TAP NYSE Distillers & Vintners Financials FY2016βFY2025
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.
Hi! I read Molson Coorsβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β4.2%
No. Sales fell 4.2% last year.
Does it make a profit?
β19.2%
No. It lost money last year.
Does profit turn into cash?
9.6%
Partly. 9.6% of sales ends up as free cash.
How healthy are the accounts?
3 / 9
Weak. It passes 3 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
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.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Molson Coors did it, and the next one. Share prices often move a lot on those days.
Next results
November 5, 2026
Thursday Β· in 11 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 6, 2026 | Period ended Jun 30, 2026 | Before the market opens | 8-K β |
| Apr 30, 2026 | Period ended Mar 31, 2026 | Before the market opens | 8-K β |
| Feb 18, 2026 | Q4 '25 | After the market closes | 8-K β |
| Nov 4, 2025 | Q3 '25 | Before the market opens | 8-K β |
| Aug 5, 2025 | Q2 '25 | Before the market opens | 8-K β |
| May 8, 2025 | Q1 '25 | Before the market opens | 8-K β |
| Feb 13, 2025 | Q4 '24 | Before the market opens | 8-K β |
| Nov 7, 2024 | Q3 '24 | Before the market opens | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Molson Coors had $11.1B of revenue in fiscal 2025, down 4.2% on the year before. Over five years, revenue changed +2.9% a year on average. Its operating margin was β21.0%, down 36.1Β pts: of every 100 in sales, about β21 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Molson Coors lost $2.1B in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $1.1B in fiscal 2025, 9.6% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Molson Coors returned $1.0B to shareholders in fiscal 2025, 96% of free cash flow. The diluted share count fell 5.2%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.6M and sold $0.1M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.6M
4 insiders
Sold, 12 months
$0.1M
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| 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 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Molson Coors owes $5.5B more than it holds in cash.
Cash, debt and the ratios that show how comfortably Molson Coors can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 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 | 2.9x | 7.2x | 2.6x | 2.1x | β |
| Debt / equity | 0.5x | 0.5x | 0.5x | 0.5x | 0.6x |
| Interest coverage | 5.6x | 0.6x | 6.2x | 6.2x | β9.4x |
| Current ratio | 0.8x | 0.8x | 0.7x | 0.9x | 0.6x |
| Quick ratio | 0.5x | 0.6x | 0.5x | 0.7x | 0.4x |
| 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 (β = net cash) | $6.6B | $6.0B | $5.4B | $5.2B | $5.5B |
KIRA Β· Its return on capital was β10.7%: every 100 invested in the business earned about β11 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Molson Coors passes 3 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 7 / 9 | 8 / 9 | 3 / 9 |
| Accruals ratio | β4.3% | β3.0% | β16.1% |
| Altman Z'' | 2.07 | 2.54 | 0.34 |
What does the share cost, and how does it compare?
KIRA Β· At $41.21 a share, the company is worth $8.2B.
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.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of β$5.5B and divides by 199.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
KIRA Β· Molson Coors grew sales faster than 1 of its 4 similar companies.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Molson Coors TAP | $8.2B | β4.2% | β21.0% | 9.6% | β10.7% | β | 3 | |
| Constellation Brands STZ | β | β10.5% | 29.8% | 19.6% | 10.7% | β | β | Compare β |
| BrownβForman BF-B | $13.5B | β1.2% | 25.5% | 22.7% | 12.9% | 19.0x | 6 | Compare β |
| Anheuser-Busch InBev BUD | β | β0.8% | 26.0% | 18.9% | β | β | β | Compare β |
| Boston Beer SAM | $2.1B | β2.4% | 7.4% | 11.0% | 15.4% | β | 7 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | β$409M | $1.5B | $158M | $1.4B | $1.8B | β$2.3B |
| Interest expense | $272M | $349M | $306M | $281M | $275M | $260M | $251M | $234M | $283M | $248M |
| Pretax income | $3.1B | $1.4B | $1.4B | $480M | β$644M | $1.2B | β$62.5M | $1.3B | $1.5B | β$2.5B |
| Income tax | $1.5B | β$205M | $225M | $234M | $302M | $231M | $124M | $296M | $345M | β$338M |
| Net income | $1.6B | $1.6B | $1.1B | $242M | β$949M | $1.0B | β$175M | $949M | $1.1B | β$2.1B |
| Diluted EPS | $9.34 | $6.53 | $5.15 | $1.11 | β$4.38 | $4.62 | β$0.81 | $4.37 | $5.35 | β$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% | β4.2% | 14.2% | 1.5% | 12.3% | 15.1% | β21.0% |
| EBITDA margin | 76.0% | 22.6% | 23.1% | 15.3% | 5.3% | 21.8% | 7.9% | 18.1% | 21.6% | β14.6% |
| Net margin | 32.6% | 14.2% | 10.4% | 2.3% | β9.8% | 9.8% | β1.6% | 8.1% | 9.7% | β19.2% |
| 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% | β1.5% | 5.9% | 0.6% | 5.8% | 7.2% | β10.7% |
| Return on capital employed | 17.8% | 6.3% | 6.2% | 3.0% | β1.7% | 6.1% | 0.7% | 6.4% | 7.7% | β11.6% |
| Return on equity | 17.3% | 12.8% | 8.4% | 1.8% | β7.4% | 7.8% | β1.3% | 7.3% | 8.5% | β18.4% |
| Return on assets | 7.7% | 5.3% | 3.7% | 0.8% | β3.4% | 3.7% | β0.7% | 3.6% | 4.3% | β8.8% |
| Growth | ||||||||||
| Revenue growth | 36.9% | 125.2% | β2.1% | β1.8% | β8.8% | 6.5% | 4.1% | 9.4% | β0.6% | β4.2% |
| Net income growth | 303.3% | β1.8% | β28.7% | β78.4% | β492.6% | β | β117.4% | β | 18.3% | β290.6% |
| EPS growth | 340.6% | β30.1% | β21.1% | β78.5% | β494.6% | β | β117.5% | β | 22.4% | β300.9% |
| FCF growth | 78.1% | 61.3% | 32.6% | β22.4% | β14.0% | β6.2% | β20.0% | 67.4% | β12.2% | β13.6% |
| Share count change | 14.5% | 1.5% | 0.1% | 0.1% | β0.1% | 0.4% | β0.3% | 0.2% | β3.4% | β5.2% |
| 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 | β1.5x | 5.6x | 0.6x | 6.2x | 6.2x | β9.4x |
| 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% | β1.0% | β4.0% | β5.6% | β9.4% | β2.1% | β6.3% | β4.3% | β3.0% | β16.1% |
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.
