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Multiples Take a Shot Index

Curated by Multiples, this index tracks publicly listed alcohol companies globally.

Explore the Multiples Take a Shot Index

100

public companies
tracked

$1.4T

cumulative
enterprise value

1.7x

median EV/NTM revenue multiple

median NTM/LTM revenue growth

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Index Performance

This chart shows the weighted market cap evolution over time for the Multiples Take a Shot Index constituents, indexed to 0% at the beginning of the period.

-39.1%

Multiples Take a Shot Index

Data as of 18 July 2026. Underlying financial data from FactSet and Morningstar. S&P 500 and NASDAQ data sourced from Yahoo Finance.

Key Index Metrics

This chart shows the median evolution over time of key valuation metrics for the Multiples Take a Shot Index constituents.

Valuation Benchmarks

This chart shows the regression relationship between valuation metrics across companies in the Multiples Take a Shot Index.

x-axis:

y-axis:

Data as of July 18, 2026. Companies with EV multiples above 50x and y-axis values above 250% are considered non-meaningful and excluded from calculation.

Company Rankings

This chart shows company rankings by selected metric within the Multiples Take a Shot Index.

Metric:

Data as of July 18, 2026. Companies with EV multiples above 50x and y-axis values above 300% are considered non-meaningful and excluded from calculation.

Companies Side-by-Side

Compare key metrics between companies in the Multiples Take a Shot Index.

Metric	LVMH	Kweichow Moutai	AB InBev
Market Cap	$284B	$231B	$156B
EV/Revenue (NTM)	3.3x	8.2x	3.3x
EV/Gross Profit (NTM)	4.9x	9.0x	5.8x
EV/EBITDA (NTM)	11.0x	12.2x	9.1x
EV/FCF (NTM)	21.7x	16.8x	16.3x
Revenue Growth	1%	5%	6%
Gross Margin (NTM)	67%	91%	57%
EBITDA Margin (NTM)	30%	67%	37%
FCF Margin (NTM)	15%	49%	20%
Rule of 40	29%	71%	45%
Rule of X	28%	78%	58%

Data as of July 18, 2026.

Cumulative Metrics

This chart shows the cumulative sum of selected metrics across all companies in the Multiples Take a Shot Index, over time.

Index Methodology

Similar to the NASDAQ 100 Index, the Multiples Take a Shot Index employs a modified market capitalization weighting scheme.

The weight process uses company-level weights, which are derived using company market capitalization.

Company weights are evaluated based on two rules:

Rule 1

No company's weight may exceed 24%.

Rule 2

The aggregate weight of the companies whose weights exceed 4.5% may not exceed 48%.

If neither rule is 'violated', then no adjustments are made. Only in cases where either or both of the rules are 'violated', weight adjustments are made according to a two-stage adjustment process.

Rule 1 adjustment

If no company's initial weight exceeds 24% of the Index, initial weights are used as Rule 1 weights without adjustment. Otherwise, initial weights are adjusted such that no company's weight may exceed 20% of the Index.

Rule 2 adjustment

If the aggregate weight of the companies whose Rule 1 weights exceeds 4.5% and does not exceed 48%, Rule 1 weights are used as the final weights. Otherwise, Rule 1 weights are adjusted such that:

The aggregate weight of the companies whose Rule 1 weights exceeded 4.5% is set to 40%.
Companies with Rule 1 weights below 4.5% may also have their weights adjusted to keep the initial rank order of all companies.

If the two-stage rule process results in a 'violation' of the weighting rules as previously detailed, then the process is repeated until the company weights meet the rule system.

Companies Included in the Multiples Take a Shot Index

This index tracks publicly listed companies in the alcohol and spirits industry.


LVMH	12.3%	$576	+6%	$284B	3.3x	1%	67%	30%	15%	29%	$448K
Kweichow Moutai	10.0%	$185	-10%	$231B	8.2x	5%	91%	67%	49%	71%	$732K
AB InBev	6.8%	$81	+38%	$156B	3.3x	6%	57%	37%	20%	45%	$415K
Heineken	3.7%	$88	+10%	$49B	1.8x	4%	56%	23%	10%	30%	$388K
Diageo	3.6%	$21	-14%	$47B	3.6x	-2%	60%	32%	17%	30%	$678K
Ambev	3.6%	$3	+35%	$47B	2.3x	5%	56%	34%	21%	38%	$411K
Wuliangye	5.9%	$11	-39%	$42B	2.8x	18%	80%	42%	36%	74%	$238K
Backus	4.8%	-	-	$34B	-	-	-	-	-	-	-
Constellation Brands	3.2%	$133	-20%	$23B	3.6x	1%	52%	37%	21%	35%	$862K
Heineken Holding	3.1%	$81	+17%	$22B	1.1x	5%	-	-	-	-	$388K
Xinghuacun Fenjiu	3.0%	$17	-34%	$21B	3.3x	2%	74%	42%	26%	40%	$411K
Carlsberg	2.8%	$150	+15%	$20B	2.0x	2%	46%	22%	9%	25%	$380K
Pernod Ricard	2.7%	$76	-27%	$19B	2.9x	0%	59%	30%	13%	23%	$702K
Luzhou Laojiao	2.5%	$12	-32%	$18B	3.9x	0%	86%	57%	43%	50%	$992K
Asahi Group	2.0%	$10	-18%	$14B	1.2x	7%	37%	14%	3%	24%	$534K
Kirin Holdings	2.0%	$18	+42%	$14B	1.2x	0%	47%	14%	7%	17%	$438K
Eastroc Beverage	1.9%	$18	-56%	$13B	2.7x	20%	44%	28%	16%	49%	$281K
Brown-Forman	1.7%	$26	-10%	$12B	3.5x	1%	59%	29%	20%	29%	$786K
Budweiser APAC	1.6%	$1	-21%	$11B	1.4x	3%	52%	27%	13%	30%	$263K
United Spirits	1.4%	$14	-2%	$10B	6.7x	7%	47%	19%	29%	29%	$562K
China Resources Beer	1.4%	$3	-9%	$9.8B	1.5x	4%	46%	26%	14%	29%	$216K
Tsingtao Brewery	1.3%	$7	-18%	$9.3B	1.2x	3%	42%	22%	13%	23%	$161K
ThaiBev	1.3%	$0	-3%	$8.9B	1.4x	3%	37%	16%	10%	18%	$177K
Jiangsu Yanghe Distillery	1.3%	$6	-40%	$8.8B	2.2x	-3%	71%	23%	12%	9%	$132K
Molson Coors Canada	1.1%	$43	-14%	$8.1B	-	-	-	-	-	-	$688K
Campari Group	1.1%	$6	-7%	$7.8B	2.8x	2%	59%	25%	11%	25%	$676K
Molson Coors	1.1%	$41	-16%	$7.7B	1.2x	0%	36%	19%	9%	19%	$688K
Anhui Gujing Distillery	0.8%	$11	-40%	$5.9B	1.4x	2%	79%	30%	18%	26%	$207K
Radico Khaitan	0.8%	$42	+43%	$5.7B	7.7x	13%	46%	18%	8%	35%	$428K
Yanjing Brewery	0.7%	$2	-2%	$5B	1.7x	5%	45%	20%	11%	24%	$113K
Sapporo Holdings	0.7%	$13	+44%	$5B	1.9x	-2%	34%	8%	26%	3%	-
Jiangsu King's Luck	0.7%	$4	-34%	$4.7B	2.4x	4%	74%	37%	27%	37%	$288K
Endeavour Group	0.6%	$2	-17%	$4.3B	0.9x	2%	29%	12%	6%	14%	$282K
Anhui Yingjia Distillery	0.6%	$5	-17%	$4B	3.3x	8%	73%	47%	18%	54%	$111K
Emperador	0.6%	$0	-8%	$3.9B	-	-	-	-	-	-	$288K
United Breweries	0.5%	$14	-34%	$3.7B	3.4x	11%	44%	10%	4%	21%	$676K
Royal Unibrew	0.5%	$74	-3%	$3.5B	1.8x	1%	43%	20%	9%	20%	$586K
ZJLD Group	0.5%	$1	+15%	$3.3B	4.4x	14%	61%	36%	-	48%	$47K
Chongqing Brewery	0.4%	$6	-20%	$3.1B	1.2x	2%	51%	25%	18%	26%	$317K
Becle	0.4%	$1	-38%	$3B	1.5x	-1%	56%	22%	13%	14%	$297K
Remy Cointreau	0.4%	$53	-13%	$2.8B	3.2x	2%	67%	23%	5%	23%	$586K
Treasury Wine Estates	0.4%	$3	-38%	$2.7B	2.3x	-4%	46%	27%	10%	17%	$792K
Anadolu Efes	0.4%	$0	+29%	$2.6B	0.5x	22%	35%	17%	10%	49%	$278K
SABECO	0.3%	$2	-1%	$2.3B	1.5x	2%	36%	21%	16%	26%	$129K
Compañía de Cervecerías Unidas	0.3%	$6	-11%	$2.1B	0.8x	-1%	-	14%	6%	19%	$357K
Boston Beer	0.3%	$179	-14%	$1.9B	0.9x	0%	49%	12%	3%	10%	$718K
Anhui Kouzi Distillery	0.2%	$3	-41%	$1.7B	2.8x	1%	68%	32%	-	26%	$134K
Nigerian Breweries	0.2%	$0	-3%	$1.7B	1.1x	21%	41%	21%	10%	43%	$476K
International Breweries	0.2%	$0	+393%	$1.6B	2.6x	19%	-	24%	-	46%	$304K
East African Breweries	0.2%	$2	+20%	$1.5B	1.5x	6%	-	31%	-	38%	$600K
Tilaknagar Industries	0.2%	$5	-	$1.1B	2.8x	53%	46%	15%	12%	99%	$641K
Cerveceria San Juan	0.2%	-	-	$1.1B	-	-	-	-	-	-	-
Tuborg	0.1%	$3	-30%	$867M	-	-	-	-	-	-	$505K
Olvi	0.1%	$38	-3%	$775M	0.8x	7%	27%	16%	8%	29%	$321K
Hitejinro	0.1%	$10	-26%	$702M	0.7x	1%	45%	13%	5%	13%	-
Concha y Toro	0.1%	$1	-19%	$685M	1.1x	0%	-	17%	-	18%	$407K
Oeneo	0.1%	$10	-6%	$651M	2.2x	3%	-	22%	13%	20%	$284K
Societe des Boissons du Maroc	0.1%	$228	-	$646M	1.7x	7%	-	21%	14%	24%	$346K
Laurent-Perrier	0.1%	$99	-10%	$579M	2.3x	1%	-	26%	19%	29%	$896K
Guinness Nigeria	0.1%	$0	+181%	$522M	1.0x	20%	-	17%	-	44%	$515K
C&C Group	0.1%	$1	-43%	$493M	0.5x	-5%	-	7%	2%	1%	$662K
Marston's	0.1%	$1	+31%	$476M	1.7x	2%	-	23%	8%	24%	$117K
Malteries Franco-Belges	0.1%	$956	-8%	$474M	-	-	-	-	-	-	$1M
Marie Brizard Wine & Spirits	0.1%	$3	-3%	$376M	1.6x	0%	-	8%	6%	8%	$106K
Viva Wine Group	0.1%	$4	-8%	$354M	0.7x	6%	20%	9%	5%	24%	$2M
SNDL	0.0%	$1	-25%	$334M	0.4x	-1%	28%	8%	3%	4%	$267K
Ottakringer Getraenke	0.0%	$126	-	$304M	-	-	-	-	-	-	$316K
Anora Group	0.0%	$4	+14%	$284M	0.6x	-2%	-	12%	6%	9%	$644K
Andrew Peller	0.0%	$6	+59%	$272M	1.4x	1%	41%	17%	9%	18%	$201K
Delegat Group	0.0%	$3	+10%	$254M	2.2x	4%	45%	33%	15%	39%	-
Zwack Unicum	0.0%	$121	+22%	$243M	-	-	-	-	-	20%	$306K
Kopparberg Bryggeri	0.0%	$12	-1%	$207M	-	-	-	-	-	-	$535K
Lanson-BCC	0.0%	$31	-27%	$203M	-	-	-	-	-	-	$598K
Italian Wine Brands	0.0%	$21	-10%	$198M	0.6x	1%	-	12%	6%	13%	$1M
Nfiniti	0.0%	$6	+275%	$191M	-	-	-	-	-	-	-
Hawesko Holding	0.0%	$20	-24%	$182M	0.4x	0%	-	9%	6%	9%	$610K
Purcari Wineries	0.0%	$4	-8%	$179M	-	-	-	-	-	-	$107K
Brewery Haacht	0.0%	$2,358	+22%	$177M	-	-	-	-	-	-	$271K
VSPT Wine Group	0.0%	$0	-3%	$173M	-	-	-	-	-	-	$250K
Masi Agricola	0.0%	$5	+10%	$169M	2.6x	6%	-	14%	-	17%	$561K
Santa Rita	0.0%	$0	-	$168M	-	-	-	-	-	-	$240K
KEO	0.0%	$4	+18%	$150M	-	-	-	-	-	-	$203K
Vranken-Pommery Monopole	0.0%	-	-	$137M	-	-7%	-	16%	32%	9%	-
Kulmbacher Brauerei	0.0%	$40	-13%	$135M	-	-	-	-	-	-	$357K
Sula Vineyards	0.0%	$2	-49%	$131M	2.5x	8%	72%	23%	15%	37%	$78K
Schloss Wachenheim	0.0%	$16	-7%	$123M	0.4x	4%	44%	11%	4%	14%	$379K
Ambra	0.0%	$5	-15%	$121M	0.5x	4%	-	13%	5%	16%	$296K
Shepherd Neame	0.0%	$6	-1%	$95M	1.2x	2%	-	15%	6%	17%	$129K
Advini	0.0%	$20	+38%	$79M	0.8x	7%	-	7%	1%	16%	$441K
Harboes Bryggeri	0.0%	$17	-18%	$71M	-	-	-	-	-	6%	$517K
Lark Distilling	0.0%	$1	+6%	$67M	3.4x	28%	-	-13%	-14%	-1%	$2M
Naked Wines	0.0%	$1	-2%	$66M	0.1x	-6%	39%	5%	3%	-7%	$976K
Riojanas	0.0%	$1	-69%	$58M	-	-	-	-	-	-	$173K
HLB Global	0.0%	$1	-44%	$46M	-	-	-	-	-	-	-
Gurktaler	0.0%	$18	+4%	$38M	-	-	-	-	-	-	$1M
Berentzen-Gruppe	0.0%	$4	-20%	$35M	0.2x	-22%	44%	10%	1%	11%	$732K
Nokian Panimo	0.0%	$3	+2%	$30M	-	-	-	-	-	-	$374K
Prilepska Pivarnica	0.0%	$692	+2%	$28M	-	-	-	-	-	-	$171K
Viña Emiliana	0.0%	$0	0%	$21M	-	-	-	-	-	-	$105K
Foley Wines	0.0%	$0	-21%	$18M	-	-	-	-	-	-	-