BF.BNYSEBeveragesFiscal year ends April 30Also trades as BF.A
BROWN FORMAN CORP
Financials through Q1 FY2027, quarter ended Jul 31, 2026Last filing: 10-Q on Sep 2, 2026
$28.22−0.66 (-2.29%)
Close on Oct 19, 2026
- Market cap
- $12.97B
- P/E (TTM)
- 18.2
- Dividend yield
- 3.24%
Margins
Share of revenue, fiscal years 2012 to 2026
Gross margin
60.5%+0.0 pts over 5 years
Operating margin
25.5%−8.2 pts over 5 years
Net margin
18.2%−7.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -1.2% | -2.4% | +2.6% | -0.2% | |
| Gross profit | +1.5% | -1.6% | +2.6% | +1.0% | |
| Operating income | -9.6% | -3.9% | -3.0% | -4.2% | |
| Net income | -17.7% | -3.0% | -4.6% | -3.9% | |
| EPS, diluted | -16.8% | -2.1% | -4.0% | -3.1% | |
| Free cash flow | +107.2% | +25.0% | +3.4% | +7.9% | |
| Dividend per share | +3.0% | +5.1% | +5.3% | +5.7% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | 45.6% | 39.0% | 17.8% | |
| Return on assets | 15.2% | 14.7% | 8.9% | |
| Current ratio | 2.42 | 4.27 | 3.24 | |
| Debt to equity | 1.57 | 0.96 | 0.62 | |
| Net debt to EBITDA | 1.84× | 1.13× | 2.01× | |
| Interest coverage | 17.1× | 14.4× | 9.7× | |
| Inventory turnover | 0.8× | 0.8× | 0.6× | |
| Capex to revenue | 3.7% | 1.8% | 2.7% | |
| Diluted shares | 488M | 481M | 467M |
Where the cash went
Fiscal 2022 to 2026, five years combined
Brown Forman generated $3.82B from operations and spent $4.08B on capital expenditure, dividends and share buybacks. 20% of that went back into the business.
Generated
$3.82B
Used
$4.08B
Capital expenditure$823.00M20%Dividends$2.46B60%Share buybacks$800.00M20%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin18.2%
×Asset turnover0.49×
×Equity multiplier1.99×
=Return on equity, FY202617.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 18.2% | 0.49× | 1.99× | 17.8% |
| FY2025 | 21.9% | 0.49× | 2.16× | 23.1% |
| FY2024 | 24.5% | 0.52× | 2.35× | 30.2% |
| FY2023 | 18.5% | 0.60× | 2.36× | 26.1% |
| FY2022 | 21.3% | 0.61× | 2.39× | 31.1% |
| FY2021 | 26.1% | 0.56× | 2.65× | 39.0% |
| FY2020 | 24.6% | 0.62× | 3.01× | 45.7% |
| FY2019 | 25.1% | 0.66× | 3.41× | 56.4% |
| FY2018 | 22.1% | 0.68× | 3.57× | 53.4% |
| FY2017 | 22.3% | 0.68× | 3.00× | 45.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
6of 9 tests passed in fiscal 2026. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$715.00M
- Cash generatingOperating cash flow above zero$1.00B
- Return on assets improvedROA up on the prior year10.6% → 8.8%
- Earnings backed by cashOperating cash flow above net income$1.00B vs $715.00M
- Less leverageLong-term debt to assets fell29.9% → 26.4%
- Better liquidityCurrent ratio rose3.88 → 3.24
- No dilutionShare count did not rise473M → 467M
- Gross margin improvedGross margin up on the prior year58.94% → 60.54%
- More efficientAsset turnover rose0.49 → 0.49