{"schemaVersion":1,"research":true,"symbol":"bf.b","name":"Brown Forman","topic":"moat","path":"/stock/bf.b/moat","status":"published","version":3,"updatedAt":"2026-10-18T14:57:00.472Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Brown-Forman owns protected brands and aged inventories, but the passages do not establish durable consumer preference, relative cost superiority or barriers sufficient for a demonstrated moat. Pricing outcomes are mixed: favorable price/mix in fiscal 2024–2025 reversed in fiscal 2026 and the latest quarter, without a clean separation of price from mix. Recent margin resilience reflects costs and portfolio changes rather than demonstrated pricing strength. These limitations establish uncertainty, not proof of no moat.","advantages":[{"mechanism":"intangible_assets","claim":"Trademarks, proprietary know-how and existing aged whiskey inventories support a potential brand advantage. Ownership and production lead times are established; durable economic superiority over competing offerings is not.","durability":"Trademark protection can persist with use and maintenance, and most whiskey ages for at least three years. Neither establishes how long consumer preference or price premiums will persist.","risks":"Actual declines in JDTW volumes, unfavorable portfolio mix and the Gin Mare impairment weaken the brand thesis. Changing preferences and retailer bargaining power are prospective erosion risks, not demonstrated losses by themselves.","invalidation":"Persistent declines in core-brand consumer takeaway and market share accompanied by discounting or shrinking price premiums would undermine the brand thesis. Additional impairments tied to weaker brand demand would provide further contrary evidence. The supplied passages lack the takeaway and premium comparisons needed to test this fully.","competitors":[],"evidenceIds":["e1","e2","e3","e4"],"counterEvidenceIds":["e5","e6","e7","e8","e9"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business — intellectual property","excerpt":"Our intellectual property includes trademarks, copyrights, proprietary packaging and trade dress, proprietary manufacturing technologies, know-how, and patents."},{"id":"e2","sourceId":"filing-1","location":"Business — trademark registration","excerpt":"We register our trademarks broadly around the world, focusing primarily on where we sell or expect to sell our products."},{"id":"e3","sourceId":"filing-1","location":"Business — trademark duration","excerpt":"Depending on the jurisdiction, trademarks are valid as long as they are in use and/or their registrations are properly maintained."},{"id":"e4","sourceId":"filing-1","location":"Accounting policies — whiskey aging and inventories","excerpt":"Because we age most of our whiskeys in barrels for three years or more, we bottle and sell only a portion of our whiskey inventory each year."},{"id":"e5","sourceId":"filing-1","location":"Fiscal 2026 results — volume and distributor inventories","excerpt":"Volume increased 2% driven by New Mix and the launch of JDTB, due in part to a net increase in distributor inventories in the United States, partially offset by the end of the Korbel relationship and the Sonoma-Cutrer prior-year TSA, as well as lower volumes of JDTW and JD RTD/RTP."},{"id":"e6","sourceId":"filing-1","location":"Fiscal 2026 results — price/mix","excerpt":"Price/mix declined 3% driven by unfavorable portfolio mix from New Mix and lower sales of used barrels and JDTW, partially offset by the positive effect of foreign exchange and the positive portfolio mix impact from JDTB, JD RTD/RTP, and Woodford Reserve."},{"id":"e7","sourceId":"filing-4","location":"Fiscal 2025 results — operating-income drivers and Gin Mare impairment","excerpt":"The decrease was primarily due to the absence of the gains on sale of the Sonoma-Cutrer wine and Finlandia vodka businesses, the decline in gross profit, and the Gin Mare brand name impairment, partially offset by lower operating expenses, including the favorable fair value adjustment to Gin Mare’s contingent consideration liability."},{"id":"e8","sourceId":"filing-1","location":"Risk factors — retailer bargaining power","excerpt":"While we seek to take advantage of the efficiencies and opportunities that large retail customers can offer, they often seek lower pricing and increased purchase volume flexibility, offer competing private label products, and represent a large number of other competing products."},{"id":"e9","sourceId":"filing-1","location":"Risk factors — potential shifts away from premium products and alcohol","excerpt":"As a result, consumers may begin to shift their consumption and purchases away from our premium and super-premium products, or away from alcoholic beverages entirely."},{"id":"e10","sourceId":"filing-5","location":"Fiscal 2024 results — volume and favorable price/mix","excerpt":"The decline in reported net sales was driven by lower volumes, largely offset by favorable price/mix and the positive effect of acquisitions and divestitures."},{"id":"e11","sourceId":"filing-4","location":"Fiscal 2025 results — gross-margin drivers","excerpt":"The decrease in gross margin was driven by higher costs, the negative effect of foreign exchange, and the negative effect of the restructuring initiative, partially offset by favorable price/mix, the impact of JDCC, and the positive effect of acquisitions and divestitures."},{"id":"e12","sourceId":"filing-2","location":"Quarter ended July 31, 2026 — net-sales drivers","excerpt":"The decrease was driven by unfavorable price/mix and the end of the Korbel relationship, partially offset by higher volumes, the positive effect of foreign exchange, and the impact of the JDCC transition."},{"id":"e13","sourceId":"filing-1","location":"Fiscal 2026 results — gross margin","excerpt":"Gross margin increased to 60.5% in fiscal 2026, up 1.6 percentage points from 58.9% in fiscal 2025."},{"id":"e14","sourceId":"filing-1","location":"Fiscal 2026 results — gross-margin drivers","excerpt":"The increase in gross margin was driven by the positive effect of acquisitions and divestitures, the positive effect of foreign exchange, and lower costs."},{"id":"e15","sourceId":"filing-2","location":"Quarter ended July 31, 2026 — reported and organic operating performance","excerpt":"23 Summary of Operating Performance Three Months Ended July 31, (Dollars in millions) 2025 2026 Reported Change Organic Change1 Net sales $ 924 $ 911 (1 %) (1 %) Cost of sales 372 362 (2 %) (5 %) Gross profit 552 549 (1 %) 1 % Advertising 120 114 (5 %) (4 %) SG&A 177 185 4 % 5 % Restructuring and other charges 12 — (100 %) nm2 Other expense (income), net (17) (2) nm2 nm2 Total operating expenses3 292 297 2 % (1 %) Operating income 260 252 (3 %) 4 % Non-operating postretirement expense $ 19 $ 1 nm2 Interest expense, net $ 21 $ 22 3 % As a percentage of net sales4 2025 2026 Reported Change Gross margin 59.8 % 60.2 % 0.4 pp Operating margin 28.2 % 27.7 % (0.5) pp Effective tax rate 22.5 % 23.0 % 0.5 pp 2025 2026 Reported Change Diluted earnings per share $ 0.36 $ 0.38 6 % Note: Totals may differ due to rounding 1See “Non-GAAP Financial Measures” for details on our use of “organic change,” including how we calculate these measures and why we believe this information is useful to readers."},{"id":"e16","sourceId":"filing-2","location":"Quarter ended July 31, 2026 — gross-margin drivers","excerpt":"The increase in gross margin was driven by lower costs and the end of the Korbel relationship, partially offset by the negative effect of foreign exchange and unfavorable price/mix."},{"id":"e17","sourceId":"filing-2","location":"Quarter ended July 31, 2026 — sales by geography and product category","excerpt":"Net Sales The following table shows our net sales by geography1: Three Months Ended July 31, (Dollars in millions) 2025 2026 United States $ 385 $ 374 Emerging 224 247 Developed International 257 240 Travel Retail 44 44 Non-branded and bulk 14 6 Total $ 924 $ 911 The following table shows our net sales by product category1: Three Months Ended July 31, (Dollars in millions) 2025 2026 Whiskey $ 659 $ 658 Ready-to-Drink 128 154 Tequila 62 54 Rest of portfolio 61 39 Non-branded and bulk 14 6 Total $ 924 $ 911 1See “Definitions” for definitions of geographic and brand aggregations for items presented here."},{"id":"e18","sourceId":"filing-2","location":"Definitions — shipments versus distributor depletions","excerpt":"Therefore, it is possible that our shipments do not coincide with distributors’ downstream depletions and merely reflect changes in distributors’ inventories."},{"id":"e19","sourceId":"filing-1","location":"Fiscal 2026 cash flows — operating cash generation","excerpt":"Cash provided by operating activities of $1,000 million during fiscal 2026 increased $402 million from fiscal 2025."},{"id":"e20","sourceId":"filing-1","location":"Fiscal 2026 cash flows — working-capital and earnings drivers","excerpt":"The increase was largely attributable to lower working capital requirements, including lower cash paid for income taxes, partially offset by lower earnings."},{"id":"e21","sourceId":"filing-1","location":"Share repurchases — completed purchases","excerpt":"Under the Repurchase Program, we repurchased 705,139 Class A shares at an average price of $28.10 per share and 13,348,510 Class B shares at an average price of $28.48 per share, for a total cost (excluding brokerage fees and excise taxes) of $400 million."},{"id":"e22","sourceId":"filing-2","location":"Quarter ended July 31, 2026 — cash-flow statement","excerpt":"9 BROWN-FORMAN CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in millions) Three Months Ended July 31, 2025 2026 Cash flows from operating activities: Net income $ 170 $ 176 Adjustments to reconcile net income to net cash provided by operations: Depreciation and amortization 22 23 Stock-based compensation expense 4 4 Deferred income tax benefit (8) (9) Change in fair value of contingent consideration — 4 Other, net 3 3 Changes in assets and liabilities: Accounts receivable (13) 7 Inventories (61) (39) Other current assets 15 42 Accounts payable and accrued expenses (46) (82) Accrued income taxes 51 31 Other operating assets and liabilities 23 13 Cash provided by operating activities 160 173 Cash flows from investing activities: Additions to property, plant, and equipment (31) (12) Proceeds from sale of cooperage assets 33 — Other, net — (1) Cash provided by (used for) investing activities 2 (13) Cash flows from financing activities: Net change in short term borrowings (30) 289 Repayment of long-term debt — (343) Payments of withholding taxes related to stock-based awards (1) (3) Dividends paid (107) (106) Other, net — (1) Cash used for financing activities (138) (164) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 3 (3) Net increase (decrease) in cash, cash equivalents, and restricted cash 27 (7) Cash, cash equivalents, and restricted cash at beginning of period 463 327 Cash, cash equivalents, and restricted cash at end of period 490 320 Less: Restricted cash (included in other current assets) at end of period (19) (19) Cash and cash equivalents at end of period $ 471 $ 301 Supplemental information: Non-cash additions to property, plant and equipment $ 2 $ 4 Right-of-use assets obtained in exchange for new lease obligations $ 14 $ 5 See notes to the condensed consolidated financial statements."},{"id":"e23","sourceId":"filing-2","location":"Restructuring note — completion of actions","excerpt":"We have now completed these actions and do not expect to incur any additional restructuring charges related to the restructuring initiative."},{"id":"e24","sourceId":"filing-2","location":"Restructuring note — aggregate charges","excerpt":"We incurred aggregate restructuring and other charges of $67 million in connection with these actions, consisting of $31 million in severance and other employee-related costs, $34 million in other restructuring charges primarily related to the Brown-Forman Cooperage facility closure and consulting services associated with the restructuring actions, and $2 million in other charges for cooperage asset impairments."},{"id":"e25","sourceId":"filing-3","location":"Compensation discussion — fiscal 2026 equity awards granted","excerpt":"The target long-term incentives granted in fiscal 2026 for the fiscal 2026-2028 performance period were divided into two equity-based components: performance-based restricted stock units (PBRSUs), and stock-settled stock appreciation rights (SSARs)."},{"id":"e26","sourceId":"filing-3","location":"Compensation discussion — relative performance measures","excerpt":"Performance is measured by comparing the three-year cumulative TSR of Brown-Forman’s Class B common stock with the three-year cumulative TSR of the custom peer group (shown on the following page) and the three-year compound annual growth rate (CAGR) of Brown-Forman’s adjusted operating income relative to the same peer group."},{"id":"e27","sourceId":"filing-3","location":"Compensation tables — shares issued after performance conditions were satisfied","excerpt":"Reflects the number of shares of restricted Class A or Class B common stock that were issued on May 27, 2026, upon satisfaction of the performance measures prescribed for the performance-based restricted stock awards granted on July 27, 2023."},{"id":"e28","sourceId":"filing-3","location":"Compensation tables — realized 55% performance multiplier","excerpt":"The number of shares issued was determined by multiplying the target award by a three-year performance percentage of 55%, and then adjusting the resulting number upwards to account for dividend yields during the second and third years of the performance period."},{"id":"e29","sourceId":"filing-3","location":"Compensation reconciliation — exclusion of transaction-related costs","excerpt":"For purposes of our 2026 Short-Term Incentive Cash Compensation Program and 2024-2026 Long Term Incentive Program, we further adjusted organic operating income to exclude these costs from the determination of adjusted organic operating income growth because they were non-recurring and atypical in nature, they were not contemplated when the organic operating income growth performance metrics were established, and they are not reflective of the ongoing operational performance of the Company."},{"id":"e30","sourceId":"filing-1","location":"Ownership and governance — family voting control","excerpt":"Risks Related to Our Ownership and Corporate Governance Structure The Brown family has the ability to control the outcome of matters submitted for stockholder approval."},{"id":"e31","sourceId":"filing-1","location":"Ownership and governance — independence exemptions used","excerpt":"We may avail ourselves of the exemption from having a board composed of a majority of independent directors, and we utilize the exemption from having a fully-independent nominating/corporate governance committee."},{"id":"e32","sourceId":"filing-3","location":"Governance — compensation committee independence","excerpt":"Each member of the Compensation Committee qualifies as an independent director under NYSE listing standards (including the heightened independence standards for compensation committee members of non-controlled companies) and as a “non-employee director” under SEC rules."},{"id":"e33","sourceId":"filing-3","location":"Governance — separate chairman and CEO roles","excerpt":"However, we have had a separate Chairman of the Board and Chief Executive Officer since 2007."},{"id":"e34","sourceId":"filing-3","location":"Governance — serving lead independent director","excerpt":"Michael A. Todman has served in this role since July 2023."},{"id":"e35","sourceId":"filing-3","location":"Appendix A — multiyear operating-income reconciliation","excerpt":"RECONCILIATION OF ADJUSTED, ORGANIC, ADJUSTED ORGANIC, AND TRANSACTION-ADJUSTED OPERATING INCOME YEAR OVER YEAR CHANGE PERCENTAGE CHANGE VERSUS PRIOR FISCAL YEAR 2022 2023 2024 2025 2026 Change in reported operating income (GAAP) 3% (6)% 25% (22)% (10)% Acquisitions and divestitures 14% 4% (27)% 16% 5% Impairment charges 6% 3% (7)% 4% 8% Other items(2) (2)% —% 2% 2% (4)% Change in adjusted operating income (non-GAAP) 21% 1% (6)% 1% (1)% Foreign exchange 6% 7% 4% 3% (1)% Change in organic operating income (non-GAAP) 27% 8% (2)% 3% (2)% Contemplated transaction costs —% —% —% —% 4% Change in adjusted organic operating income (non-GAAP) 27% 8% (2)% 3% 2% Less: Foreign exchange (6)% (7)% (4)% (3)% 1% Change in transaction-adjusted operating income (non-GAAP) 21% 1% (6)% 1% 3% (2) “Other items” includes “substitution drawback claims,” “restructuring initiative,” “foundation,” “franchise tax refund,” and “JDCC.”"},{"id":"e36","sourceId":"filing-3","location":"Compensation discussion — special peer group","excerpt":"SPECIAL PEER GROUP COMPANY WEIGHTING Diageo plc 29% Pernod Ricard SA 29% Rémy Cointreau SA 14% Davide Campari-Milano N.V."},{"id":"e37","sourceId":"filing-3","location":"Compensation discussion — special peer group continued","excerpt":"14% LVMH Moët Hennessy – Louis Vuitton, Société Européenne 14% The table below shows the target one-time PBRSU awards to each NEO in fiscal 2026 for the fiscal 2026-2028 performance period: TARGET ONE-TIME PBRSU AWARDS FOR FISCAL 2026-2028 PERFORMANCE PERIOD NAME NUMBER OF SHARES GRANTED VALUE OF SHARES AT GRANT Lawson E."}],"changes":["Retain the previous uncertain moat verdict; protected intellectual property and aging lead times establish assets but do not demonstrate durable competitive superiority.","Replace the previous statement that pricing outcomes are absent with a mixed assessment: favorable fiscal 2024–2025 price/mix reversed in fiscal 2026 and the latest quarter. Pure selling-price changes remain unidentified.","Add actual compensation grants, performance-adjusted share issuance, governance arrangements, restructuring completion and cash deployment to the management assessment."],"limitations":["All sources are issuer filings. Their dates retain dateKind filed: filing-1 June 12, 2026; filing-2 September 2, 2026; filing-3 June 18, 2026; filing-4 June 13, 2025; filing-5 June 14, 2024; filing-6 March 4, 2026.","Price/mix combines selling prices, portfolio composition and sometimes foreign exchange; unfavorable price/mix does not establish a like-for-like branded price cut.","No supplied consumer-takeaway results, brand price-premium comparisons, market-share trends or relative production costs establish the strength of the competitive position.","Named spirits companies appear as compensation peers in e36–e37, without operating comparisons establishing rivalry or Brown-Forman's advantage against each. Competitor arrays therefore remain empty; generic competition disclosures do not fill that gap.","Consumer retention is assessed indirectly from recurring category sales and volume trends. Shipments can reflect distributor inventory changes rather than final consumer demand.","Actual incentive grants and vesting outcomes are disclosed, but executive ownership balances and complete payout tables are absent. Proposed shareholder votes are not treated as completed approvals.","Margin improvements and accounting classifications of brands as indefinite-lived assets do not independently establish a moat."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Protected intellectual property and aged inventory are established, but comparative brand preference, cost superiority and defensible distribution access are not. The structural economic advantage remains uncertain.","evidenceIds":["e1","e2","e4"]},{"criterion":"durability","grade":null,"rationale":"Renewable trademark protection and multiyear aging support possible persistence, but legal protection and production time do not establish enduring customer preference or excess returns.","evidenceIds":["e3","e4","e7"]},{"criterion":"customer_dependency","grade":null,"rationale":"Continued category sales show ongoing demand, but the passages do not establish customer reliance, switching friction or persistent preference for Brown-Forman over alternatives.","evidenceIds":["e17","e18"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Gross-margin recovery coexists with unfavorable price/mix, core-product volume weakness and a brand impairment. These results do not establish whether a durable competitive advantage is resisting erosion.","evidenceIds":["e5","e6","e7","e13","e16"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Observed outcomes are mixed: favorable price/mix supported fiscal 2024–2025 results, followed by a 3% price/mix decline in fiscal 2026 and further unfavorable price/mix in the latest quarter. Mix and currency effects prevent attribution to pure selling-price changes or durable premium pricing.","evidenceIds":["e10","e11","e6","e12"]},{"criterion":"retention","grade":2,"rationale":"Indirect demand evidence is mixed. Latest-quarter whiskey sales were nearly unchanged and ready-to-drink sales grew, while tequila declined. Fiscal 2026 aggregate volume growth included distributor inventory increases and offset lower volumes of JDTW and JD RTD/RTP. No consumer retention rate is inferred.","evidenceIds":["e5","e17","e18"]},{"criterion":"margin_resilience","grade":2,"rationale":"Gross margin recovered from 58.9% in fiscal 2025 to 60.5% in fiscal 2026, with further year-over-year expansion in the latest quarter. Costs, currency and portfolio changes contributed, while latest-quarter operating margin declined. Resilience is demonstrated but cannot be attributed primarily to pricing power.","evidenceIds":["e11","e13","e14","e15","e16"]},{"criterion":"contractual_freedom","grade":null,"rationale":"Retailer demands for lower prices establish bargaining pressure, but the passages do not disclose price-reset rights, contractual restrictions or other terms sufficient to assess freedom to set prices.","evidenceIds":["e8"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual cash generation, reduced capital spending and debt repayment provide support, alongside $400 million of completed repurchases. However, fiscal 2026 operating-cash growth largely reflected working capital rather than earnings, and the Gin Mare impairment is an adverse investment outcome. Latest-quarter long-term debt repayment was substantially offset by short-term borrowing. Repurchase value creation is unestablished.","evidenceIds":["e19","e20","e21","e22","e7"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Granted multiyear equity awards use relative shareholder returns and operating-income growth. Actual shares issued in May 2026 used a 55% performance multiplier, demonstrating performance sensitivity. Excluding transaction-related costs from incentive measures tempers the assessment; ownership balances and complete payout details are missing.","evidenceIds":["e25","e26","e27","e28","e29"]},{"criterion":"execution","grade":2,"rationale":"Restructuring actions were completed with disclosed charges, and latest-quarter organic operating income grew 4%. These achievements coexist with declining reported sales and operating income, multiyear uneven underlying operating growth and a prior brand impairment. This is an indirect operating assessment, not proof of sustained superior execution or quantified restructuring savings.","evidenceIds":["e23","e24","e15","e35","e7"]},{"criterion":"governance","grade":2,"rationale":"An independent compensation committee, separate chairman and CEO, and a serving lead independent director provide safeguards. Family voting control and use of the nominating-committee independence exemption limit minority shareholder influence. These are disclosed arrangements, not assumptions that family ownership ensures alignment.","evidenceIds":["e30","e31","e32","e33","e34"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"b20ecede0a3874a6503537ffb2cabea48b3071c799cd0dee04b15181fdf00ec0","updatedAt":"2026-10-18T14:57:00.472Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/14693/000001469326000024/bfb-20260430.htm","publishedAt":"2026-06-12","sha256":"9cd65df80330ea32570cfcb087c1c44b492eeb20186a33d8646ba5e57e9554e7","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/14693/000001469326000052/bfb-20260731.htm","publishedAt":"2026-09-02","sha256":"16193a47e121efe3967af671ee9f2b3d9838bb60eb40ffa3e6291313afeb130c","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/14693/000119312526275853/d39207ddef14a.htm","publishedAt":"2026-06-18","sha256":"2fd809763c46d0a3f79a8f5e54519c74c91e34bb5356ac8c1528603b9f603ad3","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/14693/000001469325000062/bfb-20250430.htm","publishedAt":"2025-06-13","sha256":"ab331baa7ffb425f2319a2577fb6b1c383f12fbeac43a06d7db6c14f6175235b","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/14693/000001469324000086/bfb-20240430.htm","publishedAt":"2024-06-14","sha256":"2d8f4b59a53a679d3d5153854cfaeba6c33b36b8709a0750e15368a95435d374","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/14693/000001469326000010/bfb-20260131.htm","publishedAt":"2026-03-04","sha256":"c7c4b9e81523f146f8cb5cba8fb5bcc655ef4a0344208695b58c04ae183ba788","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:8d71c63291a17682abbe77c718e24f1b45865dd693b8b59256c3c71e30d9883c","usage":{"input_tokens":81526,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3322,"reasoning_output_tokens":109}},"signals":[{"period":"2022","end":"2022-04-30","values":{"gross_margin":60.79328756674295,"operating_margin":30.612763793541824,"roic":22.082213211394617,"fcf_margin":20.28985507246377,"sbc_revenue":0.38138825324180015},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-04-30","values":{"gross_margin":58.98770104068117,"operating_margin":26.655629139072843,"roic":17.44977909475567,"fcf_margin":10.808893093661306,"sbc_revenue":0.4257332071901609},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-04-30","values":{"gross_margin":60.459550023934895,"operating_margin":33.843944471038775,"roic":18.626032677782923,"fcf_margin":10.028721876495931,"sbc_revenue":0.5983724269985639},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-04-30","values":{"gross_margin":58.94339622641509,"operating_margin":27.849056603773587,"roic":14.292154783205946,"fcf_margin":10.842767295597485,"sbc_revenue":0.7044025157232704},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2026","end":"2026-04-30","values":{"gross_margin":60.539714867617114,"operating_margin":25.483706720977594,"roic":12.943622185087927,"fcf_margin":22.734215885947044,"sbc_revenue":0.8146639511201629},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/14693/000001469326000024/bfb-20260430.htm","publishedAt":"2026-06-12","sha256":"9cd65df80330ea32570cfcb087c1c44b492eeb20186a33d8646ba5e57e9554e7","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/14693/000001469326000052/bfb-20260731.htm","publishedAt":"2026-09-02","sha256":"16193a47e121efe3967af671ee9f2b3d9838bb60eb40ffa3e6291313afeb130c","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/14693/000119312526275853/d39207ddef14a.htm","publishedAt":"2026-06-18","sha256":"2fd809763c46d0a3f79a8f5e54519c74c91e34bb5356ac8c1528603b9f603ad3","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/14693/000001469325000062/bfb-20250430.htm","publishedAt":"2025-06-13","sha256":"ab331baa7ffb425f2319a2577fb6b1c383f12fbeac43a06d7db6c14f6175235b","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/14693/000001469324000086/bfb-20240430.htm","publishedAt":"2024-06-14","sha256":"2d8f4b59a53a679d3d5153854cfaeba6c33b36b8709a0750e15368a95435d374","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/14693/000001469326000010/bfb-20260131.htm","publishedAt":"2026-03-04","sha256":"c7c4b9e81523f146f8cb5cba8fb5bcc655ef4a0344208695b58c04ae183ba788","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}