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Constellation Brands (STZ) stock

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NYSE: STZ NYSE Distillers & Vintners Next results ~December 31, 2026

C+ Fundamentals grade

Constellation Brands is a US-listed company in the distillers & vintners industry. Its financial year ends in February.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$120

Cash-flow model

Base case. Range ~$77–$190 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 11% above our base value.

Price used: $138.27, November 3, 2026

Constellation Brands valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Constellation Brands files

Where Constellation Brands stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $9.21bn, down 4.3% on a year earlier, faster than -10.0% a quarter earlier. That puts it 895 of 931 for growth among all the companies we cover. Free-cash-flow margin held at 20.0%. Operating margin widened to 30.2% from 23.2%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 7 financial-health checks. Our cash-flow model value is $106 a share, against a share price of $133. At that price, our model says the market is pricing in about 4.7% a year of cash-flow growth for five years, faster than the 0.9% a year revenue growth it has delivered.

Source: 10-Q filed October 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 31, 2026 (estimated)

Constellation Brands's trailing-twelve-month revenue fell 4.3% year on year, with a free-cash-flow margin of 20.0%. Where it stands out: operating margin of 30.2% ranks 4 of 150 consumer staples companies we cover. Where it lags: long-term debt as % of assets of 41.2% ranks 108 of 125 consumer staples companies we cover.

Our discounted-cash-flow model values the business at ~$120 per share in the base case (~$77–$190 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 0.5% while net income grew 57.4%: a 58pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 30.2% of revenue is left as operating profit, against a median of 3.7% for consumer staples companies we cover.
  • Margins widening. Operating margin is up 7.1 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Revenue shrinking. Revenue fell 4.3% over the last 12 months.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 41.2% ranks 108 of 125 consumer staples companies we cover (median 20.3%).

Latest results: FY2027 Q2

Filed October 7, 2026
Earnings per share
$3.74 against an average estimate of $3.55: beat by 5.5%
Revenue
$2.63bn, up 6.1% on a year earlier
Share reaction
+4.5% in the first session after the results on October 6, 2026, against +0.3% for the S&P 500
Guidance given
reported EPS outlook $11.85 to $12.55 (fiscal 2027); comparable EPS outlook $11.2 to $11.9 (fiscal 2027)
Next report
October 6, 2026; average EPS estimate $2.72

Constellation Brands' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.7%
  • 1 week+6.7%
  • 1 month+23.5%
  • This year+5.0%
  • 1 year+8.8%
  • 5 years-30.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$9.2B
Operating margin
30.2%
Net margin
20.9%

Growth

Revenue growth
−4.3%
Change in growth rate
+5.7 pts

Cash

Free cash flow (TTM)
$1.8B
FCF margin
20.0%
Stock pay % of revenue
0.8%

Earnings

Last results
October 6, 2026
Next results (est.)
December 31, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Deal
  2. Results
  3. Guidance
  4. Agreement
  5. Financing
  6. Announcement
  7. Announcement
  8. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Constellation Brands valuation models and calculator

What the price is pricing in

The share price implies about 3.0% a year of cash-flow growth for five years.That is close to the 0.9% a year revenue growth Constellation Brands has delivered.

  • Priced in3.0%
  • Last 12 months-4.3%
  • 3 years a year-2.0%
  • 5 years a year0.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($138.22, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$120
Price used
$138.22close November 3, 2026
Implied change
▼ 10%
Uncertainty
High

How we got here: a discounted-cash-flow model of Constellation Brands's free cash flow after stock-based pay with after-tax interest added back ($1.9B, FY2027 Q2 TTM), growing 0.4% and 1.8% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$77–~$190 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Constellation Brands's free cash flow after stock-based pay ( $1.9B, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Constellation Brands as an operating company, with every model that fits that kind of business. Cost of equity 7.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.47 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$120 ~$77–$190 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$93 ~$67–$130 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$120 ~$98–$160 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$120 ~$93–$120 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Constellation Brands with Consumer Staples sector in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −36%
  • Revenue growth 5 points higher ▲ +47%
  • Free-cash-flow margin 1 point lower ▼ −6%
  • Last year's free-cash-flow margin change, if it persists ▲ +5%
  • Discount rate 1 point higher ▼ −20%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $103$161$239$341$474$646
8.5% $65$107$163$236$331$453
10% $42$74$117$173$245$338

Moat

72 /100

Strong moat

How hard Constellation Brands's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Net income has been a median 4.9% of total assets over 10 years.

  • Pricing power 17 / 20

    Gross margin has been a median 51.5%, moving by 1.1 percentage points (standard deviation) across 10 years.

  • Durability 15 / 20

    Operating margin has been a median 29.5%; its worst year was 11.2%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 10 of 10 years, at a median 18.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $11.81 0% $9.1bn −0%
Next $12.09 +2% $9.3bn +2%

Next year's EPS estimate has moved −2.4% in 90 days, across 23 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.1% on 90 days ago. In the last 30 days, 10 analysts raised Constellation Brands's forecast and 11 cut it.

Consensus EPS forecast Constellation Brands, last 90 days
$11.60 $11.80 $12.00 $12.20 $12.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $11.80 Current fiscal year, 60 days ago: $11.80 Current fiscal year, 30 days ago: $11.73 Current fiscal year, 7 days ago: $11.82 Current fiscal year, Now: $11.81 $11.81 Next fiscal year, 90 days ago: $12.39 Next fiscal year, 60 days ago: $12.39 Next fiscal year, 30 days ago: $12.27 Next fiscal year, 7 days ago: $12.10 Next fiscal year, Now: $12.09 $12.09

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $11.80$12.39
60 days ago $11.80$12.39
30 days ago $11.73$12.27
7 days ago $11.82$12.10
Now $11.81$12.09

Earnings against estimates

Quarter toEstimateActualSurprise
Aug 2026 $3.55 $3.74 +5.5%
May 2026 $3.20 $3.43 +7.1%
Feb 2026 $1.71 $1.90 +10.8%
Nov 2025 $2.63 $3.06 +16.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 6, 2026
  • organic net sales growth (decline) Fiscal 2027 -1% growth to 1% growth Non-GAAP
    “Enterprise: organic net sales growth (decline) of (1)% - 1%” source
  • reported EPS outlook fiscal 2027 $11.85 to $12.55 GAAP
    “Updates fiscal 2027 reported EPS outlook to $11.85 - $12.55, and reaffirms comparable EPS outlook of $11.20 - $11.90, operating cash flow target of $2.4 - $2.5 billion, and free cash flow target of $1.6 - $1.7 billion” source
  • comparable EPS outlook fiscal 2027 $11.20 to $11.90 Non-GAAP Maintained
    “Updates fiscal 2027 reported EPS outlook to $11.85 - $12.55, and reaffirms comparable EPS outlook of $11.20 - $11.90, operating cash flow target of $2.4 - $2.5 billion, and free cash flow target of $1.6 - $1.7 billion” source
  • Enterprise operating margin, reported Fiscal 2027 31% to 32% GAAP
    “Enterprise operating margin: reported of 31% - 32%; comparable of 32% - 33%” source
  • Enterprise operating margin, comparable Fiscal 2027 32% to 33% Non-GAAP
    “Enterprise operating margin: reported of 31% - 32%; comparable of 32% - 33%” source
  • operating margin · Beer Fiscal 2027 37% to 38%
    “Beer: operating margin of 37% - 38%” source
Show 8 more items
  • operating margin · Wine and Spirits Fiscal 2027 5% to 6%
    “Wine and Spirits: operating margin of 5% - 6%” source
  • operating cash flow target fiscal 2027 $2.4bn to $2.5bn GAAP Maintained
    “Updates fiscal 2027 reported EPS outlook to $11.85 - $12.55, and reaffirms comparable EPS outlook of $11.20 - $11.90, operating cash flow target of $2.4 - $2.5 billion, and free cash flow target of $1.6 - $1.7 billion” source
  • free cash flow target fiscal 2027 $1.6bn to $1.7bn Non-GAAP Maintained
    “Updates fiscal 2027 reported EPS outlook to $11.85 - $12.55, and reaffirms comparable EPS outlook of $11.20 - $11.90, operating cash flow target of $2.4 - $2.5 billion, and free cash flow target of $1.6 - $1.7 billion” source
  • Capital expenditures Fiscal 2027 about $800m
    “Capital expenditures: ~$800 million” source
  • Tax rate reported Fiscal 2027 about 12% GAAP
    “Tax rate: reported ~12%; comparable ~20%” source
  • Tax rate comparable Fiscal 2027 about 20% Non-GAAP
    “Tax rate: reported ~12%; comparable ~20%” source
  • net sales growth (decline) · Beer Fiscal 2027 -1% growth to 1% growth
    “Beer: net sales growth (decline) of (1)% - 1%” source
  • organic net sales growth (decline) · Wine and Spirits Fiscal 2027 -1% growth to 1% growth Non-GAAP
    “Wine and Spirits: organic net sales growth (decline) of (1)% - 1%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Constellation Brands's revenue by +0.4% next year and +1.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-0.2%, weight 70%) and the company's own record (+2.0%, weight 30%) . How the weights are set.

Analyst recommendations

24 analysts, Oct 2026
Buy1458%
Hold833%
Sell28%

Monthly trend

  1. Oct 20263118224
  2. Sep 20263118224
  3. Aug 20263118224
  4. Jul 20263118224

Counts of recommendations published by analysts covering Constellation Brands, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.8%
of tradable shares
Days to cover
3.2
at average volume
Short interest, 1 month
+0%
to October 15, 2026
Held by institutions
90%
of shares
Held by insiders
12.7%
of shares
Employees
9,400
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
STZ+16%−6%+6%−7%−36%+5%
Industry peers (median)——————
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
STZ58%58%58%50%42%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
STZ−14%−16%−16%−18%−41%−31%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 56% from March 27, 2024 to September 29, 2026. Getting back needed a 128% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$111.88 – $162.98
From 52-week high
−13.7%
vs 50-day average
+12.9%
vs 200-day average
+0.9%
Volatility (1 year)
32%
Beta vs S&P 500
-0.15

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±5.2%
After a week
7 up, 5 down
typical move ±6.8%
After a month
4 up, 7 down
typical move ±9.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 6, 2026 +4.5% +0.3% +12.1% —
June 30, 2026 −2.0% +0.6% −6.7% −5.9%
April 8, 2026 +6.0% +3.1% +6.6% −1.7%
January 7, 2026 +3.0% −0.3% +8.8% +15.1%
October 6, 2025 −1.4% 0.0% −0.5% −8.4%
September 2, 2025 −9.5% −0.2% −9.9% −14.2%
July 1, 2025 +6.9% +0.4% +3.9% +3.3%
April 9, 2025 +8.1% +5.7% +7.1% +11.8%
January 10, 2025 −15.2% −1.4% −15.9% −24.4%
October 3, 2024 −3.5% +0.7% −6.3% −9.0%
September 3, 2024 +2.5% −2.3% +3.6% +6.2%
July 3, 2024 +0.1% +1.0% +0.2% −4.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Constellation Brands’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.97× the last 60 days’ realised volatility , richer than 17% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

STZ Constellation Brands Grade C+ $140.18

Own 100 shares, sell the $155 call expiring December 18, 2026 (46 days) for $1.45 a share — $145 per contract.

Previous session · Bid $1.45, ask $1.80, quoted Mon 2 Nov, 17:36 New York time with STZ at $140.18. Option prices move with the shares: check the live chain at your broker before trading.

  • If STZ ends below $155: you keep your shares and the $145 — 1.0% extra on the position, 8.2% a year at that pace.
  • If it ends above $155: your shares are sold at $155, a total return of 11.6% including the premium — at or above our value of ~$120.
$1.6k $0 −$2.8k Our value $120 Break-even $138.73 Price $140.18
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$145
Annualised
8.2%
Break-even
$138.73
Max gain
$1,627
Chance of selling
~21%

Collar

Own the shares, buy the $130 put and sell the $155 call, both expiring December 18, 2026 (46 days).

  • Net cost of $0.55 a share ($55.00 per contract of 100 shares).
  • Worst case at expiry: -7.7%, if the shares fall below $130 (-7.3% from today).
  • Best case at expiry: +10.2%, if the shares rise above $155 (+10.6%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $120: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Constellation Brands in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Constellation Brands
$9B $9.5B $10B $10.5B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $9.8B Revenue (TTM), FY24 Q4: $10B Revenue (TTM), FY25 Q1: $10.1B Revenue (TTM), FY25 Q2: $10.2B Revenue (TTM), FY25 Q3: $10.2B Revenue (TTM), FY25 Q4: $10.2B Revenue (TTM), FY26 Q1: $10.1B Revenue (TTM), FY26 Q2: $9.6B Revenue (TTM), FY26 Q3: $9.4B Revenue (TTM), FY26 Q4: $9.1B Revenue (TTM), FY27 Q1: $9.1B Revenue (TTM), FY27 Q2: $9.2B $9.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $9.8B
FY24 Q4 $10B
FY25 Q1 $10.1B
FY25 Q2 $10.2B
FY25 Q3 $10.2B
FY25 Q4 $10.2B
FY26 Q1 $10.1B
FY26 Q2 $9.6B
FY26 Q3 $9.4B
FY26 Q4 $9.1B
FY27 Q1 $9.1B
FY27 Q2 $9.2B
Revenue growth, TTM YoY Constellation Brands
-15% -10% -5% 0% 5% 10% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: 2.8% Revenue growth, TTM YoY, FY24 Q4: 5.4% Revenue growth, TTM YoY, FY25 Q1: 5.3% Revenue growth, TTM YoY, FY25 Q2: 4.1% Revenue growth, TTM YoY, FY25 Q3: 3.7% Revenue growth, TTM YoY, FY25 Q4: 2.5% Revenue growth, TTM YoY, FY26 Q1: -0.5% Revenue growth, TTM YoY, FY26 Q2: -5.6% Revenue growth, TTM YoY, FY26 Q3: -7.9% Revenue growth, TTM YoY, FY26 Q4: -10.5% Revenue growth, TTM YoY, FY27 Q1: -10.0% Revenue growth, TTM YoY, FY27 Q2: -4.3% -4.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 2.8%
FY24 Q4 5.4%
FY25 Q1 5.3%
FY25 Q2 4.1%
FY25 Q3 3.7%
FY25 Q4 2.5%
FY26 Q1 -0.5%
FY26 Q2 -5.6%
FY26 Q3 -7.9%
FY26 Q4 -10.5%
FY27 Q1 -10.0%
FY27 Q2 -4.3%
Operating margin (TTM) Constellation Brands
0% 10% 20% 30% 40% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 30.6% Operating margin (TTM), FY24 Q4: 31.8% Operating margin (TTM), FY25 Q1: 33.1% Operating margin (TTM), FY25 Q2: 11.2% Operating margin (TTM), FY25 Q3: 11.1% Operating margin (TTM), FY25 Q4: 3.5% Operating margin (TTM), FY26 Q1: 1.3% Operating margin (TTM), FY26 Q2: 23.2% Operating margin (TTM), FY26 Q3: 22.7% Operating margin (TTM), FY26 Q4: 29.8% Operating margin (TTM), FY27 Q1: 31.5% Operating margin (TTM), FY27 Q2: 30.2% 30.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 30.6%
FY24 Q4 31.8%
FY25 Q1 33.1%
FY25 Q2 11.2%
FY25 Q3 11.1%
FY25 Q4 3.5%
FY26 Q1 1.3%
FY26 Q2 23.2%
FY26 Q3 22.7%
FY26 Q4 29.8%
FY27 Q1 31.5%
FY27 Q2 30.2%
FCF margin (TTM) Constellation Brands
14% 16% 18% 20% 22% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 15.9% FCF margin (TTM), FY24 Q4: 15.2% FCF margin (TTM), FY25 Q1: 14.2% FCF margin (TTM), FY25 Q2: 16.1% FCF margin (TTM), FY25 Q3: 16.7% FCF margin (TTM), FY25 Q4: 19.0% FCF margin (TTM), FY26 Q1: 20.5% FCF margin (TTM), FY26 Q2: 19.2% FCF margin (TTM), FY26 Q3: 18.8% FCF margin (TTM), FY26 Q4: 19.6% FCF margin (TTM), FY27 Q1: 20.3% FCF margin (TTM), FY27 Q2: 20.0% 20.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 15.9%
FY24 Q4 15.2%
FY25 Q1 14.2%
FY25 Q2 16.1%
FY25 Q3 16.7%
FY25 Q4 19.0%
FY26 Q1 20.5%
FY26 Q2 19.2%
FY26 Q3 18.8%
FY26 Q4 19.6%
FY27 Q1 20.3%
FY27 Q2 20.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Constellation Brands took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $9.1B
  2. Cost of revenue $4.4B · 48.4%
  3. Gross profit $4.7B · 51.6%
  4. Selling, general and admin $1.8B · 20.2%
  5. Other operating costs $142M · 1.6%
  6. Operating income $2.7B · 29.8%
  7. Income tax $621M · 6.8%
  8. Interest and other $414M · 4.5%
  9. Net income $1.7B · 18.5%

Shares of revenue. Source: Constellation Brands's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Feb 2010 2011 Feb 2011 2012 Feb 2012 2013 Feb 2013 2014 Feb 2014 2015 Feb 2015 2016 Feb 2016 2017 Feb 2017 2018 Feb 2018 2019 Feb 2019 2020 Feb 2020 2021 Feb 2021 2022 Feb 2022 2023 Feb 2023 2024 Feb 2024 2025 Feb 2025 2026 Feb 2026 LTM Aug 2026
Income
Revenue 4.2 4.1 3.0 3.2 5.4 6.7 7.2 7.3 7.6 8.1 8.3 8.6 8.8 9.5 10.0 10.2 9.1 9.2
Gross profit 1.1 1.2 1.1 1.1 2.0 2.6 2.9 3.5 3.8 4.1 4.2 4.5 4.7 4.8 5.0 5.3 4.7 4.8
EBITDA 0.5 0.6 0.6 0.6 2.6 1.7 2.0 2.6 2.6 2.8 2.5 3.1 2.7 3.2 3.6 0.8 3.1 3.2
Operating income 0.3 0.5 0.5 0.5 2.4 1.5 1.8 2.4 2.3 2.4 2.2 2.8 2.3 2.8 3.2 0.4 2.7 2.8
Net income 0.1 0.6 0.4 0.4 1.9 0.8 1.1 1.5 2.3 3.4 −0.0 2.0 −0.0 −0.1 1.7 −0.1 1.7 1.9
Growth (year on year)
Revenue −10.8% −2.8% −27.3% +6.5% +70.6% +23.3% +8.3% +1.3% +3.5% +7.1% +2.8% +3.3% +2.4% +7.2% +5.4% +2.5% −10.5% −4.3%
EBITDA +169.9% +34.2% −5.9% +8.1% +306.2% −34.4% +16.7% +32.8% −2.2% +6.7% −9.6% +24.3% −13.5% +20.8% +11.4% −77.7% +291.7% +19.7%
Operating income — +61.3% −3.2% +7.5% +366.2% −38.5% +17.7% +35.3% −4.6% +5.8% −10.7% +29.5% −16.5% +21.9% +11.5% −88.8% +666.8% +24.8%
Net income — +463.4% −20.5% −12.9% +401.1% −56.8% +25.7% +44.9% +50.7% +49.2% −100.3% — −102.0% — — −104.7% — +57.4%
Margins
Gross margin 27.2% 29.1% 35.7% 34.9% 36.8% 38.6% 40.7% 48.1% 50.3% 50.3% 49.8% 51.8% 53.4% 50.5% 50.4% 52.1% 51.6% 52.7%
EBITDA margin 11.1% 15.3% 19.8% 20.1% 47.9% 25.5% 27.5% 36.0% 34.0% 33.9% 29.8% 35.9% 30.3% 34.2% 36.1% 7.9% 34.4% 34.6%
Operating margin 7.4% 12.3% 16.3% 16.5% 45.1% 22.5% 24.4% 32.6% 30.1% 29.7% 25.8% 32.4% 26.4% 30.1% 31.8% 3.5% 29.8% 30.2%
Net margin 2.4% 13.7% 14.9% 12.2% 35.9% 12.6% 14.6% 20.9% 30.4% 42.3% −0.1% 23.2% −0.5% −0.8% 17.3% −0.8% 18.5% 20.9%
Free-cash-flow margin 7.0% 13.0% 24.0% 15.6% 11.1% 5.4% 7.2% 10.8% 11.5% 16.8% 21.9% 22.5% 19.0% 18.2% 15.2% 19.0% 19.6% 20.0%
Cash flow
Cash from operations 0.4 0.6 0.8 0.6 0.8 1.1 1.4 1.7 1.9 2.2 2.6 2.8 2.7 2.8 2.8 3.2 2.7 2.7
Capital spending 0.1 0.1 0.1 0.1 0.2 0.7 0.9 0.9 1.1 0.9 0.7 0.9 1.0 1.0 1.3 1.2 0.9 0.8
Free cash flow 0.3 0.5 0.7 0.5 0.6 0.4 0.5 0.8 0.9 1.4 1.8 1.9 1.7 1.7 1.5 1.9 1.8 1.8
Stock-based pay 0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.2 0.5 0.7 0.5 0.6 0.3 0.5 0.7 0.8 1.3 1.8 1.9 1.6 1.7 1.4 1.9 1.7 1.8
Balance sheet
Cash 0.0 0.0 0.1 0.3 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.5 0.2 0.1 0.2 0.1 0.1 0.1
Total debt 3.5 3.2 2.8 3.3 7.0 7.3 7.7 9.2 10.2 13.6 12.2 10.5 10.4 12.5 11.9 11.5 10.6 10.3
Net debt (negative = net cash) 3.4 3.1 2.7 3.0 6.9 7.2 7.6 9.1 10.1 13.5 12.1 10.1 10.2 12.3 11.7 11.4 10.5 10.2
Returned to shareholders
Dividends — — — — 0.0 0.0 0.2 0.3 0.4 0.6 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.7
Buybacks — 0.3 0.4 0.4 0.0 0.0 0.0 1.1 1.0 0.5 0.1 0.0 1.4 1.7 0.2 1.1 0.9 0.8
Total returned — 0.3 0.4 0.4 0.0 0.0 0.3 1.4 1.4 1.1 0.6 0.6 2.0 2.3 0.9 1.9 1.6 1.5

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · August 31, 2026
What it owns · $22.1bn
Short-term assets $3.0bnLonger-term assets $19.1bn
What it owes, and who funded it · $21.8bn
Short-term liabilities $3.0bnLonger-term liabilities $10.2bnShareholders' equity $8.6bn
  • Short-term assets cover short-term liabilities $3.0bn of assets due within a year against $3.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.0bn short-term assets against $10.2bn of longer-dated liabilities.
  • More cash than debt $98m of cash against $10.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 119% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 81% to 119% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.7bn of operating cash flow against $10.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.8bn against $345m of interest.

From Constellation Brands's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$775M
Dividends (TTM)
$708M
Returned to shareholders
81%
of free cash flow
Buybacks, last 3 fiscal years
$2.3B
Total shareholder yield
6.2%
dividends 3.0% + buybacks 3.3% of market value
Dividend payout ratio
37%
of net income paid out
Sales & admin spending
20.7%
of revenue

Competitors: side by side with peers

Closest by revenue in distillers & vintners
Last 12 months unless stated STZ MNST SJM SFM CPB POST Median
Revenue, last 12 months $9.2bn $9.2bn $9.2bn $9.1bn $9.7bn $8.4bn $1.9bn
Revenue growth, last 12 months −4.3% 20.4% 5.1% 5.3% −5.0% 6.2% 2.8%
Revenue growth, 3-year average −2.0% 11.3% 2.7% 10.7% 1.4% 8.3% 1.8%
Revenue growth, latest quarter 6.1% 20.2% 5.0% 4.7% −7.9% −1.8% 2.1%
Gross margin 52.7% 55.5% 38.7% 38.6% 28.1% 28.8% 32.3%
Operating margin 30.2% 29.2% 9.0% 7.3% 8.7% 9.6% 3.6%
Operating margin, 3-year average 21.5% 27.8% 4.6% 7.1% 10.0% 9.9% 4.6%
Net margin 20.9% 23.1% 2.5% 5.4% 4.1% 3.5% 2.3%
Cash from operations / revenue 28.9% 24.3% 20.9% 7.6% 10.7% 11.8% 6.8%
Free-cash-flow margin 20.0% 22.8% 17.3% 3.7% 6.4% 6.6% 3.8%
Free-cash-flow margin, 3-year average 18.4% 22.6% 10.8% 4.6% 6.2% 6.5% 4.8%
Stock pay / revenue 0.8% 1.5% 0.3% 0.3% 0.6% 1.0% 0.8%
Change in share count — 0.5% −0.7% −4.3% 0.0% −12.4% 0.0%

Median of all 158 companies we cover in distillers & vintners. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

158 consumer staples companies
Measure Company Peer median Rank
Revenue growth Growth -4.3% 2.9% 123 of 158
Change in growth rate Growth +5.7pp -0.1pp 16 of 158
Gross margin Profitability 52.7% 32.4% 36 of 153
Operating margin Profitability 30.2% 3.7% 4 of 150
Net margin Profitability 20.9% 2.3% 9 of 158
Free-cash-flow margin Cash generation 20.0% 3.9% 14 of 155
Stock pay as % of revenue Cash generation 0.8% 0.8% 69 of 136
Long-term debt as % of assets Balance sheet 41.2% 20.3% 108 of 125

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to February 28, 2026
Segments
Line of business Revenue YoY
Beer $8.3B ▼ 2.6%
Constellation Wines and Spirits $824M ▼ 50.6%
Corporate and Other $0 —

These categories overlap or exclude eliminations, so shares aren't shown.

From Constellation Brands's 10-K filed April 22, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$20.1B
Institutions reporting
1,021
Shares held vs prior quarter
▲ 0.9%
Positions opened / closed
93 / 113

Top buyers and sellers, Q2 2026: 385 institutions bought and 561 sold ; the biggest buyer was Jane Street Group, LLC (+1.9M shares) and the biggest seller Wellington Management Group LLP (−2.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.6B 11.5M 8.0% ▲ 3.8%
Capital World Investors $1.6B 11.2M 7.8% ▼ 8.2%
Vanguard Capital Management LLC $1.3B 9.3M 6.5% ▲ 2.9%
Vanguard Portfolio Management LLC $1.1B 7.8M 5.4% ▲ 4.3%
State Street Corp $944M 6.8M 4.7% ▼ 3.4%
FMR LLC $640M 4.6M 3.2% ▼ 10.3%
Grantham, Mayo, Van Otterloo & Co. LLC $556M 4.0M 2.8% ▼ 0.7%
Wellington Management Group LLP $531M 3.8M 2.6% ▼ 42.4%
Geode Capital Management, LLC $529M 3.8M 2.6% ▲ 0.3%
Ameriprise Financial Inc $481M 3.5M 2.4% ▲ 1.5%
Harris Associates L P $431M 3.1M 2.1% ▼ 4.2%
Citadel Advisors LLC $392M 2.8M 1.9% ▼ 24.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Constellation Brands's complete shareholder register. Values are as reported by the filers ; 9 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1M 3 trades by 3 insiders · 0% under pre-set plans
Net ▼ $1M net selling
Insider Date Trade Shares Price Value
Bourdeau James O. EVP and Senior Advisor May 12, 2026 Sell 4,407 $143.24 $631,259
Hernandez Ernesto M Director April 27, 2026 Sell 2,000 $153.91 $307,830
Glaetzer Samuel J EVP & Pres. Wine and Spirits February 17, 2026 Sell 555 $153.78 $85,345

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 24 trades and filings

In the last 12 months, 1 member of Congress disclosed 2 purchases and 2 sales of Constellation Brands shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded July 17, 2026, filed September 4, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded May 15, 2026, filed June 8, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded December 19, 2025, filed January 12, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 31, 2026 estimated from the company's past filing pattern, not announced

  • October 6, 2026
  • June 30, 2026
  • April 8, 2026
  • January 7, 2026
  • October 6, 2025
  • September 2, 2025

Recent SEC filings

Data status

When each part of this page on Constellation Brands was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Constellation Brands in brief

What does Constellation Brands do?
Constellation Brands is a US-listed company in the distillers & vintners industry. Its financial year ends in February.
What is Constellation Brands's stock ticker?
Constellation Brands trades under the ticker STZ on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Constellation Brands's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Constellation Brands reported revenue of $9.2B, 4.3% lower than a year earlier, according to its SEC filings.
What is Constellation Brands's free cash flow?
Constellation Brands's free-cash-flow margin is 20.0% of revenue over the trailing twelve months, ranking 14 of the 155 consumer staples companies we cover.
What is Constellation Brands's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Constellation Brands's free cash flow after stock-based pay gives ~$120 per share in the base case, and ~$77–$190 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Constellation Brands's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Capital World Investors and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Does Constellation Brands pay a dividend?
Yes: Constellation Brands paid $708M in dividends over the trailing twelve months, a dividend yield of 2.98% and a payout ratio of 36.8%.
How much debt does Constellation Brands have?
Constellation Brands's debt-to-equity ratio is 118.8%, from its latest balance sheet (80.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Constellation Brands's competitors?
In our Distillers & Vintners peer group, the companies closest to Constellation Brands are Monster Beverage, The J.M. Smucker Company, Sprouts Farmers Market, Inc., Campbell's Co and Post Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Constellation Brands's.
Are insiders buying or selling Constellation Brands stock?
Over the last 12 months, Constellation Brands's directors and officers reported 0 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is Constellation Brands's next earnings date?
Around December 31, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Constellation Brands announces its own schedule.