Corby Spirit&Wine A (CSW.A) AI Stock Analysis

• Market Cap: C$408.60M
• Dividend Yield: 6.34%
• Average Volume (3M): 17.02K
• Price to Earnings (P/E): 11.9
• Beta (1Y): 0.11
• Revenue Growth: 8.87%
• EPS Growth: 10.15%
• Country: CA
• Employees: 177
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Beverages - Wineries & Distilleries
• EPS (TTM): 0.32
• Shares Outstanding: 24,274,320
• 10 Day Avg. Volume: 16,209
• 30 Day Avg. Volume: 17,024
• PEG Ratio: 1.68
• Price to Book (P/B): 2.01
• Price to Sales (P/S): 1.59
• P/FCF Ratio: 12.96
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: C$16.50 ▲(14.35% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 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.

RTD Category Leadership

Corby's outsized RTD exposure aligns with a structural shift to ready-to-drink beverages. Leading RTD share, dedicated route-to-market and innovation pipeline create a durable growth vector and competitive moat if the company sustains distribution and brand momentum.

Improving Leverage & Cash Generation

Meaningful deleveraging and strong operating cash flow improve financial flexibility. A lower leverage profile plus consistent cash allows continued investment behind growth, dividend increases and buffers against demand normalization or short-term shocks.

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.

Declining Free Cash Flow Trend

A weakening FCF trend and historically inconsistent cash conversion reduce the company's margin for additional capex, M&A or higher shareholder payouts. If growth normalizes, lower FCF could constrain reinvestment and raise funding pressure for strategic initiatives.

Concentration & Normalization Risk

High concentration in RTD creates reliance on one segment and channel dynamics; normalization, returning competitor SKUs or category shifts would materially slow growth and stress margins. Structural exposure raises execution and volatility risk for medium-term earnings.

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 Ice vodka, McGuinness liqueurs, Ungava Gin, Cabot Trail, Chic Choc, The Foreign Affair Winery, Absolut vodka, Chivas Regal, Aberlour, The Glenlivet and Ballantine's Scotch whiskies, Jameson Irish whiskey, Beefeater gin, Malibu rum, Kahlúa liqueur, Mumm Champagne, and Jacob's Creek, Stoneleigh, Campo Viejo, and Wyndham Estate brands. The company also exports its products to the United States, Europe, and other international markets. The company was formerly known as Corby Distilleries Limited and changed its name to Corby Spirit and Wine Limited in November 2013. Corby Spirit and Wine Limited was founded in 1924 and is based in Toronto, Canada. Corby Spirit and Wine Limited is a subsidiary of Hiram Walker & Sons Limited.

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 direct sales to retailers and wholesalers, as well as online sales through e-commerce platforms. Key revenue streams include the sales of its flagship brands, as well as premium offerings that command higher price points. Additionally, Corby engages in strategic partnerships and collaborations with global spirits companies to expand its product portfolio and enhance market reach. Seasonal promotions, marketing campaigns, and brand activations also contribute to driving sales and increasing brand visibility, ultimately impacting the company's earnings positively.

Corby Spirit&Wine A Financial Statement Overview

Summary

Strong TTM revenue growth and solid profitability (gross margin ~49%, operating ~18.5%, net ~11%) support the score, and leverage appears manageable with healthy ROE (~15%). Offsetting this, margins are compressed versus 2021–2023 and free cash flow is declining TTM (down ~21%) with less consistent cash conversion historically.

Income Statement

TTM (Trailing-Twelve-Months) revenue grew strongly (about 205%), and profitability remains solid with healthy gross margin (~49%), operating margin (~18.5%), and net margin (~11%). That said, margins are notably below the 2021–2023 range (when gross and net margins were higher), indicating some recent mix/cost pressure despite the rebound in sales.

Balance Sheet

Leverage looks manageable with TTM debt at ~0.56x equity, an improvement versus 2025 annual (~0.78x). Returns on equity are consistently healthy (TTM ~15%), supporting balance-sheet quality. The main watch-out is higher debt levels than the very low-leverage 2021–2022 period, which reduces flexibility if earnings soften.

Cash Flow

Cash generation is generally supportive: TTM free cash flow is strong (~$44M) and roughly tracks net income (free cash flow to net income ~0.94). However, free cash flow is shrinking (TTM down ~21%), and cash conversion is less consistent year-to-year (including a period of negative free cash flow in 2022 and weaker cash coverage of accounting profits in recent periods).

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

• Technical Analysis Sentiment: Positive
• Last Price: 14.43
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 below the 20-day moving average (MA) of 14.49, above the 50-day MA of 14.26, and above the 200-day MA of 13.82, indicating a neutral trend. The MACD of 0.06 indicates Positive momentum. The RSI at 50.02 is Neutral, neither overbought nor oversold. The STOCH value of 53.74 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CSW.A	74 Outperform	C$408.60M	11.92	15.74%	6.34%	8.87%	10.15%
ADW.A	67 Neutral	C$243.72M	7.36	8.23%	4.71%	-2.11%	―
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
HLF	61 Neutral	C$449.94M	8.64	8.89%	4.83%	6.15%	-36.76%
BKTS	37 Underperform	$7.27M	-6.90	-337.27%	―	22.03%	86.06%

Corby Spirit&Wine A Corporate Events

Corby’s Ace Beverage Group to Represent Canada Dry Mott’s RTD Brands Across Key Provinces

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 Manitoba from March 1, 2026, to August 31, 2029. The deal covers Mott’s Clamato, Snapple, Tahiti Treat and Hires RTD beverages, expanding ABG’s portfolio in the fast-growing RTD segment.

Executives from Corby, ABG and CDMI framed the partnership as a strategic move to strengthen their position in Canada’s dynamic RTD market by combining complementary portfolios and leveraging ABG’s regional market expertise. The companies expect the collaboration to help them better respond to provincial consumer demand, regulatory and retail differences, positioning the combined RTD offering as a leading player and potentially enhancing growth prospects across key Western and Central Canadian provinces.

The most recent analyst rating on ($TSE:CSW.A) stock is a Hold with a C$15.50 price target. To see the full list of analyst forecasts on Corby Spirit&Wine A stock, see the TSE:CSW.A Stock Forecast page.

Corby Spirit and Wine Lifts Dividend on Record H1 and Strong RTD-Led Growth

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% in Q2 and 12% in H1, with record first-half sales, while disciplined cost control kept marketing, sales and administrative expenses largely in check, supporting higher adjusted earnings.

Domestic case goods and export sales were key growth engines, boosted by Ontario route-to-market modernization, strategic pipeline fill in export channels and provincial trade measures that favored Corby’s portfolio. Reflecting confidence in its earnings momentum and cash generation, the company raised its quarterly dividend by 4.3% to $0.24 per share, signaling a shareholder-friendly stance and underscoring the strength of its operating performance.

The most recent analyst rating on ($TSE:CSW.A) stock is a Buy with a C$15.50 price target. To see the full list of analyst forecasts on Corby Spirit&Wine A stock, see the TSE:CSW.A Stock Forecast page.

Corby Spirit and Wine Sets Date for Q2 2026 Results and Investor Call

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 Vice-President and CFO Juan Alonso. The scheduled disclosure and investor call underscore the company’s ongoing engagement with the financial community and will give stakeholders an opportunity to gain insight into Corby’s recent operating performance and market dynamics across its spirits, wine and ready-to-drink portfolio.

The most recent analyst rating on ($TSE:CSW.A) stock is a Buy with a C$15.50 price target. To see the full list of analyst forecasts on Corby Spirit&Wine A stock, see the TSE:CSW.A Stock Forecast page.