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Molson Coors

TAP NYSE Distillers & Vintners Financials FY2016–FY2025

Molson Coors' revenue fell 4.2% to $11.1 billion in fiscal 2025. Its operating margin was βˆ’21.0%, down from 15.1% a year earlier. Free cash flow was $1.1 billion, down 13.6%. It paid out $1.0 billion in dividends and buybacks, 96% of free cash flow. The diluted share count fell 5.2%.

Last close Β· Oct 23, 2026

$41.21

1.1%
Value it Compare
Revenue Total sales reported in the income statement.
$11.1B
4.2% vs prior year
Operating margin Operating income as a share of revenue.
βˆ’21.0%
36.1 pts
Net income Profit after all expenses, interest and tax.
βˆ’$2.1B
290.6%
Free cash flow Cash from operations minus capital spending.
$1.1B
13.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
βˆ’10.7%
18.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$8.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
β€”

About these figures. Write-downs in 2025 made Molson Coors' EBITDA negative, so net debt to EBITDA is left blank that year. Molson Coors' first-quarter 2026 10-Q isn't in the SEC's structured data yet, so its quarters stop at the end of 2025. Revenue is Molson Coors' net sales, after the excise taxes it collects on beer, as its income statement reports it; the default took sales before those taxes.

What Molson Coors does

Molson Coors brews and sells beer and other drinks. Its main beers include Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling and OΕΎujsko. It also sells higher-priced brands such as MadrΓ­ Excepcional, Staropramen and Blue Moon, value brands such as Miller High Life and Keystone Light, and drinks beyond beer, including Vizzy Hard Seltzer, spirits and non-alcoholic beverages. Through license and distribution deals it also carries partner brands such as Simply Spiked, ZOA Energy and Fever-Tree.

It has two reporting segments, the Americas and EMEA&APAC (Europe, the Middle East, Africa and Asia Pacific). It makes money by selling its drinks to distributors and retailers. In the United States, beer generally moves through a three-tier system of manufacturers, distributors and retailers. No single customer accounted for more than 10% of net sales. In the U.S. and Canada, it says it competes most directly with Anheuser-Busch InBev and Constellation Brands. In Europe its main rivals are Heineken, Asahi, Carlsberg and Anheuser-Busch InBev.

Molson Coors says it is among the top five global brewers. It is working to become a "total beverage company" and announced an Americas restructuring plan. A new chief executive officer took over on October 1, 2025. At the end of 2025 it had approximately 16,200 employees.

Legal name
Molson Coors Beverage Company
Fiscal year ends
December 31, 2025
Latest annual report
10-K Β· Feb 18, 2026
Accession Β· CIK
0000024545-26-000006
0000024545

Revenue and margins

Molson Coors had $11.1B of revenue in fiscal 2025, down 4.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.1B in fiscal 2025, 9.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Molson Coors returned $1.0B to shareholders in fiscal 2025, 96% of free cash flow. The diluted share count fell 5.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Molson Coors yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β€” the answer depends entirely on what you put in.

Discounted cash flow

Value per share

β€”

Adds net cash of βˆ’$5.5B and divides by 199.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Molson Coors can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $637M$600M$869M$969M$897M
Debt incl. finance leases $7.2B$6.6B$6.3B$6.2B$6.4B
Net debt / EBITDA 2.9x7.2x2.6x2.1xβ€”
Debt / equity 0.5x0.5x0.5x0.5x0.6x
Interest coverage 5.6x0.6x6.2x6.2xβˆ’9.4x
Current ratio 0.8x0.8x0.7x0.9x0.6x
Quick ratio 0.5x0.6x0.5x0.7x0.4x
Total assets $27.6B$25.9B$26.4B$26.1B$22.7B
Total liabilities $14.0B$13.0B$12.9B$12.6B$12.2B
Shareholders' equity $13.4B$12.7B$13.2B$13.1B$10.2B
Net debt (βˆ’ = net cash) $6.6B$6.0B$5.4B$5.2B$5.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.6M

4 insiders

Sold, 12 months

$0.1M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
May 21, 2026 Geoffrey E. MolsonDirector Sold 1,245 $42.50 $0.1M Form 4
Mar 9, 2026 Andrew Thomas MolsonDirector Bought 2,000 $46.67 $0.1M Form 4
Feb 20, 2026 James A Winnefeld JrDirector Bought 100 $49.01 $0.0M Form 4
Nov 26, 2025 Christian P CocksDirector Bought 45 $47.19 $0.0M Form 4
Nov 10, 2025 Andrew Thomas MolsonDirector Bought 7,500 $46.79 $0.4M Form 4
Nov 5, 2025 David S. CoorsDirector Bought 2,245 $44.47 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive βœ“ βœ“ βœ•
Cash from operations is positive βœ“ βœ“ βœ“
Return on assets rose βœ“ βœ“ βœ•
Cash from operations exceeds net income βœ“ βœ“ βœ“
Debt fell relative to assets βœ“ βœ“ βœ•
Current ratio rose βœ• βœ“ βœ•
Share count didn't rise βœ• βœ“ βœ“
Gross margin rose βœ“ βœ“ βœ•
Revenue rose relative to assets βœ“ βœ• βœ•
F-score 7 / 98 / 93 / 9
Accruals ratio βˆ’4.3%βˆ’3.0%βˆ’16.1%
Altman Z'' 2.072.540.34

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Molson Coors TAP $8.2B βˆ’4.2% βˆ’21.0% 9.6% βˆ’10.7% β€” 3
Constellation Brands STZ β€” βˆ’10.5% 29.8% 19.6% 10.7% β€” β€” Compare β†’
Brown–Forman BF-B $13.5B βˆ’1.2% 25.5% 22.7% 12.9% 19.0x 6 Compare β†’
Anheuser-Busch InBev BUD β€” βˆ’0.8% 26.0% 18.9% β€” β€” β€” Compare β†’
Boston Beer SAM $2.1B βˆ’2.4% 7.4% 11.0% 15.4% β€” 7 Compare β†’

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $4.9B $11.0B $10.8B $10.6B $9.7B $10.3B $10.7B $11.7B $11.6B $11.1B
Gross profit $1.9B $4.8B $4.2B $4.2B $3.8B $4.1B $3.7B $4.4B $4.5B $4.3B
Operating income $3.3B $1.7B $1.6B $764M βˆ’$409M $1.5B $158M $1.4B $1.8B βˆ’$2.3B
Interest expense $272M $349M $306M $281M $275M $260M $251M $234M $283M $248M
Pretax income $3.1B $1.4B $1.4B $480M βˆ’$644M $1.2B βˆ’$62.5M $1.3B $1.5B βˆ’$2.5B
Income tax $1.5B βˆ’$205M $225M $234M $302M $231M $124M $296M $345M βˆ’$338M
Net income $1.6B $1.6B $1.1B $242M βˆ’$949M $1.0B βˆ’$175M $949M $1.1B βˆ’$2.1B
Diluted EPS $9.34 $6.53 $5.15 $1.11 βˆ’$4.38 $4.62 βˆ’$0.81 $4.37 $5.35 βˆ’$10.75
Diluted shares 0.21B 0.22B 0.22B 0.22B 0.22B 0.22B 0.22B 0.22B 0.21B 0.20B
Cash flow
Cash from operations $1.1B $1.9B $2.3B $1.9B $1.7B $1.6B $1.5B $2.1B $1.9B $1.8B
Capital expenditure $342M $600M $652M $594M $575M $523M $661M $672M $674M $717M
Free cash flow $785M $1.3B $1.7B $1.3B $1.1B $1.1B $841M $1.4B $1.2B $1.1B
Depreciation and amortization $388M $813M $858M $859M $922M $786M $685M $683M $759M $711M
Stock-based compensation $29.9M $58.3M $42.6M $8.5M $24.2M $32.1M $33.6M $44.9M $43.1M $35.0M
Acquisitions $12.0B $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $63.7M $8.6M $22.3M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $51.5M $206M $643M $648M
Dividends paid $353M $353M $354M $424M $125M $148M $329M $355M $369M $376M
Dividends and buybacks $353M $353M $354M $424M $125M $148M $381M $561M $1.0B $1.0B
Balance sheet
Cash and short-term investments $561M $419M $1.1B $523M $770M $637M $600M $869M $969M $897M
Total debt $12.1B $11.3B $10.5B $9.0B $8.2B $7.2B $6.6B $6.2B $6.1B $6.3B
Finance lease liabilities $0.0M $0.0M $0.0M $94.5M $64.0M $67.2M $61.5M $53.7M $66.8M $64.7M
Current assets $2.2B $2.2B $2.8B $2.2B $2.4B $2.8B $2.6B $2.8B $2.8B $2.9B
Current liabilities $3.2B $3.4B $4.3B $3.7B $3.9B $3.6B $3.4B $4.1B $3.0B $5.3B
Inventory $593M $592M $592M $616M $664M $805M $793M $802M $728M $716M
Property and equipment, net $4.5B $4.7B $4.6B $4.5B $4.3B $4.2B $4.2B $4.4B $4.5B $4.8B
Total assets $29.3B $30.2B $30.1B $28.9B $27.3B $27.6B $25.9B $26.4B $26.1B $22.7B
Total liabilities $17.7B $17.1B $16.4B $15.2B $14.7B $14.0B $13.0B $12.9B $12.6B $12.2B
Shareholders' equity $11.4B $13.0B $13.5B $13.4B $12.4B $13.4B $12.7B $13.2B $13.1B $10.2B
Margins
Gross margin 38.6% 43.3% 38.9% 39.7% 39.0% 39.4% 34.2% 37.3% 39.0% 38.4%
Operating margin 68.0% 15.3% 15.2% 7.2% βˆ’4.2% 14.2% 1.5% 12.3% 15.1% βˆ’21.0%
EBITDA margin 76.0% 22.6% 23.1% 15.3% 5.3% 21.8% 7.9% 18.1% 21.6% βˆ’14.6%
Net margin 32.6% 14.2% 10.4% 2.3% βˆ’9.8% 9.8% βˆ’1.6% 8.1% 9.7% βˆ’19.2%
FCF margin 16.1% 11.5% 15.6% 12.3% 11.6% 10.2% 7.9% 12.0% 10.6% 9.6%
Returns
Return on capital 10.8% 7.2% 5.8% 1.7% βˆ’1.5% 5.9% 0.6% 5.8% 7.2% βˆ’10.7%
Return on capital employed 17.8% 6.3% 6.2% 3.0% βˆ’1.7% 6.1% 0.7% 6.4% 7.7% βˆ’11.6%
Return on equity 17.3% 12.8% 8.4% 1.8% βˆ’7.4% 7.8% βˆ’1.3% 7.3% 8.5% βˆ’18.4%
Return on assets 7.7% 5.3% 3.7% 0.8% βˆ’3.4% 3.7% βˆ’0.7% 3.6% 4.3% βˆ’8.8%
Growth
Revenue growth 36.9% 125.2% βˆ’2.1% βˆ’1.8% βˆ’8.8% 6.5% 4.1% 9.4% βˆ’0.6% βˆ’4.2%
Net income growth 303.3% βˆ’1.8% βˆ’28.7% βˆ’78.4% βˆ’492.6% β€” βˆ’117.4% β€” 18.3% βˆ’290.6%
EPS growth 340.6% βˆ’30.1% βˆ’21.1% βˆ’78.5% βˆ’494.6% β€” βˆ’117.5% β€” 22.4% βˆ’300.9%
FCF growth 78.1% 61.3% 32.6% βˆ’22.4% βˆ’14.0% βˆ’6.2% βˆ’20.0% 67.4% βˆ’12.2% βˆ’13.6%
Share count change 14.5% 1.5% 0.1% 0.1% βˆ’0.1% 0.4% βˆ’0.3% 0.2% βˆ’3.4% βˆ’5.2%
Financial health
Net debt / EBITDA 3.1x 4.4x 3.8x 5.3x 14.7x 2.9x 7.2x 2.6x 2.1x β€”
Debt / equity 1.1x 0.9x 0.8x 0.7x 0.7x 0.5x 0.5x 0.5x 0.5x 0.6x
Interest coverage 12.2x 4.8x 5.3x 2.7x βˆ’1.5x 5.6x 0.6x 6.2x 6.2x βˆ’9.4x
Current ratio 0.7x 0.6x 0.6x 0.6x 0.6x 0.8x 0.8x 0.7x 0.9x 0.6x
Quick ratio 0.5x 0.5x 0.5x 0.4x 0.5x 0.5x 0.6x 0.5x 0.7x 0.4x
Capital allocation
Capex / revenue 7.0% 5.5% 6.1% 5.6% 6.0% 5.1% 6.2% 5.7% 5.8% 6.4%
Stock comp / revenue 0.6% 0.5% 0.4% 0.1% 0.3% 0.3% 0.3% 0.4% 0.4% 0.3%
Payouts / FCF 45.0% 27.9% 21.1% 32.6% 11.2% 14.1% 45.3% 39.8% 81.9% 95.9%
Quality scores
Piotroski F-score 4.0 5.0 4.0 5.0 5.0 8.0 6.0 7.0 8.0 3.0
Altman Z'' 1.9 1.7 1.7 1.6 1.2 2.1 1.8 2.1 2.5 0.3
Accruals ratio 2.2% βˆ’1.0% βˆ’4.0% βˆ’5.6% βˆ’9.4% βˆ’2.1% βˆ’6.3% βˆ’4.3% βˆ’3.0% βˆ’16.1%

Source: SEC EDGAR XBRL filings (CIK 0000024545). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β€” not investment advice. Check the original filings before relying on any figure.

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