Brown–Forman vs Molson Coors
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The short version
- Molson Coors is the larger business, with $11.1B of revenue in fiscal 2025 against $3.9B for Brown–Forman, about 2.8 times as much.
- Brown–Forman grew revenue faster (−1.2%, against −4.2%).
- Brown–Forman kept more of each dollar of sales as operating profit (25.5% operating margin, against −21.0%).
- Brown–Forman turned more of its sales into free cash flow (22.7% FCF margin, against 9.6%).
- Brown–Forman earned a higher return on the capital invested in it (12.9%, against −10.7%).
| Latest fiscal year | BF-B · FY26 | TAP · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.5B | $8.2B |
| Revenue | $3.9B | $11.1B |
| Free cash flow | $893M | $1.1B |
| Net income | $715M | −$2.1B |
| Growth | ||
| Revenue growth | −1.2% | −4.2% |
| 5-year growth | 2.6% | 2.9% |
| Share count change | −1.3% | −5.2% |
| Profitability | ||
| Gross margin | 60.5% | 38.4% |
| Operating margin | 25.5% | −21.0% |
| Net margin | 18.2% | −19.2% |
| FCF margin | 22.7% | 9.6% |
| Return on capital | 12.9% | −10.7% |
| Return on equity | 17.9% | −18.4% |
| Balance sheet | ||
| Net debt | $2.2B | $5.5B |
| Net debt / EBITDA | 2.0x | — |
| Dividends and buybacks | $827M | $1.0B |
| Valuation & quality | ||
| P/E | 19.0x | — |
| Piotroski F-score | 6 | 3 |
Revenue
FY17
BF-B $3.0B
TAP $11.0B
FY18
BF-B $3.2B
TAP $10.8B
FY19
BF-B $3.3B
TAP $10.6B
FY20
BF-B $3.4B
TAP $9.7B
FY21
BF-B $3.5B
TAP $10.3B
FY22
BF-B $3.9B
TAP $10.7B
FY23
BF-B $4.2B
TAP $11.7B
FY24
BF-B $4.2B
TAP $11.6B
FY25
BF-B $4.0B
TAP $11.1B
FY26
BF-B $3.9B
TAP —
BF-B
TAP
Operating margin
FY17
BF-B 33.7%
TAP 15.3%
FY18
BF-B 32.3%
TAP 15.2%
FY19
BF-B 34.4%
TAP 7.2%
FY20
BF-B 32.4%
TAP −4.2%
FY21
BF-B 33.7%
TAP 14.2%
FY22
BF-B 30.6%
TAP 1.5%
FY23
BF-B 26.7%
TAP 12.3%
FY24
BF-B 33.8%
TAP 15.1%
FY25
BF-B 27.9%
TAP −21.0%
FY26
BF-B 25.5%
TAP —
BF-B
TAP
Free cash flow
FY17
BF-B $544M
TAP $1.3B
FY18
BF-B $526M
TAP $1.7B
FY19
BF-B $681M
TAP $1.3B
FY20
BF-B $611M
TAP $1.1B
FY21
BF-B $755M
TAP $1.1B
FY22
BF-B $798M
TAP $841M
FY23
BF-B $457M
TAP $1.4B
FY24
BF-B $419M
TAP $1.2B
FY25
BF-B $431M
TAP $1.1B
FY26
BF-B $893M
TAP —
BF-B
TAP
Return on capital
FY17
BF-B 23.6%
TAP 7.2%
FY18
BF-B 22.1%
TAP 5.8%
FY19
BF-B 24.7%
TAP 1.7%
FY20
BF-B 23.3%
TAP −1.5%
FY21
BF-B 24.5%
TAP 5.9%
FY22
BF-B 22.1%
TAP 0.6%
FY23
BF-B 17.5%
TAP 5.8%
FY24
BF-B 18.6%
TAP 7.2%
FY25
BF-B 14.3%
TAP −10.7%
FY26
BF-B 12.9%
TAP —
BF-B
TAP
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.