NYSE: BF-B
Brown-Forman
Consumer Staples · Beverages
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.$13.2B
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| Period | Market cap |
|---|---|
| FY2017, ended Apr 30, 2017 | $18.2B |
| FY2018, ended Apr 30, 2018 | $27.0B |
| FY2019, ended Apr 30, 2019 | $25.4B |
| FY2020, ended Apr 30, 2020 | $29.7B |
| FY2021, ended Apr 30, 2021 | $36.5B |
| FY2022, ended Apr 30, 2022 | $32.3B |
| FY2023, ended Apr 30, 2023 | $31.2B |
| FY2024, ended Apr 30, 2024 | $22.6B |
| FY2025, ended Apr 30, 2025 | $16.5B |
| FY2026, ended Apr 30, 2026 | $11.8B |
| Trailing 12 months to Jul 31, 2026 (through Q1 FY2027) | $13.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.$5.07B
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| Period | Revenue |
|---|---|
| FY2017, ended Apr 30, 2017 | $3.86B |
| FY2018, ended Apr 30, 2018 | $4.20B |
| FY2019, ended Apr 30, 2019 | $4.28B |
| FY2020, ended Apr 30, 2020 | $4.31B |
| FY2021, ended Apr 30, 2021 | $4.53B |
| FY2022, ended Apr 30, 2022 | $5.08B |
| FY2023, ended Apr 30, 2023 | $5.37B |
| FY2024, ended Apr 30, 2024 | $5.33B |
| FY2025, ended Apr 30, 2025 | $5.06B |
| FY2026, ended Apr 30, 2026 | $5.08B |
| Trailing 12 months to Jul 31, 2026 (through Q1 FY2027) | $5.07B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2017, ended Apr 30, 2017 | $669M | $544M |
| FY2018, ended Apr 30, 2018 | $717M | $526M |
| FY2019, ended Apr 30, 2019 | $835M | $681M |
| FY2020, ended Apr 30, 2020 | $827M | $611M |
| FY2021, ended Apr 30, 2021 | $903M | $755M |
| FY2022, ended Apr 30, 2022 | $838M | $798M |
| FY2023, ended Apr 30, 2023 | $783M | $457M |
| FY2024, ended Apr 30, 2024 | $1.02B | $419M |
| FY2025, ended Apr 30, 2025 | $869M | $431M |
| FY2026, ended Apr 30, 2026 | $715M | $893M |
| Trailing 12 months to Jul 31, 2026 (through Q1 FY2027) | $721M | $925M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.$301M
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| Period | Cash and cash equivalents |
|---|---|
| FY2017, ended Apr 30, 2017 | $182M |
| FY2018, ended Apr 30, 2018 | $239M |
| FY2019, ended Apr 30, 2019 | $307M |
| FY2020, ended Apr 30, 2020 | $675M |
| FY2021, ended Apr 30, 2021 | $1.15B |
| FY2022, ended Apr 30, 2022 | $868M |
| FY2023, ended Apr 30, 2023 | $374M |
| FY2024, ended Apr 30, 2024 | $446M |
| FY2025, ended Apr 30, 2025 | $444M |
| FY2026, ended Apr 30, 2026 | $308M |
| Trailing 12 months to Jul 31, 2026 (through Q1 FY2027) | $301M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.$2.44B
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| Period | Total debt |
|---|---|
| FY2017, ended Apr 30, 2017 | $2.15B |
| FY2018, ended Apr 30, 2018 | $2.56B |
| FY2019, ended Apr 30, 2019 | $2.44B |
| FY2020, ended Apr 30, 2020 | $2.60B |
| FY2021, ended Apr 30, 2021 | $2.56B |
| FY2022, ended Apr 30, 2022 | $2.27B |
| FY2023, ended Apr 30, 2023 | $2.91B |
| FY2024, ended Apr 30, 2024 | $3.10B |
| FY2025, ended Apr 30, 2025 | $2.73B |
| FY2026, ended Apr 30, 2026 | $2.50B |
| Trailing 12 months to Jul 31, 2026 (through Q1 FY2027) | $2.44B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 4.5% since 2017.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.459M
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| Period | Shares outstanding |
|---|---|
| FY2017, ended Apr 30, 2017 | 480M |
| FY2018, ended Apr 30, 2018 | 481M |
| FY2019, ended Apr 30, 2019 | 477M |
| FY2020, ended Apr 30, 2020 | 478M |
| FY2021, ended Apr 30, 2021 | 479M |
| FY2022, ended Apr 30, 2022 | 479M |
| FY2023, ended Apr 30, 2023 | 479M |
| FY2024, ended Apr 30, 2024 | 473M |
| FY2025, ended Apr 30, 2025 | 473M |
| FY2026, ended Apr 30, 2026 | 459M |
| Trailing 12 months to Jul 31, 2026 (through Q1 FY2027) | 459M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.Net: $32.0M more issued than bought back
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2017, ended Apr 30, 2017 | $561M | $14.0M |
| FY2018, ended Apr 30, 2018 | $1.00M | $19.0M |
| FY2019, ended Apr 30, 2019 | $207M | $14.0M |
| FY2020, ended Apr 30, 2020 | $1.00M | $11.0M |
| FY2021, ended Apr 30, 2021 | $0 | $12.0M |
| FY2022, ended Apr 30, 2022 | $0 | $15.0M |
| FY2023, ended Apr 30, 2023 | $0 | $18.0M |
| FY2024, ended Apr 30, 2024 | $400M | $25.0M |
| FY2025, ended Apr 30, 2025 | $0 | $28.0M |
| FY2026, ended Apr 30, 2026 | $400M | $32.0M |
| Trailing 12 months to Jul 31, 2026 (through Q1 FY2027) | — | $32.0M |
Revenue (TTM)
$5.07B
+0.7% YoY
Net income (TTM)
$721M
−14.6% YoY
Cash
$301M
−36.1% YoY
Total debt
$2.44B
−9.6% YoY
Valuation
At current price- Market Cap
- $13.2B
- P/E
- 18.3×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.6×
- Price / Book
- 3.3×
- EV / EBITDA
- 14.1×
Growth
Trailing 12 months- Revenue (TTM)
- $5.07B
- Revenue Growth YoY
- 0.7%
- Revenue CAGR 3Y
- −1.8%
- Revenue CAGR 5Y
- 2.3%
- EPS Growth YoY
- −13.4%
- Net Income Growth YoY
- −14.6%
Profitability
Trailing 12 months- Gross Margin
- 46.8%
- Operating Margin
- 19.6%
- Net Margin
- 14.2%
- FCF Margin
- 18.2%
- Return on Equity
- 18.1%
Earnings
Trailing 12 months- Net Income
- $721M
- EPS (diluted)
- $1.55
- EBITDA
- $1.09B
- Operating Income
- $993M
Balance Sheet
As of Jul 31, 2026- Cash and cash equivalents
- $301M
- Total Debt
- $2.44B
- Net Debt
- $2.14B
- Total Assets
- $7.83B
- Total Liabilities
- $3.86B
- Shareholders' Equity
- $3.97B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.01B
- Capital Expenditure
- $88.0M
- Free Cash Flow
- $925M
Dividends and risk
Last 12 months- Dividend Yield
- 3.2%
- Dividend / Share
- $0.92
- Beta (5Y)
- 0.32
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $5.07B.
Note
Net margin of 14.2% over the last 12 months.
Note
Net debt of $2.14B is 2.0× EBITDA.
Strength
Turns 18.2% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Apr 30, 2026 · filed Jun 12, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K44Serious concerns
10-K for the fiscal year ended Apr 30, 2025
Filed Jun 13, 2025 · Read the filing on EDGAR
- Net sales fell 5% to $3.98 billion, mainly from divested brands and currency; organic sales, which exclude those effects, rose 1%.
- Operating income fell 22% to $1.11 billion, largely because last year's $267 million gains on brand sales did not repeat; organic operating income rose 3%.
- Brown-Forman is cutting about 12% of its workforce and closing its Louisville barrel-making plant, with $63 million of restructuring charges.
- For fiscal 2026, management expects low-single-digit declines in organic sales and operating income, citing weak consumers, tariffs and lower used barrel sales.
Business momentum
Weakening
“We delivered operating income of $1.1 billion, a decrease of 22% compared to fiscal 2024.”
Outlook
Cautious
“We anticipate the operating environment for fiscal 2026 will be challenging, with low visibility due to macroeconomic and geopolitical volatility”
Financial stress
Low
“We generate strong cash flows from operations, which enable us to meet current obligations, fund capital expenditures, and return cash to our stockholders through regular dividends”
Tone against the previous report
More negative
Red flags
- Medium
Other
“This included reducing the company’s workforce by approximately 12% and closing the Louisville-based Brown-Forman Cooperage.”
- Minor
Large write-down
“During fiscal 2025, we recognized a non-cash impairment charge of $47 million for the Gin Mare brand name”
- Minor
Other
“This decline was driven by the removal of American whiskey from retail shelves across the country, which contributed to an estimated net decrease in distributor inventories.”
Positives
Underlying sales edged up once divestitures and currency are excluded
“Organic net sales increased 1% compared to fiscal 2024.”
Woodford Reserve grew on genuine consumer demand in the US
“Woodford Reserve’s net sales increased 8%, driven by higher consumer-led volumes in the United States.”
Duckhorn stake sale brought in cash and a gain
“We received $350 million in cash in exchange for our 21.4% ownership interest and recognized a $78 million gain on the sale of our investment in Duckhorn.”
Concerns
Gross margin shrank on higher costs and currency effects
“Gross margin decreased to 58.9% in fiscal 2025, down 1.5 percentage points from 60.5% in fiscal 2024.”
Shipments ran ahead of demand, so distributor stock building flattered results and could reverse
“Our top brands, excluding el Jimador and New Mix, benefited from an estimated net increase in distributor inventories, driven by the United States as well as Japan’s transition to owned distribution.”
Tequila sales fell sharply in its main markets
“el Jimador’s net sales declined 13%, driven by lower volumes in the United States and Mexico.”
New risks since the previous report
Retaliation against US whiskey in trade disputes, including Canadian provinces pulling Jack Daniel's from shelves
“in March 2025, several Canadian provinces removed all American beverage alcohol from store shelves, including Jack Daniel’s, in response to the United States announcing a 25% tariff on goods imported from Canada”
Now relies on an outside supplier for barrels after closing its last barrel-making operation
“we recently closed our last remaining barrel-making operation”
Further write-downs possible on the recently acquired Gin Mare and Diplomático brands
“Reasonably possible changes in the significant assumptions discussed above could result in future impairment of either of those brands.”
Lower used barrel sales expected after they helped support fiscal 2025 results
“lower non-branded sales of used barrels”
Major changes to US distribution could disrupt sales during the transition
“the significant evolution of our U.S. distribution”
Biggest risks named
- New tariffs and retaliation against American whiskey
- Weak economies and low consumer confidence reducing spending
- Heavy reliance on the Jack Daniel's family of brands
- Shifting consumer tastes, competition and declining social acceptance of alcohol
- Disruption from changes to distribution arrangements and industry consolidation
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −6 | |
| Outlook | −2 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | −4.2 | |
| New risks | −2 | |
| Score | 44 | |
Written by AI (Claude Opus 5.5) from the report’s text. 17 of 17 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Jun 12, 2026 | Pro | |||
| 10-K | Jun 13, 2025 | 44 | Weakening | 1 medium2 minor | |
| 10-K | Jun 14, 2024 | 60 | Improving | None | |
| 10-K | Jun 16, 2023 | 57 | Mixed | 1 minor | |
| 10-K | Jun 17, 2022 | 65 | Improving | 2 minor | |
| 10-K | Jun 21, 2021 | 68 | Improving | 1 minor | |
| 10-K | Jun 19, 2020 | 50 | Mixed | 1 minor | |
| 10-K | Jun 13, 2019 | 68 | Improving | None | |
| 10-K | Jun 13, 2018 | 69 | Improving | None | |
| 10-K | Jun 15, 2017 | 55 | Weakening | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q1 FY2027 (period ended Jul 31, 2026), filed Sep 2, 2026. View filings on SEC EDGAR