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Corby Spirit&Wine A
(TSX:CSW.A)
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Rating:68Neutral
Price Target:
C$17.50
▲(11.46% Upside)
Action:Downgraded
Date:08/28/26
The score is primarily driven by solid financial quality and cash generation, tempered by a notable top-line/margin concern highlighted in the financial statements. Valuation is supportive due to a reasonable P/E and strong dividend yield, while technical signals are mixed and the latest earnings call is constructive but acknowledges margin and market uncertainty.
Positive Factors
RTD category leadership and growth
Corby's strong RTD growth and leading Cottage Springs position support durable market-share gains in a growing category. This mix can broaden the portfolio and provide a platform for continued revenue expansion beyond traditional spirits.
Negative Factors
Uneven revenue trajectory
The sharp reported 2026 revenue decline creates a fundamental risk if it reflects sustained volume or distribution weakness rather than timing. A prolonged top-line contraction would reduce operating leverage and make growth investments harder to support.
Read all positive and negative factors
Positive Factors
Negative Factors
RTD category leadership and growth
Corby's strong RTD growth and leading Cottage Springs position support durable market-share gains in a growing category. This mix can broaden the portfolio and provide a platform for continued revenue expansion beyond traditional spirits.
Read all positive factors
Corby Spirit&Wine A (CSW.A) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$446.34M
Dividend Yield6.06%
Average Volume (3M)21.00K
Price to Earnings (P/E)13.1
Beta (1Y)0.07
Revenue Growth10.09%
EPS Growth21.92%
CountryCA
Employees283
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Wineries & Distilleries
Share Statistics
EPS (TTM)1.18
Shares Outstanding24,274,320
10 Day Avg. Volume18,285
30 Day Avg. Volume20,997
Financial Highlights & Ratios
PEG Ratio0.62
Price to Book (P/B)2.40
Price to Sales (P/S)1.66
P/FCF Ratio13.29
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)1.2
Revenue Forecast (FY)C$257.40M
Corby Spirit&Wine A Business Overview & Revenue Model
Company Description
Corby Spirit and Wine Limited, together with its subsidiaries, manufactures, markets, and imports spirits, wines, and ready-to-drink cocktails in Canada, the United States, the United Kingdom, and internationally. It operates in two segments, Case...
How the Company Makes Money
Corby generates revenue primarily from selling beverage alcohol products in Canada under two broad models: (1) owned brands and (2) agency/partner brands. For owned brands, Corby earns revenue from the sale of products it owns and markets (e.g., e...
Corby Spirit&Wine A Earnings Call Summary
Earnings Call Date:Aug 26, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call emphasized strong, broad-based fiscal 2026 performance driven by rapid RTD growth, record revenue, improved leverage, export expansion, strategic portfolio moves (sale of Lamb's, higher ABG stake) and a renewed Pernod Ricard agreement — all supporting dividend growth and shareholder returns. Offsetting these positives were near-term operational headwinds: Q4 softness due to LCBO order phasing, a decline in full-year operating cash flow, margin pressure from RTD mix and input costs, and uncertainty around the potential return of U.S. competitors and missing Ontario Q4 market data. On balance, the highlights (record results, robust RTD leadership, margin discipline, balance sheet strength, and strategic actions) materially outweigh the lowlights, which are largely timing, cash-flow and market-risk related rather than structural deterioration.Positive Updates
Record Full-Year Revenue Growth
Fiscal 2026 revenue of $271.6M, up 10% reported and 11% organically versus prior year; record full-year performance driven by RTD acceleration and spirits market share gains.
Negative Updates
Q4 Reported Revenue Softness and LCBO Order Phasing
Q4 revenue of $71.1M, down 1% YoY on a reported basis and flat organically after excluding disposed brands; domestic case goods in Q4 declined 3% reported and 2% organic, driven by unfavorable LCBO order phasing and orders pulled into Q3 ahead of ERP upgrades.
Read all updates
Q4-2026 Updates
Positive
Negative
Record Full-Year Revenue Growth
Fiscal 2026 revenue of $271.6M, up 10% reported and 11% organically versus prior year; record full-year performance driven by RTD acceleration and spirits market share gains.
Read all positive updates
Company Guidance
Guidance for FY‑27 is cautious but constructive: management expects to deliver earnings growth despite a tougher comparison base and ongoing market uncertainty (including the potential return of U.S. products) and will focus on profitable growth by protecting margins, making disciplined investments, maintaining a strong balance sheet and a sustainable dividend. They plan to accelerate RTD expansion (RTDs are now ~40% of revenue and grew volume 18% vs. category 7%, with ABG up 14.3% in Western Canada vs. category ‑2.7%), continue to fight for spirits share gains even as the category declines, and capitalize on Ontario route‑to‑market changes. Financial targets are qualitative, supported by FY‑26 results – revenue $271.6M (+10% reported, +11% organic), domestic case goods $220.7M (+12% reported, +13% organic), exports $18.2M (+22%), adjusted earnings from operations $53.7M (+12%), adjusted EPS $1.23 (+15%) – and underpinned by net debt of $88.4M (net debt / adjusted EBITDA 1.3x, down from 1.4x), cash from operations $37.1M (FY) with Q4 cash from ops $17.7M, a quarterly dividend of $0.25 (+4% vs prior quarter; FY dividends $0.96, +5% YoY) and a 72% dividend payout ratio of rolling 12‑month operating cash flow.Corby Spirit&Wine A Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
70
Positive
Cash Flow
72
Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 271.65M | 246.79M | 229.66M | 159.39M | 159.78M |
| Gross Profit | 132.90M | 123.00M | 115.77M | 96.04M | 97.71M |
| EBITDA | 67.72M | 63.26M | 57.11M | 47.11M | 53.80M |
| Net Income | 33.42M | 27.43M | 23.91M | 23.40M | 30.59M |
Balance Sheet | |||||
| Total Assets | 415.23M | 402.81M | 420.48M | 253.51M | 254.41M |
| Cash, Cash Equivalents and Short-Term Investments | 853.00K | 179.00K | 32.00M | 52.46M | 94.40M |
| Total Debt | 105.27M | 110.59M | 140.84M | 3.70M | 4.36M |
| Total Liabilities | 227.27M | 219.48M | 238.88M | 70.31M | 66.46M |
| Stockholders Equity | 187.97M | 183.33M | 181.60M | 183.21M | 187.94M |
Cash Flow | |||||
| Free Cash Flow | 33.90M | 42.33M | 28.24M | -14.18M | 37.57M |
| Operating Cash Flow | 37.10M | 44.77M | 31.52M | 45.52M | 40.91M |
| Investing Cash Flow | 2.95M | 9.16M | -23.74M | -17.72M | -15.44M |
| Financing Cash Flow | -39.38M | -58.40M | -3.13M | -27.80M | -25.47M |
Corby Spirit&Wine A Technical Analysis
Negative
15.70
Price Trends
15.85
Negative
15.40
Positive
14.70
Positive
Market Momentum
-0.09
Positive
43.03
Neutral
31.02
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CSW.A, the sentiment is Negative. The current price of 15.7 is below the 20-day moving average (MA) of 15.74, below the 50-day MA of 15.85, and above the 200-day MA of 14.70, indicating a neutral trend. The MACD of -0.09 indicates Positive momentum. The RSI at 43.03 is Neutral, neither overbought nor oversold. The STOCH value of 31.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | C$446.34M | 13.14 | 17.72% | 6.28% | 10.09% | 21.92% | |
63 Neutral | C$406.91M | 11.72 | 6.27% | 4.87% | 14.25% | -44.39% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
37 Underperform | C$3.63M | -1.53 | 319.36% | ― | -52.31% | 64.37% |
* Consumer Defensive Sector Average
TSE:CSW.A
Corby Spirit&Wine A
15.50
1.59
11.45%
TSE:DWS
Diamond Estates Wines & Spirits
0.15
-0.02
-10.30%
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14.37
-0.79
-5.24%
TSE:RUM
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0.07
-0.02
-24.44%
TSE:BKTS
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0.01
-0.01
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Corby Spirit&Wine A Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Corby Spirit and Wine Lifts Dividend on Record FY26 Results and Renewed Pernod Ricard Deal
Positive
Aug 26, 2026
Corby Spirit and Wine reported record full‑year fiscal 2026 results, with revenue rising 10% to $271.6 million and organic revenue up 11%, driven by rapid expansion of its ready‑to‑drink portfolio and market share gains in spirit...
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.