Market Cap : 45.91 B | Enterprise Value : 56.91 B | PE Ratio : 36.81 | PB Ratio : 3.99 |
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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Constellation Brands has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Constellation Brands's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Constellation Brands was 9. The lowest was 2. And the median was 6.
The historical data trend for Constellation Brands's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Beverages - Wineries & Distilleries subindustry, Constellation Brands's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Beverages - Alcoholic industry and Consumer Defensive sector, Constellation Brands's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Constellation Brands's Piotroski F-Score falls into.
How is the Piotroski F-Score calculated?
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (May22) TTM: | Last Year (May21) TTM: |
Net Income was 1.5 + 470.8 + 395.4 + 389.5 = $1,257 Mil. Cash Flow from Operations was 809.9 + 918.2 + 261.3 + 758.2 = $2,748 Mil. Revenue was 2371.1 + 2320.6 + 2102.5 + 2363.2 = $9,157 Mil. Gross Profit was 1229.7 + 1225.7 + 1132.6 + 1255 = $4,843 Mil. Average Total Assets from the begining of this year (May21) to the end of this year (May22) was (26192.4 + 25340.3 + 25527.3 + 25855.8 + 25841.1) / 5 = $25751.38 Mil. Total Assets at the begining of this year (May21) was $26,192 Mil. Long-Term Debt & Capital Lease Obligation was $10,278 Mil. Total Current Assets was $3,302 Mil. Total Current Liabilities was $2,366 Mil. |
Net Income was 512.1 + 1280.9 + 382.9 + -908.1 = $1,268 Mil. Revenue was 2260.4 + 2438.1 + 1953 + 2026.5 = $8,678 Mil. Gross Profit was 1215.8 + 1268.2 + 993.7 + 1119.3 = $4,597 Mil. Average Total Assets from the begining of last year (May20) to the end of last year (May21) was (26149.8 + 26462.5 + 27630.6 + 27104.8 + 26192.4) / 5 = $26708.02 Mil. Total Assets at the begining of last year (May20) was $26,150 Mil. Long-Term Debt & Capital Lease Obligation was $9,915 Mil. Total Current Assets was $3,313 Mil. Total Current Liabilities was $2,063 Mil. |
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Constellation Brands's current Net Income (TTM) was 1,257.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Constellation Brands's current Cash Flow from Operations (TTM) was 2,748.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Score 1 if it's higher, 0 if it's lower.
ROA (This Year) | = | Net Income | / | Total Assets (May21) |
= | 1257.2 | / | 26192.4 | |
= | 0.04799866 |
ROA (Last Year) | = | Net Income | / | Total Assets (May20) |
= | 1267.8 | / | 26149.8 | |
= | 0.04848221 |
Constellation Brands's return on assets of this year was 0.04799866. Constellation Brands's return on assets of last year was 0.04848221.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Score 1 if CFROA > ROA, 0 if CFROA <= ROA.
Constellation Brands's current Net Income (TTM) was 1,257. Constellation Brands's current Cash Flow from Operations (TTM) was 2,748.
==> 2,748 > 1,257 ==> CFROA > ROA ==> Score 1.
Funding
Question 5. Change in Gearing or Leverage
Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.
Score 0 if this year's gearing is higher, 1 otherwise.
Gearing (This Year: May22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from May21 to May22 |
= | 10278.2 | / | 25751.38 | |
= | 0.39913201 |
Gearing (Last Year: May21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from May20 to May21 |
= | 9914.8 | / | 26708.02 | |
= | 0.37122932 |
Constellation Brands's gearing of this year was 0.39913201. Constellation Brands's gearing of last year was 0.37122932.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Current Ratio (This Year: May22) | = | Total Current Assets | / | Total Current Liabilities |
= | 3302.2 | / | 2365.8 | |
= | 1.39580692 |
Current Ratio (Last Year: May21) | = | Total Current Assets | / | Total Current Liabilities |
= | 3313.1 | / | 2062.8 | |
= | 1.6061179 |
Constellation Brands's current ratio of this year was 1.39580692. Constellation Brands's current ratio of last year was 1.6061179.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Constellation Brands's number of shares in issue this year was 212.539. Constellation Brands's number of shares in issue last year was 193.849.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Gross Margin (This Year: TTM) | = | Gross Profit | / | Revenue |
= | 4843 | / | 9157.4 | |
= | 0.5288619 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 4597 | / | 8678 | |
= | 0.52973035 |
Constellation Brands's gross margin of this year was 0.5288619. Constellation Brands's gross margin of last year was 0.52973035.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (May21) |
= | 9157.4 | / | 26192.4 | |
= | 0.3496205 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (May20) |
= | 8678 | / | 26149.8 | |
= | 0.33185722 |
Constellation Brands's asset turnover of this year was 0.3496205. Constellation Brands's asset turnover of last year was 0.33185722.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 1 | + | 1 | + | 0 | + | 1 | + | 0 | + | 0 | + | 0 | + | 0 | + | 1 | |
= | 4 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Constellation Brands has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Thank you for viewing the detailed overview of Constellation Brands's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Carey Kaneenat Kristann | officer: EVP & Chief HR Officer | 207 HIGH POINT DRIVE BUILDING 100 VICTOR NY 14564 |
Richard Sands Master Trust | 10 percent owner | 207 HIGH POINT DRIVE BUILDING 100 VICTOR NY 14564 |
Res Master Llc | 10 percent owner | 207 HIGH POINT DRIVE BUILDING 100 VICTOR NY 14564 |
Robert Sands Master Trust | 10 percent owner | 207 HIGH POINT DRIVE BUILDING 100 VICTOR NY 14564 |
Rss Master Llc | 10 percent owner | 207 HIGH POINT DRIVE BUILDING 100 VICTOR NY 14564 |
Rct 2020 Investments Llc | 10 percent owner | 207 HIGH POINT DRIVE BUILDING 100 VICTOR NY 14564 |
Fink Nicholas I. | director | 510 LAKE COOK ROAD DEERFIELD IL 60015 |
Daniels Jennifer | director | C/O BARNES & NOBLE, INC. 122 FIFTH AVENUE NEW YORK NY 10011 |
Johnson Susan S | director | 303 PEACHTREE STREET, NE ATLANTA GA 30308 |
Hernandez Ernesto M | director | C/O CONSTELLATION BRANDS, INC. 207 HIGH POINT DRIVE, BLDG. 100 VICTOR NY 14564 |
Schmeling Judy | director | C/O HSN, INC. 1 HSN DRIVE ST.PETERSBURG FL 33729 |
Mccarthy Daniel J | director | FRONTIER COMMUNICATIONS 401 MERRITT 7 NORWALK CT 06851 |
Newlands William A | director, officer: President & CEO | C/O CONSTELLATION BRANDS, INC. 207 HIGH POINT DR., BUILDING 100 VICTOR NY 14564 |
Bourdeau James O. | officer: EVP & Gen. Counsel | C/O CONSTELLATION BRANDS, INC. 207 HIGH POINT DRIVE, BLDG. 100 VICTOR NY 14564 |
Sabia James A. Jr. | officer: EVP & Chief Marketing Officer | C/O CONSTELLATION BRANDS, INC. 207 HIGH POINT DRIVE, BLDG. 100 VICTOR NY 14564 |
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