Constellation Brands (MIC:STZ-RM) Beneish M-Score: -2.64 (As of Jun. 26, 2026)


What is Constellation Brands Beneish M-Score?

Constellation Brands MIC:STZ-RM 70 Beneish M-Score is -2.64 as of Jun. 26, 2026. GuruFocus rates MIC:STZ-RM with a GF Score™ of 70/100. The stock has 3 warning signs investors should review. Among 201 Beverages - Alcoholic companies, Constellation Brands ranks better than 52.74% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Constellation Brands's Beneish M-Score or its related term are showing as below:

MIC:STZ-RM' s Beneish M-Score Range Over the Past 10 Years
Min: -2.74   Med: -2.61   Max: -2.34
Current: -2.64

During the past 13 years, the highest Beneish M-Score of Constellation Brands was -2.34. The lowest was -2.74. And the median was -2.61.

Constellation Brands Beneish M-Score Historical Data

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The historical data trend for Constellation Brands's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Constellation Brands Beneish M-Score Chart

Constellation Brands Annual Data
Trend Feb17 Feb18 Feb19 Feb20 Feb21 Feb22 Feb23 Feb24 Feb25 Feb26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.61 -2.74 -2.56 -2.74 -2.64

Constellation Brands Quarterly Data
May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24 Aug24 Nov24 Feb25 May25 Aug25 Nov25 Feb26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.74 -2.77 -2.54 -2.78 -2.64

MIC:STZ-RM vs TAP, SAM: Beneish M-Score Comparison

For the Beverages - Brewers subindustry, Constellation Brands's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Constellation Brands Beneish M-Score vs Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, Constellation Brands's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Constellation Brands's Beneish M-Score falls into.


Constellation Brands Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Constellation Brands for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.11+0.528 * 1.0099+0.404 * 0.9798+0.892 * 0.7651+0.115 * 1.2403
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0571+4.679 * -0.039204-0.327 * 0.921
=-2.73

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Feb26) TTM:Last Year (Feb25) TTM:
Total Receivables was ₽72,820.41 Mil.
Revenue was 147608.724 + 170832.775 + 195790.01 + 194099.623 = ₽708,331.13 Mil.
Gross Profit was 73158.641 + 90934.56 + 103379.65 + 97752.12 = ₽365,224.97 Mil.
Total Current Assets was ₽223,411.75 Mil.
Total Assets was ₽1,683,525.08 Mil.
Property, Plant and Equipment(Net PPE) was ₽699,784.66 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽32,426.51 Mil.
Selling, General, & Admin. Expense(SGA) was ₽143,125.23 Mil.
Total Current Liabilities was ₽206,769.06 Mil.
Long-Term Debt & Capital Lease Obligation was ₽786,019.15 Mil.
Net Income was 15512.676 + 38642.577 + 36774.746 + 39830.941 = ₽130,760.94 Mil.
Non Operating Income was -7464.226 + 1775.345 + -355.121 + -4291.029 = ₽-10,335.03 Mil.
Cash Flow from Operations was 43263.301 + 47411.706 + 67244.122 + 49177.05 = ₽207,096.18 Mil.
 Total Receivables was ₽85,751.31 Mil.
Revenue was 189796.469 + 239924.837 + 249919.724 + 246216.5 = ₽925,857.53 Mil.
Gross Profit was 97757.196 + 125065.13 + 129442.132 + 129851.5 = ₽482,115.96 Mil.
Total Current Assets was ₽325,921.63 Mil.
Total Assets was ₽1,898,867.98 Mil.
Property, Plant and Equipment(Net PPE) was ₽697,683.12 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽40,548.30 Mil.
Selling, General, & Admin. Expense(SGA) was ₽176,967.33 Mil.
Total Current Liabilities was ₽353,879.82 Mil.
Long-Term Debt & Capital Lease Obligation was ₽861,906.79 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(72820.406 / 708331.132) / (85751.311 / 925857.53)
=0.102806 / 0.092618
=1.11

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(482115.958 / 925857.53) / (365224.971 / 708331.132)
=0.520724 / 0.515613
=1.0099

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (223411.746 + 699784.657) / 1683525.081) / (1 - (325921.633 + 697683.121) / 1898867.984)
=0.451629 / 0.460939
=0.9798

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=708331.132 / 925857.53
=0.7651

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(40548.296 / (40548.296 + 697683.121)) / (32426.507 / (32426.507 + 699784.657))
=0.054926 / 0.044286
=1.2403

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(143125.233 / 708331.132) / (176967.333 / 925857.53)
=0.20206 / 0.191139
=1.0571

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((786019.146 + 206769.058) / 1683525.081) / ((861906.792 + 353879.823) / 1898867.984)
=0.589708 / 0.640269
=0.921

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(130760.94 - -10335.031 - 207096.179) / 1683525.081
=-0.039204

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Constellation Brands has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.64 mean?
Constellation Brands (MIC:STZ-RM) has a Beneish M-Score of -2.64 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Constellation Brands and its competitors. According to the industry distribution chart, Constellation Brands ranks #95 out of 201 companies in the Beverages - Alcoholic industry, placing it in the top 47.3%.
Is Constellation Brands' Beneish M-Score too high?
Constellation Brands' current Beneish M-Score is -2.64. Based on the distribution chart, Constellation Brands ranks #95 out of 201 companies in the Beverages - Alcoholic industry, which is above the industry midpoint. Overall, Constellation Brands has a GF Score™ of 70/100, reflecting its overall financial health beyond just this single metric.
How does Constellation Brands' Beneish M-Score compare to TAP and SAM?
According to the Beverages - Alcoholic industry distribution chart, Constellation Brands ranks #95 out of 201 companies for Beneish M-Score. This puts Constellation Brands in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Beverages - Alcoholic company?
A good Beneish M-Score depends on the Beverages - Alcoholic industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Constellation Brands and its competitors. Constellation Brands's current Beneish M-Score is -2.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Constellation Brands stock overvalued right now?
Constellation Brands (MIC:STZ-RM) has a current Beneish M-Score of -2.64. The current Beneish M-Score is -2.64. Constellation Brands' overall GF Score™ is 70/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Constellation Brands (MIC:STZ-RM), the current Beneish M-Score is -2.64 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Constellation Brands Business Description

Address 50 East Broad Street, Rochester, NY, USA, 14614
Constellation Brands is the largest provider of alcoholic beverages across the beer, wine, and spirits categories in the US, generating more than 90% of revenue from Mexican beer imports under top-selling brands such as Modelo and Corona. The rest of the business includes some remaining wine and spirits brands, categories where the company has pruned assets in recent years. With its exclusive rights tied to the Mexican beer brands effective only in the US, the firm has limited revenue exposure to international markets. Constellation owns a 10% stake in Canopy Growth, a medicinal and recreational cannabis producer in Canada, and has a 50/50 joint venture with glass manufacturer Owens-Illinois in Mexico.