Stock Analysis on Net
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.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Constellation Brands Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Nov 30, 2022 1.21% = 0.41% × 2.92
Aug 31, 2022 1.11% = 0.43% × 2.59
May 31, 2022 11.19% = 4.87% × 2.30
Feb 28, 2022 -0.34% = -0.16% × 2.20
Nov 30, 2021 -0.47% = -0.21% × 2.27
Aug 31, 2021 6.77% = 2.99% × 2.26
May 31, 2021 10.34% = 4.84% × 2.14
Feb 28, 2021 14.69% = 7.37% × 1.99
Nov 30, 2020 15.13% = 7.29% × 2.08
Aug 31, 2020 9.35% = 4.13% × 2.26
May 31, 2020 0.50% = 0.21% × 2.36
Feb 29, 2020 -0.10% = -0.04% × 2.25
Nov 30, 2019 7.08% = 3.06% × 2.31
Aug 31, 2019 6.79% = 2.80% × 2.42
May 31, 2019 20.10% = 8.45% × 2.38
Feb 28, 2019 27.38% = 11.75% × 2.33
Nov 30, 2018 27.73% = 11.19% × 2.48
Aug 31, 2018 29.37% = 13.74% × 2.14
May 31, 2018 25.20% = 11.52% × 2.19
Feb 28, 2018 28.82% = 11.29% × 2.55
Nov 30, 2017 23.09% = 9.18% × 2.52
Aug 31, 2017 22.20% = 9.06% × 2.45
May 31, 2017 21.92% = 8.54% × 2.57
Feb 28, 2017 22.28% = 8.25% × 2.70
Nov 30, 2016 — = — × 2.61
Aug 31, 2016 — = — × 2.47
May 31, 2016 — = — × 2.57

Based on: 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-K (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-K (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-K (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-K (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-K (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-Q (reporting date: 2017-08-31), 10-Q (reporting date: 2017-05-31), 10-K (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-Q (reporting date: 2016-05-31).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2023 is the increase in financial leverage ratio.

Three-Component Disaggregation of ROE

Constellation Brands Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Nov 30, 2022 1.21% = 1.06% × 0.39 × 2.92
Aug 31, 2022 1.11% = 1.11% × 0.39 × 2.59
May 31, 2022 11.19% = 13.73% × 0.35 × 2.30
Feb 28, 2022 -0.34% = -0.46% × 0.34 × 2.20
Nov 30, 2021 -0.47% = -0.61% × 0.34 × 2.27
Aug 31, 2021 6.77% = 8.62% × 0.35 × 2.26
May 31, 2021 10.34% = 14.61% × 0.33 × 2.14
Feb 28, 2021 14.69% = 23.19% × 0.32 × 1.99
Nov 30, 2020 15.13% = 23.51% × 0.31 × 2.08
Aug 31, 2020 9.35% = 13.45% × 0.31 × 2.26
May 31, 2020 0.50% = 0.68% × 0.31 × 2.36
Feb 29, 2020 -0.10% = -0.14% × 0.31 × 2.25
Nov 30, 2019 7.08% = 10.07% × 0.30 × 2.31
Aug 31, 2019 6.79% = 9.40% × 0.30 × 2.42
May 31, 2019 20.10% = 29.96% × 0.28 × 2.38
Feb 28, 2019 27.38% = 42.33% × 0.28 × 2.33
Nov 30, 2018 27.73% = 38.61% × 0.29 × 2.48
Aug 31, 2018 29.37% = 41.84% × 0.33 × 2.14
May 31, 2018 25.20% = 34.56% × 0.33 × 2.19
Feb 28, 2018 28.82% = 30.57% × 0.37 × 2.55
Nov 30, 2017 23.09% = 24.78% × 0.37 × 2.52
Aug 31, 2017 22.20% = 23.60% × 0.38 × 2.45
May 31, 2017 21.92% = 21.90% × 0.39 × 2.57
Feb 28, 2017 22.28% = 20.94% × 0.39 × 2.70
Nov 30, 2016 — = — × — × 2.61
Aug 31, 2016 — = — × — × 2.47
May 31, 2016 — = — × — × 2.57

Based on: 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-K (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-K (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-K (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-K (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-K (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-Q (reporting date: 2017-08-31), 10-Q (reporting date: 2017-05-31), 10-K (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-Q (reporting date: 2016-05-31).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2023 is the increase in financial leverage ratio.

Five-Component Disaggregation of ROE

Constellation Brands Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Nov 30, 2022 1.21% = 0.17 × 0.61 × 9.94% × 0.39 × 2.92
Aug 31, 2022 1.11% = 0.19 × 0.61 × 9.64% × 0.39 × 2.59
May 31, 2022 11.19% = 0.74 × 0.83 × 22.54% × 0.35 × 2.30
Feb 28, 2022 -0.34% = -0.15 × 0.43 × 7.09% × 0.34 × 2.20
Nov 30, 2021 -0.47% = -0.20 × 0.42 × 7.14% × 0.34 × 2.27
Aug 31, 2021 6.77% = 0.66 × 0.76 × 17.23% × 0.35 × 2.26
May 31, 2021 10.34% = 0.76 × 0.82 × 23.43% × 0.33 × 2.14
Feb 28, 2021 14.69% = 0.80 × 0.87 × 33.60% × 0.32 × 1.99
Nov 30, 2020 15.13% = 0.80 × 0.86 × 33.92% × 0.31 × 2.08
Aug 31, 2020 9.35% = 1.45 × 0.65 × 14.23% × 0.31 × 2.26
May 31, 2020 0.50% = — × — × -2.52% × 0.31 × 2.36
Feb 29, 2020 -0.10% = — × — × -6.59% × 0.31 × 2.25
Nov 30, 2019 7.08% = 13.04 × 0.12 × 6.21% × 0.30 × 2.31
Aug 31, 2019 6.79% = 1.10 × 0.63 × 13.62% × 0.30 × 2.42
May 31, 2019 20.10% = 0.88 × 0.88 × 39.01% × 0.28 × 2.38
Feb 28, 2019 27.38% = 0.83 × 0.92 × 55.31% × 0.28 × 2.33
Nov 30, 2018 27.73% = 0.98 × 0.90 × 43.57% × 0.29 × 2.48
Aug 31, 2018 29.37% = 0.95 × 0.91 × 48.45% × 0.33 × 2.14
May 31, 2018 25.20% = 0.97 × 0.89 × 40.16% × 0.33 × 2.19
Feb 28, 2018 28.82% = 0.99 × 0.88 × 35.11% × 0.37 × 2.55
Nov 30, 2017 23.09% = 0.78 × 0.88 × 36.01% × 0.37 × 2.52
Aug 31, 2017 22.20% = 0.80 × 0.87 × 33.82% × 0.38 × 2.45
May 31, 2017 21.92% = 0.77 × 0.86 × 32.85% × 0.39 × 2.57
Feb 28, 2017 22.28% = 0.73 × 0.86 × 33.04% × 0.39 × 2.70
Nov 30, 2016 — = — × — × — × — × 2.61
Aug 31, 2016 — = — × — × — × — × 2.47
May 31, 2016 — = — × — × — × — × 2.57

Based on: 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-K (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-K (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-K (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-K (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-K (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-Q (reporting date: 2017-08-31), 10-Q (reporting date: 2017-05-31), 10-K (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-Q (reporting date: 2016-05-31).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2023 is the increase in financial leverage ratio.

Two-Component Disaggregation of ROA

Constellation Brands Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Nov 30, 2022 0.41% = 1.06% × 0.39
Aug 31, 2022 0.43% = 1.11% × 0.39
May 31, 2022 4.87% = 13.73% × 0.35
Feb 28, 2022 -0.16% = -0.46% × 0.34
Nov 30, 2021 -0.21% = -0.61% × 0.34
Aug 31, 2021 2.99% = 8.62% × 0.35
May 31, 2021 4.84% = 14.61% × 0.33
Feb 28, 2021 7.37% = 23.19% × 0.32
Nov 30, 2020 7.29% = 23.51% × 0.31
Aug 31, 2020 4.13% = 13.45% × 0.31
May 31, 2020 0.21% = 0.68% × 0.31
Feb 29, 2020 -0.04% = -0.14% × 0.31
Nov 30, 2019 3.06% = 10.07% × 0.30
Aug 31, 2019 2.80% = 9.40% × 0.30
May 31, 2019 8.45% = 29.96% × 0.28
Feb 28, 2019 11.75% = 42.33% × 0.28
Nov 30, 2018 11.19% = 38.61% × 0.29
Aug 31, 2018 13.74% = 41.84% × 0.33
May 31, 2018 11.52% = 34.56% × 0.33
Feb 28, 2018 11.29% = 30.57% × 0.37
Nov 30, 2017 9.18% = 24.78% × 0.37
Aug 31, 2017 9.06% = 23.60% × 0.38
May 31, 2017 8.54% = 21.90% × 0.39
Feb 28, 2017 8.25% = 20.94% × 0.39
Nov 30, 2016 — = — × —
Aug 31, 2016 — = — × —
May 31, 2016 — = — × —

Based on: 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-K (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-K (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-K (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-K (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-K (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-Q (reporting date: 2017-08-31), 10-Q (reporting date: 2017-05-31), 10-K (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-Q (reporting date: 2016-05-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2023 is the decrease in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Constellation Brands Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Nov 30, 2022 0.41% = 0.17 × 0.61 × 9.94% × 0.39
Aug 31, 2022 0.43% = 0.19 × 0.61 × 9.64% × 0.39
May 31, 2022 4.87% = 0.74 × 0.83 × 22.54% × 0.35
Feb 28, 2022 -0.16% = -0.15 × 0.43 × 7.09% × 0.34
Nov 30, 2021 -0.21% = -0.20 × 0.42 × 7.14% × 0.34
Aug 31, 2021 2.99% = 0.66 × 0.76 × 17.23% × 0.35
May 31, 2021 4.84% = 0.76 × 0.82 × 23.43% × 0.33
Feb 28, 2021 7.37% = 0.80 × 0.87 × 33.60% × 0.32
Nov 30, 2020 7.29% = 0.80 × 0.86 × 33.92% × 0.31
Aug 31, 2020 4.13% = 1.45 × 0.65 × 14.23% × 0.31
May 31, 2020 0.21% = — × — × -2.52% × 0.31
Feb 29, 2020 -0.04% = — × — × -6.59% × 0.31
Nov 30, 2019 3.06% = 13.04 × 0.12 × 6.21% × 0.30
Aug 31, 2019 2.80% = 1.10 × 0.63 × 13.62% × 0.30
May 31, 2019 8.45% = 0.88 × 0.88 × 39.01% × 0.28
Feb 28, 2019 11.75% = 0.83 × 0.92 × 55.31% × 0.28
Nov 30, 2018 11.19% = 0.98 × 0.90 × 43.57% × 0.29
Aug 31, 2018 13.74% = 0.95 × 0.91 × 48.45% × 0.33
May 31, 2018 11.52% = 0.97 × 0.89 × 40.16% × 0.33
Feb 28, 2018 11.29% = 0.99 × 0.88 × 35.11% × 0.37
Nov 30, 2017 9.18% = 0.78 × 0.88 × 36.01% × 0.37
Aug 31, 2017 9.06% = 0.80 × 0.87 × 33.82% × 0.38
May 31, 2017 8.54% = 0.77 × 0.86 × 32.85% × 0.39
Feb 28, 2017 8.25% = 0.73 × 0.86 × 33.04% × 0.39
Nov 30, 2016 — = — × — × — × —
Aug 31, 2016 — = — × — × — × —
May 31, 2016 — = — × — × — × —

Based on: 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-K (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-K (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-K (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-K (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-K (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-Q (reporting date: 2017-08-31), 10-Q (reporting date: 2017-05-31), 10-K (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-Q (reporting date: 2016-05-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2023 is the decrease in effect of taxes measured by tax burden ratio.

Disaggregation of Net Profit Margin

Constellation Brands Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Nov 30, 2022 1.06% = 0.17 × 0.61 × 9.94%
Aug 31, 2022 1.11% = 0.19 × 0.61 × 9.64%
May 31, 2022 13.73% = 0.74 × 0.83 × 22.54%
Feb 28, 2022 -0.46% = -0.15 × 0.43 × 7.09%
Nov 30, 2021 -0.61% = -0.20 × 0.42 × 7.14%
Aug 31, 2021 8.62% = 0.66 × 0.76 × 17.23%
May 31, 2021 14.61% = 0.76 × 0.82 × 23.43%
Feb 28, 2021 23.19% = 0.80 × 0.87 × 33.60%
Nov 30, 2020 23.51% = 0.80 × 0.86 × 33.92%
Aug 31, 2020 13.45% = 1.45 × 0.65 × 14.23%
May 31, 2020 0.68% = — × — × -2.52%
Feb 29, 2020 -0.14% = — × — × -6.59%
Nov 30, 2019 10.07% = 13.04 × 0.12 × 6.21%
Aug 31, 2019 9.40% = 1.10 × 0.63 × 13.62%
May 31, 2019 29.96% = 0.88 × 0.88 × 39.01%
Feb 28, 2019 42.33% = 0.83 × 0.92 × 55.31%
Nov 30, 2018 38.61% = 0.98 × 0.90 × 43.57%
Aug 31, 2018 41.84% = 0.95 × 0.91 × 48.45%
May 31, 2018 34.56% = 0.97 × 0.89 × 40.16%
Feb 28, 2018 30.57% = 0.99 × 0.88 × 35.11%
Nov 30, 2017 24.78% = 0.78 × 0.88 × 36.01%
Aug 31, 2017 23.60% = 0.80 × 0.87 × 33.82%
May 31, 2017 21.90% = 0.77 × 0.86 × 32.85%
Feb 28, 2017 20.94% = 0.73 × 0.86 × 33.04%
Nov 30, 2016 — = — × — × —
Aug 31, 2016 — = — × — × —
May 31, 2016 — = — × — × —

Based on: 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-K (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-K (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-K (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-K (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-K (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-Q (reporting date: 2017-08-31), 10-Q (reporting date: 2017-05-31), 10-K (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-Q (reporting date: 2016-05-31).

The primary reason for the decrease in net profit margin ratio over Q3 2023 is the decrease in effect of taxes measured by tax burden ratio.