BF-B
Brown-Forman CorporationConsumer Defensive·Beverages - Wineries & Distilleries
$25.76
$12.1B market cap
Revenue
$3.9B
Free Cash Flow
$730.0M
Rev Growth
+2.0%
FCF Margin
18.6%
P/FCF
16.6x
EV/FCF
19.8x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Brown-Forman Corporation, together with its subsidiaries, manufactures, distills, bottles, imports, exports, markets, and sells various alcoholic beverages. It provides spirits, wines, whiskey spirits, whiskey-based flavored liqueurs, ready-to-drink and ready-to-pour products, ready-to-drink cocktails, vodkas, tequilas, champagnes, brandy, bourbons, and liqueurs. The company offers its products primarily under the Jack Daniel's, Reserve, Old Forester, Coopers' Craft, Herradura, el Jimador, New M
2-Year Price History
$26.20-39.7%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q3 | 1,056 | 365.0 | 343.0 | 267.0 | 417.0 | 392.0 | -25.0 | 402.0 | 2,745 | 472.6 | 25.4% | 14.0x | 12.8x |
| Act | 2026-Q2 | 1,041 | 327.0 | 307.0 | 224.0 | 132.0 | 107.0 | -25.0 | 319.0 | 2,647 | 472.6 | 21.8% | 12.6x | 12.7x |
| Act | 2026-Q1 | 924.0 | 267.0 | 260.0 | 170.0 | 160.0 | 129.0 | -31.0 | 471.0 | 2,701 | 473.0 | 18.4% | 10.7x | 12.3x |
| Act | 2025-Q4 | 894.0 | 231.0 | 205.0 | 146.0 | 152.0 | 102.0 | -50.0 | 444.0 | 2,733 | 472.9 | 14.5% | 8.6x | 14.1x |
| Act | 2025-Q3 | 1,035 | 385.0 | 280.0 | 270.0 | 317.0 | 272.0 | -45.0 | 599.0 | 2,863 | 472.9 | 18.9% | 12.4x | 13.6x |
| Act | 2025-Q2 | 1,095 | 367.0 | 341.0 | 258.0 | 112.0 | 81.0 | -31.0 | 416.0 | 3,203 | 473.1 | 23.5% | 11.5x | 17.5x |
| Act | 2025-Q1 | 951.0 | 307.0 | 281.0 | 195.0 | 17.0 | -24.0 | -41.0 | 416.0 | 3,168 | 472.9 | 19.4% | 9.6x | 15.4x |
| Act | 2024-Q4 | 964.0 | 402.0 | 375.0 | 266.0 | 285.0 | 205.0 | -80.0 | 446.0 | 3,100 | 476.4 | 25.5% | 11.8x | 17.8x |
| Act | 2024-Q3 | 1,069 | 400.0 | 373.0 | 285.0 | 265.0 | 196.0 | -69.0 | 589.0 | 3,406 | 475.6 | 27.1% | 12.1x | 20.9x |
| Act | 2024-Q2 | 1,107 | 361.0 | 339.0 | 242.0 | 59.0 | 29.0 | -30.0 | 373.0 | 3,110 | 480.1 | 23.5% | 11.7x | 25.0x |
| Act | 2024-Q1 | 1,038 | 349.0 | 327.0 | 231.0 | 38.0 | -11.0 | -49.0 | 426.0 | 3,076 | 480.4 | 23.1% | 12.0x | 29.6x |
| Act | 2023-Q4 | 1,046 | 319.0 | 298.0 | 207.0 | 230.0 | 164.0 | -66.0 | 374.0 | 2,913 | 480.4 | 22.1% | 11.0x | 28.0x |
| Act | 2023-Q3 | 1,081 | 168.0 | 173.0 | 100.0 | 94.0 | 39.0 | -55.0 | 428.0 | 3,028 | 480.5 | 14.3% | 7.0x | 30.0x |
| Act | 2023-Q2 | 1,094 | 335.0 | 313.0 | 227.0 | 143.0 | 115.0 | -28.0 | 1,087 | 2,410 | 480.6 | 27.1% | 18.6x | 25.7x |
| Act | 2023-Q1 | 1,007 | 365.0 | 343.0 | 249.0 | 173.0 | 139.0 | -34.0 | 899.0 | 2,248 | 480.4 | 33.4% | 19.2x | 26.8x |
| Act | 2022-Q4 | 996.0 | 256.0 | 246.0 | 151.0 | 253.0 | 180.0 | -73.0 | 868.0 | 2,269 | 480.5 | 22.9% | 12.2x | 26.6x |
| Act | 2022-Q3 | 1,037 | 368.0 | 347.0 | 259.0 | 348.0 | 318.0 | -30.0 | 812.0 | 2,327 | 480.6 | 37.0% | 18.4x | -- |
| Act | 2022-Q2 | 994.0 | 342.0 | 322.0 | 236.0 | 150.0 | 130.0 | -20.0 | 1,073 | 2,350 | 480.5 | 29.8% | 17.1x | -- |
| Act | 2022-Q1 | 906.0 | 309.0 | 289.0 | 192.0 | 185.0 | 170.0 | -15.0 | 1,172 | 2,501 | 480.7 | 25.1% | 14.7x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 61.16 | — | 32.4% | 1,275 | 26.8× | 42.8× | 39.0× | 8.3× |
| 2023 | 53.88 | +7.5% | 28.1% | 1,187 | 25.1× | 65.2× | 34.8× | 6.4× |
| 2024 | 36.52 | -1.2% | 36.2% | 1,512 | 17.0× | 61.3× | 22.5× | 5.5× |
| 2025 | 25.82 | -4.9% | 32.5% | 1,290 | 11.8× | 35.5× | 15.0× | 3.3× |
| TTM | 25.76 | -3.2% | 30.4% | 1,190 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$25.76
Market Cap$12.1B
Enterprise Value$14.4B
P/S Ratio3.1x
P/FCF16.6x
EV/FCF19.8x
FCF Margin (TTM)18.6%
FCF Yield6.0%
Dividend Yield (TTM)3.6%
Annual Dilution-0.1%
CurrencyUSD
TTM Financial Snapshot
Revenue$3.9B
Net Income$807.0M
Free Cash Flow$730.0M
Revenue Growth (YoY)+2.0%
EBITDA Margin30.4%
Net Margin20.6%
FCF Margin18.6%
CapEx % of Revenue3.3%
SBC % of Revenue0.8%
ROIC20.0%
WC Change % Rev-3.0%
Interest Coverage11.4x
Forward Outlook & Risk
Employees
Headcount5,700
Revenue / Employee$686,842
Gross Profit / Employee$407,895
2022: 5,200 → 2023: 5,600 → 2024: 5,700 → 2025: 5,000 (-1% CAGR)
Institutional Ownership
Headline & net flow
NET SELLING
In Q1 2026 so far (quarter still filing), institutions are net sellers — bought 5.5% of float, sold 7.0%. 1 filer moved >1% of shares (0 buying, 1 selling).
Net flow · Q1 2026still filing
-1.5% of float (net)
Bought 5.5% · Sold 7.0%
577 filers reported (last quarter: 646)
Ownership composition
Active
29.9%(-6.4% YoY)
555 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
13.7%(-4.9% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
0.1%(+0.0% YoY)
5 filers
Citadel, Susquehanna
Insiders
0.5%
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $388M | $26.44 | +$388M | +$388M | — | $4.04T |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $352M | $26.44 | +$352M | +$352M | — | $1.91T |
| FMR LLC | $338M | $27.95 | −$340M | +$309M | -0.0% | $1.89T |
| VAN ECK ASSOCIATES CORP | $327M | $34.14 | +$17.6M | +$164M | +0.9% | $133.17B |
| BlackRock, Inc.Passive | $319M | $46.05 | −$64.7M | −$90.9M | -0.2% | $5.69T |
| STATE STREET CORPPassive | $267M | $48.77 | −$33.8M | −$65.9M | -0.2% | $2.89T |
| Invesco Ltd. | $237M | $35.33 | +$64.1M | +$84.1M | -0.2% | $652.04B |
| GOLDMAN SACHS GROUP INC | $169M | $35.12 | +$36.6M | +$68.8M | -0.2% | $760.93B |
| ProShare Advisors LLC | $158M | $39.99 | +$8.2M | +$25.3M | -0.6% | $67.49B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $144M | $42.18 | +$1.7M | +$4.9M | +2.3% | $1.61T |
| Black Creek Investment Management Inc. | $139M | $27.90 | +$4.5M | +$105M | -1.9% | $1.86B |
| DIMENSIONAL FUND ADVISORS LPPassive | $125M | $27.20 | +$70.1M | +$94.6M | -0.4% | $480.92B |
| MORGAN STANLEY | $105M | $45.58 | −$37.8M | −$37.2M | -0.3% | $1.65T |
| BANK OF AMERICA CORP /DE/ | $98.7M | $34.94 | +$22.6M | −$54.0M | -0.1% | $1.36T |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $92.3M | $26.56 | +$30.5M | +$92.3M | -0.5% | $297.48B |
| UBS Group AG | $80.3M | $31.99 | −$37.8M | −$1.1M | -0.3% | $562.11B |
| Bank of New York Mellon Corp | $77.5M | $36.59 | −$966K | +$14.3M | -0.2% | $543.21B |
| Ruffer LLP | $72.4M | $26.44 | +$72.2M | +$72.4M | +2.0% | $2.44B |
| CITADEL ADVISORS LLC | $68.2M | $37.60 | +$58.9M | +$51.7M | -0.4% | $138.22B |
| EQUITY INVESTMENT CORP | $64.1M | $26.26 | −$9.5M | +$64.1M | -0.4% | $5.10B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.15%
avg per quarter
Holders (ex-self)
-0.14%
excl. this stock
Buyers (this Q)
+0.18%
237 buyers · $1.54B in
Sellers (this Q)
-0.02%
246 sellers · $0.87B out
alpha coverage: 85% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-18.9%
how holders react when this stock falls
On quiet Qs
-11.8%
−10% to +10% baseline
On rallies (+10%+)
+1.2%
how they react when this stock rises
Holders' portfolio flow this Q
+3.7%
inflows — adds are organic
Sellers' portfolio flow this Q
+2.5%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-1.7%
Holder mid (any stock)
-1.6%
Holder rally (any stock)
-4.8%
Biggest decreases this quarter
FMR LLC−$340Mα-0.0CHARLES SCHWAB INVESTMENT MANAGEMENT INC−$78.1Mα+0.7BlackRock, Inc.−$64.7Mα-0.2Alecta Pensionsforsakring, Omsesidigtexited−$41.7MUBS Group AG−$37.8Mα-0.3MORGAN STANLEY−$37.8Mα-0.3STATE STREET CORP−$33.8Mα-0.2LONDON CO OF VIRGINIAexited−$30.8MKames Capital plcexited−$19.1MCeredex Value Advisors LLCexited−$13.6M
New buyers this quarter
Top-5 holders · 32.2%
VANGUARD CAPITAL MANAGEMENT LLC--
VANGUARD PORTFOLIO MANAGEMENT LLC--
FMR LLC--
VAN ECK ASSOCIATES CORP--
BlackRock, Inc.--
Put / call ratio: 1.33 (+56.9% QoQ) — net bearish options
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Fundsmith LLP—FMR LLC12.8MBROWN ADVISORY INC114KVAN ECK ASSOCIATES CORP12.4MBROWN BROTHERS HARRIMAN & CO6KFUNDSMITH INVESTMENT SERVICES LTD.—Champlain Investment Partners, LLC—Invesco Ltd.9.0MFIRST TRUST ADVISORS LP554KGOLDMAN SACHS GROUP INC6.4M
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Analyst Coverage
Analyst Coverage
Analyst Ratings
6
23
6
Buy: 6Hold: 23Sell: 6Consensus: Hold
Consensus Estimates
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2026 Q1 | 1.0B | 331M | 220M | $0.47 | $0.44 – $0.49 | 14 |
| 2026 Q2 | 877M | 289M | 152M | $0.32 | $0.27 – $0.37 | 13 |
| 2026 Q3 | 918M | 303M | 179M | $0.38 | $0.35 – $0.40 | 11 |
| 2026 Q4 | 1.0B | 344M | 221M | $0.47 | $0.45 – $0.48 | 9 |
| 2027 Q1 | 1.1B | 351M | 246M | $0.52 | $0.50 – $0.53 | 4 |
| 2027 Q2 | 891M | 294M | 147M | $0.31 | $0.30 – $0.32 | 4 |
| 2027 Q3 | 926M | 306M | 175M | $0.37 | $0.36 – $0.38 | 7 |
| 2027 Q4 | 1.1B | 346M | 214M | $0.45 | $0.44 – $0.47 | 4 |
| 2028 Q1 | 1.1B | 352M | 239M | $0.51 | $0.49 – $0.52 | 5 |
| 2028 Q2 | 891M | 294M | 137M | $0.29 | $0.28 – $0.30 | 5 |
Corporate
Executive Compensation (2022-2024)
Direct Pay$40.4M
Incentive & Other$63.0M
Total Compensation$103.4M
% of Revenue0.8%
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$2.20M
4 txns · 1 insider · 70,921 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-02-12 | SELL | Whiting Lawson E | director, officer: President & CEO | 25,915 | $31.01 | $804K | $218K |
| 2025-12-12 | SELL | Whiting Lawson E | director, officer: President & CEO | 8,834 | $31.00 | $274K | $1.02M |
| 2025-12-04 | SELL | Whiting Lawson E | director, officer: President & CEO | 12,531 | $31.01 | $389K | $62 |
| 2025-07-23 | SELL | Whiting Lawson E | director, officer: President & CEO | 23,641 | $31.00 | $733K | $148K |
Dividends
TTM Dividend/Share$0.92
Dividend Yield3.6%
Revenue Breakdown
Revenue Segments
By Product (2026-Q3)
| Whiskey | $797.0M | +6% |
| Ready-to-Drink | $146.0M | +16% |
| Tequila | $60.0M | -12% |
| Rest of portfolio | $46.0M | -33% |
| Non-branded and bulk | $7.0M | -70% |
By Geography (2026-Q3)
| UNITED STATES | $427.0M | NEW |
| Developed International | $307.0M | NEW |
| Emerging | $276.0M | NEW |
| Travel Retail | $39.0M | NEW |
| Non-branded and bulk | $7.0M | NEW |