BROWN FORMAN CORP
BF-Bdata completeness 100%18 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'
BROWN FORMAN CORP earns about 11% on invested capital, comfortably above its ~9% cost of capital, and has bought back 3% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $1.98 and $18.43 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 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 shares | 480.6M | 480.5M | 477.2M | 472.9M | 466.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $86.13 of net worth that earned you $15.32 and generated $19.13 of cash last year, against $107.21 of debt.
It earned about 11% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 10% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $1.98 and $18.43 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$431M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$431M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$838M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $2.96 |
| Base | 0.0% | $2.96 |
| Bull | 5.0% | $6.1 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
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.
- 10-K · period ending 2022-04-30 · accession 0000014693-24-000086 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-04-30 · accession 0000014693-25-000062 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-04-30 · accession 0000014693-26-000024 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-04-30 · accession 0000014693-24-000086 (NetIncomeLoss)
- 10-K · period ending 2023-04-30 · accession 0000014693-25-000062 (NetIncomeLoss)
- 10-K · period ending 2024-04-30 · accession 0000014693-26-000024 (NetIncomeLoss)
- 10-K · period ending 2022-04-30 · accession 0000014693-24-000086 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-04-30 · accession 0000014693-25-000062 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-04-30 · accession 0000014693-26-000024 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-04-30 · accession 0000014693-24-000086 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-04-30 · accession 0000014693-25-000062 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-04-30 · accession 0000014693-26-000024 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-04-30 · accession 0000014693-23-000074 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-04-30 · accession 0000014693-24-000086 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-04-30 · accession 0000014693-25-000062 (LongTermDebtNoncurrent)
- 10-K · period ending 2025-04-30 · accession 0000014693-26-000024 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-04-30 · accession 0000014693-24-000086 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-04-30 · accession 0000014693-25-000062 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-04-30 · accession 0000014693-26-000024 (CashAndCashEquivalentsAtCarryingValue)