Brown Forman
Brown Forman returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2027 Q1 | Jul 31, 2026 | 12.99% | 14.95% | — | 18.12% | 9.01% | 5.3 pp |
| FY 2026 Q4 | Apr 30, 2026 | 12.94% | 14.65% | — | 17.85% | 8.95% | 5.2 pp |
| FY 2026 Q3 | Jan 31, 2026 | 14.34% | 16.3% | -32.48% | 20.42% | 9.86% | 6.6 pp |
| FY 2026 Q2 | Oct 31, 2025 | 12.95% | 15.46% | — | 20.67% | 9.79% | 5.2 pp |
| FY 2026 Q1 | Jul 31, 2025 | 14.07% | 16.42% | -20,493.69% | 22.65% | 10.31% | 6.4 pp |
| FY 2025 Q4 | Apr 30, 2025 | 14.29% | 16.26% | -203.25% | 23.14% | 10.69% | 6.6 pp |
| FY 2025 Q3 | Jan 31, 2025 | 16.7% | 18.96% | -172.5% | 27.99% | 12.13% | 9 pp |
| FY 2025 Q2 | Oct 31, 2024 | 17.28% | 20.15% | 70.07% | 28.05% | 12.21% | 9.6 pp |
| FY 2025 Q1 | Jul 31, 2024 | 17.69% | 20.52% | 96.52% | 29.05% | 12.13% | 10 pp |
| FY 2024 Q4 | Apr 30, 2024 | 18.63% | 21.26% | 68.08% | 30.18% | 12.85% | 10.9 pp |
| FY 2024 Q3 | Jan 31, 2024 | 18.08% | 21.48% | 58.22% | 30.72% | 12.07% | 10.4 pp |
| FY 2024 Q2 | Oct 31, 2023 | 16.77% | 18.3% | -3.41% | 24.02% | 10.42% | 9.1 pp |
| FY 2024 Q1 | Jul 31, 2023 | 16.93% | 18.23% | -5.62% | 24.9% | 10.47% | 9.2 pp |
| FY 2023 Q4 | Apr 30, 2023 | 17.45% | 18.73% | -2.28% | 26.08% | 11.07% | 9.7 pp |
| FY 2023 Q3 | Jan 31, 2023 | 16.76% | 19.55% | -3.67% | 26.17% | 10.4% | 9.1 pp |
| FY 2023 Q2 | Oct 31, 2022 | 22.13% | 21.83% | 70.2% | 29.72% | 13.16% | 14.4 pp |
| FY 2023 Q1 | Jul 31, 2022 | 23.54% | 22.78% | 86.58% | 32.6% | 13.66% | 15.8 pp |
| FY 2022 Q4 | Apr 30, 2022 | 22.08% | 22% | -93.56% | 31.08% | 13% | 14.4 pp |
| FY 2022 Q3 | Jan 31, 2022 | 21.59% | 21.19% | -860.33% | 32.36% | 12.69% | 13.9 pp |
| FY 2022 Q2 | Oct 31, 2021 | 20.06% | 18.99% | -168.18% | 28.8% | 11.83% | 12.4 pp |
| FY 2022 Q1 | Jul 31, 2021 | 21.03% | 19.9% | -304.64% | 31.91% | 12.08% | 13.3 pp |
| FY 2021 Q4 | Apr 30, 2021 | 24.45% | 22.23% | 48.95% | 39% | 14.7% | 16.8 pp |
| FY 2021 Q3 | Jan 31, 2021 | 24.39% | 23% | — | 40.73% | 15.17% | 16.7 pp |
| FY 2021 Q2 | Oct 31, 2020 | 24.01% | 23.9% | — | 42.49% | 15.51% | 16.3 pp |
| FY 2021 Q1 | Jul 31, 2020 | 26.57% | 25.75% | 128.81% | 50.62% | 16.76% | 18.9 pp |
| FY 2020 Q4 | Apr 30, 2020 | 23.28% | 23.41% | -18.47% | 45.67% | 15.17% | 15.6 pp |
| FY 2020 Q3 | Jan 31, 2020 | 23.84% | 24.82% | — | 49.06% | 16.07% | 16.1 pp |
| FY 2020 Q2 | Oct 31, 2019 | 23.36% | 25.41% | — | 49.67% | 15.96% | 15.7 pp |
| FY 2020 Q1 | Jul 31, 2019 | 24.07% | 26.2% | — | 54.17% | 15.87% | 16.4 pp |
| FY 2019 Q4 | Apr 30, 2019 | — | — | — | — | — | — |
| FY 2019 Q3 | Jan 31, 2019 | — | — | — | — | — | — |
| FY 2019 Q2 | Oct 31, 2018 | — | — | — | — | — | — |
| FY 2019 Q1 | Jul 31, 2018 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · BF-B, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.