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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. In the quarter to August 2026, revenue grew 6.13%, EPS grew 28.9%, free cash flow fell 3.25% and total debt fell 2.17%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years.

122.64 0.99 −0.80%
Market cap
$21.1B
P/E
10.9×
Fwd P/E
12.2×
Dividend yield
4.18%
F-score
6/9
Altman Z
2.94
Beneish M
−2.12
Dividend safety
67/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Constellation Brands Inc (STZ) Beneish M-score

Alert me on Beneish M-score

Constellation Brands Inc's Beneish M-score for fiscal 2026 is −2.12; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.

Beneish M-score, annual

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Annual newest first

Period Beneish M-score Change (points)
FY2026 −2.12 1.36
FY2025 −3.48 (0.78)
FY2024 −2.70 0.40
FY2023 −3.09 (0.18)
FY2022 −2.92 (0.26)
FY2021 −2.66 0.19
FY2020 −2.84 (0.74)
FY2019 −2.10 0.32
FY2018 −2.42 0.18
FY2017 −2.59 (0.21)

How fiscal 2026’s score is made up

Component This year Year before Result Points
Days’ sales in receivables index 1.00 — 0.92
Gross margin index 1.01 — 0.53
Asset quality index 0.98 — 0.40
Sales growth index 0.90 — 0.80
Depreciation index 6.50 — 0.75
SG&A index 1.06 — −0.18
Total accruals to total assets (0.04) — −0.19
Leverage index 0.92 — −0.30
Beneish M-score Elevated −2.12

How the Beneish M-score works

M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.

below −2.22Low — no pattern the model associates with manipulation
−2.22 to −1.78Elevated
above −1.78Flagged by the model

−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.

When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.

Beneish M-score against peers

Company Beneish M-score
TAP Molson Coors Beverage Company compare −3.4×
SAM The Boston Beer Company, Inc. compare −3.0×
ABEV Ambev S.A. compare −2.8×
CCU Compania Cervecerias Unidas, S.A. compare −2.6×
BUD Anheuser-Busch InBev SA/NV compare −2.5×
FMX Fomento Economico Mexicano S.A.B. de C.V. compare −2.4×
STZ Constellation Brands Inc −2.1×

What Beneish M-score is

The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.

−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI

The full definition of Beneish M-score →

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