Constellation Brands key statistics and ratios

In fiscal 2026, Constellation Brands had return on equity of 22.5%, an operating margin of 29.8%, debt equal to 130.8% of equity and a current ratio of 1.08. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Constellation Brands: financial ratios, annual
Fiscal year	2010Feb 2010	2011Feb 2011	2012Feb 2012	2013Feb 2013	2014Feb 2014	2015Feb 2015	2016Feb 2016	2017Feb 2017	2018Feb 2018	2019Feb 2019	2020Feb 2020	2021Feb 2021	2022Feb 2022	2023Feb 2023	2024Feb 2024	2025Feb 2025	2026Feb 2026	LTMAug 2026
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%
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%
Return on equity	3.9%	21.8%	17.0%	14.0%	49.6%	15.6%	17.1%	22.7%	31.0%	33.5%	−0.1%	15.5%	−0.3%	−0.7%	19.0%	−1.0%	22.5%	23.1%
Return on assets	1.2%	7.3%	6.2%	5.3%	17.7%	5.7%	6.6%	8.6%	11.8%	13.8%	−0.0%	7.3%	−0.2%	−0.3%	6.9%	−0.3%	7.7%	8.8%
Asset turnover	0.52	0.54	0.42	0.43	0.49	0.45	0.45	0.41	0.39	0.33	0.30	0.32	0.33	0.37	0.40	0.43	0.42	0.42
Current ratio	1.89	3.14	1.70	3.65	1.36	2.57	1.31	1.20	1.70	1.16	1.51	2.40	1.23	1.18	1.19	0.92	1.08	1.00
Debt to equity	134.5%	123.5%	102.8%	115.6%	139.8%	126.4%	117.8%	134.1%	127.7%	108.5%	100.4%	77.4%	88.8%	148.1%	121.9%	167.1%	130.8%	120.1%
Interest cover (operating income ÷ interest)	1.2x	2.5x	2.6x	2.2x	7.4x	4.4x	5.6x	7.1x	6.8x	6.4x	—	—	—	—	7.1x	0.8x	7.5x	8.1x
Effective tax rate	61.7%	−1.5%	16.7%	24.9%	11.8%	29.1%	29.3%	26.4%	1.0%	16.5%	—	20.1%	99.7%	—	20.6%	—	26.1%	19.1%
SG&A as % of revenue	16.2%	15.6%	18.0%	18.5%	16.5%	16.2%	16.3%	19.0%	20.2%	20.6%	19.4%	19.4%	19.4%	20.4%	18.4%	19.1%	20.2%	20.7%
Capital spending as % of revenue	2.6%	2.2%	2.3%	2.0%	4.1%	10.8%	12.3%	12.4%	14.0%	10.9%	8.7%	10.0%	11.6%	11.0%	12.7%	11.9%	9.6%	8.9%
Free cash flow ÷ net income	297.0%	94.8%	160.8%	127.4%	31.0%	43.1%	49.5%	51.6%	37.9%	39.6%	—	97.2%	—	—	87.5%	—	106.4%	95.6%
Dividends ÷ net income	—	—	—	—	0.0%	0.0%	22.9%	20.6%	17.4%	16.2%	—	28.8%	—	—	37.8%	—	42.4%	36.8%
Dividends and buybacks ÷ free cash flow	—	56.5%	57.8%	77.5%	0.0%	0.0%	52.7%	182.3%	164.6%	78.1%	33.9%	29.6%	117.0%	132.9%	59.8%	95.7%	91.4%	80.6%

US$ thousands unless shown otherwise. Fiscal quarters.

Constellation Brands: financial ratios, quarterly
Quarter	2025 Q3Nov 2024	2025 Q4Feb 2025	2026 Q1May 2025	2026 Q2Aug 2025	2026 Q3Nov 2025	2026 Q4Feb 2026	2027 Q1May 2026	2027 Q2Aug 2026
Gross margin	52.1%	51.5%	50.4%	52.8%	53.2%	49.6%	54.3%	52.9%
Operating margin	32.2%	−6.9%	28.4%	35.2%	31.1%	23.0%	34.7%	30.6%
Net margin	25.0%	−17.3%	20.5%	18.8%	22.6%	10.5%	26.9%	21.5%
Free-cash-flow margin	18.5%	14.4%	17.7%	25.6%	16.7%	17.9%	19.9%	24.3%
Current ratio	1.10	0.92	1.07	1.08	1.34	1.08	0.91	1.00
Debt to equity	136.7%	155.3%	154.0%	137.2%	133.4%	127.4%	123.5%	118.8%
SG&A as % of revenue	19.9%	23.3%	19.9%	17.6%	22.1%	21.9%	18.8%	20.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Constellation Brands's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Constellation Brands.