Brown–Forman

Liquidity and leverage are conservative for a branded staples issuer. As of July 31, 2025, cash and equivalents were about $471 million, short-term borrowings ~$282 million, and long-term debt (including current portion) about $2.42 billion, for net debt near $2.23 billion.

Investment-grade access to capital markets and a $900 million CP/credit facility underpin flexibility. Interest expense is manageable against operating income and FCF, and the dividend record (81 years paid, 41 consecutive annual raises) evidences discipline and balance sheet prudence through shocks.

We haircut for current-cycle working-capital variability and category softness.