Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin14.6%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin-19.2%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
F
Years to Pay Off Debt-3.0 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$6.2B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital-$2.4B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
A
Price-to-Book0.67x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
C
Free Cash Flow$1.1B
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings-$697M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
About Molson Coors Beverage Company
Molson Coors Beverage Company manufactures, markets, distributes, and sells beer and other malt beverage products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers flavored malt beverages including hard seltzers, craft, spirits, and ready to drink beverages. The company also provides non-alcoholic beverages including premium mixers and energy drinks. It offers its products under Arnold Palmer Spiked, Aspall Cider, Blue Moon, Beck's, Blue Run Spirits, Cobra, Corona Extra, Coors Original, Fever-Tree, Heineken, Hidra, Leinenkugel's, Madri, Miller Genuine Draft, Molson Ultra, Peroni Nastro Azurro, Pilsner Urquell, Redd's, Rekorderlig, Sharp's, Simply Spiked, Staropramen, Stella Artois, Topo Chico Hard Seltzer, ZOA Energy, and Vizzy Hard Seltzer above premium brands; Bergenbier, Borsodi, Burgasko, Carling, Coors Banquet, Coors Light, Jelen, Miller Lite, Molson Canadian brands, Niksicko, and Oujsko under the premium brands; and Branik, Icehouse, Keystone, Lowenbrau, Miller High Life, Milwaukee's Best, and Steel Reserve under the economy brands. The company was formerly known as Molson Coors Brewing Company and changed its name to Molson Coors Beverage Company in January 2020. Molson Coors Beverage Company was founded in 1774 and is based in Golden, Colorado.
Molson Coors Beverage Company manufactures, markets, distributes, and sells beer and other malt beverage products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers flavored malt beverages including hard seltzers, craft, spirits, and ready to drink beverages. The company also provides non-alcoholic beverages including premium mixers and energy drinks. It offers its products under Arnold Palmer Spiked, Aspall Cider, Blue Moon, Beck's, Blue Run Spirits, Cobra, Corona Extra, Coors Original, Fever-Tree, Heineken, Hidra, Leinenkugel's, Madri, Miller Genuine Draft, Molson Ultra, Peroni Nastro Azurro, Pilsner Urquell, Redd's, Rekorderlig, Sharp's, Simply Spiked, Staropramen, Stella Artois, Topo Chico Hard Seltzer, ZOA Energy, and Vizzy Hard Seltzer above premium brands; Bergenbier, Borsodi, Burgasko, Carling, Coors Banquet, Coors Light, Jelen, Miller Lite, Molson Canadian brands, Niksicko, and Oujsko under the premium brands; and Branik, Icehouse, Keystone, Lowenbrau, Miller High Life, Milwaukee's Best, and Steel Reserve under the economy brands. The company was formerly known as Molson Coors Brewing Company and changed its name to Molson Coors Beverage Company in January 2020. Molson Coors Beverage Company was founded in 1774 and is based in Golden, Colorado.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Net Income From Continuing Operation Net Minority Interest
-2,139,600
1,122,400
948,900
-175,300
Reconciled Depreciation
725,700
770,700
690,700
684,800
Reconciled Cost Of Revenue
6,866,200
7,093,600
7,333,300
7,045,800
EBITDA
-1,544,400
2,556,400
2,177,200
872,900
EBIT
-2,270,100
1,785,700
1,486,500
188,100
Net Interest Income
-227,300
-247,300
-208,600
-246,300
Interest Expense
247,900
282,700
234,000
250,600
Interest Income
20,600
35,400
25,400
4,300
Normalized Income
1,307,333
1,172,775
1,073,203
522,744
Net Income From Continuing And Discontinued Operation
-2,139,600
1,122,400
948,900
-175,300
Total Expenses
9,510,100
9,811,100
10,113,200
9,664,600
Total Operating Income As Reported
-2,336,900
1,753,200
1,438,200
157,500
Diluted Average Shares
199,100
209,900
217,300
216,900
Basic Average Shares
199,100
208,800
216,000
216,900
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
-2,139,600
1,122,400
948,900
-175,300
Net Income Common Stockholders
-2,139,600
1,122,400
948,900
-175,300
Net Income
-2,139,600
1,122,400
948,900
-175,300
Minority Interests
40,600
-35,300
-7,500
11,200
Net Income Including Noncontrolling Interests
-2,180,200
1,157,700
956,400
-186,500
Net Income Continuous Operations
-2,180,200
1,157,700
956,400
-186,500
Tax Provision
-337,800
345,300
296,100
124,000
Pretax Income
-2,518,000
1,503,000
1,252,500
-62,500
Other Income Expense
-3,921,400
-65,600
-127,800
-852,600
Other Non Operating Income Expenses
46,200
-2,900
22,900
26,300
Special Income Charges
-3,981,000
-65,400
-162,700
-883,600
Gain On Sale Of Ppe
-104,200
0
-3,100
-25,200
Gain On Sale Of Business
2,900
41,400
2,200
6,800
Write Off
13,500
Impairment Of Capital Assets
3,919,600
0
160,800
881,300
Restructuring And Mergern Acquisition
64,300
106,800
4,100
9,100
Earnings From Equity Interest
13,400
2,700
12,000
4,700
Gain On Sale Of Security
-7,400
Net Non Operating Interest Income Expense
-227,300
-247,300
-208,600
-246,300
Interest Expense Non Operating
247,900
282,700
234,000
250,600
Interest Income Non Operating
20,600
35,400
25,400
4,300
Operating Income
1,630,700
1,815,900
1,588,900
1,036,400
Operating Expense
2,643,900
2,717,500
2,779,900
2,618,800
Selling General And Administration
2,643,900
2,717,500
2,779,900
2,618,800
General And Administrative Expense
2,779,900
2,618,800
2,554,500
Other Gand A
2,779,900
2,618,800
2,554,500
Salaries And Wages
-10,200
-36,600
-46,400
Gross Profit
4,274,600
4,533,400
4,368,800
3,655,200
Cost Of Revenue
6,866,200
7,093,600
7,333,300
7,045,800
Total Revenue
11,140,800
11,627,000
11,702,100
10,701,000
Excise Taxes
1,899,500
2,107,300
2,182,500
2,106,500
Operating Revenue
13,040,300
13,734,300
13,884,600
12,807,500
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
37,700
24,800
13,900
10,500
Ordinary Shares Number
190,736
203,148
213,300
216,300
Share Issued
228,436
227,948
227,200
226,800
Net Debt
5,403,000
5,176,800
5,355,000
5,962,300
Total Debt
6,352,300
6,192,800
6,270,800
6,607,000
Tangible Book Value
-3,705,500
-4,685,100
-4,743,900
-5,402,300
Invested Capital
16,529,800
19,238,500
19,419,900
19,252,000
Working Capital
-2,375,300
-196,800
-1,244,100
-737,400
Net Tangible Assets
-3,705,500
-4,685,100
-4,743,900
-5,402,300
Capital Lease Obligations
52,800
46,700
46,900
44,700
Common Stock Equity
10,230,300
13,092,400
13,196,000
12,689,700
Total Capitalization
14,095,700
19,206,300
18,508,100
18,854,900
Total Equity Gross Minority Interest
10,542,700
13,452,700
13,435,100
12,915,200
Minority Interest
312,400
360,300
239,100
225,500
Stockholders Equity
10,230,300
13,092,400
13,196,000
12,689,700
Other Equity Interest
-16,600
-16,200
-27,400
-41,200
Gains Losses Not Affecting Retained Earnings
-1,071,600
-1,362,400
-1,116,300
-1,205,500
Other Equity Adjustments
52,800
67,000
14,400
4,800
Foreign Currency Translation Adjustments
-797,600
-1,087,000
-778,000
-875,200
Minimum Pension Liabilities
-326,800
-342,400
-352,700
-335,100
Treasury Stock
2,038,900
1,380,800
735,600
522,900
Retained Earnings
5,723,700
8,238,000
7,484,300
6,894,100
Additional Paid In Capital
7,247,200
7,223,600
7,108,400
7,006,400
Capital Stock
369,900
374,000
455,200
517,600
Common Stock
369,900
374,000
455,200
517,600
Total Liabilities Net Minority Interest
12,195,700
12,611,600
12,940,000
12,953,100
Total Non Current Liabilities Net Minority Interest
6,884,900
9,566,400
8,847,400
9,577,700
Other Non Current Liabilities
307,700
302,400
372,300
292,800
Employee Benefits
427,100
416,700
465,800
473,300
Non Current Pension And Other Postretirement Benefit Plans
427,100
416,700
465,800
473,300
Non Current Deferred Liabilities
2,284,700
2,733,400
2,697,200
2,646,400
Non Current Deferred Taxes Liabilities
2,284,700
2,733,400
2,697,200
2,646,400
Long Term Debt And Capital Lease Obligation
3,865,400
6,113,900
5,312,100
6,165,200
Long Term Debt
3,865,400
6,113,900
5,312,100
6,165,200
Current Liabilities
5,310,800
3,045,200
4,092,600
3,375,400
Other Current Liabilities
328,000
355,600
329,400
288,700
Current Debt And Capital Lease Obligation
2,486,900
78,900
958,700
441,800
Current Capital Lease Obligation
52,800
46,700
46,900
44,700
Current Debt
2,434,100
32,200
911,800
397,100
Other Current Borrowings
2,401,800
19,200
895,300
381,200
Line Of Credit
32,300
13,000
16,500
15,900
Pensionand Other Post Retirement Benefit Plans Current
176,100
241,300
316,800
249,200
Payables And Accrued Expenses
2,319,800
2,369,400
2,487,700
2,395,700
Current Accrued Expenses
261,600
251,900
251,800
87,600
Interest Payable
97,600
94,800
82,800
87,600
Payables
2,058,200
2,117,500
2,235,900
2,308,100
Total Tax Payable
235,400
242,500
255,100
239,900
Accounts Payable
1,822,800
1,875,000
1,980,800
2,068,200
Total Assets
22,738,400
26,064,300
26,375,100
25,868,300
Total Non Current Assets
19,802,900
23,215,900
23,526,600
23,230,300
Other Non Current Assets
1,098,400
978,000
1,142,200
915,500
Goodwill And Other Intangible Assets
13,935,800
17,777,500
17,939,900
18,092,000
Other Intangible Assets
11,991,100
12,195,200
12,614,600
12,800,100
Goodwill
1,944,700
5,582,300
5,325,300
5,291,900
Net PPE
4,768,700
4,460,400
4,444,500
4,222,800
Accumulated Depreciation
-4,979,700
-4,392,000
-4,101,600
-3,661,900
Gross PPE
9,748,400
8,852,400
8,546,100
7,884,700
Construction In Progress
699,900
612,100
783,700
497,400
Other Properties
451,100
409,500
414,100
395,300
Machinery Furniture Equipment
6,608,900
6,017,700
5,699,800
5,430,600
Buildings And Improvements
1,602,500
1,450,200
1,283,400
1,205,500
Land And Improvements
386,000
362,900
365,100
355,900
Current Assets
2,935,500
2,848,400
2,848,500
2,638,000
Other Current Assets
432,800
308,400
297,900
378,900
Inventory
715,900
727,800
802,300
792,900
Other Inventories
131,500
137,000
184,100
161,500
Finished Goods
267,000
245,800
245,700
269,100
Work In Process
82,800
83,800
97,400
71,900
Raw Materials
234,600
261,200
275,100
290,400
Receivables
890,300
842,900
879,400
866,200
Receivables Adjustments Allowances
-2,500
Other Receivables
187,300
149,800
121,600
126,400
Duefrom Related Parties Current
16,200
Accounts Receivable
703,000
693,100
757,800
739,800
Allowance For Doubtful Accounts Receivable
-10,000
-8,900
-12,700
-13,200
Gross Accounts Receivable
713,000
702,000
770,500
753,000
Cash Cash Equivalents And Short Term Investments
896,500
969,300
868,900
600,000
Cash And Cash Equivalents
896,500
969,300
868,900
600,000
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
1,067,800
1,236,200
1,407,500
840,600
Repurchase Of Capital Stock
-647,900
-643,400
-205,800
-51,500
Repayment Of Debt
-12,800
-883,800
-404,800
-509,100
Issuance Of Debt
0
863,700
7,000
7,000
Capital Expenditure
-716,600
-674,100
-671,500
-661,400
End Cash Position
896,500
969,300
868,900
600,000
Beginning Cash Position
969,300
868,900
600,000
637,400
Effect Of Exchange Rate Changes
21,700
-23,500
13,000
-24,800
Changes In Cash
-94,500
123,900
255,900
-12,600
Financing Cash Flow
-1,056,800
-1,138,400
-981,400
-889,500
Cash Flow From Continuing Financing Activities
-1,056,800
-1,138,400
-981,400
-889,500
Net Other Financing Charges
-19,800
-105,700
-23,100
-2,900
Proceeds From Stock Option Exercised
7,900
3,100
4,600
Cash Dividends Paid
-376,300
-369,200
-354,700
-329,300
Common Stock Dividend Paid
-376,300
-369,200
-354,700
-329,300
Net Common Stock Issuance
-647,900
-643,400
-205,800
-51,500
Common Stock Payments
-647,900
-643,400
-205,800
-51,500
Net Issuance Payments Of Debt
-12,800
-20,100
-397,800
-505,800
Net Short Term Debt Issuance
0
0
-3,700
1,400
Net Long Term Debt Issuance
-12,800
-20,100
-397,800
-502,100
Long Term Debt Payments
-12,800
-883,800
-404,800
-509,100
Long Term Debt Issuance
0
863,700
7,000
7,000
Investing Cash Flow
-822,100
-648,000
-841,700
-625,100
Cash Flow From Continuing Investing Activities
-822,100
-648,000
-841,700
-625,100
Net Other Investing Changes
-99,000
10,200
-117,400
4,100
Net Business Purchase And Sale
-22,300
-8,600
-63,700
0
Purchase Of Business
-22,300
-8,600
-63,700
0
Net PPE Purchase And Sale
-700,800
-649,600
-660,600
-629,200
Sale Of PPE
15,800
24,500
10,900
32,200
Purchase Of PPE
-716,600
-674,100
-671,500
-661,400
Operating Cash Flow
1,784,400
1,910,300
2,079,000
1,502,000
Cash Flow From Continuing Operating Activities
1,784,400
1,910,300
2,079,000
1,502,000
Taxes Refund Paid
-131,400
-227,100
-244,800
-76,600
Interest Paid Cfo
-240,700
-216,000
-229,000
-240,000
Change In Working Capital
-146,700
-189,400
72,500
-183,200
Change In Other Working Capital
25,200
-49,700
1,300
6,000
Change In Payables And Accrued Expense
-285,400
-234,400
50,200
-16,100
Change In Payable
-285,400
-234,400
50,200
-16,100
Change In Inventory
65,200
55,100
21,700
-64,600
Change In Receivables
48,300
39,600
-700
-108,500
Other Non Cash Items
247,300
205,600
234,000
250,600
Stock Based Compensation
35,000
43,100
44,900
33,600
Asset Impairment Charge
3,645,700
0
0
845,000
Deferred Tax
-337,800
345,300
296,100
124,000
Deferred Income Tax
-337,800
345,300
296,100
124,000
Depreciation Amortization Depletion
725,700
770,700
690,700
684,800
Depreciation And Amortization
725,700
770,700
690,700
684,800
Amortization Cash Flow
220,500
217,700
215,200
208,100
Amortization Of Intangibles
220,500
217,700
215,200
208,100
Depreciation
505,200
553,000
475,500
476,700
Operating Gains Losses
167,500
20,400
258,200
250,300
Earnings Losses From Equity Investments
-13,400
-2,700
-12,000
-4,700
Net Foreign Currency Exchange Gain Loss
-81,700
-28,700
88,300
236,400
Gain Loss On Sale Of PPE
262,600
51,800
181,900
18,600
Net Income From Continuing Operations
-2,180,200
1,157,700
956,400
-186,500
4/7
Graham Score
Enterprising Investor
Requires deeper research. Suited for active investors.
Graham's Fair Value
N/A (negative EPS)
Margin of Safety
—
Market Cap / Net Assets
0.7x
Net Assets: $10.5B
Warren's Owner Earnings
-$697M
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
4/7 — Enterprising Investor
✅
Adequate Size
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
$11.1B
vs > $1.5B revenue
❌
Strong Financial Condition
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
0.55x
vs Current Ratio > 2.0x
❌
Earnings Stability
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
2 loss years (4 yrs data)
vs No negative EPS years
✅
Dividend Record
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
4.84%
vs Uninterrupted dividends
❌
Earnings Growth
EPS grew from $4.37 to $5.35 over 1 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
+22.4% EPS growth
vs > 33% EPS growth
✅
Moderate P/E Ratio
Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.
7.9x
vs P/E ≤ 15.0x
✅
Moderate Price-to-Book
Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.
0.67x P/B (P/E×P/B: 5.3)
vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $11.1Bvs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
❌ Strong Financial Condition — 0.55xvs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
❌ Earnings Stability — 2 loss years (4 yrs data)vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
✅ Dividend Record — 4.84%vs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
EPS grew from $4.37 to $5.35 over 1 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
"A minimum increase of at least one-third in per-share earnings over ten years."
✅ Moderate P/E Ratio — 7.9xvs P/E ≤ 15.0x
Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.
"The price-earnings ratio should be no more than 15 times average earnings."
Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.
"The price should not be more than 1½ times book value. P/E × P/B ≤ 22.5."
These metrics estimate what Molson Coors Beverage Company is worth based on fundamentals — independent of what the market prices it at.
Graham's Fair Value and NCAV are conservative floors.
EPV assumes zero growth. These are reference points, not price targets.
Net Current Asset Value
$-52.85
Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
$103.41
Per share, no-growth floor. Compare to current price.
ROIC — Return on Invested Capital
7.4%
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Cash Flow Analysis
Metric
2025
2024
2023
2022
2021
Capital Expenditure % of Net Income
N/A
60.1%
70.8%
N/A
N/A
Repurchase of Capital Stock
-$648M
-$643M
-$206M
-$52M
N/A
Free Cash Flow
$1.1B▼
$1.2B▼
$1.4B▲
$841M•
N/A•
Warren's Owner Earnings
-$697M
$2.6B
$2.3B
$1.2B
N/A
Peers & Industry
No auto-detected peers for Beverages - Brewers. You can manually compare TAP against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
12.70%
High — management has strong skin in the game
Return on Equity (ROE)
-20.9%
Weak — poor returns on equity
Return on Assets (ROA)
-9.4%
Poor — assets are not generating adequate returns
Share Buybacks (Latest Year)
$648M
Management is returning capital to shareholders via buybacks
Debt Trend YoY
+2.6% YoY
Debt is roughly stable
Leadership Team
Rahul Goyal
President, CEO and Director
Age 48
Pay: $810,874
Tracey Joubert
Chief Financial Officer
Age 58
Pay: $1,165,600
Philip Mark Whitehead
President and Chief Executive Officer of Molson Coors EMEA & APAC
Age 48
Pay: $716,668
Greg Tierney
Vice President of Commercial Finance, FP&A and Investor Relations
Brian Erhardt
Chief Supply Chain Officer of Molson Coors North America
Top Institutional Holders
Institution
% Owned
Shares
Dodge & Cox Inc.
10.57%
18,523,049
Blackrock Inc.
6.68%
11,697,941
Vanguard Capital Management LLC
6.07%
10,627,366
Vanguard Portfolio Management LLC
5.16%
9,041,848
State Street Corporation
4.99%
8,750,039
Dimensional Fund Advisors LP
4.77%
8,363,157
LSV Asset Management
3.38%
5,921,078
Invesco Ltd.
2.97%
5,205,059
⚠️Short interest exceeds 20% — heavy bearish bets
⚠️Current ratio below 1 — liquidity risk
Risk Analysis
Beta (Market Risk)
0.42
Low volatility — more stable than the market
Short Interest
23.0% of float
Heavy short selling — market has significant bearish bets
Debt-to-Equity
0.63x
Conservative balance sheet — low financial risk
Current Ratio
0.54x
Weak liquidity — current liabilities exceed current assets
52-Week Price Range
Low: $38.04Current: $39.40High: $54.82
Currently at 8% of 52-week range
Molson Coors Beverage Company (TAP) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 38.4%. Operating margin: 14.6%. Net margin: -19.2%. Market cap: $7.4B. Sector: Consumer Defensive. Industry: Beverages - Brewers. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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