Constellation Brands, Inc.

Constellation Brands, Inc. is an American beverage-alcohol company that brews and imports high-end beer — led by the Modelo and Corona families — and markets a portfolio of premium wine and spirits, reporting $9.14 billion of net sales in the fiscal year ended February 2026. It is the largest seller of imported beer in the United States, and its Modelo Especial is the best-selling beer in the country by dollars.

This is the story of a company that has quietly become almost entirely a beer business, and is now testing how durable that business is. Beer was roughly 91% of fiscal 2026 net sales, up from about 82% two years earlier, because the company spent the last half-decade shedding its mainstream wine brands and shrinking everything that was not a high-end imported lager or a Mexican import. What remains is a franchise with a genuine moat — a perpetual, exclusive license to produce and sell the Modelo and Corona portfolios in the U.S. — wrapped around a consumer who has, for the past two years, been pulling back. The file turns on a single question: whether the softness in Constellation's core drinker is a cyclical hangover that lifts as the economy normalizes, or a structural reset that leaves a mature, slowly-declining franchise trading at a discount it deserves.

The setup sharpens the question. The company has just handed the chief executive role to Nicholas Fink, a five-year board member who took over in April 2026 and has spent his first two quarters arguing that the fix is execution — marketing, price-pack architecture, distribution, brand salience — rather than portfolio surgery. Its heavy brewery construction cycle is winding down, freeing cash flow. And after a collapse in the wine and spirits unit and a leadership change, the stock trades at roughly 10.4 times trailing earnings and 9.5 times EBITDA — cheap for a consumer-staples franchise, and cheap in a way that assumes the volume problem persists.