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Computing","tier":3,"returns_yearly":{"2022":-92.9,"2023":35.1,"2024":1449.2,"2025":45.2,"2026":-31.4}},{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","tier":3,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-38.8}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null}],"analysis":"미국 수입맥주 강자. 2025년 -36%, 2026년 -5.1%로 약세가 이어진다. 본주(-5.1%)와 공급단(평균 +12%)이 같은 보폭으로 움직인다.","analysis_en":"Constellation Brands, Inc. operates across U.S. imported beer leader. It remained weak at -36% in 2025 and -5.1% in 2026. The stock (-5.1%) and its supply side (avg +12%) are moving in step. It also holds exchangeable shares in Canopy Growth.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"캐노피 그로스","counterparty_slug":null,"confidence":"high","metric":{"type":"count","unit":"shares","as_of":"2026-04-22","basis":"컨스텔레이션이 보유한 캐노피 그로스 교환가능주식 수","value":26300000,"period":"FY2026","basis_en":"Canopy Growth exchangeable shares held by Constellation Brands","qualifier":null},"note":"컨스텔레이션은 2018년 캐노피 그로스에 40억 달러를 투자했고, FY2026 말에도 의결권과 배당권이 없는 교환가능주식 2,630만 주를 보유했다. 현재 보유 형태와 가치는 최초 투자 당시와 크게 달라졌으므로 엣지 수치는 최신 보유 주식 수를 기준으로 잡았다.","note_en":"Constellation invested $4 billion in Canopy Growth in 2018 and still held 26.3 million non-voting, non-participating exchangeable shares at FY2026 year-end. Because the current instrument and value differ substantially from the original investment, the edge metric uses the latest share count.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-04-22","url":"https://www.sec.gov/Archives/edgar/data/16918/000001691826000011/stz-20260228.htm","title":"CONSTELLATION BRANDS, INC. 10-K (2026-04-22)","title_en":"CONSTELLATION BRANDS, INC. 10-K (2026-04-22)","excerpt":"컨스텔레이션은 캐노피 교환가능주식 2,630만 주를 보유한다.","excerpt_en":"We own 26.3 million Exchangeable Shares."},{"stance":"confirms","publisher":"컨스텔레이션 브랜즈","publisher_en":"Constellation Brands","kind":"ir","lang":"en","published_at":"2018-11-01","url":"https://ir.cbrands.com/news-events/press-releases/detail/205/constellation-brands-5-billion-cad-4-billion-usd-investment-in-canopy-growth-closes-following-shareholder-and-canadian-government-approval","title":"Constellation Brands' $5 Billion CAD ($4 Billion USD) Investment in Canopy Growth Closes","title_en":"Constellation Brands' $5 Billion CAD ($4 Billion USD) Investment in Canopy Growth Closes","excerpt":"회사는 캐노피 그로스에 대한 40억 달러 투자가 종결됐다고 발표했다.","excerpt_en":"Constellation's $4 billion USD investment in Canopy Growth closed."},{"stance":"confirms","publisher":"NH투자증권 리서치본부","publisher_en":"NH Investment & Securities Research","kind":"research","lang":"ko","published_at":"2018-10-04","url":"https://file.mk.co.kr/imss/write/20181004111839__00.pdf","title":"컨스텔레이션 브랜즈: 안정적인 주류 사업 성장세 속 신성장 사업에 통큰 베팅","title_en":"Constellation Brands: A Big Bet on New Growth amid Stable Alcohol Business Growth","excerpt":"지난 8월 15일 동사는 Canopy Growth 지분 1.05억주를 40억달러에 추가 인수했다.","excerpt_en":"On August 15, the company agreed to acquire 105 million additional Canopy Growth shares for $4 billion."}]},{"direction":"revenue","counterparty":"레예스 비어 디비전","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue_share","unit":"percent","as_of":"2026-04-22","basis":"컨스텔레이션 브랜즈 연결 순매출 중 레예스 비어 디비전 계열 비중","value":27.5,"period":"FY2026","basis_en":"Share of Constellation Brands consolidated net sales from Reyes Beer Division entities","qualifier":null},"note":"레예스 비어 디비전 계열은 FY2026 연결 순매출의 27.5%를 차지한 최대 고객이다. 와인·증류주 매각으로 전체 매출 분모가 줄어든 영향도 있어 비중 상승을 전부 유통 지배력 강화로 해석하기는 어렵다.","note_en":"Reyes Beer Division entities were Constellation's largest customer at 27.5% of FY2026 consolidated net sales. Part of the higher share reflects the smaller revenue base after wine and spirits divestitures, so it should not be read entirely as greater distributor power.","sources":[{"stance":"confirms","publisher":"브레이크아웃 불리틴","publisher_en":"BreakoutBulletin","kind":"analysis","lang":"en","published_at":"2026-08-05","url":"https://breakoutbulletin.com/article/constellation-brands-beer-story-loud-distributor-buried","title":"The Beer Story Was Loud. The Distributor Story Was Buried.","title_en":"The Beer Story Was Loud. The Distributor Story Was Buried.","excerpt":"분석은 레예스가 FY2026 순매출의 27.5%를 차지한 최대 고객이라고 확인한다.","excerpt_en":"Reyes accounted for 27.5% of net sales."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-04-22","url":"https://www.sec.gov/Archives/edgar/data/16918/000001691826000011/stz-20260228.htm","title":"CONSTELLATION BRANDS, INC. 10-K (2026-04-22)","title_en":"CONSTELLATION BRANDS, INC. 10-K (2026-04-22)","excerpt":"레예스 비어 디비전 계열의 FY2026 순매출 비중은 27.5%다.","excerpt_en":"Reyes Beer Division entities: Net sales 27.5%."}]},{"direction":"revenue","counterparty":"서던 글레이저스 와인 앤 스피리츠","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue_share","unit":"percent","as_of":"2026-04-22","basis":"컨스텔레이션 브랜즈 연결 순매출 중 서던 글레이저스 비중","value":6.7,"period":"FY2026","basis_en":"Share of Constellation Brands consolidated net sales from Southern Glazer's Wine & Spirits","qualifier":null},"note":"서던 글레이저스는 컨스텔레이션의 미국 브랜드 와인·증류주 물량 약 70%를 유통하는 계약 상대다. FY2026에는 연결 순매출의 6.7%를 차지했다.","note_en":"Southern Glazer's is Constellation's contracted distributor for nearly 70% of U.S. branded wine and spirits volume. It accounted for 6.7% of consolidated net sales in FY2026.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-04-22","url":"https://www.sec.gov/Archives/edgar/data/16918/000001691826000011/stz-20260228.htm","title":"CONSTELLATION BRANDS, INC. 10-K (2026-04-22)","title_en":"CONSTELLATION BRANDS, INC. 10-K (2026-04-22)","excerpt":"서던 글레이저스의 FY2026 순매출 비중은 6.7%다.","excerpt_en":"Southern Glazer's Wine and Spirits: Net sales 6.7%."}]},{"direction":"cost","counterparty":"볼","counterparty_slug":"ball","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-04-22","basis":"볼의 컨스텔레이션 브랜즈 알루미늄 캔 공급액","value":null,"period":"FY2026","basis_en":"Value of Ball aluminum-can supply to Constellation Brands","qualifier":"confirmed_no_disclosed_value"},"note":"볼은 Modelo Oro와 Corona Extra용 알루미늄 캔 설계·포장을 공급한 포장재 파트너다. 컨스텔레이션은 맥주 캔 수요 전량을 두 공급사에서 조달하지만 볼의 개별 금액과 어느 공급사가 과반인지 공개하지 않았다.","note_en":"Ball supplied aluminum can design and packaging for Modelo Oro and Corona Extra. Constellation sources all beer-can requirements from two suppliers but does not disclose Ball's individual value or identify which supplier provides the majority.","sources":[{"stance":"confirms","publisher":"볼","publisher_en":"Ball Corporation","kind":"ir","lang":"en","published_at":"2024-03-21","url":"https://www.ball.com/getmedia/b59c067e-1ee9-49c1-9963-4ac9d94ded62/combined-report-04-02.pdf","title":"2023 통합 연차·지속가능성 보고서","title_en":"2023 Combined Annual & Sustainability Report","excerpt":"볼 보고서는 Modelo Oro와 Corona Extra의 캔 패키징 협업을 사례로 제시한다.","excerpt_en":"Constellation Brands' Corona Extra team led an example of design innovation."}]},{"direction":"cost","counterparty":"오아이 글라스","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2024-02-14","basis":"오아이 글라스의 컨스텔레이션 브랜즈 유리 용기 공급액","value":null,"period":"FY2023","basis_en":"Value of O-I Glass container supply to Constellation Brands","qualifier":"confirmed_no_disclosed_value"},"note":"오아이 글라스는 컨스텔레이션을 주요 글로벌 식음료 고객 중 하나로 공시하며 유리 용기를 직접 공급한다. 컨스텔레이션 공시는 유리병이 매출원가의 큰 항목이라고 설명하지만 오아이 글라스의 개별 공급액은 공개하지 않는다.","note_en":"O-I Glass identifies Constellation among its largest global food and beverage customers and supplies glass containers directly. Constellation describes glass bottles as a major cost-of-goods component but does not disclose O-I's individual supply value.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2024-02-14","url":"https://www.sec.gov/Archives/edgar/data/812074/000155837024001165/oi-20231231x10k.htm","title":"O-I GLASS, INC. Form 10-K for the year ended December 31, 2023","title_en":"O-I GLASS, INC. Form 10-K for the year ended December 31, 2023","excerpt":"오아이 글라스는 컨스텔레이션을 자사의 주요 글로벌 식음료 제조 고객으로 열거한다.","excerpt_en":"The Company's largest customers include Constellation."}]},{"direction":"cost","counterparty":"아마존","counterparty_slug":"amazon","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2021-11-18","basis":"AWS 클라우드 및 데이터 인프라 사용액","value":null,"period":"2021","basis_en":"AWS cloud and data infrastructure spend","qualifier":"confirmed_no_disclosed_value"},"note":"컨스텔레이션은 도매 유통사의 주문 처리 시스템을 기존 AWS 환경에서 운영하며 AWS Fargate와 DynamoDB를 사용했다. 계약 금액과 현재 사용 규모는 공개되지 않았다.","note_en":"Constellation ran its wholesale distributor ordering system on its existing AWS environment using AWS Fargate and DynamoDB. Contract value and current usage scale were not disclosed.","sources":[{"stance":"confirms","publisher":"PwC","publisher_en":"PwC","kind":"analysis","lang":"en","published_at":"2021-11-18","url":"https://www.pwc.com/us/en/library/case-studies/constellation-brands.html","title":"How Constellation Brands built a better ordering system on AWS","title_en":"How Constellation Brands built a better ordering system on AWS","excerpt":"PwC 사례는 컨스텔레이션의 기존 AWS 환경에서 Fargate와 DynamoDB를 사용했다고 확인한다.","excerpt_en":"Constellation Brands wanted to build a new solution on its existing AWS platform."}]}]}