BF-ABROWN FORMAN CORP
Beverages
- Revenue
- $3.9B
- 1.2% YoY
- Operating margin
- 25.5%
- 8.5% YoY
- EBITDA
- $1.1B
- 8.5% YoY
- Market cap
- $13.9B
- Employees
- 4,900
- $802K revenue each
- Net debt / EBITDA
- 1.6×
- $1.8B net debt
- AI in 10-K
- 0.5
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$13M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo140% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo83% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo19% of assetsOver 40% of assets
- Shareholder dissentNo86% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$802K · 63rd pctBottom quartile of its SIC industry
- Quiet on AIYes0.5 per 10K words · 23rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.6× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$13.9B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$1M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $3.9B | $4.2B | $4.2B | $4.0B | $3.9B | 1.2% |
| Operating income | $1.2B | $1.1B | $1.4B | $1.1B | $1.0B | 9.6% |
| Net income | $838M | $783M | $1.0B | $869M | $715M | 18% |
| Operating cash flow | $936M | $640M | $647M | $598M | $1.0B | 67% |
| Capex | $138M | $183M | $228M | $167M | $107M | 36% |
| Stock-based comp | $15M | $18M | $25M | $28M | $32M | 14% |
| Buybacks | $0 | $0 | $400M | $0 | $400M | |
| Dividends | $831M | $378M | $404M | $420M | $427M | 1.7% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jun 3, 2026 | Wolf Pen Branch, LP | SCHEDULE 13D/A | 60.3% | Passive |
| Mar 29, 2019 | Wolf Pen Branch, LP | SC 13D/A | 55.9% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $1M · 4
- Net
- −$1M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $25M | $19M | 37 | 152 |
| FY2025 | $13M | $6M | 49 | 140 |
| FY2024 | $13M | $6M | 66 | 122 |
| FY2023 | $10M | $7M | 88 | 119 |
| FY2022 | $8M | $4M | 91 | 117 |