A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
BOSTON BEER CO INC
SAM
$2.0B
Mkt Cap
$180.15
+3.23%
BOSTON BEER CO INC (SAM) has a current P/E ratio of 18.2, compared to its historical median P/E of 41.3. The stock is currently considered Cheap based on its historical valuation range.
BOSTON BEER CO INC (SAM) has a 5-year average return on invested capital (ROIC) of 10.3%. This indicates solid capital allocation.
BOSTON BEER CO INC (SAM) has a market capitalization of $1.9B. It is classified as a small-cap stock.
BOSTON BEER CO INC (SAM) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 9.35%.
Based on historical P/E analysis, BOSTON BEER CO INC (SAM) appears cheap. The current P/E of 18.2 is 56% below its historical median of 41.3. The estimated fair value CAGR (P/E method) is -6.9%.
BOSTON BEER CO INC (SAM) operates in the Malt Beverages industry, within the Consumer Defensive sector.
BOSTON BEER CO INC (SAM) reported annual revenue of $2.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
The Boston Beer Company produces and sells alcohol beverages including beer, hard seltzer, hard cider, flavored malt beverages, spirits-based ready-to-drink beverages, and distilled spirits under brands such as Samuel Adams, Twisted Tea, Truly Hard Seltzer, Angry Orchard, Dogfish Head, and Sun Cruiser, with approximately 86% of volume in the Beyond beer category (hard seltzer, hard cider, flavored malt beverages, and spirits RTDs) and the remainder in traditional craft beer. The company operates four primary company-owned breweries focused on production and research and development, along with smaller local breweries and tap rooms, an apple orchard and cidery, and hospitality venues, generating revenue through off-premise retailers (grocery stores, liquor stores, convenience stores, e-commerce) and on-premise venues (bars, restaurants, stadiums). The company is the second largest supplier in Beyond beer with a 20% market share and competes in the combined Beyond beer and Traditional beer market, which totaled $47.0 billion in measured off-premise channels in 2025. The business model relies on a large sales organization, brand marketing through traditional and digital advertising, point-of-sale promotions, and drinker engagement to drive consumer-responsive beverage offerings and increase brand availability and awareness. The company has pursued multi-year margin enhancement initiatives across procurement savings, waste and network optimization, increased domestic internal production (86% in 2025, targeting over 90% in 2026), and emerging revenue management capabilities, while managing tariff and commodity cost pressures through pricing and operational efficiency.
【Volume headwinds persist】 Management expects industry volume headwinds to continue into 2026 given a dynamic macroeconomic environment, tighter consumer budgets, and pressure on the Hispanic consumer, though Beyond beer is anticipated to continue outperforming traditional beer. The company is narrowing its 2026 volume guidance to down low single digits to down mid-single digits, reflecting year-to-date depletion trends and the expectation that the summer selling season will be a significant driver of full-year performance. Margin enhancement initiatives are expected to deliver continued gross margin improvement in 2026, albeit at a lower rate than 2025, with the company maintaining flexibility to adjust advertising spending if macroeconomic pressures intensify. The company plans incremental advertising investment weighted to the second and third quarters to support the summer selling season and expects strong distribution gains for Sun Cruiser while continuing to invest in Twisted Tea and hard seltzer innovation, including new package sizes and varieties.
| Metric | Target | Period |
|---|---|---|
| Volume | down low single digits to down mid-single digits | FY2026 |
| Non-GAAP EPS | $8.50-$10.50 | FY2026 |
| Gross Margin | 48%-50% | FY2026 |
| Price increases | 1%-2% | FY2026 |
| Tariff costs | $20 million-$30 million | FY2026 |
| Advertising, promotional, and selling expenses increase | $20 million-$40 million | FY2026 |
| Effective tax rate | approximately 29%-30% | FY2026 |
| Capital expenditures | $70 million-$90 million | FY2026 |
| Domestic internal production | over 90% | FY2026 |
Volume (FY2026): “we are slightly narrowing our 2026 volume range to down low single digits to mid-single digits from our prior guidance of flat to down mid-single digits”
Non-GAAP EPS (FY2026): “we are narrowing our full-year non-GAAP EPS guidance to $8.50-$10.50 from our prior guidance of $8.50-$11.00”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.9B | 2.0B | 2.0B | 2.0B | 2.1B | 2.1B |
| Net Income | -61M | 108M | 60M | 76M | 67M | 15M |
| EPS | $-6.35 | $9.89 | $5.06 | $6.21 | $5.44 | $1.17 |
| Free Cash Flow | 191M | 216M | 173M | 201M | 109M | -92M |
| ROIC | -17.4% | 21.6% | 10.0% | 11.1% | 7.8% | 1.0% |
| Gross Margin | 48.7% | 48.5% | 44.4% | 42.4% | 41.2% | 38.8% |
| Debt/Equity | 0.00 | 0.05 | 0.04 | 0.04 | 0.05 | 0.07 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -79M | 145M | 76M | 100M | 91M | 8.0M |
| Operating Margin | -4.1% | 7.4% | 3.8% | 5.0% | 4.3% | 0.4% |
| ROE | -9.0% | 12.3% | 6.0% | 7.1% | 6.6% | 1.5% |
| Shares Outstanding | 10M | 11M | 12M | 12M | 12M | 12M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 903M | 960M | 906M | 863M | 996M | 1.2B | 1.7B | 2.1B | 2.1B | 2.0B | 2.0B | 2.0B | 1.9B |
| Gross Margin | 51.5% | 52.3% | 50.7% | 52.1% | 51.4% | 49.1% | 46.9% | 38.8% | 41.2% | 42.4% | 44.4% | 48.5% | 48.7% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 66M | 72M | 78M | 73M | 91M | 113M | 118M | 134M | 158M | 175M | 190M | 191M | 195M |
| EBIT | 147M | 156M | 138M | 116M | 116M | 145M | 244M | 8.0M | 91M | 100M | 76M | 145M | -79M |
| Op. Margin | 16.2% | 16.3% | 15.2% | 13.4% | 11.6% | 11.6% | 14.1% | 0.4% | 4.3% | 5.0% | 3.8% | 7.4% | -4.1% |
| Net Income | 91M | 98M | 87M | 99M | 93M | 110M | 192M | 15M | 67M | 76M | 60M | 108M | -61M |
| Net Margin | 10.0% | 10.3% | 9.6% | 11.5% | 9.3% | 8.8% | 11.1% | 0.7% | 3.2% | 3.8% | 3.0% | 5.5% | -3.1% |
| Non-Recurring | 1.3M | -257K | 1.7M | 1.7M | -64K | 40K | 639K | 217K | 237K | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 29.8% | 31.0% | 32.2% | 35.2% | 34.3% | 22.7% | 27.9% | 1.0% | 7.8% | 11.1% | 10.0% | 21.6% | -17.4% |
| ROE | 24.6% | 21.9% | 19.2% | 22.8% | 21.0% | 18.4% | 22.7% | 1.5% | 6.6% | 7.1% | 6.0% | 12.3% | -9.0% |
| ROA | 17.3% | 15.7% | 13.9% | 16.7% | 15.3% | 13.0% | 15.8% | 1.1% | 4.8% | 5.3% | 4.5% | 8.9% | -5.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 141M | 169M | 154M | 136M | 163M | 178M | 253M | 56M | 200M | 265M | 249M | 270M | 248M |
| Free Cash Flow | -11M | 94M | 104M | 103M | 108M | 85M | 113M | -92M | 109M | 201M | 173M | 216M | 191M |
| Owner Earnings | 99M | 119M | 98M | 78M | 101M | 110M | 172M | -34M | 105M | 160M | 136M | 158M | 136M |
| CapEx | 152M | 74M | 50M | 33M | 55M | 93M | 140M | 148M | 91M | 64M | 76M | 55M | 57M |
| Maint. CapEx | 35M | 43M | 50M | 51M | 52M | 56M | 66M | 72M | 81M | 88M | 94M | 90M | 89M |
| Growth CapEx | 117M | 31M | 356K | 0 | 3.5M | 37M | 74M | 76M | 9.2M | 0 | 0 | 0 | 0 |
| D&A | 35M | 43M | 50M | 51M | 52M | 56M | 66M | 72M | 81M | 88M | 94M | 90M | 89M |
| CapEx/OCF | 107.5% | 44.0% | 32.4% | 24.3% | 33.9% | 52.3% | 55.2% | 262.7% | 45.3% | 24.2% | 30.6% | 20.2% | 23.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 7.9M | 136M | 165M | 145M | 88M | 0 | 0 | 0 | 0 | 93M | 239M | 202M | 176M |
| Buyback Yield | 0.2% | 4.9% | 7.6% | 6.2% | 3.1% | N/A | N/A | N/A | N/A | 2.2% | 6.7% | 9.4% | 9.4% |
| Stock-Based Comp | 6.9M | 6.7M | 6.1M | 6.3M | 10M | 12M | 15M | 19M | 14M | 17M | 19M | 22M | 22M |
| Debt Repayment | 53K | 54K | 58K | 60K | 78K | 378K | 1.3M | 1.6M | 1.7M | 1.6M | 1.9M | 1.7M | 1.7M |
| Balance Sheet | |||||||||||||
| Net Debt | -76M | -182M | -181M | -129M | -216M | -6.7M | -249M | 32M | -299M | -542M | -376M | -400M | -321M |
| Cash & Equiv. | 76M | 94M | 91M | 66M | 108M | 37M | 163M | 27M | 181M | 298M | 212M | 223M | 322M |
| Long-Term Debt | 528K | 471K | 411K | N/A | N/A | N/A | 2.6M | 1.5M | 524K | 1.5M | 936K | 8K | 8K |
| Debt/Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.08 | 0.07 | 0.07 | 0.05 | 0.04 | 0.04 | 0.05 | 0.00 |
| Interest Coverage | N/A | 1561.7 | N/A | N/A | 1158.8 | N/A | N/A | N/A | N/A | 1000.0 | 379.9 | N/A | N/A |
| Equity | 436M | 461M | 447M | 424M | 460M | 736M | 957M | 983M | 1.1B | 1.1B | 916M | 846M | 683M |
| Total Assets | 605M | 645M | 616M | 570M | 640M | 1.1B | 1.4B | 1.4B | 1.4B | 1.4B | 1.3B | 1.2B | 1.2B |
| Total Liabilities | 169M | 184M | 169M | 146M | 180M | 318M | 422M | 403M | 352M | 352M | 334M | 347M | 488M |
| Intangibles | N/A | N/A | N/A | N/A | 2.1M | 104M | 104M | 104M | 76M | 60M | 16M | 15M | 14M |
| Retained Earnings | 212M | 172M | 98M | 52M | 56M | 165M | 357M | 372M | 439M | 422M | 240M | 148M | -21M |
| Working Capital | 97M | 112M | 92M | 67M | 111M | 38M | 154M | 90M | 219M | 280M | 186M | 165M | -31M |
| Current Assets | 207M | 224M | 194M | 168M | 232M | 219M | 413M | 345M | 423M | 504M | 417M | 418M | 417M |
| Current Liabilities | 110M | 111M | 102M | 102M | 121M | 181M | 259M | 255M | 204M | 223M | 232M | 253M | 449M |
| Per Share Data | |||||||||||||
| EPS | 6.69 | 7.25 | 6.79 | 8.09 | 7.82 | 9.16 | 15.53 | 1.17 | 5.44 | 6.21 | 5.06 | 9.89 | -6.35 |
| Owner EPS | 7.31 | 8.78 | 7.66 | 6.40 | 8.56 | 9.13 | 13.95 | -2.77 | 8.46 | 13.03 | 11.52 | 14.40 | 13.02 |
| Book Value | 32.15 | 33.98 | 34.71 | 34.59 | 38.85 | 61.24 | 77.42 | 79.06 | 86.42 | 87.79 | 77.66 | 77.16 | 65.21 |
| Cash Flow/Share | 10.41 | 12.43 | 11.99 | 11.11 | 13.79 | 14.84 | 20.50 | 4.53 | 16.17 | 21.59 | 21.10 | 24.63 | 2.68 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 13.6M | 13.6M | 12.9M | 12.2M | 11.8M | 12.0M | 12.4M | 12.4M | 12.4M | 12.3M | 11.8M | 11.0M | 10.5M |
| Valuation | |||||||||||||
| P/E Ratio | 44.2 | 28.1 | 24.9 | 23.6 | 30.5 | 41.3 | 63.9 | 430.1 | 60.3 | 56.2 | 59.5 | 19.9 | -28.4 |
| P/FCF | N/A | 29.3 | 20.9 | 22.7 | 26.2 | 53.5 | 108.1 | N/A | 37.1 | 21.3 | 20.6 | 10.0 | 9.9 |
| EV/EBIT | 26.3 | 16.5 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 9.2 | 6.0 | 4.9 | 5.5 | 6.1 | 6.2 | 12.8 | 6.4 | 3.8 | 4.0 | 3.9 | 2.6 | 2.8 |
| Price/Sales | 3.5 | 3.5 | 2.4 | 2.2 | 3.0 | 3.3 | 4.6 | 5.1 | 2.2 | 2.1 | 1.8 | 1.2 | 1.0 |
| FCF Yield | -0.3% | 3.4% | 4.8% | 4.4% | 3.8% | 1.9% | 0.9% | -1.5% | 2.7% | 4.7% | 4.9% | 10.0% | 10.1% |
| Market Cap | 4.0B | 2.8B | 2.2B | 2.3B | 2.8B | 4.6B | 12.3B | 6.3B | 4.1B | 4.3B | 3.6B | 2.2B | 1.9B |
| Avg. Price | 232.69 | 247.32 | 171.33 | 155.31 | 251.94 | 339.76 | 647.86 | 840.30 | 370.65 | 341.59 | 299.98 | 223.73 | 180.15 |
| Year-End Price | 295.74 | 203.87 | 169.30 | 190.90 | 238.82 | 378.75 | 992.23 | 503.23 | 328.26 | 349.30 | 301.11 | 197.05 | 180.15 |
BOSTON BEER CO INC passes 3 of 9 quality checks, indicating weak fundamentals.
BOSTON BEER CO INC trades at 18.2x trailing earnings, compared to its 15-year median P/E of 41.3x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 7.0x vs a median of 22.0x. The company's 5-year average ROIC is 10.3% with a gross margin of 43.1%. Total shareholder yield (buybacks) is 9.4%. At current prices, the estimated annualized return to fair value is +22.5%.
BOSTON BEER CO INC (SAM) has a net profit margin of 5.5%. This is a modest margin.
BOSTON BEER CO INC (SAM) generated $216 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BOSTON BEER CO INC (SAM) has a debt-to-equity ratio of 0.05. This indicates a conservatively financed balance sheet.
BOSTON BEER CO INC (SAM) reported earnings per share (EPS) of $9.89 in its most recent fiscal year.
BOSTON BEER CO INC (SAM) has a return on equity (ROE) of 12.3%. This indicates moderate shareholder returns.
BOSTON BEER CO INC (SAM) has a 5-year average gross margin of 43.1%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for BOSTON BEER CO INC (SAM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BOSTON BEER CO INC (SAM) has a book value per share of $77.16, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects industry volume headwinds to continue into 2026 given a dynamic macroeconomic environment, tighter consumer budgets, and pressure on the Hispanic consumer, though Beyond beer is anticipated to continue outperforming traditional beer. The company is narrowing its 2026 volume guidance to down low single digits to down mid-single digits, reflecting year-to-date depletion trends and the expectation that the summer selling season will be a significant driver of full-year performance. Margin enhancement initiatives are expected to deliver continued gross margin improvement in 2026, albeit at a lower rate than 2025, with the company maintaining flexibility to adjust advertising spending if macroeconomic pressures intensify. The company plans incremental advertising investment weighted to the second and third quarters to support the summer selling season and expects strong distribution gains for Sun Cruiser while continuing to invest in Twisted Tea and hard seltzer innovation, including new package sizes and varieties.
Based on recent SEC filings and earnings calls, BOSTON BEER CO INC (SAM) has provided the following forward guidance: Volume: down low single digits to down mid-single digits (FY2026); Non-GAAP EPS: $8.50-$10.50 (FY2026); Gross Margin: 48%-50% (FY2026); Price increases: 1%-2% (FY2026); Tariff costs: $20 million-$30 million (FY2026), plus 4 additional metrics.
Gross Margin (FY2026): “We continue to expect full year 2026 reported gross margins to be between 48% and 50%”
Price increases (FY2026): “We continue to expect price increases of between 1% and 2%”
Tariff costs (FY2026): “2026 reflects a full-year tariff cost estimate of $20 million-$30 million, versus a partial year in 2025 of $11 million”
Advertising, promotional, and selling expenses increase (FY2026): “We continue to estimate that our investments in advertising, promotional, and selling expenses will increase between $20 million and $40 million”
Effective tax rate (FY2026): “We are estimating our full year 2026 non-GAAP effective tax rate to be approximately 29%-30%”
Capital expenditures (FY2026): “We expect capital expenditures of between $70 million-$90 million in 2026”
No recent press releases.