Brown Forman BF-B

NYSE · Beverages · $14.3B

$30.96+0.91%Nov 5 close · Databento

Every report since 2022 →

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BF-B Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $30.961D +0.91%3M +9.83%SMA20 $28.64SMA50 $27.30RSI(14) 65.2

30.96

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 65.2

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2026, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$14.3B

EV / True FCF19.5x

Revenue$3.9B −1.2%

True FCF (ex-SBC)$861.0M +107.2%

Rule of 4021.5%

ROIC12.5%

True FCF Yield6.0%

EPS, diluted$1.53 −16.8%

Modern Valuation (EOD)

Market Cap$14.3B

Enterprise Value$16.8B

EV / True FCF19.49

EV / FCF18.79

EV / Gross Profit7.06

EV / EBIT16.76

EV / Sales4.27

P / E (GAAP)20.03

P / FCF16.04

P / Oper. CF14.32

P / Book3.56

Owner & Cash Yields

True FCF Yield6.0%

FCF Yield6.2%

Owner Earn. Yield4.7%

Earnings Yield5.0%

Shareholder Yield+5.6%

Buyback Yield2.8%

Dividend Yield2.96%

Dividend / sh$0.92

Payout Ratio60%

FCF / sh—

EPS (diluted)$1.53

Compounder & Returns

Rule of 4021.5%

ROIC12.5%

Cash ROIC (CROIC)13.8%

GP / Assets30.1%

ROE17.8%

ROA9.1%

Gross Margin60.5%

Oper. Margin25.5%

Net Margin18.2%

FCF Margin22.7%

True FCF Margin21.9%

Quality & Dilution

Cash Conversion125%

Accrual Ratio−3.6%

SBC % of FCF3.6%

SBC % of Rev0.8%

Reinvest. Rate11%

Sales Growth Y/Y−1.2%

Sales 3Y CAGR−2.4%

EPS Growth Y/Y−16.8%

FCF Growth Y/Y+107.2%

FCF 3Y CAGR+25.0%

Share Change Y/Y−1.3%

Balance Sheet & Scale

Revenue (FY)$3.9B

Gross Profit (FY)$2.4B

Oper. Income (FY)$1.0B

GAAP Net Income$715.0M

True FCF (ex-SBC)$861.0M

Cash & Equiv$327.0M

Total Debt$2.8B

Net Cash (Debt)$-2.5B

Net Cash % MCap−17.2%

Debt / FCF (yrs)3.1y

Current Ratio3.24

Price & Technicals (EOD)

Perf Week+10.41%

Perf Month+19.35%

Perf Quarter+8.56%

Perf Half Y+13.08%

Perf YTD+5.81%

SMA 20 Dist+8.09%$28.64

SMA 50 Dist+13.42%$27.30

SMA 100 Dist+13.57%$27.26

Window High0.00%$30.96

Window Low+25.55%$24.66

RSI (14) · Vol65.245%v

Income Distribution & Cash Flow ConversionHow every dollar of BF-B revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2026)

Cost of Revenue (COGS)$1.6B ($39.5 / $100)

SG&A & Other OpEx$1.4B ($35.1 / $100)

Tax & Non-Operating$286.0M ($7.3 / $100)

Net Profit Kept$715.0M ($18.2 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2026)

GAAP Net Income$715.0M (18.2% margin)

Operating Cash Flow (OCF)$1.0B(25.5% of rev)

Less: Capital Expenditures−$107.0M(2.7% of rev)

Standard Free Cash Flow (FCF)$893.0M(22.7% margin)

Less: Stock-Based Comp (SBC)−$32.0M(3.6% of FCF)

True FCF (Owner Cash ex-SBC)$861.0M(21.9% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2022	FY2023	FY2024	FY2025	FY2026	YoY Δ	4Y CAGR
Income Statement
Revenue	$3.9B	$4.2B	$4.2B	$4.0B	$3.9B	−1.2%	−0.0%
Cost of Revenue (COGS)	$1.5B	$1.7B	$1.7B	$1.6B	$1.6B	−5.0%	+0.1%
Gross Profit	$2.4B	$2.5B	$2.5B	$2.3B	$2.4B	+1.5%	−0.1%
Selling, General & Admin (SG&A)	$690.0M	$742.0M	$826.0M	$744.0M	$807.0M	+8.5%	+4.0%
Total Operating Expenses	$1.2B	$1.4B	$1.1B	$1.2B	$1.4B	+11.4%	+3.8%
Operating Income (EBIT)	$1.2B	$1.1B	$1.4B	$1.1B	$1.0B	−9.6%	−4.5%
Interest Expense	$82.0M	$90.0M	$127.0M	$122.0M	$103.0M	−15.6%	+5.9%
Income Tax Expense	$276.0M	$234.0M	$274.0M	$212.0M	$170.0M	−19.8%	−11.4%
GAAP Net Income	$838.0M	$783.0M	$1.0B	$869.0M	$715.0M	−17.7%	−3.9%
Diluted EPS	$1.74	$1.63	$2.14	$1.84	$1.53	−16.8%	−3.2%
Diluted Shares	480.6M	480.5M	477.2M	472.9M	466.7M	−1.3%	−0.7%
Balance Sheet
Cash & Equivalents	$874.0M	$384.0M	$456.0M	$463.0M	$327.0M	−29.4%	−21.8%
Inventory	$1.8B	$2.3B	$2.6B	$2.5B	$2.5B	+1.3%	+8.8%
Total Current Assets	$3.8B	$3.8B	$4.0B	$4.2B	$4.0B	−4.9%	+1.4%
Total Assets	$6.4B	$7.8B	$8.2B	$8.1B	$7.9B	−2.4%	+5.5%
Total Current Liabilities	$1.0B	$1.1B	$1.6B	$1.1B	$1.2B	+14.1%	+4.5%
Total Debt (Short + Long Term)	$2.5B	$2.7B	$3.0B	$2.4B	$2.8B	+15.0%	+2.5%
Total Liabilities	$3.6B	$4.5B	$4.6B	$4.1B	$3.9B	−5.4%	+1.6%
Stockholders' Equity	$2.7B	$3.3B	$3.5B	$4.0B	$4.0B	+0.7%	+10.1%
Net Cash / (Net Debt)	$-1.6B	$-2.3B	$-2.5B	$-2.0B	$-2.5B	−25.5%	—
Invested Capital	$4.4B	$5.6B	$6.0B	$6.0B	$6.5B	+8.9%	+10.3%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$936.0M	$640.0M	$647.0M	$598.0M	$1.0B	+67.2%	+1.7%
Depreciation & Amortization (D&A)	$79.0M	$80.0M	$87.0M	$87.0M	$92.0M	+5.7%	+3.9%
Stock-Based Compensation (SBC)	$15.0M	$18.0M	$25.0M	$28.0M	$32.0M	+14.3%	+20.9%
Capital Expenditures (CapEx)	$138.0M	$183.0M	$228.0M	$167.0M	$107.0M	−35.9%	−6.2%
Free Cash Flow (FCF)	$798.0M	$457.0M	$419.0M	$431.0M	$893.0M	+107.2%	+2.9%
True FCF (ex-SBC Owner Cash)	$783.0M	$439.0M	$394.0M	$403.0M	$861.0M	+113.6%	+2.4%
Share Repurchases (Buybacks)	$0	$0	$400.0M	$0	$400.0M	—	—
Dividends Paid	$831.0M	$378.0M	$404.0M	$420.0M	$427.0M	+1.7%	−15.3%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what BF-B did at the next close after each story

No Wire story has named BF-B yet.

What happened · big days

23 big days in a year, and what we hold on each

A big day is a close more than 3.82% from the one before, three times BF-B’s median day (1.27%). On 5 of the 23, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±3.82%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayBF-BWhat we hold that dayGroup (median of 4) · each

1 Dec 17, 2025−5.16%
Before our storiesgroup −1.0%, did not move with it
1Dec 17, 2025−5.16%
Before our stories
−1.0% did not move with itSTZ −2.0 · KDP −1.9 · PEP −0.2 · KO +0.4
2 Dec 23, 2025−5.20%
Before our storiesgroup −1.5%, did not move with it
2Dec 23, 2025−5.20%
Before our stories
−1.5% did not move with itPEP −2.3 · STZ −1.8 · KDP −1.2 · KO −0.5
3 Feb 4, 2026+4.05%
Before our storiesgroup +1.9%, did not move with it
3Feb 4, 2026+4.05%
Before our stories
+1.9% did not move with itSTZ +3.8 · PEP +2.0 · KDP +1.7 · KO +0.6
4 Feb 25, 2026−7.63%
Before our storiesgroup −1.6%, did not move with it
4Feb 25, 2026−7.63%
Before our stories
−1.6% did not move with itSTZ −3.1 · KDP −2.8 · KO −0.3 · PEP −0.2
5 Mar 4, 2026−6.65%
Resultsgroup −2.0%, did not move with it
5Mar 4, 2026−6.65%
ResultsFirst close after the Mar 4 results filing
−2.0% did not move with itSTZ −3.1 · KDP −2.4 · KO −1.6 · PEP −0.6
6 Mar 11, 2026−4.65%
Before our storiesgroup −0.3%, did not move with it
6Mar 11, 2026−4.65%
Before our stories
−0.3% did not move with itKDP −1.4 · PEP −0.4 · KO −0.3 · STZ −0.1
7 Mar 12, 2026−4.75%
Before our storiesgroup −0.9%, did not move with it
7Mar 12, 2026−4.75%
Before our stories
−0.9% did not move with itKDP −2.6 · STZ −1.1 · PEP −0.8 · KO −0.0
8 Mar 26, 2026+9.58%
Before our storiesgroup −0.7%, did not move with it
8Mar 26, 2026+9.58%
Before our stories
−0.7% did not move with itKDP −0.4 · PEP −0.6 · KO −0.7 · STZ −0.8
9 Mar 27, 2026+5.63%
Before our storiesgroup +1.0%, did not move with it
9Mar 27, 2026+5.63%
Before our stories
+1.0% did not move with itPEP +1.5 · KO +1.4 · STZ +0.7 · KDP −0.1
10 Apr 9, 2026+12.89%
Before our storiesgroup +2.0%, did not move with it
10Apr 9, 2026+12.89%
Before our stories
+2.0% did not move with itSTZ +8.5 · KDP +2.2 · PEP +1.7 · KO +1.1
11 Apr 29, 2026−10.31%
Before our storiesgroup −0.1%, did not move with it
11Apr 29, 2026−10.31%
Before our stories
−0.1% did not move with itSTZ −3.2 · PEP −0.6 · KDP +0.5 · KO +0.7
12 May 5, 2026+6.49%
Before our storiesgroup +0.3%, did not move with it
12May 5, 2026+6.49%
Before our stories
+0.3% did not move with itSTZ +1.1 · KO +0.4 · PEP +0.3 · KDP +0.2
13 Jun 17, 2026−4.13%
Nothing on BF-Bgroup −3.3%, moved with BF-B
13Jun 17, 2026−4.13%
Nothing on BF-BNo BF-B story, brief or results filing in our record that day
−3.3% moved with BF-BSTZ −3.6 · KDP −3.5 · PEP −3.1 · KO −0.4
14 Jun 18, 2026+4.43%
Nothing on BF-Bgroup −0.1%, did not move with it
14Jun 18, 2026+4.43%
Nothing on BF-BNo BF-B story, brief or results filing in our record that day
−0.1% did not move with itSTZ +1.6 · PEP +0.3 · KDP −0.4 · KO −0.7
15 Jun 30, 2026−3.86%
Nothing on BF-Bgroup −2.0%, moved with BF-B
15Jun 30, 2026−3.86%
Nothing on BF-BNo BF-B story, brief or results filing in our record that day
−2.0% moved with BF-BPEP −2.4 · KDP −2.3 · KO −1.7 · STZ −0.4
16 Jul 14, 2026−4.38%
Nothing on BF-Bgroup −2.3%, moved with BF-B
16Jul 14, 2026−4.38%
Nothing on BF-BNo BF-B story, brief or results filing in our record that day
−2.3% moved with BF-BKDP −3.2 · STZ −2.4 · PEP −2.2 · KO −1.4
17 Jul 27, 2026+5.06%
Nothing on BF-Bgroup +1.8%, did not move with it
17Jul 27, 2026+5.06%
Nothing on BF-BNo BF-B story, brief or results filing in our record that day
+1.8% did not move with itPEP +2.3 · KO +2.2 · KDP +1.5 · STZ −0.3
18 Jul 28, 2026+5.47%
Nothing on BF-Bgroup +2.7%, did not move with it
18Jul 28, 2026+5.47%
Nothing on BF-BNo BF-B story, brief or results filing in our record that day
+2.7% did not move with itKO +5.0 · KDP +3.2 · PEP +2.2 · STZ +1.8
19 Aug 19, 2026+4.71%
Nothing on BF-Bgroup +1.7%, did not move with it
19Aug 19, 2026+4.71%
Nothing on BF-BNo BF-B story, brief or results filing in our record that day
+1.7% did not move with itSTZ +1.9 · PEP +1.8 · KO +1.7 · KDP +0.9
20 Sep 2, 2026+3.87%
Resultsgroup +0.4%, did not move with it
20Sep 2, 2026+3.87%
ResultsFirst close after the Sep 2 results filing
+0.4% did not move with itKDP +2.2 · PEP +0.5 · KO +0.3 · STZ −1.0
21 Oct 22, 2026+7.10%
Nothing on BF-Bgroup +3.0%, did not move with it
21Oct 22, 2026+7.10%
Nothing on BF-BNo BF-B story, brief or results filing in our record that day
+3.0% did not move with itSTZ +5.3 · PEP +3.1 · KO +2.9 · KDP +2.1
22 Nov 2, 2026+4.49%
Nothing on BF-Bgroup +2.5%, moved with BF-B
22Nov 2, 2026+4.49%
Nothing on BF-BNo BF-B story, brief or results filing in our record that day
+2.5% moved with BF-BSTZ +4.0 · KDP +2.7 · PEP +2.2 · KO +1.9
23 Nov 4, 2026+5.98%
Nothing on BF-Bgroup +4.5%, moved with BF-B
23Nov 4, 2026+5.98%
Nothing on BF-BNo BF-B story, brief or results filing in our record that day
+4.5% moved with BF-BKDP +5.9 · STZ +5.3 · PEP +3.8 · KO +1.1

A story on the same day is not a cause, and a group move is not proof either. Group: the median of KO, PEP, KDP and STZ that day, the largest companies in BF-B’s SEC industry; “moved with BF-B” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). BF-B reports before the open, so day 1 is that day’s close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Dec 4, 2025

day 1−1.30%day 6+2.63%

Reported Mar 4, 2026

day 1−6.65%day 6−13.90%

Reported Jun 4, 2026

day 1+2.83%day 6+7.75%

Reported Sep 2, 2026

day 1+3.87%day 6+0.87%

Next report: expected early DecemberEstimated from the dates of its last four results filings. Not announced. Since the Sep 2 report: +17.45%. Four reports is a small sample.

Every report since 2022 →

Each line is BF-B’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

BF-B against four beverage peers, a year at 100

BF-B is up 16.4% in a year. Keurig Dr Pepper is up 42.1% and Coca-Cola 35.7%. Of these four, Constellation Brands (+13.3%) and PepsiCo (−0.4%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

Share this chart

BF-B +16.4%. Keurig Dr Pepper +42.1%, Coca-Cola +35.7%, Constellation Brands +13.3%, PepsiCo −0.4%. Weekly closes, Nov 7, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in BF-B’s SEC industry (Beverages) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

KO	Coca-Cola	$412.2B	—
PEP	PepsiCo	$194.4B	—
KDP	Keurig Dr Pepper	$50.1B	—
STZ	Constellation Brands	$24.6B	—
PRMB	Primo Brands	$7.6B	—
COCO	Vita Coco	$3.8B	—
WEST	Westrock Coffee	$1.0B	—
BRCC	BRC	$928M	—