- Price
- CA$2894.73 → CA$3003.78(+3.8%)
- Discount
- 17.3% → 14.2%(−3.1 pts)
- Next earnings
- 2026-11-11 → 2026-11-06
- Balance sheet
- Cash: $2.9B
Debt: $4.2B
Net debt: $1.3B
Net debt / EBITDA: 1.1× (low)
Undrawn credit line: $1.1B
Ratings: S&P BBB (positive outlook), Fitch BBB+ (stable outlook)
Constellation reports in US dollars and splits its debt into two groups. The parent must repay the first group. The, and the second group sits inside acquired subsidiaries, mainly Topicus, Lumine and Optimal Blue, without recourse to the parent. At June 30, 2026, debt was $4.2 billion. Of this, $1.5 billion of debt had recourse to the parent. This was $1.0 billion of unsecured senior notes due 2029 and 2034, $348 million of subordinated floating-rate debentures and an $86 million term loan. The other $2.7 billion had no recourse, mostly floating-rate bank loans secured on subsidiary assets. This includes a $500 million 7% promissory note to Intercontinental Exchange that matures in 2063. Cash was $2.9 billion, so net debt was $1.3 billion.The leverage ratio is S&P puts this at about 1.1 times EBITDA's figure for the 12 months to June 2026. The, and the undrawn credit facility is the parent's $1,085 million unsecured credit facility was undrawn. The IRGA liability of $1.2 billion is also like debt. It is the value of the 29.38% of Topicus Coop that the Joday Group can put back to Constellation. This value moves with Topicus's results and share prices. On August 28, 2026, S&P affirmed its BBB rating and changed the outlook to positive because leverage fell. Fitch rates the company BBB+ with a stable outlook (January 2026). Free cash flow available to shareholders was $1,078 million in the first half of 2026. Acquisitions stay the main use of cash, and the low leverage leaves room to buy larger companies with debt.
As of 2026-06-30.
- Checkpoints
- Nov 116, 2026 (estimate): Q3 2026 results: organic growth and acquisition spending. Pending. Watch: Organic growth above the 3% of Q2 in the second half of 2026 and a clear capital plan from Mark Miller pass; growth at or below 3% or weaker acquisition returns fail.
Mar 2027 (estimate): Full-year 2026 results and first annual letter under Miller. Pending. Watch: Organic growth in the second half of 2026 above the 3% of Q2 and a clear capital-allocation plan from Mark Miller pass; organic growth at or below 3% or weaker returns on acquisitions fail.