Boston Beer vs Constellation Brands
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The short version
- Constellation Brands is the larger business, with $9.1B of revenue in fiscal 2026 against $2.0B for Boston Beer, about 4.7 times as much.
- Boston Beer grew revenue faster (−2.4%, against −10.5%).
- Constellation Brands kept more of each dollar of sales as operating profit (29.8% operating margin, against 7.4%).
- Constellation Brands turned more of its sales into free cash flow (19.6% FCF margin, against 11.0%).
- Boston Beer earned a higher return on the capital invested in it (15.4%, against 10.7%).
| Latest fiscal year | SAM · FY25 | STZ · FY26 |
|---|---|---|
| Size | ||
| Market cap | $2.1B | — |
| Revenue | $2.0B | $9.1B |
| Free cash flow | $216M | $1.8B |
| Net income | $109M | $1.7B |
| Growth | ||
| Revenue growth | −2.4% | −10.5% |
| 5-year growth | 2.5% | 1.2% |
| Share count change | −7.1% | — |
| Profitability | ||
| Gross margin | 48.5% | 51.6% |
| Operating margin | 7.4% | 29.8% |
| Net margin | 5.5% | 18.5% |
| FCF margin | 11.0% | 19.6% |
| Return on capital | 15.4% | 10.7% |
| Return on equity | 12.3% | 22.5% |
| Balance sheet | ||
| Net debt | −$222M | $10.5B |
| Net debt / EBITDA | −0.9x | 3.3x |
| Dividends and buybacks | $202M | $1.6B |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 7 | — |
Revenue
FY17
SAM $863M
STZ $7.3B
FY18
SAM $996M
STZ $7.6B
FY19
SAM $1.2B
STZ $8.1B
FY20
SAM $1.7B
STZ $8.3B
FY21
SAM $2.1B
STZ $8.6B
FY22
SAM $2.1B
STZ $8.8B
FY23
SAM $2.0B
STZ $9.5B
FY24
SAM $2.0B
STZ $10.0B
FY25
SAM $2.0B
STZ $10.2B
FY26
SAM —
STZ $9.1B
SAM
STZ
Operating margin
FY17
SAM 13.4%
STZ 32.6%
FY18
SAM 11.6%
STZ 30.1%
FY19
SAM 11.6%
STZ 29.7%
FY20
SAM 14.1%
STZ 25.8%
FY21
SAM 0.4%
STZ 32.4%
FY22
SAM 4.3%
STZ 26.4%
FY23
SAM 5.0%
STZ 30.1%
FY24
SAM 3.8%
STZ 31.8%
FY25
SAM 7.4%
STZ 3.5%
FY26
SAM —
STZ 29.8%
SAM
STZ
Free cash flow
FY17
SAM $103M
STZ $789M
FY18
SAM $108M
STZ $874M
FY19
SAM $85.0M
STZ $1.4B
FY20
SAM $113M
STZ $1.8B
FY21
SAM −$91.6M
STZ $1.9B
FY22
SAM $109M
STZ $1.7B
FY23
SAM $201M
STZ $1.7B
FY24
SAM $173M
STZ $1.5B
FY25
SAM $216M
STZ $1.9B
FY26
SAM —
STZ $1.8B
SAM
STZ
Return on capital
FY17
SAM 27.6%
STZ 11.7%
FY18
SAM 26.0%
STZ 13.3%
FY19
SAM 21.0%
STZ 9.1%
FY20
SAM 25.6%
STZ 6.7%
FY21
SAM 0.9%
STZ 9.2%
FY22
SAM 7.2%
STZ 5.1%
FY23
SAM 8.3%
STZ 6.6%
FY24
SAM 7.0%
STZ 11.7%
FY25
SAM 15.4%
STZ 1.4%
FY26
SAM —
STZ 10.7%
SAM
STZ
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.