Brown-Forman (BF-A)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $12.3B, Brown-Forman's free cash flow of $893M (fiscal 2026) would need to grow about 0% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Brown-Forman's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from BF-A's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Brown-Forman's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $3.9B | $4.2B | $4.2B | $4.0B | $3.9B |
| Net income | $838M | $783M | $1.0B | $869M | $715M |
| Free cash flow | $798M | $457M | $419M | $431M | $893M |
| EPS (diluted) | $1.74 | $1.63 | $2.14 | $1.84 | $1.53 |
| Operating margin | 30.6% | 26.7% | 33.8% | 27.8% | 25.5% |
Where the revenue comes from
Revenue by products, fiscal 2026.
Superinvestors who own BF-A
From each investor's latest 13F filing (what a 13F shows). 3 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Tom Gayner Markel Group Inc. |
Held | $23M | 0.18% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Trimmed | $6M | 0.05% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $3M | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by Brown-Forman's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
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In the full deep dive
Questions
What growth does Brown-Forman's stock price imply?
At a market value of $12.3B, Brown-Forman would need its free cash flow to grow about 0% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 6% a year.
Are Brown-Forman insiders buying the stock?
No open-market insider purchases of BF-A in the last 12 months, according to SEC Form 4 filings.
Which superinvestors own Brown-Forman?
3 of the superinvestors Investingly tracks hold BF-A in their latest 13F, including Tom Gayner, Mario Gabelli, Cliff Asness.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.