Molson Coors

TAP · NYSE · Consumer Staples · Financials, fiscal 2016 to 2025

TAP · Last close · October 26, 2026

$40.00

Molson Coors' revenue fell 4.2% to $11.1 billion in fiscal 2025. Its operating margin was −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%.

Molson Coors Beverage Company Latest fiscal year ended December 31, 2025 10-K filed February 18, 2026 · 0000024545-26-000006 Updated October 11, 2026

Revenue

$11.1B

4.2%

Operating margin

−21.0%

36.1 pts

Net income

−$2.1B

$1.1B a year earlier

Free cash flow

$1.1B

13.6%

Return on capital

−10.7%

18.0 pts

Market cap

$8.0B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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 Ožujsko. It also sells higher-priced brands such as Madrí 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.

Its biggest risks, as it describes them

Changes in the beer industry and in the success of its products, including its efforts to move beyond beer.
Competition in its markets and consumers moving toward other alcohol drinks such as spirits and spirits-based ready-to-drink drinks.
Higher costs and supply problems for the commodities and other input materials it relies on, including from tariffs.
Closure or disruption of a major brewery or other key facility, or the loss of key supplier or distribution agreements.
Its restructuring activities and its transition to a new chief executive officer.

From Molson Coors's annual report on Form 10-K, filed February 18, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2024, earnings per share fell 6.7% a year and net income 4.3% a year, while buybacks cut the share count by 2%. Molson Coors then lost money in fiscal 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Molson Coors yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Molson Coors' 10-K and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Molson Coors' fiscal 2025 free cash flow of $1.1B, net cash of −$5.5B at December 31, 2025 and 199 million diluted shares, from its filings. The scenarios are fitted to Molson Coors: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 1.4% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9%: 7% for a stable business (Distillers & Vintners), plus 1 point as a smaller company, worth $8.0B, plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Molson Coors's own revenue growth, as above. Cautious: growth of -0.5% then 1% a year, 2% after year 10, a 10% discount rate. Base: growth of 1.5% then 2% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 3.5% then 3% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $40.00
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Molson Coors' latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	637	600	869	969	896
Debt incl. finance leases	7,229	6,624	6,278	6,213	6,364
Net debt (negative means net cash)	6,592	6,024	5,409	5,244	5,468
Net debt to EBITDA	2.9x	7.2x	2.5x	2.1x	—
Debt to equity	0.5x	0.5x	0.5x	0.5x	0.6x
Interest coverage	5.6x	0.6x	6.2x	6.2x	−9.4x
Current ratio	0.8x	0.8x	0.7x	0.9x	0.6x
Quick ratio	0.5x	0.6x	0.5x	0.7x	0.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 4 insiders bought $551,125 of Molson Coors shares on the open market, and 1 insider sold $52,912.

Date	Insider	Trade	Shares	Price	Value	Filing
May 21, 2026	Geoffrey E. MolsonDirector	Sold	1,245	$42.50	$52,912	Form 4
Mar 9, 2026	Andrew Thomas MolsonDirector	Bought	2,000	$46.67	$93,340	Form 4
Feb 20, 2026	James A Winnefeld JrDirector	Bought	100	$49.01	$4,901	Form 4
Nov 26, 2025	Christian P CocksDirector	Bought	45	$47.19	$2,124	Form 4
Nov 10, 2025	Andrew Thomas MolsonDirector	Bought	7,500	$46.79	$350,925	Form 4
Nov 5, 2025	David S. CoorsDirector	Bought	2,245	$44.47	$99,835	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Pass	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Fail	Fail
F-score	7 of 9	8 of 9	3 of 9
Accruals ratio	−4.3%	−3.0%	−16.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Molson Coors side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Molson Coors	FY25	−4.2%	−21.0%	9.6%	−10.7%	—	3
Constellation Brands	FY26	−10.5%	29.8%	19.6%	10.7%	3.3x	—	Compare
Brown–Forman	FY26	−1.2%	25.5%	22.7%	12.9%	2.0x	6	Compare
Anheuser-Busch InBev	FY25	−0.8%	26.0%	18.9%	—	—	—	Compare
Boston Beer	FY25	−2.4%	7.4%	11.0%	15.4%	−0.9x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	4,885	11,003	10,770	10,579	9,654	10,280	10,701	11,702	11,627	11,141
Revenue growth	36.9%	125.2%	−2.1%	−1.8%	−8.8%	6.5%	4.1%	9.4%	−0.6%	−4.2%
Gross profit	1,886	4,766	4,185	4,201	3,768	4,053	3,655	4,369	4,533	4,275
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	3,323	1,678	1,632	764	−409	1,454	158	1,438	1,753	−2,337
Net income	1,594	1,566	1,116	242	−949	1,006	−175	949	1,122	−2,140
Diluted EPS (US$)	9.34	6.53	5.15	1.11	−4.38	4.62	−0.81	4.37	5.35	−10.75
Diluted shares (millions)	213	216	217	217	217	218	217	217	210	199
Cash flow
Cash from operations	1,127	1,866	2,331	1,897	1,696	1,574	1,502	2,079	1,910	1,784
Capital expenditure	342	600	652	594	575	523	661	672	674	717
Free cash flow	785	1,267	1,680	1,304	1,121	1,051	841	1,408	1,236	1,068
Dividends paid	353	353	354	424	125	148	329	355	369	376
Share buybacks	0	0	0	0	0	0	52	206	643	648
Acquisitions	11,961	0	0	0	0	0	0	64	9	22
Stock-based compensation	30	58	43	8	24	32	34	45	43	35
Balance sheet at fiscal year end
Cash and short-term investments	561	419	1,058	523	770	637	600	869	969	896
Debt incl. finance leases	12,066	11,306	10,477	9,132	8,292	7,229	6,624	6,278	6,213	6,364
Total assets	29,342	30,247	30,110	28,860	27,331	27,619	25,868	26,375	26,064	22,738
Total liabilities	17,720	17,060	16,374	15,187	14,710	13,955	12,953	12,940	12,612	12,196
Shareholders' equity	11,419	12,978	13,507	13,419	12,365	13,417	12,690	13,196	13,092	10,230
Margins and ratios
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%	15.2%	15.2%	7.2%	−4.2%	14.2%	1.5%	12.3%	15.1%	−21.0%
Net margin	32.6%	14.2%	10.4%	2.3%	−9.8%	9.8%	−1.6%	8.1%	9.7%	−19.2%
Free cash flow margin	16.1%	11.5%	15.6%	12.3%	11.6%	10.2%	7.9%	12.0%	10.6%	9.6%
Return on capital	10.8%	7.2%	5.8%	1.7%	−1.5%	5.9%	0.6%	5.8%	7.2%	−10.7%
Return on equity	17.3%	12.8%	8.4%	1.8%	−7.4%	7.8%	−1.3%	7.3%	8.5%	−18.4%
Return on assets	7.7%	5.2%	3.7%	0.8%	−3.4%	3.7%	−0.7%	3.6%	4.3%	−8.8%
Net debt to EBITDA	3.1x	4.4x	3.8x	5.3x	14.7x	2.9x	7.2x	2.5x	2.1x	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Molson Coors' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Molson Coors.