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Unless otherwise noted in this report, any description of "we," "us" or "our" includes Molson Coors Beverage Company ("MCBC" or the "Company"), principally a holding company, and its operating and non-operating subsidiaries included within its reporting segments. Unless otherwise indicated, information in this report is presented in USD and comparisons are to comparable prior periods.
The business is unprofitable at the operating level (-17.92% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 5.1% YoY. Margins deteriorated 30.7pp alongside, both lines moving the wrong way.
Free cash flow declined 14% versus the prior year, cash generation momentum has weakened. ROIC dropped from 7.19% to -10.18%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$13.04B
▼ -5.1% YoY
Net Income (TTM)
-$2.14B
▼ -290.6% YoY
Op. Margin
-17.92%
▼ -30.7pp YoY
ROIC
-10.18%
▼ -17.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.07B
▼ -13.6% YoY
Op. Cash Flow (TTM)
$1.78B
▼ -6.6% YoY
Net Debt
$5.64B
Cash & Equiv.
$897M
5Y CAGR: +2.2%
5Y CAGR: -1.0%
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