BROWN FORMAN CORP

BF-A, BF-B · Beverages · 479.0M shares · -0%/yr ↓ buyback · EDGAR filings ↗

Net buyback after stock comp: $375M (gross $400M, SBC $25M)

Reference price $31.01 · est. market cap ~$14.9B — last insider sale, 2026-02-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

B81

Iconic wide-moat spirits franchise with top-decile margins and cash flow, but a genuine current-year sales and earnings stall.

Strengths

Premium moat: gross margin 60.5% (90th), FCF margin 22.7% (92nd), OCF margin 25.5% (95th pct)
Strong returns (ROA 9.1%/82nd pct) and pricing power behind the #1 American whiskey

Risks

Real growth stall: revenue -1%, operating income -10%, EPS -17% with operating-margin compression
Heavy single-brand reliance on Jack Daniel's and material tariff/trade-policy exposure

Notable findings

Exec changeRecent 8-K item 5.02 8-K ↗
Strong balance sheetStrong balance sheet — $308M cash & investments
Revenue declineRevenue -13.6% YoY
Insider sellingInsider selling — 1 open-market sale(s) by 1 insider(s) (~$803,624, last 6mo) Form 4 ↗

Quarterly revenue

2025-07-31 · $924M2025-10-31 · $1.0B2026-01-31 · $1.1B2026-04-30 · $912M

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

60.5%

Operating margin

25.5%

Net margin

18.2%

Return on equity

17.8%

Return on assets

9.1%

ROIC

13.0%

Revenue growth (QoQ)

-13.6%

Net-income growth

-17.7%

Debt / equity

0.5×

Net debt / EBITDA

1.6×

Interest coverage

9.7×

Current ratio

3.2×

Free cash flow

$893M

EBITDA

$1.1B

Tangible book value

$1.6B

Cash & investments

$308M

Stock comp / revenue

0.8%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-05-27	Graven Christina M	Tax withheld	607	$25.94
2026-05-27	Graven Christina M	Grant	1.3K	—
2026-05-27	Nguyen Diane F	Grant	1.3K	—
2026-05-27	Nguyen Diane F	Tax withheld	597	$25.94
2026-05-27	Carr Michael E Jr	Grant	611	—
2026-05-27	Carr Michael E Jr	Tax withheld	245	$25.94
2026-05-27	Pafilis Yiannis	Grant	272	—
2026-05-27	Pafilis Yiannis	Tax withheld	95	$26.72
2026-05-27	Pafilis Yiannis	Grant	508	—
2026-05-27	Pafilis Yiannis	Tax withheld	177	$25.94
2026-05-27	Shepherd Jeremy J	Grant	3.0K	—
2026-05-27	Shepherd Jeremy J	Tax withheld	1.4K	$26.72
2026-05-27	Peterson Crystal L	Grant	1.4K	—
2026-05-27	Peterson Crystal L	Tax withheld	616	$26.72
2026-05-27	Nall Timothy M	Grant	3.0K	—
2026-05-27	Nall Timothy M	Tax withheld	1.1K	$26.72
2026-05-27	Masick Michael Andrew	Grant	611	—
2026-05-27	Masick Michael Andrew	Tax withheld	276	$25.94
2026-05-27	Whiting Lawson E	Grant	36K	—
2026-05-27	Whiting Lawson E	Tax withheld	16K	$26.72
2026-05-27	Farrer Marshall	Grant	4.5K	—
2026-05-27	Farrer Marshall	Tax withheld	2.2K	$26.72
2026-04-30	Enyard Angela S	Option exercise	884	—
2026-04-30	Enyard Angela S	Tax withheld	307	$25.77
2026-02-12	Whiting Lawson E	Sell	26K	$31.01
2025-12-12	Whiting Lawson E	Sell	8.8K	$31.00
2025-12-04	Whiting Lawson E	Sell	7.7K	$31.01
2025-12-04	Whiting Lawson E	Sell	4.8K	$31.00
2025-10-08	Farrer Marshall	Gift	2.7K	—
2025-10-08	Farrer Marshall	Gift	1.4K	—
2025-10-08	Farrer Marshall	Gift	1.4K	—
2025-07-23	Whiting Lawson E	Sell	24K	$31.00
2025-07-15	Musselman William Austin Jr	Other	380K	—
2025-07-15	Musselman William Austin Jr	Other	380K	—
2025-07-09	Brown Campbell P	Gift	390K	—
2025-07-09	Brown Campbell P	Gift	390K	—
2025-06-02	Whiting Lawson E	Grant	13K	—
2025-06-02	Graven Christina M	Grant	552	—
2025-06-02	Graven Christina M	Tax withheld	198	$34.84
2025-06-02	Enyard Angela S	Grant	114	—
2025-06-02	Enyard Angela S	Tax withheld	58	$34.84
2025-06-02	Carr Michael E Jr	Grant	225	—
2025-06-02	Carr Michael E Jr	Tax withheld	84	$34.84
2025-06-02	Pafilis Yiannis	Grant	164	—
2025-06-02	Pafilis Yiannis	Tax withheld	65	$34.84
2025-06-02	Shepherd Jeremy J	Grant	920	—
2025-06-02	Shepherd Jeremy J	Tax withheld	363	$34.61
2025-06-02	Peterson Crystal L	Grant	546	—
2025-06-02	Peterson Crystal L	Tax withheld	196	$34.61
2025-06-02	Nall Timothy M	Grant	1.0K	—
2025-06-02	Nall Timothy M	Tax withheld	310	$34.61
2025-06-02	Farrer Marshall	Grant	1.1K	—
2025-06-02	Farrer Marshall	Tax withheld	430	$34.61
2025-06-02	Cunningham Leanne D	Grant	2.4K	—
2025-06-02	Cunningham Leanne D	Tax withheld	724	$34.61
2025-06-02	Whiting Lawson E	Tax withheld	6.0K	$34.61
2025-06-02	Nguyen Diane F	Grant	552	—
2025-06-02	Nguyen Diane F	Tax withheld	262	$34.84
2025-06-02	Masick Michael Andrew	Grant	286	—
2025-06-02	Masick Michael Andrew	Tax withheld	88	$34.84
2025-03-20	Nguyen Diane F	Gift	325	—
2025-03-20	Nguyen Diane F	Gift	125	—
2025-03-20	Nguyen Diane F	Gift	200	—
2025-03-11	Farrer Marshall	Gift	940	—
2025-01-08	Musselman William Austin Jr	Gift	1.0K	—
2025-01-08	Musselman William Austin Jr	Gift	1.0K	—

All non-derivative Form 4 activity (SEC), newest first.

Supply chain

Customers (0)

Suppliers (1)

The Coca-Cola Company

Named in the 10-K; linked when we track them.

Notable events (8-K)

Date	Items
2026-06-04	ResultsExhibits	filing ↗
2026-04-28	Reg FDExhibits	filing ↗
2026-03-27	Reg FDExhibits	filing ↗
2026-03-16	Exec/director changeReg FDExhibits	filing ↗
2026-03-04	ResultsExhibits	filing ↗
2025-12-04	ResultsExhibits	filing ↗
2025-10-31	Exec/director changeExhibits	filing ↗
2025-10-02	Reg FDOtherExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
10-K	2026-06-12	2026-04-30	0000014693-26-000024 ↗
8-K	2026-06-04	2026-06-04	0000014693-26-000018 ↗
8-K	2026-04-28	2026-04-28	0000014693-26-000016 ↗
8-K	2026-03-27	2026-03-26	0000014693-26-000014 ↗
8-K	2026-03-16	2026-03-16	0000014693-26-000012 ↗
8-K	2026-03-04	2026-03-04	0000014693-26-000005 ↗
10-Q	2026-03-04	2026-01-31	0000014693-26-000010 ↗
10-Q	2025-12-04	2025-10-31	0000014693-25-000112 ↗
8-K	2025-12-04	2025-12-04	0000014693-25-000107 ↗
8-K	2025-10-31	2025-10-31	0000014693-25-000101 ↗
8-K	2025-10-02	2025-10-02	0000014693-25-000098 ↗
8-K	2025-08-28	2025-08-28	0000014693-25-000093 ↗