Brown-Forman Corp Registered Shs -B- Non Vtg

BF.B: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Brown-Forman Fuels Longer-Term Growth With Whiskey Innovation and International Expansion

Dan Su

Mar 19, 2026

Business Strategy and Outlook

We award a wide economic moat rating to Brown-Forman, primarily for the strong brand intangible assets associated with the spirits maker’s premium American whiskey portfolio, which makes up over 70% of sales.

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Brown-Forman Corp Registered Shs -B- Non Vtg

Brown-Forman Fuels Longer-Term Growth With Whiskey Innovation and International Expansion

Business Strategy and Outlook

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