Molson Coors Beverage Co (NYSE:TAP) Piotroski F-Score

: 5 (As of Today)

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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Molson Coors Beverage Co has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Molson Coors Beverage Co's Piotroski F-Score or its related term are showing as below:

TAP' s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 6 Max: 9
Current: 5

During the past 13 years, the highest Piotroski F-Score of Molson Coors Beverage Co was 9. The lowest was 1. And the median was 6.

Molson Coors Beverage Co Piotroski F-Score Historical Data

The historical data trend for Molson Coors Beverage Co's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Molson Coors Beverage Co Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Piotroski F-Score

4.00

5.00

8.00

6.00

Molson Coors Beverage Co Quarterly Data
	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23
Piotroski F-Score																7.00	7.00	7.00	6.00	5.00

Competitive Comparison

For the Beverages - Brewers subindustry, Molson Coors Beverage Co's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Annual Data Quarterly Data

Molson Coors Beverage Co Piotroski F-Score Distribution

For the Beverages - Alcoholic industry and Consumer Defensive sector, Molson Coors Beverage Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Molson Coors Beverage Co's Piotroski F-Score falls in comparison to its industry or sector. The grey bar indicates the Piotroski F-Score's extreme value range as defined by GuruFocus.

How is the Piotroski F-Score calculated?

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Net Income was 47.3 + 216.4 + -590.5 + 72.5 = $-254 Mil.
Cash Flow from Operations was 786.1 + 450.7 + 384.5 + 3.4 = $1,625 Mil.
Revenue was 2921.7 + 2935.2 + 2629.5 + 2346.3 = $10,833 Mil.
Gross Profit was 820 + 983.7 + 923.7 + 770.7 = $3,498 Mil.
Average Total Assets from the begining of this year (Mar22)
to the end of this year (Mar23) was
(27721.5 + 27387.9 + 26708.5 + 25868.3 + 25852.5) / 5 = $26707.74 Mil.
Total Assets at the begining of this year (Mar22) was $27,722 Mil.
Long-Term Debt & Capital Lease Obligation was $6,178 Mil.
Total Current Assets was $2,552 Mil.
Total Current Liabilities was $3,306 Mil.

Net Income was 388.6 + 453 + 80 + 151.5 = $1,073 Mil.

Revenue was 2939.4 + 2822.7 + 2619.2 + 2214.6 = $10,596 Mil.
Gross Profit was 1271.5 + 1193.6 + 857.3 + 927.8 = $4,250 Mil.
Average Total Assets from the begining of last year (Mar21)
to the end of last year (Mar22) was
(27163.6 + 28519.9 + 27643.5 + 27619 + 27721.5) / 5 = $27733.5 Mil.
Total Assets at the begining of last year (Mar21) was $27,164 Mil.
Long-Term Debt & Capital Lease Obligation was $6,632 Mil.
Total Current Assets was $2,871 Mil.
Total Current Liabilities was $3,555 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Molson Coors Beverage Co's current Net Income (TTM) was -254. ==> Negative ==> Score 0.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Molson Coors Beverage Co's current Cash Flow from Operations (TTM) was 1,625. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)	=	Net Income	/	Total Assets (Mar22)
	=	-254.3	/	27721.5
	=	-0.00917339

ROA (Last Year)	=	Net Income	/	Total Assets (Mar21)
	=	1073.1	/	27163.6
	=	0.03950507

Molson Coors Beverage Co's return on assets of this year was -0.00917339. Molson Coors Beverage Co's return on assets of last year was 0.03950507. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Molson Coors Beverage Co's current Net Income (TTM) was -254. Molson Coors Beverage Co's current Cash Flow from Operations (TTM) was 1,625. ==> 1,625 > -254 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar23)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Mar22 to Mar23
	=	6177.7	/	26707.74
	=	0.23130748

Gearing (Last Year: Mar22)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Mar21 to Mar22
	=	6631.5	/	27733.5
	=	0.23911515

Molson Coors Beverage Co's gearing of this year was 0.23130748. Molson Coors Beverage Co's gearing of last year was 0.23911515. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Mar23)	=	Total Current Assets	/	Total Current Liabilities
	=	2551.6	/	3306.2
	=	0.77176214

Current Ratio (Last Year: Mar22)	=	Total Current Assets	/	Total Current Liabilities
	=	2870.6	/	3555.3
	=	0.80741428

Molson Coors Beverage Co's current ratio of this year was 0.77176214. Molson Coors Beverage Co's current ratio of last year was 0.80741428. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Molson Coors Beverage Co's number of shares in issue this year was 217.3. Molson Coors Beverage Co's number of shares in issue last year was 217.8. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)	=	Gross Profit	/	Revenue
	=	3498.1	/	10832.7
	=	0.32292042

Gross Margin (Last Year: TTM)	=	Gross Profit	/	Revenue
	=	4250.2	/	10595.9
	=	0.40111741

Molson Coors Beverage Co's gross margin of this year was 0.32292042. Molson Coors Beverage Co's gross margin of last year was 0.40111741. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)	=	Revenue	/	Total Assets at the Beginning of This Year (Mar22)
	=	10832.7	/	27721.5
	=	0.3907689

Asset Turnover (Last Year)	=	Revenue	/	Total Assets at the Beginning of Last Year (Mar21)
	=	10595.9	/	27163.6
	=	0.39007716

Molson Coors Beverage Co's asset turnover of this year was 0.3907689. Molson Coors Beverage Co's asset turnover of last year was 0.39007716. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score

Que. 1

Que. 2

Que. 3

Que. 4

Que. 5

Que. 6

Que. 7

Que. 8

Que. 9

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Molson Coors Beverage Co has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Molson Coors Beverage Co (NYSE:TAP) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.

Molson Coors Beverage Co Piotroski F-Score Related Terms

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Molson Coors Beverage Co (NYSE:TAP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Beverages - Alcoholic » Molson Coors Beverage Co (NYSE:TAP) » Definitions » Piotroski F-Score

Traded in Other Exchanges

TAP.A:USA NY7:Germany

Address

NH353, P.O. Box 4030, Golden, CO, USA, 80401

Website

https://www.molsoncoors.com

Molson Coors is the fifth-largest beer producer globally, boasting top-two positioning in the U.S., Canada, and United Kingdom. It brews and markets a slew of company-owned brands including Blue Moon, Coors, Miller, Vizzy, and Staropramen. It also sells various partner brands in certain locales, including Topo Chico (licensed from Coca-Cola), Amstel and Dos Equis in Canada (through an exclusive import/license arrangement with Heineken), and Corona in Central Europe (through an agreement with Anheuser-Busch InBev). The firm's go-to-market approach differs by geography as well, primarily using independent distributors in the U.S. but deploying hybrid models in Canada and Europe.

Executives

Williams Leroy James Jr	director	10 LONGS PEAK DRIVE, BROOMFIELD CO 80021-2510
Anne-marie W D'angelo	officer: Chief Legal & Govt Affairs Off	801 E. 86TH AVENUE, MERRILLVILLE IN 46410
Julia M Brown	director	C/O ABLE BRANDS CO., 30 HUDSON YARDS, NEW YORK NY 10001
Roxanne Stelter	officer: VP,Controller & Chf Acct Off	3939 W HIGHLAND BLVD, MILWAUKEE WI 53208
Winnefeld James A Jr	director	870 WINTER STREET, WALTHAM MA 02451
David S. Coors	director	P.O. BOX 4030, NH353, GOLDEN CO 80401
Nessa O'sullivan	director	P.O. BOX 4030, NH353, GOLDEN CO 80401
Peter John Marino	officer: President of Emerging Growth	250 SOUTH WACKER DRIVE, CHICAGO IL 60606
Jacques Michelle St.	officer: Chief Marketing Officer	250 SOUTH WACKER DRIVE, CHICAGO IL 60606
E. Lee Reichert	officer: Chief Legal & Corp Affairs Off	1801 CALIFORNIA STREET, SUITE 4600, DENVER CO 80202
Sergey Yeskov	officer: Pres&CEO, Molson Coors Int'l	1801 CALIFORNIA STREET, SUITE 4600, DENVER CO 80202
Tracey Joubert	officer: Chief Financial Officer	1801 CALIFORNIA STREET, SUITE 4600, DENVER CO 80202
Frederic Landtmeters	officer: Pres&CEO, Molson Coors Canada	1801 CALIFORNIA STREET, SUITE 4600, DENVER CO 80202
Michelle Nettles	officer: Chief People&Diversity Off	MANPOWERGROUP INC., 100 MANPOWER PLACE, MILWAUKEE WI 53212
Betty K Devita	director	1801 CALIFORNIA STREET, SUITE 4600, DENVER CO 80202