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Stock Analysis on Net

Constellation Brands Inc. (NYSE:STZ)

This company has been moved to the archive! The financial data has not been updated since January 5, 2023.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Constellation Brands Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Feb 28, 2022 Feb 28, 2021 Feb 29, 2020 Feb 28, 2019 Feb 28, 2018 Feb 28, 2017
Short-term borrowings 1.25 0.00 0.87 2.71 3.64 3.26
Current maturities of long-term debt 2.34 0.11 2.69 3.64 0.11 4.90
Accounts payable 3.48 1.70 2.04 2.11 2.88 3.01
Salaries, commissions, and payroll benefits and withholdings 0.99 0.86 0.67 0.56 0.73 0.80
Promotions and advertising 0.67 0.59 0.70 0.62 0.56 0.63
Accrued interest 0.33 0.34 0.35 0.37 0.42 0.47
Current operating lease liability 0.31 0.25 0.28 0.00 0.00 0.00
Accrued excise taxes 0.17 0.07 0.00 0.00 0.00 0.00
Deferred revenue 0.12 0.06 0.00 0.00 0.00 0.00
Income taxes payable 0.08 0.09 0.09 0.08 0.24 0.32
Other 0.69 0.61 0.77 0.73 0.90 1.11
Other accrued expenses and liabilities 3.37% 2.88% 2.86% 2.36% 2.84% 3.34%
Current liabilities 10.44% 4.68% 8.46% 10.82% 9.47% 14.50%
Long-term debt, less current maturities 36.70 38.42 41.03 40.23 45.85 41.50
Deferred income taxes 1.99 2.10 1.41 3.52 3.50 6.09
Noncurrent operating lease liability 1.77 1.74 1.77 0.00 0.00 0.00
Unrecognized tax benefit liabilities 1.23 0.99 1.01 0.82 0.46 0.00
Deferred revenue 0.40 0.01 0.00 0.00 0.00 0.00
Long-term income tax payable 0.29 0.32 0.35 0.33 0.81 0.00
Other 0.58 0.35 0.32 0.36 0.66 0.89
Deferred income taxes and other liabilities 6.27% 5.51% 4.85% 5.03% 5.42% 6.98%
Noncurrent liabilities 42.97% 43.93% 45.88% 45.26% 51.28% 48.49%
Total liabilities 53.40% 48.61% 54.35% 56.08% 60.74% 62.99%
Preferred Stock, $0.01 par value; Issued, none 0.00 0.00 0.00 0.00 0.00 0.00
Class A Stock, $0.01 par value 0.01 0.01 0.01 0.01 0.01 0.01
Class B Stock, $0.01 par value 0.00 0.00 0.00 0.00 0.00 0.00
Class 1 Stock, $0.01 par value 0.00 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 7.00 5.92 5.54 4.83 13.76 14.81
Retained earnings 56.10 55.78 50.12 48.84 44.93 39.30
Accumulated other comprehensive loss -1.60 -1.24 -0.97 -1.21 -0.99 -2.15
Treasury stock -16.14 -10.29 -10.30 -9.52 -18.54 -14.93
Total CBI stockholders’ equity 45.37% 50.17% 44.40% 42.94% 39.18% 37.04%
Noncontrolling interests 1.22 1.22 1.25 0.98 0.08 -0.03
Total stockholders’ equity 46.60% 51.39% 45.65% 43.92% 39.26% 37.01%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).

The capital structure of the organization exhibits a strategic shift toward a higher proportion of equity financing and a reduction in total leverage over the analyzed six-year period. Total liabilities decreased from 62.99% of total liabilities and stockholders’ equity in February 2017 to 53.40% by February 2022, while total stockholders’ equity increased from 37.01% to 46.60% over the same timeframe.

Liability Structure and Debt Trends
Noncurrent liabilities, primarily driven by long-term debt, represent the largest portion of the company's obligations. Long-term debt, less current maturities, showed a gradual decline from 41.50% in 2017 to 36.70% in 2022. This reduction in long-term debt, coupled with a decrease in deferred income taxes from 6.09% to 1.99%, contributed to the overall lowering of the liability ratio.
Current liabilities experienced significant volatility, peaking at 14.50% in 2017 and reaching a low of 4.68% in 2021 before rising again to 10.44% in 2022. Short-term borrowings and current maturities of long-term debt fluctuated throughout the period, indicating active short-term debt management and periodic refinancing cycles.
Equity Composition and Retention
A substantial increase in retained earnings is the primary driver of equity growth, rising from 39.30% in 2017 to 56.10% in 2022. This trend suggests strong internal capital generation and a commitment to reinvesting profits back into the business.
The influence of treasury stock indicates an active share repurchase strategy. This item fluctuated from -14.93% in 2017 to a low of -9.52% in 2019, before increasing again to -16.14% in 2022, effectively reducing the overall stockholders' equity balance while potentially increasing earnings per share.
Additional paid-in capital saw a sharp decline between 2018 and 2019, dropping from 13.76% to 4.83%, and remained relatively stable at lower levels through 2022.
Operational Liabilities and Accruals
Accounts payable remained relatively stable for several years but saw a notable increase in 2022, rising to 3.48% from 1.70% in 2021. Other accrued expenses and liabilities also trended upward toward the end of the period, reaching 3.37% in 2022.
The introduction of current and noncurrent operating lease liabilities starting in 2020 reflects changes in accounting standards or leasing activities, with noncurrent lease liabilities stabilizing at approximately 1.77% of the total balance sheet.

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