Constellation Brands

STZ · NYSE · Consumer Staples · Financials, fiscal 2017 to 2026

STZ · Last close · October 26, 2026

$135.62

Constellation Brands' revenue fell 10.5% to $9.1 billion in fiscal 2026. Its operating margin was 29.8%, up from 3.5% a year earlier. Free cash flow was $1.8 billion, down 7.4%. It paid out $1.6 billion in dividends and buybacks, 91% of free cash flow.

CONSTELLATION BRANDS, INC. Latest fiscal year ended February 28, 2026 10-K filed April 22, 2026 · 0000016918-26-000011 Updated October 9, 2026

Revenue

$9.1B

10.5%

Operating margin

29.8%

26.3 pts

Net income

$1.7B

Free cash flow

$1.8B

7.4%

Return on capital

10.7%

9.3 pts

Market cap

—

No share count

P/E

—

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Constellation Brands reports earnings per share and share counts separately for its classes of stock, which the SEC's structured data leaves out, so per-share figures are blank.

What Constellation Brands does

Constellation Brands makes and sells beer, wine and spirits, with operations in the U.S., Mexico, New Zealand and Italy. Its beer brands include Modelo Especial, Corona Extra, Pacifico and Victoria. Its wine and spirits brands include Kim Crawford, Ruffino, The Prisoner Wine Company, Robert Mondavi Winery, Mi CAMPO and High West.

It reports three segments: Beer, Wine and Spirits, and Corporate Operations and Other. Beer is the core, and the company says it depends on sales of its beer brands. In the U.S. it holds an exclusive sub-license to use the trademarks for its beer brands, so it does not own all of those marks outright. Its Wine and Spirits segment sells higher-priced wine and spirits in the U.S.

The company runs its own marketing, sales and customer service teams for each segment. At the end of February 2026 it had approximately 9,400 employees, including about 1,100 at a glass-making joint venture it owns equally with Owens-Illinois. That plant supplies approximately 60% of the glass bottles for its beer brands. During fiscal 2026 it spent more than $700 million on added brewing capacity and expects to keep adding it.

Its biggest risks, as it describes them

Drops in how much of its products people buy, and its dependence on sales of its beer brands.
Tariffs and other uncertainty from its international operations.
Supply of water, farm products and packaging materials, including some bought under supply contracts.
Protecting its trademarks and other rights, including the licenses for its beer brands.
The change of president and chief executive officer.

From Constellation Brands's annual report on Form 10-K, filed April 22, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, net income grew 1.1% a year; the filings' structured data doesn't give diluted earnings per share.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Constellation Brands yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Constellation Brands says to expect

Fiscal 2027: EPS and cash flow targetsUpdates 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

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 6, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Constellation Brands' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Constellation Brands' diluted shares, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2026: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at February 28, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Constellation Brands's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 9% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 7% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $135.62
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Constellation Brands' latest diluted earnings per share were not available.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	199	134	152	68	102
Debt incl. finance leases	10,436	12,488	11,897	11,506	10,580
Net debt (negative means net cash)	10,237	12,354	11,745	11,438	10,477
Net debt to EBITDA	3.8x	3.8x	3.3x	14.3x	3.3x
Debt to equity	0.9x	1.5x	1.2x	1.7x	1.3x
Interest coverage	6.3x	6.8x	7.2x	0.8x	7.5x
Current ratio	1.2x	1.2x	1.2x	0.9x	1.1x
Quick ratio	0.7x	0.5x	0.5x	0.6x	0.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Constellation Brands shares on the open market, and 3 insiders sold $1.0 million.

Date	Insider	Trade	Shares	Price	Value	Filing
May 12, 2026	James O. BourdeauEVP and Senior Advisor	Sold	4,407	$143.24	$631,259	Form 4
Apr 27, 2026	Ernesto M HernandezDirector	Sold	2,000	$153.92	$307,840	Form 4
Feb 17, 2026	Samuel J GlaetzerEVP & Pres. Wine and Spirits	Sold	555	$153.78	$85,348	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	—	—	—
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Pass	Fail	Pass
F-score	—	—	—
Accruals ratio	−4.2%	−13.7%	−4.5%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Constellation Brands side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Constellation Brands	FY26	−10.5%	29.8%	19.6%	10.7%	3.3x	—
Molson Coors	FY25	−4.2%	−21.0%	9.6%	−10.7%	—	3	Compare
Brown–Forman	FY26	−1.2%	25.5%	22.7%	12.9%	2.0x	6	Compare
Boston Beer	FY25	−2.4%	7.4%	11.0%	15.4%	−0.9x	7	Compare
Anheuser-Busch InBev	FY25	−0.8%	26.0%	18.9%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	7,321	7,580	8,116	8,344	8,615	8,821	9,453	9,962	10,209	9,139
Revenue growth	1.4%	3.5%	7.1%	2.8%	3.2%	2.4%	7.2%	5.4%	2.5%	−10.5%
Gross profit	3,519	3,812	4,080	4,152	4,466	4,707	4,769	5,018	5,315	4,712
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	2,389	2,280	2,412	2,154	2,791	2,332	2,843	3,170	355	2,721
Net income	1,529	2,303	3,436	−12	1,998	−40	−71	1,727	−81	1,687
Diluted EPS (US$)	—	—	—	—	—	—	—	—	—	—
Diluted shares (millions)	—	—	—	—	—	—	—	—	—	—
Cash flow
Cash from operations	1,696	1,931	2,246	2,551	2,806	2,705	2,757	2,780	3,152	2,669
Capital expenditure	907	1,058	886	726	865	1,027	1,035	1,269	1,214	875
Free cash flow	789	874	1,360	1,825	1,942	1,679	1,722	1,511	1,938	1,794
Dividends paid	315	400	558	569	575	573	588	654	732	716
Share buybacks	1,123	1,038	504	50	0	1,390	1,700	250	1,124	924
Acquisitions	1,111	150	46	36	20	54	37	8	159	0
Stock-based compensation	56	61	64	60	63	45	68	64	72	68
Balance sheet at fiscal year end
Cash and short-term investments	177	90	94	81	461	199	134	152	68	102
Debt incl. finance leases	9,238	10,187	13,616	12,210	10,458	10,436	12,488	11,897	11,506	10,580
Total assets	18,602	20,539	29,232	27,323	27,105	25,856	24,662	25,692	21,652	21,900
Total liabilities	11,718	12,547	16,394	14,849	13,176	13,808	15,928	15,627	14,518	13,514
Shareholders' equity	6,891	7,975	12,551	12,132	13,599	11,732	8,414	9,743	6,882	8,082
Margins and ratios
Gross margin	48.1%	50.3%	50.3%	49.8%	51.8%	53.4%	50.5%	50.4%	52.1%	51.5%
Operating margin	32.6%	30.1%	29.7%	25.8%	32.4%	26.4%	30.1%	31.8%	3.5%	29.8%
Net margin	20.9%	30.4%	42.3%	−0.1%	23.2%	−0.5%	−0.8%	17.3%	−0.8%	18.5%
Free cash flow margin	10.8%	11.5%	16.8%	21.9%	22.5%	19.0%	18.2%	15.2%	19.0%	19.6%
Return on capital	11.7%	13.3%	9.1%	6.7%	9.2%	5.0%	6.5%	11.7%	1.4%	10.7%
Return on equity	22.7%	31.0%	33.5%	−0.1%	15.5%	−0.3%	−0.7%	19.0%	−1.0%	22.5%
Return on assets	8.6%	11.8%	13.8%	−0.0%	7.3%	−0.1%	−0.3%	6.9%	−0.3%	7.8%
Net debt to EBITDA	3.4x	3.9x	4.9x	4.9x	3.2x	3.8x	3.8x	3.3x	14.3x	3.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Constellation Brands' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Constellation Brands.