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Constellation Brands Inc. pages available for free this week:
- Income Statement
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Income Statement
12 months ended: | Net sales | Operating income (loss) | Net income (loss) attributable to CBI |
---|---|---|---|
Feb 28, 2022 | |||
Feb 28, 2021 | |||
Feb 29, 2020 | |||
Feb 28, 2019 | |||
Feb 28, 2018 | |||
Feb 28, 2017 | |||
Feb 29, 2016 | |||
Feb 28, 2015 | |||
Feb 28, 2014 | |||
Feb 28, 2013 | |||
Feb 29, 2012 | |||
Feb 28, 2011 | |||
Feb 28, 2010 | |||
Feb 28, 2009 | |||
Feb 29, 2008 | |||
Feb 28, 2007 | |||
Feb 28, 2006 | |||
Feb 28, 2005 |
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), 10-K (reporting date: 2016-02-29), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-02-28), 10-K (reporting date: 2013-02-28), 10-K (reporting date: 2012-02-29), 10-K (reporting date: 2011-02-28), 10-K (reporting date: 2010-02-28), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-02-29), 10-K (reporting date: 2007-02-28), 10-K (reporting date: 2006-02-28), 10-K (reporting date: 2005-02-28).
The financial data presents a range of key performance indicators over an 18-year period. The following analysis highlights the trends and notable changes in net sales, operating income, and net income attributable to the company.
- Net Sales
- Net sales showed an initial upward trend from approximately 4.1 billion US dollars in 2005 to a peak of over 5.2 billion in 2007. Following this peak, a significant decline occurred in 2008 and 2009, with sales dropping to around 3.3 billion by 2011, indicating potential operational or market challenges during this period. From 2012 onward, there was a recovery and steady increase, with sales reaching approximately 8.8 billion by 2022. This upward trajectory post-2011 suggests improved market conditions or successful strategic initiatives.
- Operating Income (Loss)
- Operating income experienced considerable volatility. Initially, operating income increased from roughly 568 million in 2005 to nearly 700 million in 2007. However, there was a sharp operating loss recorded in 2008, reaching a negative 357 million, followed by a marginal positive income in 2009. From 2010 forward, operating income rebounded strongly, peaking at over 2.4 billion in 2014 and maintaining high levels through 2020. Some fluctuations occurred in later years, but overall operating income remained substantially above the levels observed in the mid-2000s, indicating enhanced operating efficiency or profitability over time.
- Net Income (Loss) Attributable to Company
- Net income followed a pattern similar to operating income but with greater variability. It increased from approximately 276 million in 2005, peaking near 332 million in 2007. A significant net loss was reported in 2008 and 2009, which differed in magnitude from operating income, suggesting extraordinary items or non-operating factors influencing net results. Thereafter, net income improved with fluctuations, achieving a notable high of about 3.4 billion in 2019. However, in 2020 and 2022, net income again showed losses or substantially reduced profitability, contrasting with relatively strong operating income in those same years. This divergence could indicate non-operating expenses, tax impacts, or one-time charges affecting net earnings.
Overall, the data demonstrate a company that has experienced significant challenges around the 2008 financial crisis with reduced sales and profitability, succeeded in recovering and growing through the 2010s, and encountered volatility in net income despite relatively stable operating results in recent years. The trends suggest effective sales growth strategies and operational management, with earnings variability primarily influenced by factors outside core operations.
Balance Sheet: Assets
Current assets | Total assets | |
---|---|---|
Feb 28, 2022 | ||
Feb 28, 2021 | ||
Feb 29, 2020 | ||
Feb 28, 2019 | ||
Feb 28, 2018 | ||
Feb 28, 2017 | ||
Feb 29, 2016 | ||
Feb 28, 2015 | ||
Feb 28, 2014 | ||
Feb 28, 2013 | ||
Feb 29, 2012 | ||
Feb 28, 2011 | ||
Feb 28, 2010 | ||
Feb 28, 2009 | ||
Feb 29, 2008 | ||
Feb 28, 2007 | ||
Feb 28, 2006 | ||
Feb 28, 2005 |
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), 10-K (reporting date: 2016-02-29), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-02-28), 10-K (reporting date: 2013-02-28), 10-K (reporting date: 2012-02-29), 10-K (reporting date: 2011-02-28), 10-K (reporting date: 2010-02-28), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-02-29), 10-K (reporting date: 2007-02-28), 10-K (reporting date: 2006-02-28), 10-K (reporting date: 2005-02-28).
The financial data exhibit notable trends in both current assets and total assets over the examined period.
- Current Assets
- The current assets exhibit some fluctuation between 2005 and 2010, starting around 2,734,035 thousand USD and dipping to approximately 2,534,500 thousand USD in 2009. Subsequently, there was a general upward trend from 2010 onwards, reaching a peak around 3,684,000 thousand USD in 2019. After 2019, current assets declined noticeably in 2020 to about 3,484,100 thousand USD, followed by a further drop in 2021 to 3,044,500 thousand USD, before slightly recovering to approximately 3,329,700 thousand USD in 2022. This overall pattern suggests periods of growth interspersed with some volatility, particularly a decline after 2019.
- Total Assets
- Total assets demonstrated considerable volatility with an initial value near 7,804,172 thousand USD in 2005, dipping to 7,166,000 thousand USD in 2011. From 2011 onwards, total assets show a strong upward trend, accelerating after 2012 and peaking dramatically at 29,231,500 thousand USD in 2019. This spike represents a significant increase compared to prior years. However, after the 2019 peak, there was a consistent downward trend through 2020 to 2022, with total assets decreasing first to 27,323,200 thousand USD and then further to 25,855,800 thousand USD by 2022. This pattern indicates a phase of aggressive asset growth followed by contraction or asset disposal in recent years.
Overall, the data suggest that the company experienced notable expansion in asset base particularly from 2012 to 2019, which then reversed somewhat after 2019. Current assets followed a somewhat similar pattern but with less pronounced growth and more moderate fluctuations, including a decrease in the recent years. These trends could reflect shifts in business scale, investment activities, or changes in working capital management during these periods.
Balance Sheet: Liabilities and Stockholders’ Equity
Constellation Brands Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
Current liabilities | Total liabilities | Total borrowings | Total CBI stockholders’ equity | |
---|---|---|---|---|
Feb 28, 2022 | ||||
Feb 28, 2021 | ||||
Feb 29, 2020 | ||||
Feb 28, 2019 | ||||
Feb 28, 2018 | ||||
Feb 28, 2017 | ||||
Feb 29, 2016 | ||||
Feb 28, 2015 | ||||
Feb 28, 2014 | ||||
Feb 28, 2013 | ||||
Feb 29, 2012 | ||||
Feb 28, 2011 | ||||
Feb 28, 2010 | ||||
Feb 28, 2009 | ||||
Feb 29, 2008 | ||||
Feb 28, 2007 | ||||
Feb 28, 2006 | ||||
Feb 28, 2005 |
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), 10-K (reporting date: 2016-02-29), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-02-28), 10-K (reporting date: 2013-02-28), 10-K (reporting date: 2012-02-29), 10-K (reporting date: 2011-02-28), 10-K (reporting date: 2010-02-28), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-02-29), 10-K (reporting date: 2007-02-28), 10-K (reporting date: 2006-02-28), 10-K (reporting date: 2005-02-28).
- Current liabilities
- Current liabilities exhibited noticeable fluctuations over the analyzed period. Beginning at approximately 1.14 billion USD in early 2005, the figure generally increased until 2008, with a peak at around 1.72 billion USD. This was followed by a significant decline to roughly 663 million USD by 2011. Subsequently, current liabilities varied irregularly, reaching a high of approximately 3.16 billion USD in 2019 before declining again and ending near 2.70 billion USD in 2022. The periodic volatility indicates varying short-term obligations and possible changes in operational or financial strategies.
- Total liabilities
- Total liabilities data is partially missing for earlier years but shows a consistent upward trend from 2014 onward. Starting at about 9.32 billion USD in 2014, total liabilities increased steadily, peaking at approximately 16.39 billion USD in 2019 before declining modestly to 13.81 billion USD in 2022. This suggests an overall increase in the company's financial commitments during this period followed by some deleveraging or stabilization in recent years.
- Total borrowings
- Total borrowings began at approximately 3.29 billion USD in 2005, experiencing some fluctuation initially but demonstrating a clear upward trajectory from 2010. By 2019, total borrowings peaked at around 13.62 billion USD, indicating significant leveraging. However, after 2019, borrowings declined moderately, settling around 10.42 billion USD by 2022. This pattern reflects aggressive debt accumulation up to 2019 with a subsequent reduction in borrowing levels.
- Total CBI stockholders’ equity
- Stockholders' equity started near 2.78 billion USD in 2005 and increased steadily through 2007, then decreased sharply by 2009 to around 1.91 billion USD. After 2009, equity rose consistently, more prominently after 2012, reaching a peak of approximately 12.55 billion USD in 2019. Post 2019, equity showed some volatility but generally remained high, ending near 11.73 billion USD in 2022. This indicates substantial value creation and retained earnings growth over the long term, albeit with considerable variability.
- Overall trends and insights
- The company’s financial structure evolved considerably over the study period. Short-term liabilities fluctuated notably, suggesting reactive management of current obligations. Total liabilities and borrowings increased markedly until about 2019, indicating heavy reliance on debt financing during that phase. Meanwhile, stockholders' equity grew considerably after 2009, reflecting profitability and possible capital infusions. The combined rise in equity and liabilities points to an expansion strategy likely supported by both debt and equity. The post-2019 period shows partial deleveraging and stabilization of financial leverage, which could reflect strategic adjustments in response to market conditions or internal objectives. Overall, the financial data indicates growth accompanied by increased leverage, followed by efforts to balance the capital structure responsibly.
Cash Flow Statement
Constellation Brands Inc., selected items from cash flow statement, long-term trends
US$ in thousands
12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
---|---|---|---|
Feb 28, 2022 | |||
Feb 28, 2021 | |||
Feb 29, 2020 | |||
Feb 28, 2019 | |||
Feb 28, 2018 | |||
Feb 28, 2017 | |||
Feb 29, 2016 | |||
Feb 28, 2015 | |||
Feb 28, 2014 | |||
Feb 28, 2013 | |||
Feb 29, 2012 | |||
Feb 28, 2011 | |||
Feb 28, 2010 | |||
Feb 28, 2009 | |||
Feb 29, 2008 | |||
Feb 28, 2007 | |||
Feb 28, 2006 | |||
Feb 28, 2005 |
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), 10-K (reporting date: 2016-02-29), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-02-28), 10-K (reporting date: 2013-02-28), 10-K (reporting date: 2012-02-29), 10-K (reporting date: 2011-02-28), 10-K (reporting date: 2010-02-28), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-02-29), 10-K (reporting date: 2007-02-28), 10-K (reporting date: 2006-02-28), 10-K (reporting date: 2005-02-28).
- Operating Activities Cash Flow
- Over the period analyzed, cash provided by operating activities demonstrates an overall upward trend with several fluctuations. Starting at 320,700 thousand US dollars in 2005, it generally increased, reaching a peak of 2,806,500 thousand US dollars in 2021 before slightly declining to 2,705,400 thousand US dollars in 2022. Key points include a notably strong increase from 2007 to 2008 and continued growth from 2013 to 2021, indicating improving operating performance and cash generation capacity.
- Investing Activities Cash Flow
- Cash flows from investing activities reveal a pattern of significant outflows interspersed with occasional inflows. Initially, there was a large outflow of around 1,222,860 thousand US dollars in 2005, followed by volatile movements in subsequent years. Notable inflows occurred in 2009 and 2010 with positive cash flows of 128,600 and 256,600 thousand US dollars, respectively. However, from 2013 onward, the company experienced substantial outflows, especially in 2014 and 2019, pointing to aggressive investment spending or asset acquisitions. The persistent negative investing cash flow suggests a consistent reinvestment strategy.
- Financing Activities Cash Flow
- Cash flow from financing activities showed more variability and frequent reversals. The company had positive inflows in certain years, such as 884,180 thousand US dollars in 2005, 925,200 thousand US dollars in 2007, and a significant inflow of 3,777,000 thousand US dollars in 2013. Conversely, negative financing cash flows were observed in multiple years, including -426,237 thousand in 2006 and considerable outflows in the later years, notably from 2019 through 2022. The pattern indicates the company actively adjusted its capital structure with periods of debt or equity issuance and repayment or dividend payments.
- Overall Cash Flow Trends
- The operating cash flow growth suggests improving core business strength, while persistent significant investing outflows reflect ongoing capital expenditures or acquisitions. Financing cash flows are variable, indicating a responsive approach to capital management, mitigating the financing needs derived from investing activities. The substantial fluctuations, particularly the large inflow in 2013, may also correspond to strategic financing decisions or major corporate actions during these years.
Per Share Data
12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
---|---|---|---|
Feb 28, 2022 | |||
Feb 28, 2021 | |||
Feb 29, 2020 | |||
Feb 28, 2019 | |||
Feb 28, 2018 | |||
Feb 28, 2017 | |||
Feb 29, 2016 | |||
Feb 28, 2015 | |||
Feb 28, 2014 | |||
Feb 28, 2013 | |||
Feb 29, 2012 | |||
Feb 28, 2011 | |||
Feb 28, 2010 | |||
Feb 28, 2009 | |||
Feb 29, 2008 | |||
Feb 28, 2007 | |||
Feb 28, 2006 | |||
Feb 28, 2005 |
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), 10-K (reporting date: 2016-02-29), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-02-28), 10-K (reporting date: 2013-02-28), 10-K (reporting date: 2012-02-29), 10-K (reporting date: 2011-02-28), 10-K (reporting date: 2010-02-28), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-02-29), 10-K (reporting date: 2007-02-28), 10-K (reporting date: 2006-02-28), 10-K (reporting date: 2005-02-28).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial data reveals several notable trends in earnings per share (EPS) and dividends per share over the period analyzed.
- Basic Earnings per Share (EPS)
- The basic EPS displays substantial volatility throughout the years. Initially, there was a gradual increase from 1.25 US$ in 2005 to 1.44 US$ in 2007, followed by a sharp decline resulting in negative EPS values of -2.83 US$ in 2008 and -1.4 US$ in 2009. This indicates the company experienced losses in these two years. Subsequently, EPS rebounded and showed an upward trajectory, reaching a peak of 18.24 US$ in 2019. However, this performance was disrupted by a sudden drop to -0.07 US$ in 2020, suggesting a significant loss that year. A recovery followed with EPS climbing back to 10.44 US$ in 2021, before declining again to -0.22 US$ in 2022. This pattern suggests episodic financial challenges interspersed with periods of strong profitability.
- Diluted Earnings per Share
- The diluted EPS closely mirrors the basic EPS trend, reflecting similar fluctuations. The diluted EPS starts at 1.19 US$ in 2005, rises to 1.38 US$ by 2007, and then falls sharply to negative values (-2.83 US$ in 2008 and -1.4 US$ in 2009). It follows with a recovery phase, peaking near the basic EPS value at 17.57 US$ in 2019 but also experiences sharp declines in 2020 and 2022 to -0.07 US$ and -0.22 US$ respectively. The parallel movement between basic and diluted EPS implies consistent share dilution factors over the period.
- Dividend per Share
- Dividend payments were not reported in the early years. Dividend per share data begins in 2016 with a payment of 1.24 US$, increasing steadily over the subsequent years. It reaches 3.04 US$ by 2022, denoting a consistent and progressive increase in dividends. This trend suggests a strengthening confidence in the company's cash flows and profitability despite the prior volatility in earnings per share.
Overall, the data depicts a company that faced significant fluctuations in earnings, including periods of notable losses, followed by recovery phases with substantial growth in profitability. The consistent increase in dividend payouts from 2016 onward indicates a commitment to shareholder returns during more stable financial periods. The years 2020 and 2022 exhibit recurring losses, which could be indicative of external shocks or operational challenges impacting profitability.