Becle stock faces a second quarter recovery test

Becle stock faces a recovery test after second-quarter 2026 revenue fell 13.9 percent year over year to MXN 9.87 billion. The Jose Cuervo owner is working through a US distribution overhaul while its Mexico business provides a counterpoint.

Revenue falls as distribution shifts

According to Tequila Watch on September 20, 2026, Q2 net sales reached MXN 9.87 billion for the period ended June 30, 2026, down 13.9 percent from the prior year. The decline narrowed to 5.8 percent at constant currency, showing how the stronger Mexican peso amplified the reported contraction.

Net income fell 29.6 percent to MXN 1.41 billion, while EPS declined to MXN 0.39 from MXN 0.56 a year earlier. Gross margin slipped to 54.4 percent from 55.1 percent, and EBITDA margin came in at 20.9 percent.

US shipments remain the pressure point

The distributor transition weighed most heavily on the United States and Canada, where shipments fell 8.7 percent across 18 markets during the quarter. Depletions, a closer measure of consumer demand, declined 4.7 percent, giving management a more constructive operating signal than shipment data alone.

Mexico offered a different trend. Volumes rose 5.5 percent excluding the divested b:oost energy drink brand, while domestic net sales value increased 1.8 percent. Becle kept its full-year guidance for a low single-digit decline in consolidated net sales value on a constant-currency basis, according to Tequila Watch.

Valuation stays below yearly midpoint

On September 29, 2026, Becle was last at MXN 14.21 on the BMV. The quote stood inside a 52-week range of MXN 13.07 to MXN 25.29, leaving the stock closer to its yearly low than its yearly high.

Consensus data from Investing.com on September 3, 2026, showed an average 12-month price target of MXN 19.29 from 11 analysts, alongside a Neutral consensus. That target sits MXN 5.08 above the September 29 market price, making the distribution recovery the central test for the valuation case.

BMV price and company profile

Becle was last at MXN 14.21 on the BMV on September 29, 2026. Its market capitalization was MXN 51.0 billion on that date, while the company's portfolio spans tequila, whiskey, vodka, rum, gin, mezcal, ready-to-drink products and non-alcoholic beverages.