Molson Coors Beverage Company (TAP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-15.6%

$35.75

vs $42.37 price

Levered DCF

$134.63

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.74

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-4.31×	10.65×	13.94×	-59.91×	10.01×	-10.36×	48.12×	10.86×
P/B	0.89×	0.91×	1×	0.88×	0.75×	0.79×	0.87×	0.9×
P/S	0.82×	1.03×	1.13×	1.04×	0.98×	1.01×	1.1×	1.13×
EV / EBITDA	-9.03×	6.75×	8.58×	19.68×	7.28×	31.31×	12.49×	8.54×
Gross margin	37.6%	39.0%	37.3%	34.2%	39.4%	39.0%	39.7%	38.9%
Operating margin	-21.0%	15.1%	12.3%	1.5%	14.1%	-4.2%	7.2%	15.2%
Net margin	-19.2%	9.7%	8.1%	-1.6%	9.8%	-9.8%	2.3%	10.4%
Current ratio	0.55×	0.94×	0.7×	0.78×	0.77×	0.62×	0.59×	0.64×
Debt / equity	0.62×	0.47×	0.48×	0.52×	0.54×	0.67×	0.68×	0.78×
Interest coverage	-10.38×	6.28×	6.29×	0.67×	5.56×	-1.43×	2.54×	5.2×
Dividend yield	4.1%	3.1%	2.7%	2.9%	1.5%	1.3%	3.6%	2.9%
Payout ratio	-17.6%	32.9%	37.4%	-187.8%	14.7%	-13.2%	175.6%	31.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-20.9%	8.6%	7.2%	-1.4%	7.5%	-7.6%	1.8%	8.3%
Return on invested capital	-10.2%	5.8%	4.7%	0.7%	4.8%	-1.7%	1.5%	5.0%
Return on assets	-9.4%	4.3%	3.6%	-0.7%	3.6%	-3.5%	0.8%	3.7%
Free cash flow yield	11.7%	10.3%	10.6%	7.5%	10.4%	11.4%	11.2%	13.8%
Earnings yield	-23.5%	9.4%	7.2%	-1.6%	10.0%	-9.7%	2.1%	9.2%
Enterprise value	$14.5B	$17.2B	$18.6B	$17.2B	$16.6B	$17.3B	$20.2B	$21.6B
Net debt / EBITDA	-3.36×	2.05×	2.49×	6.88×	2.87×	13.58×	5.29×	3.74×
Cash conversion cycle (days)	-29	-33	-31	-37	-45	-40	-33	-27