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Comparing Constellation Brands stock with other beverage stocks starts with business mix, not a generic list of alcohol companies. Constellation (NYSE: STZ) combines Beer with Wine and Spirits, so the useful comparison is a matched set of beer, wine and spirits peers measured over the same fiscal period and on the same GAAP or adjusted basis. Its latest reported quarter, ended August 31, 2026, showed consolidated sales of $2,633.0 million, up 6% year over year, and comparable EPS of $3.74, up from $3.63. The company reaffirmed fiscal 2027 cash-flow and comparable-EPS targets, but no synchronized current share prices or valuation multiples for STZ and its peers are established here.
At a glance
| Name | Best for | Key spec from the research | Checked |
|---|---|---|---|
| Constellation Brands (NYSE: STZ) | Mixed beer, wine and spirits exposure | Q2 FY2027 net sales $2,633.0 million; +6% year over year | November 2026 |
| Anheuser-Busch InBev | Large, beer-focused comparison | Listed by Constellation as a principal beer competitor | November 2026 |
| Molson Coors | Beer-heavy operating comparison | Listed as a principal beer competitor | November 2026 |
| Brown-Forman | Spirits-focused comparison | Listed as a principal spirits competitor | November 2026 |
| Diageo | Global spirits comparison | Listed as a principal spirits competitor | November 2026 |
| Treasury Wine Estates | Wine-focused comparison | Listed as a principal wine competitor | November 2026 |
Prices checked November 2026.
This is a research starting set, not an investment ranking. Constellation’s FY2026 Form 10-K identifies competitors by category, but some named businesses are private and none is a perfect substitute for STZ. Current P/E, enterprise-value-to-EBITDA and dividend-yield comparisons require same-date market data that is not established in the supplied filings.
What does Constellation Brands actually own?
Constellation is a multi-category beverage alcohol company. Its reportable operating context includes Beer and Wine and Spirits, which means a single total-revenue growth rate can hide very different category trends. The company’s Class A common stock trades on the New York Stock Exchange under STZ, and its fiscal year ended February 28, 2026.
That mix is the first reason a simple “beverage stocks” screen can mislead. A beer specialist may have different volume, pricing, advertising and distribution economics from a wine producer. A spirits company may have different aging inventories, geographic exposure and premiumization dynamics. STZ should therefore be compared with a blended peer basket only after the analysis shows how much of each peer’s sales and profit comes from comparable categories.
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Year-over-year figures also need a portfolio-adjustment check. Constellation divested portions of its Wine and Spirits business in 2025 and has reported impairments and other adjustments. A reported change can therefore reflect disposals or accounting charges as well as underlying demand. Read the GAAP statements and the company’s comparable/non-GAAP reconciliation together rather than treating the adjusted series as a replacement for GAAP.
Which beverage companies are legitimate peers for STZ?
The right peer set depends on the question. For beer execution, use beer-heavy companies; for wine, use wine producers; for spirits, use spirits companies. A broad market-cap list is less useful because it mixes different products, geographies and ownership structures.
| Segment | Companies identified in Constellation’s FY2026 filing | How to use the group |
|---|---|---|
| Beer | Anheuser-Busch InBev, The Boston Beer Company, Heineken, Mark Anthony and Molson Coors | Compare volume or depletion trends, pricing, gross margin, marketing intensity and regional exposure. |
| Wine | Deutsch Family Wine & Spirits, Duckhorn Portfolio, GALLO, Treasury Wine Estates, The Wine Group and Wagner Family of Wine | Separate premium, mainstream and geographic portfolios; check whether acquisitions or disposals change the base. |
| Spirits | Bacardi USA, Brown-Forman, Diageo, GALLO, Heaven Hill, Pernod Ricard, Proximo, Sazerac Company and Suntory Global Spirits | Focus on brand mix, aging requirements, price tiers, international exposure and distributor relationships. |
The list is company-identified competition, not a ready-made investable index. Some names are private, and public companies can have very different currencies, fiscal calendars and reporting definitions. A practical public-market basket might use STZ plus one or two beer names, one wine name and one spirits name, with a written reason for each inclusion.
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For the quarter ended August 31, 2026, Constellation reported consolidated net sales of $2,633.0 million, a 6% year-over-year increase. Comparable EPS was $3.74, compared with $3.63 in the prior-year quarter, a 3% increase. These figures come from the company’s second-quarter fiscal 2027 results release.
| Q2 FY2027 measure | Reported result | Why it matters in a peer comparison |
|---|---|---|
| Consolidated net sales | $2,633.0 million; up 6% year over year | Shows total growth, but not whether beer, wine or spirits drove it. |
| Comparable EPS | $3.74 versus $3.63; up 3% | Must be compared with peers’ adjusted-EPS definitions and reconciliations. |
| Beer net sales | Up 5% | Use with beer depletion, shipment and price/mix disclosures. |
| Beer operating income | Up 1% | Growth below sales can indicate cost, mix or investment pressure. |
| Wine and Spirits net sales | Up 17% | Check the effect of portfolio changes and category mix. |
| Wine and Spirits depletions | Up 10.2% | Provides a demand-oriented measure alongside reported sales. |
Management reaffirmed fiscal 2027 comparable EPS guidance of $11.20–$11.90, operating cash flow of $2.4–$2.5 billion and free cash flow of $1.6–$1.7 billion. Guidance is an outlook, not a guaranteed result. In the first half of fiscal 2027, the release reported $1.5 billion of operating cash flow, $1.1 billion of free cash flow and more than $800 million returned through share repurchases and dividends. Chief executive Nicholas Fink said the portfolio’s brands “continued to resonate with consumers”; that is management’s characterization and should be kept separate from the reported metrics.
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How should growth be compared across beverage stocks?
Start with reported revenue, then explain the causes. A useful growth bridge separates volume or depletions, price, product mix, foreign exchange, acquisitions, disposals and other one-time items. Without that bridge, a 6% sales increase at STZ cannot be fairly compared with a peer’s “organic” growth percentage.
- Use matching periods. Compare the same quarter or trailing period and note different fiscal year-ends. STZ’s fiscal year ends February 28, while peers may use calendar or other year-ends.
- Show both reported and organic/comparable growth. Reported figures reflect the legal entity; organic figures may exclude acquisitions, disposals and currency. Neither should replace the other.
- Pair sales with physical indicators. Depletions, shipments, cases, liters or volume can reveal whether growth came from demand or price. Definitions differ, so quote each company’s definition.
- Check category and geography. A spirits company with international exposure faces different currency and consumer conditions from a U.S.-focused beer company.
- Investigate base effects. Divestitures and impairment periods can make one year look unusually strong or weak.
For STZ specifically, the quarter’s 17% Wine and Spirits sales growth alongside 10.2% depletion growth suggests that revenue and underlying demand should be discussed separately. The 5% Beer sales increase and 1% operating-income increase likewise call for a margin explanation rather than a sales-only conclusion.
What profitability metrics matter most?
Operating margin is more comparable than net margin when companies use different financing, tax and non-operating structures. Calculate revenue growth, gross margin, operating margin and operating-income growth for each segment when disclosed, then reconcile to consolidated results.
For STZ, Beer operating income grew 1% while Beer sales grew 5% in the latest quarter. That gap may reflect cost inflation, brand investment, promotional spending or mix; the filing should be read for the company’s explanation. Wine and Spirits should be examined for the same issues, especially after portfolio changes.
When using adjusted operating income or comparable EPS, capture the exact exclusions. Impairments, restructuring, divestiture-related costs and other adjustments can materially change a period’s result. A peer’s “adjusted EBITDA” may exclude different items from STZ’s comparable measures, so a table that places the numbers side by side without definitions creates false precision.
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A robust worksheet includes:
- Reported net sales and year-over-year change.
- Organic or comparable sales growth, with the reconciliation.
- Gross profit and gross margin.
- Segment and consolidated operating income and margin.
- GAAP diluted EPS and adjusted/comparable EPS.
- Interest expense, taxes and unusual items.
How do cash flow and leverage change the comparison?
Cash generation tests whether accounting earnings convert into funds available for debt reduction, dividends, repurchases and investment. Compare operating cash flow, capital expenditure and free cash flow over the same period, using each company’s stated definition.
Constellation reported first-half fiscal 2027 operating cash flow of $1.5 billion and free cash flow of $1.1 billion. Management also maintained a target comparable net leverage ratio of approximately 3.0x. That target is not the same as a reported quarter-end leverage ratio; obtain the balance-sheet amounts and the company’s reconciliation before comparing it with a peer’s net-debt-to-EBITDA figure.
Review debt maturities, interest costs and pension or lease obligations where material. Two companies with the same net leverage can have different refinancing risk if one has nearer maturities or more floating-rate debt. Also check whether free cash flow is after capital expenditure and whether working-capital movements are unusually favorable.
| Resilience question | What to collect for STZ and each peer |
|---|---|
| Can the business fund itself? | Operating cash flow, capital expenditure and free cash flow for a matching period. |
| How much debt pressure exists? | Total debt, cash, net debt, interest expense and the company’s leverage definition. |
| Are returns sustainable? | Dividends, repurchases, debt repayment and acquisitions, with dates and amounts. |
| Is liquidity adequate? | Cash, undrawn committed facilities and upcoming maturities from the filing. |
How should capital allocation be compared?
Separate regular policy from a single period’s activity. Compare dividend history and payout ratios, repurchase authorization and actual repurchases, acquisitions and divestitures, capital expenditure and debt repayment. STZ’s first-half fiscal 2027 release reports more than $800 million returned through share repurchases and dividends, but that combined figure does not by itself show the split or establish a long-term yield.
For each peer, record whether repurchases merely offset stock-based compensation, whether dividends are paid quarterly or annually, and whether acquisitions are central to growth. Then ask whether cash returns are funded by recurring free cash flow or by additional borrowing. These details matter more than a headline payout percentage calculated from mismatched earnings.
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How can STZ valuation be compared without stale numbers?
Valuation requires synchronized market data. Record the quote date and time, share class, currency, shares outstanding, fiscal-year basis and earnings definition before calculating any multiple. No current STZ or peer prices, P/E ratios, enterprise-value-to-EBITDA multiples, free-cash-flow yields or dividend yields are established here.
Do not use the $24.9 billion aggregate market value shown in the FY2026 Form 10-K as today’s market capitalization. That figure was based on the NYSE closing price on the last business day of the company’s second fiscal quarter and is historical.
| Metric | Minimum data needed | Common error |
|---|---|---|
| Price/earnings | Same-date price and either trailing GAAP EPS or clearly defined forward EPS | Mixing STZ comparable EPS with a peer’s GAAP EPS. |
| EV/EBITDA | Equity value, debt, cash, minority interests and consistently defined EBITDA | Using a stale market value or different adjustment lists. |
| Free-cash-flow yield | Same-date equity value and trailing or forecast free cash flow | Comparing a year-to-date figure with a full-year figure. |
| Dividend yield | Current price and declared annualized dividend | Annualizing a special dividend or using an old price. |
Once the data is synchronized, valuation should be interpreted with growth, margins, leverage and category exposure. A lower multiple can reflect weaker growth, higher debt, declining categories or greater execution risk; it is not automatically a bargain.
What accounting and reporting traps can distort the result?
- GAAP versus non-GAAP mixing. Keep reported EPS beside comparable EPS and link each adjustment to the reconciliation.
- Divestitures. Recast the comparison where possible, or clearly label that the reported base is not like-for-like.
- Impairments. Treat a large impairment as an accounting event that affects GAAP earnings, not as proof of a recurring operating cost.
- Shipments versus depletions. Shipments can move ahead of consumer demand; depletion definitions vary by company and market.
- Currency. Show reported and constant-currency results when available, and do not treat exchange-rate gains as brand growth.
- Private competitors. A company named in STZ’s filing may not publish enough data for a public-stock valuation comparison.
- Fiscal calendars. A quarter labeled “second quarter” may cover different consumer seasons across companies.
What is a repeatable STZ-versus-peer workflow?
Use this sequence whenever a new filing or price update arrives:
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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstall- Define the investment question. Decide whether the comparison is about beer execution, wine recovery, spirits exposure, cash returns, balance-sheet risk or valuation.
- Select the narrowest useful peers. Start with the category and geography that answer the question; add a diversified beverage company only as a context check.
- Lock the period. Use the same quarter, half-year or trailing twelve months and record each fiscal year-end.
- Build a reported-results table. Capture sales, operating income, EPS, operating cash flow, capital expenditure and free cash flow.
- Add operating drivers. Include depletions, volume, price/mix and currency where the issuer discloses them.
- Reconcile adjustments. List impairments, divestitures, restructuring, acquisition effects and management’s comparable measures.
- Normalize leverage. Use the same net-debt and EBITDA definitions, or present separate company-defined ratios instead of forcing a false standard.
- Collect dated market data. Note price timestamp, share class, currency, shares and whether earnings are trailing or forecast.
- Interpret valuation in context. Explain what growth, margin, leverage or category risk might justify a premium or discount.
- Write the uncertainty explicitly. State which figures are management guidance, which are reported results and which remain unavailable.
What should a final comparison table contain?
A decision-useful table is compact but fully labeled. The following layout prevents most apples-to-oranges errors:
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| Section | STZ entry | Peer entry | Definition note |
|---|---|---|---|
| Business mix | Beer; Wine and Spirits | Category and geographic split | Use the latest annual filing. |
| Growth | Reported and comparable sales; depletions where disclosed | Same measures for each peer | Identify currency, acquisitions and disposals. |
| Profitability | Segment and consolidated operating margin | Equivalent margins | Keep GAAP and adjusted measures separate. |
| Cash | Operating cash flow and free cash flow | Matching period and definition | Show capital expenditure. |
| Leverage | Company-defined target and reported balance-sheet data | Peer definition | Do not assume EBITDA adjustments match. |
| Capital allocation | Dividends, repurchases, acquisitions and debt actions | Same categories | Distinguish authorization from cash actually spent. |
| Valuation | Price and multiples captured on one date | Same date and basis | Never substitute the historical $24.9 billion figure for current value. |
How should investors interpret the current STZ evidence?
The latest evidence describes a mixed but measurable picture: consolidated sales increased 6%, Beer sales increased 5% with operating income up 1%, and Wine and Spirits sales increased 17% with depletions up 10.2%. Cash generation was substantial in the first half, and management reaffirmed its fiscal 2027 targets. Those facts support a structured comparison, not a conclusion that STZ is cheaper, safer or better than any named peer.
The next step is to obtain synchronized filings and market data for the selected peers, then repeat the same calculations. Keep the August 31, 2026 quarter as the STZ baseline only until a newer 10-Q, earnings release or other official disclosure supersedes it.
Frequently Asked Questions
Should I compare STZ with consumer-staples companies outside beverage alcohol?
Only as a secondary context group. Non-alcoholic beverage or packaged-food companies can illuminate defensive-demand or margin trends, but their regulation, channel economics and product cycles may differ substantially from STZ’s beer, wine and spirits businesses.
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Shipments generally measure product sent through the company’s distribution system, while depletions are intended to track product moving from distributors to retailers or other customers. Issuers define these terms differently, so the exact definition and geography should accompany every percentage.
What should I do when a peer reports in a different currency?
Keep the issuer’s reported currency for the original statement, then add a clearly labeled conversion only for presentation. Do not mix converted revenue with unconverted margins or use exchange-rate movements as evidence of operating improvement.
Can a private competitor still help an STZ analysis?
Yes, but usually as qualitative context. A private company named in the 10-K can help identify category pressure, brands or distribution dynamics, yet it will not provide the public filings needed for a complete margin, leverage or valuation comparison.
