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Brown–Forman

BF-B NYSE Distillers & Vintners Financials FY2017–FY2026

Brown–Forman's revenue fell 1.2% to $3.9 billion in fiscal 2026. Its operating margin was 25.5%, down from 27.9% a year earlier. Free cash flow was $893 million, up 107.2%. It paid out $827 million in dividends and buybacks, 93% of free cash flow. The diluted share count fell 1.3%.

Last close · Oct 23, 2026

$29.41

2.6%
Value it Compare
Revenue Total sales reported in the income statement.
$3.9B
1.2% vs prior year
Operating margin Operating income as a share of revenue.
25.5%
2.4 pts
Net income Profit after all expenses, interest and tax.
$715M
17.7%
Free cash flow Cash from operations minus capital spending.
$893M
107.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
12.9%
1.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$13.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
19.0x
On $1.55 EPS (TTM)

What Brown–Forman does

No business description yet.

Legal name
BROWN FORMAN CORP
Fiscal year ends
April 30, 2026
Latest annual report
—
Accession · CIK
0000014693-26-000024
0000014693

Revenue and margins

Brown–Forman had $3.9B of revenue in fiscal 2026, down 1.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew 1.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $893M in fiscal 2026, 22.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Brown–Forman returned $827M to shareholders in fiscal 2026, 93% of free cash flow. The diluted share count fell 1.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Brown–Forman yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.2B and divides by 466.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 19.0x · peers — · sector 24.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Brown–Forman can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $868M$374M$446M$444M$308M
Debt incl. finance leases $2.3B$2.9B$3.1B$2.7B$2.5B
Net debt / EBITDA 1.1x2.1x1.8x1.9x2.0x
Debt / equity 0.8x0.9x0.9x0.7x0.6x
Interest coverage 14.7x12.5x11.1x9.1x9.7x
Current ratio 3.7x3.5x2.6x3.9x3.2x
Quick ratio 1.9x1.4x1.0x1.6x1.2x
Total assets $6.4B$7.8B$8.2B$8.1B$7.9B
Total liabilities $3.6B$4.5B$4.6B$4.1B$3.9B
Shareholders' equity $2.7B$3.3B$3.5B$4.0B$4.0B
Net debt (− = net cash) $1.4B$2.5B$2.7B$2.3B$2.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$1.5M

1 insider

Of sales under plans

100%

$1.5M

DateInsiderTradeSharesPriceValueFiling
Feb 12, 2026 Lawson E WhitingPresident & CEO, Director Sold plan 25,915 $31.01 $0.8M Form 4
Dec 12, 2025 Lawson E WhitingPresident & CEO, Director Sold plan 8,834 $31.00 $0.3M Form 4
Dec 4, 2025 Lawson E WhitingPresident & CEO, Director Sold plan 12,531 $31.01 $0.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✕ ✕ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✕ ✕ ✕
F-score 6 / 95 / 96 / 9
Accruals ratio 4.7%3.3%−3.6%
Altman Z'' 5.656.376.30

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Brown–Forman BF-B $13.5B −1.2% 25.5% 22.7% 12.9% 19.0x 6
Boston Beer SAM $2.1B −2.4% 7.4% 11.0% 15.4% — 7 Compare →
Constellation Brands STZ — −10.5% 29.8% 19.6% 10.7% — — Compare →
Molson Coors TAP $8.2B −4.2% −21.0% 9.6% −10.7% — 3 Compare →
Anheuser-Busch InBev BUD — −0.8% 26.0% 18.9% — — — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $3.0B $3.2B $3.3B $3.4B $3.5B $3.9B $4.2B $4.2B $4.0B $3.9B
Gross profit $2.0B $2.2B $2.2B $2.1B $2.1B $2.4B $2.5B $2.5B $2.3B $2.4B
Operating income $1.0B $1.0B $1.1B $1.1B $1.2B $1.2B $1.1B $1.4B $1.1B $1.0B
Interest expense $59.0M $68.0M $88.0M $82.0M $81.0M $82.0M $90.0M $127M $122M $103M
Pretax income $933M $977M $1.0B $1.0B $1.1B $1.1B $1.0B $1.3B $1.1B $885M
Income tax $264M $260M $207M $182M $178M $276M $234M $274M $212M $170M
Net income $669M $717M $835M $827M $903M $838M $783M $1.0B $869M $715M
Diluted EPS $1.37 $1.48 $1.73 $1.72 $1.88 $1.74 $1.63 $2.14 $1.84 $1.53
Diluted shares 0.49B 0.48B 0.48B 0.48B 0.48B 0.48B 0.48B 0.48B 0.47B 0.47B
Cash flow
Cash from operations $656M $653M $800M $724M $817M $936M $640M $647M $598M $1.0B
Capital expenditure $112M $127M $119M $113M $62.0M $138M $183M $228M $167M $107M
Free cash flow $544M $526M $681M $611M $755M $798M $457M $419M $431M $893M
Depreciation and amortization $58.0M $64.0M $72.0M $74.0M $77.0M $79.0M $80.0M $87.0M $87.0M $92.0M
Stock-based compensation $14.0M $19.0M $14.0M $11.0M $12.0M $15.0M $18.0M $25.0M $28.0M $32.0M
Acquisitions $307M $0.0M $0.0M $22.0M $14.0M $0.0M $1.2B $0.0M $0.0M $0.0M
Share buybacks $561M $1.0M $207M $1.0M $0.0M $0.0M $0.0M $400M $0.0M $400M
Dividends paid $274M $773M $310M $325M $338M $831M $378M $404M $420M $427M
Dividends and buybacks $835M $774M $517M $326M $338M $831M $378M $804M $420M $827M
Balance sheet
Cash and short-term investments $182M $239M $307M $675M $1.2B $868M $374M $446M $444M $308M
Total debt $2.1B $2.6B $2.4B $2.6B $2.6B $2.3B $2.9B $3.1B $2.7B $2.5B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $2.4B $2.6B $2.7B $3.3B $3.9B $3.8B $3.8B $4.0B $4.2B $4.0B
Current liabilities $970M $821M $703M $880M $918M $1.0B $1.1B $1.6B $1.1B $1.2B
Inventory $1.3B $1.4B $1.5B $1.7B $1.8B $1.8B $2.3B $2.6B $2.5B $2.5B
Property and equipment, net $713M $780M $816M $848M $832M $875M $1.0B $1.1B $1.1B $1.1B
Total assets $4.6B $5.0B $5.1B $5.8B $6.5B $6.4B $7.8B $8.2B $8.1B $7.9B
Total liabilities $3.3B $3.7B $3.5B $3.8B $3.9B $3.6B $4.5B $4.6B $4.1B $3.9B
Shareholders' equity $1.4B $1.3B $1.6B $2.0B $2.7B $2.7B $3.3B $3.5B $4.0B $4.0B
Margins
Gross margin 67.5% 67.8% 65.2% 63.3% 60.5% 60.8% 59.0% 60.5% 58.9% 60.5%
Operating margin 33.7% 32.3% 34.4% 32.4% 33.7% 30.6% 26.7% 33.8% 27.9% 25.5%
EBITDA margin 35.7% 34.2% 36.6% 34.6% 35.9% 32.6% 28.6% 35.9% 30.0% 27.8%
Net margin 22.3% 22.1% 25.1% 24.6% 26.1% 21.3% 18.5% 24.5% 21.9% 18.2%
FCF margin 18.2% 16.2% 20.5% 18.2% 21.8% 20.3% 10.8% 10.0% 10.8% 22.7%
Returns
Return on capital 23.6% 22.1% 24.7% 23.3% 24.5% 22.1% 17.5% 18.6% 14.3% 12.9%
Return on capital employed 28.7% 26.8% 26.6% 23.4% 22.2% 22.0% 18.7% 21.3% 16.3% 14.7%
Return on equity 45.6% 53.4% 56.4% 45.7% 39.0% 31.1% 26.1% 30.2% 23.1% 17.9%
Return on assets 15.2% 14.9% 16.5% 15.2% 14.7% 13.0% 11.1% 12.9% 10.7% 9.0%
Growth
Revenue growth −25.4% 8.5% 2.3% 1.2% 2.9% 13.6% 7.5% −1.2% −4.9% −1.2%
Net income growth −37.3% 7.2% 16.5% −1.0% 9.2% −7.2% −6.6% 30.8% −15.1% −17.7%
EPS growth −34.5% 8.0% 16.9% −0.6% 9.3% −7.5% −6.3% 31.3% −14.0% −16.9%
FCF growth 30.8% −3.3% 29.5% −10.3% 23.6% 5.7% −42.7% −8.3% 2.9% 107.2%
Share count change −4.4% −0.8% −0.5% −0.3% 0.1% −0.0% −0.0% −0.7% −0.9% −1.3%
Financial health
Net debt / EBITDA 1.8x 2.1x 1.8x 1.7x 1.1x 1.1x 2.1x 1.8x 1.9x 2.0x
Debt / equity 1.6x 1.9x 1.5x 1.3x 1.0x 0.8x 0.9x 0.9x 0.7x 0.6x
Interest coverage 17.1x 15.4x 13.0x 13.3x 14.4x 14.7x 12.5x 11.1x 9.1x 9.7x
Current ratio 2.4x 3.1x 3.9x 3.7x 4.3x 3.7x 3.5x 2.6x 3.9x 3.2x
Quick ratio 1.1x 1.4x 1.7x 1.8x 2.4x 1.9x 1.4x 1.0x 1.6x 1.2x
Capital allocation
Capex / revenue 3.7% 3.9% 3.6% 3.4% 1.8% 3.5% 4.3% 5.5% 4.2% 2.7%
Stock comp / revenue 0.5% 0.6% 0.4% 0.3% 0.4% 0.4% 0.4% 0.6% 0.7% 0.8%
Payouts / FCF 153.5% 147.2% 75.9% 53.4% 44.8% 104.1% 82.7% 191.9% 97.5% 92.6%
Quality scores
Piotroski F-score 4.0 5.0 6.0 4.0 4.0 7.0 4.0 6.0 5.0 6.0
Altman Z'' 7.0 5.2 6.0 6.1 6.6 6.5 5.6 5.7 6.4 6.3
Accruals ratio 0.3% 1.3% 0.7% 1.9% 1.4% −1.5% 2.0% 4.7% 3.3% −3.6%

Source: SEC EDGAR XBRL filings (CIK 0000014693). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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