# Beverages - Brewers — company-by-company sector analysis

> Beverages - Brewers: Constellation Brands, Inc. owns the largest revenue base; Molson Coors Beverage Company has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-04. Not investment advice.

## Bottom line

Beverages - Brewers has underperformed S&P 500 by 11.3% over 52 weeks and 6.7% over 13 weeks. 1 of 4 covered companies beat the S&P 500 on Mansfield relative strength, while 1 of 4 beat the sector itself. Constellation Brands, Inc. leads with revenue of $9,057 million, based on 2 of 4 comparable companies through Jun 2026.

## Sector relative strength

Beverages - Brewers has underperformed S&P 500 by 11.3% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 6.7%. 1 of 4 covered companies currently beats the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Anheuser-Busch InBev SA/NV is the strongest against the sector itself at +16.5%.

13-week sector return versus NIFTY 500: -6.7%
52-week sector return versus NIFTY 500: -11%
Stocks leading NIFTY: 1/4
Stocks leading sector: 1/4

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 4
Combined market value: ₹2.0 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Anheuser-Busch InBev SA/NV (BUD): 59/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 19.3/35 | Capital efficiency 10.6/25 | Valuation 10.0/20 | Relative strength 19.5/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks
   - Exact sum: 19.3 + 10.6 + 10 + 19.5 = 59.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Constellation Brands, Inc. (STZ): 39/100 — Mixed-negative evidence; evidence 64%
   - Growth & earnings 18.8/35 | Capital efficiency 9.4/25 | Valuation 10.0/20 | Relative strength 1.1/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 18.8 + 9.4 + 10 + 1.1 = 39.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Molson Coors Beverage Company (TAP): 38/100 — Mixed-negative evidence; evidence 68%
   - Growth & earnings 14.5/35 | Capital efficiency 7.5/25 | Valuation 10.0/20 | Relative strength 6.0/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 14.5 + 7.5 + 10 + 6 = 38
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. The Boston Beer Company, Inc. (SAM): 29/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 13.2/35 | Capital efficiency 3.0/25 | Valuation 10.0/20 | Relative strength 2.8/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 13.2 + 3 + 10 + 2.8 = 29
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Anheuser-Busch InBev SA/NV has the strongest one-year price move in Beverages - Brewers at +36.5%. It also leads on Mansfield relative strength against the S&P 500 at +7.5%. 1 of 4 covered companies is above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

### Strongest one-year price performers
1. Anheuser-Busch InBev SA/NV (BUD): 37%
2. The Boston Beer Company, Inc. (SAM): -15%
3. Molson Coors Beverage Company (TAP): -17%
4. Constellation Brands, Inc. (STZ): -23%

### Strongest relative strength versus NIFTY 500
1. Anheuser-Busch InBev SA/NV (BUD): 7.5%
2. Molson Coors Beverage Company (TAP): -17%
3. Constellation Brands, Inc. (STZ): -19%
4. The Boston Beer Company, Inc. (SAM): -21%

## Revenue Scale & Growth Durability

What the numbers say: Constellation Brands, Inc. is the scale leader at $9,057 million, 2.2% ahead of Molson Coors Beverage Company. Molson Coors Beverage Company's growth is -8.7% from a $8,866 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Constellation Brands, Inc. is the scale benchmark; Molson Coors Beverage Company is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Constellation Brands, Inc.'s growth falls below Molson Coors Beverage Company's for two consecutive comparable reports while operating margin also compresses.

Evidence: Constellation Brands, Inc. · $9,057 million | 2.2% versus #2 · Molson Coors Beverage Company | 2/8 recent comparable periods | 2/4 companies · 76 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Constellation Brands, Inc. (STZ): ₹9.1K Cr
2. Molson Coors Beverage Company (TAP): ₹8.9K Cr

### Revenue growth — fastest growers
1. Molson Coors Beverage Company (TAP): -8.7%
2. Constellation Brands, Inc. (STZ): -10.0%

### 20-quarter Revenue history
- BUD: Sep 2021 ₹14.3K Cr | Dec 2021 ₹14.2K Cr | Mar 2022 ₹13.2K Cr | Jun 2022 ₹14.8K Cr | Sep 2022 ₹15.1K Cr | Dec 2022 ₹14.7K Cr | Mar 2023 ₹14.2K Cr | Jun 2023 ₹15.1K Cr | Sep 2023 ₹15.6K Cr | Dec 2023 ₹14.5K Cr | Mar 2024 ₹14.5K Cr | Jun 2024 ₹15.3K Cr | Sep 2024 ₹15.0K Cr | Dec 2024 ₹14.8K Cr | Mar 2025 ₹13.6K Cr | Jun 2025 ₹15.0K Cr | Sep 2025 ₹15.1K Cr | Dec 2025 ₹15.6K Cr | Mar 2026 ₹15.3K Cr | Jun 2026 —
- STZ: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 ₹2.4K Cr
- TAP: Sep 2021 ₹2.2K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹4.9K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- SAM: Sep 2021 ₹562 Cr | Dec 2021 ₹348 Cr | Mar 2022 ₹430 Cr | Jun 2022 ₹616 Cr | Sep 2022 ₹596 Cr | Dec 2022 ₹448 Cr | Mar 2023 — | Jun 2023 ₹410 Cr | Sep 2023 ₹603 Cr | Dec 2023 ₹394 Cr | Mar 2024 ₹426 Cr | Jun 2024 ₹579 Cr | Sep 2024 ₹605 Cr | Dec 2024 ₹402 Cr | Mar 2025 ₹454 Cr | Jun 2025 ₹588 Cr | Sep 2025 ₹537 Cr | Dec 2025 ₹386 Cr | Mar 2026 ₹434 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- BUD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.3% | Sep 2022 5.7% | Dec 2022 3.3% | Mar 2023 7.4% | Jun 2023 2.2% | Sep 2023 3.2% | Dec 2023 -1.3% | Mar 2024 2.4% | Jun 2024 1.4% | Sep 2024 -3.4% | Dec 2024 2.5% | Mar 2025 -6.3% | Jun 2025 -2.2% | Sep 2025 0.6% | Dec 2025 4.8% | Mar 2026 12% | Jun 2026 —
- STZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12% | Dec 2022 5.0% | Mar 2023 -5.0% | Jun 2023 6.4% | Sep 2023 6.9% | Dec 2023 1.4% | Mar 2024 7.1% | Jun 2024 5.8% | Sep 2024 2.9% | Dec 2024 -0.3% | Mar 2025 1.2% | Jun 2025 -5.5% | Sep 2025 -15% | Dec 2025 -9.8% | Mar 2026 -11% | Jun 2026 -3.3%
- TAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.3% | Sep 2022 -4.6% | Dec 2022 15% | Mar 2023 -2.1% | Jun 2023 8.7% | Sep 2023 14% | Dec 2023 -57% | Mar 2024 11% | Jun 2024 32% | Sep 2024 -7.3% | Dec 2024 -9.5% | Mar 2025 20% | Jun 2025 -28% | Sep 2025 -5.1% | Dec 2025 6.4% | Mar 2026 2.0% | Jun 2026 —
- SAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.2% | Sep 2022 6.1% | Dec 2022 29% | Mar 2023 — | Jun 2023 -33% | Sep 2023 1.2% | Dec 2023 -12% | Mar 2024 — | Jun 2024 41% | Sep 2024 0.3% | Dec 2024 2.0% | Mar 2025 6.6% | Jun 2025 1.6% | Sep 2025 -11% | Dec 2025 -4.0% | Mar 2026 -4.4% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Constellation Brands, Inc. leads both opm at 34.7% and margin change at +6.3 percentage points.

Investor read: Constellation Brands, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Constellation Brands, Inc. · 34.7% | 28% versus #2 · Anheuser-Busch InBev SA/NV | 3/8 recent comparable periods | 4/4 companies · 76 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Constellation Brands, Inc. (STZ): 35%
2. Anheuser-Busch InBev SA/NV (BUD): 27%
3. Molson Coors Beverage Company (TAP): 11%
4. The Boston Beer Company, Inc. (SAM): -44%

### Margin change — fastest expanders
1. Constellation Brands, Inc. (STZ): +6.3 pp
2. Molson Coors Beverage Company (TAP): +2.9 pp
3. Anheuser-Busch InBev SA/NV (BUD): +1.1 pp
4. The Boston Beer Company, Inc. (SAM): −51.3 pp

### 20-quarter OPM history
- BUD: Sep 2021 28% | Dec 2021 23% | Mar 2022 24% | Jun 2022 26% | Sep 2022 26% | Dec 2022 25% | Mar 2023 24% | Jun 2023 23% | Sep 2023 24% | Dec 2023 23% | Mar 2024 25% | Jun 2024 25% | Sep 2024 26% | Dec 2024 28% | Mar 2025 26% | Jun 2025 26% | Sep 2025 28% | Dec 2025 23% | Mar 2026 27% | Jun 2026 —
- STZ: Sep 2021 31% | Dec 2021 36% | Mar 2022 32% | Jun 2022 35% | Sep 2022 31% | Dec 2022 31% | Mar 2023 23% | Jun 2023 30% | Sep 2023 35% | Dec 2023 32% | Mar 2024 29% | Jun 2024 35% | Sep 2024 -42% | Dec 2024 32% | Mar 2025 -6.9% | Jun 2025 28% | Sep 2025 35% | Dec 2025 31% | Mar 2026 23% | Jun 2026 35%
- TAP: Sep 2021 19% | Dec 2021 10% | Mar 2022 10% | Jun 2022 3.9% | Sep 2022 11% | Dec 2022 -7.1% | Mar 2023 6.7% | Jun 2023 15% | Sep 2023 18% | Dec 2023 7.1% | Mar 2024 12% | Jun 2024 18% | Sep 2024 15% | Dec 2024 14% | Mar 2025 8.1% | Jun 2025 18% | Sep 2025 -115% | Dec 2025 12% | Mar 2026 11% | Jun 2026 —
- SAM: Sep 2021 -14% | Dec 2021 -21% | Mar 2022 -0.5% | Jun 2022 12% | Sep 2022 6.4% | Dec 2022 -3.8% | Mar 2023 — | Jun 2023 -3.4% | Sep 2023 13% | Dec 2023 -6.6% | Mar 2024 3.6% | Jun 2024 12% | Sep 2024 7.6% | Dec 2024 -14% | Mar 2025 7.4% | Jun 2025 14% | Sep 2025 12% | Dec 2025 -8.6% | Mar 2026 -44% | Jun 2026 —

### 20-quarter Margin change history
- BUD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −34.6 pp | Sep 2022 −1.9 pp | Dec 2022 +1.3 pp | Mar 2023 +0.1 pp | Jun 2023 −2.5 pp | Sep 2023 −2.2 pp | Dec 2023 −1.7 pp | Mar 2024 +0.5 pp | Jun 2024 +1.7 pp | Sep 2024 +2.8 pp | Dec 2024 +4.6 pp | Mar 2025 +1.2 pp | Jun 2025 +1.5 pp | Sep 2025 +1.8 pp | Dec 2025 −4.2 pp | Mar 2026 +1.1 pp | Jun 2026 —
- STZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 −5.6 pp | Mar 2023 −8.8 pp | Jun 2023 −4.1 pp | Sep 2023 +3.9 pp | Dec 2023 +1.7 pp | Mar 2024 +6.0 pp | Jun 2024 +5.0 pp | Sep 2024 −76.6 pp | Dec 2024 −0.1 pp | Mar 2025 −36.3 pp | Jun 2025 −7.0 pp | Sep 2025 +77.3 pp | Dec 2025 −1.1 pp | Mar 2026 +29.9 pp | Jun 2026 +6.3 pp
- TAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −15.9 pp | Sep 2022 −7.6 pp | Dec 2022 −17.4 pp | Mar 2023 −3.4 pp | Jun 2023 +11.1 pp | Sep 2023 +6.8 pp | Dec 2023 +14.2 pp | Mar 2024 +5.4 pp | Jun 2024 +3.4 pp | Sep 2024 −3.2 pp | Dec 2024 +7.1 pp | Mar 2025 −4.0 pp | Jun 2025 −0.2 pp | Sep 2025 −130.2 pp | Dec 2025 −2.0 pp | Mar 2026 +2.9 pp | Jun 2026 —
- SAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.7 pp | Sep 2022 +19.9 pp | Dec 2022 +17.2 pp | Mar 2023 — | Jun 2023 −15.0 pp | Sep 2023 +6.6 pp | Dec 2023 −2.8 pp | Mar 2024 — | Jun 2024 +15.6 pp | Sep 2024 −5.4 pp | Dec 2024 −7.3 pp | Mar 2025 +3.8 pp | Jun 2025 +1.8 pp | Sep 2025 +3.9 pp | Dec 2025 +5.3 pp | Mar 2026 −51.3 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Constellation Brands, Inc. leads with $1,905 million of TTM profit, 225.4% above Molson Coors Beverage Company. Molson Coors Beverage Company shows -264.8% growth from a $1,519 million net cash profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Constellation Brands, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Constellation Brands, Inc. · $1,905 million | 225.4% versus #2 · Molson Coors Beverage Company | 4/8 recent comparable periods | 2/4 companies · 76 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Constellation Brands, Inc. (STZ): ₹1.9K Cr
2. Molson Coors Beverage Company (TAP): ₹-1.5K Cr

### Profit growth — fastest growers
1. Molson Coors Beverage Company (TAP): -265%

### 20-quarter Net profit history
- BUD: Sep 2021 ₹695 Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹499 Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹607 Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- STZ: Sep 2021 ₹12 Cr | Dec 2021 ₹481 Cr | Mar 2022 ₹406 Cr | Jun 2022 ₹399 Cr | Sep 2022 ₹-1.1K Cr | Dec 2022 ₹480 Cr | Mar 2023 ₹223 Cr | Jun 2023 ₹139 Cr | Sep 2023 ₹701 Cr | Dec 2023 ₹521 Cr | Mar 2024 ₹404 Cr | Jun 2024 ₹893 Cr | Sep 2024 ₹-1.2K Cr | Dec 2024 ₹629 Cr | Mar 2025 ₹-371 Cr | Jun 2025 ₹524 Cr | Sep 2025 ₹486 Cr | Dec 2025 ₹522 Cr | Mar 2026 ₹225 Cr | Jun 2026 ₹672 Cr
- TAP: Sep 2021 ₹358 Cr | Dec 2021 ₹279 Cr | Mar 2022 ₹110 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹158 Cr | Dec 2022 ₹-478 Cr | Mar 2023 ₹54 Cr | Jun 2023 ₹261 Cr | Sep 2023 ₹318 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹155 Cr | Jun 2024 ₹425 Cr | Sep 2024 ₹169 Cr | Dec 2024 ₹205 Cr | Mar 2025 ₹123 Cr | Jun 2025 ₹312 Cr | Sep 2025 ₹-2.1K Cr | Dec 2025 ₹128 Cr | Mar 2026 ₹150 Cr | Jun 2026 —
- SAM: Sep 2021 ₹-58 Cr | Dec 2021 ₹-52 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹-11 Cr | Mar 2023 — | Jun 2023 ₹-9 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹-18 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹-39 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹-23 Cr | Mar 2026 ₹-145 Cr | Jun 2026 —

### 20-quarter Profit growth history
- BUD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.5% | Sep 2022 163% | Dec 2022 41% | Mar 2023 310% | Jun 2023 -69% | Sep 2023 7.7% | Dec 2023 -31% | Mar 2024 -27% | Jun 2024 188% | Sep 2024 27% | Dec 2024 -26% | Mar 2025 71% | Jun 2025 16% | Sep 2025 -38% | Dec 2025 41% | Mar 2026 17% | Jun 2026 —
- STZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -9,608% | Dec 2022 -0.2% | Mar 2023 -45% | Jun 2023 -65% | Sep 2023 — | Dec 2023 8.5% | Mar 2024 81% | Jun 2024 542% | Sep 2024 -269% | Dec 2024 21% | Mar 2025 -192% | Jun 2025 -41% | Sep 2025 — | Dec 2025 -17% | Mar 2026 — | Jun 2026 28%
- TAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -88% | Sep 2022 -56% | Dec 2022 -271% | Mar 2023 -51% | Jun 2023 605% | Sep 2023 101% | Dec 2023 — | Mar 2024 187% | Jun 2024 63% | Sep 2024 -47% | Dec 2024 156% | Mar 2025 -21% | Jun 2025 -27% | Sep 2025 -1,348% | Dec 2025 -38% | Mar 2026 22% | Jun 2026 —
- SAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -10% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -117% | Sep 2023 115% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -41% | Dec 2024 — | Mar 2025 85% | Jun 2025 15% | Sep 2025 35% | Dec 2025 — | Mar 2026 -704% | Jun 2026 —

## Return On Capital Employed

What the numbers say: The Boston Beer Company, Inc. leads ROCE at 8%, 3.5 percentage points above Constellation Brands, Inc.. Constellation Brands, Inc. has the strongest latest improvement at +1.1 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: The Boston Beer Company, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: The Boston Beer Company, Inc. · 8% | 77.8% versus #2 · Constellation Brands, Inc. | 5/8 recent comparable periods | 4/4 companies · 77 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. The Boston Beer Company, Inc. (SAM): 8.0%
2. Constellation Brands, Inc. (STZ): 4.5%
3. Anheuser-Busch InBev SA/NV (BUD): 2.5%
4. Molson Coors Beverage Company (TAP): 1.8%

### ROCE change — fastest improvers
1. Constellation Brands, Inc. (STZ): +1.1 pp
2. Molson Coors Beverage Company (TAP): +0.6 pp
3. The Boston Beer Company, Inc. (SAM): +0.4 pp
4. Anheuser-Busch InBev SA/NV (BUD): +0.3 pp

### 20-quarter ROCE history
- BUD: Sep 2021 2.1% | Dec 2021 1.8% | Mar 2022 1.7% | Jun 2022 4.5% | Sep 2022 2.1% | Dec 2022 2.0% | Mar 2023 1.9% | Jun 2023 1.9% | Sep 2023 2.0% | Dec 2023 1.8% | Mar 2024 2.0% | Jun 2024 2.1% | Sep 2024 2.2% | Dec 2024 2.3% | Mar 2025 2.0% | Jun 2025 2.2% | Sep 2025 2.4% | Dec 2025 2.0% | Mar 2026 2.3% | Jun 2026 2.5%
- STZ: Sep 2021 — | Dec 2021 3.4% | Mar 2022 2.8% | Jun 2022 3.4% | Sep 2022 3.6% | Dec 2022 3.3% | Mar 2023 2.1% | Jun 2023 3.4% | Sep 2023 4.5% | Dec 2023 3.7% | Mar 2024 2.8% | Jun 2024 4.2% | Sep 2024 -5.8% | Dec 2024 3.9% | Mar 2025 -0.7% | Jun 2025 3.4% | Sep 2025 4.5% | Dec 2025 3.5% | Mar 2026 2.4% | Jun 2026 4.5%
- TAP: Sep 2021 2.2% | Dec 2021 1.8% | Mar 2022 0.9% | Jun 2022 0.4% | Sep 2022 1.4% | Dec 2022 -1.5% | Mar 2023 0.7% | Jun 2023 2.1% | Sep 2023 2.6% | Dec 2023 0.7% | Mar 2024 1.4% | Jun 2024 3.6% | Sep 2024 2.0% | Dec 2024 1.2% | Mar 2025 1.2% | Jun 2025 2.5% | Sep 2025 -17% | Dec 2025 1.1% | Mar 2026 1.8% | Jun 2026 —
- SAM: Sep 2021 -6.7% | Dec 2021 -6.5% | Mar 2022 -0.2% | Jun 2022 5.9% | Sep 2022 3.2% | Dec 2022 -1.4% | Mar 2023 — | Jun 2023 -1.2% | Sep 2023 6.5% | Dec 2023 -2.1% | Mar 2024 1.3% | Jun 2024 5.9% | Sep 2024 3.9% | Dec 2024 -5.0% | Mar 2025 3.1% | Jun 2025 7.6% | Sep 2025 5.9% | Dec 2025 -3.4% | Mar 2026 -22% | Jun 2026 8.0%

### 20-quarter ROCE change history
- BUD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.2 pp | Mar 2023 +0.2 pp | Jun 2023 −2.6 pp | Sep 2023 −0.1 pp | Dec 2023 −0.2 pp | Mar 2024 +0.1 pp | Jun 2024 +0.2 pp | Sep 2024 +0.2 pp | Dec 2024 +0.5 pp | Mar 2025 0.0 pp | Jun 2025 +0.1 pp | Sep 2025 +0.2 pp | Dec 2025 −0.3 pp | Mar 2026 +0.3 pp | Jun 2026 +0.3 pp
- STZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.1 pp | Mar 2023 −0.7 pp | Jun 2023 0.0 pp | Sep 2023 +0.9 pp | Dec 2023 +0.4 pp | Mar 2024 +0.7 pp | Jun 2024 +0.8 pp | Sep 2024 −10.3 pp | Dec 2024 +0.2 pp | Mar 2025 −3.5 pp | Jun 2025 −0.8 pp | Sep 2025 +10.3 pp | Dec 2025 −0.4 pp | Mar 2026 +3.1 pp | Jun 2026 +1.1 pp
- TAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 −3.3 pp | Mar 2023 −0.2 pp | Jun 2023 +1.7 pp | Sep 2023 +1.2 pp | Dec 2023 +2.2 pp | Mar 2024 +0.7 pp | Jun 2024 +1.5 pp | Sep 2024 −0.6 pp | Dec 2024 +0.5 pp | Mar 2025 −0.2 pp | Jun 2025 −1.1 pp | Sep 2025 −18.8 pp | Dec 2025 −0.1 pp | Mar 2026 +0.6 pp | Jun 2026 —
- SAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.9 pp | Dec 2022 +5.1 pp | Mar 2023 — | Jun 2023 −7.1 pp | Sep 2023 +3.3 pp | Dec 2023 −0.7 pp | Mar 2024 — | Jun 2024 +7.1 pp | Sep 2024 −2.6 pp | Dec 2024 −2.9 pp | Mar 2025 +1.8 pp | Jun 2025 +1.7 pp | Sep 2025 +2.0 pp | Dec 2025 +1.6 pp | Mar 2026 −25.2 pp | Jun 2026 +0.4 pp

## Valuation Against Growth & Quality

What the numbers say: There is not enough comparable evidence to name a reliable peg leader.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/4 companies · 9 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG

### P/E — lowest P/E
1. Molson Coors Beverage Company (TAP): 9.3
2. Constellation Brands, Inc. (STZ): 13.2
3. Anheuser-Busch InBev SA/NV (BUD): 17.5
4. The Boston Beer Company, Inc. (SAM): 19.9

### 20-quarter PEG history
- BUD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 0.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.8 | Mar 2025 0.4 | Jun 2025 0.9 | Sep 2025 — | Dec 2025 1.0 | Mar 2026 3.1 | Jun 2026 —
- TAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.5 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.0 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- BUD: Sep 2021 22.7 | Dec 2021 26.6 | Mar 2022 28.9 | Jun 2022 27.8 | Sep 2022 17.9 | Dec 2022 20.6 | Mar 2023 17.9 | Jun 2023 18.3 | Sep 2023 17.7 | Dec 2023 24.9 | Mar 2024 25.5 | Jun 2024 19.8 | Sep 2024 20.5 | Dec 2024 17.5 | Mar 2025 17.8 | Jun 2025 19.3 | Sep 2025 19.5 | Dec 2025 18.9 | Mar 2026 19.0 | Jun 2026 17.5
- STZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 37.1 | Sep 2022 793.7 | Dec 2022 735.3 | Mar 2023 — | Jun 2023 — | Sep 2023 31.7 | Dec 2023 28.5 | Mar 2024 26.5 | Jun 2024 18.7 | Sep 2024 77.9 | Dec 2024 64.8 | Mar 2025 — | Jun 2025 — | Sep 2025 23.6 | Dec 2025 21.5 | Mar 2026 16.4 | Jun 2026 13.3
- TAP: Sep 2021 — | Dec 2021 10.0 | Mar 2022 10.8 | Jun 2022 16.5 | Sep 2022 22.2 | Dec 2022 — | Mar 2023 — | Jun 2023 436.0 | Sep 2023 56.9 | Dec 2023 14.0 | Mar 2024 13.6 | Jun 2024 9.4 | Sep 2024 12.9 | Dec 2024 10.7 | Mar 2025 12.7 | Jun 2025 9.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SAM: Sep 2021 65.2 | Dec 2021 490.4 | Mar 2022 — | Jun 2022 — | Sep 2022 148.4 | Dec 2022 60.6 | Mar 2023 — | Jun 2023 67.6 | Sep 2023 58.5 | Dec 2023 55.7 | Mar 2024 38.1 | Jun 2024 39.8 | Sep 2024 41.6 | Dec 2024 59.5 | Mar 2025 39.7 | Jun 2025 27.2 | Sep 2025 25.5 | Dec 2025 19.9 | Mar 2026 — | Jun 2026 —


## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Revenue, Net profit, Valuation have fewer than three usable current readings.

## Every company
- Anheuser-Busch InBev SA/NV (BUD) — market value ₹1.7 L Cr; latest fundamentals Jun 2026
- Constellation Brands, Inc. (STZ) — market value ₹22.4K Cr; latest fundamentals Jun 2026
- Molson Coors Beverage Company (TAP) — market value ₹7.9K Cr; latest fundamentals Mar 2026
- The Boston Beer Company, Inc. (SAM) — market value ₹1.9K Cr; latest fundamentals Jun 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-04.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Is the Beverages - Brewers sector outperforming S&P 500?

Beverages - Brewers has underperformed S&P 500 by 11.3% over 52 weeks and 6.7% over 13 weeks. 1 of 4 covered companies beat the S&P 500 on Mansfield relative strength, while 1 of 4 beat the sector itself.

### Which Beverages - Brewers company is largest by revenue?

Constellation Brands, Inc. leads with revenue of $9,057 million, based on 2 of 4 comparable companies through Jun 2026.

### Which Beverages - Brewers company is growing fastest?

Molson Coors Beverage Company has the fastest current revenue growth at -8.7%, across 2 of 4 comparable companies.

### Which Beverages - Brewers company has the strongest 4-Factor Sector Score?

Anheuser-Busch InBev SA/NV ranks first at 59.4/100 with 54.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### How much history does this Beverages - Brewers comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

### Which Beverages - Brewers company is the biggest?

Constellation Brands, Inc. is the largest, with trailing-twelve-month revenue of $9,057 million, ahead of Molson Coors Beverage Company at $8,866 million. That covers 2 of 4 companies with comparable reporting through Jun 2026.

### Which Beverages - Brewers company has the best profit margins?

Constellation Brands, Inc. has the highest operating margin at 34.7%, from 4 of 4 comparable companies. Constellation Brands, Inc. shows the biggest recent improvement, at +6.3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Beverages - Brewers company makes the most profit?

Constellation Brands, Inc. earns the most, at $1,905 million of trailing-twelve-month net profit, from 2 of 4 comparable companies. Molson Coors Beverage Company has the fastest profit growth at -264.8%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Beverages - Brewers company earns the highest return on capital?

The Boston Beer Company, Inc. leads on return on capital employed at 8%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Is the Beverages - Brewers sector beating the market?

Beverages - Brewers has underperformed S&P 500 by 11.3% over the last 52 weeks and 6.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Beverages - Brewers stock has the strongest price momentum?

Anheuser-Busch InBev SA/NV has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Beverages - Brewers company scores highest for research priority?

Anheuser-Busch InBev SA/NV scores 59.4 out of 100 with 54.8% evidence confidence, from 19.3 points on growth and earnings, 10.6 on capital efficiency, 10 on valuation and 19.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Beverages - Brewers companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Beverages - Brewers sector?

The 4 Beverages - Brewers companies on this page carry $198,436 million of combined market value. Anheuser-Busch InBev SA/NV is the largest at $166,208 million, about 84% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

### How is the Beverages - Brewers sector performing?

1 of the 4 covered Beverages - Brewers companies are beating S&P 500 on Mansfield relative strength. The sector itself is 11.3% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04.

### How many Beverages - Brewers stocks are listed in the US?

This comparison covers 4 listed Beverages - Brewers companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.