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.

Analysis of Short-term (Operating) Activity Ratios 
Quarterly Data

Microsoft Excel

Short-term Activity Ratios (Summary)

Constellation Brands Inc., short-term (operating) activity ratios (quarterly data)

Microsoft Excel
Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016
Turnover Ratios
Inventory turnover 2.56 2.73 2.60 2.61 2.70 3.12 2.96 3.21 3.01 3.00 3.08 3.05 3.05 3.15 2.75 1.89 1.84 2.03 1.85 1.81 1.70 1.93 1.94 1.94
Receivables turnover 10.38 9.64 10.41 9.81 9.45 9.03 9.40 10.97 9.36 8.77 11.72 9.65 10.19 8.61 10.36 9.58 9.66 8.32 9.30 9.77 9.55 8.74 8.89 9.95
Payables turnover 4.58 4.69 4.93 4.57 4.34 4.97 4.97 9.02 5.66 6.12 8.11 7.52 6.12 6.79 7.09 6.54 4.59 5.36 5.88 6.36 4.97 6.18 6.71 6.79
Working capital turnover 11.93 9.27 9.78 13.98 7.69 11.62 6.94 4.85 6.09 4.99 4.99 7.12 8.16 6.12 12.73 15.60 29.39 5.56 4.77 4.96 7.38 5.81 6.28 13.77
Average No. Days
Average inventory processing period 142 134 140 140 135 117 123 114 121 122 119 120 120 116 133 193 198 180 197 202 214 189 188 188
Add: Average receivable collection period 35 38 35 37 39 40 39 33 39 42 31 38 36 42 35 38 38 44 39 37 38 42 41 37
Operating cycle 177 172 175 177 174 157 162 147 160 164 150 158 156 158 168 231 236 224 236 239 252 231 229 225
Less: Average payables payment period 80 78 74 80 84 73 73 40 65 60 45 49 60 54 51 56 80 68 62 57 73 59 54 54
Cash conversion cycle 97 94 101 97 90 84 89 107 95 104 105 109 96 104 117 175 156 156 174 182 179 172 175 171

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).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Constellation Brands Inc. inventory turnover ratio improved from Q1 2023 to Q2 2023 but then deteriorated significantly from Q2 2023 to Q3 2023.
Receivables turnover An activity ratio equal to revenue divided by receivables. Constellation Brands Inc. receivables turnover ratio deteriorated from Q1 2023 to Q2 2023 but then improved from Q2 2023 to Q3 2023 not reaching Q1 2023 level.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Constellation Brands Inc. payables turnover ratio decreased from Q1 2023 to Q2 2023 and from Q2 2023 to Q3 2023.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Constellation Brands Inc. working capital turnover ratio deteriorated from Q1 2023 to Q2 2023 but then improved from Q2 2023 to Q3 2023 exceeding Q1 2023 level.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Constellation Brands Inc. number of days of inventory outstanding improved from Q1 2023 to Q2 2023 but then deteriorated significantly from Q2 2023 to Q3 2023.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Constellation Brands Inc. operating cycle improved from Q1 2023 to Q2 2023 but then deteriorated significantly from Q2 2023 to Q3 2023.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Constellation Brands Inc. number of days of payables outstanding increased from Q1 2023 to Q2 2023 and from Q2 2023 to Q3 2023.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Constellation Brands Inc. cash conversion cycle improved from Q1 2023 to Q2 2023 but then slightly deteriorated from Q2 2023 to Q3 2023.

Inventory Turnover

Constellation Brands Inc., inventory turnover calculation (quarterly data)

Microsoft Excel
Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016
Selected Financial Data (US$ in thousands)
Cost of product sold 1,209,600 1,329,200 1,108,200 969,900 1,094,900 1,141,400 907,200 959,300 1,169,900 1,044,600 975,100 953,100 1,011,900 1,158,100 1,068,500 903,700 1,002,600 1,130,900 998,500 916,800 891,600 1,019,200 940,200 840,300 919,100 1,052,200 990,500
Inventories 1,802,000 1,651,000 1,656,400 1,573,200 1,518,900 1,339,000 1,377,600 1,291,100 1,376,900 1,328,400 1,332,600 1,373,600 1,358,800 1,311,400 1,494,100 2,130,400 2,198,000 1,941,900 2,068,400 2,084,000 2,167,600 1,929,700 1,936,900 1,955,100 2,123,100 1,855,200 1,918,800
Short-term Activity Ratio
Inventory turnover1 2.56 2.73 2.60 2.61 2.70 3.12 2.96 3.21 3.01 3.00 3.08 3.05 3.05 3.15 2.75 1.89 1.84 2.03 1.85 1.81 1.70 1.93 1.94 1.94
Benchmarks
Inventory Turnover, Competitors2
Altria Group Inc. 5.34 5.38 5.14 5.46 6.00 5.93 5.73 5.96 6.41 4.10 3.72 3.98 4.10 3.96 3.83 3.09
Coca-Cola Co. 4.33 3.94 3.86 4.25 4.74 4.69 4.26 4.50 4.67 4.37 4.04 4.11 4.11 3.92 4.11 4.33
PepsiCo Inc. 7.59 7.01 7.22 7.77 7.83 7.26 7.95 8.53 8.11 6.82 7.10 7.62 7.43 7.01 8.49 9.03
Philip Morris International Inc. 1.31 1.25 1.10 1.15 1.54 1.41 1.19 1.15 1.20 1.11 1.05 1.00 1.20 1.11 1.16 1.14

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).

1 Q3 2023 Calculation
Inventory turnover = (Cost of product soldQ3 2023 + Cost of product soldQ2 2023 + Cost of product soldQ1 2023 + Cost of product soldQ4 2022) ÷ Inventories
= (1,209,600 + 1,329,200 + 1,108,200 + 969,900) ÷ 1,802,000 = 2.56

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Constellation Brands Inc. inventory turnover ratio improved from Q1 2023 to Q2 2023 but then deteriorated significantly from Q2 2023 to Q3 2023.

Receivables Turnover

Constellation Brands Inc., receivables turnover calculation (quarterly data)

Microsoft Excel
Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016
Selected Financial Data (US$ in thousands)
Net sales 2,436,500 2,655,100 2,363,200 2,102,500 2,320,600 2,371,100 2,026,500 1,953,000 2,438,100 2,260,400 1,963,400 1,902,900 1,999,400 2,344,000 2,097,200 1,797,200 1,972,600 2,299,100 2,047,100 1,765,900 1,799,100 2,084,500 1,935,500 1,628,000 1,810,500 2,021,200 1,871,800
Accounts receivable 921,000 978,900 879,900 899,000 917,800 972,800 922,800 785,300 915,400 926,300 700,500 864,800 808,300 953,700 788,300 846,900 837,200 951,200 827,900 776,200 779,500 853,300 832,000 737,000 856,000 831,100 773,300
Short-term Activity Ratio
Receivables turnover1 10.38 9.64 10.41 9.81 9.45 9.03 9.40 10.97 9.36 8.77 11.72 9.65 10.19 8.61 10.36 9.58 9.66 8.32 9.30 9.77 9.55 8.74 8.89 9.95
Benchmarks
Receivables Turnover, Competitors2
Altria Group Inc. 431.91 395.05 429.71 522.83 485.38 592.47 562.37 553.47 723.94 199.99 181.90 190.90 171.23 182.78 175.79 165.20
Coca-Cola Co. 12.88 11.12 9.46 12.33 10.60 9.19 8.65 11.01 9.72 9.02 8.89 10.50 8.75 8.92 8.39 9.38
PepsiCo Inc. 7.78 7.87 8.41 8.50 7.79 7.80 8.58 9.16 8.03 7.67 8.03 8.37 7.38 7.71 8.04 8.59
Philip Morris International Inc. 8.81 8.07 8.80 8.25 8.21 8.32 8.65 10.06 9.10 8.50 8.82 9.88 9.40 8.72 10.85 9.68

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).

1 Q3 2023 Calculation
Receivables turnover = (Net salesQ3 2023 + Net salesQ2 2023 + Net salesQ1 2023 + Net salesQ4 2022) ÷ Accounts receivable
= (2,436,500 + 2,655,100 + 2,363,200 + 2,102,500) ÷ 921,000 = 10.38

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Constellation Brands Inc. receivables turnover ratio deteriorated from Q1 2023 to Q2 2023 but then improved from Q2 2023 to Q3 2023 not reaching Q1 2023 level.

Payables Turnover

Constellation Brands Inc., payables turnover calculation (quarterly data)

Microsoft Excel
Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016
Selected Financial Data (US$ in thousands)
Cost of product sold 1,209,600 1,329,200 1,108,200 969,900 1,094,900 1,141,400 907,200 959,300 1,169,900 1,044,600 975,100 953,100 1,011,900 1,158,100 1,068,500 903,700 1,002,600 1,130,900 998,500 916,800 891,600 1,019,200 940,200 840,300 919,100 1,052,200 990,500
Accounts payable 1,008,100 959,100 874,600 899,200 945,400 840,400 821,100 460,000 732,100 651,200 505,500 557,600 676,500 608,600 579,100 616,700 882,700 734,900 650,300 592,200 742,200 601,700 558,800 559,800 772,300 624,500 558,500
Short-term Activity Ratio
Payables turnover1 4.58 4.69 4.93 4.57 4.34 4.97 4.97 9.02 5.66 6.12 8.11 7.52 6.12 6.79 7.09 6.54 4.59 5.36 5.88 6.36 4.97 6.18 6.71 6.79
Benchmarks
Payables Turnover, Competitors2
Altria Group Inc. 12.79 14.10 15.61 11.67 15.92 17.13 18.36 15.86 27.28 28.31 26.76 20.57 21.92 27.77 27.63 21.80
Philip Morris International Inc. 3.58 3.28 3.00 2.80 3.29 3.25 3.24 3.01 3.49 3.66 3.72 3.44 4.54 5.00 5.04 4.57

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).

1 Q3 2023 Calculation
Payables turnover = (Cost of product soldQ3 2023 + Cost of product soldQ2 2023 + Cost of product soldQ1 2023 + Cost of product soldQ4 2022) ÷ Accounts payable
= (1,209,600 + 1,329,200 + 1,108,200 + 969,900) ÷ 1,008,100 = 4.58

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Constellation Brands Inc. payables turnover ratio decreased from Q1 2023 to Q2 2023 and from Q2 2023 to Q3 2023.

Working Capital Turnover

Constellation Brands Inc., working capital turnover calculation (quarterly data)

Microsoft Excel
Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016
Selected Financial Data (US$ in thousands)
Current assets 3,525,900 3,530,200 3,302,200 3,329,700 3,376,600 2,943,700 3,313,100 3,044,500 3,447,100 3,537,200 3,396,200 3,484,100 3,469,900 3,537,500 3,580,900 3,684,000 3,638,500 3,585,500 3,604,800 3,474,000 3,545,600 3,373,400 3,360,500 3,230,000 3,444,800 3,169,800 3,218,500
Less: Current liabilities 2,725,000 2,511,900 2,365,800 2,698,800 2,248,600 2,187,100 2,062,800 1,269,100 2,041,400 1,909,900 1,752,400 2,311,800 2,460,200 2,195,900 2,939,300 3,163,800 3,363,400 2,162,500 1,990,500 1,944,700 2,535,900 2,090,000 2,182,400 2,697,600 2,636,600 2,199,600 2,698,700
Working capital 800,900 1,018,300 936,400 630,900 1,128,000 756,600 1,250,300 1,775,400 1,405,700 1,627,300 1,643,800 1,172,300 1,009,700 1,341,600 641,600 520,200 275,100 1,423,000 1,614,300 1,529,300 1,009,700 1,283,400 1,178,100 532,400 808,200 970,200 519,800
 
Net sales 2,436,500 2,655,100 2,363,200 2,102,500 2,320,600 2,371,100 2,026,500 1,953,000 2,438,100 2,260,400 1,963,400 1,902,900 1,999,400 2,344,000 2,097,200 1,797,200 1,972,600 2,299,100 2,047,100 1,765,900 1,799,100 2,084,500 1,935,500 1,628,000 1,810,500 2,021,200 1,871,800
Short-term Activity Ratio
Working capital turnover1 11.93 9.27 9.78 13.98 7.69 11.62 6.94 4.85 6.09 4.99 4.99 7.12 8.16 6.12 12.73 15.60 29.39 5.56 4.77 4.96 7.38 5.81 6.28 13.77
Benchmarks
Working Capital Turnover, Competitors2
Altria Group Inc.
Coca-Cola Co. 13.02 12.70 12.35 15.00 15.68 15.83 11.91 14.90 4.58 5.07 6.14 7.12 9.51 13.61
PepsiCo Inc. 31.12
Philip Morris International Inc. 10.52 10.81 15.29 15.02 14.70 109.05 17.73

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).

1 Q3 2023 Calculation
Working capital turnover = (Net salesQ3 2023 + Net salesQ2 2023 + Net salesQ1 2023 + Net salesQ4 2022) ÷ Working capital
= (2,436,500 + 2,655,100 + 2,363,200 + 2,102,500) ÷ 800,900 = 11.93

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital. Constellation Brands Inc. working capital turnover ratio deteriorated from Q1 2023 to Q2 2023 but then improved from Q2 2023 to Q3 2023 exceeding Q1 2023 level.

Average Inventory Processing Period

Constellation Brands Inc., average inventory processing period calculation (quarterly data)

Microsoft Excel
Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016
Selected Financial Data
Inventory turnover 2.56 2.73 2.60 2.61 2.70 3.12 2.96 3.21 3.01 3.00 3.08 3.05 3.05 3.15 2.75 1.89 1.84 2.03 1.85 1.81 1.70 1.93 1.94 1.94
Short-term Activity Ratio (no. days)
Average inventory processing period1 142 134 140 140 135 117 123 114 121 122 119 120 120 116 133 193 198 180 197 202 214 189 188 188
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Altria Group Inc. 68 68 71 67 61 62 64 61 57 89 98 92 89 92 95 118
Coca-Cola Co. 84 93 95 86 77 78 86 81 78 84 90 89 89 93 89 84
PepsiCo Inc. 48 52 51 47 47 50 46 43 45 54 51 48 49 52 43 40
Philip Morris International Inc. 278 291 330 316 237 259 306 317 305 330 349 366 305 329 316 321

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).

1 Q3 2023 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 2.56 = 142

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Constellation Brands Inc. number of days of inventory outstanding improved from Q1 2023 to Q2 2023 but then deteriorated significantly from Q2 2023 to Q3 2023.

Average Receivable Collection Period

Constellation Brands Inc., average receivable collection period calculation (quarterly data)

Microsoft Excel
Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016
Selected Financial Data
Receivables turnover 10.38 9.64 10.41 9.81 9.45 9.03 9.40 10.97 9.36 8.77 11.72 9.65 10.19 8.61 10.36 9.58 9.66 8.32 9.30 9.77 9.55 8.74 8.89 9.95
Short-term Activity Ratio (no. days)
Average receivable collection period1 35 38 35 37 39 40 39 33 39 42 31 38 36 42 35 38 38 44 39 37 38 42 41 37
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Altria Group Inc. 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2
Coca-Cola Co. 28 33 39 30 34 40 42 33 38 40 41 35 42 41 43 39
PepsiCo Inc. 47 46 43 43 47 47 43 40 45 48 45 44 49 47 45 43
Philip Morris International Inc. 41 45 41 44 44 44 42 36 40 43 41 37 39 42 34 38

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).

1 Q3 2023 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 10.38 = 35

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover.

Operating Cycle

Constellation Brands Inc., operating cycle calculation (quarterly data)

No. days

Microsoft Excel
Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016
Selected Financial Data
Average inventory processing period 142 134 140 140 135 117 123 114 121 122 119 120 120 116 133 193 198 180 197 202 214 189 188 188
Average receivable collection period 35 38 35 37 39 40 39 33 39 42 31 38 36 42 35 38 38 44 39 37 38 42 41 37
Short-term Activity Ratio
Operating cycle1 177 172 175 177 174 157 162 147 160 164 150 158 156 158 168 231 236 224 236 239 252 231 229 225
Benchmarks
Operating Cycle, Competitors2
Altria Group Inc. 69 69 72 68 62 63 65 62 58 91 100 94 91 94 97 120
Coca-Cola Co. 112 126 134 116 111 118 128 114 116 124 131 124 131 134 132 123
PepsiCo Inc. 95 98 94 90 94 97 89 83 90 102 96 92 98 99 88 83
Philip Morris International Inc. 319 336 371 360 281 303 348 353 345 373 390 403 344 371 350 359

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).

1 Q3 2023 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 142 + 35 = 177

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Constellation Brands Inc. operating cycle improved from Q1 2023 to Q2 2023 but then deteriorated significantly from Q2 2023 to Q3 2023.

Average Payables Payment Period

Constellation Brands Inc., average payables payment period calculation (quarterly data)

Microsoft Excel
Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016
Selected Financial Data
Payables turnover 4.58 4.69 4.93 4.57 4.34 4.97 4.97 9.02 5.66 6.12 8.11 7.52 6.12 6.79 7.09 6.54 4.59 5.36 5.88 6.36 4.97 6.18 6.71 6.79
Short-term Activity Ratio (no. days)
Average payables payment period1 80 78 74 80 84 73 73 40 65 60 45 49 60 54 51 56 80 68 62 57 73 59 54 54
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Altria Group Inc. 29 26 23 31 23 21 20 23 13 13 14 18 17 13 13 17
Philip Morris International Inc. 102 111 122 130 111 112 113 121 105 100 98 106 80 73 72 80

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).

1 Q3 2023 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 4.58 = 80

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Constellation Brands Inc. number of days of payables outstanding increased from Q1 2023 to Q2 2023 and from Q2 2023 to Q3 2023.

Cash Conversion Cycle

Constellation Brands Inc., cash conversion cycle calculation (quarterly data)

No. days

Microsoft Excel
Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016
Selected Financial Data
Average inventory processing period 142 134 140 140 135 117 123 114 121 122 119 120 120 116 133 193 198 180 197 202 214 189 188 188
Average receivable collection period 35 38 35 37 39 40 39 33 39 42 31 38 36 42 35 38 38 44 39 37 38 42 41 37
Average payables payment period 80 78 74 80 84 73 73 40 65 60 45 49 60 54 51 56 80 68 62 57 73 59 54 54
Short-term Activity Ratio
Cash conversion cycle1 97 94 101 97 90 84 89 107 95 104 105 109 96 104 117 175 156 156 174 182 179 172 175 171
Benchmarks
Cash Conversion Cycle, Competitors2
Altria Group Inc. 40 43 49 37 39 42 45 39 45 78 86 76 74 81 84 103
Philip Morris International Inc. 217 225 249 230 170 191 235 232 240 273 292 297 264 298 278 279

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).

1 Q3 2023 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 142 + 3580 = 97

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Constellation Brands Inc. cash conversion cycle improved from Q1 2023 to Q2 2023 but then slightly deteriorated from Q2 2023 to Q3 2023.