Brown–Forman

Positives: disciplined brand investment, steady organic spend, and capacity capex that compounds brand-led economics; portfolio pruning with the sale of Sonoma‑Cutrer in exchange for a Duckhorn stake later monetized for ~$350 million; and a multi-year dividend growth record.

The 2025 restructuring (12% workforce reduction, cooperage closure) targets $70–80 million in annual savings, a sensible move given demand normalization.

Areas of caution: mixed M&A track record in smaller premium spirits (e.g., a non-cash impairment related to Gin Mare), limited opportunistic buybacks in FY25 following a larger FY24 repurchase, and some execution risk as U.S. distribution is realigned effective August 1, 2025. Overall, capital deployment is prudent, with room to improve ROIC on newer brands and timing of repurchases.