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BF.B (Brown-Forman) Piotroski F-Score : 4 (As of Jul. 18, 2025)


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What is Brown-Forman Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Brown-Forman has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Brown-Forman's Piotroski F-Score or its related term are showing as below:

BF.B' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 4   Max: 7
Current: 4

During the past 13 years, the highest Piotroski F-Score of Brown-Forman was 7. The lowest was 3. And the median was 4.


Brown-Forman Piotroski F-Score Historical Data

The historical data trend for Brown-Forman's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Brown-Forman Piotroski F-Score Chart

Brown-Forman Annual Data
Trend Apr16 Apr17 Apr18 Apr19 Apr20 Apr21 Apr22 Apr23 Apr24 Apr25
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4.00 7.00 4.00 6.00 4.00

Brown-Forman Quarterly Data
Jul20 Oct20 Jan21 Apr21 Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25 Apr25
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 6.00 5.00 5.00 4.00

Competitive Comparison of Brown-Forman's Piotroski F-Score

For the Beverages - Wineries & Distilleries subindustry, Brown-Forman's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Brown-Forman's Piotroski F-Score Distribution in the Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, Brown-Forman's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Brown-Forman's Piotroski F-Score falls into.


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How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Apr25) TTM:Last Year (Apr24) TTM:
Net Income was 195 + 258 + 270 + 146 = $869 Mil.
Cash Flow from Operations was 17 + 112 + 317 + 152 = $598 Mil.
Revenue was 951 + 1095 + 1035 + 894 = $3,975 Mil.
Gross Profit was 565 + 646 + 619 + 513 = $2,343 Mil.
Average Total Assets from the begining of this year (Apr24)
to the end of this year (Apr25) was
(8166 + 8205 + 8332 + 8071 + 8086) / 5 = $8172 Mil.
Total Assets at the begining of this year (Apr24) was $8,166 Mil.
Long-Term Debt & Capital Lease Obligation was $2,421 Mil.
Total Current Assets was $4,195 Mil.
Total Current Liabilities was $1,080 Mil.
Net Income was 231 + 242 + 285 + 266 = $1,024 Mil.

Revenue was 1038 + 1107 + 1069 + 964 = $4,178 Mil.
Gross Profit was 651 + 671 + 635 + 569 = $2,526 Mil.
Average Total Assets from the begining of last year (Apr23)
to the end of last year (Apr24) was
(7777 + 8086 + 8115 + 8237 + 8166) / 5 = $8076.2 Mil.
Total Assets at the begining of last year (Apr23) was $7,777 Mil.
Long-Term Debt & Capital Lease Obligation was $2,372 Mil.
Total Current Assets was $4,036 Mil.
Total Current Liabilities was $1,559 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Brown-Forman's current Net Income (TTM) was 869. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Brown-Forman's current Cash Flow from Operations (TTM) was 598. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Apr24)
=869/8166
=0.10641685

ROA (Last Year)=Net Income/Total Assets (Apr23)
=1024/7777
=0.13167031

Brown-Forman's return on assets of this year was 0.10641685. Brown-Forman's return on assets of last year was 0.13167031. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Brown-Forman's current Net Income (TTM) was 869. Brown-Forman's current Cash Flow from Operations (TTM) was 598. ==> 598 <= 869 ==> CFROA <= ROA ==> Score 0.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Apr25)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Apr24 to Apr25
=2421/8172
=0.29625551

Gearing (Last Year: Apr24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Apr23 to Apr24
=2372/8076.2
=0.29370248

Brown-Forman's gearing of this year was 0.29625551. Brown-Forman's gearing of last year was 0.29370248. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Apr25)=Total Current Assets/Total Current Liabilities
=4195/1080
=3.88425926

Current Ratio (Last Year: Apr24)=Total Current Assets/Total Current Liabilities
=4036/1559
=2.588839

Brown-Forman's current ratio of this year was 3.88425926. Brown-Forman's current ratio of last year was 2.588839. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Brown-Forman's number of shares in issue this year was 472.92. Brown-Forman's number of shares in issue last year was 473.548. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=2343/3975
=0.58943396

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2526/4178
=0.6045955

Brown-Forman's gross margin of this year was 0.58943396. Brown-Forman's gross margin of last year was 0.6045955. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Apr24)
=3975/8166
=0.48677443

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Apr23)
=4178/7777
=0.53722515

Brown-Forman's asset turnover of this year was 0.48677443. Brown-Forman's asset turnover of last year was 0.53722515. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+0+0+1+1+0+0
=4

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Brown-Forman has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Brown-Forman  (NYSE:BF.B) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Brown-Forman Piotroski F-Score Related Terms

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Brown-Forman Business Description

Address
850 Dixie Highway, Louisville, KY, USA, 40210
Brown-Forman is a US-based manufacturer of premium distilled spirits that generates close to 70% of revenues in the whiskey category, under well-known Tennessee whiskey brand Jack Daniel's and bourbon brands Woodford Reserve and Old Forester. It also manufactures and distributes tequila, vodka, rum, gin, and premium wines. The company generates 45% of sales from its home market, while the bulk of international revenues come from Europe, Australia, and Latin America. The Brown family controls over 50% of the economic interests and a 67% voting power of the company.
Executives
Elizabeth M Brown director 850 DIXIE HIGHWAY, LOUISVILLE KY 40210
Elizabeth A Smith director 1345 AVENUE OF THE AMERICAS, NEW YORK NY 10105
Mark A. Clouse director C/O MONDELEZ INTERNATIONAL, INC., THREE LAKES DRIVE, NORTHFIELD IL 60093
Jeremy J Shepherd officer: VP, Pres, USA & Canada 850 DIXIE HIGHWAY, LOUISVILLE KY 40210
Crystal L Peterson officer: SVP, Chief Inclusion Officer 850 DIXIE HIGHWAY, LOUISVILLE KY 40210
Jan Singer director 2 PARK AVENUE, 12TH FLOOR, NEW YORK NY 10016
Timothy M Nall officer: SVP CIO 850 DIXIE HIGHWAY, LOUISVILLE KY 40210
Leanne D Cunningham officer: SVP, Chief Fin Officer 850 DIXIE HIGHWAY, LOUISVILLE KY 40210
Matias Bentel officer: SVP, Chief Brands Officer 850 DIXIE HWY, LOUISVILLE KY 40210
Kelli Nelson officer: SVP, Chief Accounting Officer 850 DIXIE HIGHWAY, LOUISVILLE KY 40210
Mike J. Keyes officer: SVP, Chief Corporate Affairs 850 DIXIE HWY, LOUISVILLE KY 40210
Tracy L Skeans director 1441 GARDINER LANE, LOUISVILLE KY 40213
John V. Hayes officer: SVP, Chief Marketing Officer 850 DIXIE HIGHWAY, LOUISVILLE KY 40210
Michael Andrew Masick officer: VP DIR CORP STRATEGY 850 DIXIE HIGHWAY, LOUISVILLE KY 40210
Kathleen M. Gutmann director 55 GLENLAKE PARKWAY, NE, ATLANTA GA 30328