Has Constellation Brands Stock Become A Different Bet?

Constellation Brands (STZ) stock is priced at 11.6 times earnings over the past twelve months, as reported, against 22.9 for the S&P 500. Shareholders paying that price need to know what they are buying, and management has changed what it talks about. On its fiscal Q2 2026 call in October 2025, management emphasized that most consumers it surveyed, Hispanic and non-Hispanic alike, were worried about the economy. Now the company emphasizes something different. So what is it.