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Spirits company best known for Jack Daniel's Tennessee whiskey, also making Woodford Reserve bourbon and Herradura tequila.
Spirits company best known for Jack Daniel's Tennessee whiskey, also making Woodford Reserve bourbon and Herradura tequila.
Sells to distributors and wholesalers, who sell on to bars and stores, and the Jack Daniel's family of whiskeys carries the company. Whiskey ages for years before sale, so output is planned long before demand is known. The Brown family controls the voting Class A shares; these Class B shares carry no vote.
Moat: narrow (brand, distribution). Jack Daniel's is one of the world's best-known whiskey brands with global distribution reach.
Headquarters: Louisville, Kentucky, US · Founded: 1870 · Employees: 4,900
Size Brown–Forman (BF-B) is a United States Consumer Staples company (Beverages: Alcoholic) with a market value of $14.2B, the 622nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $30.58 on 6 Nov 2026.
Performance Over six months the shares gained 11.4%, against +0.1% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue fell 0.2% over the last twelve months (peer median -1.8%); the operating margin is 28.5% (peer median 15.4%).
Valuation It trades at 17.9× forward earnings against a peer median of 16.2× (7th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.3 points above its cost of capital (6.2% WACC).
Next results Next results expected around 3 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.93B | $3.95B | $3.96B | $4.17B | $4.19B |
| Revenue growth | — | 0% | -5% | -1% | — |
| Gross profit | $2.39B | $2.40B | $2.33B | $2.51B | $2.46B |
| EBITDA | $1.22B | $1.22B | $1.19B | $1.25B | $1.30B |
| Net income | $721M | $715M | $869M | $1.02B | $783M |
| Free cash flow | $925M | $893M | $431M | $419M | $457M |
| Capital expenditure | $88.0M | $107M | $167M | $228M | $183M |
| Total debt | $2.44B | $2.61B | $2.84B | $3.20B | $3.00B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Brown–Forman BF-B | $14.2B | +11% | 0% | 29% | 17.9× | -5.1% |
| Diageo DGE.L | $56.3B | +25% | -6% | 29% | 15.2× | -0.9% |
| Pernod Ricard RI.PA | $20.0B | +16% | -14% | 26% | 12.5× | 2.1% |
| Constellation Brands STZ | $24.0B | -4% | -4% | 30% | 11.9× | -4.5% |
| Davide Campari-Milano CPR.MI | $8.93B | +22% | -1% | 20% | 21.0× | 3.6% |
| Remy Cointreau RCO.PA | $3.08B | +30% | -5% | 16% | 29.2× | 17.0% |
| MGP Ingredients MGPI | n/a | -12% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BF-B | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.2% | +8.8% | 4th highest of 21 |
| 6-month return | +11.4% | +0.1% | 8th highest of 21 |
| Distance from 52-week high | -3.4% | -17.0% | 4th highest of 21 |
| Revenue growth (TTM) | -0.2% | -1.8% | 9th highest of 20 |
| Operating margin | 28.5% | 15.4% | 5th highest of 20 |
| Forward P/E | 17.9× | 16.2× | 7th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -5.1% | 0.5% | least demanding of 19 |
| Growth delivered (Del g) | +2.7% | +7.6% | 5th lowest of 19 |
| Hurdle (Req g minus delivered) | -7.8 pp | -7.6 pp | 9th least demanding of 19 |
| ROIC minus cost of capital | +8.3 pp | +4.8 pp | 6th highest of 20 |
| EV / EBITDA | 13.4× | 10.2× | 3rd most expensive of 15 |
| Net debt / EBITDA | 1.8× | 2.7× | 7th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Brown–Forman BF-B | United States | $14.2B | +11% | 0% | 29% | 17.9× | -5.1% | +2.7% |
| Kirin 2503.T | Japan | $15.2B | +21% | +6% | 11% | 13.7× | -4.2% | +5.6% |
| Asahi Group Hldgs 2502.T | Japan | $16.4B | +10% | +3% | 9% | 13.1× | 1.8% | +7.4% |
| Luzhou Laojiao 000568.SZ | China | $17.9B | -19% | -38% | 40% | 17.5× | 9.9% | +8.7% |
| United Spirits UNITDSPR.NS | India | $10.9B | +11% | 0% | 15% | 53.0× | 44.2% | +8.9% |
| Bud Apac 1876.HK | Hong Kong | $10.7B | -16% | -3% | 15% | 20.1× | -0.9% | +0.7% |
| Pernod Ricard RI.PA | France | $20.0B | +16% | -14% | 26% | 12.5× | 2.1% | +1.3% |
| Carlsberg AS CARL-A.CO | Denmark | $20.9B | +12% | +10% | 14% | 17.2× | -2.2% | +8.8% |
| Tsingtao Brewery 0168.HK | Hong Kong | $9.12B | -21% | +1% | 16% | 10.8× | -5.0% | +2.6% |
| Davide Campari-Milano CPR.MI | Italy | $8.93B | +22% | -1% | 20% | 21.0× | 3.6% | +11.5% |
| China Res Beer 0291.HK | Hong Kong | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% | +3.1% |
| Thai Beverage Public Y92.SI | Singapore | $8.56B | +2% | -8% | 13% | 10.6× | -4.7% | +3.2% |
| Jiangsu Yanghe Distillery 002304.SZ | China | $8.50B | -23% | -31% | 4% | 32.6× | n/a | n/a |
| Constellation Brands STZ | United States | $24.0B | -4% | -4% | 30% | 11.9× | -4.5% | +1.2% |
| Shanxi Xinghuacun Fen Wine Factory 600809.SS | China | $24.1B | -8% | -9% | 36% | 17.1× | 3.0% | +22.7% |
| Heineken HEIO.AS | Netherlands | $24.7B | +32% | +1% | 12% | 14.5× | -1.1% | +7.8% |
| Molson Coors Beverage TAP | United States | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% | +2.9% |
| Molson Coors Canada TPX-B.TO | Canada | $7.38B | -12% | n/a | n/a | n/a | n/a | n/a |
| Anhui Gujing Distillery 000596.SZ | China | $7.29B | -2% | -28% | 17% | 21.5× | 4.3% | +12.7% |
| Jiangsu King's Luck Brewery Joint-stock 603369.SS | China | $6.40B | +25% | -5% | 33% | 16.2× | 1.9% | +15.3% |
| Radico Khaitan RADICO.NS | India | $6.37B | +33% | +16% | 17% | 66.7× | 45.1% | +20.5% |