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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

$1.3T

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.

-31.5%

Multiples Take a Shot Index

Data as of 04 October 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 October 4, 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 October 4, 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	Kweichow Moutai	LVMH	AB InBev
Market Cap	$235B	$211B	$144B
EV/Revenue (NTM)	8.3x	2.6x	3.2x
EV/Gross Profit (NTM)	9.1x	3.8x	5.7x
EV/EBITDA (NTM)	12.4x	8.6x	8.8x
EV/FCF (NTM)	17.0x	16.7x	15.8x
Revenue Growth	6%	2%	5%
Gross Margin (NTM)	91%	68%	57%
EBITDA Margin (NTM)	67%	30%	36%
FCF Margin (NTM)	49%	15%	20%
Rule of 40	69%	29%	46%
Rule of X	73%	28%	60%

Data as of October 4, 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.


Kweichow Moutai	10.5%	$188	-7%	$235B	8.3x	6%	91%	67%	49%	69%	$739K
LVMH	9.4%	$427	-40%	$211B	2.6x	2%	68%	30%	15%	29%	$423K
AB InBev	6.4%	$73	+20%	$144B	3.2x	5%	57%	36%	20%	46%	$415K
Diageo	3.6%	$21	-8%	$47B	3.6x	-2%	59%	34%	16%	29%	$658K
Ambev	3.6%	$3	+29%	$47B	2.5x	4%	43%	34%	21%	36%	$402K
Heineken	3.3%	$79	+1%	$44B	1.9x	3%	56%	23%	10%	30%	$382K
Wuliangye	3.1%	$10	-38%	$41B	3.2x	10%	78%	41%	28%	54%	$241K
Xinghuacun Fenjiu	3.8%	$17	-36%	$21B	3.8x	1%	74%	41%	24%	28%	$415K
Heineken Holding	3.6%	$74	+9%	$20B	1.5x	4%	-	-	-	-	$369K
Constellation Brands	3.4%	$113	-14%	$19B	3.3x	1%	52%	37%	21%	36%	$862K
Carlsberg	3.2%	$129	+10%	$18B	1.8x	3%	40%	21%	10%	25%	$363K
Pernod Ricard	3.0%	$66	-33%	$17B	2.8x	-3%	58%	30%	14%	18%	$583K
Luzhou Laojiao	2.8%	$11	-43%	$16B	4.1x	-2%	85%	55%	39%	30%	$1M
Asahi Group	2.6%	$10	-9%	$15B	1.1x	7%	39%	15%	5%	24%	$540K
Kirin Holdings	2.5%	$18	+26%	$14B	1.2x	2%	48%	14%	5%	18%	$425K
Brown-Forman	2.2%	$26	-5%	$12B	3.6x	1%	59%	29%	20%	29%	$786K
Eastroc Beverage	2.1%	$17	-45%	$12B	2.5x	15%	46%	28%	18%	44%	$252K
United Spirits	1.8%	$14	-14%	$9.9B	6.4x	8%	47%	19%	10%	28%	$534K
Budweiser APAC	1.7%	$1	-29%	$9.6B	1.2x	2%	52%	26%	13%	26%	$263K
Backus	1.7%	$8	-	$9.4B	-	-	-	-	-	-	$507K
Tsingtao Brewery	1.5%	$7	-19%	$8.6B	1.1x	1%	43%	22%	13%	19%	$162K
ThaiBev	1.5%	$0	-9%	$8.4B	1.6x	5%	36%	16%	11%	18%	$170K
Jiangsu Yanghe Distillery	1.5%	$6	-44%	$8.4B	2.4x	-1%	71%	24%	11%	1%	$133K
Campari Group	1.5%	$7	-2%	$8.2B	2.9x	2%	62%	26%	11%	25%	$656K
China Resources Beer	1.4%	$2	-31%	$7.6B	1.1x	3%	43%	25%	16%	26%	$218K
Molson Coors Canada	1.3%	$38	-18%	$7.1B	-	-	-	-	-	-	$688K
Molson Coors	1.2%	$37	-16%	$6.9B	1.2x	0%	37%	19%	9%	18%	$688K
Anhui Gujing Distillery	1.2%	$14	-38%	$6.6B	1.9x	2%	80%	29%	18%	12%	$209K
Radico Khaitan	1.1%	$44	+26%	$5.9B	7.8x	14%	49%	20%	9%	35%	$418K
Jiangsu King's Luck	0.9%	$4	-23%	$5.2B	2.8x	5%	74%	38%	27%	37%	$291K
Yanjing Brewery	0.8%	$2	-1%	$4.6B	1.6x	5%	46%	21%	11%	26%	$115K
Anhui Yingjia Distillery	0.8%	$6	-3%	$4.6B	4.0x	8%	73%	48%	23%	55%	$112K
Sapporo Breweries	0.8%	$12	+25%	$4.5B	1.2x	1%	34%	8%	17%	8%	$323K
Emperador	0.7%	$0	-9%	$3.9B	4.2x	9%	33%	19%	4%	30%	$283K
Endeavour Group	0.7%	$2	-14%	$3.7B	0.9x	2%	28%	12%	4%	9%	$283K
ZJLD Group	0.6%	$1	-12%	$3.4B	4.3x	14%	60%	34%	-	47%	$54K
United Breweries	0.6%	$12	-39%	$3.3B	3.0x	10%	43%	10%	4%	21%	$641K
Treasury Wine Estates	0.6%	$4	-1%	$3.2B	2.6x	-3%	39%	27%	12%	-21%	$684K
Royal Unibrew	0.5%	$61	-19%	$2.9B	1.6x	2%	40%	20%	9%	20%	$559K
Becle	0.5%	$1	-37%	$2.8B	1.4x	1%	54%	22%	13%	15%	$281K
Chongqing Brewery	0.5%	$6	-25%	$2.7B	1.2x	1%	51%	24%	17%	21%	$320K
Remy Cointreau	0.4%	$47	-4%	$2.5B	2.9x	3%	66%	23%	5%	21%	$569K
Anadolu Efes	0.4%	$0	+6%	$2.2B	0.8x	26%	-	17%	6%	51%	$250K
SABECO	0.4%	$2	-6%	$2.1B	1.3x	3%	35%	21%	17%	27%	$127K
Compañía de Cervecerías Unidas	0.4%	$5	-15%	$2B	1.0x	1%	50%	14%	4%	19%	$308K
East African Breweries	0.3%	$2	+23%	$1.7B	1.7x	6%	42%	29%	-	38%	$672K
Nigerian Breweries	0.3%	$0	+13%	$1.7B	1.1x	22%	50%	23%	12%	44%	$484K
Boston Beer	0.3%	$168	-19%	$1.7B	0.8x	0%	50%	11%	6%	8%	$718K
Anhui Kouzi Distillery	0.3%	$3	-42%	$1.6B	2.8x	1%	68%	29%	-	15%	$136K
Tilaknagar Industries	0.2%	$6	-5%	$1.4B	3.2x	39%	45%	16%	11%	109%	$608K
International Breweries	0.2%	$0	-14%	$1.3B	2.0x	17%	48%	26%	12%	40%	$310K
Cerveceria San Juan	0.2%	-	-	$1.1B	-	-	-	-	-	-	-
Tuborg	0.1%	$3	-45%	$831M	-	-	-	-	-	-	$484K
Hitejinro	0.1%	$11	-17%	$759M	0.7x	2%	42%	13%	5%	11%	-
Olvi	0.1%	$35	+1%	$716M	0.9x	6%	27%	16%	8%	30%	$267K
Concha y Toro	0.1%	$1	-13%	$700M	1.2x	2%	-	16%	-	16%	$377K
Guinness Nigeria	0.1%	$0	+141%	$634M	1.1x	17%	51%	18%	12%	44%	$469K
Oeneo	0.1%	$10	-7%	$618M	2.1x	2%	-	22%	13%	20%	$278K
Societe des Boissons du Maroc	0.1%	$203	-	$573M	1.6x	6%	-	21%	14%	26%	$318K
Laurent-Perrier	0.1%	$86	-21%	$493M	2.0x	4%	-	24%	18%	27%	$866K
C&C Group	0.1%	$1	-29%	$473M	0.5x	-4%	-	7%	3%	-1%	$645K
Malteries Franco-Belges	0.1%	$909	-10%	$451M	-	-	-	-	-	-	$1M
Marston's	0.1%	$1	+2%	$393M	1.7x	2%	-	23%	7%	24%	$115K
Marie Brizard Wine & Spirits	0.1%	$3	-11%	$336M	1.5x	0%	-	7%	5%	6%	$101K
Bera	0.1%	$0	-99%	$329M	-	-	-	-	-	-	$950K
SNDL	0.1%	$1	-42%	$305M	0.4x	-1%	27%	7%	1%	1%	$255K
Anora Group	0.1%	$4	+17%	$288M	0.7x	-1%	-	12%	6%	9%	$613K
Kopparberg Bryggeri	0.0%	$12	0%	$272M	-	-	-	-	-	-	$512K
Delegat Group	0.0%	$2	0%	$240M	2.1x	1%	49%	37%	15%	35%	-
Lanson-BCC	0.0%	$30	-25%	$197M	2.8x	4%	-	19%	17%	30%	$587K
Nfiniti	0.0%	$6	0%	$191M	-	-	-	-	-	-	-
Purcari Wineries	0.0%	$4	+7%	$183M	2.3x	-	-	30%	-	39%	$103K
Brewery Haacht	0.0%	$2,371	+35%	$178M	-	-	-	-	-	-	$267K
Zwack Unicum	0.0%	$88	-11%	$176M	-	-	-	-	-	20%	$293K
Santa Rita	0.0%	$0	+3%	$170M	-	-	-	-	-	-	$226K
Italian Wine Brands	0.0%	$18	-33%	$164M	0.6x	-1%	-	12%	5%	7%	$1M
VSPT Wine Group	0.0%	$0	-4%	$163M	-	-	-	-	-	-	$235K
Masi Agricola	0.0%	$5	-5%	$153M	2.6x	7%	-	13%	-	12%	$551K
Hawesko Holding	0.0%	$17	-30%	$151M	0.4x	0%	-	9%	6%	7%	$589K
KEO	0.0%	$3	+5%	$146M	-	-	-	-	-	-	$200K
Schloss Wachenheim	0.0%	$18	-3%	$139M	0.6x	1%	44%	11%	5%	11%	$364K
Ambra	0.0%	$5	-1%	$129M	0.7x	2%	-	13%	6%	13%	$279K
Kulmbacher Brauerei	0.0%	$35	-24%	$117M	-	-	-	-	-	-	$352K
Sula Vineyards	0.0%	$1	-52%	$115M	2.3x	8%	71%	22%	10%	32%	$70K
Chapel Down Gr	0.0%	$1	-	$107M	4.2x	13%	-	18%	-21%	34%	$280K
Riojanas	0.0%	$1	-71%	$97M	-	-	-	-	-	-	$170K
Shepherd Neame	0.0%	$6	-5%	$90M	1.2x	3%	-	16%	5%	17%	$126K
Maison Pommery & Associes	0.0%	$10	-27%	$89M	3.2x	-4%	-	14%	21%	8%	$420K
Harboes Bryggeri	0.0%	$18	-10%	$77M	-	-	-	-	-	6%	$508K
Advini	0.0%	$17	+21%	$70M	0.8x	4%	-	7%	2%	14%	$422K
HLB Global	0.0%	$1	-10%	$66M	-	-	-	-	-	-	-
Lark Distilling	0.0%	$1	+20%	$61M	3.3x	20%	53%	-14%	-9%	-98%	$2M
Berentzen-Gruppe	0.0%	$7	+43%	$61M	0.4x	-14%	44%	9%	1%	3%	$428K
Naked Wines	0.0%	$1	-18%	$54M	0.1x	-12%	35%	5%	5%	-11%	$759K
Gurktaler	0.0%	$19	+17%	$36M	-	-	-	-	-	59%	$968K
Nokian Panimo	0.0%	$3	0%	$28M	1.3x	9%	-	18%	-17%	28%	$357K
Monika Alcobev	0.0%	$1	-	$27M	-	-	-	-	-	22%	$160K
Prilepska Pivarnica	0.0%	$685	+1%	$27M	-	-	-	-	-	-	$164K
Foley Wines	0.0%	$0	+3%	$22M	-	-	-	-	-	-	-
Apogee 21 Holdings	0.0%	$1	-	$21M	-	-	-	-	-	-	$92K