Brown-Forman Corporation (BF-B) 10-Year Financial Performance & Capital Metrics

BF-B • • Industrial / General

Consumer DefensiveWineries & DistilleriesPremium Spirits & Whiskey ProducersPremium Whiskey & Bourbon Specialists

AboutBrown-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 Mix, Korbel Champagnes, Sonoma-Cutrer, Finlandia, GlenDronach, Benriach, Glenglassaugh, Chambord, Slane, and Fords Gin brands. It is also involved in the sale of used barrels, bulk whiskey, and wine; and provision of contract bottling services. The company serves retail customers and consumers through distributors or state governments; and retailers, wholesalers, and provincial governments directly. It has operations in the United States, Germany, Australia, the United Kingdom, Mexico, and internationally. The company was founded in 1870 and is headquartered in Louisville, Kentucky.Show more

Revenue $3.98B -4.9%
EBITDA $1.19B -20.5%
Net Income $869M -15.1%
EPS (Diluted) 1.84 -14.4%
Gross Margin 58.94% -2.5%
EBITDA Margin 30.04% -16.4%
Operating Margin 27.85% -17.7%
Net Margin 21.86% -10.8%
ROE 23.14% -23.3%
ROIC 13.33% -24.7%
Debt/Equity 0.68 -22.3%
Interest Coverage 9.07 -18.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 26.5%
✓Healthy dividend yield of 3.2%
✓Healthy 5Y average net margin of 22.5%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.41%

5Y3.4%

3Y0.35%

TTM-4.66%

Profit (Net Income) CAGR

10Y2.42%

5Y1%

3Y1.22%

TTM-19.32%

EPS CAGR

10Y3.7%

5Y1.36%

3Y1.88%

TTM-19.34%

ROCE

10Y Avg25.23%

5Y Avg20.1%

3Y Avg18.75%

Latest16.26%

Peer Comparison

Premium Whiskey & Bourbon Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MGPIMGP Ingredients, Inc.	529.38M	24.86	15.94	-15.89%	-1.09%	-0.79%	5.87%	0.41
BF-BBrown-Forman Corporation	8.08B	27.42	14.90	-4.86%	20.83%	19.59%	5.34%	0.68

Profit & Loss

	Apr 2016	Apr 2017	Apr 2018	Apr 2019	Apr 2020	Apr 2021	Apr 2022	Apr 2023	Apr 2024	Apr 2025
Sales/Revenue+	3.09B	2.99B	3.25B	3.32B	3.36B	3.46B	3.93B	4.23B	4.18B	3.98B
Revenue Growth %	-0.01%	-0.03%	0.08%	0.02%	0.01%	0.03%	0.14%	0.08%	-0.01%	-0.05%
Cost of Goods Sold+	945M	973M	1.05B	1.16B	1.24B	1.37B	1.54B	1.73B	1.65B	1.63B
COGS % of Revenue	0.31%	0.32%	0.32%	0.35%	0.37%	0.39%	0.39%	0.41%	0.4%	0.41%
Gross Profit+	2.14B	2.02B	2.2B	2.17B	2.13B	2.09B	2.39B	2.49B	2.53B	2.34B
Gross Margin %	0.69%	0.68%	0.68%	0.65%	0.63%	0.61%	0.61%	0.59%	0.6%	0.59%
Gross Profit Growth %	-0.02%	-0.06%	0.09%	-0.02%	-0.02%	-0.02%	0.14%	0.04%	0.01%	-0.07%
Operating Expenses+	611M	1.01B	1.15B	1.02B	1.04B	928M	1.19B	1.37B	1.11B	1.24B
OpEx % of Revenue	0.2%	0.34%	0.36%	0.31%	0.31%	0.27%	0.3%	0.32%	0.27%	0.31%
Selling, General & Admin	1.1B	1.03B	1.17B	1.04B	1.02B	1.07B	1.13B	1.25B	1.35B	1.23B
SG&A % of Revenue	0.36%	0.34%	0.36%	0.31%	0.3%	0.31%	0.29%	0.3%	0.32%	0.31%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-494M	-18M	-16M	-15M	11M	-142M	59M	119M	-243M	8M
Operating Income+	1.53B	1.01B	1.05B	1.14B	1.09B	1.17B	1.2B	1.13B	1.41B	1.11B
Operating Margin %	0.5%	0.34%	0.32%	0.34%	0.32%	0.34%	0.31%	0.27%	0.34%	0.28%
Operating Income Growth %	0.49%	-0.34%	0.04%	0.09%	-0.05%	0.07%	0.03%	-0.06%	0.25%	-0.22%
EBITDA+	1.59B	1.07B	1.11B	1.22B	1.17B	1.24B	1.28B	1.21B	1.5B	1.19B
EBITDA Margin %	0.51%	0.36%	0.34%	0.37%	0.35%	0.36%	0.33%	0.29%	0.36%	0.3%
EBITDA Growth %	0.47%	-0.33%	0.04%	0.09%	-0.04%	0.07%	0.03%	-0.06%	0.24%	-0.2%
D&A (Non-Cash Add-back)	56M	58M	64M	72M	74M	77M	79M	80M	87M	87M
EBIT	1.53B	992M	1.04B	1.13B	1.09B	1.16B	1.2B	1.11B	1.43B	1.2B
Net Interest Income+	-44M	-56M	-62M	-80M	-77M	-79M	-77M	-81M	-113M	-105M
Interest Income	2M	3M	6M	8M	5M	2M	5M	9M	14M	17M
Interest Expense	46M	59M	68M	88M	82M	81M	82M	90M	127M	122M
Other Income/Expense	-44M	-77M	-71M	-102M	-82M	-85M	-90M	-110M	-116M	-26M
Pretax Income+	1.49B	933M	977M	1.04B	1.01B	1.08B	1.11B	1.02B	1.3B	1.08B
Pretax Margin %	0.48%	0.31%	0.3%	0.31%	0.3%	0.31%	0.28%	0.24%	0.31%	0.27%
Income Tax+	422M	264M	260M	207M	182M	178M	276M	234M	274M	212M
Effective Tax Rate %	0.72%	0.72%	0.73%	0.8%	0.82%	0.84%	0.75%	0.77%	0.79%	0.8%
Net Income+	1.07B	669M	717M	835M	827M	903M	838M	783M	1.02B	869M
Net Margin %	0.35%	0.22%	0.22%	0.25%	0.25%	0.26%	0.21%	0.19%	0.25%	0.22%
Net Income Growth %	0.56%	-0.37%	0.07%	0.16%	-0.01%	0.09%	-0.07%	-0.07%	0.31%	-0.15%
Net Income (Continuing)	1.07B	669M	717M	835M	827M	903M	838M	783M	1.02B	869M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.09	1.37	1.48	1.73	1.72	1.88	1.74	1.63	2.15	1.84
EPS Growth %	0.63%	-0.34%	0.08%	0.17%	-0.01%	0.09%	-0.07%	-0.06%	0.32%	-0.14%
EPS (Basic)	2.10	1.38	1.49	1.74	1.73	1.89	1.75	1.63	2.15	1.84
Diluted Shares Outstanding	510.7M	488.08M	484.25M	482.07M	480.41M	480.68M	480.56M	480.56M	477.22M	472.95M
Basic Shares Outstanding	507.44M	484.63M	480.32M	478.96M	477.76M	478.53M	478.88M	479.15M	476.39M	472.65M
Dividend Payout Ratio	0.25%	0.41%	1.08%	0.37%	0.39%	0.37%	0.99%	0.48%	0.39%	0.48%

Balance Sheet

	Apr 2016	Apr 2017	Apr 2018	Apr 2019	Apr 2020	Apr 2021	Apr 2022	Apr 2023	Apr 2024	Apr 2025
Total Current Assets+	2.23B	2.35B	2.56B	2.72B	3.27B	3.92B	3.78B	3.8B	4.04B	4.2B
Cash & Short-Term Investments	263M	182M	239M	307M	675M	1.15B	868M	374M	446M	444M
Cash Only	263M	182M	239M	307M	675M	1.15B	868M	374M	446M	444M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	559M	557M	639M	609M	570M	753M	813M	855M	769M	830M
Days Sales Outstanding	66.05	67.9	71.81	66.87	61.86	79.41	75.45	73.81	67.18	76.21
Inventory	1.05B	1.27B	1.38B	1.52B	1.69B	1.75B	1.82B	2.28B	2.56B	2.51B
Days Inventory Outstanding	407.1	476.41	481.2	479.1	497.59	467.53	430.33	480.56	564.73	561.59
Other Current Assets	149M	132M	102M	92M	140M	93M	122M	167M	165M	410M
Total Non-Current Assets+	1.95B	2.27B	2.42B	2.42B	2.51B	2.6B	2.6B	3.98B	4.13B	3.89B
Property, Plant & Equipment	629M	713M	780M	816M	848M	832M	875M	1.03B	1.07B	1.09B
Fixed Asset Turnover	4.91x	4.20x	4.16x	4.07x	3.97x	4.16x	4.49x	4.10x	3.89x	3.63x
Goodwill	590M	753M	763M	753M	756M	779M	761M	1.46B	1.46B	1.5B
Intangible Assets	595M	641M	670M	645M	635M	676M	586M	1.16B	990M	981M
Long-Term Investments	0	0	0	0	0	0	19M	3M	270M	3M
Other Non-Current Assets	119M	151M	192M	190M	257M	248M	282M	255M	272M	260M
Total Assets+	4.18B	4.63B	4.98B	5.14B	5.78B	6.52B	6.37B	7.78B	8.17B	8.09B
Asset Turnover	0.74x	0.65x	0.65x	0.65x	0.58x	0.53x	0.62x	0.54x	0.51x	0.49x
Asset Growth %	-0%	0.11%	0.08%	0.03%	0.12%	0.13%	-0.02%	0.22%	0.05%	-0.01%
Total Current Liabilities+	791M	970M	821M	703M	881M	918M	1.03B	1.08B	1.56B	1.08B
Accounts Payable	121M	137M	154M	150M	131M	172M	218M	308M	267M	243M
Days Payables Outstanding	46.74	51.39	53.74	47.28	38.69	45.93	51.6	64.83	58.99	54.35
Short-Term Debt	271M	460M	215M	150M	333M	205M	250M	235M	728M	312M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	105M	97M	99M	84M	72M	96M	99M	106M	105M	86M
Current Ratio	2.82x	2.42x	3.11x	3.87x	3.71x	4.27x	3.65x	3.51x	2.59x	3.88x
Quick Ratio	1.49x	1.11x	1.43x	1.71x	1.79x	2.36x	1.89x	1.40x	0.95x	1.56x
Cash Conversion Cycle	426.42	492.92	499.27	498.69	520.77	501.02	454.18	489.54	572.92	583.46
Total Non-Current Liabilities+	1.83B	2.29B	2.84B	2.79B	2.92B	2.95B	2.6B	3.42B	3.09B	3.01B
Long-Term Debt	1.23B	1.69B	2.34B	2.29B	2.27B	2.35B	2.02B	2.68B	2.37B	2.42B
Capital Lease Obligations	0	0	0	37M	0	0	0	0	0	0
Deferred Tax Liabilities	101M	152M	85M	145M	177M	169M	219M	323M	315M	241M
Other Non-Current Liabilities	440M	444M	413M	317M	465M	425M	364M	424M	403M	351M
Total Liabilities	2.62B	3.25B	3.66B	3.49B	3.8B	3.87B	3.64B	4.51B	4.65B	4.09B
Total Debt+	1.5B	2.15B	2.56B	2.49B	2.6B	2.56B	2.27B	2.91B	3.1B	2.73B
Net Debt	1.24B	1.97B	2.32B	2.19B	1.93B	1.41B	1.4B	2.54B	2.65B	2.29B
Debt / Equity	0.96x	1.57x	1.94x	1.51x	1.32x	0.96x	0.83x	0.89x	0.88x	0.68x
Debt / EBITDA	0.94x	2.01x	2.30x	2.05x	2.23x	2.06x	1.77x	2.41x	2.07x	2.29x
Net Debt / EBITDA	0.78x	1.84x	2.08x	1.80x	1.65x	1.13x	1.09x	2.10x	1.77x	1.92x
Interest Coverage	33.33x	17.12x	15.41x	13.00x	13.30x	14.40x	14.68x	12.52x	11.13x	9.07x
Total Equity+	1.56B	1.37B	1.32B	1.65B	1.98B	2.66B	2.74B	3.27B	3.52B	3.99B
Equity Growth %	-0.18%	-0.12%	-0.04%	0.25%	0.2%	0.34%	0.03%	0.19%	0.08%	0.14%
Book Value per Share	3.06	2.81	2.72	3.42	4.11	5.53	5.70	6.80	7.37	8.44
Total Shareholders' Equity	1.56B	1.37B	1.32B	1.65B	1.98B	2.66B	2.74B	3.27B	3.52B	3.99B
Common Stock	34M	68M	72M	72M	72M	72M	72M	72M	72M	72M
Retained Earnings	4.07B	4.47B	1.73B	2.24B	2.71B	3.24B	3.24B	3.64B	4.26B	4.71B
Treasury Stock	-2.3B	-2.84B	-112M	-300M	-258M	-237M	-225M	-213M	-608M	-605M
Accumulated OCI	-350M	-390M	-378M	-363M	-547M	-422M	-352M	-235M	-221M	-220M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Apr 2016	Apr 2017	Apr 2018	Apr 2019	Apr 2020	Apr 2021	Apr 2022	Apr 2023	Apr 2024	Apr 2025
Cash from Operations+	524M	639M	632M	800M	724M	817M	936M	640M	647M	598M
Operating CF Margin %	0.17%	0.21%	0.19%	0.24%	0.22%	0.24%	0.24%	0.15%	0.15%	0.15%
Operating CF Growth %	-0.14%	0.22%	-0.01%	0.27%	-0.1%	0.13%	0.15%	-0.32%	0.01%	-0.08%
Net Income	1.07B	669M	717M	835M	827M	903M	838M	783M	1.02B	869M
Depreciation & Amortization	56M	58M	64M	72M	74M	77M	79M	80M	87M	87M
Stock-Based Compensation	15M	14M	19M	14M	11M	12M	15M	18M	25M	28M
Deferred Taxes	10M	-10M	-69M	34M	39M	-53M	-11M	-3M	18M	-39M
Other Non-Cash Items	-483M	2M	4M	8M	28M	-150M	92M	-648M	-244M	-94M
Working Capital Changes	-141M	-94M	-103M	-163M	-255M	28M	-77M	410M	-263M	-253M
Change in Receivables	8M	6M	-70M	23M	12M	-150M	-77M	-21M	88M	-70M
Change in Inventory	-127M	-86M	-102M	-162M	-203M	-37M	-93M	-403M	-349M	-64M
Change in Payables	29M	-17M	58M	-43M	-30M	137M	37M	77M	-31M	-40M
Cash from Investing+	433M	-422M	-128M	-119M	-141M	98M	-127M	-1.35B	49M	249M
Capital Expenditures	-108M	-112M	-127M	-119M	-113M	-62M	-138M	-183M	-228M	-167M
CapEx % of Revenue	0.03%	0.04%	0.04%	0.04%	0.03%	0.02%	0.04%	0.04%	0.05%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2M	-3M	-1M	0	-6M	-3M	11M	23M	31M	149M
Cash from Financing+	-1.06B	-285M	-466M	-599M	-191M	-485M	-1.04B	239M	-618M	-843M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-266M	-274M	-773M	-310M	-325M	-338M	-831M	-378M	-404M	-420M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-7M	-167M	-34M	-11M	-43M	-21M	-11M	-15M	-6M	-6M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	416M	527M	505M	681M	611M	755M	798M	457M	419M	431M
FCF Margin %	0.13%	0.18%	0.16%	0.2%	0.18%	0.22%	0.2%	0.11%	0.1%	0.11%
FCF Growth %	-0.15%	0.27%	-0.04%	0.35%	-0.1%	0.24%	0.06%	-0.43%	-0.08%	0.03%
FCF per Share	0.81	1.08	1.04	1.41	1.27	1.57	1.66	0.95	0.88	0.91
FCF Conversion (FCF/Net Income)	0.49x	0.96x	0.88x	0.96x	0.88x	0.90x	1.12x	0.82x	0.63x	0.69x
Interest Paid	41M	48M	65M	90M	83M	79M	80M	85M	125M	119M
Taxes Paid	430M	266M	200M	201M	143M	204M	226M	278M	242M	303M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	61.55%	45.63%	53.39%	56.36%	45.67%	39%	31.08%	26.08%	30.18%	23.14%
Return on Invested Capital (ROIC)	41.63%	24.69%	22.55%	22.98%	21.16%	21.95%	22.02%	17%	17.71%	13.33%
Gross Margin	69.41%	67.5%	67.8%	65.16%	63.25%	60.5%	60.79%	58.99%	60.46%	58.94%
Net Margin	34.54%	22.34%	22.08%	25.12%	24.59%	26.09%	21.31%	18.52%	24.51%	21.86%
Debt / Equity	0.96x	1.57x	1.94x	1.51x	1.32x	0.96x	0.83x	0.89x	0.88x	0.68x
Interest Coverage	33.33x	17.12x	15.41x	13.00x	13.30x	14.40x	14.68x	12.52x	11.13x	9.07x
FCF Conversion	0.49x	0.96x	0.88x	0.96x	0.88x	0.90x	1.12x	0.82x	0.63x	0.69x
Revenue Growth	-1.44%	-3.08%	8.48%	2.34%	1.17%	2.91%	13.64%	7.5%	-1.18%	-4.86%

Revenue by Segment

	2014	2015	2016	2019	2020	2021	2022	2023	2024	2025
Whiskey	-	-	-	2.61B	2.67B	2.74B	3.11B	2.92B	2.83B	2.83B
Whiskey Growth	-	-	-	-	2.42%	2.73%	13.34%	-6.27%	-2.85%	-0.14%
Ready-to-Drink	-	-	-	-	-	-	-	509M	520M	491M
Ready-to-Drink Growth	-	-	-	-	-	-	-	-	2.16%	-5.58%
portfolio	-	-	-	46M	47M	64M	70M	91M	146M	292M
portfolio Growth	-	-	-	-	2.17%	36.17%	9.38%	30.00%	60.44%	100.00%
Tequila	-	-	-	263M	275M	299M	364M	320M	306M	262M
Tequila Growth	-	-	-	-	4.56%	8.73%	21.74%	-12.09%	-4.38%	-14.38%
Non-branded and bulk	-	-	-	96M	75M	58M	61M	88M	87M	102M
Non-branded and bulk Growth	-	-	-	-	-21.88%	-22.67%	5.17%	44.26%	-1.14%	17.24%
Wine	181M	193M	202M	187M	109M	206M	219M	206M	205M	-
Wine Growth	-	6.63%	4.66%	-7.43%	-41.71%	88.99%	6.31%	-5.94%	-0.49%	-
Vodka	-	-	-	124M	186M	90M	109M	99M	82M	-
Vodka Growth	-	-	-	-	50.00%	-51.61%	21.11%	-9.17%	-17.17%	-
Spirits	3.77B	3.9B	3.81B	-	-	-	-	-	-	-
Spirits Growth	-	3.67%	-2.41%	-	-	-	-	-	-	-

Revenue by Geography

	2014	2015	2016	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	1.62B	1.78B	1.84B	-	1.69B	1.75B	1.92B	1.97B	1.89B	1.76B
UNITED STATES Growth	-	9.61%	3.26%	-	-	3.43%	9.67%	2.66%	-4.01%	-6.56%
Other Countries	589M	615M	552M	-	1.01B	943M	1.17B	1.35B	1.35B	1.32B
Other Countries Growth	-	4.41%	-10.24%	-	-	-6.82%	24.39%	15.00%	-0.07%	-2.30%
MEXICO	-	-	-	-	155M	150M	178M	244M	290M	267M
MEXICO Growth	-	-	-	-	-	-3.23%	18.67%	37.08%	18.85%	-7.93%
GERMANY	-	-	-	-	171M	206M	228M	239M	263M	253M
GERMANY Growth	-	-	-	-	-	20.47%	10.68%	4.82%	10.04%	-3.80%
AUSTRALIA	469M	431M	379M	-	155M	209M	219M	221M	204M	199M
AUSTRALIA Growth	-	-8.10%	-12.06%	-	-	34.84%	4.78%	0.91%	-7.69%	-2.45%
UNITED KINGDOM	-	-	-	-	180M	205M	218M	207M	185M	174M
UNITED KINGDOM Growth	-	-	-	-	-	13.89%	6.34%	-5.05%	-10.63%	-5.95%
Europe	1.26B	1.27B	1.24B	-	-	-	-	-	-	-
Europe Growth	-	0.47%	-2.20%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Brown-Forman Corporation (BF-B) has a price-to-earnings (P/E) ratio of 14.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Brown-Forman Corporation (BF-B) reported $3.89B in revenue for fiscal year 2025. This represents a 43% increase from $2.72B in 2012.

Brown-Forman Corporation (BF-B) saw revenue decline by 4.9% over the past year.

Yes, Brown-Forman Corporation (BF-B) is profitable, generating $810.0M in net income for fiscal year 2025 (21.9% net margin).

Dividend & Returns

Yes, Brown-Forman Corporation (BF-B) pays a dividend with a yield of 3.24%. This makes it attractive for income-focused investors.

Brown-Forman Corporation (BF-B) has a return on equity (ROE) of 23.1%. This is excellent, indicating efficient use of shareholder capital.

Brown-Forman Corporation (BF-B) generated $610.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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