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Economic value added or economic profit is the difference between revenues and costs,where costs include not only expenses, but also cost of capital.

Economic Profit
Net Operating Profit after Taxes (NOPAT)
Cash Operating Taxes
Invested Capital
Cost of Capital
Economic Spread Ratio
Economic Profit Margin

Constellation Brands Inc., economic profit calculation

US$ in thousands

12 months ended:	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
Net operating profit after taxes (NOPAT)¹	498,399)	2,686,552)	(778,137)	4,189,068)	2,136,576)	1,893,872)
Cost of capital²	16.08%	15.80%	13.99%	14.93%	15.89%	15.34%
Invested capital³	20,491,900)	21,239,800)	21,790,300)	24,890,124)	18,550,367)	17,413,511)

Economic profit⁴	(2,795,912)	(668,741)	(3,826,230)	472,061)	(810,474)	(777,981)

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).

¹ NOPAT. See details »

² Cost of capital. See details »

³ Invested capital. See details »

⁴ 2022 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= 498,399 – 16.08% × 20,491,900 = -2,795,912

The financial performance between 2017 and 2022 is characterized by significant volatility in value creation, with economic profit remaining negative in five of the six analyzed years. This indicates a recurring inability to generate returns that consistently exceed the cost of capital.

Economic Profit Trajectory: Economic profit exhibited extreme fluctuations, moving from a deficit of 777.98 million US dollars in 2017 to a peak positive value of 472.06 million US dollars in 2019. This was followed by a sharp decline to a deficit of 3.83 billion US dollars in 2020. While a recovery occurred in 2021, the economic profit returned to a substantial deficit of 2.80 billion US dollars by 2022.
Net Operating Profit After Taxes (NOPAT): NOPAT showed high instability, rising from 1.89 billion US dollars in 2017 to a high of 4.19 billion US dollars in 2019. A critical reversal occurred in 2020, with NOPAT falling to negative 778.14 million US dollars. Although profitability rebounded to 2.69 billion US dollars in 2021, it contracted sharply again to 498.40 million US dollars in 2022.
Invested Capital and Cost of Capital: Invested capital grew from 17.41 billion US dollars in 2017 to a peak of 24.89 billion US dollars in 2019, after which a gradual reduction was observed, ending at 20.49 billion US dollars in 2022. Concurrently, the cost of capital remained relatively stable, fluctuating within a narrow range between 13.99% and 16.08%.
Analysis of Value Creation and Destruction: The data reveals a pattern of value destruction for the majority of the period. The only instance of positive economic value addition occurred in 2019, driven by a peak in NOPAT. The severe economic loss in 2020 suggests that the combination of negative operating profit and a large capital base significantly eroded shareholder value. The 2022 results further indicate that despite a reduction in invested capital, the decline in NOPAT was sufficient to return the company to a state of significant economic loss.

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Constellation Brands Inc., NOPAT calculation

US$ in thousands

12 months ended:	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
Net income (loss) attributable to CBI	(40,400)	1,998,000)	(11,800)	3,435,900)	2,318,900)	1,535,100)
Deferred income tax expense (benefit)¹	84,800)	336,400)	(1,153,700)	426,900)	(428,100)	128,700)
Increase (decrease) in deferred revenue²	118,300)	—)	—)	—)	—)	—)
Increase (decrease) in equity equivalents³	203,100)	336,400)	(1,153,700)	426,900)	(428,100)	128,700)
Interest expense	356,400)	385,700)	428,700)	367,100)	332,000)	333,300)
Interest expense, operating lease liability⁴	16,131)	17,277)	19,607)	16,531)	15,513)	14,350)
Adjusted interest expense	372,531)	402,977)	448,307)	383,631)	347,513)	347,650)
Tax benefit of interest expense⁵	(78,232)	(84,625)	(94,144)	(80,562)	(113,637)	(121,677)
Adjusted interest expense, after taxes⁶	294,299)	318,352)	354,163)	303,068)	233,876)	225,972)
Net income (loss) attributable to noncontrolling interest	41,400)	33,800)	33,200)	23,200)	11,900)	4,100)
Net operating profit after taxes (NOPAT)	498,399)	2,686,552)	(778,137)	4,189,068)	2,136,576)	1,893,872)

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).

¹ Elimination of deferred tax expense. See details »

² Addition of increase (decrease) in deferred revenue.

³ Addition of increase (decrease) in equity equivalents to net income (loss) attributable to CBI.

⁴ 2022 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= 537,700 × 3.00% = 16,131

⁵ 2022 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= 372,531 × 21.00% = 78,232

⁶ Addition of after taxes interest expense to net income (loss) attributable to CBI.

Net Income (Loss) Attributable to CBI: The net income attributable to the company showed a significant upward trend from 2017 to 2019, increasing from approximately 1.54 billion USD to nearly 3.44 billion USD. This represents a robust growth phase over these three years. However, there was a sharp reversal in 2020, with the company reporting a net loss of about 11.8 million USD. Following this loss, the company returned to profitability in 2021 with nearly 2 billion USD in net income. Yet in 2022, the net income again declined into negative territory, recording a loss of approximately 40.4 million USD. Overall, the data reflects considerable volatility in net income performance, especially post-2019, indicating potential challenges during and after the 2020 period.
Net Operating Profit After Taxes (NOPAT): The net operating profit after taxes demonstrated growth from 2017 through 2019, climbing from roughly 1.89 billion USD to over 4.18 billion USD, nearly doubling during this period. This aligns with the increase in net income, indicating strong operational profitability. However, in 2020, NOPAT sharply declined into a significant negative value of approximately 778 million USD, suggesting operational difficulties or extraordinary charges impacting earnings. A recovery occurred in 2021, with NOPAT rising to about 2.69 billion USD, though this was substantially below the 2019 peak. The 2022 figure decreased again to around 498 million USD, highlighting ongoing instability in operating performance after 2019.
Overall Financial Trends: Both net income and net operating profit after taxes exhibited strong growth trends over the initial three-year period, reflecting an expanding and profitable operational phase. The year 2020 marked a critical inflection point, with both metrics showing significant downturns, possibly linked to external disruptions or internal challenges. Although there was a partial rebound in 2021, the company did not regain the peak levels seen in 2019. The subsequent decline in 2022 suggests persistent difficulties in returning to prior performance levels. The volatility captured in these key profitability measures indicates that while the company experienced robust growth earlier, it faced substantial headwinds beginning in 2020, which have had a lasting impact on financial performance.

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Constellation Brands Inc., cash operating taxes calculation

US$ in thousands

12 months ended:	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
Income tax provision (benefit)	309,400)	511,100)	(966,600)	685,900)	11,900)	554,200)
Less: Deferred income tax expense (benefit)	84,800)	336,400)	(1,153,700)	426,900)	(428,100)	128,700)
Add: Tax savings from interest expense	78,232)	84,625)	94,144)	80,562)	113,637)	121,677)
Cash operating taxes	302,832)	259,325)	281,244)	339,562)	553,637)	547,177)

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).

Income Tax Provision (Benefit): The income tax provision fluctuates significantly over the periods analyzed. In the year ending February 28, 2017, the provision was substantially high at 554,200 thousand US dollars. This value sharply decreased to 11,900 thousand US dollars in the following year, indicating a substantial reduction in tax expense or a change in tax strategy. In the year ending February 28, 2019, the provision rose again markedly to 685,900 thousand US dollars, reflecting a possible increase in taxable income or changes in tax regulations.; Notably, in the year ending February 29, 2020, there is a negative provision of -966,600 thousand US dollars, suggesting a significant tax benefit or perhaps a reversal of previous tax liabilities. Following this, the provision returned to positive figures in the subsequent years, with 511,100 thousand US dollars in 2021 and a decline to 309,400 thousand US dollars in 2022. The fluctuation highlights varying tax impacts on earnings, potentially influenced by operational performance, tax planning, or extraordinary items during these periods.
Cash Operating Taxes: Cash operating taxes exhibit a general declining trend from 2017 through 2021. Starting at 547,177 thousand US dollars in the year ending February 28, 2017, the cash taxes increased slightly to 553,637 thousand US dollars in 2018, indicating stable or increased tax payments at a cash level. From 2019 onward, a steady decrease is observed with payments dropping to 339,562 thousand US dollars, then continuing to 281,244 thousand US dollars in 2020, and further down to 259,325 thousand US dollars in 2021, which may reflect decreased taxable income or improved tax efficiency.; In the year ending February 28, 2022, there is an increase in cash taxes paid to 302,832 thousand US dollars, suggesting a rebound or change in tax obligations compared to the previous declining trend. This may be indicative of increased earnings or alterations in tax policies impacting the cash tax outflows. Overall, cash operating taxes show more stability and less volatility compared to the income tax provision figures.

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Constellation Brands Inc., invested capital calculation (financing approach)

US$ in thousands

	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
Short-term borrowings	323,000)	—)	238,900)	791,500)	746,800)	606,500)
Current maturities of long-term debt	605,300)	29,200)	734,900)	1,065,200)	22,300)	910,900)
Long-term debt, less current maturities	9,488,200)	10,413,100)	11,210,800)	11,759,800)	9,417,600)	7,720,700)
Operating lease liability¹	537,700)	539,900)	560,200)	450,424)	452,267)	395,311)
Total reported debt & leases	10,954,200)	10,982,200)	12,744,800)	14,066,924)	10,638,967)	9,633,411)
Total CBI stockholders’ equity	11,731,900)	13,598,900)	12,131,800)	12,551,000)	8,046,100)	6,891,200)
Net deferred tax (assets) liabilities²	(1,835,700)	(1,922,800)	(2,272,400)	(1,153,600)	718,300)	1,132,400)
Deferred revenue³	136,100)	—)	—)	—)	—)	—)
Equity equivalents⁴	(1,699,600)	(1,922,800)	(2,272,400)	(1,153,600)	718,300)	1,132,400)
Accumulated other comprehensive (income) loss, net of tax⁵	412,700)	335,500)	266,300)	353,900)	202,900)	399,800)
Noncontrolling interests	315,900)	330,200)	342,500)	286,200)	16,600)	(6,400)
Adjusted total CBI stockholders’ equity	10,760,900)	12,341,800)	10,468,200)	12,037,500)	8,983,900)	8,417,000)
Construction in progres⁶	(1,223,200)	(2,084,200)	(1,422,700)	(1,214,300)	(1,072,500)	(636,900)
Invested capital	20,491,900)	21,239,800)	21,790,300)	24,890,124)	18,550,367)	17,413,511)

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).

¹ Addition of capitalized operating leases.

² Elimination of deferred taxes from assets and liabilities. See details »

³ Addition of deferred revenue.

⁴ Addition of equity equivalents to total CBI stockholders’ equity.

⁵ Removal of accumulated other comprehensive income.

⁶ Subtraction of construction in progres.

Total reported debt & leases: Over the six-year period, total reported debt and leases exhibited substantial fluctuations. From 2017 to 2019, there was a notable increase, rising from approximately 9.63 billion to 14.07 billion USD. This peak was followed by a reduction in 2020 to around 12.75 billion USD, then a further decline in the subsequent years, reaching approximately 10.95 billion USD by 2022. The initial growth phase indicates a possible expansion or increased leverage, while the later decrease may suggest debt repayments or restructuring efforts.
Total CBI stockholders’ equity: Stockholders’ equity demonstrated a generally upward trajectory from 2017 through 2021. Beginning at roughly 6.89 billion USD in 2017, equity increased steadily, reaching a peak of about 13.60 billion USD in 2021. However, in 2022, there was a decline to approximately 11.73 billion USD. This trend suggests an overall strengthening of the equity base over most of the period, with a partial reversal in the most recent year, which could reflect asset revaluations, dividend payments, or other equity-affecting transactions.
Invested capital: Invested capital rose significantly from 2017 to 2019, increasing from roughly 17.41 billion USD to 24.89 billion USD. Subsequently, there was a decline in 2020 to approximately 21.79 billion USD, followed by further decreases to about 21.24 billion USD in 2021 and 20.49 billion USD in 2022. This pattern indicates an initial phase of capital expansion, possibly linked to investments or acquisitions, followed by a contraction phase, which may reflect divestitures, asset impairments, or reduced capital expenditures.

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Constellation Brands Inc., cost of capital calculations

Feb 28, 2022

	Capital (fair value)¹	Weights					Cost of capital
Equity²	47,846,762)	47,846,762)	÷	59,052,762)	=	0.81	0.81	×	19.18%	=	15.54%
Total borrowings³	10,668,300)	10,668,300)	÷	59,052,762)	=	0.18	0.18	×	3.60% × (1 – 21.00%)	=	0.51%
Operating lease liability⁴	537,700)	537,700)	÷	59,052,762)	=	0.01	0.01	×	3.00% × (1 – 21.00%)	=	0.02%
Total:	59,052,762)					1.00					16.08%

Based on: 10-K (reporting date: 2022-02-28).

¹ US$ in thousands

² Equity. See details »

³ Total borrowings. See details »

⁴ Operating lease liability. See details »

Feb 28, 2021

	Capital (fair value)¹	Weights					Cost of capital
Equity²	46,238,745)	46,238,745)	÷	58,359,545)	=	0.79	0.79	×	19.18%	=	15.20%
Total borrowings³	11,580,900)	11,580,900)	÷	58,359,545)	=	0.20	0.20	×	3.68% × (1 – 21.00%)	=	0.58%
Operating lease liability⁴	539,900)	539,900)	÷	58,359,545)	=	0.01	0.01	×	3.20% × (1 – 21.00%)	=	0.02%
Total:	58,359,545)					1.00					15.80%

Based on: 10-K (reporting date: 2021-02-28).

¹ US$ in thousands

² Equity. See details »

³ Total borrowings. See details »

⁴ Operating lease liability. See details »

Feb 29, 2020

	Capital (fair value)¹	Weights					Cost of capital
Equity²	29,508,508)	29,508,508)	÷	43,243,508)	=	0.68	0.68	×	19.18%	=	13.09%
Total borrowings³	13,174,800)	13,174,800)	÷	43,243,508)	=	0.30	0.30	×	3.59% × (1 – 21.00%)	=	0.86%
Operating lease liability⁴	560,200)	560,200)	÷	43,243,508)	=	0.01	0.01	×	3.50% × (1 – 21.00%)	=	0.04%
Total:	43,243,508)					1.00					13.99%

Based on: 10-K (reporting date: 2020-02-29).

¹ US$ in thousands

² Equity. See details »

³ Total borrowings. See details »

⁴ Operating lease liability. See details »

Feb 28, 2019

	Capital (fair value)¹	Weights					Cost of capital
Equity²	39,701,259)	39,701,259)	÷	53,711,683)	=	0.74	0.74	×	19.18%	=	14.18%
Total borrowings³	13,560,000)	13,560,000)	÷	53,711,683)	=	0.25	0.25	×	3.67% × (1 – 21.00%)	=	0.73%
Operating lease liability⁴	450,424)	450,424)	÷	53,711,683)	=	0.01	0.01	×	3.67% × (1 – 21.00%)	=	0.02%
Total:	53,711,683)					1.00					14.93%

Based on: 10-K (reporting date: 2019-02-28).

¹ US$ in thousands

² Equity. See details »

³ Total borrowings. See details »

⁴ Operating lease liability. See details »

Feb 28, 2018

	Capital (fair value)¹	Weights					Cost of capital
Equity²	43,687,019)	43,687,019)	÷	54,284,486)	=	0.80	0.80	×	19.18%	=	15.44%
Total borrowings³	10,145,200)	10,145,200)	÷	54,284,486)	=	0.19	0.19	×	3.43% × (1 – 32.70%)	=	0.43%
Operating lease liability⁴	452,267)	452,267)	÷	54,284,486)	=	0.01	0.01	×	3.43% × (1 – 32.70%)	=	0.02%
Total:	54,284,486)					1.00					15.89%

Based on: 10-K (reporting date: 2018-02-28).

¹ US$ in thousands

² Equity. See details »

³ Total borrowings. See details »

⁴ Operating lease liability. See details »

Feb 28, 2017

	Capital (fair value)¹	Weights					Cost of capital
Equity²	33,322,598)	33,322,598)	÷	43,169,910)	=	0.77	0.77	×	19.18%	=	14.81%
Total borrowings³	9,452,000)	9,452,000)	÷	43,169,910)	=	0.22	0.22	×	3.63% × (1 – 35.00%)	=	0.52%
Operating lease liability⁴	395,311)	395,311)	÷	43,169,910)	=	0.01	0.01	×	3.63% × (1 – 35.00%)	=	0.02%
Total:	43,169,910)					1.00					15.34%

Based on: 10-K (reporting date: 2017-02-28).

¹ US$ in thousands

² Equity. See details »

³ Total borrowings. See details »

⁴ Operating lease liability. See details »

Constellation Brands Inc., economic spread ratio calculation, comparison to benchmarks

	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
Selected Financial Data (US$ in thousands)
Economic profit¹	(2,795,912)	(668,741)	(3,826,230)	472,061)	(810,474)	(777,981)
Invested capital²	20,491,900)	21,239,800)	21,790,300)	24,890,124)	18,550,367)	17,413,511)
Performance Ratio
Economic spread ratio³	-13.64%	-3.15%	-17.56%	1.90%	-4.37%	-4.47%
Benchmarks
Economic Spread Ratio, Competitors⁴
Coca-Cola Co.	3.90%	5.44%	—	—	—	—
Mondelēz International Inc.	-3.71%	-0.70%	—	—	—	—
PepsiCo Inc.	4.42%	4.97%	—	—	—	—
Philip Morris International Inc.	11.97%	26.31%	—	—	—	—

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).

¹ Economic profit. See details »

² Invested capital. See details »

³ 2022 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × -2,795,912 ÷ 20,491,900 = -13.64%

⁴ Click competitor name to see calculations.

An analysis of the economic performance from February 2017 through February 2022 reveals a period of significant volatility and a general inability to consistently generate economic value above the cost of capital.

Economic Profit Trends: Economic profit remained negative for five out of the six years analyzed. A notable exception occurred in February 2019, when economic profit reached a positive 472.1 million US dollars. This peak was followed by a severe contraction in February 2020, with profit dropping to negative 3.8 billion US dollars. Although a partial recovery was recorded in 2021, the figure declined again to negative 2.8 billion US dollars by February 2022, indicating a recurring failure to achieve positive economic value added.
Invested Capital Dynamics: Invested capital showed an initial growth phase, increasing from 17.4 billion US dollars in 2017 to a peak of 24.9 billion US dollars in 2019. Following this peak, a consistent downward trend is observed, with the capital base decreasing to 20.5 billion US dollars by February 2022. This movement suggests a transition from capital expansion toward a gradual reduction in the total invested assets.
Economic Spread Ratio Analysis: The economic spread ratio remained predominantly negative, signifying that the return on invested capital was generally lower than the company's cost of capital. The ratio improved from -4.47% in 2017 to a positive 1.90% in 2019, coinciding with the only period of positive economic profit. However, subsequent years showed extreme volatility, with sharp declines to -17.56% in 2020 and -13.64% in 2022. These deep negative spreads highlight periods of significant value destruction where the cost of capital heavily outweighed the generated returns.

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Constellation Brands Inc., economic profit margin calculation, comparison to benchmarks

	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
Selected Financial Data (US$ in thousands)
Economic profit¹	(2,795,912)	(668,741)	(3,826,230)	472,061)	(810,474)	(777,981)

Net sales	8,820,700)	8,614,900)	8,343,500)	8,116,000)	7,585,000)	7,331,500)
Add: Increase (decrease) in deferred revenue	118,300)	—)	—)	—)	—)	—)
Adjusted net sales	8,939,000)	8,614,900)	8,343,500)	8,116,000)	7,585,000)	7,331,500)
Performance Ratio
Economic profit margin²	-31.28%	-7.76%	-45.86%	5.82%	-10.69%	-10.61%
Benchmarks
Economic Profit Margin, Competitors³
Coca-Cola Co.	7.26%	11.29%	—	—	—	—
Mondelēz International Inc.	-7.52%	-1.50%	—	—	—	—
PepsiCo Inc.	3.55%	4.37%	—	—	—	—
Philip Morris International Inc.	17.84%	24.42%	—	—	—	—

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).

¹ Economic profit. See details »

² 2022 Calculation
Economic profit margin = 100 × Economic profit ÷ Adjusted net sales
= 100 × -2,795,912 ÷ 8,939,000 = -31.28%

³ Click competitor name to see calculations.

The financial performance from 2017 to 2022 reflects a period of significant volatility in economic value creation despite consistent growth in revenue. While adjusted net sales increased steadily every year, economic profit remained negative for five of the six observed periods, indicating that the returns on capital frequently failed to exceed the company's cost of capital.

Revenue Growth and Scale: Adjusted net sales demonstrated a consistent upward trajectory, increasing from approximately 7.33 billion US dollars in 2017 to 8.94 billion US dollars by 2022. This steady growth indicates an expansion in top-line performance and market scale throughout the analyzed timeframe.
Economic Profit Volatility: Economic profit exhibited extreme fluctuations, characterized by a single instance of value creation in 2019, when profit reached 472.06 million US dollars. This positive peak was contrasted by substantial value destruction in other years, most notably in 2020 and 2022, with the 2020 loss reaching 3.83 billion US dollars.
Economic Profit Margin Trends: The economic profit margin mirrored the volatility of absolute economic profit. The margin remained negative for the majority of the period, with a sharp contraction to -45.86% in 2020 and another significant decline to -31.28% in 2022. The brief shift to a positive margin of 5.82% in 2019 suggests a temporary period where capital efficiency exceeded the required threshold, though this trend was not sustained.

The divergence between growing sales and erratic economic profit suggests that revenue expansion did not translate into consistent economic value. The deep contractions in the economic profit margin, particularly in 2020 and 2022, indicate periods of severe value erosion, potentially driven by increased capital costs or operational investments that did not yield immediate economic returns.

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Constellation Brands Inc. (NYSE:STZ)

Economic Value Added (EVA)

Economic Profit

Net Operating Profit after Taxes (NOPAT)

Cash Operating Taxes

Invested Capital

Cost of Capital

Economic Spread Ratio

Economic Profit Margin