13FGuru
Sign in with Google Sign in with Discord

NYSE · Consumer Staples

Brown-Forman Corp Cl B BF.B

Brown-Forman is a leading global alcoholic beverage company focused on the production and sale of premium spirits and wines. The main business includes whiskey, tequila, gin and other brand portfolios, driving growth through product innovation and international expansion. It has recently faced a weak U.S. market and cost pressures, but its free cash flow has improved significantly. Investors need to pay attention to its organic growth prospects and valuation repair opportunities.

Sources Company earnings and call materials quartr.com
Beverages - Wineries & Distilleries

Company profile

Business mix

  • With whiskey, tequila and other spirits as the core, supplemented by gin (Gin Mare), rum (Diplomático) and ready-to-drink cocktails (RTD), a high-end multi-category matrix is ​​formed.
  • Financial highlights: FY26 net sales were US$3.928 billion, organically flat, gross profit margin expanded 160 basis points to 60.5%, and free cash flow doubled year-on-year to US$893 million.

Current key questions

  • The slowdown in demand in mature markets in North America is countering the growth in emerging markets, and the company needs to optimize regional and channel resource allocation.
  • Cost inflation and the rising cost of barrel-aged whiskey have led to a 3-5% drop in FY27 organic operating profit guidance, squeezing profitability.
  • Non-cash brand impairments (Gin Mare, Diplomático) and the termination of the Korbel collaboration affected book profits, but operating cash flow and free cash flow improved strongly.
Holders 3 Current sample portfolio
Public mentions 1 Videos / interviews / letters
Valuation snapshot
PE 17.1 FCF 7.44% Buyback 1.31%
2026-06-07

Current firm holders

Firm Weight Value Filing period
Lindsell Train Nick Train 1.3% $41.7M 2026-03-31
Gardner Russo & Quinn Thomas Russo 0.2% $17.4M 2026-03-31
Markel Group Tom Gayner 0.1% $12.5M 2026-03-31

Recent trading changes over the last 4 quarters

Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Net buyers 2 Last 4 13F filing periods
Net reducers 1 Last 4 13F filing periods
Unchanged holders 1 Share count unchanged
Increase amount $12.6M Estimated from net added shares
Reduction amount $4.3M Estimated from net reduced shares
Net share change / base shares +13.1% +313,708 / 2,396,222
Gardner Russo & Quinn Thomas Russo 4 filing periods
13F 2025-06-30 Filed 2025-08-13
Minor reduction Shares -5.2% 13F value change -$6.9M
13F 2025-09-30 Filed 2025-11-12
Minor reduction Shares -1.6% 13F value change -$213,017
13F 2025-12-31 Filed 2026-02-12
Minor reduction Shares -7.5% 13F value change -$2.3M
13F 2026-03-31 Filed 2026-05-13
Minor reduction Shares -6.8% 13F value change -$1.0M
Settlement As of 13F 2026-03-31 · Filed 2026-05-13
Base shares 820,796 Last 4 periods -161,102 (-19.6%) Total shares 659,694 Value $17.4M
Markel Group Tom Gayner 4 filing periods
13F 2025-03-31 Filed 2025-05-02
New Shares - 13F value change +$16.1M
13F 2025-06-30 Filed 2025-08-01
Unchanged Shares 0.0% 13F value change $0
13F 2025-09-30 Filed 2025-10-31
Unchanged Shares 0.0% 13F value change $0
13F 2026-03-31 Filed 2026-05-01
Unchanged Shares 0.0% 13F value change $0
Settlement As of 13F 2026-03-31 · Filed 2026-05-01
Base shares 0 Last 4 periods +474,187 (New) Total shares 474,187 Value $12.5M
Lindsell Train Nick Train 4 filing periods
13F 2025-06-30 Filed 2025-08-08
Minor increase Shares 4.7% 13F value change -$9.1M
13F 2025-09-30 Filed 2025-11-12
Unchanged Shares 0.0% 13F value change $0
13F 2025-12-31 Filed 2026-02-11
Unchanged Shares 0.0% 13F value change $0
13F 2026-03-31 Filed 2026-04-24
Minor reduction Shares -4.5% 13F value change -$1.3M
Settlement As of 13F 2026-03-31 · Filed 2026-04-24
Base shares 1,575,426 Last 4 periods +623 (+0.0%) Total shares 1,576,049 Value $41.7M
Fundsmith Terry Smith 2 filing periods
13F 2025-03-31 Filed 2025-05-15
New Shares - 13F value change +$327.1M
13F 2025-06-30 Filed 2025-08-14
Sold out Shares -100.0% 13F value change -$327.1M
Settlement As of 13F 2025-06-30 · Filed 2025-08-14
Base shares 0 Last 4 periods +0 (New) Total shares 0 Value $0

Recent mentions

Fundsmith Equity Fund 2025 Semi-Annual Letter

Fundsmith · Terry Smith

2025 semi-annual letter disclosed Fundsmith’s first half portfolio adjustments: began to accumulate Zoetis, Intuit, EssilorLuxottica, and sold PepsiCo and Brown-Forman.

Shareholder letter / fund letter

Mentioned by firms

Fundsmith Terry Smith