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ValeriusBeta - Not investment advice
Research · S&P 500 · Consumer Staples
BF.B · Brown–Forman
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5, plus moat evidence
41/60
moderate value scoreEarnings & returns
EPS Trend
2/5Diluted EPS: $1.63 (2023), $2.14 (2024), $1.84 (2025), $1.53 (2026). It ended at or below 2023; the framework scores that as 2.
ROE Trend
5/5ROE (net income / common equity): 24.0% (2023), 29.1% (2024), 21.8% (2025), 17.8% (2026). Median 22.9%, lowest 17.8%; the framework scores a median above 20% as 5.
ROIC
3/5ROIC of 15.0%: operating income of $1.00B divided by $6.66B of capital (total assets $7.89B minus current liabilities $1.23B), fiscal year to Apr 30, 2026, as filed in the 10-K (SEC EDGAR). The framework scores 10-15% as 3.
Profit Margins
4/5Net margin of 18.4%; the framework scores 10-20% as 4; gross margin 60.7%, operating margin 27.6%.
Balance sheet & cash
Debt-to-Equity
4/5Debt-to-equity of 0.61; the framework scores 0.3-0.8 as 4 (total debt $2.44B, total cash $301.00M).
Free Cash Flow
4/5Free cash flow (operating cash flow minus capital expenditure): $457.00M (2023), $419.00M (2024), $431.00M (2025), $893.00M (2026). It rose every year but one and ended above 2023; the framework scores that as 4.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $3.64B (2023), $4.26B (2024), $4.71B (2025), $5.00B (2026). It rose every year; the framework scores that as 5.
Valuation models
Graham IV
1/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $1.55 x (8.5 + 2 x 0.0) x (4.4 / 4.5) = $12.88 (EPS CAGR -15.4% floored at 0%; the formula returns a negative value below -4.25% growth). Current price $28.88; price is 124.2% above the model value.
DCF Value
4/5FCF/share = $2.361, stage 1 growth = 0.0% (revenue CAGR -3.0% floored at 0%; the company is valued as if it does not grow rather than extrapolating the decline) for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $8.95, PV of terminal value = $21.57, DCF value = $30.52. Current price $28.88; price is 5.4% below the model value.
Margin of Safety
3/5Graham value $12.88 (price is 124.2% above the model value); DCF value $30.52 (price is 5.4% below the model value).
Price-to-Book
2/5P/B of 3.34; the framework scores 3.0-5.0 as 2.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 9 of 10 years (2017-2026); lowest 15.0%, highest 27.6%.
Gross margin, each year
Between 58.9% and 67.8% over 10 years (a range of 8.9 points).
Competition, in the company’s own words · 10-K filed Jun 12, 2026
Trade information indicates that we are one of the largest global suppliers of premium spirits. According to IWSR, for calendar year 2025, the ten largest global spirits companies controlled over 20% of the total spirits volume sold around the world. While we believe that the overall market environment offers considerable growth opportunities for us, our industry is, and will remain, highly competitive. We compete against many global, regional, and local brands in a variety of categories of beverage alcohol, but our brands compete primarily in the industry’s premium-and-above price points. Our competitors include major global spirits companies, such as Bacardi Limited, Becle S.A.B. de C.V., Davide Campari-Milano N.V., Diageo PLC, LVMH Moët Hennessy Louis Vuitton SE, Pernod Ricard SA, Rémy Cointreau, and Suntory Global Spirits. In addition, particularly in the United States, we compete with national companies and craft spirit brands. Brand recognition, brand provenance, quality of product and packaging, availability, flavor profile, and price affect consumers’ choices among competing brands in our industry. Other factors also influence consumers, including advertising, promotions, merchandising at the point of sale, expert or celebrity endorsement, social media and word of mouth, and the timing and relevance of new product introductions.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
4/5Capital allocation, 2023-2026: dividends or buybacks paid in every year (pass); $2.43B paid out against $2.20B of free cash flow (fail: paid out more than free cash flow); total debt $2.91B to $2.50B, down 14.1%, 2.3x EBITDA (pass: not up more than 10%); shares outstanding 0.48B to 0.46B, down 4.3% (pass). 3 of 4 tests passed; the framework scores that as 4.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $1.55, g = 0.0%, Y = 4.5
g floored at 0.0% (3-year EPS CAGR was -15.4%; below -4.25% the formula returns a negative value)
IV = $12.88
Current price $28.88 vs Graham value $12.88 — price is 124.2% above the model value.
DCF:
FCF/share = $2.361
Stage 1 growth = 0.0% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Stage 1 g floored at 0.0% (3-year revenue CAGR was -3.0%; the company is valued as if it does not grow rather than extrapolating the decline)
Y1: $2.361 → PV $2.146
Y2: $2.361 → PV $1.951
Y3: $2.361 → PV $1.774
Y4: $2.361 → PV $1.613
Y5: $2.361 → PV $1.466
Stage 1 PV sum = $8.95
Terminal value at end of Y5 = $34.74
PV of terminal value = $21.57
DCF value = $30.52
Current price $28.88 vs DCF value $30.52 — price is 5.4% below the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $28.88. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
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