--- title: Brown-Forman (BF-B) — intrinsic value and fair price canonical: https://sweetvaluelab.com/stocks/bf-b ticker: BF-B as_of: 2026-10-17 sector: Consumer Defensive industry: Beverages - Wineries & Distilleries --- # Brown-Forman (BF-B) Brown-Forman (BF-B) closed at $28.88 on Oct 16, 2026, undervalued by 9% vs its model value of $31.79 (from a five-year discounted cash flow). ## Key figures | Figure | Value | | --- | ---: | | Last close | $28.88 (Oct 16, 2026) | | Model value (from a five-year discounted cash flow) | $31.79 | | Price vs model | undervalued by 9% vs model | | Range of that model | $17.70 – $79.78 | | Market value | $13.3B | | P/E (fiscal 2026) | 18.9 | | Net margin (fiscal 2026) | 18.2% | | Free cash flow (fiscal 2026) | $893.0M | | Dividend yield (trailing twelve months) | 3.20% | | Beta | 0.32 | | Cost of capital (WACC) | 6.84% | | Business classification | Dividend Payer (Revenue declining (~-3% recent), Moderate margins (18% net margin), Strong dividend yield, Highly cyclical earnings, Strong FCF yield (6.7%)) | ## On the stock lists | List | Place | Figure | Page | | --- | ---: | ---: | --- | | Dividend growth streaks | #26 | 38 years | https://sweetvaluelab.com/lists/dividend-growth-streaks | ## Dividends | Figure | Value | | --- | ---: | | Trailing dividend yield | 3.20% | | Dividends per share, last 12 months | $0.92 | | Dividends / free cash flow (fiscal 2026) | 47.8% | | Raised | 38 years in a row | | Growth over 5 years | 4.9% a year | | Latest payment | $0.231, ex-date Sep 3, 2026, paid Oct 1, 2026 | | Year of payments | Dividends per share | | --- | ---: | | To Dec 2, 2021 | $0.73 | | To Sep 2, 2022 | $1.57 | | To Sep 1, 2023 | $0.82 | | To Sep 3, 2024 | $0.87 | | To Sep 3, 2025 | $0.91 | | Trailing twelve months (to Sep 3, 2026) | $0.92 | ## Valuation models Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026. | Model | Role | Value per share | Low | High | | --- | --- | ---: | ---: | ---: | | DCF · Perpetuity growth · 5y | primary | $31.79 | $17.70 | $79.78 | | DCF · Perpetuity growth · 10y | cross check | $35.87 | $20.42 | $89.47 | | DCF · EBITDA exit · 5y | cross check | $23.18 | $13.14 | $35.08 | | DCF · EBITDA exit · 10y | cross check | $27.57 | $16.42 | $42.73 | | P/E · peers | cross check | $24.97 | $20.93 | $39.47 | | P/E · own history | cross check | $48.92 | $27.25 | $60.76 | | PEG | sanity check | $15.23 | $15.23 | $15.23 | | EV/EBITDA · peers | cross check | $18.48 | $17.36 | $23.01 | | EV/Revenue · peers | cross check | $13.48 | $9.65 | $14.49 | | Earnings power value | cross check | $23.32 | $18.28 | $31.18 | | Dividend discount | cross check | $21.20 | $13.74 | $39.58 | ## Insider activity (SEC Form 4) No open-market insider buys or sales filed in the past 90 days. ## Recent SEC filings | Filed | Form | What | Filing | | --- | --- | --- | --- | | Sep 21, 2026 | 8-K | 1.01 Entry into a Material Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/14693/000119312526396679/d178040d8k.htm | | Sep 2, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/14693/000001469326000052/bfb-20260731.htm | | Sep 2, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/14693/000001469326000048/bfb-20260902.htm | | Jul 23, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/14693/000001469326000035/bfb-20260723.htm | | Jul 13, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/14693/000001469326000033/bfb-20260713.htm | ## Superinvestors holding it (latest 13F) | Manager | Quarter | Shares | Value | | --- | --- | ---: | ---: | | Lindsell Train | 2026-06-30 | 1,379,324 | $36.8M | | Thomas Russo | 2026-06-30 | 639,282 | $17.0M | | Thomas Gayner | 2026-06-30 | 474,187 | $12.6M | | Hillman Capital | 2026-06-30 | 172,514 | $4.6M | 6 tracked managers in all. ## About Brown-Forman Corporation, along with its subsidiaries, operates globally within the alcoholic beverage industry. The company is actively involved in the production, distillation, bottling, international trade (importing and exporting), marketing, and sale of a diverse portfolio of alcoholic products. Its extensive offerings encompass a wide variety of spirits, wines, and whiskey products, including specialty whiskey spirits and flavored whiskey liqueurs. The range also features convenient ready-to-drink and ready-to-pour options, pre-mixed cocktails, vodkas, tequilas, champagnes, brandy, bourbons, and other liqueurs. These beverages are primarily marketed under prominent brands such as Jack Daniel's, Reserve, Old Forester, Coopers' Craft, Herradura, el Jimador, New Mix, Korbel Champagnes, Sonoma-Cutrer, Finlandia, GlenDronach, Benriach, Glenglassaugh, Chambord, Slane, and Fords Gin. Beyo… --- Source: https://sweetvaluelab.com/stocks/bf-b (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.