Corby Spirit&Wine A (TSE:CSW.A)
TSX:CSW.A
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Corby Spirit&Wine A
(TSX:CSW.A)
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Rating:74Outperform
Price Target:
C$16.50
▲(14.35% Upside)
Action:ReiteratedDate:02/18/26
The score is driven primarily by solid financial performance (strong sales growth and healthy profitability/returns, with manageable leverage), tempered by margin compression and a declining TTM free-cash-flow trend. Technicals are supportive with the stock above major moving averages and positive MACD, while valuation is helped by a moderate P/E and high dividend yield. The earnings call was broadly constructive, but highlighted margin and normalization risks that keep the score from being higher.
Positive Factors
Profitability & Margins
Sustained high gross and operating margins indicate durable pricing power and efficient production/portfolio mix. Combined with healthy net margin, this supports persistent cash generation capacity and reinvestment potential, helping fund brands and dividends through business cycles.
Negative Factors
Margin Compression Risk
Revenue growth outpacing operating earnings reflects mix-driven margin compression and less favorable channel/product mix. If RTD continues to be a larger share and sales investments remain elevated, structural margin dilution could persist, limiting scalability of profits.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability & Margins
Sustained high gross and operating margins indicate durable pricing power and efficient production/portfolio mix. Combined with healthy net margin, this supports persistent cash generation capacity and reinvestment potential, helping fund brands and dividends through business cycles.
Read all positive factors
Corby Spirit&Wine A (CSW.A) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$411.20M
Dividend Yield6.34%
Average Volume (3M)17.02K
Price to Earnings (P/E)11.9
Beta (1Y)0.13
Revenue Growth8.87%
EPS Growth10.15%
CountryCA
Employees177
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Wineries & Distilleries
Share Statistics
EPS (TTM)0.32
Shares Outstanding24,274,320
10 Day Avg. Volume16,209
30 Day Avg. Volume17,024
Financial Highlights & Ratios
PEG Ratio1.68
Price to Book (P/B)2.01
Price to Sales (P/S)1.59
P/FCF Ratio12.96
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Corby Spirit&Wine A Business Overview & Revenue Model
Company Description
Corby Spirit and Wine Limited manufactures, markets, and imports spirits and wines primarily in Canada. It offers its products under the J.P. Wiser's Canadian Whisky, Lot No.40, Pike Creek and Gooderham, Worts Canadian whiskies, Lamb's rum, Polar ...
How the Company Makes Money
Corby Spirit & Wine generates revenue primarily through the sale of alcoholic beverages, which includes both proprietary brands and products from its international partners. The company benefits from a multi-faceted revenue model that includes dir...
Corby Spirit&Wine A Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
Overall the call conveyed a positive message: record first-half revenue, rapid RTD expansion, consistent market share gains across spirits and wine, strong cash generation, reduced net leverage and increased shareholder returns. The primary negatives were margin pressure from an RTD‑skewed mix, higher operating expenses to fund growth, some commission declines and category-specific production issues. Management outlined clear strategic actions (ABG majority stake, dedicated RTD route‑to‑market, innovation pipeline) and expects continued outperformance while acknowledging potential normalization in H2 and competitive risks if U.S. products return to shelves.Positive Updates
Record H1 Revenue and Strong Quarterly Results
Corby delivered the highest first-half revenue in company history: H1 revenue of $142.3M, up 12% reported and 13% organic year-over-year. Q2 revenue was $66.9M, up 9% reported and 10% organic versus prior year.
Negative Updates
Margin Pressure from RTD Mix and Channel Shifts
Earnings growth lagged revenue growth: adjusted operating earnings grew 6% while revenue grew 12% in H1. Management attributed the compression to an RTD-skewed portfolio mix and less favorable spirits and channel mix effects that put pressure on margins.
Read all updates
Q2-2026 Updates
Positive
Negative
Record H1 Revenue and Strong Quarterly Results
Corby delivered the highest first-half revenue in company history: H1 revenue of $142.3M, up 12% reported and 13% organic year-over-year. Q2 revenue was $66.9M, up 9% reported and 10% organic versus prior year.
Read all positive updates
Company Guidance
Management guided that, while they expect some normalization in H2 after a very strong H1, Corby still expects to deliver strong full‑year revenue growth driven by continued RTD expansion and spirits share gains; RTD today represents roughly one‑third of revenue, contributed ~72% of net‑sales growth, and has delivered ~27.7–28.1% value growth (outperforming the category by 6.5–16.5 points), ABG brands grew ~19% in Q2 and ~28% in H1, and the company outperformed the market in the rolling 3 months (Corby +2.5% vs. Canadian spirits market -4.4%) and on a R12 basis (spirits +1.9%, wine +13.7%). Financial priorities remain protecting margins and driving profitable growth while investing behind brands and returning capital: H1 revenue was $142.3M (+12% reported, +13% organic), Q2 revenue $66.9M (+9% reported, +10% organic), adjusted EBIT was $13.8M in Q2 (+6%), adjusted EPS was $0.71 (H1) and $0.32 (Q2), cash from operations was $37.0M (H1) and $31.4M (Q2), net debt fell to $72M with net debt/adjusted EBITDA at 1.1x (from 1.4x), and the Board maintained a quarterly dividend of $0.24/share (up $0.01, +4%; H1 dividends $0.47, 57% payout ratio, 6.5% yield).Corby Spirit&Wine A Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
64
Positive
| Breakdown | TTM | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 | Jun 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 262.33M | 246.79M | 229.66M | 162.96M | 159.39M | 159.78M |
| Gross Profit | 127.26M | 123.00M | 115.77M | 94.11M | 96.04M | 97.71M |
| EBITDA | 63.65M | 63.26M | 57.11M | 44.95M | 47.11M | 53.80M |
| Net Income | 29.24M | 27.43M | 23.91M | 21.96M | 23.40M | 30.59M |
Balance Sheet | ||||||
| Total Assets | 395.41M | 402.81M | 420.48M | 362.60M | 253.51M | 254.41M |
| Cash, Cash Equivalents and Short-Term Investments | 2.07M | 179.00K | 32.00M | 155.01M | 52.46M | 94.40M |
| Total Debt | 103.60M | 110.59M | 140.84M | 101.62M | 3.70M | 4.36M |
| Total Liabilities | 206.19M | 219.48M | 238.88M | 182.61M | 70.31M | 66.46M |
| Stockholders Equity | 189.23M | 183.33M | 181.60M | 180.00M | 183.21M | 187.94M |
Cash Flow | ||||||
| Free Cash Flow | 43.93M | 42.33M | 28.24M | 30.71M | -14.18M | 37.57M |
| Operating Cash Flow | 46.24M | 44.77M | 31.52M | 35.43M | 45.52M | 40.91M |
| Investing Cash Flow | -3.17M | 9.16M | -23.74M | -107.00M | -17.72M | -15.44M |
| Financing Cash Flow | -42.41M | -58.40M | -3.13M | 71.57M | -27.80M | -25.47M |
Corby Spirit&Wine A Technical Analysis
Positive
14.43
Price Trends
14.31
Positive
14.19
Positive
13.93
Positive
Market Momentum
0.02
Positive
51.79
Neutral
67.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CSW.A, the sentiment is Positive. The current price of 14.43 is above the 20-day moving average (MA) of 14.42, above the 50-day MA of 14.31, and above the 200-day MA of 13.93, indicating a bullish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 51.79 is Neutral, neither overbought nor oversold. The STOCH value of 67.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CSW.A.
Corby Spirit&Wine A Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | C$411.20M | 11.92 | 15.74% | 6.34% | 8.87% | 10.15% | |
67 Neutral | C$236.80M | 7.36 | 8.23% | 4.71% | -2.11% | ― | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
61 Neutral | C$398.16M | 8.64 | 8.89% | 4.83% | 6.15% | -36.76% | |
| ― | C$5.45M | -5.17 | -337.27% | ― | 22.03% | 86.06% |
* Consumer Defensive Sector Average
TSE:CSW.A
Corby Spirit&Wine A
14.46
0.64
4.63%
TSE:ADW.A
Andrew Peller A NV
5.25
1.04
24.79%
TSE:DWS
Diamond Estates Wines & Spirits
0.17
>-0.01
-2.94%
TSE:HLF
High Liner Foods
14.07
-1.68
-10.65%
TSE:RUM
Rocky Mountain Liquor
0.10
-0.02
-18.33%
TSE:BKTS
Beckett's
0.02
-0.02
-50.00%
Corby Spirit&Wine A Corporate Events
Business Operations and Strategy
Corby’s Ace Beverage Group to Represent Canada Dry Mott’s RTD Brands Across Key Provinces
Positive
Feb 18, 2026
Corby’s subsidiary Ace Beverage Group has signed an agreement with Canada Dry Mott’s granting it exclusive rights to represent several of CDMI’s ready-to-drink brands in Ontario, British Columbia, Alberta, Saskatchewan and Manito...
Business Operations and StrategyDividendsFinancial Disclosures
Corby Spirit and Wine Lifts Dividend on Record H1 and Strong RTD-Led Growth
Positive
Feb 12, 2026
Corby Spirit and Wine Limited reported strong fiscal 2026 second-quarter and first-half results, driven by rapid expansion of its ready-to-drink business and notable market share gains in spirits despite a declining spirits market. Revenue rose 9%...
Business Operations and StrategyFinancial Disclosures
Corby Spirit and Wine Sets Date for Q2 2026 Results and Investor Call
Neutral
Jan 28, 2026
Corby Spirit and Wine Limited said it will release its second-quarter 2026 financial results after markets close on 11 February 2026, followed by a conference call for investors the next morning hosted by President and CEO Florence Tresarrieu and ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.