{"schemaVersion":1,"research":true,"symbol":"stz","name":"Constellation Brands","topic":"moat","path":"/stock/stz/moat","status":"published","version":5,"updatedAt":"2026-10-18T16:00:15.789Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Constellation's imported beer brands support a narrow moat through brand intangible assets: reported category outperformance and dollar-share gains accompany realized pricing benefits across several periods. Durability is limited by shipment volatility, consumer substitution and incomplete cost pass-through. Wine and spirits pricing concessions and impairments demonstrate weaker economics outside beer. The passages do not establish other moat mechanisms.","advantages":[{"mechanism":"intangible_assets","claim":"Beer brand preference supports a current competitive advantage, evidenced by reported dollar-share gains, high-end category leadership and repeated favorable pricing contributions. These operating outcomes support the brand advantage beyond management's strategic aspirations.","durability":"A narrow advantage is supported by pricing contributions in Fiscal 2024, Fiscal 2026 and the first half of Fiscal 2027, together with Fiscal 2026 relative category performance. The evidence does not establish exceptional longevity, customer lock-in or the scope and duration of exclusive brand rights.","risks":"Fiscal 2026 beer shipment declines and higher costs outweighed favorable pricing in the gross-profit bridge. Recent shipment growth partly reflects distributor inventory rebuilding. Wine and spirits required pricing concessions and suffered full goodwill impairment. Consumer substitution, changing alcohol consumption and channel bargaining power could weaken brand economics; these prospective risks are distinct from the realized setbacks.","invalidation":"The thesis would fail if subsequent disclosures showed sustained beer share losses alongside repeated price concessions or persistent consumer-demand declines despite those concessions. Persistent inability to recover higher costs through pricing and operating efficiencies would further undermine the advantage. Distributor inventory rebuilding alone would not validate continuing consumer preference.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6"],"counterEvidenceIds":["e7","e8","e9","e10","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-6","location":"Fiscal 2026 accomplishments / beer relative performance and dollar-share gains","excerpt":"Despite a subdued consumer and category environment, the Beer Division continued to significantly outperform the broader beer category, remaining the leading dollar share gainer across Circana™ U.S."},{"id":"e2","sourceId":"filing-6","location":"Fiscal 2026 accomplishments / high-end beer supplier ranking","excerpt":"tracked channels and the #1 high‑end beer supplier in the U.S."},{"id":"e3","sourceId":"filing-3","location":"MD&A / Fiscal 2024 Beer gross-profit bridge","excerpt":"The increase in Beer gross profit is primarily due to (i) $299.9 million of shipment volume growth and (ii) the $147.6 million of favorable impact from pricing, partially offset by (i) $163.7 million of higher cost of product sold and (ii) $12.0 million of unfavorable product mix."},{"id":"e4","sourceId":"filing-1","location":"MD&A / Fiscal 2026 Beer gross-profit bridge","excerpt":"The decrease in Beer gross profit is largely due to (i) a $170.7 million decrease in shipment volume and (ii) $149.5 million of increased cost of product sold, partially offset by the $128.2 million of favorable impact from pricing."},{"id":"e5","sourceId":"filing-4","location":"MD&A / first-half Fiscal 2027 Beer gross-profit bridge","excerpt":"The increase in Beer gross profit is primarily due to (i) a $90.7 million increase in shipment volume, (ii) $35.7 million of reduced cost of product sold, and (iii) the $30.7 million of favorable impact from pricing, partially offset by $28.2 million of unfavorable product mix."},{"id":"e6","sourceId":"filing-5","location":"MD&A / first-quarter Fiscal 2027 beer consumer demand","excerpt":"While our shipment volume growth benefited from consumer demand, we believe our net sales continued to be impacted by the economic uncertainty and socioeconomic factors discussed above."},{"id":"e7","sourceId":"filing-1","location":"MD&A / Fiscal 2026 beer tariffs and unfavorable fixed-cost absorption","excerpt":"The increased cost of product sold is primarily due to (i) $58.3 million in tariffs, largely on aluminum imports under Section 232, (ii) $58.2 million of unfavorable fixed cost absorption related to decreased production levels as compared to Fiscal 2025, and (iii) a $14.6 million increase in brewery costs, including maintenance and utilities."},{"id":"e8","sourceId":"filing-4","location":"MD&A / second-quarter Fiscal 2027 beer pricing and distributor inventory rebuilding","excerpt":"The increase in Beer net sales is due to (i) $130.2 million of shipment volume growth, as distributors sought to rebuild inventory days-on-hand and (ii) $12.8 million of favorable impact from pricing in select markets, partially offset by $14.4 million of unfavorable product mix primarily from a shift in package types."},{"id":"e9","sourceId":"filing-1","location":"MD&A / Fiscal 2026 Wine and Spirits organic gross-profit decline","excerpt":"The decrease in organic gross profit is largely attributable to (i) a $38.3 million decline in branded wine and spirits shipment volume, (ii) the $30.0 million from lower contractual distributor payments, (iii) $18.0 million of unfavorable product mix, (iv) the $17.6 million from strategic pricing actions, and (v) $17.1 million of increased cost of product sold."},{"id":"e10","sourceId":"filing-5","location":"MD&A / first-quarter Fiscal 2027 wine and spirits volume and strategic pricing","excerpt":"The increase in organic net sales is largely driven by $17.2 million of branded wine and spirits shipment volume growth, partially offset by a (i) $4.9 million decrease in non-branded net sales led by a decline in bulk sales and (ii) $3.2 million decrease from strategic pricing actions taken on select brands."},{"id":"e11","sourceId":"filing-1","location":"Critical accounting estimates / Wine and Spirits goodwill fully impaired in Fiscal 2025","excerpt":"The goodwill associated with the Wine and Spirits segment was fully impaired during Fiscal 2025."},{"id":"e12","sourceId":"filing-1","location":"Competition risk / customer and consumer substitution","excerpt":"•the decision of existing or potential Customers or consumers to purchase competitors’ products instead of ours, including due to competitive pricing pressures;"},{"id":"e13","sourceId":"filing-1","location":"MD&A / realized Fiscal 2026 procurement and logistics efficiency benefits","excerpt":"To partially offset the increase in cost of product sold we are executing efficiency and cost optimization initiatives focused largely on procurement and logistics that resulted in over $200 million of net benefit for Fiscal 2026."},{"id":"e14","sourceId":"filing-4","location":"MD&A / first-half Fiscal 2027 Beer cost drivers","excerpt":"The reduced cost of product sold is primarily due to (i) $56.4 million of favorable fixed cost absorption related to increased production levels as compared to Six Months 2026, (ii) $14.4 million of lower depreciation, and (iii) $8.2 million of lower tariffs as compared to Six Months 2026, largely on aluminum imports under Section 232, partially offset by (i) $22.6 million of higher material costs, including glass, aluminum, paper, and starch, and (ii) $18.0 million of higher warehousing and obsolescence costs."},{"id":"e15","sourceId":"filing-3","location":"MD&A / selling-price decisions subject to competitive conditions","excerpt":"We intend to continue to monitor the inflationary environment and the impact on the consumer when we consider passing along rising costs through further selling price increases, subject to normal competitive conditions."},{"id":"e16","sourceId":"filing-6","location":"Fiscal 2026 accomplishments / operating cash flow and free cash flow","excerpt":"From an enterprise perspective, the Company generated approximately $2.7 billion of operating cash flow and $1.8 billion of FCF during Fiscal 2026, exceeding expectations and underscoring the effectiveness of its disciplined operating and capital allocation approach."},{"id":"e17","sourceId":"filing-6","location":"Fiscal 2026 accomplishments / leverage, dividend payout and completed repurchases","excerpt":"The Company maintained its target comparable net leverage ratio of approximately 3.0x, sustained its approximately 30% dividend payout ratio, and returned more than $900 million to stockholders through share repurchases."},{"id":"e18","sourceId":"filing-2","location":"Investment notes / realized Canopy Exchangeable Shares impairment","excerpt":"We concluded an impairment did exist, and accordingly, the Exchangeable Shares with a $97.3 million carrying value at the April 2024 date of conversion and exchange were written down to $21.2 million, their estimated fair value as of February 28, 2025, resulting in a $76.1 million total impairment."},{"id":"e19","sourceId":"filing-1","location":"Investment notes / venture investments written down to zero","excerpt":"As of February 28, 2025, we evaluated certain investments, primarily driven by business underperformance and solvency concerns, and concluded they should be written down to zero resulting in a loss of $47.9 million."},{"id":"e20","sourceId":"filing-4","location":"Liquidity and capital resources / covenant compliance and debt payments","excerpt":"As of August 31, 2026, we were in compliance with our covenants under our 2025 Credit Agreement and our indentures, and have met all debt payment obligations."},{"id":"e21","sourceId":"filing-6","location":"Implemented Fiscal 2026 compensation changes / PSU and RSU mix","excerpt":"•Eliminated NQSOs from the annual long-term equity incentive award program and granted a mix of 50% PSUs and 50% time-based RSUs for the Fiscal 2026 annual long-term equity incentive award, maintaining a balanced mix of performance and retention compensation elements."},{"id":"e22","sourceId":"filing-6","location":"Fiscal 2026 compensation outcomes / targets and actual annual incentive payments","excerpt":"•For our Fiscal 2026 AMIP, we achieved approximately 95% of the Net Sales target, approximately 93% of the Comparable EBIT target, and approximately 110% of the FCF target, resulting in AMIP payments at approximately 54% of the target award."},{"id":"e23","sourceId":"filing-6","location":"Fiscal 2024–2026 PSU program / realized performance outcome","excerpt":"•Our performance under the Fiscal 2024 - 2026 PSU program, including our TSR performance relative to the TSR performance of the companies in the S&P 500 Food, Beverage & Tobacco Index and our performance against organic net sales growth targets, delivered approximately 33% of the target award."},{"id":"e24","sourceId":"filing-6","location":"Executive compensation policies / stock ownership guidelines","excerpt":"•We maintain robust stock ownership guidelines (six times base salary for our President and Chief Executive Officer and three times base salary for all other executive officers) that we believe align management and stockholder interests"},{"id":"e25","sourceId":"filing-6","location":"Corporate governance / completed elimination of high-vote structure","excerpt":"Upon completion of the Reclassification, the prior “high-vote/low-vote” voting structure was eliminated, and Constellation now has, for substantially all purposes, a single class of voting common stock (Class A Stock) with one vote per share."},{"id":"e26","sourceId":"filing-6","location":"Executive compensation policies / independent compensation committee","excerpt":"•The Committee, which is comprised entirely of independent directors, approves all elements of executive compensation"},{"id":"e27","sourceId":"filing-1","location":"Governance risk / duration and ownership condition for family nomination rights","excerpt":"Until November 2027 and so long as the Sands Family Stockholders, collectively, have beneficial or record ownership of at least 10% of the issued and outstanding shares of Class A Stock, our Board of Directors will, subject to the"},{"id":"e28","sourceId":"filing-1","location":"Governance risk / obligation to nominate two WildStar designees","excerpt":"procedures and limitations set forth in the Reclassification Agreement, nominate two individuals designated by WildStar for election to our Board of Directors at any annual meeting of our stockholders at which directors are to be elected (or otherwise in connection with any action by written consent pursuant to which a majority of the Board of Directors will be elected)."},{"id":"e29","sourceId":"filing-6","location":"Board evaluation / independent individual director evaluations","excerpt":"As part of the Board refreshment, succession planning, and effectiveness review summarized above, during Fiscal 2025, the CGNR Committee engaged an independent third party to conduct individual director evaluations."},{"id":"e30","sourceId":"filing-1","location":"Leadership transition / new CEO effective April 13, 2026","excerpt":"Nicholas Fink became our President and Chief Executive Officer on April 13, 2026."},{"id":"e31","sourceId":"filing-5","location":"Comparable adjustments / realized excess-inventory write-downs","excerpt":"We recognized net costs primarily in connection with losses on write-downs of excess inventory resulting from our initiatives to streamline operations, improve efficiencies, and reduce our cost structure primarily within our Wine and Spirits segment."}],"changes":["Retain the previous narrow verdict, supported by beer brand performance and realized pricing rather than margins alone.","Remove the previous claim of slightly declining beer depletions because the supplied catalog does not establish it. Distinguish shipment movements from consumer demand and distributor inventory rebuilding.","Add first-half Fiscal 2027 beer pricing and gross-profit improvement while recognizing wine and spirits pricing concessions and historical impairment.","Add criterion-level management assessments using actual compensation outcomes, cash generation, investment losses and governance disclosures."],"limitations":["Only supplied passages were used. Source dates are filing dates: April 23, 2024; April 23, 2025; April 22, June 8, July 1 and October 7, 2026. Reporting periods and subsequent events are distinguished from those filing dates.","No company is identified as a competitor in the supplied competitive passages. Named distributors, investments, brands and directors' former employers are not established competitors; competitor arrays are therefore empty.","Category rankings and share gains are issuer-reported, including in the compensation discussion, and are not independently corroborated here. Reported operating bridges provide additional evidence but do not establish causal price elasticity.","The catalog lacks detailed brand-license exclusivity and duration, comparative production costs, customer-level repeat-purchase data and complete customer pricing contracts. It establishes neither switching costs nor network effects, efficient scale or a relative cost moat.","Executive ownership guidelines are disclosed, but actual executive holdings and compliance are not established by the supplied passages. Proposed incentive-plan amendments are not treated as adopted or vested awards.","Fiscal 2026 results largely precede the new CEO's April 13, 2026 appointment; management grades assess the disclosed organizational record rather than attributing that record to the new CEO."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Beer dollar-share gains and high-end supplier leadership, supported by repeated realized pricing contributions, demonstrate a brand advantage. The evidence does not support an enterprise-wide advantage across wine and spirits or exceptional durability.","evidenceIds":["e1","e2","e3","e4","e5","e9"]},{"criterion":"durability","grade":2,"rationale":"Pricing benefits across several fiscal periods support persistence, but Fiscal 2026 beer shipment weakness and wine and spirits impairment limit confidence. Contractual brand-right duration is not established.","evidenceIds":["e3","e4","e5","e11"]},{"criterion":"customer_dependency","grade":1,"rationale":"Brand preference creates some demand support, but disclosed consumer substitution and price-sensitive wine and spirits volume indicate fragile dependency. No operational lock-in is demonstrated.","evidenceIds":["e6","e10","e12"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Beer relative outperformance, realized efficiencies and subsequent gross-profit improvement show adaptation. Earlier volume and cost pressure, alongside wine and spirits deterioration, demonstrate meaningful erosion exposure.","evidenceIds":["e1","e4","e5","e7","e9","e13"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Beer pricing contributed $147.6 million in Fiscal 2024, $128.2 million in Fiscal 2026 and $30.7 million in the first half of Fiscal 2027. Wine and spirits strategic pricing reduced sales and gross profit, making enterprise pricing power mixed.","evidenceIds":["e3","e4","e5","e9","e10"]},{"criterion":"retention","grade":2,"rationale":"Assessed indirectly from reported share gains and consumer-supported beer shipment growth. Fiscal 2026 shipment declines, price-assisted wine and spirits volume and later distributor inventory rebuilding prevent treating shipment growth as demonstrated customer retention. No retention rate is inferred.","evidenceIds":["e1","e4","e6","e8","e10"]},{"criterion":"margin_resilience","grade":2,"rationale":"Beer pricing and efficiencies cushioned higher costs, and first-half Fiscal 2027 gross profit improved. Fiscal 2026 pricing did not offset the combined volume and cost headwinds. Recent cost relief also reflects absorption, depreciation and tariffs rather than pricing alone.","evidenceIds":["e4","e5","e7","e13","e14"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Implemented selective beer pricing and wine and spirits pricing actions demonstrate practical discretion to change prices. Decisions remain constrained by competition, and the passages do not establish unrestricted contractual repricing rights or customer commitment terms.","evidenceIds":["e8","e10","e15"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Reported operating cash flow, free cash flow, maintained leverage and fulfilled debt obligations support funding discipline. Wine and spirits goodwill impairment and realized venture and Canopy losses demonstrate substantial allocation setbacks; repurchases alone do not establish value creation.","evidenceIds":["e11","e16","e17","e18","e19","e20"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Implemented performance equity and actual below-target annual and multi-year incentive outcomes demonstrate pay responding to performance. Ownership guidelines add alignment, but actual holdings and compliance are unavailable, and half of annual equity awards are time-based.","evidenceIds":["e21","e22","e23","e24"]},{"criterion":"execution","grade":2,"rationale":"Reported efficiency benefits, cash generation and beer category outperformance support execution. Wine and spirits impairment, excess-inventory write-downs and missed sales and EBIT incentive targets make the record mixed. Operating outcomes are indirect evidence of management effectiveness and largely predate the current CEO.","evidenceIds":["e1","e11","e13","e16","e22","e30","e31"]},{"criterion":"governance","grade":2,"rationale":"Completed voting simplification, an independent compensation committee and external director evaluations support governance quality. Conditional family nomination rights remain through November 2027, limiting an unqualified strong assessment. Board self-praise is not treated as proof of effectiveness.","evidenceIds":["e25","e26","e27","e28","e29"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"cecfece2ecd2f875e374f40541f05467135a61a04eb5fe1bd986442a8f782890","updatedAt":"2026-10-18T16:00:15.789Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/16918/000001691826000011/stz-20260228.htm","publishedAt":"2026-04-22","sha256":"933553f74684b07b86a8af32cb624d3713ea07d7cf3984c72a8aa4944465c0a8","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/16918/000001691825000022/stz-20250228.htm","publishedAt":"2025-04-23","sha256":"e06950f1b7b52e27a677b6ee6485ca6eaff2e050eb90c2b81015f9219fa7545c","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/16918/000001691824000054/stz-20240229.htm","publishedAt":"2024-04-23","sha256":"3ac4d9a621993c0ddc419378e5019fb9df019c0d33932f90d47a382900237a7d","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/16918/000001691826000040/stz-20260831.htm","publishedAt":"2026-10-07","sha256":"db9eb9bf98b3e46aa7378fad8389be628816743979312229be59afc92ab6c62b","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/16918/000001691826000029/stz-20260531.htm","publishedAt":"2026-07-01","sha256":"feec910d57ea7d640a896b7e2ec3d6a43a5c4caf73e48aa4b9123cc7e0a713ca","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/16918/000001691826000023/stz-20260603.htm","publishedAt":"2026-06-08","sha256":"ba64ea5df1a44ed5949ee344cdaceae7ffed152c26bf5ad08d3bfbdd1cc7ff0a","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:716e9175b9a808a8195fc4bf5eb3fa40d39e44099c25edfa9e49eded81834c93","usage":{"input_tokens":81336,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3730,"reasoning_output_tokens":137}},"signals":[{"period":"2022","end":"2022-02-28","values":{"gross_margin":53.366512861791016,"operating_margin":26.434409967462898,"roic":0.032536247866703734,"fcf_margin":19.030235695579716,"sbc_revenue":0.509029895586518},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Two complete TTM earnings bases and their diluted share counts are required for year-over-year growth.","ps":"Diluted share count is unavailable in the extracted statements for this period.","pfcf":"Diluted share count is unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","pocf":"Diluted share count is unavailable in the extracted statements for this period.","pb":"Diluted share count is unavailable in the extracted statements for this period.","fcf_yield":"Diluted share count is unavailable in the extracted statements for this period.","earnings_yield":"Diluted share count is unavailable in the extracted statements for this period.","ev_sales":"Diluted share count is unavailable in the extracted statements for this period.","ev_ebitda":"Diluted share count is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","eps":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. 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