Brown Forman Corp. (BF-A) intrinsic value & 10-year financials
Brown Forman Corp. (BF-A) has a Graham intrinsic value of $7.97 per share. Over the last 10 fiscal years revenue grew 3.1% a year to $3.9B, with an average return on invested capital of 20.7%.
- Graham intrinsic value
- $7.97
- Revenue (FY2026)
- $3.9B
- Revenue growth (10-yr CAGR)
- 3.1%
- ROIC (10-yr avg)
- 20.7%
- Free cash flow (FY2026)
- $893.0M
BF-A 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $3.9B | $715.0M | $1.53 | $893.0M | 25.5% | 13.2% |
| FY2025 | $4.0B | $869.0M | $1.84 | $431.0M | 27.8% | 15.0% |
| FY2024 | $4.2B | $1.0B | $2.14 | $419.0M | 33.8% | 19.5% |
| FY2023 | $4.2B | $783.0M | $1.63 | $457.0M | 26.7% | 17.7% |
| FY2022 | $3.9B | $838.0M | $1.74 | $798.0M | 30.6% | 22.4% |
| FY2021 | $3.5B | $903.0M | $1.88 | $755.0M | 33.7% | 24.8% |
| FY2020 | $3.4B | $827.0M | $1.72 | $611.0M | 32.4% | 23.2% |
| FY2019 | $3.3B | $835.0M | $1.73 | $681.0M | 34.4% | 25.5% |
| FY2018 | $3.2B | $717.0M | $1.48 | $505.0M | 32.0% | 23.3% |
| FY2017 | $3.0B | $669.0M | $1.71 | $527.0M | 33.0% | 22.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
BROWN FORMAN CORP has demonstrated mature, steady growth, with revenue compounding at 3.1% annually over the past decade.
BROWN FORMAN CORP has earned high returns on invested capital, averaging 20.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
BROWN FORMAN CORP has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, BROWN FORMAN CORP is modeled at -1.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $7.97 per share.