Brown–Forman

Moat components and weights: Intangible assets 45% (score 95): a century-plus of brand equity across Jack Daniel’s, Woodford Reserve and Old Forester, with trademarks, heritage, and premium positioning sustaining pricing and shelf access globally. Jack Daniel’s remains the #1 American whiskey worldwide.

Switching costs 20% (score 70): end consumers face low switching costs, but trade partners/distributors value traffic-driving brands and marketing support, creating moderate practical frictions to displacement. Network effects 5% (score 55): limited direct network effects, though co-branded RTDs (Jack & Coke) add mild distribution synergies.

Cost advantages 15% (score 80): scale in production, aging stocks, and procurement, plus a large installed base of barreled whiskey, create timing and working-capital advantages versus smaller entrants.

Efficient scale 15% (score 85): leading share in American whiskey and strong positions in select categories/markets deter rational entrants at scale. Weighted outcome supports a high moat rating, tempered for potential erosion from shifting consumer preferences (moderation/GLP‑1), premiumization fatigue, and regulatory/tariff overhang.

Evidence base: FY25 10‑K brand positioning; FY26 Q1 commentary; EU tariff timing.