Becle S.A.B. de C.V

What it is

Becle is the world’s largest producer of tequila, and its portfolio of over 30 spirits brands covers tequila — where it is the undisputed global leader — and Irish whiskey, where it ranks second globally. Beyond tequila, the company sells whiskey, rum and vodka under third-party brand names including Bushmills, Kraken, Three Olives and Stranahan’s.

Becle controls the entire value chain from cultivating blue agave — a process that takes several years — to distilling and ageing its spirits, which lets it manage costs tightly and underpin its premium positioning. Its brands are sold and distributed in more than 85 countries.

Who owns it

Becle is controlled by the Beckmann family. When the company listed on the Mexican Stock Exchange in 2017, the Beckmann family retained an 86.7% controlling stake — the same proportion the EODHD data records today, leaving a public free float of roughly 13% and institutional investors holding about 7%.

The family has owned the José Cuervo business for 11 generations.

The story dates to 1758, when José Antonio de Cuervo was granted approval by Spain’s King Ferdinand VI to plant agave and produce tequila. The enterprise passed through several generations of the Cuervo line until it transitioned to the Beckmann lineage through marriage; their descendants have maintained ownership across 11 generations.

Patriarch Juan Francisco Beckmann Vidal is the honorary lifelong chairman of Becle.

Who runs it

Juan Domingo Beckmann Legorreta (born 1967) serves as CEO and chairman of the board of Becle, the world’s largest producer of tequila. He has served as Chief Executive Officer of the company since 2002.

He is the son of the honorary chairman Juan Francisco Beckmann Vidal, making this a business in which the controlling family and the top executive are one and the same.

The Chief Financial Officer is Rodrigo de la Maza Serrato. He previously served as CFO for Latin America at WestRock and as CFO at Grupo Proeza, where he was recognised as CFO of the Year in 2019 by Mexico’s Instituto Mexicano de Ejecutivos de Finanzas.

The money, in plain words

Full-year 2025 revenue came in at MXN 43.1 bn (~$2.49 bn USD), down 2.0% from 2024 — three straight years of modestly falling sales (our calculation). Yet profit recovered sharply: net income for the full year 2025 was MXN 8.65 bn (US$499 mn), up 119% from 2024, and the profit margin reached 20%, up from 9% in 2024.

The gain came from cost discipline rather than growth — despite lower sales, Becle improved profit margins by avoiding price cuts as aggressively as its competitors.

For every peso of revenue, the company kept about 19 cents as net profit — a net margin of 19.3% (TTM), robust for a spirits company. For every peso shareholders have invested in the business, it earns roughly 11 cents per year — a return on equity of 11.4%, respectable but below its own peak.

The balance sheet is genuinely clean: with MXN 10.8 bn (~$625 m USD) in cash and no reported debt, Becle holds net cash of MXN 10.8 bn (US$623 mn) (~$625 m) (our calculation). At a price-to-earnings ratio of just 6.6×, the market is pricing in continued difficulty — cheap by spirits-industry standards if a recovery materialises.

What it is doing now

Becle had a tough start to 2026, with total sales down 23.1% to MXN 7.4 bn (US$427 mn) in Q1, as the company behind José Cuervo saw sales plunge by more than a third in North America. The company cited distribution changes as it moved away from Republic National Distributing Company, alongside continued softness in full-strength spirits consumption.

Tequila is among Mexican goods exempt from US tariffs under the US-Mexico-Canada free trade pact, which is up for review this year, but on-and-off trade threats have impacted the sector. For 2026, management predicted net sales value will decline in the low single digits (excluding currency effects) and guided capital spending of $90–110 million, down from $130 million in 2025.

What to watch

• US trade pact renewal. The present uncertainty over US trade policy leaves the tequila industry enveloped in uncertainty about its largest market, especially as the three-way trade pact comes up for review.
• US consumer habits. Analysts point to a stagnant tequila market across the US as consumers change their drinking habits, with industry groups attributing the shift to tighter wallets, interest in healthier alternatives and legal marijuana sales.
• US distribution rebuild. The switch away from a major national distributor is the single biggest operational execution risk of 2026; how quickly new distribution restores shelf presence will determine when volumes stabilise.
• Agave costs. Management told analysts Becle should continue to benefit from lower agave costs, though to a lesser extent than in 2025. Agave prices are a key swing factor in margins.
• Canada boycott effect. Canadians have opted for more local spirits amid US tariff threats — a softer market that Becle must offset with gains elsewhere.

This is news, not investment advice.