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Boston Beer Co Inc (SAM) stock

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NYSE: SAM NYSE Beverages Next results ~January 21, 2027

B Fundamentals grade

Boston Beer Co Inc is a US-listed company in the beverages industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$290

Cash-flow model

Base case. Range ~$220–$380 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 31% above it.

Price used: $221.37, November 2, 2026

Boston Beer Co Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds154 adding, 194 cuttingOf 55 active managers that changed their stake, 36 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Boston Beer files

Where Boston Beer Co stands after its latest 10-Q

Revenue for the twelve months to September 2026 was $1.91bn, down 3.7% on a year earlier, a smaller fall than the 6.1% decline a quarter earlier. That puts it 9 of 9 for growth among the beverages companies we cover. Free-cash-flow margin held at 9.7%. Operating margin narrowed to -5.1% from 6.1%. The diluted share count is down 6.6% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $297 a share, against a share price of $199. At that price, our model says the market is pricing in cash flow shrinking about 5.6% a year for five years, slower than the -1.5% a year revenue growth it has delivered.

Source: 10-Q filed October 22, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 21, 2027 (estimated)

Boston Beer Co Inc's trailing-twelve-month revenue fell 3.7% year on year, with a free-cash-flow margin of 9.7%. Where it stands out: change in share count of -6.6% ranks 1 of 19 beverages companies we cover.

Our discounted-cash-flow model values the business at ~$290 per share in the base case (~$220–$380 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Operating margin compressing: TTM operating margin fell to -5.1%, down 11.2pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $221.37 is 31% below our value per share of $290.
  • Shrinking share count. Diluted shares fell 6.6% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.3bn.

Things to watch

  • Revenue shrinking. Revenue fell 3.7% over the last 12 months.
  • Loss-making. Operating margin is -5.1%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 11.2 points on a year ago.
  • Heavily shorted. 25.1% of the shares available to trade are sold short (6.0 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 22, 2026
Earnings per share
$4.37 against an average estimate of $4.21: beat by 3.8%
Revenue
$520m, down 3.2% on a year earlier
Share reaction
+11.3% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Next report
October 22, 2026; average EPS estimate -$0.50

Boston Beer's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+10.0%
  • 1 week+9.9%
  • 1 month+32.2%
  • This year+13.4%
  • 1 year+6.9%
  • 5 years-56.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.9B
Operating margin
-5.1%
Net margin
-3.8%
EPS (TTM, diluted)
$-7.02

Growth

Revenue growth
−3.7%
Change in growth rate
+2.3 pts
Share count change
−6.6%

Cash

Free cash flow (TTM)
$185M
FCF margin
9.7%
Stock pay % of revenue
1.2%

Earnings

Last results
October 22, 2026
Next results (est.)
January 21, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Leadership
  4. Announcement
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Boston Beer Co Inc valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 4.2% a year for five years.That is close to the -1.5% a year revenue growth Boston Beer has delivered.

  • Priced in-4.2%
  • Last 12 months-3.7%
  • 3 years a year-2.6%
  • 5 years a year-1.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($216.19, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$290
Price used
$216.19close November 3, 2026
Implied change
▲ +34%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Boston Beer Co Inc's free cash flow after stock-based pay with after-tax interest added back ($164M, FY2026 Q3 TTM), growing 0.7% and 1.2% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$220–~$380 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Boston Beer Co Inc's free cash flow after stock-based pay ( $164M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Boston Beer Co Inc as an operating company, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.44 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$290 ~$220–$380 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$160 ~$150–$240 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$36 ~$20–$67 Left out: out of range vs price (0.16x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$12 ~$9.7–$16 Left out: out of range vs price (0.05x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$250 ~$160–$290 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Boston Beer Co Inc with Beverages in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▼ −9%
  • Discount rate 1 point higher ▼ −13%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $262$345$456$600$789$1034
8.5% $208$268$347$451$586$759
10% $175$222$283$362$465$596

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$205.40$169.85$191.10$238.82$378.75$1014.93$524.87$329.52$345.59$301.11$197.05$221.37
Market value$2.8bn$2.2bn$2.3bn$2.8bn$4.5bn$12.5bn$6.5bn$4.1bn$4.2bn$3.5bn$2.2bn$2.3bn
+ Net debt (− = net cash)−$94m−$91m−$66m−$108m−$37m−$163m−$27m−$181m−$298m−$212m−$223m−$308m
Enterprise value$2.7bn$2.1bn$2.3bn$2.7bn$4.5bn$12.3bn$6.5bn$3.9bn$3.9bn$3.3bn$1.9bn$2.0bn
Multiples
Price / sales 2.9x2.4x2.7x2.8x3.6x7.2x3.2x1.9x2.1x1.8x1.1x1.2x
Price / earnings 28.2x24.9x23.5x30.2x41.0x64.9xn/m60.5x55.6x59.3x19.9x—
Price / free cash flow 29.4x20.8x22.6x26.0x53.1x109.9x—37.2x21.1x20.5x10.0x12.5x
EV / EBITDA 13.5x11.1x13.6x16.0x22.2x39.7x81.2x22.6x20.9x19.6x8.2x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

62 /100

Moderate moat

How hard Boston Beer's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 14 / 20

    Cash operating profit has been a median 11.2% of total assets over 10 years.

  • Pricing power 14 / 20

    Gross margin has been a median 47.4%, moving by 4.0 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 5.9%; its worst year was -5.1%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 9 of 10 years, at a median 8.8% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 16.0% over five years; stock-based pay has been a median 0.9% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $9.32 −6% $1.9bn −3%
Next $10.32 +11% $1.9bn −0%

Next year's EPS estimate has moved −1.8% in 90 days, across 14 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $4.21 $4.37 +3.8%
Jun 2026 $4.83 $3.65 −24.4%
Mar 2026 $1.97 $1.64 −16.8%
Dec 2025 −$2.51 −$2.12 +15.6%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Boston Beer Co Inc's revenue by +0.7% next year and +1.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+0.1%, weight 68%) and the company's own record (+2.0%, weight 32%) . How the weights are set.

Analyst recommendations

14 analysts, Oct 2026
Buy17%
Hold1179%
Sell214%

Monthly trend

  1. Oct 2026111214
  2. Sep 2026111113
  3. Aug 2026111113
  4. Jul 2026111214

Counts of recommendations published by analysts covering Boston Beer Co Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
25.1%
of tradable shares
Days to cover
6.01
at average volume
Short interest, 1 month
+12%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
9.5%
of shares
Employees
2,736
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +6.9%

$206.99 on October 31, 2025 to $221.37

ThenNowEffect
Revenue (last 12 months) $2.0bn $1.9bn −6.1%
P/S multiple 1.1x 1.2x +5.8%
Share count 11m 11m +7.6%

Biggest factor: share count. Loss-making at one end, so the split uses price/sales.

Last 3 years −34.5%

$338.13 on November 3, 2023 to $221.37

ThenNowEffect
Revenue (last 12 months) $2.1bn $1.9bn −6.4%
P/S multiple 2.0x 1.2x −40.1%
Share count 12m 11m +16.8%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SAM−49%−35%+5%−13%−35%+13%
Industry peers (median)+13%+1%−4%−11%−37%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SAM33%33%50%42%33%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SAM−67%−44%−28%−31%−38%−38%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 88% from April 20, 2021 to June 4, 2026. Getting back needed a 711% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$161.08 – $260.05
From 52-week high
−14.9%
vs 50-day average
+24.5%
vs 200-day average
+11.2%
Volatility (1 year)
38%
Beta vs S&P 500
-0.32

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±5.5%
After a week
5 up, 7 down
typical move ±5.6%
After a month
5 up, 6 down
typical move ±8.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 +11.3% −1.7% +9.2% —
July 23, 2026 +3.6% −1.1% +6.5% +6.9%
April 30, 2026 −9.4% +1.3% −14.2% −29.2%
February 24, 2026 −2.9% +1.6% +0.9% 0.0%
October 23, 2025 +5.9% +1.4% −5.8% −10.4%
July 24, 2025 +3.5% +0.5% −0.4% +7.6%
April 24, 2025 +1.0% +2.8% −0.2% −5.4%
February 25, 2025 +3.2% −0.4% +2.2% +1.7%
October 24, 2024 −1.8% +0.2% −3.5% +3.7%
July 25, 2024 +7.0% +0.6% +1.9% +3.7%
April 25, 2024 −3.4% +0.6% −4.9% −11.1%
February 27, 2024 −13.3% +0.1% −17.4% −14.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Boston Beer Co Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.29× the last 60 days’ realised volatility , richer than 73% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Boston Beer Co Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Boston Beer Co Inc
$1.9B $2B $2B $2.1B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2B Revenue (TTM), FY24 Q1: $2B Revenue (TTM), FY24 Q2: $2B Revenue (TTM), FY24 Q3: $2B Revenue (TTM), FY24 Q4: $2B Revenue (TTM), FY25 Q1: $2B Revenue (TTM), FY25 Q2: $2B Revenue (TTM), FY25 Q3: $2B Revenue (TTM), FY25 Q4: $2B Revenue (TTM), FY26 Q1: $1.9B Revenue (TTM), FY26 Q2: $1.9B Revenue (TTM), FY26 Q3: $1.9B $1.9B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2B
FY24 Q1 $2B
FY24 Q2 $2B
FY24 Q3 $2B
FY24 Q4 $2B
FY25 Q1 $2B
FY25 Q2 $2B
FY25 Q3 $2B
FY25 Q4 $2B
FY26 Q1 $1.9B
FY26 Q2 $1.9B
FY26 Q3 $1.9B
Revenue growth, TTM YoY Boston Beer Co Inc
-10% -5% 0% 5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -3.9% Revenue growth, TTM YoY, FY24 Q1: -2.2% Revenue growth, TTM YoY, FY24 Q2: -2.8% Revenue growth, TTM YoY, FY24 Q3: -2.8% Revenue growth, TTM YoY, FY24 Q4: 0.2% Revenue growth, TTM YoY, FY25 Q1: 0.8% Revenue growth, TTM YoY, FY25 Q2: 2.5% Revenue growth, TTM YoY, FY25 Q3: -1.1% Revenue growth, TTM YoY, FY25 Q4: -2.4% Revenue growth, TTM YoY, FY26 Q1: -4.7% Revenue growth, TTM YoY, FY26 Q2: -6.1% Revenue growth, TTM YoY, FY26 Q3: -3.7% -3.7%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -3.9%
FY24 Q1 -2.2%
FY24 Q2 -2.8%
FY24 Q3 -2.8%
FY24 Q4 0.2%
FY25 Q1 0.8%
FY25 Q2 2.5%
FY25 Q3 -1.1%
FY25 Q4 -2.4%
FY26 Q1 -4.7%
FY26 Q2 -6.1%
FY26 Q3 -3.7%
Operating margin (TTM) Boston Beer Co Inc
-10% -5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 5.0% Operating margin (TTM), FY24 Q1: 6.4% Operating margin (TTM), FY24 Q2: 6.1% Operating margin (TTM), FY24 Q3: 5.3% Operating margin (TTM), FY24 Q4: 3.8% Operating margin (TTM), FY25 Q1: 4.6% Operating margin (TTM), FY25 Q2: 5.2% Operating margin (TTM), FY25 Q3: 6.1% Operating margin (TTM), FY25 Q4: 7.4% Operating margin (TTM), FY26 Q1: -4.1% Operating margin (TTM), FY26 Q2: -4.7% Operating margin (TTM), FY26 Q3: -5.1% -5.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 5.0%
FY24 Q1 6.4%
FY24 Q2 6.1%
FY24 Q3 5.3%
FY24 Q4 3.8%
FY25 Q1 4.6%
FY25 Q2 5.2%
FY25 Q3 6.1%
FY25 Q4 7.4%
FY26 Q1 -4.1%
FY26 Q2 -4.7%
FY26 Q3 -5.1%
FCF margin (TTM) Boston Beer Co Inc
8% 9% 10% 11% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 10.0% FCF margin (TTM), FY24 Q1: 10.6% FCF margin (TTM), FY24 Q2: 9.5% FCF margin (TTM), FY24 Q3: 8.6% FCF margin (TTM), FY24 Q4: 8.6% FCF margin (TTM), FY25 Q1: 9.1% FCF margin (TTM), FY25 Q2: 10.8% FCF margin (TTM), FY25 Q3: 10.7% FCF margin (TTM), FY25 Q4: 11.0% FCF margin (TTM), FY26 Q1: 9.8% FCF margin (TTM), FY26 Q2: 10.7% FCF margin (TTM), FY26 Q3: 9.7% 9.7%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 10.0%
FY24 Q1 10.6%
FY24 Q2 9.5%
FY24 Q3 8.6%
FY24 Q4 8.6%
FY25 Q1 9.1%
FY25 Q2 10.8%
FY25 Q3 10.7%
FY25 Q4 11.0%
FY26 Q1 9.8%
FY26 Q2 10.7%
FY26 Q3 9.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Boston Beer took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $2B
  2. Cost of revenue $1B · 51.5%
  3. Gross profit $953M · 48.5%
  4. Selling, general and admin $801M · 40.8%
  5. Operating income $145M · 7.4%
  6. Income tax $45M · 2.3%
  7. Net income $108M · 5.5%

Shares of revenue. Source: Boston Beer's 10-K for FY2025, as filed with the SEC.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 415 464 513 580 739 903 960 906 863 996 1,250 1,736 2,058 2,090 2,009 2,013 1,965 1,908
Gross profit 214 256 285 315 385 465 502 460 450 512 614 814 798 862 852 894 953 937
EBITDA 71 99 122 116 139 182 199 187 167 168 201 310 80 172 188 170 235 −10
Operating income 54 81 104 96 113 147 156 138 116 116 145 244 8 91 100 76 145 −96
Net income 31 50 66 59 70 91 98 87 99 93 110 192 15 67 76 60 108 −73
Diluted EPS $2.17 $3.52 $4.81 $4.39 $5.18 $6.69 $7.25 $6.79 $8.09 $7.82 $9.16 $15.53 $1.17 $5.44 $6.21 $5.06 $9.89 −$7.02
Growth (year on year)
Revenue — +11.7% +10.6% +13.1% +27.4% +22.2% +6.3% −5.6% −4.8% +15.4% +25.5% +38.9% +18.5% +1.6% −3.9% +0.2% −2.4% −3.7%
EBITDA — +38.5% +24.2% −5.4% +20.0% +30.7% +9.6% −5.9% −10.8% +0.5% +19.9% +54.0% −74.2% +114.9% +9.3% −9.7% +38.5% −104.8%
Operating income — +49.6% +27.7% −7.8% +18.3% +29.6% +6.6% −11.9% −16.0% +0.2% +25.1% +68.5% −96.7% — +10.1% −24.0% +90.7% −179.1%
Net income — +61.1% +31.7% −10.0% +18.4% +28.9% +8.5% −11.2% +13.4% −6.4% +18.8% +74.4% −92.4% — +13.4% −21.7% +81.7% −179.2%
Diluted EPS — +62.2% +36.6% −8.7% +18.0% +29.2% +8.4% −6.3% +19.1% −3.3% +17.1% +69.5% −92.5% — +14.2% −18.5% +95.5% −184.8%
Margins
Gross margin 51.5% 55.3% 55.5% 54.3% 52.1% 51.5% 52.3% 50.7% 52.1% 51.4% 49.1% 46.9% 38.8% 41.2% 42.4% 44.4% 48.5% 49.1%
EBITDA margin 17.2% 21.3% 23.9% 20.0% 18.8% 20.1% 20.7% 20.7% 19.3% 16.9% 16.1% 17.8% 3.9% 8.2% 9.4% 8.4% 12.0% −0.5%
Operating margin 13.1% 17.5% 20.2% 16.5% 15.3% 16.2% 16.3% 15.2% 13.4% 11.6% 11.6% 14.1% 0.4% 4.3% 5.0% 3.8% 7.4% −5.1%
Net margin 7.5% 10.8% 12.9% 10.2% 9.5% 10.0% 10.3% 9.6% 11.5% 9.3% 8.8% 11.1% 0.7% 3.2% 3.8% 3.0% 5.5% −3.8%
Free-cash-flow margin 11.7% 11.7% 10.4% 5.1% −0.1% −1.2% 9.8% 11.5% 11.9% 10.8% 6.8% 6.5% −4.5% 5.2% 10.0% 8.6% 11.0% 9.7%
Cash flow
Cash from operations 66 68 73 95 100 141 169 154 136 163 178 253 56 200 265 249 270 234
Capital spending 17 14 20 66 101 152 74 50 33 55 93 140 148 91 64 76 55 49
Free cash flow 49 54 53 29 −1 −11 94 104 103 108 85 113 −92 109 201 173 216 185
Stock-based pay 4 3 6 7 7 7 7 6 6 10 12 15 19 14 17 19 22 22
Free cash flow after stock pay 44 51 47 23 −8 −17 88 98 97 98 73 98 −110 95 184 154 194 163
Balance sheet
Cash 55 49 49 74 50 76 94 91 66 108 37 163 27 181 298 212 223 308
Total debt 0 — 0 1 1 1 1 0 — 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −55 −49 −49 −74 −49 −76 −94 −91 −66 −108 −37 −163 −27 −181 −298 −212 −223 −308
Diluted shares 14m 14m 14m 13m 14m 13m 14m 13m 12m 12m 12m 12m 12m 12m 12m 12m 11m 10m
Returned to shareholders
Buybacks 7 68 63 18 30 8 136 165 145 88 — — — — 93 239 202 125
Total returned 7 68 63 18 30 8 136 165 145 88 — — — — 93 239 202 125

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · September 26, 2026
What it owns · $1.2bn
Short-term assets $516mLonger-term assets $723m
What it owes, and who funded it · $1.2bn
Short-term liabilities $456mLonger-term liabilities $47mShareholders' equity $736m
  • Short-term assets cover short-term liabilities $516m of assets due within a year against $456m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $516m short-term assets against $47m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Boston Beer Co Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$125M
Returned to shareholders
68%
of free cash flow
Buybacks, last 3 fiscal years
$534M
Diluted share count
−6.6%
year over year
Total shareholder yield
5.5%
dividends 0.0% + buybacks 5.5% of market value
Days sales outstanding
16 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in beverages
Last 12 months unless stated SAM WEST CELH FIZZ COCO SNDL Median
Revenue, last 12 months $1.9bn $1.3bn $3.0bn $1.2bn $768m $678m $723m
Revenue growth, last 12 months −3.7% 38.6% 82.9% −1.8% 26.0% 0.8% 6.6%
Revenue growth, 3-year average −2.6% 13.8% 47.4% 0.0% 17.0% — 4.3%
Revenue growth, latest quarter −3.2% 8.8% 10.6% 0.0% 33.7% — 6.4%
Gross margin 49.1% 12.5% 48.8% 36.2% 41.0% 27.3% 42.6%
Operating margin −5.1% −1.2% 5.3% 18.4% 19.9% −0.7% −0.9%
Operating margin, 3-year average 2.1% −3.7% 12.7% 19.0% 15.9% — 11.9%
Net margin −3.8% −4.9% 4.2% 14.8% 15.7% −1.7% −1.6%
Cash from operations / revenue 12.3% 1.9% 16.7% 15.8% 19.3% 7.5% 9.9%
Free-cash-flow margin 9.7% −1.2% 15.2% 13.7% 18.8% 6.1% 9.0%
Free-cash-flow margin, 3-year average 9.7% −15.8% 14.8% 13.7% 14.0% — 8.8%
Stock pay / revenue 1.2% 0.7% 1.1% 0.0% 1.8% 1.5% 1.2%
Change in share count −6.6% 4.1% 6.9% −0.0% 1.2% −2.3% 0.0%

Median of all 26 companies we cover in beverages. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

26 beverages companies
Measure Company Peer median Rank
Revenue growth Growth -3.7% 6.9% 19 of 26
Change in growth rate Growth +2.3pp +0.6pp 4 of 26
Gross margin Profitability 49.1% 44.2% 10 of 26
Operating margin Profitability -5.1% -0.7% 16 of 26
Net margin Profitability -3.8% -1.5% 15 of 26
Free-cash-flow margin Cash generation 9.7% 9.6% 11 of 24
Stock pay as % of revenue Cash generation 1.2% 1.2% 12 of 23
Change in share count Balance sheet -6.6% 0.0% 1 of 19
Days sales outstanding Balance sheet 16 days 33 days 4 of 21

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$1.5B
Institutions reporting
331
Shares held vs prior quarter
▲ 10.6%
Positions opened / closed
43 / 80

Top buyers and sellers, Q2 2026: 154 institutions bought and 194 sold ; the biggest buyer was Blackrock, Inc (+245K shares) and the biggest seller Gotham Asset Management, LLC (−167K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $180M 1.0M 11.7% ▲ 31.8%
Vanguard Portfolio Management LLC $108M 609K 7.0% ▼ 4.0%
AQR Capital Management LLC $95.6M 540K 6.2% ▼ 17.2%
UBS Group AG $76.9M 435K 5.0% ▲ 98.8%
American Century Companies Inc $68.2M 385K 4.5% ▲ 33.8%
Vanguard Capital Management LLC $61.2M 346K 4.0% ▲ 1.4%
Arrowstreet Capital, Limited Partnership $56.8M 321K 3.7% ▲ 30.9%
Dimensional Fund Advisors LP $56.8M 321K 3.7% ▲ 17.3%
State Street Corp $55.8M 315K 3.6% ▲ 23.3%
Millennium Management LLC $50.2M 284K 3.3% ▲ 193.4%
Global Alpha Capital Management Ltd. $47.4M 268K 3.1% ▲ 81.4%
Geode Capital Management, LLC $36.4M 205K 2.4% ▲ 44.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Boston Beer Co Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $642,036 2 trades by 1 insider · 0% under pre-set plans
Net ▼ $642,036 net selling
Insider Date Trade Shares Price Value
Spillane Michael Director November 4, 2025 Sell 1,968 $206.15 $405,703
Spillane Michael Director November 4, 2025 Sell 1,152 $205.15 $236,333

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Boston Beer Co Inc disclosed in the last 12 months; 3 earlier trades on record.

  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded July 27, 2021, filed August 9, 2021
  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded February 16, 2021, filed March 10, 2021
  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded August 13, 2020, filed September 20, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 21, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 23, 2026
  • April 30, 2026
  • February 24, 2026
  • October 23, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on Boston Beer Co Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Boston Beer Co Inc in brief

What does Boston Beer Co Inc do?
Boston Beer Co Inc is a US-listed company in the beverages industry. Its financial year ends in December.
What is Boston Beer Co Inc's stock ticker?
Boston Beer Co Inc trades under the ticker SAM on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Boston Beer Co Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Boston Beer Co Inc reported revenue of $1.9B, 3.7% lower than a year earlier, according to its SEC filings.
What is Boston Beer Co Inc's free cash flow?
Boston Beer Co Inc's free-cash-flow margin is 9.7% of revenue over the trailing twelve months, ranking 11 of the 24 beverages companies we cover.
What is Boston Beer Co Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Boston Beer Co Inc's free cash flow after stock-based pay gives ~$290 per share in the base case, and ~$220–$380 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Boston Beer Co Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and AQR Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Boston Beer Co Inc buying back stock, and does it pay a dividend?
Boston Beer Co Inc spent $125M on share repurchases over the trailing twelve months, and its diluted share count fell 6.6% over the year.
What is Boston Beer Co Inc's market cap?
On November 2, 2026, Boston Beer Co Inc's market capitalisation was about $2.3B and net debt of -$308M. Market figures come from third-party market data and may be delayed.
Who are Boston Beer Co Inc's competitors?
In our Beverages peer group, the companies closest to Boston Beer Co Inc are Westrock Coffee Co, Celsius Holdings, Inc., National Beverage Corp, Vita Coco Company, Inc. and Sndl Inc. The side-by-side comparison below sets their revenue, margins and growth against Boston Beer Co Inc's.
Are insiders buying or selling Boston Beer Co Inc stock?
Over the last 12 months, Boston Beer Co Inc's directors and officers reported 0 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Boston Beer Co Inc's next earnings date?
Around January 21, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Boston Beer Co Inc announces its own schedule.