$11.2B+8.1%	$10.3B+3.6%	$10.0B-17.6%	$12.1B-20.7%	$15.3B+110.7%	$7.2B+2.3%	$7.1B-32.4%	$10.5B+22.1%	$8.6B	N/A
Inventory	$5.1B+1.7%	$5.0B-10.1%	$5.6B-15.6%	$6.6B+22.5%	$5.4B+20.5%	$4.5B+1.2%	$4.4B+4.6%	$4.2B+2.8%	$4.1B+5.9%	$3.9B	N/A
Accounts Receivable	$6.2B+16.9%	$5.3B-12.5%	$6.0B+13.0%	$5.3B+5.6%	$5.0B+4.4%	$4.8B-21.9%	$6.2B-2.9%	$6.4B-2.9%	$6.6B+3.4%	$6.4B	N/A
Goodwill	$117.9B+6.7%	$110.5B-5.6%	$117.0B+3.6%	$113.0B-2.4%	$115.8B-4.3%	$121.0B-5.6%	$128.1B-3.9%	$133.3B-5.4%	$140.9B+3.2%	$136.5B	N/A
Total Liabilities	$121.1B+2.7%	$117.9B-6.9%	$126.7B-1.6%	$128.7B-7.0%	$138.3B-6.6%	$148.1B-2.7%	$152.1B-6.1%	$162.0B-3.6%	$168.0B-4.1%	$175.2B	N/A
Current Liabilities	$34.5B+4.3%	$33.1B-11.0%	$37.2B+8.1%	$34.4B+0.6%	$34.2B+5.7%	$32.4B-7.1%	$34.8B0.0%	$34.8B-4.9%	$36.6B-9.3%	$40.4B	N/A
Long-Term Debt	$73.0B+1.2%	$72.2B	N/A	N/A	N/A	N/A	$103.0B-7.7%	$111.6B-4.1%	$116.4B-5.0%	$122.6B	N/A
Total Equity	$97.7B+10.2%	$88.7B-4.3%	$92.7B+10.0%	$84.3B+6.2%	$79.3B+1.3%	$78.4B-7.3%	$84.6B+17.6%	$71.9B-10.4%	$80.2B-1.5%	$81.4B+78.1%	$45.7B
Retained Earnings	$50.1B+7.6%	$46.6B+10.3%	$42.2B+8.7%	$38.8B+14.6%	$33.9B+9.8%	$30.9B-2.0%	$31.5B+20.8%	$26.1B-8.2%	$28.4B+0.6%	$28.2B	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Total Assets	$218.8B+3.6%	$211.1B+2.2%	$206.6B-1.9%	$210.7B-3.9%	$219.3B+1.4%	$216.4B+1.6%	$212.9B+0.3%	$212.4B
Current Assets	$24.8B+16.8%	$21.2B-7.8%	$23.0B+9.4%	$21.0B-10.0%	$23.4B+8.8%	$21.5B-7.3%	$23.2B+11.9%	$20.7B
Cash & Equivalents	$11.6B+62.4%	$7.2B-35.9%	$11.2B+51.2%	$7.4B-28.5%	$10.3B+50.9%	$6.8B-31.3%	$10.0B+41.9%	$7.0B
Inventory	$5.1B-6.7%	$5.5B+9.1%	$5.0B-9.8%	$5.6B-0.3%	$5.6B-18.4%	$6.8B+3.4%	$6.6B+8.3%	$6.1B
Accounts Receivable	$6.2B-11.9%	$7.0B+32.7%	$5.3B-21.4%	$6.7B+11.3%	$6.0B-8.9%	$6.6B+24.0%	$5.3B-9.1%	$5.9B
Goodwill	$117.9B+2.7%	$114.8B+3.9%	$110.5B-2.6%	$113.5B-3.1%	$117.0B+0.8%	$116.2B+2.8%	$113.0B-2.1%	$115.4B
Total Liabilities	$121.1B+1.2%	$119.7B+1.5%	$117.9B-2.9%	$121.5B-4.1%	$126.7B-0.7%	$127.6B-0.9%	$128.7B-0.8%	$129.6B
Current Liabilities	$34.5B+4.4%	$33.0B-0.2%	$33.1B+8.2%	$30.6B-17.7%	$37.2B+10.0%	$33.8B-1.8%	$34.4B+11.3%	$30.9B
Long-Term Debt	$73.0B	N/A	$72.2B	N/A	N/A	N/A	N/A	N/A
Total Equity	$97.7B+6.9%	$91.4B+3.1%	$88.7B-0.6%	$89.2B-3.7%	$92.7B+4.4%	$88.8B+5.3%	$84.3B+1.8%	$82.8B
Retained Earnings	$50.1B+5.2%	$47.6B+2.3%	$46.6B+7.0%	$43.5B+3.1%	$42.2B+7.5%	$39.3B+1.1%	$38.8B+12.7%	$34.4B

BUD Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

BUD quarterly cash flow statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Operating Cash Flow	$14.9B-1.1%	$15.1B+13.5%	$13.3B-0.2%	$13.3B-10.1%	$14.8B+35.9%	$10.9B-22.4%	$14.0B-6.8%	$15.1B+1.0%	$14.9B+47.6%	$10.1B-28.4%	$14.1B
Capital Expenditures	$3.7B-5.4%	$3.9B-16.7%	$4.6B-10.1%	$5.2B-8.5%	$5.6B+49.2%	$3.8B-26.9%	$5.2B+3.4%	$5.0B+6.9%	$4.7B-6.0%	$5.0B+4.8%	$4.7B
Free Cash Flow	$11.2B+0.3%	$11.2B+29.7%	$8.6B+6.0%	$8.1B-11.1%	$9.2B+28.8%	$7.1B-19.8%	$8.9B-11.9%	$10.1B-1.8%	$10.2B+99.6%	$5.1B-45.3%	$9.4B
Investing Cash Flow	-$3.4B-5.4%	-$3.3B+25.8%	-$4.4B-1.2%	-$4.3B+26.2%	-$5.9B-192.8%	$6.3B+228.5%	-$4.9B-24.3%	-$4.0B-150.4%	$7.9B+113.1%	-$60.1B-1118.6%	-$4.9B
Financing Cash Flow	-$11.4B-16.2%	-$9.9B-15.1%	-$8.6B+21.5%	-$10.9B+6.0%	-$11.6B-36.8%	-$8.5B+3.2%	-$8.8B+39.0%	-$14.3B+32.8%	-$21.3B-142.1%	$50.7B+646.6%	-$9.3B
Dividends Paid	$4.5B+70.0%	$2.7B-11.3%	$3.0B+23.4%	$2.4B+3.3%	$2.4B+31.3%	$1.8B-64.1%	$5.0B-35.4%	$7.8B-16.3%	$9.3B+9.8%	$8.4B+6.1%	$8.0B
Share Buybacks	$2.6B+188.9%	$900.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22

Not reported in any period shown, so not listed: Operating Cash Flow, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.

BUD Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

BUD quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Net Margin	14.3%+1.9pp	12.4%+0.8pp	11.6%-1.6pp	13.2%+1.9pp	11.3%+6.6pp	4.7%-15.2pp	19.9%+9.2pp	10.7%-6.0pp	16.7%+10.6pp	6.1%-16.8pp	22.9%
Return on Equity	8.7%+0.3pp	8.4%+0.9pp	7.4%-1.6pp	9.0%+1.3pp	7.7%+4.9pp	2.8%-9.5pp	12.3%+4.4pp	7.9%-3.5pp	11.4%+8.0pp	3.4%-18.2pp	21.6%
Return on Assets	3.9%+0.3pp	3.6%+0.5pp	3.1%-0.4pp	3.6%+0.8pp	2.8%+1.8pp	1.0%-3.4pp	4.4%+2.0pp	2.4%-1.3pp	3.7%+2.6pp	1.1%	N/A
Current Ratio	0.720.0x	0.70+0.1x	0.630.0x	0.670.0x	0.70-0.1x	0.820.0x	0.83+0.3x	0.52-0.1x	0.65-0.4x	1.07	N/A
Debt-to-Equity	0.75-0.1x	0.81-0.6x	1.37-0.2x	1.53-0.2x	1.74-0.1x	1.89+0.7x	1.22-0.3x	1.55+0.1x	1.45-0.1x	1.51	N/A
FCF Margin	18.9%+0.2pp	18.7%+4.2pp	14.5%+0.5pp	14.1%-2.8pp	16.9%+1.7pp	15.2%-1.8pp	16.9%-2.0pp	19.0%+0.3pp	18.7%+7.4pp	11.3%-10.5pp	21.8%

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Current Ratio	0.72+0.1x	0.64-0.1x	0.700.0x	0.69+0.1x	0.630.0x	0.640.0x	0.670.0x	0.67
Debt-to-Equity	0.75-0.6x	1.31+0.5x	0.81-0.5x	1.360.0x	1.37-0.1x	1.44-0.1x	1.530.0x	1.57

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, FCF Margin.

Note: The current ratio is below 1.0 (0.72), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Where Anheuser-Busch InBev SA/NV Ranks

Frequently Asked Questions

What is Anheuser-Busch InBev SA/NV's annual revenue?

Anheuser-Busch InBev SA/NV (BUD) reported $59.3B in total revenue for fiscal year 2025. This represents a -0.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Anheuser-Busch InBev SA/NV's revenue growing?

Anheuser-Busch InBev SA/NV (BUD) revenue declined by 0.7% year-over-year, from $59.8B to $59.3B in fiscal year 2025.

Is Anheuser-Busch InBev SA/NV profitable?

Yes, Anheuser-Busch InBev SA/NV (BUD) reported a net income of $8.5B in fiscal year 2025, with a net profit margin of 14.3%.

How much debt does Anheuser-Busch InBev SA/NV have?

As of fiscal year 2025, Anheuser-Busch InBev SA/NV (BUD) had $11.6B in cash and equivalents against $73.0B in long-term debt.

What is Anheuser-Busch InBev SA/NV's net profit margin?

Anheuser-Busch InBev SA/NV (BUD) had a net profit margin of 14.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Anheuser-Busch InBev SA/NV's return on equity (ROE)?

Anheuser-Busch InBev SA/NV (BUD) has a return on equity of 8.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Anheuser-Busch InBev SA/NV's free cash flow?

Anheuser-Busch InBev SA/NV (BUD) generated $11.2B in free cash flow during fiscal year 2025. This represents a 0.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Anheuser-Busch InBev SA/NV's operating cash flow?

Anheuser-Busch InBev SA/NV (BUD) generated $14.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Anheuser-Busch InBev SA/NV's total assets?

Anheuser-Busch InBev SA/NV (BUD) had $218.8B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Anheuser-Busch InBev SA/NV's capital expenditures?

Anheuser-Busch InBev SA/NV (BUD) invested $3.7B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Anheuser-Busch InBev SA/NV buy back shares?

Yes, Anheuser-Busch InBev SA/NV (BUD) spent $2.6B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Anheuser-Busch InBev SA/NV have outstanding?

Anheuser-Busch InBev SA/NV (BUD) had 1.80B shares outstanding as of fiscal year 2025.

What is Anheuser-Busch InBev SA/NV's current ratio?

Anheuser-Busch InBev SA/NV (BUD) had a current ratio of 0.72 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Anheuser-Busch InBev SA/NV's debt-to-equity ratio?

Anheuser-Busch InBev SA/NV (BUD) had a debt-to-equity ratio of 0.75 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Anheuser-Busch InBev SA/NV's return on assets (ROA)?

Anheuser-Busch InBev SA/NV (BUD) had a return on assets of 3.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Anheuser-Busch InBev SA/NV's Piotroski F-Score?

Anheuser-Busch InBev SA/NV (BUD) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Anheuser-Busch InBev SA/NV's earnings high quality?

Anheuser-Busch InBev SA/NV (BUD) has an earnings quality ratio of 1.76x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Anheuser-Busch InBev SA/NV?

Anheuser-Busch InBev SA/NV (BUD) scores 29 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.