Brown–Forman vs Constellation Brands
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KIRA’s take AI analyst
I put Brown–Forman and Constellation Brands side by side, using each one’s latest annual report. Here is what stands out:
- Constellation Brands is the larger business, with $9.1B of revenue in fiscal 2026 against $3.9B for Brown–Forman, about 2.3 times as much.
- Brown–Forman grew revenue faster (−1.2%, against −10.5%).
- Constellation Brands kept more of each dollar of sales as operating profit (29.8% operating margin, against 25.5%).
- Brown–Forman turned more of its sales into free cash flow (22.7% FCF margin, against 19.6%).
- Brown–Forman earned a higher return on the capital invested in it (12.9%, against 10.7%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Brown–Forman
BF-B
6/9
Revenue growth5-year growthGross marginFCF marginReturn on capitalNet debt / EBITDA
Constellation Brands
STZ
3/9
Operating marginNet marginReturn on equity
Side by side
Best in the row
| Latest fiscal year | BF-B FY26 | STZ FY26 |
|---|---|---|
| Size | ||
| Market cap | $13.5B | — |
| Revenue | $3.9B | $9.1B |
| Free cash flow | $893M | $1.8B |
| Net income | $715M | $1.7B |
| Growth | ||
| Revenue growth | −1.2% | −10.5% |
| 5-year growth | 2.6% | 1.2% |
| Share count change | −1.3% | — |
| Profitability | ||
| Gross margin | 60.5% | 51.6% |
| Operating margin | 25.5% | 29.8% |
| Net margin | 18.2% | 18.5% |
| FCF margin | 22.7% | 19.6% |
| Return on capital | 12.9% | 10.7% |
| Return on equity | 17.9% | 22.5% |
| Balance sheet | ||
| Net debt | $2.2B | $10.5B |
| Net debt / EBITDA | 2.0x | 3.3x |
| Dividends and buybacks | $827M | $1.6B |
| Valuation & quality | ||
| P/E | 19.0x | — |
| Piotroski F-score | 6 | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.