MeritValue

BROWN FORMAN CORP

BF-Adata completeness 100%18 fiscal years on file
i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$3.93B1$4.23B2$4.18B3$3.98B3$3.93B3
Net income$838M4$783M5$1.02B6$869M6$715M6
Operating cash flow$936M7$640M8$647M9$598M9$1B9
Capital expenditure$138M10$183M11$228M12$167M12$107M12
Free cash flow (derived)$798M7$457M8$419M9$431M9$893M9
Total debt$4.54B13$5.83B14$6.2B15$5.47B16$5B16
Cash & equivalents$868M17$374M18$446M19$444M19$308M19
Diluted shares480.6M480.5M477.2M472.9M466.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000021%
of the whole company
Your share of last year’s profit
$15.32
Your share of its debt
$107.21
Your share of free cash flow
$19.13
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$2.43
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$431M
DCF · Growth Exit 5Y
$3.45
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$431M
Earnings Power Value
$18.92
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$838M
  • growthAssumed0.0%
Graham Number
$17.22
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $3.45

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-04-30 · accession 0000014693-24-000086 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-04-30 · accession 0000014693-25-000062 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-04-30 · accession 0000014693-26-000024 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-04-30 · accession 0000014693-24-000086 (NetIncomeLoss)
  5. 10-K · period ending 2023-04-30 · accession 0000014693-25-000062 (NetIncomeLoss)
  6. 10-K · period ending 2024-04-30 · accession 0000014693-26-000024 (NetIncomeLoss)
  7. 10-K · period ending 2022-04-30 · accession 0000014693-24-000086 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-04-30 · accession 0000014693-25-000062 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-04-30 · accession 0000014693-26-000024 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-04-30 · accession 0000014693-24-000086 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-04-30 · accession 0000014693-25-000062 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-04-30 · accession 0000014693-26-000024 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-04-30 · accession 0000014693-23-000074 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-04-30 · accession 0000014693-24-000086 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-04-30 · accession 0000014693-25-000062 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-04-30 · accession 0000014693-26-000024 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-04-30 · accession 0000014693-24-000086 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-04-30 · accession 0000014693-25-000062 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-04-30 · accession 0000014693-26-000024 (CashAndCashEquivalentsAtCarryingValue)