STZCONSTELLATION BRANDS, INC.
Beverages
- Revenue
- $9.1B
- 10% YoY
- Operating margin
- 29.8%
- 757% YoY
- EBITDA
- $3.1B
- 292% YoY
- Market cap
- —
- Employees
- 9,400
- $972K revenue each
- Net debt / EBITDA
- 3.2×
- $10.1B net debt
- AI in 10-K
- 2.3
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 1 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$15M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo158% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo61% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo24% of assetsOver 40% of assets
- Shareholder dissentNo95% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$972K · 76th pctBottom quartile of its SIC industry
- Quiet on AINo2.3 per 10K words · 60th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.2× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo—Market cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$1M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $8.8B | $9.5B | $10.0B | $10.2B | $9.1B | 10% |
| Operating income | $2.3B | $2.8B | $3.2B | $355M | $2.7B | 667% |
| Net income | −$40M | −$71M | $1.7B | −$81M | $1.7B | 2172% |
| Operating cash flow | $2.7B | $2.8B | $2.8B | $3.2B | $2.7B | 15% |
| Capex | $1.0B | $1.0B | $1.3B | $1.2B | $875M | 28% |
| Stock-based comp | $45M | $69M | $64M | $72M | $68M | 6.2% |
| Buybacks | $1.4B | $1.7B | $250M | $1.1B | $924M | 18% |
| Dividends | $573M | $588M | $654M | $732M | $716M | 2.2% |
Deal filings
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Dec 2, 2022 | SANDS RICHARD ET AL | SC 13D/A | 13.8% | Passive |
| Nov 16, 2022 | SANDS RICHARD ET AL | SC 13D/A | 14.8% | Passive |
| Nov 14, 2022 | SANDS RICHARD ET AL | SC 13D/A | 15.8% | Passive |
| Apr 4, 2022 | SANDS RICHARD ET AL | SC 13D/A | 4.0% | Active |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $1M · 3
- Net
- −$1M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $14M | $11M | 80 | 167 |
| FY2025 | $15M | −$854K | 87 | 144 |
| FY2024 | $15M | $19M | 121 | 126 |
| FY2023 | $16M | $16M | 107 | 129 |
| FY2022 | $12M | $5M | 102 | 125 |