Consumer Staples · Distillers & Vintners · US stock · price as of 22 Oct 2026
Key indicators
Price
$30.91
52-week range
$23.01 – $31.14
Market cap
$14.2B
P/E (trailing)
20.0×
EV / EBITDA
15.0×
Free-cash-flow yield
6.5%
Dividend yield
3.0%
Revenue (last 12 months)
$5.1B
Revenue growth (3y a year)
−1.8%
Operating margin
19.6%
Return on invested capital
13.1%
Net debt / EBITDA
2.0×
Fair value
Fair value (average of valid models)$35.92 middle half of models $33 – $37
Versus priceFair+16% to fair value
P/E multiple
$32.23
P/B multiple
$47.87
P/S multiple
$35.17
EV/EBITDA multiple
$32.99
EV/EBIT multiple
$36.41
EV/revenue multiple
$34.59
10-year DCF, EBITDA exit
$33.52
5-year DCF, EBITDA exit
$33.07
10-year DCF, revenue exit
$34.28
5-year DCF, revenue exit
$34.23
10-year DCF, growth exit
$30.12
5-year DCF, growth exit
$29.00
Dividend discount, stable
$36.73
Dividend discount, multi-stage
$47.26
Earnings power value
$41.37
Model uncertainty
Medium
X-Ray Score
57/ 100 · High confidence · ahead of 72% of sector peers
Valuation72
Growth37
Profitability49
Financial health71
Dividends51
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Brown-Forman is a producer and marketer of spirits and wine, best known for its Tennessee whiskey and bourbon brands, along with tequila, vodka and other drinks. It makes, ages and bottles these products, then sells them to distributors and retailers in the United States and many international markets. Revenue comes from sales of branded alcoholic beverages, and results are influenced by consumer demand, pricing, tariffs and currency movements.
Revenue of $5.1 billion was recorded for the latest twelve months; sales fell 1.8% a year over the past three years. Brown Forman Corp converts that into an operating margin of 19.6%. Return on invested capital comes to 13%. Net debt to EBITDA is 2.0 times.
StocksXray gives Brown Forman Corp an X-Ray Score of 57 out of 100 (high confidence), ahead of 72% of the S&P 500 stocks in its sector. Its strongest lens is valuation (72) and its weakest is growth (37).
Our fair value (the average of the valid models) is $35.92 (range $33.03 to $36.57). At $30.91 the stock trades 14% below that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Brown Forman Corp (BF-A)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2024
FY2025
FY2026
Now
Price
$56.70
$60.54
$45.72
$32.94
$25.84
$30.91
Market cap
$27.2B
$29.1B
$21.8B
$15.6B
$12.1B
$14.2B
P/E
32.6×
37.1×
21.4×
17.9×
16.9×
20.0×
EV / revenue
5.6×
5.9×
4.7×
3.6×
2.8×
3.2×
EV / EBITDA
22.3×
26.4×
16.6×
15.2×
13.1×
15.0×
Price / free cash flow
34.1×
63.6×
52.1×
36.1×
13.5×
15.4×
Free-cash-flow yield
2.9%
1.6%
1.9%
2.8%
7.4%
6.5%
Price / book
10.0×
8.9×
6.2×
3.9×
3.0×
3.6×
Dividend yield
3.06%
1.30%
1.85%
2.70%
3.54%
2.99%
Fundamentals checklist ● 8 Good · ● 6 Average · ● 2 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.7%Average
Free-cash-flow yield6.5%Good
Risk models
Altman Z score6.3×Good
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)−2.1%Average
Free-cash-flow growth (3y)25.0%Good
Revenue growth (3y)−1.8%Bad
Growth consistency20%Bad
Balance sheet
Current ratio3.3×Good
Net debt / EBITDA2.0×Average
Interest cover9.6×Average
Valuation
Fair value vs price1.2×Good
EBIT / EV yield6.1%Good
Profitability
Return on invested capital13.1%Average
Operating margin19.6%Good
Gross profitability30.4%Average
XStocksXray
Brown Forman Corp (BF-A)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY24
FY25
FY26
LTM
Revenue
5,081
5,372
5,328
5,056
5,082
5,072
Gross profit
2,391
2,494
2,526
2,343
2,378
2,375
Operating income
1,204
1,127
1,414
1,107
1,001
993
Net income
838
783
1,024
869
715
721
Diluted EPS ($)
1.74
1.63
2.14
1.84
1.53
1.55
Free cash flow
798
457
419
431
893
925
Gross margin
47.1%
46.4%
47.4%
46.3%
46.8%
46.8%
Operating margin
23.7%
21.0%
26.5%
21.9%
19.7%
19.6%
Net margin
16.5%
14.6%
19.2%
17.2%
14.1%
14.2%
Balance sheet
FY22
FY23
FY24
FY25
FY26
LTM
Total assets
6,373
7,777
8,166
8,086
7,894
7,825
Cash
868
374
446
444
308
301
Total debt
2,269
3,148
3,529
3,046
2,570
2,441
Equity
2,737
3,268
3,517
3,993
4,020
3,969
Dividend per share ($)
1.74
0.79
0.85
0.89
0.92
–
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Apr 2025
Jul 2025
Oct 2025
Jan 2026
Apr 2026
Jul 2026
Revenue ($M)
1,121
1,191
1,336
1,396
1,159
1,181
Growth vs a year earlier
−5.9%
−1.7%
−2.9%
+3.6%
+3.4%
−0.8%
Net income ($M)
146
170
224
267
54
176
Diluted EPS ($)
–
0.36
0.47
0.58
–
0.38
XStocksXray
Brown Forman Corp (BF-A)
Peers in Distillers & Vintners
Company
X-Ray
BF-A · Brown Forman Corp
57
Market Compass outlook for Consumer Staples: Neutral (47/100). It blends regime history, macro sensitivity, momentum and valuation.
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
