Boston Beer Co Inc key statistics and ratios

In fiscal 2025, Boston Beer Co Inc had return on equity of 12.3%, an operating margin of 7.4%, debt equal to 0.0% of equity and a current ratio of 1.65. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Boston Beer Co Inc: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
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%
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%
Return on equity	18.0%	29.6%	37.7%	27.7%	25.7%	24.6%	21.9%	19.2%	22.8%	21.0%	18.4%	22.7%	1.5%	6.6%	7.1%	6.0%	12.3%	−9.2%
Return on assets	—	19.4%	24.9%	18.8%	17.5%	17.3%	15.7%	13.9%	16.7%	15.3%	13.0%	15.8%	1.1%	4.8%	5.3%	4.5%	8.9%	−6.0%
Asset turnover	—	1.79	1.93	1.84	1.84	1.72	1.54	1.44	1.46	1.65	1.48	1.43	1.49	1.49	1.41	1.50	1.61	1.57
Current ratio	—	1.55	1.88	1.83	1.57	1.88	2.01	1.91	1.65	1.92	1.21	1.59	1.35	2.07	2.25	1.80	1.65	1.13
Debt to equity	0.0%	—	0.0%	0.3%	0.2%	0.1%	0.1%	0.1%	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Effective tax rate	42.8%	38.2%	36.2%	37.7%	37.5%	37.7%	36.5%	36.3%	14.7%	20.3%	23.8%	21.4%	—	26.4%	30.4%	31.9%	29.3%	—
Capital spending as % of revenue	4.1%	2.9%	3.8%	11.4%	13.6%	16.8%	7.7%	5.5%	3.8%	5.6%	7.5%	8.1%	7.2%	4.3%	3.2%	3.8%	2.8%	2.6%
Free cash flow ÷ net income	156.1%	108.1%	80.5%	49.3%	−1.0%	−11.7%	96.0%	119.4%	104.0%	116.5%	77.3%	59.1%	−629.6%	162.6%	263.7%	289.2%	198.8%	—
Dividends and buybacks ÷ free cash flow	14.6%	125.4%	118.2%	61.5%	—	—	143.6%	157.9%	140.4%	81.8%	—	—	—	—	46.2%	138.2%	93.9%	67.7%

US$ thousands unless shown otherwise. Fiscal quarters.

Boston Beer Co Inc: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	39.9%	48.3%	49.8%	50.8%	43.5%	49.3%	50.4%	51.7%
Operating margin	−13.9%	7.4%	14.0%	11.5%	−8.6%	−43.9%	12.5%	10.8%
Net margin	−9.6%	5.4%	10.3%	8.6%	−5.8%	−33.5%	9.1%	8.3%
Free-cash-flow margin	4.6%	−1.8%	19.1%	16.6%	5.7%	−7.5%	22.4%	13.1%
Current ratio	1.80	1.72	1.76	1.83	1.65	0.93	1.05	1.13

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Boston Beer Co Inc's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Boston Beer Co Inc.