TAP
Molson Coors Beverage Company
TAP's fundamentals are strong and it looks cheap: trading at 8.2x earnings, below its usual 14x. Analysts expect earnings to decline, though they disagree widely on how much.
TAP Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Stable |
TAP's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
TAP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 8.2x | $39.56 | — |
| Forward | 9.4x | $39.56 | — |
| Cheap | 10x | $49.02 | +24% |
| Fair | 14x | $66.55 | +68% |
| Expensive | 52x | $247 | +525% |
Historical ranges are pointers, not guarantees.
TAP's PE is in its cheap range at 8.2x. Analysts expect earnings to fall, which would put today's price at 9.4x next year's earnings.
TAP Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Decline | |
| Stable | |
| Weakening | |
| Limited | |
| Low |
Analysts expect TAP's earnings and profitability to decline, with its revenue holding steady. However, they disagree widely on these estimates.
TAP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.21 | -12% |
| Q3 2026 | $4.80 | +$15.48 |
| Q2 2026 | -$11.44 | -326% |
| Q1 2026 | -$10.54 | -312% |
| Q4 2025 | -$10.75 | -301% |
| Q3 2025 | -$10.68 | -340% |
| Q2 2025 | $5.07 | -7.3% |
| Q1 2025 | $4.97 | -0.8% |
| Q4 2024 | $5.35 | +22% |
TAP has returned to profit: it earned $4.80 per share over the past year, after losing money the year before.
TAP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.4B | -2.3% |
| Q2 2026 | $3.6B | -3.6% |
| Q1 2026 | $2.7B | +1% |
| Q4 2025 | $3.1B | -3.6% |
| Q3 2025 | $3.5B | -3.3% |
| Q2 2025 | $3.7B | -2.6% |
| Q1 2025 | $2.7B | -12% |
| Q4 2024 | $3.2B | -2.7% |
TAP's revenue has held roughly level: $3.4B last quarter, down 2.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | +110 points |
| Q2 2026 | 9.2% | -6.4 points |
| Q1 2026 | 9.5% | +2.6 points |
| Q4 2025 | 10% | -1.6 points |
| Q3 2025 | -98% | -111 points |
| Q2 2025 | 16% | 0 points |
| Q1 2025 | 6.9% | -3.4 points |
| Q4 2024 | 12% | +6 points |
TAP's operating margin was 11% last quarter, up 110 points from the same quarter a year ago.
TAP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $326.2M | -32% |
| Q2 2026 | $714.4M | +29% |
| Q1 2026 | -$229.2M | +$98.8M |
| Q4 2025 | $357.8M | -6.7% |
| Q3 2025 | $483M | +38% |
| Q2 2025 | $555M | -20% |
| Q1 2025 | -$328M | -$138.7M |
| Q4 2024 | $383.4M | +29% |
TAP generated $1.2B in free cash flow over the past year, up 6.9% from the year before.
TAP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -900K shares |
| 1 year | -5.6% | -11.1M shares |
| 3 years | -14% | -30.8M shares |
| 5 years | -14% | -30.8M shares |
| Available history | -14% | -30.1M shares |
TAP has 187M diluted shares, down 5.6% from a year ago, with $570M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $43.9M |
| Q2 2026 | $42.5M |
| Q1 2026 | $168.5M |
| Q4 2025 | $315.1M |
| Q3 2025 | $26M |
| Q2 2025 | $247.2M |
| Q1 2025 | $59.6M |
| Q4 2024 | $206M |
TAP spent $570M buying back its own shares over the past year, up 5.8% from the year before.
TAP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.6x | Moderate |
| Q2 2025 | 2.4x | Moderate |
| Q1 2025 | 2.4x | Moderate |
| Q4 2024 | 2.1x | Moderate |
| Q3 2024 | 2.3x | Moderate |
| Q2 2024 | 2.3x | Moderate |
| Q1 2024 | 2.5x | Moderate |
| Q4 2023 | 2.5x | Moderate |
TAP's net debt is about 2.6 years of its operating earnings (EBITDA), up from 2.3 years a year ago.
TAP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 46.4 | Neutral |
| Stochastic | 50.4 | Neutral |
TAP's weekly RSI is 46 (neutral) and its Stochastic is 50 (neutral).
TAP PE vs Consumer Defensive Sector
| Metric | TAP | Sector median | Relative |
|---|---|---|---|
| PE | 8.2x | 19x | 58% below |
| PE % | 0 | 18 | 18 pts below |
TAP is trading at 8.2x earnings, a 58% discount to the Consumer Defensive sector's median of 19x.
TAP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $38.8 | 1.9% above |
| 20 week MA | $40.0 | 1.2% below |
| 50 week MA | $43.1 | 8.1% below |
| 100 week MA | $47.9 | 17% below |
| 200 week MA | $53.5 | 26% below |
TAP has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 26% below its 200-week average.
TAP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $53.8 | $45.5 | -16% |
| 2021 | $45.5 | $45.6 | +0.3% |
| 2022 | $45.6 | $51.9 | +14% |
| 2023 | $51.9 | $61.2 | +18% |
| 2024 | $61.2 | $57.8 | -5.5% |
| 2025 | $57.8 | $46.4 | -20% |
| 2026 YTD | $46.4 | $39.6 | -15% |
TAP has finished lower in three of the last six years. It's down 15% so far in 2026.