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Brown-Forman Corporation (BF-B)

NYSE / Consumer Defensive / Beverages - Wineries & Distilleries

Share price

28.58 USD Market dataClose of Oct 15, 2026

Market capitalisation

13.20B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2026, filed Jun 12, 2026
Ratios computed
Oct 15, 2026
Filed years
17, FY2009 to FY2026
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

12.8% Computed

From the FY2026 filing

Read quality

Valuation

Price to earnings

18.68x Computed

FY2026 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

6.7% Computed

FY2026 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2017 Revenue: 3.86B USDFY2017 Net income: 669.0M USDFY2018 Revenue: 4.20B USDFY2018 Net income: 717.0M USDFY2019 Revenue: 3.32B USDFY2019 Net income: 835.0M USDFY2020 Revenue: 3.36B USDFY2020 Net income: 827.0M USDFY2021 Revenue: 3.46B USDFY2021 Net income: 903.0M USDFY2022 Revenue: 3.93B USDFY2022 Net income: 838.0M USDFY2023 Revenue: 4.23B USDFY2023 Net income: 783.0M USDFY2024 Revenue: 4.18B USDFY2024 Net income: 1.02B USDFY2025 Revenue: 3.98B USDFY2025 Net income: 869.0M USDFY2026 Revenue: 3.93B USDFY2026 Net income: 715.0M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
6 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 18.68x at the close of 2026-10-15 on FY2026 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Consumer Defensive sector (135 companies), 18.68x sits at the 42nd percentile; the middle half of that group runs from 13.84x to 33.63x.

Is it good

Return on invested capital was 12.8% in FY2026, in the band labelled "Above the cost of capital" (12.0% to 20.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Consumer Defensive sector (102 companies), 12.8% sits at the 71st percentile; the middle half of that group runs from 2.7% to 14.1%.

Is it safe

Interest coverage was 9.72x in FY2026, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether Brown-Forman Corporation's return on invested capital stayed above the median of the Consumer Defensive sector, year by year. (FY2017 to FY2026, 10 fiscal years of Brown-Forman Corporation with a comparable figure)
The direction
Which way Brown-Forman Corporation's return on invested capital has moved, and how steadily. (FY2017 to FY2026, 10 filed years of Brown-Forman Corporation)
What could explain it
What in Brown-Forman Corporation's filed statements could explain the movements. (12 readings drawn from the statement lines Brown-Forman Corporation filed)
What to check next
What to check next on Brown-Forman Corporation, and where in its filings. (6 questions for Brown-Forman Corporation)
In one paragraph
One paragraph on Brown-Forman Corporation's returns, cash, balance sheet and price. (16 of sixteen figures read for Brown-Forman Corporation)

These are BF-B’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research BF-BPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2026 annual report: 10-K, filed Jun 12, 2026, accession 0000014693-26-000024.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Brown-Forman Corporation: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax12.8% ComputedFY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Return on equity17.8% ComputedFY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Return on capital employed, pre-tax15.0% ComputedFY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Return on assets9.1% ComputedFY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Gross margin60.5% ComputedFY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Operating margin25.5% ComputedFY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Net margin18.2% ComputedFY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
BF-B 18.2%
COKE 7.9%STZ 18.5%HRL 4.0%CHD 11.9%KOF 8.5%
4.0%18.5%
Net margin: BF-B against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Brown-Forman Corporation: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.65 ComputedFY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Current ratio3.24 ComputedFY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Quick ratio1.18 ComputedFY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Interest coverage9.72x ComputedFY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Altman Z-score4.29 ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Net debt2.30B ComputedFY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Total assets 7.89BTotal liabilities 3.87BShareholders' equity 4.02BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Brown-Forman Corporation owned and owed at the end of fiscal 2026, from the balance sheet it filed (10-K, filed Jun 12, 2026, 0000014693-26-000024).

Brown-Forman Corporation: balance sheet position
Total assets7.89B FiledFY2026 10-K, filed Jun 12, 2026
Total liabilities3.87B FiledFY2026 10-K, filed Jun 12, 2026
Shareholders' equity4.02B FiledFY2026 10-K, filed Jun 12, 2026
Cash308.0M FiledFY2026 10-K, filed Jun 12, 2026
Total debt2.61B FiledFY2026 10-K, filed Jun 12, 2026
Net debt2.30B
Current ratio3.24
Debt to equity0.65

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Brown-Forman Corporation: what the market charges, each with its source
FigureValue, source and document
Price to earnings18.68x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
P/E on trailing twelve months17.61x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book3.32x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Price to sales3.40x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Enterprise value to EBIT15.63x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Enterprise value to EBITDA14.31x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Diluted earnings per share1.53 USD FiledFY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Graham number17.22 USD ComputedFY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024

We publish no fair value or price target of our own. Value BF-B on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Brown-Forman Corporation today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Brown-Forman Corporation: valuation
Share price28.58 USD
Market capitalisation13.20B USD
Enterprise value to EBITDA14.31x
Graham number17.22 USD
Diluted earnings per share, FY20261.53 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 13.04x, median 34.20x, high 46.73x, latest 17.61x. 2,521 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Brown-Forman Corporation

  1. Coca-Cola Consolidated, Inc. (COKE)Market cap 16.07B USD
  2. Constellation Brands, Inc. (STZ)Market cap 21.93B USD
  3. Hormel Foods Corporation (HRL)Market cap 11.11B USD
  4. Church & Dwight Co., Inc. (CHD)Market cap 24.45B USD
  5. Coca-Cola FEMSA, S.A.B. de C.V. (KOF)Market cap 24.30B USD

Same sector (Consumer Defensive) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Brown-Forman Corporation: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield6.7% ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Free cash flow893.0M USD ComputedFY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Free cash flow margin22.7% ComputedFY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Dividend yield3.2% ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Payout ratio59.7% ComputedFY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
FY2017 Free cash flow: 544.0M USDFY2017 Net income: 669.0M USDFY2018 Free cash flow: 526.0M USDFY2018 Net income: 717.0M USDFY2019 Free cash flow: 681.0M USDFY2019 Net income: 835.0M USDFY2020 Free cash flow: 611.0M USDFY2020 Net income: 827.0M USDFY2021 Free cash flow: 755.0M USDFY2021 Net income: 903.0M USDFY2022 Free cash flow: 798.0M USDFY2022 Net income: 838.0M USDFY2023 Free cash flow: 457.0M USDFY2023 Net income: 783.0M USDFY2024 Free cash flow: 419.0M USDFY2024 Net income: 1.02B USDFY2025 Free cash flow: 431.0M USDFY2025 Net income: 869.0M USDFY2026 Free cash flow: 893.0M USDFY2026 Net income: 715.0M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Brown-Forman Corporation: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
18.68xFY2026Oct 15, 2026
3.32xFY2026Oct 15, 2026
15.63xFY2026Oct 15, 2026
6.7%FY2026Oct 15, 2026
12.8%FY2026Jun 12, 2026
3.2%FY2026Oct 15, 2026
0.65FY2026Jun 12, 2026
3.24FY2026Jun 12, 2026
3.40xFY2026Oct 15, 2026
n/aFY2026Oct 15, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
4.29FY2026Oct 15, 2026
-2.68FY2026Jun 12, 2026
7/9FY2026Jun 12, 2026

The figures are computed from the accounts for fiscal 2026, the newest full year on file. 17 filed fiscal years on record, FY2009 to FY2026, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2017 to FY2026, read from the annual reports Brown-Forman Corporation filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Brown-Forman Corporation: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20263.93B1.00B715.0M1.53893.0M25.5%17.8%10-K, Jun 12, 20260000014693-26-000024
FY20253.98B1.11B869.0M1.84431.0M27.9%21.8%10-K, Jun 13, 20250000014693-25-000062
FY20244.18B1.41B1.02B2.14419.0M33.8%29.1%10-K, Jun 14, 20240000014693-24-000086
FY20234.23B1.13B783.0M1.63457.0M26.7%24.0%10-K, Jun 16, 20230000014693-23-000074
FY20223.93B1.20B838.0M1.74798.0M30.6%30.6%10-K, Jun 17, 20220000014693-22-000069
FY20213.46B1.17B903.0M1.88755.0M33.7%34.0%10-K, Jun 21, 20210000014693-21-000091
FY20203.36B1.09B827.0M1.72611.0M32.4%41.9%10-K, Jun 19, 20200000014693-20-000066
FY20193.32B1.14B835.0M1.73681.0M34.4%50.7%10-K, Jun 13, 20190000014693-19-000099
FY20184.20B1.05B717.0M1.48526.0M24.9%54.5%10-K, Jun 13, 20180000014693-18-000084
FY20173.86B1.01B669.0M1.37544.0M26.2%48.8%10-K, Jun 15, 20170000014693-17-000119
  • Revenue, compound annual growth FY2017 to FY2026: 0.2%
  • Earnings, compound annual growth FY2017 to FY2026: 0.7%
  • Earnings per share, compound annual growth FY2017 to FY2026: 1.2%
  • Free cash flow, compound annual growth FY2017 to FY2026: 5.7%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Brown-Forman Corporation: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.68 ComputedFY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Piotroski F-score7/9 ComputedFY2026 10-K, filed Jun 12, 2026, 0000014693-26-000024
Named tests met6 of 30 Computed
Beta0.49 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 6 met, 24 not met, 0 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
High yield, low payout; Dividends and buybacks; ROIC at or above WACC; Cash-covered dividend; Cash-flow yield and ROIC; Clean books, high ROIC
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Figures we could not read(1)
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • One figure could not be read on this company: PEG Ratio.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.