Stock Analysis on Net
Stock Analysis on Net

Constellation Brands Inc. (NYSE:STZ)

$22.49

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

Analysis of Income Taxes

Microsoft Excel

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Income Tax Expense (Benefit)

Constellation Brands Inc., income tax expense (benefit), continuing operations

US$ in thousands

Microsoft Excel
12 months ended: Feb 28, 2022 Feb 28, 2021 Feb 29, 2020 Feb 28, 2019 Feb 28, 2018 Feb 28, 2017
Federal
State
Foreign
Current
Federal
State
Foreign
Deferred
Income tax provision (benefit)

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).

Item Description The company
Current Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Constellation Brands Inc. current decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.
Deferred Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Constellation Brands Inc. deferred increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.
Income tax provision (benefit) Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Constellation Brands Inc. income tax provision (benefit) increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

Effective Income Tax Rate (EITR)

Constellation Brands Inc., effective income tax rate (EITR) reconciliation

Microsoft Excel
Feb 28, 2022 Feb 28, 2021 Feb 29, 2020 Feb 28, 2019 Feb 28, 2018 Feb 28, 2017
Statutory U.S. federal income tax rate
State and local income taxes, net of federal income tax benefit
Net income tax provision (benefit) from legislative changes
Earnings taxed at other than U.S. statutory rate
Excess tax benefits from stock-based compensation awards
Net income tax provision (benefit) recognized for adjustment to valuation allowance
Canadian Divestiture
Miscellaneous items, net
Effective tax rate

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).

Item Description The company
Effective tax rate Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Constellation Brands Inc. effective tax rate decreased from 2020 to 2021 but then increased from 2021 to 2022 not reaching 2020 level.

Components of Deferred Tax Assets and Liabilities

Constellation Brands Inc., components of deferred tax assets and liabilities

US$ in thousands

Microsoft Excel
Feb 28, 2022 Feb 28, 2021 Feb 29, 2020 Feb 28, 2019 Feb 28, 2018 Feb 28, 2017
Intangible assets
Loss carryforwards
Stock-based compensation
Lease liabilities
Inventory
Investments in unconsolidated investees
Other accruals
Gross deferred tax assets
Valuation allowances
Deferred tax assets, net
Intangible assets
Property, plant, and equipment
Investments in unconsolidated investees
Provision for unremitted earnings
Right-of-use assets
Other accruals
Unrealized foreign exchange
Derivative instruments
Deferred tax liabilities
Deferred tax assets (liabilities), net

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).

Item Description The company
Gross deferred tax assets Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Constellation Brands Inc. gross deferred tax assets decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.
Deferred tax assets, net Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Constellation Brands Inc. deferred tax assets, net decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.
Deferred tax assets (liabilities), net Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Constellation Brands Inc. deferred tax assets (liabilities), net decreased from 2020 to 2021 and from 2021 to 2022.

Deferred Tax Assets and Liabilities, Classification

Constellation Brands Inc., deferred tax assets and liabilities, classification

US$ in thousands

Microsoft Excel
Feb 28, 2022 Feb 28, 2021 Feb 29, 2020 Feb 28, 2019 Feb 28, 2018 Feb 28, 2017
Deferred tax assets
Deferred tax liabilities

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).

Item Description The company
Deferred tax assets Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Constellation Brands Inc. deferred tax assets decreased from 2020 to 2021 and from 2021 to 2022.
Deferred tax liabilities Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. Constellation Brands Inc. deferred tax liabilities increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

Adjustments to Financial Statements: Removal of Deferred Taxes

Constellation Brands Inc., adjustments to financial statements

US$ in thousands

Microsoft Excel
Feb 28, 2022 Feb 28, 2021 Feb 29, 2020 Feb 28, 2019 Feb 28, 2018 Feb 28, 2017
Adjustment to Total Assets
Total assets (as reported)
Less: Noncurrent deferred tax assets, net
Total assets (adjusted)
Adjustment to Total Liabilities
Total liabilities (as reported)
Less: Noncurrent deferred tax liabilities, net
Total liabilities (adjusted)
Adjustment to Total CBI Stockholders’ Equity
Total CBI stockholders’ equity (as reported)
Less: Net deferred tax assets (liabilities)
Total CBI stockholders’ equity (adjusted)
Adjustment to Net Income (loss) Attributable To CBI
Net income (loss) attributable to CBI (as reported)
Add: Deferred income tax expense (benefit)
Net income (loss) attributable to CBI (adjusted)

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).

Constellation Brands Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Constellation Brands Inc., adjusted financial ratios

Microsoft Excel
Feb 28, 2022 Feb 28, 2021 Feb 29, 2020 Feb 28, 2019 Feb 28, 2018 Feb 28, 2017
Net Profit Margin
Reported net profit margin
Adjusted net profit margin
Total Asset Turnover
Reported total asset turnover
Adjusted total asset turnover
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Equity (ROE)
Reported ROE
Adjusted ROE
Return on Assets (ROA)
Reported ROA
Adjusted ROA

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).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Constellation Brands Inc. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Constellation Brands Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Constellation Brands Inc. adjusted financial leverage ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 not reaching 2020 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Constellation Brands Inc. adjusted ROE improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Constellation Brands Inc. adjusted ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.

Constellation Brands Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Feb 28, 2022 Feb 28, 2021 Feb 29, 2020 Feb 28, 2019 Feb 28, 2018 Feb 28, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to CBI
Net sales
Profitability Ratio
Net profit margin1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) attributable to CBI
Net sales
Profitability Ratio
Adjusted net profit margin2

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).

2022 Calculations

1 Net profit margin = 100 × Net income (loss) attributable to CBI ÷ Net sales
= 100 × ÷ =

2 Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to CBI ÷ Net sales
= 100 × ÷ =

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Constellation Brands Inc. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.

Adjusted Total Asset Turnover

Microsoft Excel
Feb 28, 2022 Feb 28, 2021 Feb 29, 2020 Feb 28, 2019 Feb 28, 2018 Feb 28, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net sales
Total assets
Activity Ratio
Total asset turnover1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Net sales
Adjusted total assets
Activity Ratio
Adjusted total asset turnover2

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).

2022 Calculations

1 Total asset turnover = Net sales ÷ Total assets
= ÷ =

2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= ÷ =

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Constellation Brands Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.

Adjusted Financial Leverage

Microsoft Excel
Feb 28, 2022 Feb 28, 2021 Feb 29, 2020 Feb 28, 2019 Feb 28, 2018 Feb 28, 2017
As Reported
Selected Financial Data (US$ in thousands)
Total assets
Total CBI stockholders’ equity
Solvency Ratio
Financial leverage1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted total assets
Adjusted total CBI stockholders’ equity
Solvency Ratio
Adjusted financial leverage2

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).

2022 Calculations

1 Financial leverage = Total assets ÷ Total CBI stockholders’ equity
= ÷ =

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total CBI stockholders’ equity
= ÷ =

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Constellation Brands Inc. adjusted financial leverage ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 not reaching 2020 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Feb 28, 2022 Feb 28, 2021 Feb 29, 2020 Feb 28, 2019 Feb 28, 2018 Feb 28, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to CBI
Total CBI stockholders’ equity
Profitability Ratio
ROE1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) attributable to CBI
Adjusted total CBI stockholders’ equity
Profitability Ratio
Adjusted ROE2

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).

2022 Calculations

1 ROE = 100 × Net income (loss) attributable to CBI ÷ Total CBI stockholders’ equity
= 100 × ÷ =

2 Adjusted ROE = 100 × Adjusted net income (loss) attributable to CBI ÷ Adjusted total CBI stockholders’ equity
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Constellation Brands Inc. adjusted ROE improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Feb 28, 2022 Feb 28, 2021 Feb 29, 2020 Feb 28, 2019 Feb 28, 2018 Feb 28, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to CBI
Total assets
Profitability Ratio
ROA1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) attributable to CBI
Adjusted total assets
Profitability Ratio
Adjusted ROA2

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).

2022 Calculations

1 ROA = 100 × Net income (loss) attributable to CBI ÷ Total assets
= 100 × ÷ =

2 Adjusted ROA = 100 × Adjusted net income (loss) attributable to CBI ÷ Adjusted total assets
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Constellation Brands Inc. adjusted ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.