Brown-Forman Corporation BF.A

Consumer StaplesBeveragesUnited States of America

Last close 29.40 USD on Nov 1, 2026, +14.7% year to date

Quant rating

Quant rating D Rank 104 of 124 in Consumer Staples

Growth D 100 of 124
Valuation C 70 of 124
Quality C 86 of 124
Revisions D 104 of 124
Momentum C 58 of 124

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 13.3B
Enterprise value: 15.4B
52-week range: 23.01 – 31.13
3-year range: 23.01 – 62.15
Dividend yield: 3.14%
Beta (5 years): 0.31
Shares outstanding: 459M
Next earnings: –

About the company

Brown-Forman Corporation primarily manufactures, distill, bottle, import, export, market, and sells a variety of beverage alcohol products under brands. The Company’s brands include Jack Daniel’s Tennessee Whiskey, Jack Daniel’s Tennessee Honey, Gentleman Jack Rare Tennessee Whiskey, Jack Daniel’s Tennessee Apple, Jack Daniel’s Tennessee Blackberry, Jack Daniel’s Tennessee Fire, Jack Daniel’s 10-Year-Old Tennessee Whiskey, Jack Daniel’s Sinatra Select, Jack Daniel’s American Single Malt, Jack Daniel’s 12-Year-Old Tennessee Whiskey, Woodford Reserve Kentucky Bourbon, Woodford Reserve Double Oaked, Woodford Reserve Kentucky Rye Whiskey, Woodford Reserve Double Double Oaked, el Jimador New Mix RTD, Old Forester Kentucky Straight Bourbon Whisky, Old Forester Whiskey Row Series, Old Forester Single Barrel Straight Bourbon Whisky, Chambord Liqueur, Fords Gin, King of Kentucky Straight Bourbon Whiskey, and Slane Irish Whiskey. It sells its products in over 170 countries.

Growth and profitability

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	3,928	3,975	4,178	4,228	3,933	–
Revenue growth	−1.2%	−4.9%	−1.2%	7.5%	13.6%	2.6%
EPS (basic, normalized)	–	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	60.5%	58.9%	60.5%	59.0%	60.8%	59.9%
Net margin	18.2%	21.9%	24.5%	18.5%	21.3%	20.9%
ROE	17.8%	23.1%	30.2%	26.1%	31.1%	25.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	301
Current ratio	3.26x
Long-term debt (mil)	2,083
Net debt (mil)	2,140
Total equity (mil)	3,969
Net debt / equity	0.54x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	3,928	−1.2%	3.9x	–	–	–	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–
2029	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Beverages

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BF.A Brown-Forman Corporation	13.3B	–	18.2%	3.32x	–	–	–	–
SWRAY Swire Pacific Ltd	16.1B	–	3.2%	0.54x	9.6x	10.5x	13.4x	13.2x
ASBHY Asahi Group Holdings, Ltd.	15.9B	4.11x	4.2%	0.76x	12.1x	11.2x	8.6x	8.0x
KNBWY Kirin Holdings Company, Limited	15.0B	7.38x	6.1%	1.69x	–	–	–	–
COKE Coca-Cola Consolidated Inc	14.0B	–	7.9%	−27.99x	–	–	–	–
BFb Brown-Forman Corporation	13.3B	1.73x	18.2%	3.32x	16.8x	16.7x	13.2x	13.3x
Mean		4.41x	9.6%	−3.06x	12.9x	12.8x	11.7x	11.5x
Median		4.11x	7.0%	1.22x	12.1x	11.2x	13.2x	13.2x

Technical analysis

1M+10.7%
3M+1.2%
1Y+8.4%
3Y−43.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Brown-Forman Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	3,928	3,975	4,178	4,228	3,933	3,461
Cost of revenue	1,550	1,632	1,652	1,734	1,542	1,367
Gross profit	2,378	2,343	2,526	2,494	2,391	2,094
Selling, general & administrative expenses	1,269	1,228	1,355	1,248	1,128	1,070
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	133	95.0	−260	96.0	0	−127
Other operating expenses	−25.0	−87.0	17.0	23.0	59.0	−15.0
Operating income	1,001	1,107	1,414	1,127	1,204	1,166
Net interest income (expense)	−89.0	−22.0	−113	−81.0	−77.0	−79.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−27.0	−4.0	−3.0	−29.0	−13.0	−6.0
Net income before taxes	885	1,081	1,298	1,017	1,114	1,081
Provision for taxes	170	212	274	234	276	178
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	715	869	1,024	783	838	903
Extraordinary items	–	–	–	–	–	–
Net income	715	869	1,024	783	838	903
EBIT, normalized	1,157	1,202	1,154	1,223	1,204	1,039
EBITDA, normalized	1,249	1,289	1,241	1,303	1,283	1,116
Basic EPS, normalized	–	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Brown-Forman Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	308	444	446	374	868	1,150
Receivables	832	830	769	855	813	753
Total inventory	2,543	2,511	2,556	2,283	1,818	1,751
Prepaid expenses	–	–	100	122	155	170
Other current assets	308	410	165	167	122	93.0
Total current assets	3,991	4,195	4,036	3,801	3,776	3,917
Property, plant & equipment	1,222	1,196	1,170	1,115	949	899
Goodwill	1,522	1,505	1,455	1,457	761	779
Intangibles	943	981	990	1,164	586	676
Long-term investments	–	3.0	270	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	216	206	245	240	301	251
Total assets	7,894	8,086	8,166	7,777	6,373	6,522
Liabilities
Accounts payable	214	243	267	308	218	172
Payable/accrued	–	–	–	–	–	–
Accrued expenses	581	498	526	519	485	507
Short-term debt	68.0	312	428	235	0	205
Current portion of long-term debt	351	0	300	0	250	–
Other current liabilities	18.0	27.0	38.0	22.0	81.0	34.0
Total current liabilities	1,232	1,080	1,559	1,084	1,034	918
Long-term debt	2,083	2,421	2,372	2,678	2,019	2,354
Minority interest	–	–	–	–	–	–
Other liabilities	559	592	718	747	583	594
Total liabilities	3,874	4,093	4,649	4,509	3,636	3,866
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	72.0	72.0	72.0	72.0	72.0	72.0
Additional paid-in capital	62.0	36.0	13.0	1.0	–	–
Retained earnings (accumulated deficit)	4,998	4,710	4,261	3,643	3,242	3,243
Treasury stock	−1,004	−605	−608	−213	−225	−237
Other equity	−108	−220	−221	−235	−352	−422
Total equity	4,020	3,993	3,517	3,268	2,737	2,656
Total liabilities & shareholders' equity	7,894	8,086	8,166	7,777	6,373	6,522

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Brown-Forman Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	715	869	1,024	783	838	903
Depreciation, depletion & amortization	92.0	87.0	87.0	80.0	79.0	77.0
Deferred taxes	−37.0	−39.0	18.0	−3.0	−11.0	−53.0
Non-cash items	148	−66.0	−219	132	107	−138
Changes in working capital	82.0	−253	−263	−352	−77.0	28.0
Cash from operations	1,000	598	647	640	936	817
Investing activities
Capital expenditures	−107	−167	−228	−183	−127	−65.0
Other investing cash flows	36.0	416	277	−1,172	0	163
Cash from investing	−71.0	249	49.0	−1,355	−127	98.0
Financing activities
Financing cash flow items	−3.0	−6.0	−6.0	−15.0	−11.0	−21.0
Cash dividends paid	−427	−420	−404	−378	−831	−338
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−644	−417	−208	632	−196	−126
Cash from financing	−1,074	−843	−618	239	−1,038	−485
Foreign exchange effects	9.0	3.0	−6.0	−14.0	−47.0	45.0
Net change in cash	−136	7.0	72.0	−490	−276	475
Free cash flow	893	431	419	457	809	752

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.