Constellation Brands Inc. operates in 4 segments: Beer; Wine and Spirits; Corporate Operations and Other; and Canopy.
Paying user area
Try for free
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
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Constellation Brands Inc. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
Segment Profit Margin
Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
---|---|---|---|---|---|---|
Beer | ||||||
Wine and Spirits | ||||||
Corporate Operations and Other | ||||||
Canopy |
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 analysis of the annual reportable segment profit margin data reveals several notable trends across the Beer, Wine and Spirits, Corporate Operations and Other, and Canopy segments over the period from February 2017 to February 2022.
- Beer Segment Profit Margin
- The profit margin in the Beer segment demonstrates a generally upward trend from 36.28% in 2017 to a peak of 41.06% in 2021. This indicates a consistent improvement in profitability in this segment over the six-year period, with a slight decline to 40.04% in 2022. The margin increased notably between 2017 and 2018, and while it fluctuated slightly afterward, it remained above 39% from 2018 onward, reflecting relative stability and strength.
- Wine and Spirits Segment Profit Margin
- The Wine and Spirits segment displays a declining trend over the same timeframe. Starting at 25.81% in 2017, the margin increases slightly to 27.36% in 2018 but then gradually decreases each year to reach 22.75% in 2022. This indicates a reduction in profitability within this segment, with consistent year-over-year declines following 2018. The downward trajectory suggests possible challenges or increasing costs impacting this segment adversely.
- Corporate Operations and Other Segment Profit Margin
- No data is provided for the Corporate Operations and Other segment; consequently, no analysis can be made regarding its profit margin or trends.
- Canopy Segment Profit Margin
- The Canopy segment shows markedly negative profit margins throughout the available reporting periods, beginning with a significant deficit of -170.16% in 2019, worsening to -236.32% in 2020, and reaching its lowest point at -395.14% in 2021 before improving to -141.82% in 2022. Although margins remain substantially negative, the improvement in 2022 indicates a partial recovery or reduction in losses for the segment after years of deepening negative margins.
Overall, the segment profit margin data reflect diverging performance trends within the company’s various business lines. The Beer segment maintains strong and improving profitability, whereas the Wine and Spirits segment experiences a gradual decline. The Canopy segment is marked by substantial and volatile losses, though showing signs of improvement in the most recent year reported. Absence of data for Corporate Operations and Other precludes assessment of that segment’s contribution or profitability trends.
Segment Profit Margin: Beer
Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||
Segment operating income (loss) | ||||||
Net sales | ||||||
Segment Profitability Ratio | ||||||
Segment profit margin1 |
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 2022 Calculation
Segment profit margin = 100 × Segment operating income (loss) ÷ Net sales
= 100 × ÷ =
- Net Sales
- Net sales exhibited consistent growth over the six-year period. Starting at 4,229,300 thousand US dollars in 2017, sales increased annually, reaching 6,751,600 thousand US dollars by 2022. This represents a substantial expansion in revenue, reflecting effective sales strategies or growing market demand within the segment.
- Segment Operating Income (Loss)
- Operating income showed a steady upward trend in line with the net sales increase. Beginning at 1,534,400 thousand US dollars in 2017, operating income rose each year, culminating at 2,703,300 thousand US dollars in 2022. This rise indicates improved operational efficiency or scalability as the business expanded.
- Segment Profit Margin
- The profit margin percentage initially increased from 36.28% in 2017 to a peak of 41.06% in 2021, demonstrating enhanced profitability relative to sales. However, in 2022, the margin declined slightly to 40.04%, though it remained above earlier years' levels. Overall, the margin improvement suggests effective cost management or favorable product mix over the period.
Segment Profit Margin: Wine and Spirits
Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||
Segment operating income (loss) | ||||||
Net sales | ||||||
Segment Profitability Ratio | ||||||
Segment profit margin1 |
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 2022 Calculation
Segment profit margin = 100 × Segment operating income (loss) ÷ Net sales
= 100 × ÷ =
The financial performance of the Wine and Spirits segment over the six-year period demonstrates a consistent downward trend in key metrics, including net sales, segment operating income, and segment profit margin.
- Net Sales
- Net sales decreased steadily from $3,102,200 thousand in 2017 to $2,069,100 thousand in 2022. This represents an overall decline of approximately 33.3% over the period. Each year saw a year-over-year reduction, with the most pronounced drops occurring between 2020 and 2022.
- Segment Operating Income
- Segment operating income also declined consistently, falling from $800,800 thousand in 2017 to $470,700 thousand in 2022. This amounts to a decrease of over 41%, indicating that operating profitability weakened more sharply than net sales. The annual figures illustrate a steady erosion in operating income, particularly marked from 2019 onward.
- Segment Profit Margin
- The segment profit margin started at 25.81% in 2017, briefly increased to a peak of 27.36% in 2018, but then followed a downward trajectory reaching 22.75% in 2022. The decline in margin suggests increasing cost pressures or a less favorable product mix impacting profitability beyond the reduction in sales.
Overall, the analysis reveals a clear pattern of deteriorating financial health within the segment, characterized by shrinking revenue, declining operating income, and compressing profit margins. The trends underscore challenges in maintaining both sales volume and profitability over the timeframe examined.
Segment Profit Margin: Corporate Operations and Other
Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||
Segment operating income (loss) | ||||||
Net sales | ||||||
Segment Profitability Ratio | ||||||
Segment profit margin1 |
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 2022 Calculation
Segment profit margin = 100 × Segment operating income (loss) ÷ Net sales
= 100 × ÷ =
The financial data for the “Corporate Operations and Other” reportable segment indicates a consistent decline in segment operating income over the six-year period ending in February 2022. The figures reveal a progressive increase in operating losses each year without any data available for net sales or segment profit margin, which limits a full profitability analysis.
- Segment Operating Income (Loss)
- The segment experienced operating losses throughout the period, starting at a loss of approximately $139.9 million in 2017. This loss deepened steadily each year, reaching about $238.2 million by 2022. This represents a significant increase in losses by nearly 70% over the six years, indicating escalating expenses or reduced efficiency within this segment.
- The consistent upward trend in losses suggests persistent challenges in controlling costs or generating revenue sufficient to offset operating expenses. The steady nature of the decline without any periods of stabilization or improvement highlights a potentially structural issue in the segment's operations.
- The absence of net sales and profit margin data restricts the ability to correlate operating losses with revenue trends or assess margin compression. However, the operating loss escalation alone signals deteriorating segment profitability.
Overall, the data reflects a segment facing increasing financial pressures, with operating results worsening year-over-year and no evidence of improvement in the reported metrics. In-depth analysis into the causes of rising losses and strategies for cost management or revenue enhancement appears warranted to reverse this negative trend.
Segment Profit Margin: Canopy
Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||
Segment operating income (loss) | ||||||
Net sales | ||||||
Segment Profitability Ratio | ||||||
Segment profit margin1 |
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 2022 Calculation
Segment profit margin = 100 × Segment operating income (loss) ÷ Net sales
= 100 × ÷ =
The data reveals a significant and fluctuating performance pattern in the segment over the years under review.
- Segment Operating Income (Loss)
-
The segment experienced no reported operating income or loss in the initial two years. Beginning in the year ending February 2019, the segment recorded a loss of $82.7 million. This loss deepened sharply in the following year to $685.8 million, representing a substantial deterioration. In the subsequent years, the losses continued but showed some improvement, with a loss of $1.496 billion in 2021, followed by a reduced loss of $630.1 million in 2022. Despite the repeated negative values, the improvement between 2021 and 2022 suggests partial recovery.
- Net Sales
-
Net sales data starts from February 2019 with $48.6 million, showing a continuous upward trend over the reported years. Sales increased markedly from $290.2 million in 2020 to $378.6 million in 2021, and further to $444.3 million in 2022. This steady increase indicates growing revenue generation within the segment despite recurring operating losses.
- Segment Profit Margin
-
The profit margin percentages are all negative, indicating consistent operational unprofitability. There is an initial margin of -170.16% in 2019, worsening to -236.32% in 2020 and further deteriorating to an extreme -395.14% in 2021. In 2022, the margin improved significantly to -141.82%, though still indicating substantial losses relative to sales. This trend suggests volatility in cost management or pricing, but the improvement in 2022 signals a move toward better cost efficiency or margin recovery.
In summary, the segment exhibits a pattern of substantial losses despite increasing net sales, with operating income losses peaking in 2021 before a noticeable reduction in 2022. The improvement in profit margins in the latest year also suggests steps toward operational stabilization, though profitability remains a challenge.
Segment Capital Expenditures to Depreciation
Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
---|---|---|---|---|---|---|
Beer | ||||||
Wine and Spirits | ||||||
Corporate Operations and Other | ||||||
Canopy |
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).
- Capital Expenditures to Depreciation Ratio for Beer Segment
- The Beer segment exhibits a clear downward trend in the capital expenditures to depreciation ratio over the reported periods. Starting from 6.61 in February 2017, the ratio decreases substantially to 3.42 by February 2022. The most notable declines occur between 2017 and 2020, after which the ratio stabilizes around the mid-3 mark. This indicates a continuous reduction in capital expenditures relative to the depreciation expense, suggesting either reduced investment or increased efficiency in asset utilization within this segment.
- Capital Expenditures to Depreciation Ratio for Wine and Spirits Segment
- The Wine and Spirits segment shows more fluctuation over the years. The ratio begins at 1.01 in 2017, rises to a peak of 1.61 in 2018, dips to 0.94 in 2020, and then increases again to reach the highest recorded value of 1.92 in 2022. These variations point to inconsistent investment patterns relative to depreciation, with a resurgence of capital expenditure intensity observed in the most recent period.
- Capital Expenditures to Depreciation Ratio for Corporate Operations and Other Segment
- This segment presents a highly variable pattern. Starting at 1.54 in 2017, the ratio declines sharply to 0.65 in 2018, then rises steadily to peak at 4.39 in 2021 before falling back to 1.74 in 2022. The volatile nature of these figures suggests episodic capital investment relative to depreciation, possibly reflecting strategic shifts or restructuring activities within corporate operations.
- Capital Expenditures to Depreciation Ratio for Canopy Segment
- Data for the Canopy segment is incomplete, with values absent prior to 2019. In 2019, the ratio is exceptionally high at 20.54, followed by a steep decline to 7.04 in 2020 and continuous decreases to 1.67 in 2021 and 0.56 in 2022. This sharp downward trend may indicate a front-loaded capital investment phase followed by a rapid stabilization or impairment in capital spending relative to depreciation.
Segment Capital Expenditures to Depreciation: Beer
Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||
Capital expenditures | ||||||
Depreciation and amortization | ||||||
Segment Financial Ratio | ||||||
Segment capital expenditures to depreciation1 |
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 2022 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The analysis of the annual data for the "Beer" segment reveals several notable trends in capital expenditures and depreciation expenses over the six-year period.
- Capital Expenditures
- Capital expenditures exhibited variability throughout the period. Starting at 759,200 thousand US dollars in 2017, the expenditures increased to a peak of 882,600 thousand US dollars in 2018. Following this peak, a downward trend is observed with a drop to 571,700 thousand US dollars in 2020. Subsequently, capital expenditures recovered, rising to 849,500 thousand US dollars by 2022.
- Depreciation and Amortization
- The depreciation and amortization expense demonstrated a generally increasing trajectory. The amount rose steadily from 114,900 thousand US dollars in 2017 to 204,300 thousand US dollars in 2020. Although there was a slight dip to 194,700 thousand US dollars in 2021, it increased significantly in 2022, reaching 248,700 thousand US dollars, the highest level in the observed period.
- Segment Capital Expenditures to Depreciation Ratio
- This ratio provides insights into the relationship between capital investments and the depreciation expense. The ratio showed a marked decline from 6.61 in 2017 to 2.8 in 2020, indicating that capital expenditures decreased relative to depreciation during this period. After 2020, the ratio mildly increased to 3.56 in 2021 and slightly declined to 3.42 in 2022, suggesting some recovery in capital investments compared to depreciation but still remaining lower than earlier years.
Overall, the data indicates that capital expenditures experienced fluctuations with a strong peak early in the period, followed by a significant decline and partial recovery. Depreciation and amortization expenses consistently increased, reflecting either growing asset bases or revised amortization schedules. The decreasing capital expenditures to depreciation ratio over the period points to a reduction in investment intensity relative to the depreciation expense, particularly noticeable during 2019 and 2020, which may affect the segment’s asset renewal or expansion capabilities.
Segment Capital Expenditures to Depreciation: Wine and Spirits
Constellation Brands Inc.; Wine and Spirits; segment capital expenditures to depreciation calculation
Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||
Capital expenditures | ||||||
Depreciation and amortization | ||||||
Segment Financial Ratio | ||||||
Segment capital expenditures to depreciation1 |
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 2022 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
- Capital expenditures
- The capital expenditures demonstrate a fluctuating trend over the years. Beginning at 100,000 thousand USD in 2017, there was a significant increase to 151,100 thousand USD in 2018, followed by a decline to 129,500 thousand USD in 2019. The figure further decreased to its lowest point of 92,700 thousand USD in 2020. After this dip, capital expenditures rose again to 107,500 thousand USD in 2021 and then surged to the highest level recorded in the period, 154,700 thousand USD, in 2022.
- Depreciation and amortization
- This expense item shows a gradual downward trend. Starting from 99,400 thousand USD in 2017, depreciation and amortization dipped slightly to 94,000 thousand USD in 2018, then experienced minor fluctuations but generally decreased over the years, ultimately reaching 80,700 thousand USD in 2022. This reflects a consistent reduction in depreciation and amortization expense over the observed timeframe.
- Segment capital expenditures to depreciation ratio
- The ratio of segment capital expenditures to depreciation reveals notable variability. It began near parity at 1.01 in 2017 but increased considerably to 1.61 in 2018, indicating capital expenditures outpacing depreciation by a substantial margin. The ratio declined to 1.32 in 2019 and dropped below one to 0.94 in 2020, suggesting that capital expenditures were slightly less than depreciation in that year. Subsequently, the ratio rose again to 1.2 in 2021 and peaked at 1.92 in 2022, signifying a notable emphasis on investment relative to depreciation in the most recent year.
Segment Capital Expenditures to Depreciation: Corporate Operations and Other
Constellation Brands Inc.; Corporate Operations and Other; segment capital expenditures to depreciation calculation
Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||
Capital expenditures | ||||||
Depreciation and amortization | ||||||
Segment Financial Ratio | ||||||
Segment capital expenditures to depreciation1 |
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 2022 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The analysis of the "Corporate Operations and Other" segment over the six-year period reveals distinct trends in capital expenditures, depreciation and amortization, and the ratio of segment capital expenditures to depreciation.
- Capital Expenditures
- Capital expenditures demonstrate considerable variability throughout the years. The period begins with a relatively high level in 2017 at 48,200 thousand US dollars, followed by a significant decrease to 23,900 thousand in 2018. Thereafter, capital expenditures rise again to 36,800 thousand in 2019 and reach a peak of 62,100 thousand in 2020. The amount remains elevated in 2021 at 63,200 thousand but then declines sharply to 22,600 thousand in 2022. This pattern reflects fluctuating investment activities with notable peaks during 2020 and 2021.
- Depreciation and Amortization
- Depreciation and amortization expenses show a consistent downward trend over the period analyzed. Starting at 31,400 thousand US dollars in 2017, the figure increases to 36,900 thousand in 2018, then decreases steadily over the next four years, reaching 13,000 thousand by 2022. This decline could indicate reductions in depreciable assets or changes in amortization schedules during the period.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation exhibits notable fluctuations across the timeline. It starts moderately high at 1.54 in 2017, drops sharply to 0.65 in 2018, and rebounds to 1.30 in 2019. The ratio then surges to 2.88 in 2020 and peaks at 4.39 in 2021 before decreasing again to 1.74 in 2022. These movements suggest periods of increased investment relative to asset depreciation, particularly in 2020 and 2021, followed by a relative contraction in 2022.
In summary, the segment's capital expenditures are characterized by volatility with peaks in recent years, while depreciation consistently declines. The capital expenditures to depreciation ratio corroborates these trends, showing intensified investment activity in 2020 and 2021, which may impact the segment's asset base and future amortization schedules.
Segment Capital Expenditures to Depreciation: Canopy
Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||
Capital expenditures | ||||||
Depreciation and amortization | ||||||
Segment Financial Ratio | ||||||
Segment capital expenditures to depreciation1 |
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 2022 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The financial data reveals a significant fluctuation in capital expenditures and depreciation within the reportable segment over the observed periods.
- Capital Expenditures
- Capital expenditures first appear in the fiscal year ending February 29, 2020, with a value of approximately $449.8 million. This amount increased to $572.8 million in the subsequent year (ending February 28, 2021), representing substantial investment activity. However, capital expenditures sharply declined thereafter, reaching $172.6 million in the year ending February 28, 2022, and further falling to $50.4 million in the most recent period. This pattern indicates an initial phase of high investment intensity that tapered off significantly over the last two years.
- Depreciation and Amortization
- Depreciation and amortization started being recorded from the fiscal year ending February 29, 2020, at $21.9 million. This figure experienced a near fourfold increase to $81.4 million the following year and then rose moderately to $103.3 million in the subsequent period. The most recent year shows a slight reduction to $90.0 million. These changes suggest increasing amortization expense reflecting either newly capitalized assets or adjustments in amortization schedules, followed by some stabilization and a minor decline.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation exhibited a steep downward trend. It started exceptionally high at 20.54 in the year ending February 29, 2020, dropped to 7.04 the following year, then declined substantially to 1.67, and further decreased to 0.56 in the most recent period. This trend indicates that while depreciation expense grew steadily, capital spending diminished markedly, resulting in a lower investment rate relative to the capital consumed or amortized.
Overall, the data points to a segment that underwent a period of heavy capital investment starting in 2020, which has since significantly slowed, while ongoing depreciation expenses have increased, reflecting the aging or utilization of these assets. The declining capital expenditure to depreciation ratio suggests a shift from growth-driven investments toward maintenance or a reduced investment profile in recent years.
Net sales
Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
---|---|---|---|---|---|---|
Beer | ||||||
Wine and Spirits | ||||||
Corporate Operations and Other | ||||||
Canopy | ||||||
Consolidation and Eliminations | ||||||
Consolidated |
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 data reflects the net sales performance across various segments over a six-year period, ending in fiscal year 2022. The analysis focuses on three main reportable segments: Beer, Wine and Spirits, and Canopy, along with overall consolidated figures.
- Beer Segment
- The Beer segment exhibits a consistent upward trajectory in net sales throughout the period. Starting at approximately $4.23 billion in 2017, sales increased steadily each year, culminating at about $6.75 billion in 2022. This represents an overall growth of nearly 60%, indicating a strong and sustained demand or successful market expansion within this segment.
- Wine and Spirits Segment
- Contrary to the Beer segment, the Wine and Spirits segment shows a declining trend in net sales. Beginning at approximately $3.10 billion in 2017, sales decreased gradually each year, reaching about $2.07 billion in 2022. This marked decline of roughly 33% over six years suggests reduced consumer demand, competitive pressures, or strategic shifts impacting this segment negatively.
- Canopy Segment
- The Canopy segment presents a notable emergence starting in 2019 with net sales of roughly $48.6 million. Subsequently, sales grew significantly, reaching approximately $444.3 million by 2022. This rapid growth within a relatively short timeframe highlights the segment's increasing importance and possible investment focus within the overall business portfolio.
- Consolidation and Eliminations
- Consistent with the introduction of the Canopy segment, consolidation and elimination entries appear starting in 2019, effectively offsetting the Canopy sales figures. These negative values ensure there is no double counting of inter-company transactions in the consolidated data.
- Consolidated Net Sales
- The overall consolidated net sales demonstrate a positive but moderate growth trend, rising from about $7.33 billion in 2017 to approximately $8.82 billion in 2022. The increase of roughly 20% reflects the balanced interplay between the growing Beer and Canopy segments and the declining Wine and Spirits sales.
In summary, the net sales data indicate that the Beer segment drives the majority of growth, supported increasingly by the emerging Canopy segment. Meanwhile, the Wine and Spirits segment faces a consistent decline. Consolidated figures suggest steady overall growth, highlighting a successful strategic pivot or market adaptation within certain segments despite challenges in others.
Segment operating income (loss)
Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
---|---|---|---|---|---|---|
Beer | ||||||
Wine and Spirits | ||||||
Corporate Operations and Other | ||||||
Canopy | ||||||
Consolidation and Eliminations | ||||||
Comparable Adjustments | ||||||
Consolidated |
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 segment operating income data reveals distinct trends across the various business segments over the six-year period ending February 2022.
- Beer Segment
- The Beer segment shows a consistent and steady increase in operating income from $1,534,400 thousand in 2017 to $2,703,300 thousand in 2022. This upward trajectory reflects sustained growth year-over-year, indicating robust performance and expansion in this segment without any observed volatility or decline.
- Wine and Spirits Segment
- The Wine and Spirits segment experiences a gradual decline over the time frame, decreasing from $800,800 thousand in 2017 to $470,700 thousand in 2022. The contraction appears steady and continuous, suggesting challenges or structural shifts affecting profitability in this area.
- Corporate Operations and Other
- Operating losses in Corporate Operations and Other segments have progressively deepened, moving from a loss of $139,900 thousand in 2017 to $238,200 thousand in 2022. The growing negative result may indicate increasing overheads or centralized costs that have not been offset by segment income improvements.
- Canopy Segment
- The Canopy segment’s financial data is only available from 2019 onward and demonstrates significant operating losses throughout this period. The loss soared dramatically from -$82,700 thousand in 2019 to a peak negative value of -$1,496,000 thousand in 2021, before improving somewhat to -$630,100 thousand in 2022. This pattern suggests a phase of heavy investment or restructuring, with partial recovery in the most recent year.
- Consolidation and Eliminations
- Corresponding to the Canopy segment losses, the Consolidation and Eliminations line shows equal and opposite values starting in 2019, signaling accounting entries made to eliminate inter-segment transactions or balances. These entries mirror the Canopy segment losses exactly, thus netting out within the consolidated figures.
- Comparable Adjustments
- This line fluctuates considerably, beginning with a positive $204,100 thousand in 2017, then swinging to negative values from 2018 onward, reaching a low of -$577,900 thousand in 2020 before partially recovering in the subsequent years. Such volatility indicates significant adjustments that have impacted comparability across reporting periods.
- Consolidated Operating Income
- The consolidated operating income displays variability without a clear sustained trend. It started at $2,399,400 thousand in 2017, dipped to a low point of $2,154,500 thousand in 2020, peaked at $2,791,100 thousand in 2021, and fell again to $2,331,700 thousand in 2022. Despite fluctuations, the overall consolidated results remain relatively stable, reflecting the offsetting effects of growth in Beer, deterioration in Wine and Spirits, significant Canopy losses, and notable adjustments.
Capital expenditures
Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
---|---|---|---|---|---|---|
Beer | ||||||
Wine and Spirits | ||||||
Corporate Operations and Other | ||||||
Canopy | ||||||
Consolidation and Eliminations | ||||||
Consolidated |
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).
- Overall Capital Expenditures Trend
- Capital expenditures demonstrate a fluctuating pattern over the six-year period. The consolidated expenditures peak in the year ending February 28, 2018, at approximately $1.06 billion, followed by a significant decline in 2019 and further drops through 2020, before recovering gradually in 2021 and 2022, reaching around $1.03 billion.
- Beer Segment
- Investment in the Beer segment shows variability with a peak in 2018 at $882.6 million, followed by a decline to $571.7 million in 2020. This is succeeded by a recovery to $849.5 million by 2022. The trend suggests cyclical capital investment with a dip coinciding with the period around 2020.
- Wine and Spirits Segment
- The Wine and Spirits segment displays a general upward trend in capital expenditures, beginning at $100 million in 2017 and rising to $154.7 million by 2022. Notably, expenditure peaked in 2018 at $151.1 million, experienced a dip in 2020 to $92.7 million, then recovered consistently thereafter.
- Corporate Operations and Other
- Capital expenditures labeled under Corporate Operations and Other fluctuate modestly between $22.6 million and $63.2 million, with no clear upward or downward trend. A notable peak occurs in 2021 at $63.2 million, followed by a decrease to $22.6 million in 2022.
- Canopy and Consolidation and Eliminations
- Capital expenditures related to Canopy emerge in 2019 with $449.8 million, increasing to $572.8 million in 2020, then sharply decreasing to $50.4 million by 2022. Corresponding negative values under Consolidation and Eliminations mirror these amounts, reflecting internal adjustments. The spike and subsequent decline of Canopy-related capital expenditures significantly influence the consolidated totals during these years.
- Insights
-
The data indicates that the Beer segment remains the largest capital expenditure category, with expenditures demonstrating sensitivity to external factors around 2020.
Wine and Spirits investments have grown steadily, suggesting increasing strategic focus or growth within this segment.
Corporate Operations expenditures remain relatively stable with minor fluctuations, indicating consistent operational investment.
Capital expenditures linked to Canopy show a dramatic presence between 2019 and 2020, contributing notably to fluctuations in consolidated totals but tapering off quickly afterward.
Overall, capital spending appears to have been impacted by events or conditions leading to declines around 2020, followed by recovery phases in subsequent years.
Depreciation and amortization
Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
---|---|---|---|---|---|---|
Beer | ||||||
Wine and Spirits | ||||||
Corporate Operations and Other | ||||||
Canopy | ||||||
Consolidation and Eliminations | ||||||
Comparable Adjustments | ||||||
Consolidated |
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).
An examination of the annual depreciation and amortization figures across reportable segments reveals several important trends and shifts over the six-year period ending February 28, 2022.
- Beer Segment
-
The Beer segment exhibits a generally upward trend in depreciation and amortization expenses, starting at $114.9 million in 2017 and increasing to $248.7 million by 2022. Notably, there is a significant rise between 2021 and 2022, marking the highest recorded amount in the dataset. The figures show steady increases year-over-year from 2017 through 2020, a slight decline in 2021, followed by a sharp increase in 2022.
- Wine and Spirits Segment
-
The Wine and Spirits segment shows a contrasting pattern, with depreciation and amortization expenses mostly declining over the period. Beginning at $99.4 million in 2017, the amounts generally decrease each year to $80.7 million by 2022. The decline is gradual and consistent from 2018 through 2022, indicating a possible reduction in asset base or changes in asset valuation within this segment.
- Corporate Operations and Other
-
This category experiences a persistent downward trend, falling steadily from $31.4 million in 2017 to $13.0 million in 2022. The decline is uninterrupted, suggesting reductions in corporate asset depreciation or shifts in the allocation of costs classified under this category.
- Canopy Segment
-
While data for the Canopy segment is absent for the first two years, the figures from 2019 onward reveal a rapid increase in depreciation and amortization. Starting with $21.9 million in 2019, the expense escalates sharply to $81.4 million in 2020, peaks at $103.3 million in 2021, and slightly decreases to $90.0 million in 2022. This pattern suggests significant asset additions or acquisitions within this segment during the latter years.
- Consolidation and Eliminations
-
This category shows negative values correlating inversely with the Canopy segment figures, starting in 2019 at negative $21.9 million, deepening to negative $103.3 million in 2021, before slightly improving to negative $90.0 million in 2022. These eliminations serve to offset intersegment transactions or duplications, consistent with consolidation practices.
- Comparable Adjustments
-
The Comparable Adjustments exhibit variability, with amounts starting at $2.2 million in 2017, peaking at $8.9 million in 2019, then decreasing markedly to negligible values by 2021 and 2022. This pattern indicates occasional reclassifications or adjustments applied inconsistently across the periods.
- Consolidated Total
-
The overall consolidated depreciation and amortization expense shows a general growth from $247.9 million in 2017 to $342.4 million in 2022. While there is a peak at $339.1 million in 2019 and a slight dip to $299.1 million in 2021, the final figure in 2022 represents the highest expenditure in the period analyzed. This upward trajectory aligns closely with the trends observed in the Beer and Canopy segments and the reductions in other segments.