# Molson Coors Brewing (TAP.US)

Canonical: https://gigainvestors.com/s/TAP

Analysis as of: 2026-10-16T07:32:15.232Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $39.03 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 4

- Operating margin variation: 4.30×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.15×

- FY2019: 0.07×

- FY2020: -0.04×

- FY2021: 0.14×

- FY2022: 0.01×

- FY2023: 0.12×

- FY2024: 0.15×

- FY2025: -0.21×

- LTM to Jun 2026: -0.23×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.4%

- ROIC, second-lowest year: -2.4%

- Typical minus recent gross margin: 1.3 pp

- Typical gross margin (annual median): 38.9%

- Recent gross margin (lower of latest and 3-year median): 37.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.9%

- ROIC including acquisitions, ten-year median: 5.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.8%

- FY2017: 10.8%

- FY2018: 9.3%

- FY2019: 3.5%

- FY2020: -2.4%

- FY2021: 8.6%

- FY2022: 0.9%

- FY2023: 8.3%

- FY2024: 10.6%

- FY2025: -13.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$2.3B

- Net income, five-year total: -$2.5B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -3.5 pp

- Working capital / revenue, final three-year average: -5.0%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: -$152M

- FY2023: $960M

- FY2024: $1.2B

- FY2025: -$2.1B

- LTM to Jun 2026: -$2.2B

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.8% vs 8.3%

- Per-share earnings: 6.53 to 4.37 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.7%

- Ordinary dilution, 5-year annual growth: -1.7%

- Market cap gain: -$11B

- Cumulative retained earnings: -$395M

- Diluted shares, 10-year annual growth: 0.7%

- Diluted shares, 5-year annual growth: -1.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -4.9%

- Per-share value change: -$2.17

- Per-share value, starting three-year median: $6.53

- Per-share value, ending three-year median: $4.37

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 3.6%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: $12B

- Cumulative net income, 10 years: $4.6B

- ROIC, first three-year median: 10.8%

- ROIC, last three-year median: 8.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $9.26

- FY2017: $6.53

- FY2018: $5.15

- FY2019: $1.11

- FY2020: -$4.36

- FY2021: $4.62

- FY2022: -$0.81

- FY2023: $4.37

- FY2024: $5.35

- FY2025: -$10.75

### accounting: pass

- Sloan accruals: -17.3%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 2.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.36×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.9%

- FY2017: -1.5%

- FY2018: -4.0%

- FY2019: -5.7%

- FY2020: -9.7%

- FY2021: -2.1%

- FY2022: -6.5%

- FY2023: -4.3%

- FY2024: -3.0%

- FY2025: -17.3%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Prem Watsa](https://gigainvestors.com/FFH): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Browne](https://gigainvestors.com/TB): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 44% since Jul 2023 · "Molson Coors Warns Of 6% To 9% Volume Drop On Glass Pinch" (finance.yahoo.com, May 2026) · sales -0.5%

Story as of 2026-10-16T09:59:39.757Z; price observation 2026-10-15.

- 2025-05-08: Molson Coors Stock Slumps as Tariffs Hit Earnings and Guidance ([finance.yahoo.com](https://finance.yahoo.com/m/995757e0-12d2-322e-a67a-d5be512539df/molson-coors-stock-slumps-as.html))

- 2025-08-05: Molson Coors Cuts Outlook as Beer Demand Slumps, Costs Rise ([finance.yahoo.com](https://finance.yahoo.com/m/f095bd0c-f534-3dd7-bbcc-b2038c6593e3/molson-coors-cuts-outlook-as.html))

- 2025-09-12: Sluggish trends in beer consumption triggers downgrade to Molson Coors, Constellation Brands ([seekingalpha.com](https://seekingalpha.com/news/4494438-sluggish-trends-in-beer-consumption-triggers-downgrade-to-molson-coors-constellation-brands?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-11-04: Molson Coors books hefty impairment charges, Q3 sales down ([finance.yahoo.com](https://finance.yahoo.com/news/molson-coors-books-hefty-impairment-132530120.html))

- 2026-05-01: Molson Coors Warns Of 6% To 9% Volume Drop On Glass Pinch ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/molson-coors-warns-6-9-121241410.html))

- 2026-08-07: Molson Coors Q2 Earnings Beat Estimates on Pricing and Cost Savings ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/molson-coors-q2-earnings-beat-164500953.html))

### Sales · FY2025–2026

sales -0.5%; source https://www.sec.gov/Archives/edgar/data/24545/000002454526000006/tap-20251231.htm; observed 2026-02-18.

- FY2017: $11B 

- FY2018: $11B 

- FY2019: $11B 

- FY2020: $9.7B 

- FY2021: $10B 

- FY2022: $11B 

- FY2023: $12B 

- FY2024: $12B 

- FY2025: $11B 

- FY2026: $11B 

### Gross margin · FY2025

gross margin 37.6%; source https://www.sec.gov/Archives/edgar/data/24545/000002454526000006/tap-20251231.htm; observed 2026-02-18.

- FY2016: 38.6% 

- FY2017: 43.3% 

- FY2018: 38.9% 

- FY2019: 39.7% 

- FY2020: 39.0% 

- FY2021: 39.4% 

- FY2022: 34.2% 

- FY2023: 37.3% 

- FY2024: 39.0% 

- FY2025: 37.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in beverages brewers; annual sales are USD 11.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/24545/000002454526000006/tap-20251231.htm (filed 2026-02-18); FY2025: revenue 11140800000; grossProfit 4186400000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TAP.US: 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 O"ujsko 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.

### Why customers stay

Margins ranged from 37.3% to 39% during 2023–25; it earns 8.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: grossProfit / revenue = 37.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: grossProfit / revenue = 39%.

- Source: https://www.sec.gov/Archives/edgar/data/24545/000002454526000006/tap-20251231.htm (filed 2026-02-18); FY2025: grossProfit / revenue = 37.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 10-year return on capital observations [[2016,0.14798491708230063],[2017,0.1084640349629553],[2018,0.09276782554312164],[2019,0.034627044581814634],[2020,-0.02354573484069887],[2021,0.08557006367409024],[2022,0.009282122821675818],[2023,0.08274182794846092],[2024,0.10605162107775404],[2025,-0.13509862221118302]]; median 0.08415594581127558. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 647.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2016: growth capex 0; upkeep 341800000; cash acquisitions 11961000000; owner earnings 2022500000. Growth capex plus acquisitions / owner earnings = 5.913967861557478.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2017: growth capex 0; upkeep 599600000; cash acquisitions 0; owner earnings 1627400000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2018: growth capex 0; upkeep 651700000; cash acquisitions 0; owner earnings 1322300000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2019: growth capex 0; upkeep 593800000; owner earnings 506900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2021: growth capex 0; upkeep 522600000; cash acquisitions 0; owner earnings 1269200000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: growth capex 0; upkeep 671500000; cash acquisitions 63700000; owner earnings 960200000. Growth capex plus acquisitions / owner earnings = 0.06634034576129973.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: growth capex 0; upkeep 674100000; cash acquisitions 8600000; owner earnings 1207700000. Growth capex plus acquisitions / owner earnings = 0.007120973751759543.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2016,352900000],[2017,353400000],[2018,354200000],[2019,424400000],[2020,125300000],[2021,147800000],[2022,329300000],[2023,354700000],[2024,369200000],[2025,376300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/24545/000002454526000006/tap-20251231.htm (filed 2026-02-18); FY2025: cash repurchases 647900000 USD.

### Are managers owners

Insiders own 12.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TAP.US SharesStats.PercentInsiders = 12.781 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.7 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Closing price 39.03 USD; reporting-to-trading FX 1; FY2025 annual sales per share 55.95580110497237; price multiple 0.6975148104265403. FY2025 cash earnings/share -10.700652938222. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $103.81 per share

- 2016-11: $98.03 per share

- 2016-12: $97.31 per share

- 2017-01: $96.52 per share

- 2017-02: $100.39 per share

- 2017-03: $95.71 per share

- 2017-04: $95.89 per share

- 2017-05: $94.79 per share

- 2017-06: $86.34 per share

- 2017-07: $88.98 per share

- 2017-08: $89.75 per share

- 2017-09: $81.64 per share

- 2017-10: $80.87 per share

- 2017-11: $78.10 per share

- 2017-12: $82.07 per share

- 2018-01: $84.02 per share

- 2018-02: $76.25 per share

- 2018-03: $75.33 per share

- 2018-04: $71.24 per share

- 2018-05: $61.65 per share

- 2018-06: $68.04 per share

- 2018-07: $67.00 per share

- 2018-08: $66.74 per share

- 2018-09: $61.50 per share

- 2018-10: $64.00 per share

- 2018-11: $65.77 per share

- 2018-12: $56.16 per share

- 2019-01: $66.61 per share

- 2019-02: $61.66 per share

- 2019-03: $59.65 per share

- 2019-04: $64.19 per share

- 2019-05: $54.98 per share

- 2019-06: $56.00 per share

- 2019-07: $53.99 per share

- 2019-08: $51.36 per share

- 2019-09: $57.50 per share

- 2019-10: $52.72 per share

- 2019-11: $50.48 per share

- 2019-12: $53.90 per share

- 2020-01: $55.58 per share

- 2020-02: $49.61 per share

- 2020-03: $39.01 per share

- 2020-04: $41.01 per share

- 2020-05: $37.96 per share

- 2020-06: $34.36 per share

- 2020-07: $37.52 per share

- 2020-08: $37.64 per share

- 2020-09: $33.56 per share

- 2020-10: $35.26 per share

- 2020-11: $46.00 per share

- 2020-12: $45.19 per share

- 2021-01: $50.16 per share

- 2021-02: $44.45 per share

- 2021-03: $51.15 per share

- 2021-04: $54.95 per share

- 2021-05: $58.32 per share

- 2021-06: $53.69 per share

- 2021-07: $48.89 per share

- 2021-08: $47.53 per share

- 2021-09: $46.38 per share

- 2021-10: $44.09 per share

- 2021-11: $44.44 per share

- 2021-12: $46.35 per share

- 2022-01: $47.66 per share

- 2022-02: $52.18 per share

- 2022-03: $53.38 per share

- 2022-04: $54.14 per share

- 2022-05: $55.84 per share

- 2022-06: $54.51 per share

- 2022-07: $59.75 per share

- 2022-08: $51.67 per share

- 2022-09: $47.99 per share

- 2022-10: $50.43 per share

- 2022-11: $55.11 per share

- 2022-12: $51.52 per share

- 2023-01: $52.58 per share

- 2023-02: $53.19 per share

- 2023-03: $51.68 per share

- 2023-04: $59.48 per share

- 2023-05: $61.85 per share

- 2023-06: $65.84 per share

- 2023-07: $69.77 per share

- 2023-08: $63.49 per share

- 2023-09: $63.59 per share

- 2023-10: $57.77 per share

- 2023-11: $61.54 per share

- 2023-12: $61.21 per share

- 2024-01: $61.79 per share

- 2024-02: $62.42 per share

- 2024-03: $67.25 per share

- 2024-04: $57.26 per share

- 2024-05: $54.81 per share

- 2024-06: $50.83 per share

- 2024-07: $52.85 per share

- 2024-08: $53.97 per share

- 2024-09: $57.52 per share

- 2024-10: $54.47 per share

- 2024-11: $62.06 per share

- 2024-12: $57.32 per share

- 2025-01: $54.75 per share

- 2025-02: $61.29 per share

- 2025-03: $60.87 per share

- 2025-04: $57.53 per share

- 2025-05: $53.59 per share

- 2025-06: $48.09 per share

- 2025-07: $48.72 per share

- 2025-08: $50.49 per share

- 2025-09: $45.25 per share

- 2025-10: $43.72 per share

- 2025-11: $46.51 per share

- 2025-12: $46.68 per share

- 2026-01: $48.04 per share

- 2026-02: $48.99 per share

- 2026-03: $43.06 per share

- 2026-04: $42.74 per share

- 2026-05: $39.53 per share

- 2026-06: $38.96 per share

- 2026-07: $41.56 per share

- 2026-08: $39.76 per share

- 2026-09: $36.47 per share

- 2026-10: $37.20 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/24545/000002454526000006/tap-20251231.htm); period 2025-12-31, filed 2026-02-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.