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Major North American brewer making Coors, Miller (US), Molson (Canada) and Blue Moon beer brands.
Major North American brewer making Coors, Miller (US), Molson (Canada) and Blue Moon beer brands.
Brews and sells beer to independent distributors, as the US three-tier system requires, so it competes for shelf and tap space and relies on brand strength and scale across the US, Canada and Europe. Buying out SABMiller's stake in the MillerCoors venture in 2016 gave it full control of the US business. Its main brands are mature, so the focus is on cost and pricing.
Moat: narrow (brand, distribution, scale). Legacy beer brand portfolio and North American distribution scale, though losing share to spirits/imports.
Headquarters: Chicago, Illinois, US · Founded: 2005 · Employees: 16,200
Size Molson Coors Beverage (TAP) is a United States Consumer Staples company (Beverages: Alcoholic) with a market value of $7.54B, the 926th largest of 3,117 United States companies the cockpit tracks. Shares closed at $40.33 on 6 Nov 2026.
Performance Over six months the shares fell 3.8%, against +10.3% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 1.8% over the last twelve months (peer median -1.3%); the operating margin is 12.0% (peer median 15.4%).
Valuation It trades at 9.2× forward earnings against a peer median of 17.9× (2nd cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.1 points above its cost of capital (6.2% WACC).
Credit Molson Coors Beverage has 5 bonds outstanding ($5.29B), rated BBB by the agencies and trading like BBB at a weighted spread of 109 bp.
Short interest Short interest is 12.8% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $11.1B | $11.1B | $11.6B | $11.7B | $10.7B |
| Revenue growth | — | -4% | -1% | +9% | — |
| Gross profit | $3.74B | $3.97B | $4.33B | $4.22B | $3.40B |
| EBITDA | $2.07B | $2.24B | $2.58B | $2.33B | $1.68B |
| Net income | -$2.31B | -$2.14B | $1.12B | $949M | -$175M |
| Free cash flow | $1.33B | $1.07B | $1.24B | $1.41B | $841M |
| Capital expenditure | $651M | $717M | $674M | $672M | $661M |
| Total debt | $7.91B | $6.51B | $6.35B | $6.43B | $6.71B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Molson Coors Beverage TAP | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% |
| Anheuser-Busch InBev SA/NV Sponsored ADR BUD | $168B | +5% | +7% | 26% | 18.9× | 2.7% |
| Constellation Brands STZ | $24.0B | -4% | -4% | 30% | 11.9× | -4.5% |
| Heineken HEIA.AS | $51.8B | +29% | +1% | 12% | 15.9× | 4.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TAP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.4% | +8.0% | 10th lowest of 21 |
| 6-month return | -3.8% | +10.3% | 7th lowest of 21 |
| Distance from 52-week high | -24.8% | -11.4% | 4th lowest of 21 |
| Revenue growth (TTM) | -1.8% | -1.3% | 10th lowest of 20 |
| Operating margin | 12.0% | 15.4% | 6th lowest of 20 |
| Forward P/E | 9.2× | 17.9× | 2nd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -4.7% | 1.8% | 3rd least demanding of 17 |
| Growth delivered (Del g) | +2.9% | +6.4% | 4th lowest of 17 |
| Hurdle (Req g minus delivered) | -7.6 pp | -7.1 pp | 9th least demanding of 17 |
| ROIC minus cost of capital | +0.1 pp | +2.9 pp | 7th lowest of 20 |
| EV / EBITDA | 6.6× | 13.4× | 3rd cheapest of 14 |
| Net debt / EBITDA | 2.8× | 1.6× | 4th most indebted of 14 |
| Bond spread | 109 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Molson Coors Beverage TAP | United States | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% | +2.9% |
| Molson Coors Canada TPX-B.TO | Canada | $7.38B | -12% | n/a | n/a | n/a | n/a | n/a |
| Anhui Gujing Distillery 000596.SZ | China | $7.29B | -2% | -28% | 17% | 21.5× | 4.3% | +12.7% |
| Jiangsu Yanghe Distillery 002304.SZ | China | $8.50B | -23% | -31% | 4% | 32.6× | n/a | n/a |
| Thai Beverage Public Y92.SI | Singapore | $8.56B | +2% | -8% | 13% | 10.6× | -4.7% | +3.2% |
| China Res Beer 0291.HK | Hong Kong | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% | +3.1% |
| Jiangsu King's Luck Brewery Joint-stock 603369.SS | China | $6.40B | +25% | -5% | 33% | 16.2× | 1.9% | +15.3% |
| Radico Khaitan RADICO.NS | India | $6.37B | +33% | +16% | 17% | 66.7× | 45.1% | +20.5% |
| Davide Campari-Milano CPR.MI | Italy | $8.93B | +22% | -1% | 20% | 21.0× | 3.6% | +11.5% |
| Tsingtao Brewery 600600.SS | China | $9.03B | -16% | -4% | 16% | 16.2× | -5.1% | +3.4% |
| Anhui Yingjia Distillery 603198.SS | China | $5.35B | +17% | 0% | 41% | 17.1× | 5.3% | +11.7% |
| Sapporo Breweries 2501.T | Japan | $5.34B | +24% | -6% | 5% | 2.8× | 14.8% | +3.1% |
| Bud Apac 1876.HK | Hong Kong | $10.7B | -16% | -3% | 15% | 20.1× | -0.9% | +0.7% |
| United Spirits UNITDSPR.NS | India | $10.9B | +11% | 0% | 15% | 53.0× | 44.2% | +8.9% |
| Beijing Yanjing Brewery 000729.SZ | China | $4.82B | -14% | +7% | 16% | 15.7× | -4.2% | +7.3% |
| Brown–Forman BF-B | United States | $14.2B | +11% | 0% | 29% | 17.9× | -5.1% | +2.7% |
| Takara 2531.T | Japan | $3.84B | +75% | +9% | 4% | 34.6× | n/a | n/a |
| Kirin 2503.T | Japan | $15.2B | +21% | +6% | 11% | 13.7× | -4.2% | +5.6% |
| Treasury Wine Estates TWE.AX | Australia | $3.56B | +52% | -12% | 17% | 18.4× | 9.3% | -0.4% |
| Asahi Group Hldgs 2502.T | Japan | $16.4B | +10% | +3% | 9% | 13.1× | 1.8% | +7.4% |
| ZJLD 6979.HK | Hong Kong | $3.41B | -3% | -29% | 13% | 27.6× | n/a | n/a |
Molson Coors Beverage has 5 bonds outstanding with $5.29B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.81%, a spread of 109 bp over government bonds.