Molson Coors Beverage Co
TAP—
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Molson Coors Beverage Co AI Insights
Informational only. Not investment advice.Snapshot
- 3.9B asset impairment TTM drove net loss of 2.1B; goodwill/intangibles at 14B represent 135% of equity - further writedown risk material[Asset Impairment Charge TTM]
- Negative working capital of -2.1B signals favorable supplier terms; gets paid before paying suppliers - cash cycle advantage[Working Capital]
- Operating margin 14.8% TTM vs industry median 13.2% despite impairment; underlying operations remain competitive[Operating Margin TTM]
Watch Triggers
- Goodwill and Other Intangible Assets: Further impairment charges >500M — 14B intangibles already triggered 3.9B writedown; additional impairment signals accelerating brand erosion
- Free Cash Flow TTM: Decline below 800M — FCF is primary thesis support; deterioration would pressure debt service and dividend capacity
- Operating Margin TTM: Drop below 12% — Currently above industry median; margin compression would invalidate operational quality thesis
Bull Case
FCF yield compelling: 1.1B FCF TTM on depressed equity base; debt/equity 0.61 manageable with 2.4B EBITDA coverage
Free Cash Flow TTMDebt to EquityEBITDA TTM
Impairment is non-cash reset; tangible operations generate 14.8% operating margin above industry - earnings power intact
Operating Margin TTMOperating Income TTM
Bear Case
Tangible book value negative (-3.6B); 14B goodwill/intangibles at 135% of equity creates ongoing impairment overhang
Tangible Book ValueGoodwill and Other Intangible Assets
Net debt 5.3B with 2.4B current debt due; refinancing risk if rates stay elevated against declining brand values
Net DebtCurrent DebtLong Term Debt
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
40%
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Forward Thesis
FCF of 1.1B TTM sustainable despite net loss; operating cash generation intact post-impairment
1-3ymed
- Operating income 1.7B TTM unaffected by non-cash charges
- Negative working capital provides structural cash benefit
- Capex at 645M is maintenance-level for 4.6B PPE base
FCF 1.1B vs net loss 2.1B TTMOperating cash flow 1.7B TTMCapex/Revenue ratio 5.7%
Valuation Context
Caveats
Public Strategies Rankings
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TAP Fundamentals
Manufacturing → Beverage and Tobacco Product Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$8.6B | — | ||
$14.05B | — | ||
0.00 | — | ||
$11.14B | -4.2% | — | |
$-10.75 | +17.4% | — | |
14.6% | -1.0% | — | |
-19.2% | -28.9% | — | |
$1.07B | -13.6% | — | |
-18.4% | -26.9% | — | |
Beta 5Y (Monthly) | unknown | — |
TAP Dividend History
100 dividends
2026
$0.480003/06/26$0.4800
2025
$1.880012/05/25$0.4700
09/05/25$0.4700
06/06/25$0.4700
02/27/25$0.4700
2024
$1.760012/06/24$0.4400
08/30/24$0.4400
06/07/24$0.4400
02/29/24$0.4400
2023
$1.640011/30/23$0.4100
08/31/23$0.4100
06/01/23$0.4100
03/02/23$0.4100
2022
$1.520012/01/22$0.3800
09/01/22$0.3800
06/02/22$0.3800
03/04/22$0.3800
2021
$0.680012/02/21$0.3400
08/27/21$0.3400
2020
$0.570003/06/20$0.5700
2019
$1.960011/29/19$0.5700
08/29/19$0.5700
05/31/19$0.4100
03/01/19$0.4100
2018
$1.640011/29/18$0.4100
08/30/18$0.4100
06/01/18$0.4100
03/02/18$0.4100
2017
$1.640011/29/17$0.4100
08/29/17$0.4100
05/26/17$0.4100
02/24/17$0.4100
2016
$1.640011/28/16$0.4100
08/29/16$0.4100
06/02/16$0.4100
03/03/16$0.4100
2015
$1.640011/25/15$0.4100
07/29/15$0.4100
05/27/15$0.4100
02/25/15$0.4100
2014
$1.480011/24/14$0.3700
08/27/14$0.3700
05/28/14$0.3700
02/26/14$0.3700
2013
$1.280011/26/13$0.3200
08/28/13$0.3200
05/29/13$0.3200
02/28/13$0.3200
2012
$1.280011/28/12$0.3200
08/29/12$0.3200
05/30/12$0.3200
03/01/12$0.3200
2011
$1.240011/28/11$0.3200
08/29/11$0.3200
06/02/11$0.3200
02/24/11$0.2800
2010
$1.080011/26/10$0.2800
08/27/10$0.2800
05/26/10$0.2800
02/24/10$0.2400
2009
$0.920011/25/09$0.2400
08/27/09$0.2400
05/27/09$0.2400
02/25/09$0.2000
2008
$0.760011/25/08$0.2000
08/27/08$0.2000
05/28/08$0.2000
02/27/08$0.1600
2007
$0.640011/28/07$0.1600
08/29/07$0.1600
05/29/07$0.1600
02/26/07$0.1600
2006
$0.640011/28/06$0.1600
08/29/06$0.1600
05/26/06$0.1600
02/24/06$0.1600
2005
$0.640011/28/05$0.1600
08/29/05$0.1600
05/26/05$0.1600
02/24/05$0.1600
2004
$0.410011/26/04$0.1025
08/27/04$0.1025
05/26/04$0.1025
02/25/04$0.1025
2003
$0.410011/25/03$0.1025
08/27/03$0.1025
05/28/03$0.1025
02/26/03$0.1025
2002
$0.410011/26/02$0.1025
08/28/02$0.1025
05/29/02$0.1025
02/26/02$0.1025
2001
$0.400011/28/01$0.1025
08/29/01$0.1025
05/29/01$0.1025
02/26/01$0.0925
2000
$0.360011/28/00$0.0925
08/29/00$0.0925
05/26/00$0.0925
02/25/00$0.0825
TAP Stock Splits
1 stock split
10/04/070.5:1 split
TAP SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/18/26 | 12/31/25 | 10-K | |
11/04/25 | 09/30/25 | 10-Q | |
08/05/25 | 06/30/25 | 10-Q | |
05/08/25 | 03/31/25 | 10-Q | |
02/18/25 | 12/31/24 | Unknown | |
11/08/24 | 09/30/24 | 10-Q | |
08/06/24 | 06/30/24 | 10-Q | |
04/30/24 | 03/31/24 | 10-Q | |
02/20/24 | 12/31/23 | 10-K | |
11/02/23 | 09/30/23 | 10-Q | |
08/01/23 | 06/30/23 | 10-Q | |
05/02/23 | 03/31/23 | 10-Q | |
02/21/23 | 12/31/22 | 10-K | |
11/01/22 | 09/30/22 | 10-Q | |
08/02/22 | 06/30/22 | 10-Q | |
05/03/22 | 03/31/22 | 10-Q | |
02/23/22 | 12/31/21 | 10-K | |
10/28/21 | 09/30/21 | 10-Q | |
07/29/21 | 06/30/21 | 10-Q | |
04/29/21 | 03/31/21 | 10-Q | |
02/11/21 | 12/31/20 | 10-K | |
10/29/20 | 09/30/20 | 10-Q | |
07/30/20 | 06/30/20 | 10-Q | |
04/30/20 | 03/31/20 | 10-Q | |
02/12/20 | 12/31/19 | 10-K | |
10/30/19 | 09/30/19 | 10-Q | |
07/31/19 | 06/30/19 | 10-Q | |
05/01/19 | 03/31/19 | 10-Q | |
02/12/19 | 12/31/18 | 10-K | |
10/31/18 | 09/30/18 | 10-Q | |
08/01/18 | 06/30/18 | 10-Q | |
05/02/18 | 03/31/18 | 10-Q | |
02/14/18 | 12/31/17 | 10-K | |
11/01/17 | 09/30/17 | 10-Q | |
08/02/17 | 06/30/17 | 10-Q | |
05/03/17 | 03/31/17 | 10-Q | |
02/14/17 | 12/31/16 | 10-K | |
11/01/16 | 09/30/16 | 10-Q | |
08/02/16 | 06/30/16 | 10-Q | |
05/03/16 | 03/31/16 | 10-Q | |
02/11/16 | 12/31/15 | 10-K | |
11/05/15 | 09/30/15 | 10-Q | |
08/06/15 | 06/30/15 | 10-Q | |
05/07/15 | 03/31/15 | 10-Q | |
02/12/15 | 12/31/14 | 10-K | |
11/06/14 | 09/30/14 | 10-Q | |
08/06/14 | 06/30/14 | 10-Q | |
05/07/14 | 03/31/14 | 10-Q | |
02/14/14 | 12/31/13 | 10-K | |
11/06/13 | 09/28/13 | 10-Q | |
08/06/13 | 06/29/13 | 10-Q | |
05/07/13 | 03/30/13 | 10-Q | |
02/22/13 | 12/29/12 | 10-K | |
11/08/12 | 09/29/12 | 10-Q | |
08/08/12 | 06/30/12 | 10-Q | |
05/09/12 | 03/31/12 | 10-Q | |
02/27/12 | 12/31/11 | 10-K | |
11/03/11 | 09/24/11 | 10-Q | |
08/03/11 | 06/25/11 | 10-Q | |
05/04/11 | 03/26/11 | 10-Q | |
02/22/11 | 12/25/10 | 10-K | |
11/04/10 | 09/25/10 | 10-Q | |
08/04/10 | 06/26/10 | 10-Q | |
05/05/10 | 03/27/10 | 10-Q | |
02/19/10 | 12/26/09 | 10-K | |
11/05/09 | 09/26/09 | 10-Q | |
08/04/09 | 06/28/09 | 10-Q | |
05/06/09 | 03/29/09 | 10-Q | |
02/25/09 | 12/28/08 | 10-K | |
11/07/08 | 09/28/08 | 10-Q | |
08/06/08 | 06/29/08 | 10-Q | |
05/07/08 | 03/30/08 | 10-Q | |
02/22/08 | 12/31/07 | 10-K | |
11/07/07 | 09/30/07 | 10-Q | |
08/07/07 | 07/01/07 | 10-Q | |
05/09/07 | 04/01/07 | 10-Q | |
03/01/07 | 12/31/06 | 10-K | |
11/02/06 | 09/24/06 | 10-Q | |
08/04/06 | 06/25/06 | 10-Q | |
05/05/06 | 03/26/06 | 10-Q | |
03/10/06 | 12/25/05 | 10-K | |
11/04/05 | 09/25/05 | 10-Q | |
08/05/05 | 06/26/05 | 10-Q | |
05/11/05 | 03/27/05 | 10-Q | |
03/11/05 | 12/31/04 | 4/A | |
11/05/04 | 09/30/04 | Unknown | -- |
08/06/04 | 06/30/04 | Unknown | -- |
05/07/04 | 03/30/04 | Unknown | -- |
03/12/04 | 12/31/03 | 11-K | |
11/12/03 | 09/30/03 | Unknown | -- |
08/13/03 | 06/30/03 | Unknown | -- |
05/13/03 | 03/31/03 | 10-Q | |
03/27/03 | 12/31/02 | 8-K | |
11/13/02 | 09/30/02 | Unknown | -- |
08/14/02 | 06/30/02 | 10-Q | |
05/15/02 | 03/30/02 | Unknown | -- |
03/29/02 | 12/31/01 | 11-K | |
11/08/01 | 09/30/01 | 10-Q | |
08/10/01 | 06/30/01 | Unknown | -- |
05/14/01 | 03/30/01 | Unknown | -- |
04/02/01 | 12/31/00 | 10-K405 | |
10/27/00 | 09/30/00 | Unknown | -- |
08/09/00 | 06/30/00 | Unknown | -- |
05/10/00 | 03/30/00 | Unknown | -- |