Boston Beer vs Constellation Brands
Constellation Brands reported revenue of $9.1 billion in fiscal 2026, 4.7 times Boston Beer's $2.0 billion in fiscal 2025. Boston Beer's revenue fell 2.4% in its latest year, and Constellation Brands' fell 10.5%. Boston Beer had an operating margin of 7.4%, against 29.8% at Constellation Brands. Free cash flow was $216 million at Boston Beer and $1.8 billion at Constellation Brands. Their fiscal years end in different months (December 27 and February 28), so the periods don't line up exactly.
Side by side
| Boston Beer | Constellation Brands | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 27, 2025 | FY2026, Feb 28, 2026 |
| Revenue | $2.0B | $9.1B |
| Revenue growth | −2.4% | −10.5% |
| Revenue growth a year, last 5 years | 2.5% | 1.2% |
| Gross margin | 48.5% | 51.5% |
| Operating margin | 7.4% | 29.8% |
| Net margin | 5.5% | 18.5% |
| Free cash flow | $216M | $1.8B |
| Free cash flow margin | 11.0% | 19.6% |
| Return on capital | 15.4% | 10.7% |
| Net debt to EBITDA | −0.9x | 3.3x |
| Dividends and buybacks | $202M | $1.6B |
| Change in diluted share count | −7.0% | — |
| Last close | $201.48 | $135.62 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | sold $642,036 | sold $1.0 million |
| Piotroski F-score | 7 of 9 | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Boston BeerConstellation Brands
Operating margin
Percent of revenue
Boston BeerConstellation Brands
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Boston BeerConstellation Brands
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Boston Beer and Constellation Brands pages.