Brown–Forman

The business enjoys recurring, globally diversified demand with long-lived brands, limited obsolescence risk, and a track record of steady cash generation across cycles.

TTM cash from operations into Q1 FY26 was about $741 million and capex about $157 million, for roughly $584 million of FCF, indicating strong cash conversion despite softer volumes. Key headwinds to predictability include discretionary behavior in developed markets, FX, and episodic trade actions.

Tariff risk on American whiskey was deferred to at least February 2026, reducing near-term volatility, and management reaffirmed full-year FY26 outlook with modest organic growth expectations. Overall, visibility is good for a staples-like brand house, albeit not at the level of payment networks.