Explain this page
Arphra AIPlain-English read on Brown-Forman Corporation’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +60.50% | +60.79% | +58.99% | +60.46% | +58.94% | +58.80% | +59.21% | +59.43% | +58.90% |
| Operating margin | +33.69% | +30.61% | +26.66% | +33.84% | +27.85% | +28.63% | +29.68% | +29.79% | +29.46% |
| EBITDA margin | +35.80% | +32.42% | +28.07% | +36.19% | +32.45% | +31.64% | +32.21% | +31.37% | +32.24% |
| EBIT margin | +33.57% | +30.41% | +26.18% | +34.11% | +30.26% | +29.91% | +30.60% | +29.82% | +30.46% |
| Pre-tax margin | +31.23% | +28.32% | +24.05% | +31.07% | +27.19% | +26.70% | +27.36% | +28.17% | +27.01% |
| Net margin | +26.09% | +21.31% | +18.52% | +24.51% | +21.86% | +21.36% | +21.57% | +21.17% | +21.11% |
| Cost structure | |||||||||
| Cost of revenue / sales | +39.50% | +39.21% | +41.01% | +39.54% | +41.06% | +40.32% | +41.07% | +39.62% | +40.60% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +30.92% | +28.68% | +29.52% | +32.43% | +30.89% | +31.71% | +31.31% | +30.94% | +30.67% |
| Effective tax rate | +16.47% | +24.78% | +23.01% | +21.11% | +19.61% | +21.55% | +20.76% | +20.76% | +21.43% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +34.00% | +30.62% | +23.96% | +29.12% | +21.76% | +23.88% | +24.96% | +24.47% | +24.52% |
| Return on assets (ROA) | +13.85% | +13.15% | +10.07% | +12.54% | +10.75% | +10.75% | +11.37% | +11.23% | +11.12% |
| Return on capital (ROC) | +22.36% | +24.05% | +18.23% | +21.37% | +16.46% | +17.76% | +18.93% | +18.84% | +18.88% |
| Return on invested capital (ROIC) | +17.32% | +16.74% | +12.67% | +15.48% | +12.92% | +13.25% | +13.76% | +13.38% | +13.52% |
| Asset turnover | +53.07% | +61.71% | +54.37% | +51.16% | +49.16% | +50.31% | +52.71% | +53.04% | +52.69% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +26.09% | +21.31% | +18.52% | +24.51% | +21.86% | +21.36% | +21.57% | +21.17% | +21.11% |
| Asset turnover (× revenue / assets) | +53.07% | +61.71% | +54.37% | +51.16% | +49.16% | +50.31% | +52.71% | +53.04% | +52.69% |
| Equity multiplier (× assets / equity) | +245.56% | +232.85% | +237.97% | +232.19% | +202.50% | +222.21% | +219.52% | +218.03% | +220.42% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.53 | 0.62 | 0.54 | 0.51 | 0.49 | 0.50 | 0.53 | 0.53 | 0.53 |
| Fixed-asset turnover | 4.16 | 4.49 | 4.10 | 3.89 | 3.63 | — | — | — | — |
| Inventory turnover | 0.78 | 0.85 | 0.76 | 0.65 | 0.65 | — | — | — | — |
| Receivables turnover | 4.60 | 4.84 | 4.95 | 5.43 | 4.79 | — | — | — | — |
| Payables turnover | 7.95 | 7.07 | 5.63 | 6.19 | 6.72 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 79.41 | 75.45 | 73.81 | 67.18 | 76.21 | — | — | — | — |
| Days inventory outstanding (DIO) | 467.53 | 430.33 | 480.56 | 564.73 | 561.59 | — | — | — | — |
| Days payables outstanding (DPO) | 45.93 | 51.60 | 64.83 | 58.99 | 54.35 | — | — | — | — |
| Cash conversion cycle | 501.02 | 454.18 | 489.54 | 572.92 | 583.46 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 0.90 | 1.12 | 0.82 | 0.63 | 0.69 | 0.71 | 0.70 | 0.74 | 0.73 |
| FCF / Net income | 0.84 | 0.95 | 0.58 | 0.41 | 0.50 | 0.50 | 0.49 | 0.50 | 0.51 |
| FCF margin | +21.81% | +20.29% | +10.81% | +10.03% | +10.84% | +10.63% | +10.60% | +10.58% | +10.84% |
| OCF margin | +23.61% | +23.80% | +15.14% | +15.49% | +15.04% | +15.19% | +15.10% | +15.57% | +15.49% |
| CapEx / Revenue | +1.79% | +3.51% | +4.33% | +5.46% | +4.20% | +4.72% | +4.53% | +4.55% | +4.53% |
| CapEx / D&A | 0.81 | 1.75 | 2.29 | 2.62 | 1.92 | — | — | — | — |
| Stock-based comp / Revenue | +0.35% | +0.38% | +0.43% | +0.60% | +0.70% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 1.88 | 1.74 | 1.63 | 2.15 | 1.84 | 1.69 | 1.71 | 1.92 | 1.76 |
| EPS · basic | 1.89 | 1.75 | 1.63 | 2.15 | 1.84 | 1.67 | 1.70 | 1.91 | 1.76 |
| Book value / share | 5.53 | 5.70 | 6.80 | 7.37 | 8.44 | 7.43 | 7.45 | 7.73 | 7.90 |
| Tangible BV / share | 2.50 | 2.89 | 1.35 | 2.25 | 3.19 | 7.43 | 7.45 | 7.73 | 7.90 |
| Sales / share | 7.20 | 8.18 | 8.80 | 8.75 | 8.40 | 8.30 | 8.62 | 8.93 | 9.17 |
| Operating CF / share | 1.70 | 1.95 | 1.33 | 1.36 | 1.26 | 1.26 | 1.30 | 1.39 | 1.42 |
| Free cash flow / share | 1.57 | 1.66 | 0.95 | 0.88 | 0.91 | 0.88 | 0.91 | 0.95 | 0.99 |
| Dividends / share | 0.70 | 1.73 | 0.79 | 0.85 | 0.89 | 0.80 | 0.86 | 0.86 | 0.90 |
| Payout ratio | +37.43% | +99.16% | +48.28% | +39.45% | +48.33% | +45.22% | +46.28% | +45.49% | +46.62% |
| Retention ratio | +62.57% | +0.84% | +51.72% | +60.55% | +51.67% | +54.78% | +53.72% | +54.51% | +53.38% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +13.64% | +7.50% | -1.18% | -4.86% | -0.86% | +2.56% | +4.43% | +3.69% | +2.98% |
| Gross profit · YoY | — | +14.18% | +4.31% | +1.28% | -7.24% | -1.10% | +3.26% | +4.82% | +2.78% | +2.63% |
| Profit | ||||||||||
| Operating income · YoY | — | +3.26% | -6.40% | +25.47% | -21.71% | +1.92% | +6.32% | +4.83% | +2.55% | +1.27% |
| EBITDA · YoY | — | +2.91% | -6.90% | +27.38% | -14.68% | -3.35% | +4.41% | +1.71% | +6.58% | +1.64% |
| Net income · YoY | — | -7.20% | -6.56% | +30.78% | -15.14% | -3.13% | +3.55% | +2.49% | +3.42% | +0.29% |
| Operating | ||||||||||
| EBIT · YoY | — | +2.93% | -7.44% | +28.73% | -15.58% | -2.03% | +4.92% | +1.79% | +5.93% | +1.73% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -7.45% | -6.32% | +31.90% | -14.42% | -7.94% | +1.09% | +11.89% | -8.09% | -0.81% |
| EPS · basic · YoY | — | -7.41% | -6.86% | +31.90% | -14.42% | -9.21% | +1.48% | +12.89% | -8.16% | -0.90% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $2.56B | $2.27B | $2.91B | $3.1B | $2.73B | $2.83B | $2.84B | $3.02B | $3.06B |
| Net debt | $1.41B | $1.4B | $2.54B | $2.65B | $2.29B | $2.42B | $2.42B | $2.59B | $2.61B |
| Net debt / EBITDA | 1.14 | 1.10 | 2.14 | 1.76 | 1.77 | 1.94 | 1.86 | 1.96 | 1.85 |
| Debt / equity | 0.96 | 0.83 | 0.89 | 0.88 | 0.68 | 0.80 | 0.81 | 0.83 | 0.81 |
| Debt / assets | +39.24% | +35.60% | +37.46% | +37.96% | +33.80% | +36.08% | +37.07% | +38.00% | +36.88% |
| Equity / assets | +40.72% | +42.95% | +42.02% | +43.07% | +49.38% | +45.00% | +45.55% | +45.87% | +45.37% |
| Coverage | |||||||||
| EBITDA / interest expense | 15.30 | 15.55 | 13.19 | 11.91 | 10.57 | 11.72 | 11.57 | 11.56 | 12.10 |
| Operating income / interest | 14.40 | 14.68 | 12.52 | 11.13 | 9.07 | 10.61 | 10.66 | 10.98 | 11.06 |
| Interest expense | $81M | $82M | $90M | $127M | $122M | $106.37M | $112.53M | $114.54M | $116.62M |
| Liquidity | |||||||||
| Current ratio | 4.27 | 3.65 | 3.51 | 2.59 | 3.88 | — | — | — | — |
| Quick ratio | 2.07 | 1.63 | 1.13 | 0.78 | 1.18 | — | — | — | — |
| Cash ratio | 1.25 | 0.84 | 0.35 | 0.29 | 0.41 | — | — | — | — |
| Working capital | $3B | $2.74B | $2.72B | $2.48B | $3.12B | — | — | — | — |
| Working capital / revenue | +86.65% | +69.72% | +64.26% | +59.29% | +78.36% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).