NYSE · Consumer Defensive

Molson Coors Beverage Company

TAP · Beverages - Brewers

$40.73

▼ -1.41 (-3.35%)

Data cached · refreshes every 10 min

Insufficient data to generate a complete Graham analysis.

Overall Grade

Defensive

Enterprising

Profitability F

Gross Profit Margin 38.4%

Operating Margin 14.6%

Net Income Margin -19.2%

Fin. Health F

Years to Pay Off Debt -3.0 yrs

Working Capital vs Long-Term Debt -$6.2B

Working Capital -$2.4B

Valuation A

Price-to-Book 0.70x

Cash Flow C

Free Cash Flow $1.1B

Owner Earnings -$697M

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $7.6B

Enterprise Value $14.2B

P/E (TTM) 8.12

Dividend Yield 4.49%

Exchange NYSE

Key Margins

Gross Profit 38.4%

Operating Margin 14.6%

Net Margin -19.2%

Company Info

Sector Consumer Defensive

Industry Beverages - Brewers

Employees 16200

Country United States

Visit website

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	38.4% ▼	39.0%	37.3%	34.2%	N/A
Operating Margin %	14.6% ▼	15.6%	13.6%	9.7%	N/A
Net Income %	-19.2% ▼	9.7%	8.1%	-1.6%	N/A
Diluted EPS	-10.75 ▼	5.35	4.37	-0.81	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$22.7B	$26.1B	$26.4B	$25.9B	N/A
Total Debt	$6.4B ↑	$6.2B	$6.3B	$6.6B	N/A
Working Capital	-$2.4B ▼	-$197M	-$1.2B	-$737M	N/A
Years to Pay Debt	-2.97	5.52	6.61	-37.69	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$1.1B ▼	$1.2B	$1.4B	$841M	N/A
Owner Earnings	-$697M	$2.6B	$2.3B	$1.2B	N/A
CapEx % of Net Income	N/A	60.1%	70.8%	N/A	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-534,067	-15,025	-38,397	-185,556
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	2,436,600	2,621,800	2,339,900	1,756,500
Total Unusual Items	-3,981,000	-65,400	-162,700	-883,600
Total Unusual Items Excluding Goodwill	-3,981,000	-65,400	-162,700	-883,600
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	213,301	216,263
Share Issued	228,436	227,948	227,201	226,763
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

These metrics estimate what Molson Coors Beverage Company is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

N/A (negative EPS)

Margin of Safety

—

Market Cap ÷ Company Value

1.34

P/B Ratio

0.70

Warren's Owner Earnings

-$697M

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$11.1B

vs > $1.5B revenue

❌ Strong Financial Condition

0.55x

vs Current Ratio > 2.0x

❌ Earnings Stability

2 loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

4.49%

vs Uninterrupted dividends

❌ Earnings Growth

+22.4% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

8.1x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

0.70x P/B (P/E×P/B: 5.7)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-52.79

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

$103.30

Per share, no-growth floor. Compare to current price.

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

12.69%

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
Vanguard Group Inc	11.59%	20,348,793
Dodge & Cox Inc.	10.60%	18,610,924
Blackrock Inc.	6.20%	10,893,013
State Street Corporation	5.04%	8,846,969
Dimensional Fund Advisors LP	4.31%	7,572,843
LSV Asset Management	3.41%	5,990,976
Geode Capital Management, LLC	2.55%	4,477,094
Invesco Ltd.	2.55%	4,485,000

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.44

Low volatility — more stable than the market

Short Interest

15.7% 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: $40.64 Current: $40.73 High: $57.80

Currently at 1% of 52-week range

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