# Brown-Forman Corporation (BF-B)

> Source: Nexqual · https://nexqual.com/BF-B · data as of 2026-10-23 17:27 UTC · cite as "Nexqual, Brown-Forman Corporation (BF-B), nexqual.com/BF-B" · informational, not investment advice.

**Price:** USD 29.5 (-2.27% today) · US market open, as of October 23, 2026 at 17:27 UTC; quotes may be delayed. Prev close 30.18 · day 29.41–30.16 · 52w 22.61–31.92 · market cap $13.5B · NYQ

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $3.92B, net income $721M (18.4% margin), free cash flow $925M (SEC filings).
- Valuation: P/E 18.8x (avg 19.4x at the last 3 fiscal year-ends), EV/EBITDA 14.1x, net debt $1.78B.
- 5 of 80 tracked superinvestors hold BF-B (13F, Q2 2026): 1 new, 0 added, 3 reduced, 1 unchanged.
- Analysts: Hold (mean 3.17 on a 1–5 scale) (18 analysts), mean target USD 28.26 (range 20–35).
- Total return with dividends: 1Y +8.6% vs S&P 500 +14.4%; 5Y -51.2% vs S&P 500 +77.0%.
- Next earnings: 2026-12-03, EPS estimate USD 0.46, revenue estimate $1.04B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.93B | $4.23B | $4.18B | $3.98B | $3.93B | $3.92B |
| Gross profit | $2.39B | $2.49B | $2.53B | $2.34B | $2.38B | — |
| Operating income | $1.20B | $1.13B | $1.41B | $1.11B | $1.00B | $993M |
| Net income | $838M | $783M | $1.02B | $869M | $715M | $721M |
| EPS (diluted) | $1.74 | $1.63 | $2.14 | $1.84 | $1.53 | — |
| Free cash flow | $798M | $457M | $419M | $431M | $893M | $925M |
| Gross margin | 60.8% | 59.0% | 60.5% | 58.9% | 60.5% | — |
| Operating margin | 30.6% | 26.7% | 33.8% | 27.8% | 25.5% | 25.4% |
| Net margin | 21.3% | 18.5% | 24.5% | 21.9% | 18.2% | 18.4% |
| Revenue growth | +13.6% | +7.5% | -1.2% | -4.9% | -1.2% | — |
| Cash + short-term investments | $868M | $374M | $446M | $444M | $308M | — |
| Total debt | $2.27B | $2.68B | $2.67B | $2.42B | $2.43B | — |
Fiscal years end Apr. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/E 18.8x · P/S 3.5x · EV/EBITDA 14.1x · EV/Sales 3.9x · P/FCF 14.6x · P/B 3.4x · FCF yield 6.83% · Earnings yield 5.33% · Dividend yield (paid, TTM) 3.15% · Net debt $1.78B · EV $15.3B
P/E at fiscal year-ends: Apr 2026 16.8x, Apr 2025 19.0x, Apr 2024 22.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold BF-B. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lindsell Train |  | 3.62% | $95.2M | Reduced -15.6% |
| Hillman Capital | Hillman Capital Management | 3.33% | $4.6M | Reduced -2.2% |
| Thomas Russo | Gardner Russo & Quinn | 0.68% | $60.8M | Reduced -3.0% |
| Thomas Gayner | Markel Group | 0.27% | $35.7M | Unchanged |
| Lee Ainslie | Maverick Capital | 0.03% | $3.0M | New position |

## Analysts
Consensus Hold (mean 3.17 on a 1–5 scale), 18 analysts; mean target USD 28.26 (low 20, high 35).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-04 | UBS | Target raised | Neutral | $27 → $30 |
| 2026-09-03 | JP Morgan | Target lowered | Underweight | $26 → $25 |
| 2026-09-03 | TD Cowen | Reiterated | Hold | $29 |
| 2026-09-03 | RBC Capital | Reiterated | Sector Perform | $27 |
| 2026-09-01 | RBC Capital | Reiterated | Sector Perform | $27 |
| 2026-08-27 | Barclays | Target raised | Equal-Weight | $27 → $28 |
| 2026-08-21 | JP Morgan | Target raised | Underweight | $23 → $26 |
| 2026-08-03 | Citigroup | Target raised | Neutral | $26 → $28 |
| 2026-06-26 | TD Cowen | Target raised | Hold | $25 → $29 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +8.6% | -51.2% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | +8.6% | -13.4% |
| Volatility (annualized) | 38.9% | 30.3% |
| Max drawdown | -25.5% (Dec 2025→Mar 2026) | -68.1% (Aug 2022→Mar 2026) |

## Peers (Beverages - Wineries & Distilleries)
DEO (Diageo plc) USD 95.55 -1.18% · AGCC (Agencia Comercial Spirits Ltd) USD 14.81 -0.32% · MGPI (MGP Ingredients, Inc.) USD 15.67 -3.57% · SNDL (SNDL Inc.) USD 1.3 +0.39%

## More
Full page: https://nexqual.com/BF-B · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Whiskey | $658.0M | 72.2% | -0.2% |
| Ready-to-Drink | $154.0M | 16.9% | +20.3% |
| Tequila | $54.0M | 5.9% | -12.9% |
| Rest of portfolio | $39.0M | 4.3% | -36.1% |
| Non-branded and bulk | $6.0M | 0.7% | -57.1% |
| Total revenue | $911.0M | 100% | — |

## Revenue by region (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $374.0M | 41.1% | -2.9% |
| Emerging | $247.0M | 27.1% | +10.3% |
| Developed International | $240.0M | 26.3% | -6.6% |
| Travel Retail | $44.0M | 4.8% | +0.0% |
| Non-branded and bulk | $6.0M | 0.7% | -57.1% |
| Total revenue | $911.0M | 100% | — |

## Customer concentration

Period ended 2026-04-30: 10% of revenue from unnamed direct customers (10-K, filed 2026-06-12).

## Company outlook (8-K filed 2026-09-02)

- "We anticipate the operating environment for fiscal 2027 to remain challenging, as macroeconomic pressures and geopolitical instability continue to negatively impact consumer behavior and beverage alcohol consumption, particularly within developed markets."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.46 | $0.46 | +0.4% | $1.04B | 14 |
| Next quarter (ends 2027-01-31) | $0.51 | $0.51 | -0.3% | $1.06B | 14 |
| Current fiscal year (ends 2027-04-30) | $1.69 | $1.70 | -0.5% | $3.93B | 18 |
| Next fiscal year (ends 2028-04-30) | $1.71 | $1.71 | +0.1% | $4.01B | 17 |