Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Income Statement
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- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
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- Current Ratio since 2005
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Constellation Brands Inc., historical price multiples (quarterly data)
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 analysis of the ratios over the reported periods reveals fluctuations and certain notable trends in valuation metrics.
- Price to Earnings (P/E) Ratio
- The P/E ratio is missing for the earliest reported quarters but begins from May 2017 onwards. During the initial periods, it showed a declining trend from 21.71 to 9.18 by February 2019, indicating possibly improving earnings or declining price. It then increased later, peaking sharply at 48.22 in November 2019 and again rising to an extremely high level of 644.04 in August 2020, which may signify substantial price volatility or temporary earnings weakness. After these spikes, the ratio decreased to levels in the 20s and 30s, though it reached another surge to over 400 by November 2022. These large fluctuations suggest volatility in earnings or share price relative to earnings.
- Price to Operating Profit (P/OP) Ratio
- This ratio shows less volatile behavior compared to the P/E. It generally oscillated between approximately 11.64 and 20.99 throughout the periods, with no extreme spikes. There is a modest upward trend visible starting from early 2017 into 2018, followed by relatively stable values fluctuating between 13 and 20. The ratio's relative stability may indicate steadier operating profit performance than net earnings or less extreme changes in market valuation relative to operating profit.
- Price to Sales (P/S) Ratio
- This ratio displays a rising trend from 4.55 in May 2017 up to a maximum of 5.76 in May 2018, indicating increasing market valuation relative to sales during this time. Subsequently, the ratio fluctuated moderately between roughly 3.54 and 5.42, with some dips notably around early 2020. The variability observed suggests changes in sales relative to price, but with less extreme swings than the P/E ratio.
- Price to Book Value (P/BV) Ratio
- The P/BV shows an initial decline from 4.84 in May 2016 to a low of 2.43 in February 2020, reflecting a trend of declining market valuation relative to book value over that period. After this trough, the ratio reverses and moves upwards again, reaching values above 4.5 towards late 2022. This pattern points to changing investor perceptions regarding the company’s net asset values or capital base, with a recovery in valuation relative to book value in the latter reported quarters.
Overall, the data indicates significant fluctuations in earnings-based metrics, particularly the P/E ratio, with extreme volatility around 2019-2020. Other ratios such as P/OP and P/S present more moderate variations suggesting steadier trends in operating profits and sales relative to market valuations. The P/BV ratio reflects a mid-term decline followed by a recovery in market valuation of the company's book value. The range and variability in these ratios imply that investors' valuation of the company’s earnings, operating profit, sales, and book value has experienced periods of distinct change, likely influenced by internal performance factors and broader market conditions.
Price to Earnings (P/E)
Constellation Brands Inc., historical P/E calculation (quarterly data)
| 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to CBI (in thousands) | |||||||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||||||||||||
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 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
EPS
= (Net income (loss) attributable to CBIQ3 2023
+ Net income (loss) attributable to CBIQ2 2023
+ Net income (loss) attributable to CBIQ1 2023
+ Net income (loss) attributable to CBIQ4 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Constellation Brands Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The share price of the company exhibited notable fluctuations over the analyzed periods. Initially, it rose steadily from $165.4 in May 2016 to a peak near $228.26 by February 2018. Subsequently, the price showed a decline, reaching as low as $150.94 by November 2018 before recovering moderately and then demonstrating volatility through 2020 and 2021. A resurgence in share price was observed during early 2021, peaking near $254.21 in February 2022, followed by a slight decline towards the end of 2022.
Earnings per share (EPS) data, available from May 2017 onward, generally demonstrated an upward trend until November 2019, rising from 7.88 to a peak of 17.96. However, this was followed by a sharp decline beginning in early 2020, reaching negative values in the February 2020 quarter (-0.06) and persisting with negative or low positive values intermittently through the subsequent periods. EPS then showed partial recovery phases, particularly in late 2020 and early 2021, yet remained unstable with alternating positive and negative outcomes through late 2022.
The price-to-earnings (P/E) ratio, calculable from May 2017 onwards, reflected these EPS fluctuations and their impact on valuation. Early periods exhibited moderate P/E ratios around the low 20s, decreasing to less than 10 by November 2018 indicating relatively high earnings compared to share price. With the sharp EPS decline in 2020, the P/E ratio spiked dramatically, reaching extremely high values such as 644.04, 410.49, and 379.8 in some quarters, reflecting diminished earnings or losses combined with share price levels. Periods of high P/E ratios suggest increased investor uncertainty or overvaluation relative to earnings. Later periods enacted some normalization with ratios decreasing but remaining elevated relative to historical norms.
Overall, the data shows a company that experienced growth in earnings and stock price up to late 2019, followed by significant earnings challenges beginning in 2020 that influenced valuation metrics. The share price shows resilience and some recovery following earnings volatility, indicating mixed market sentiment and variable performance conditions. The presence of negative EPS periods and extreme P/E ratios signals caution and points to potential impacts from external factors or internal challenges affecting profitability over recent years.
Price to Operating Profit (P/OP)
Constellation Brands Inc., historical P/OP calculation (quarterly data)
| 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||||||
| Operating income (in thousands) | |||||||||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||||||||||||
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 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
Operating profit per share
= (Operating incomeQ3 2023
+ Operating incomeQ2 2023
+ Operating incomeQ1 2023
+ Operating incomeQ4 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Constellation Brands Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the provided quarterly financial data reveals several notable trends in the share price, operating profit per share, and the price-to-operating profit (P/OP) ratio over the observed periods.
- Share Price
- The share price exhibits considerable fluctuations over the timeframe. Initially, there is a general upward trend from May 31, 2016 (US$165.4) reaching a peak around February 28, 2018 (US$228.26). Following this period, the share price experiences bouts of volatility, including a significant dip to US$150.94 by November 30, 2018. From early 2019, the price recovers and maintains a range between approximately US$190 and US$250, with another peak at US$254.21 on August 31, 2022. However, toward the end of the observed timeline, the share price declines slightly to around US$208.68 by November 30, 2022, indicating some recent downward pressure.
- Operating Profit Per Share
- Operating profit per share data, available only from February 28, 2017 onward, shows a relatively stable profile with moderate growth. Initial values hover near the US$12.3 to US$12.9 range until early 2020. There is a noted decrease in the first quarter of 2020, coinciding with external economic disruptions, but the figure then stabilizes and begins to increase, reaching a peak of US$17.06 by August 31, 2022. This suggests an overall improvement in operational profitability per share over the medium term.
- Price-to-Operating Profit (P/OP) Ratio
- The P/OP ratio displays variability reflecting the interplay between share price and operating profit per share. Early observations show ratios fluctuating between approximately 13.9 and 19.1, with some decline toward late 2018 (around 11.64). After stabilization, the ratio again increases, peaking near 20.99 by November 30, 2021, which may signify investor optimism or higher valuations relative to operating profits during that period. Subsequently, the ratio declines to around 12.61 by November 30, 2022, indicating a possible normalization or correction in valuation levels.
Overall, the data reflect a company experiencing share price volatility with periods of recovery and growth in operating profit per share. The valuation multiples, as shown by the P/OP ratio, mirror these dynamics, evidencing shifts in market sentiment and operational performance throughout the observed quarters.
Price to Sales (P/S)
Constellation Brands Inc., historical P/S calculation (quarterly data)
| Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | Aug 31, 2018 | May 31, 2018 | Feb 28, 2018 | Nov 30, 2017 | Aug 31, 2017 | May 31, 2017 | Feb 28, 2017 | Nov 30, 2016 | Aug 31, 2016 | May 31, 2016 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||||||
| Net sales (in thousands) | |||||||||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||||||||||||
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 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
Sales per share
= (Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Constellation Brands Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in share price, sales per share, and price-to-sales (P/S) ratio over the observed periods.
- Share Price
- The share price demonstrated considerable volatility throughout the timeframe. From May 2016 to early 2018, there was a generally upward trend, peaking around February 2018 at approximately $228.26. Subsequently, prices fluctuated, with a marked dip in late 2018 to early 2019, followed by a partial recovery. A significant decline occurred around February 2020, coinciding with market uncertainties, with share prices falling to roughly $153.02. After this low, prices steadily increased, reaching a new high above $250 by February 2022 before experiencing a slight decline by the last observed date, November 2022.
- Sales per Share
- Sales per share data, available from February 2017, showed a consistent upward trend with minor fluctuations. Starting at $37.64, sales per share increased gradually over the period, reaching $51.79 by November 2022. This steady improvement reflects ongoing growth in revenue generation on a per-share basis, with occasional minor dips that did not substantially disrupt the overall positive trajectory.
- Price-to-Sales (P/S) Ratio
- The P/S ratio exhibited fluctuations aligned partly with movements in both share price and sales per share. Early in the period (2017–2018), the ratio increased, peaking at 5.76, indicating that share prices rose faster than sales. A sharp decline to 3.54 occurred by late 2018, suggesting share price drops outpaced sales improvements. Subsequently, the ratio recovered, rising above 5.0 again in early 2021, indicating renewed investor confidence or valuation increases relative to sales. In the last periods, the ratio showed a downward movement to just above 4.0, reflecting a moderation in valuation multiples despite rising sales per share.
Overall, the data indicate a company experiencing steady growth in sales alongside a volatile but generally upward trending share price. Valuation multiples, as represented by the P/S ratio, have shown sensitivity to market conditions, with periods of contraction and recovery, aligning with broader price movements. The steady sales per share increase suggests underlying operational strength, while share price variability highlights external market influences on investor sentiment.
Price to Book Value (P/BV)
Constellation Brands Inc., historical P/BV calculation (quarterly data)
| 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||||||
| Total CBI stockholders’ equity (in thousands) | |||||||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||||||||||||
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 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
BVPS = Total CBI stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Constellation Brands Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analyzed data reflects the quarterly fluctuations in share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over multiple periods spanning from May 2016 through November 2022.
- Share Price
- The share price demonstrates notable volatility over the observed timeframe. Beginning at $165.4 in May 2016, it generally shows an upward trajectory through to February 2018, peaking near $228.26. Subsequently, the price declines sharply to around $150.94 by November 2018 before recovering and fluctuating between $190 and $250 through most of 2019 to 2022. A significant dip occurs in early 2020 concurrent with the onset of the global pandemic, falling to approximately $153.02 in May 2020, followed by a robust recovery and an eventual peak of $254.21 in August 2022 before descending again in late 2022.
- Book Value per Share (BVPS)
- The BVPS shows a more gradual and steady increase from $34.15 in May 2016 to reach a peak near $70.09 in February 2021. This upward trend indicates consistent growth in net asset value per share over time. Following this peak, BVPS declines noticeably to approximately $45.46 by November 2022, suggesting a reduction in book value, which may be related to asset write-downs, increased liabilities, or other financial adjustments within the company’s balance sheet in recent periods.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio generally fluctuates between 2.4 and 5.4, indicating varying investor sentiment relative to the company's book value. Initially high ratios around 4.8 to 5.4 during 2016 to early 2018 suggest that the market valued the shares significantly above their book value. Notably, the ratio declines sharply in late 2018 to lows near 2.43 in early 2020, coinciding with lower share prices and increased book values. Post-pandemic, the ratio rises again, peaking at above 4.1 in early 2022 before settling near 4.6 by the end of 2022. These fluctuations imply periods of market reassessment of the company’s growth prospects and risk profile, with increased multiples reflecting positive investor outlooks and lower multiples signaling market caution or undervaluation.
In summary, the data reveals a dynamic financial profile characterized by a generally rising book value per share offset by share price volatility influenced by external market conditions and possible internal company developments. The P/BV ratio movements further underscore shifts in market perception relative to the company's underlying asset value.