Molson Coors Beverage Co. (TAP) intrinsic value & 10-year financials
Molson Coors Beverage Co. (TAP) has a Graham intrinsic value of $113.08 per share. At $39.52 on Oct 17, 2026, the stock trades 65% below that value. Over the last 10 fiscal years revenue grew 11.5% a year to $13.0B, with an average return on invested capital of 3.0%.
- Graham intrinsic value
- $113.08
- Share price (Oct 17, 2026)
- $39.52
- Price vs Graham value
- 65% below
- Market cap
- $7.9B
- Revenue (FY2025)
- $13.0B
- Revenue growth (10-yr CAGR)
- 11.5%
- ROIC (10-yr avg)
- 3.0%
- Free cash flow (FY2025)
- $1.1B
TAP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $13.0B | -$2.1B | -$10.75 | $1.1B | -17.9% | -11.8% |
| FY2024 | $13.7B | $1.1B | $5.35 | $1.2B | 12.8% | 7.2% |
| FY2023 | $13.9B | $948.9M | $4.37 | $1.4B | 10.4% | 5.8% |
| FY2022 | $12.8B | -$175.3M | -$0.81 | $840.6M | 1.2% | 0.8% |
| FY2021 | $12.4B | $1.0B | — | $1.1B | 11.7% | 5.9% |
| FY2020 | $11.7B | -$949.0M | — | $1.1B | -3.5% | -1.9% |
| FY2019 | $13.0B | $241.7M | — | $1.3B | 5.9% | 1.7% |
| FY2018 | $10.8B | $1.1B | — | $1.7B | 15.2% | 5.8% |
| FY2017 | $11.0B | $1.4B | $6.53 | $1.3B | 15.7% | 7.4% |
| FY2016 | $4.9B | $2.0B | $9.26 | $785.1M | 67.7% | 9.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Molson Coors Beverage Company is a consistent compounder, expanding top-line revenue at 11.5% annually over the past decade.
Molson Coors Beverage Company has historically struggled to out-earn its cost of capital, averaging just 3.0% ROIC.
Molson Coors Beverage Company has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Molson Coors Beverage Company is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $113.08 per share.