Constellation Brands Inc - Ordinary Shares - Class A
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Earnings Call Q2 2027
October 7, 2026 - AI Summary
Q2 FY27 results & guidance kept; bias to high end (surprising strength in September trends)
- Management said Q2 beat expectations and they are reiterating full-year FY27 comparable EPS guidance of $11.20–$11.90.
- CEO: expects landing at the high end *if* positive September trends continue.
- Key “what changed” narrative: September improvement appears broader than just Labor Day timing—they cited non-timing acceleration tied to college football and programming, plus strong consumer engagement.
Channel/inventory dynamics: distributor inventory rebuilt but expected to normalize; ships vs depletions look stable
- CFO/CEO emphasized they spent the first half rebuilding beer distributor inventories after an overcorrection in FY26 left inventories too light.
- Positive point: distributor inventories are now in a “great position” and are still below historical averages; they entered FY27 with days-on-hand tested low limits, creating inefficiencies (logistics, avoiding shelf/out-of-stock).
- Inventory “unwind” outlook:
- They expect the back half to look “pretty normal” vs prior years.
- For the full year, they expect shipments and depletions to track within ~99% of each other (i.e., no major structural lag expected).
Marketing re-acceleration: growth engine theme; share gains; run-rate reset (World Cup lessons, college sports momentum)
- They highlighted increased marketing/investment driving demand:
- #1 dollar share gainer in beverage alcohol this quarter
- Beer outperformed and “accelerated meaningfully” QoQ
- Pacifico reached top 10 beer brand status with a long distribution runway
- Marketing “surprise/positive”: they stated marketing spend will be ~10% of net sales in the second half, but Q3 above 11%, leaning into MLB and NCAA football.
- World Cup learning: despite industry disappointment, they claimed they won (beer share gains vs peers) with less spend, reinforcing their view that they can win via execution rather than unlimited spend.
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$216.29
48.7% upside
Current Fair Value
48.7% upsideUndervalued by 48.7% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $24.79 Billion |
|---|---|
| Enterprise Value | $35.01 Billion |
| Annual dividend | $4.11 |
| Dividend yield | 3.04% |
| Earnings per Share | $9.62 |
| Beta | 0.43 |
| Outstanding Shares | 170,460,000 |
Return
| Return on Equity | 22.41% |
|---|---|
| Return on Assets | 8.72% |
| Return on Invested Capital | 14.92% |
Valuation & Multiples
| P/E Ratio | 12.13 |
|---|---|
| PEG | 56.62 |
| Price to Sales | 2.69 |
| Price to Book Ratio | 2.8 |
| Enterprise Value to Revenue | 3.8 |
| Enterprise Value to EBIT | 12.28 |
| Enterprise Value to Net Income | 18 |
| Total Debt to Enterprise | 0.29 |
| Debt to Equity | 1.2 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 6, 2026
EPS Estimate
$3.62
Consensus analyst estimateRevenue Estimate
$2.54 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 6, 2027
EPS Estimate
$2.77
Consensus analyst estimateRevenue Estimate
$2.18 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 107.21% |
|---|---|
| Total Calls | 2,800▼ 99.92% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.23%▼ 81.96% |
|---|---|
| Total Invested | $630.94M▼ 96.91% |
| Investors Holding | 333▼ 761.00% |
About Constellation Brands Inc
8,700 employees
CEO: William Newlands
Constellation Brands, Inc., a Fortune 500 company, is an American producer and marketer of beer, wine and spirits. Constellation is the largest beer import company in the US, measured by sales, and has the third-largest market share of ...