• Brown-Forman average return on tangible equity for 2023 was 80.54, a 25.39% increase from 2022.
• Brown-Forman average return on tangible equity for 2022 was 64.23, a 22.79% increase from 2021.
• Brown-Forman average return on tangible equity for 2021 was 83.19, a 50.24% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.