Molson Coors Canada Inc. (TPX-B.TO) 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

+6.9%

CA$65.23

vs CA$61.00 price

Levered DCF

CA$221.05

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.24

Distress zone

Rating

B-

Overall 2 / 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	-4.36×	10.7×	13.75×	-63.75×	10.04×	-10.38×	49.44×	11.16×
P/B	0.91×	0.92×	1×	0.87×	0.76×	0.79×	0.92×	0.92×
P/S	0.84×	1.09×	1.1×	1.08×	1×	0.97×	1.14×	1.22×
EV / EBITDA	-9.58×	7.19×	8.44×	20.85×	7.42×	29.37×	12.88×	9.1×
Gross margin	38.4%	37.2%	35.1%	32.6%	41.2%	37.0%	37.8%	37.8%
Operating margin	-21.0%	15.6%	13.1%	10.6%	18.5%	14.0%	14.1%	13.9%
Net margin	-19.2%	9.7%	8.1%	-1.6%	9.8%	-9.4%	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×	0.49×	0.49×	0.53×	0.54×	0.68×	0.69×	0.78×
Interest coverage	-9.43×	6.5×	6.7×	4.81×	7.26×	4.74×	5.88×	4.76×
Dividend yield	4.0%	2.9%	2.8%	2.9%	1.4%	1.3%	3.5%	2.7%
Payout ratio	-17.6%	32.9%	37.4%	-187.8%	14.7%	-13.9%	175.6%	31.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-20.9%	8.2%	7.4%	-1.3%	7.4%	-7.7%	1.8%	7.8%
Return on invested capital	-10.2%	5.8%	5.2%	4.8%	6.2%	5.8%	3.0%	4.3%
Return on assets	-9.4%	4.1%	3.7%	-0.7%	3.6%	-3.5%	0.9%	3.5%
Free cash flow yield	11.4%	9.8%	11.0%	7.3%	10.2%	12.0%	10.8%	12.8%
Earnings yield	-22.9%	8.9%	7.4%	-1.5%	9.8%	-9.7%	2.0%	8.5%
Enterprise value	CA$14.8B	CA$17.4B	CA$18.6B	CA$17.4B	CA$16.7B	CA$17.4B	CA$20.4B	CA$21.9B
Net debt / EBITDA	-3.53×	2.22×	2.51×	7.4×	2.93×	12.82×	5.32×	3.93×
Cash conversion cycle (days)	-30	-32	-36	-36	-47	-36	-24	-88