Brewers, Distillers & Wineries

10 members, 2501 to TAP, A to Z by ticker.

Gross profitability: median 24% — gross profit as a share of total assets, each member's median across its readable years; read on 9 of 10 members
Capital intensity: median 5.0% — capital expenditure as a share of revenue, each member's median across its readable years; read on 9 of 10 members
Net cash: 2 of the 8 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of August 17, 2026.

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2501 Sapporo Holdings

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2016–2025 ¥12.8B¥20.7B¥17.2B¥21.1B¥6.3B¥18.3B(¥226M)¥29.0B¥18.4B¥32.7B

Retained capital Retained ¥33.7B of earnings over 2016–2025; annual owner earnings grew ¥9.8B, ¥0.29 per ¥1 retained.

Balance sheet Heavy net debt, ¥176.2B · dividend paid 10 of 10 yrs, never cut

2502 Asahi Group Holdings

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2018–2025 ¥173.6B¥179.2B¥195.1B¥257.0B¥182.9B¥258.0B¥295.4B(¥18.7B)

Retained capital Retained ¥618.2B of earnings over 2018–2025; annual owner earnings fell ¥4.4B, ¥-0.01 per ¥1 retained.

Balance sheet Heavy net debt, ¥1.49T · dividend paid 8 of 8 yrs, never cut

2503 Kirin Holdings

Revenue is led by Alcoholic Beverages (44%) and Non Alcoholic Beverages (24%), with 2 more segments behind.

Owner earnings 2018–2025 ¥130.1B¥82.4B¥71.8B¥133.0B¥37.1B¥116.0B¥147.1B¥193.6B

Retained capital Retained ¥100.7B of earnings over 2018–2025; annual owner earnings grew ¥57.5B, ¥0.57 per ¥1 retained.

Balance sheet Meaningful net debt, ¥798.1B · dividend paid 8 of 8 yrs, never cut

AGCC Agencia Comercial Spirits Ltd

We specialize in the procurement, distribution and sale of high-quality whiskies, including both bottled and cask whisky in both Taiwan and international markets.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +$16M

BF-B Brown-Forman

We primarily manufacture, distill, bottle, import, export, market, and sell a wide variety of beverage alcohol products under recognized brands.

Owner earnings 2017–2026 $598M$589M$728M$650M$755M$857M$560M$560M$511M$893M

Retained capital Retained $2.1B of earnings over 2017–2026; annual owner earnings grew $16M, $0.01 per $1 retained.

Balance sheet Meaningful net debt, $2.1B · buybacks at an average near $44.73 · dividend paid 10 of 10 yrs, cut at least once

BUD Anheuser-Busch InBev SA/NV

Revenue is Beer Business (89%) and Non Beer Business (11%).

Owner earnings 2016–2025 $6.6B$10.2B$10.1B$8.9B$7.1B$9.2B$8.1B$8.6B$11.2B$11.2B

Retained capital Retained $1.9B of earnings over 2016–2025; annual owner earnings grew $1.4B.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once

CCU Compania Cervecerias Unidas S.A.

CCU is a Chilean beverage maker. It brews and sells beer under its own labels and others it makes under license, and it also bottles and sells other drinks such as soft drinks, water, wine, and spirits, some of these through partnerships. It earns its money by turning raw materials and packaging into branded drinks and selling them to retailers and stores, in Chile and in other countries where it operates.

Owner earnings 2015–2024 CLP 137.9BCLP 106.5BCLP 170.0BCLP 336.0BCLP 137.3BCLP 163.7BCLP 169.2B(CLP 80.6B)CLP 169.7BCLP 134.6B

Retained capital Retained CLP 393.2B of earnings over 2015–2024; annual owner earnings fell CLP 63.6B, CLP -0.16 per CLP 1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, never cut

MGPI MGP Ingredients Inc.

MGP is a leading producer of branded and distilled spirits, as well as food ingredient solutions.

Owner earnings 2016–2025 $8M$22M$22M$8M$40M$69M$67M$62M$80M$97M

Retained capital Retained $262M of earnings over 2016–2025; annual owner earnings grew $62M, $0.24 per $1 retained.

Balance sheet Net debt against an operating loss, $243M · buybacks at an average near $50.84 · dividend paid 10 of 10 yrs, cut at least once

SAM Boston Beer

Boston Beer produces alcohol beverages, including flavored malt beverages, hard seltzer, beer, hard cider, spirits based ready to drink beverages and distilled spirits at Company-owned breweries and its cidery and under contract arrangements at other production facilities.

Owner earnings 2016–2025 $104M$103M$108M$122M$188M($16M)$109M$201M$173M$216M

Retained capital Paid out $24M more than it earned over 2016–2025; annual owner earnings grew $91M.

Balance sheet Net cash, +$223M · buybacks at an average near $176

TAP Molson Coors

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2016–2025 $785M$1.3B$1.7B$1.3B$1.1B$1.1B$841M$1.4B$1.2B$1.1B

Retained capital Paid out $405M more than it earned over 2016–2025; annual owner earnings fell $7M.

Balance sheet Net debt against an operating loss, $5.4B · buybacks at an average near $54.79 · dividend paid 10 of 10 yrs, cut at least once

The same shelf as one comparative table, every member a row and every column sortable: the Brewers, Distillers & Wineries table →

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.