Corby Spirit&Wn B NV (CSW.B) AI Stock Analysis

• Market Cap: C$413.92M
• Dividend Yield: 6.57%
• Average Volume (3M): 5.27K
• Price to Earnings (P/E): 11.5
• Beta (1Y): 0.10
• Revenue Growth: 8.87%
• EPS Growth: 10.15%
• Country: CA
• Employees: 184
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Beverages - Wineries & Distilleries
• EPS (TTM): 0.32
• Shares Outstanding: 4,194,536
• 10 Day Avg. Volume: 5,775
• 30 Day Avg. Volume: 5,272
• PEG Ratio: 1.60
• Price to Book (P/B): 1.91
• Price to Sales (P/S): 1.51
• P/FCF Ratio: 12.30
• 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: 72 Outperform
• Price Target: C$16.50 ▲(15.38% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is driven primarily by solid underlying financial performance, tempered by margin compression, weaker recent free cash flow growth, and higher leverage than earlier periods. Valuation is a key positive (moderate P/E and high dividend yield), while technicals are supportive on trend but look stretched due to elevated RSI/Stoch readings.

Positive Factors

Steady revenue and profitability

Corby’s TTM top-line growth (~2%) alongside high gross (~49%) and net (~11%) margins reflects steady branded-alcohol demand and durable pricing power in regulated Canadian channels. This supports predictable cash flows and revenue resilience over the next several months.

Robust operating margins

Strong operating margins (EBIT ~18.5%, EBITDA ~24.8%) indicate efficient production, marketing and distribution for Corby’s brands. High operating leverage supports cash generation and the ability to fund marketing or dividends without immediate reliance on external capital.

Strategic partner and portfolio breadth

A durable relationship with Pernod Ricard broadens Corby’s brand mix and distribution rights in Canada. Access to premium international brands and co-marketing supports shelf presence, bargaining power with provincial retailers, and sustained revenue diversification.

Negative Factors

Margin compression vs prior years

Reported margin compression relative to 2022–2024 suggests rising input costs or a less favorable product mix. Continued compression would erode the company’s operating cushion, reduce free cash flow and strain the ability to invest or maintain payouts long term.

Weaker free cash flow momentum

A notable decline in free cash flow (TTM down ~20.7%) signals weakening cash conversion. Reduced FCF growth constrains reinvestment, marketing spend, debt reduction and dividend capacity, limiting financial flexibility during industry headwinds.

Rising leverage

Leverage has increased (TTM D/E ~0.56, 2025 annual ~0.78) versus earlier low levels, raising refinancing and interest-rate sensitivity. Higher debt reduces strategic optionality and amplifies downside if margins or cash flows weaken further.

Corby Spirit&Wn B NV Business Overview & Revenue Model

Company Description

Corby Spirit and Wine Limited, together with its subsidiaries, manufactures, markets, and imports spirits and wines in Canada, the United States, the United Kingdom, and internationally. It offers its products under the J.P. Wiser's Canadian Whisky, Lot No.40, Pike Creek, Gooderham & Worts Canadian whiskies, Lamb's rum, Polar Ice vodka, McGuinness liqueurs, Ungava Gin, Cabot Trail, Chic Choc spiced rum, The Foreign Affair wine, Absolut vodka, ALTOS, Chivas Regal, Aberlour, The Glenlivet and Ballantine's Scotch whiskies, Jameson Irish whiskey, Beefeater gin, Malibu rum, Kahlúa liqueur, Mumm Champagne, Jacob's Creek, Kenwood, Stoneleigh, Campo Viejo, and Wyndham Estate brands. The company was formerly known as Corby Distilleries Limited and changed its name to Corby Spirit and Wine Limited in November 2013. The company was founded in 1859 and is based in Toronto, Canada. Corby Spirit and Wine Limited operates as a subsidiary of Hiram Walker & Sons Limited.

How the Company Makes Money

Corby Spirit and Wine generates revenue through the sale of its branded spirits and wines across various channels, including retail, bars, and restaurants. Key revenue streams include direct sales of their proprietary brands, such as J.P. Wiser's Canadian whisky and Lamb's rum, as well as revenues from third-party brands through distribution agreements. The company benefits from strategic partnerships with globally recognized brands, enhancing its market reach and product diversity. Additional earnings are derived from marketing initiatives and promotional activities that drive consumer engagement and brand loyalty.

Corby Spirit&Wn B NV Financial Statement Overview

Summary

Solid profitability and steady revenue growth support the score (TTM revenue +~2%, ~49% gross margin, ~11% net margin, strong EBIT/EBITDA margins). Offsetting this, margins have compressed versus prior years, free cash flow has weakened recently (TTM FCF down ~20.7%), and leverage is higher than earlier periods (debt-to-equity ~0.56 TTM; higher in latest annual period).

Income Statement

TTM (Trailing-Twelve-Months) revenue is up ~2.0%, showing steady top-line momentum, and profitability remains solid with ~49% gross margin and ~11% net margin. Operating profitability is healthy (EBIT margin ~18.5%, EBITDA margin ~24.8%). The key weakness is margin compression versus prior annual periods (notably lower gross and net margins than 2022–2024 levels), suggesting higher costs and/or less favorable mix even as revenue grows.

Balance Sheet

Leverage looks manageable with TTM debt-to-equity around 0.56 and equity of ~$189M supporting the capital base, while returns on equity are healthy (~15%). However, debt levels increased versus the very low leverage seen in earlier years, and the debt-to-equity was higher in the latest annual period (2025 annual ~0.78), which adds some balance-sheet risk if margins soften further.

Cash Flow

Cash generation is generally supportive: TTM operating cash flow (~$46M) and free cash flow (~$44M) are strong, with free cash flow close to net income (~0.94x). The main concern is the negative free cash flow growth trend in the last two periods (TTM down ~20.7% and 2025 annual down ~8.1%), indicating weaker cash flow momentum despite stable earnings.

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	96.14M	97.71M
EBITDA	63.65M	63.26M	57.11M	44.95M	47.11M	53.35M
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	254.22M
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	101.63M	3.70M	4.36M
Total Liabilities	206.19M	219.48M	222.67M	182.61M	70.31M	66.42M
Stockholders Equity	189.23M	183.33M	181.60M	180.00M	183.21M	187.81M
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	40.76M
Investing Cash Flow	-3.17M	9.16M	-23.74M	-107.00M	-17.72M	-15.29M
Financing Cash Flow	-42.41M	-58.40M	-3.13M	71.57M	-27.80M	-25.47M

Corby Spirit&Wn B NV Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 14.30
• 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.B, the sentiment is Positive. The current price of 14.3 is below the 20-day moving average (MA) of 14.39, above the 50-day MA of 14.11, and above the 200-day MA of 13.34, indicating a bullish trend. The MACD of 0.07 indicates Positive momentum. The RSI at 56.81 is Neutral, neither overbought nor oversold. The STOCH value of 30.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CSW.B.

Corby Spirit&Wn B NV Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CSW.B	72 Outperform	C$413.92M	11.45	15.23%	6.57%	8.87%	10.15%
ADW.A	67 Neutral	C$246.94M	7.36	8.23%	4.71%	-2.11%	―
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
BR	41 Neutral	C$19.11M	-61.73	-44.11%	―	25.86%	-62.85%
BKTS	37 Underperform	C$7.27M	-6.90	-337.27%	―	22.03%	86.06%