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Constellation Brands Inc

STZ Consumer Defensive Beverages Brewers

Constellation Brands Inc’s revenue for fiscal 2026 (year ended February 2026) was $9.1 billion, down 10.5% from fiscal 2025.

Revenue
+6.13%
EPS
+28.9%
Free cash flow
−3.25%
Total debt
−2.17%

Quarter to August 2026, against a year earlier

135.33 4.98 +3.82%
Market cap
$22.1B
P/E
11.9×
Fwd P/E
11.3×
Dividend yield
3.06%
F-score
6/9
Altman Z
2.94
Beneish M
−2.12
Dividend safety
67/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2022

  • Beer
  • Wine and Spirits

Every year since 2017 →

Insider Decisions last twelve months

Sold, $m 1.02
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 — 1 1 — — — — — —
Insider Ownership 13.08%

Capital & Financial Ratios $m

Size
Market Cap 22,060.00
Revenue ttm 9,208.70
Net income ttm 2,001.10
Free cash flow ttm 1,871.60
Net debt Q 10,217.20
Valuation
P/E 11.94
Forward P/E 11.30
Price / sales 2.49
Forward P/S Powerpack
Price / FCF 12.24
Price / book 2.58
Financial health
Current ratio Q 1.00 (below 1: weak)
Debt / equity Q 1.16
Interest coverage Q 9.65
Growth
Revenue growth Q +6.13% (above 0%: growing)
Operating income growth Q −7.89% (below 0%: shrinking)
EPS, this year −0.03% (below 0%: weak)
EPS, next year A +6.37%
Revenue, next year A −0.20% (below 0%: weak)
EPS, past 5 yrs −1.24% (below 0%: weak)
EPS, next 5 yrs A +2.73%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.6×, against a ten-year median of 5.8×; over the ten years it ranged from 3.2× in 2026 to 7.3× in 2018.
P/E against its own 10 years 7.95%
10-year low 10-year high
P/S against its own 10 years 3.16%
10-year low 10-year high
P/B against its own 10 years 4.08%
10-year low 10-year high
EV/Sales against its own 10 years 2.79%
10-year low 10-year high
EV/FCF against its own 10 years 2.86%
10-year low 10-year high

Dividends raised every year since 2017

Yield
3.06%
Annual rate
4.11
Payout ratio
36.6%
Growth, 2017–26
+8.58%/yr
  1. 1.96 ’17
  2. 2.74 ’18 +40%
  3. 2.99 ’19 +9%
  4. 3.00 ’20 +0%
  5. 3.03 ’21 +1%
  6. 3.16 ’22 +4%
  7. 3.47 ’23 +10%
  8. 3.92 ’24 +13%
  9. 4.07 ’25 +4%
  10. 4.11 ’26 +1%
paid Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 152 68 102 99
Receivables 833 737 658 678
Inventory 2,078 1,437 1,434 1,379
Other — 914 — —
3,730 3,716 2,906 2,960
2024 2025 2026 Q'26
Payables 1,107 940 960 999
ST’ Debt 1,198 2,209 876 1,220
Other — — — —
3,142 4,035 2,690 2,964

Compound Annual Growth %

10y 5y 3y
Sales 3.39% 1.19% (1.12%)
Cash Flow 6.56% (1.00%) (1.07%)
Earnings 4.81% (3.33%) 0.00%
Book Value 2.28% (9.65%) (1.34%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY27 Estimate 3.62 Actual 3.74

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY26 2.66 3.06 Beat by 0.40
Q4 FY26 1.74 1.90 Beat by 0.16
Q1 FY27 3.22 3.43 Beat by 0.21
Q2 FY27 3.62 3.74 Beat by 0.12
Q3 FY27 2.77 — Reports 6 January 2027

EPS $

May Aug Nov Feb Year
’26 3.79 3.41 — — —
’26 2.90 2.65 2.88 1.16 9.61
’25 4.78 (6.59) 3.39 (2.09) (0.45)
’24 0.74 3.74 2.76 2.14 9.39
’23 2.06 (6.30) 2.52 1.21 (0.11)
’22 (4.74) 0.01 2.48 2.07 (0.22)
’21 (0.94) 2.62 6.55 1.95 10.23
Fiscal quarters ending in the months shown.

Revenue $m

May Aug Nov Feb Year
’26 2,433 2,633 — — —
’26 2,515 2,481 2,223 1,920 9,139
’25 2,662 2,919 2,464 2,164 10,209
’24 2,515 2,837 2,471 2,139 9,962
’23 2,363 2,655 2,437 1,998 9,453
’22 2,027 2,371 2,321 2,103 8,821
’21 1,963 2,260 2,438 1,953 8,615
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

May Aug Nov Feb Year
’26 662 817 — — —
’26 637 852 617 563 2,669
’25 691 1,182 685 595 3,152
’24 665 957 725 433 2,780
’23 758 896 626 476 2,757
’22 716 810 918 261 2,705
’21 687 758 919 443 2,807
Fiscal quarters ending in the months shown.

Free Cash Flow $m

May Aug Nov Feb Year
’26 485 644 — — —
’26 444 666 383 360 1,853
’25 328 874 459 313 1,974
’24 388 666 402 76 1,533
’23 568 658 378 125 1,728
’22 603 571 676 (167) 1,683
’21 560 625 729 47 1,961
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to February

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Aug ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 7,321 7,580 8,116 8,344 8,615 8,821 9,453 9,962 10,209 9,139 9,209 +2.5% 9,121 9,255 9,410 +1.0%
Gross margin, % 48.07 50.29 50.27 49.76 51.84 53.37 50.45 50.37 52.06 51.55 52.65 +3.5 pt
EBT 2,083 2,338 4,145 (945) 2,543 310 384 2,222 (83) 2,378 2,473 +1.5%
EBT margin, % 28.45 30.84 51.07 (11.33) 29.52 3.52 4.06 22.30 (0.81) 26.02 26.85 (2.4) pt
Net income 1,533 2,315 3,459 21 2,032 1 (38) 1,765 (31) 1,757 2,001 +1.5%
Per share, $
Per share, $ Revenue 36.74 38.91 42.59 43.54 44.53 46.27 49.09 54.34 56.25 52.10 54.02 +4.0%
Earnings 7.79 12.04 18.24 (0.07) 10.44 (0.22) (0.11) 9.42 (0.45) 9.62 11.26 +2.4%
Cash flow 8.51 9.92 11.79 13.31 14.51 14.19 14.32 15.17 17.37 15.22 15.59 +6.7%
Capex (4.54) (5.40) (4.27) (3.75) (4.37) (5.36) (5.34) (6.80) (6.49) (4.65) (4.62) +0.3%
Free cash flow 3.97 4.52 7.52 9.56 10.14 8.83 8.98 8.36 10.88 10.56 10.98 +11.5%
Book value 34.55 41.03 67.36 65.09 72.00 63.19 45.36 54.91 39.32 47.81 52.09 +3.7%
Shares, m 199 195 191 192 193 191 193 183 181 175 173 (1.4%)
Valuation, ×
Valuation, × P/E 20.36 17.88 9.28 0.00 20.43 0.00 0.00 26.38 0.00 16.33 11.94 11.1
P/S 4.32 5.54 3.97 4.07 4.89 4.66 4.56 4.57 3.12 3.01 2.49 4.3
P/B 4.60 5.25 2.51 2.72 3.02 3.41 4.93 4.53 4.46 3.27 2.58 3.9
EV/Sales 5.48 6.87 5.64 5.52 6.05 5.82 5.86 5.75 4.24 4.15 3.60 5.5
EV/FCF 50.72 59.19 31.95 25.13 26.57 30.50 32.06 37.37 21.93 20.47 17.70 33.6
Cash, $m
Cash, $m Operating cash flow 1,696 1,931 2,246 2,551 2,807 2,705 2,757 2,780 3,152 2,669 2,658 +5.2%
Capex (905) (1,052) (814) (718) (846) (1,023) (1,029) (1,247) (1,179) (816) (787) (1.1%)
Free cash flow 791 880 1,432 1,833 1,961 1,683 1,728 1,533 1,974 1,853 1,872 +9.9%
Balance, $m
Balance, $m Working capital 532 1,434 520 1,172 1,775 631 528 588 (319) 217 (4) (9.5%)
Net debt 8,454 10,096 13,523 12,103 9,982 10,217 12,328 11,727 11,430 10,466 10,217 +2.4%
Shareholders’ equity 6,885 7,992 12,837 12,474 13,929 12,048 8,734 10,065 7,135 8,387 8,879 +2.2%
Returns, %
Returns, % ROA 8.60 11.77 13.81 (0.04) 7.34 (0.15) (0.28) 6.86 (0.34) 7.75 8.85 (0.8) pt
ROIC 9.73 7.88 5.72 5.48 7.30 6.55 8.44 9.09 1.19 9.02 9.11 (0.7) pt
ROE 22.52 30.97 32.99 (0.09) 15.13 (0.31) (0.68) 18.38 (0.95) 21.73 23.09 (0.8) pt
People
People Employees 8,700 9,600 9,800 9,000 9,300 10,000 10,700 10,600 10,600 9,400 — +0.9%
Revenue/emp, $m 0.84 0.79 0.83 0.93 0.93 0.88 0.88 0.94 0.96 0.97 — +1.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Feb 2026 · latest quarter Aug 2026 · fundamentals updated 13 Oct 2026

Business profile

Updated

Constellation Brands is an international producer and marketer of beer, wine and spirits. Founded in 1945 and headquartered in Victor, it operates in the U.S., Mexico, New Zealand and Italy. Nicholas I. Fink is President and Chief Executive Officer.

Its core beer portfolio is sold in the U.S. under an exclusive right to import, market and sell brands including Modelo Especial, Corona Extra, Pacifico and Victoria. The company also sells alcoholic and non-alcoholic products, including Austin Cocktails and HOPWTR. Beer is made in Mexico and sold into the U.S. market.

Where the money comes from and where it goes Fiscal 2022

Fiscal 2022: revenue by segment, and margins
Beer 6,752 76.54%
Wine and Spirits 2,069 23.46%
Gross margin 53.37%
Operating margin 26.43%
Pre-tax margin 3.52%

Revenue by segment since 2017

Constellation Brands Inc vs peers in Beverages Brewers (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BUD Anheuser-Busch InBev SA/NV $139.1B 17.0× — (loss-making) +11.04% (above 0%: growing) +126.19% (above 0%: growing) +338.53% (above 0%: growing) 57.49% 27.63% Compare
ABEV Ambev S.A. $40.5B 14.8× — +3.83% (above 0%: growing) 0.00% +1,032.99% (above 0%: growing) 51.86% 23.89% Compare
FMX Fomento Economico Mexicano S.A.B. de C.V. $25.0B 24.2× — +22.50% (above 0%: growing) +132.50% (above 0%: growing) +401.84% (above 0%: growing) 40.09% 8.27% Compare
STZ Constellation Brands Inc $22.1B 11.9× 11.3× +6.13% (above 0%: growing) +28.91% (above 0%: growing) −3.25% (below 0%: shrinking) 52.91% 30.57%
TAP Molson Coors Beverage Company $7.3B — (loss-making) 8.8× −3.26% (below 0%: shrinking) −42.06% (below 0%: shrinking) +29.37% (above 0%: growing) 34.34% 10.72% Compare
SAM The Boston Beer Company, Inc. $2.0B — (loss-making) — (loss-making) −3.34% (below 0%: shrinking) −8.99% (below 0%: shrinking) +13.63% (above 0%: growing) 50.39% 12.45% Compare
CCU Compania Cervecerias Unidas, S.A. $1.9B 16.6× 16.2× +4.81% (above 0%: growing) n/m +19.70% (above 0%: growing) 41.60% (3.35%) Compare
Median of peers $16.2B 16.8× — +4.32% 0.00% +183.95% 45.99% 11.59%

All 7 Beverages Brewers stocks →

From the latest earnings call

Updated

  • Nick Fink said Constellation rebuilt distributor inventories in the first half and expects FY2027 shipments and depletions to track within 99% of each other.
  • Fink said Constellation reiterated FY2027 comparable EPS guidance of $11.20–$11.90 and would expect the high end if positive September trends continue.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
RBC Oct 8, 2026 Reiterated Outperform 182.00
BMO Capital Oct 8, 2026 Reiterated Outperform 190.00
Goldman Sachs Oct 7, 2026 Target cut Buy 180.00 → 155.00
Citi Oct 6, 2026 Target cut Buy 185.00 → 165.00
Barclays Oct 6, 2026 Target cut Hold 132.00 → 122.00
JPMorgan Oct 6, 2026 Target cut Hold 165.00 → 133.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 84.61%
Held by the ten largest 42.61%
Holder Shares Stake Change
Vanguard 18.64m 10.91% +592.22k
Capital Group 13.13m 7.69% −3.20m
BlackRock 11.54m 6.76% +420.33k
State Street 6.79m 3.98% −236.75k
Fidelity (FMR) 4.60m 2.69% −525.98k
Grantham, Mayo, Van Otterloo & Co. LLC 4.00m 2.34% −27.35k
Geode Capital Management 3.82m 2.24% +11.23k
Wellington Management 3.82m 2.24% −2.81m
Ameriprise (Columbia Threadneedle) 3.46m 2.03% +52.75k
HARRIS ASSOCIATES L P 2.97m 1.74% −126.41k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 8 June 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2026 14.21m 10.90m 80.28
2025 15.01m (853.51k) 86.97
2024 14.63m 19.42m 120.92
2023 16.07m 15.73m 107.27
2022 12.04m 4.99m 102.03
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Constellation Brands Inc (STZ) Latest News

29 Oct

Impact 3 · · Trefis

28 Oct

Impact 3 · · StockStory
Impact 3 · · Trefis

27 Oct

Impact 4 · · fooddive.com

23 Oct

Impact 4 · · Simply Wall St.

21 Oct

Impact 3 · · Trefis

20 Oct

Impact 4 · · Trefis
Impact 4 · · Trefis
Impact 3 · · supplychaindive.com

12 Oct

Impact 3 · · just-drinks.com

11 Oct

Impact 3 · · Insider Monkey

10 Oct

Impact 3 · · 24/7 Wall St.

9 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

8 Oct

Impact 4 · · Zacks
Impact 4 · · StockStory
Impact 4 · · StockStory
Impact 3 · · MT Newswires
Impact 3 · · TIKR
Impact 3 · · MarketBeat
Impact 3 · · Simply Wall St.

7 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · qz.com
Impact 4 · · MarketBeat
Impact 3 · · Stocktwits
Impact 3 · · The Motley Fool
Impact 3 · · Moby
Impact 3 · · Stocktwits
Impact 3 · · Zacks

STZ metrics, ten years each

stockrow.com/STZ · Data as of Oct 13, 2026 · For information only; not investment advice. · © 2026 stockrow.com