MeritValue

CONSTELLATION BRANDS, INC.

STZdata completeness 88%18 fiscal years on file

Data notes: no data for concept 'dilutedShares'; no data for concept 'sharesOutstanding'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'epsDiluted'

The thesis, from the filings

CONSTELLATION BRANDS, INC. earns about 2% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$8.82B1$9.45B2$9.96B3$10.2B3$9.14B3
Net income−$40.4M4−$71M5$1.73B6−$81.4M6$1.69B6
Operating cash flow$2.71B7$2.76B8$2.78B9$3.15B9$2.67B9
Capital expenditure$1.03B10$1.04B11$1.27B12$1.21B12$875M12
Free cash flow (derived)$1.68B7$1.72B8$1.51B9$1.94B9$1.79B9
Total debt$20.5B13$23.8B14$23.5B15$22.2B16$20.9B16
Cash & equivalents$199.4M17$133.5M18$152.4M19$68.1M20$102.4M20
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
2% avg · 5y
FY22 0%FY23 1%FY24 5%FY25 -0%FY26 6%

It earned an average 2% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-02-28 · accession 0000016918-24-000054 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-02-28 · accession 0000016918-25-000022 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-02-29 · accession 0000016918-26-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-02-28 · accession 0000016918-24-000054 (NetIncomeLoss)
  5. 10-K · period ending 2023-02-28 · accession 0000016918-25-000022 (NetIncomeLoss)
  6. 10-K · period ending 2024-02-29 · accession 0000016918-26-000011 (NetIncomeLoss)
  7. 10-K · period ending 2022-02-28 · accession 0000016918-24-000054 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-02-28 · accession 0000016918-25-000022 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-02-29 · accession 0000016918-26-000011 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-02-28 · accession 0000016918-24-000054 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-02-28 · accession 0000016918-25-000022 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-02-29 · accession 0000016918-26-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-02-28 · accession 0000016918-23-000045 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-02-28 · accession 0000016918-24-000054 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-02-29 · accession 0000016918-25-000022 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-02-28 · accession 0000016918-26-000011 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-02-28 · accession 0000016918-23-000045 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-02-28 · accession 0000016918-24-000054 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-02-29 · accession 0000016918-25-000022 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-02-28 · accession 0000016918-26-000011 (CashAndCashEquivalentsAtCarryingValue)