Cash flow Treasury Wine Estates Limited

Equities

TWE

AU000000TWE9

Distillers & Wineries

Market Closed - Australian S.E. Other stock markets 05:12:22 05/03/2026 GMT			5-day change	1st Jan Change
4.360 ^AUD	+2.83%		-6.03%	-16.79%

03-04	Treasury Wine Estates Faces Challenges in the US Business, But Some Positive Signs Emerging, Says Jefferies	MT
03-04	Australian Shares Plummet; Endeavour Group Posts Lower Fiscal H1 Underlying Earnings, Higher Revenue	MT

86926b.5azaiTVS6_xyJp6VB2pGD9qv3lxN7KRlrenjqeBy7HU.keev5AMEkp47XNTeZCkTVoz-5gs3rfY656jRkKETvweQlI_HRRGMhDRSqg

Published financial data: TREASURY WINE ESTATES LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: June	2021	2022	2023	2024	2025
Revenues	2.68B	2.53B	2.49B	2.81B	2.99B
Total Revenues	2.68B	2.53B	2.49B	2.81B	2.99B
Cost of Goods Sold, Total	1.61B	1.47B	1.4B	1.54B	1.57B
Gross Profit	1.08B	1.07B	1.09B	1.27B	1.42B
Selling General & Admin Expenses, Total	538M	508M	566M	641M	648M
Other Operating Expenses	58.4M	44.8M	28.6M	338M	7M
Other Operating Expenses, Total	596M	552M	595M	979M	655M
Operating Income	482M	514M	497M	288M	766M
Interest Expense, Total	-107M	-123M	-152M	-205M	-235M
Interest And Investment Income	33.4M	51.5M	79.6M	107M	125M
Net Interest Expenses	-73.5M	-71.4M	-72.7M	-98.3M	-110M
EBT, Excl. Unusual Items	409M	442M	424M	190M	656M
Merger & Related Restructuring Charges	-	-12.8M	-5.8M	-	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-200K
Asset Writedown	-50.9M	-56.7M	-81.4M	-21.3M	-29M
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	358M	373M	337M	168M	627M
Income Tax Expense	108M	110M	82.7M	69.3M	190M
Earnings From Continuing Operations	250M	263M	254M	99M	437M
Net Income to Company	250M	263M	254M	99M	437M
Minority Interest	-	-	200K	-100K	100K
Net Income - (IS)	250M	263M	254M	98.9M	437M
Net Income to Common Incl Extra Items	250M	263M	254M	98.9M	437M
Net Income to Common Excl. Extra Items	250M	263M	254M	98.9M	437M
Per Share Items
Net EPS - Basic	0.35	0.36	0.35	0.13	0.54
Basic EPS - Continuing Operations	0.35	0.36	0.35	0.13	0.54
Basic Weighted Average Shares Outstanding	721M	722M	722M	779M	811M
Net EPS - Diluted	0.35	0.36	0.35	0.13	0.54
Diluted EPS - Continuing Operations	0.35	0.36	0.35	0.13	0.54
Diluted Weighted Average Shares Outstanding	723M	725M	725M	782M	816M
Normalized Basic EPS	0.35	0.38	0.37	0.15	0.51
Normalized Diluted EPS	0.35	0.38	0.37	0.15	0.5
Dividend Per Share	0.28	0.31	0.35	0.36	0.4
Payout Ratio	63.48	76.79	96.42	263.5	72.44
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	576M	592M	575M	370M	854M
EBITA	498M	516M	514M	289M	768M
EBIT	482M	514M	497M	288M	766M
EBITDAR	768M	785M	735M	550M	1.07B
Effective Tax Rate - (Ratio)	30.11	29.42	24.54	41.18	30.3
Total Current Taxes	109M	83.2M	57.9M	110M	125M
Total Deferred Taxes	-1.4M	26.5M	24.8M	-40.3M	64.8M
Normalized Net Income	255M	276M	265M	118M	410M
Interest on Long-Term Debt	34.4M	32.5M	30.1M	28.3M	27.7M
Supplemental Operating Expense Items
Marketing Expenses	132M	136M	157M	154M	162M
Selling and Marketing Expenses	378M	371M	388M	400M	444M
General and Administrative Expenses	160M	136M	178M	241M	205M
Research And Development Expense From Footnotes	-	-	-	13.1M	13.6M
Net Rental Expense, Total	192M	193M	160M	180M	212M
Imputed Operating Lease Interest Expense	95.19M	118M	108M	144M	182M
Imputed Operating Lease Depreciation	97.01M	74.42M	52.04M	35.73M	29.3M
Stock-Based Comp., Other (Total)	5M	10.4M	13.8M	11.7M	18.8M
Total Stock-Based Compensation	5M	10.4M	13.8M	11.7M	18.8M

Fiscal Period: June	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	448M	430M	566M	458M	428M
Total Cash And Short Term Investments	448M	430M	566M	458M	428M
Accounts Receivable, Total	478M	420M	441M	549M	556M
Other Receivables	107M	95.2M	124M	70.6M	134M
Total Receivables	585M	515M	565M	620M	690M
Inventory	840M	948M	990M	1.02B	985M
Prepaid Expenses	36.3M	49.3M	66.7M	75.5M	72.1M
Other Current Assets, Total	148M	46.9M	49.4M	14.9M	38.3M
Total Current Assets	2.06B	1.99B	2.24B	2.19B	2.21B
Gross Property Plant And Equipment	3.52B	3.8B	3.73B	4.03B	4.19B
Accumulated Depreciation	-1.72B	-1.81B	-1.72B	-1.81B	-1.89B
Net Property Plant And Equipment	1.8B	1.99B	2.01B	2.23B	2.29B
Goodwill	278M	337M	364M	786M	822M
Other Intangibles, Total	878M	1.06B	1.06B	1.4B	1.41B
Deferred Tax Assets Long-Term	184M	164M	166M	117M	25.2M
Other Long-Term Assets, Total	1.08B	1.12B	1.25B	1.4B	1.55B
Total Assets	6.28B	6.66B	7.09B	8.11B	8.31B
Liabilities
Accounts Payable, Total	322M	315M	340M	314M	308M
Accrued Expenses, Total	87.1M	69M	44.4M	50.6M	53.2M
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	-	99.3M	187M	13M	75.9M
Current Portion of Leases	53.1M	62.2M	63.8M	70.8M	63.9M
Current Income Taxes Payable	21.1M	8.5M	18.7M	77M	65.5M
Other Current Liabilities	395M	449M	445M	505M	529M
Total Current Liabilities	878M	1B	1.1B	1.03B	1.1B
Long-Term Debt	915M	965M	1.2B	1.63B	1.61B
Long-Term Leases	560M	547M	485M	442M	452M
Deferred Tax Liability Non Current	310M	339M	383M	288M	257M
Other Non Current Liabilities	30.2M	20.7M	43.9M	109M	97.3M
Total Liabilities	2.69B	2.87B	3.21B	3.5B	3.51B
Common Stock, Total	3.28B	3.28B	3.28B	4.23B	4.23B
Retained Earnings	394M	456M	465M	303M	423M
Treasury Stock	-	-	-	-	-
Comprehensive Income and Other	-88M	48.7M	116M	64.1M	134M
Total Common Equity	3.59B	3.78B	3.86B	4.59B	4.78B
Minority Interest	4.1M	4.1M	17.2M	17.1M	17.3M
Total Equity	3.59B	3.79B	3.88B	4.61B	4.8B
Total Liabilities And Equity	6.28B	6.66B	7.09B	8.11B	8.31B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	722M	722M	722M	811M	811M
ECS Total Common Shares Outstanding	722M	722M	722M	811M	811M
Book Value / Share	4.97	5.24	5.35	5.66	5.9
Tangible Book Value	2.43B	2.39B	2.44B	2.41B	2.55B
Tangible Book Value Per Share	3.37	3.3	3.37	2.97	3.15
Total Debt	1.53B	1.67B	1.94B	2.16B	2.2B
Net Debt	1.08B	1.24B	1.37B	1.7B	1.77B
Debt Equivalent Oper. Leases	1.54B	1.54B	1.28B	1.44B	1.69B
Minority Interest, Total (Incl. Fin. Div)	4.1M	4.1M	17.2M	17.1M	17.3M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	48.1M	60.8M	67.7M	67.1M	55.2M
Inventories - Work In Process, Total	349M	345M	254M	282M	249M
Inventories - Finished Goods, Total	443M	542M	669M	671M	681M
Land - (BS)	347M	443M	476M	538M	542M
Buildings, Total	523M	584M	590M	661M	658M
Machinery, Total	1.71B	1.87B	1.78B	1.88B	1.91B
Full Time Employees	2.6K	2.5K	2.5K	2.6K	2.5K
Accumulated Allowance for Doubtful Accounts (Supple)	9.5M	7.3M	7.7M	11.8M	11M

Fiscal Period: June	2021	2022	2023	2024	2025
Net Income	250M	263M	254M	98.9M	437M
Depreciation & Amortization - CF	134M	132M	118M	141M	151M
Amortization of Goodwill and Intangible Assets - (CF)	16.3M	2.1M	16.9M	1.5M	2M
Depreciation & Amortization, Total	151M	134M	135M	142M	153M
Amortization of Deferred Charges, Total - (CF)	-	14.5M	12.2M	13.1M	13.6M
(Gain) Loss From Sale Of Asset	-39.6M	9.1M	-41.7M	-40.6M	-7.4M
Asset Writedown & Restructuring Costs	83.5M	37.1M	120M	330M	35.2M
Stock-Based Compensation (CF)	5M	10.4M	13.8M	11.7M	18.8M
Other Operating Activities, Total	-2.4M	1.8M	-200K	-1.2M	-3.2M
Change In Accounts Receivable	4.8M	88.7M	-38.8M	-52M	-13.4M
Change In Inventories	-22.7M	-21.7M	-132M	11.9M	-81.4M
Change In Accounts Payable	9.2M	43.2M	-69.9M	-91.5M	-65.2M
Change In Income Taxes	-10.7M	14.3M	-13M	37.7M	43.2M
Change in Other Net Operating Assets	43.9M	-32.7M	32.7M	-28.3M	-4.3M
Cash from Operations	472M	562M	272M	432M	526M
Capital Expenditure	-110M	-102M	-244M	-176M	-129M
Sale of Property, Plant, and Equipment	61.8M	143M	193M	74.8M	16.1M
Cash Acquisitions	-	-440M	-55.8M	-1.2B	-28M
Sale (Purchase) of Intangible assets	-11.3M	-9.8M	-5.4M	-13.9M	-8M
Cash from Investing	-59.4M	-409M	-111M	-1.32B	-149M
Long-Term Debt Issued, Total	217M	336M	394M	921M	167M
Total Debt Issued	217M	336M	394M	921M	167M
Long-Term Debt Repaid, Total	-463M	-301M	-154M	-699M	-242M
Total Debt Repaid	-463M	-301M	-154M	-699M	-242M
Issuance of Common Stock	-	-	-	807M	-
Repurchase of Common Stock	-	-17.3M	-21.9M	-5.3M	-16.8M
Common Dividends Paid	-159M	-202M	-245M	-261M	-316M
Common & Preferred Stock Dividends Paid	-159M	-202M	-245M	-261M	-316M
Other Financing Activities, Total	900K	-	-	19.4M	-
Cash from Financing	-404M	-185M	-27.2M	783M	-408M
Foreign Exchange Rate Adjustments	-9.7M	13.8M	1.9M	-2.5M	1.4M
Net Change in Cash	-1M	-17.6M	135M	-108M	-30.4M
Supplemental Items
Cash Interest Paid	66.1M	5.4M	9.7M	12.1M	4.4M
Cash Income Tax Paid (Refund)	118M	95.5M	69.8M	31.2M	147M
Levered Free Cash Flow	377M	357M	21.48M	68.75M	334M
Unlevered Free Cash Flow	444M	434M	117M	197M	480M
Change In Net Working Capital	-108M	-66.2M	106M	-39.9M	46.5M
Net Debt Issued / Repaid	-246M	34.6M	240M	222M	-75.2M

Fiscal Period: June	2021	2022	2023	2024	2025
Profitability
Return on Assets	4.66	4.96	4.52	2.39	5.86
Return on Total Capital	5.66	6.07	5.51	2.86	6.95
Return On Equity %	6.96	7.13	6.63	2.33	9.28
Return on Common Equity	6.96	7.14	6.66	2.34	9.32
Margin Analysis
Gross Profit Margin %	40.18	42.11	43.87	45.11	47.52
SG&A Margin	20.04	20.04	22.75	22.83	21.68
EBITDA Margin %	21.45	23.39	23.12	13.18	28.56
EBITA Margin %	18.57	20.38	20.65	10.31	25.68
EBIT Margin %	17.96	20.29	19.97	10.25	25.61
Income From Continuing Operations Margin %	9.31	10.4	10.22	3.53	14.61
Net Income Margin %	9.31	10.4	10.23	3.52	14.61
Net Avail. For Common Margin %	9.31	10.4	10.23	3.52	14.61
Normalized Net Income Margin	9.52	10.92	10.66	4.22	13.71
Levered Free Cash Flow Margin	14.04	14.11	0.86	2.45	11.16
Unlevered Free Cash Flow Margin	16.52	17.15	4.69	7.01	16.06
Asset Turnover
Asset Turnover	0.42	0.39	0.36	0.37	0.37
Fixed Assets Turnover	1.43	1.33	1.24	1.33	1.32
Receivables Turnover (Average Receivables)	5.67	5.64	5.78	5.67	5.41
Inventory Turnover (Average Inventory)	1.73	1.64	1.44	1.53	1.56
Short Term Liquidity
Current Ratio	2.34	1.98	2.04	2.12	2.02
Quick Ratio	1.18	0.94	1.03	1.05	1.02
Operating Cash Flow to Current Liabilities	0.54	0.56	0.25	0.42	0.48
Days Sales Outstanding (Average Receivables)	64.34	64.69	63.13	64.51	67.47
Days Outstanding Inventory (Average Inventory)	211.1	222.58	253.24	238.71	233.3
Average Days Payable Outstanding	79.57	73.86	83.03	76.14	74.03
Cash Conversion Cycle (Average Days)	195.87	213.41	233.34	227.08	226.74
Long Term Solvency
Total Debt/Equity	42.54	44.17	49.95	46.81	45.79
Total Debt / Total Capital	29.85	30.64	33.31	31.89	31.41
LT Debt/Equity	41.06	39.91	43.49	45	42.88
Long-Term Debt / Total Capital	28.81	27.68	29	30.65	29.41
Total Liabilities / Total Assets	42.85	43.14	45.3	43.17	42.22
EBIT / Interest Expense	4.51	4.18	3.26	1.4	3.26
EBITDA / Interest Expense	5.92	5.27	4.15	2.1	3.92
(EBITDA - Capex) / Interest Expense	4.89	4.44	2.55	1.24	3.37
Total Debt / EBITDA	2.41	2.58	3.07	5.02	2.39
Net Debt / EBITDA	1.71	1.92	2.17	3.95	1.93
Total Debt / (EBITDA - Capex)	2.92	3.07	4.99	8.49	2.78
Net Debt / (EBITDA - Capex)	2.06	2.28	3.53	6.69	2.24
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	0.21	-5.67	-1.72	12.86	6.47
Gross Profit, 1 Yr. Growth %	-2.77	-1.96	2.38	16.06	12.17
EBITDA, 1 Yr. Growth %	-0.88	1.27	-2.85	-35.01	146.49
EBITA, 1 Yr. Growth %	-0.16	1.68	-0.41	-41.38	188.86
EBIT, 1 Yr. Growth %	-2.74	4.62	-3.29	-41.38	189.75
Earnings From Cont. Operations, 1 Yr. Growth %	1.87	5.28	-3.38	-61.07	341.21
Net Income, 1 Yr. Growth %	1.87	5.28	-3.31	-61.14	341.76
Normalized Net Income, 1 Yr. Growth %	-0.29	5.94	-4.04	-54.76	295.6
Diluted EPS Before Extra, 1 Yr. Growth %	1.76	4.91	-3.31	-63.79	325.4
Accounts Receivable, 1 Yr. Growth %	1.92	-12.08	5	24.52	1.35
Inventory, 1 Yr. Growth %	-17.47	12.89	4.47	3.05	-3.44
Net Property, Plant and Equip., 1 Yr. Growth %	-7.38	10.25	1.09	10.74	2.96
Total Assets, 1 Yr. Growth %	-5.43	6.04	6.42	16.67	3.61
Tangible Book Value, 1 Yr. Growth %	5.82	-1.91	2.09	-0.99	5.91
Common Equity, 1 Yr. Growth %	-0.14	5.51	2.03	18.96	4.15
Cash From Operations, 1 Yr. Growth %	28.56	19.14	-51.6	58.71	21.77
Capital Expenditures, 1 Yr. Growth %	-19.55	-6.82	137.89	-27.67	-26.73
Levered Free Cash Flow, 1 Yr. Growth %	53.43	-6.54	-93.99	285.15	517.96
Unlevered Free Cash Flow, 1 Yr. Growth %	33.18	-3.34	-73.13	74.22	163.64
Dividend Per Share, 1 Yr. Growth %	0	10.71	12.9	2.86	11.11
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-3.51	-2.77	-3.71	5.32	9.62
Gross Profit, 2 Yr. CAGR %	-6.88	-1.96	0.19	9.01	14.1
EBITDA, 2 Yr. CAGR %	-14.32	0.97	-0.82	-20.95	22.46
EBITA, 2 Yr. CAGR %	-15.15	1.66	0.63	-25.1	24.71
EBIT, 2 Yr. CAGR %	-16.44	1.81	0.59	-25.14	24.87
Earnings From Cont. Operations, 2 Yr. CAGR %	-21.77	3.56	0.86	-38.67	31.06
Net Income, 2 Yr. CAGR %	-21.77	3.56	0.9	-38.7	31.02
Normalized Net Income, 2 Yr. CAGR %	-17.81	3.9	0.83	-34.56	25.17
Diluted EPS Before Extra, 2 Yr. CAGR %	-21.81	3.33	0.72	-41.08	24.11
Accounts Receivable, 2 Yr. CAGR %	-6.23	-5.34	-3.92	14.34	12.34
Inventory, 2 Yr. CAGR %	-8.44	-3.48	8.6	3.76	-0.25
Net Property, Plant and Equip., 2 Yr. CAGR %	-3.43	1.05	5.57	5.8	6.78
Total Assets, 2 Yr. CAGR %	-2.73	0.14	6.23	10.34	9.32
Tangible Book Value, 2 Yr. CAGR %	2.19	1.88	0.07	0.54	2.4
Common Equity, 2 Yr. CAGR %	-0.69	2.65	3.76	10.17	11.31
Cash From Operations, 2 Yr. CAGR %	1.06	23.76	-24.06	-12.36	39.02
Capital Expenditures, 2 Yr. CAGR %	-8.75	-13.42	48.88	31.18	-27.2
Levered Free Cash Flow, 2 Yr. CAGR %	6.59	20.64	-76.3	-56.14	332.37
Unlevered Free Cash Flow, 2 Yr. CAGR %	3.41	14.18	-49.03	-32.65	106.14
Dividend Per Share, 2 Yr. CAGR %	-14.16	5.22	11.8	7.76	6.9
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	2.44	-4.24	-2.42	1.52	5.7
Gross Profit, 3 Yr. CAGR %	0.59	-5.01	-0.53	5.22	10.05
EBITDA, 3 Yr. CAGR %	-1.82	-8.94	-0.32	-14.14	12.98
EBITA, 3 Yr. CAGR %	-1.58	-9.34	0.97	-17.07	14.17
EBIT, 3 Yr. CAGR %	-2.67	-9.38	0.08	-16.31	14.23
Earnings From Cont. Operations, 3 Yr. CAGR %	-11.48	-13.63	1.19	-26.57	18.39
Net Income, 3 Yr. CAGR %	-11.47	-13.63	1.22	-26.59	18.4
Normalized Net Income, 3 Yr. CAGR %	-5.83	-9.9	1.18	-23.16	14.04
Diluted EPS Before Extra, 3 Yr. CAGR %	-11.13	-13.76	1.07	-28.59	13.87
Accounts Receivable, 3 Yr. CAGR %	0.72	-8.22	-2.01	4.75	9.84
Inventory, 3 Yr. CAGR %	-6.04	-1.82	-0.9	6.72	1.3
Net Property, Plant and Equip., 3 Yr. CAGR %	7.37	0.93	1.06	7.26	4.85
Total Assets, 3 Yr. CAGR %	4.89	0.11	2.19	8.89	7.64
Tangible Book Value, 3 Yr. CAGR %	0.96	0.8	1.95	-0.28	2.3
Common Equity, 3 Yr. CAGR %	0.9	1.33	2.44	8.59	8.13
Cash From Operations, 3 Yr. CAGR %	16.94	6.76	-9.49	-2.91	-2.2
Capital Expenditures, 3 Yr. CAGR %	-17.2	-8.12	21.27	17.04	8.03
Levered Free Cash Flow, 3 Yr. CAGR %	32.96	2.52	-55.61	-43.56	-2.25
Unlevered Free Cash Flow, 3 Yr. CAGR %	30.68	1.53	-29.51	-24.03	3.43
Dividend Per Share, 3 Yr. CAGR %	-4.35	-6.56	7.72	8.74	8.87
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	2.75	-0.02	-0.06	-0.52	2.23
Gross Profit, 5 Yr. CAGR %	5.07	1.56	0.6	0.37	5.08
EBITDA, 5 Yr. CAGR %	6.59	1.85	-1.12	-13.95	8.01
EBITA, 5 Yr. CAGR %	9.13	3.19	-0.35	-16.01	8.99
EBIT, 5 Yr. CAGR %	8.41	3.11	-1.01	-16.05	9.09
Earnings From Cont. Operations, 5 Yr. CAGR %	7.59	-0.5	-6.74	-24.68	12.22
Net Income, 5 Yr. CAGR %	7.6	-0.44	-6.72	-24.7	12.23
Normalized Net Income, 5 Yr. CAGR %	6.33	1.41	-2.8	-20.72	9.87
Diluted EPS Before Extra, 5 Yr. CAGR %	7.59	0.11	-6.57	-25.95	9.53
Accounts Receivable, 5 Yr. CAGR %	-2.75	-2.42	-1.16	0.21	3.49
Inventory, 5 Yr. CAGR %	-1.28	0	-0.44	0.37	-0.64
Net Property, Plant and Equip., 5 Yr. CAGR %	5.46	7.81	6.65	2.85	3.31
Total Assets, 5 Yr. CAGR %	3.52	4.77	5.42	4.08	4.58
Tangible Book Value, 5 Yr. CAGR %	-0.27	-1	0.6	0.7	2.13
Common Equity, 5 Yr. CAGR %	0.12	0.98	2.03	4.78	5.9
Cash From Operations, 5 Yr. CAGR %	2.51	8	-1.61	-1.34	7.46
Capital Expenditures, 5 Yr. CAGR %	-0.89	-11.42	4.7	5.95	-1.12
Levered Free Cash Flow, 5 Yr. CAGR %	27.27	17.17	-33.1	-27	6.33
Unlevered Free Cash Flow, 5 Yr. CAGR %	26.94	17.83	-10.11	-13.84	7.6
Dividend Per Share, 5 Yr. CAGR %	6.96	3.58	1.81	-1.08	7.39