Constellation Brands, Inc.
STZ 6.5Price and target zones价格与目标区间
What the company does公司做什么
Constellation Brands makes and sells beer, wine, and spirits in the US. It owns the US rights to import and sell Corona and Modelo, two of the top beer brands in the country. It also owns a smaller group of premium wine and spirits brands. The company sold its lower-price wine brands in 2025 to focus on premium products only.Constellation Brands（星座品牌）在美国生产和销售啤酒、葡萄酒和烈酒。公司拥有Corona和Modelo这两大美国畅销啤酒品牌的美国进口和销售权。此外还拥有一小部分高端葡萄酒和烈酒品牌。2025年公司出售了旗下低价葡萄酒品牌，专注于高端产品。
Earns from营收来源 sales of beer, wine, and spirits to distributors, who then sell to stores, bars, and restaurants across the US.向经销商销售啤酒、葡萄酒和烈酒，再由经销商分销给美国各地的商店、酒吧和餐厅。
Read the full description查看完整介绍
Constellation Brands, Inc., together with its subsidiaries, produces, imports, markets, and sells beer, wine, and spirits in the United States, Canada, Mexico, New Zealand, and Italy. It offers beer under the Corona Extra, Corona Familiar, Corona Sunbrew, Corona Light, Corona Non-Alcoholic, Corona Premier, Modelo Especial, Modelo Chelada, Modelo Negra, Modelo Spiked Aguas Frescas, Modelo Oro, Modelo Noche Especial, Victoria, Vicky Chamoy, and Pacifico brand names. The company also offers wine under the Sea Smoke, Schrader Cellars, Kim Crawford, Mount Veeder, Ruffino, My Favorite Neighbor, Robert Mondavi Winery, and The Prisoner Wine Company brand names; and spirits under the Casa Noble, High West, Mi CAMPO, and Nelson's Green Brier brand names. It provides its products to wholesale distributors, retailers, and state alcohol beverage control agencies. Constellation Brands, Inc. was founded in 1945 and is headquartered in Rochester, New York.
Revenue breakdown营收构成 share of revenue按营收占比
Beer is the growth engine of the company. Modelo Especial passed Bud Light in 2023 to become the top-selling beer in the US. The company owns exclusive US rights to brew and sell these brands, which a rival cannot copy. Beer volume growth has slowed in 2026, and a 50% US tariff on aluminum cans adds cost, since Mexican beer ships in cans not exempt from the tariff.啤酒是公司的增长引擎。Modelo Especial于2023年超过Bud Light，成为美国销量第一的啤酒。公司拥有这些品牌在美国的独家酿造和销售权，竞争对手无法复制。2026年啤酒销量增速放缓，加上美国对铝罐征收50%关税，由于墨西哥啤酒以罐装形式运输且不在关税豁免范围内，成本因此增加。
- Corona Extra — the top imported beer brand in the US, sold for decades to a broad customer base.美国销量第一的进口啤酒品牌，数十年来面向广泛的消费群体销售。
- Modelo Especial — the best-selling beer overall in the US as of 2023, popular with Hispanic-American and mainstream shoppers alike.截至2023年美国整体销量第一的啤酒，深受西语裔美国消费者和主流消费者的喜爱。
- Modelo Chelada — a flavored beer mixed with tomato and spice flavors, sold as a niche product line.一款混合番茄和香料风味的调味啤酒，作为小众产品线销售。
- Pacifico** and **VictoriaPacifico and Victoria — smaller regional Mexican beer brands with loyal followings.规模较小的地区性墨西哥啤酒品牌，拥有忠实的消费群体。
The company sold its lower-price wine brands in June 2025 to focus only on premium wine and spirits. This segment carries higher margins than beer but has shrunk in size after the sale. It faces competition from many small premium wine and spirits makers.公司于2025年6月出售了旗下低价葡萄酒品牌，专注于高端葡萄酒和烈酒。该分部的利润率高于啤酒分部，但出售后规模有所缩小。该分部面临众多小型高端葡萄酒和烈酒生产商的竞争。
- Robert Mondavi Winery — a well-known premium California wine brand.一个知名的加州高端葡萄酒品牌。
- Kim Crawford — a popular New Zealand wine brand, known mostly for Sauvignon Blanc.一个广受欢迎的新西兰葡萄酒品牌，主要以长相思（Sauvignon Blanc）闻名。
- The Prisoner — a premium red wine blend brand with a strong following.一个拥有众多忠实拥趸的高端红葡萄酒混酿品牌。
- High West — a whiskey brand made in Utah, sold to spirits drinkers who want a US-made product.一个产自犹他州的威士忌品牌，面向想要美国本土产品的烈酒爱好者销售。
Company facts公司资料
- Founded成立时间
- 1945
- Headquarters总部
- Rochester, New York
- Employees员工人数
- 9,400
- Industry行业
- Beverages - Brewers
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
Would upgrade on
- ANALYZED 8/28 — ACCUMULATE, first file. Corona/Modelo US import-beer duopoly trading ~13% below its own recent multiple band, on an earnings base that has not reset — EPS held up through the deliberate low-margin wine divestiture. Priced-for-pessimism on quantified tariff costs + softening beer volumes, not a scandal. The open question is genuinely unresolved: cyclical demand dip vs. secular alcohol moderation / GLP-1. ~80% Mexican-beer revenue = tariff-concentrated. FV $135-165. Entry $125-140. Trim 17x ttm.
🟢 8/28 分析——增持，首份报告。 Corona/Modelo 美国进口啤酒双寡头，交易价比自身近期倍数区间低约 13%，而盈利基数并未重置——EPS 挺过了刻意的低利润率葡萄酒剥离。 因量化的关税成本 + 啤酒销量走软而被过度悲观定价，并非丑闻。 真正未决的问题是：周期性需求下滑，还是长期饮酒节制/GLP-1。 约 80% 收入来自墨西哥啤酒，关税集中。 公允价值 $135-165，买入区 $125-140，减持 17x ttm。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 24%
- Revenue growth营收增长
- -3%
- Dividend yield股息率
- 3.63%
Competitors竞争对手
Why customers stay客户为什么留下
Constellation holds the sole US rights to brew and sell Corona and Modelo, a contract a rival cannot copy. Decades of brand marketing make Corona and Modelo the top choice on store shelves for many shoppers.Constellation拥有在美国独家酿造和销售Corona与Modelo的权利，这一合约是竞争对手无法复制的。数十年的品牌营销让Corona和Modelo成为许多消费者在货架前的首选。
Related companies相关公司 🟠 Consumer-staples volume / GLP-1 (new 8/28)
One demand question, three ways: are packaged food/beverage volumes softening cyclically, or is GLP-1 + moderation a secular step-down?
They resolve on the same macro read — size the theme once. STZ is the widest moat; MZTI the safest dividend; INGR the most leverage-exposed (Tate & Lyle deal).