The Boston Beer Company, Inc. SAM

Consumer StaplesBeveragesUnited States of America

Last close 198.47 USD on Nov 1, 2026, +3.2% year to date

Quant rating

Quant rating B Rank 44 of 124 in Consumer Staples

Growth B 36 of 124
Valuation C 68 of 124
Quality C 58 of 124
Revisions B 35 of 124
Momentum C 65 of 124

Wall Street consensus Hold (3.07)Average target 198.39 USD 0.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.0B
Enterprise value: 1.7B
52-week range: 158.80 – 263.82
3-year range: 158.80 – 370.06
Dividend yield: –
Beta (5 years): 0.85
Shares outstanding: 10.2M
Next earnings: Feb 22, 2027

About the company

The Boston Beer Company, Inc. is engaged in the business of selling alcohol beverages throughout the United States and in selected international markets, under various trade names. The trade names include The Boston Beer Company, Twisted Tea Brewing Company, Hard Seltzer Beverage Company, Angry Orchard Cider Company, Dogfish Hea Craft Brewery, Dogfish Head Distilling Co., Angel City Brewing Company, Coney Island Brewing Company, Green Rebel Brewing Co., TeaPot Worldwide, Sun Cruiser Beverage Co., American Fermentation Company LLC, and Sinless Spirits Company. It produces alcohol beverages, including flavored malt beverages, hard seltzer, beer, hard cider, spirits-based ready-to-drink beverages (spirits RTDs) and distilled spirits at Company-owned breweries and its cidery and under contract arrangements at other production facilities. The four primary Company-owned breweries are focused on production and research and development. The Company sells its beverages in various packages.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,965	2,013	2,009	2,090	2,058	–
Revenue growth	−2.4%	0.2%	−3.9%	1.6%	18.5%	2.5%
EPS (basic, normalized)	9.89	9.43	6.21	5.44	1.17	–
EPS growth	4.9%	51.9%	14.2%	365.0%	–	–
Gross margin	48.5%	44.4%	42.4%	41.2%	38.8%	43.1%
Net margin	5.5%	3.0%	3.8%	3.2%	0.7%	3.2%
ROE	12.3%	6.0%	7.1%	6.6%	1.5%	6.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	308
Current ratio	1.13x
Long-term debt (mil)	0
Net debt (mil)	−308
Total equity (mil)	736
Net debt / equity	−0.42x
Net debt / EBITDA	−1.31x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,965	−2.4%	0.9x	235	−1.8%	7.4x	9.89	+4.9%	20.1x
2026	1,915	−2.6%	0.9x	200	−15.1%	8.7x	9.31	−5.8%	21.3x
2027	1,909	−0.3%	0.9x	223	+11.6%	7.8x	10.34	+11.0%	19.2x
2028	1,915	+0.3%	0.9x	226	+1.5%	7.7x	11.02	+6.6%	18.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,915	−0.1%	+0.2%	−2.0%	9.31	+4.6%	+4.2%	−4.3%
2027	1,909	−0.5%	+0.2%	−3.7%	10.34	+1.0%	+0.7%	−7.7%
2028	1,915	−0.6%	−0.4%	−4.4%	11.02	−0.4%	−0.8%	−11.5%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	426	579	605	402	454	588	537	386	462	568
Sales mean (mil)	413	597	601	389	434	590	542	381	436	567
Surprise	+3.1%	−3.1%	+0.7%	+3.4%	+4.5%	−0.3%	−0.8%	+1.1%	+5.9%	+0.2%
EPS reported	1.04	4.39	5.35	−1.68	2.16	5.45	4.25	−2.12	1.64	3.65
EPS mean	−0.01	5.02	4.98	−1.31	0.55	3.83	3.36	−2.58	1.97	4.83
Surprise	−12,137.0%	−12.5%	+7.4%	−28.6%	+296.0%	+42.1%	+26.4%	+18.0%	−16.7%	−24.4%

Peer comparison Beverages

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SAM The Boston Beer Company, Inc.	2.0B	−1.31x	5.5%	2.78x	21.3x	19.2x	8.7x	7.8x
KO Coca-Cola Co	404.7B	1.69x	27.3%	10.83x	28.1x	26.6x	24.7x	23.7x
PEP PepsiCo, Inc.	187.2B	2.22x	8.8%	8.40x	16.3x	16.0x	12.0x	11.7x
MNST Monster Beverage Corporation	92.6B	–	23.0%	9.90x	41.0x	36.0x	29.6x	26.4x
ABEV Ambev SA	42.0B	−0.68x	17.6%	2.45x	14.0x	13.4x	6.7x	6.3x
DGE Diageo PLC	52.3B	–	8.8%	4.81x	14.1x	13.3x	11.7x	11.1x
Mean		0.48x	15.2%	6.53x	22.5x	20.8x	15.5x	14.5x
Median		0.50x	13.2%	6.61x	18.8x	17.6x	11.8x	11.4x

Technical analysis

1M+21.7%
3M+8.4%
1Y−9.6%
3Y−37.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, The Boston Beer Company, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,965	2,013	2,009	2,090	2,058	1,736
Cost of revenue	1,012	1,119	1,156	1,228	1,260	914
Gross profit	953	894	852	862	798	823
Selling, general & administrative expenses	801	742	731	736	741	566
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	7.0	75.8	21.8	35.3	49.2	12.7
Other operating expenses	0	0	0	0	0	0
Operating income	145	76.0	100	90.8	8.0	244
Net interest income (expense)	9.9	13.2	11.0	2.6	−0.1	−0.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.4	−1.6	−1.4	−1.9	−1.0	0.2
Net income before taxes	153	87.6	110	91.4	6.9	244
Provision for taxes	45.0	27.9	33.3	24.2	−7.6	64.2
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	108	59.7	76.2	67.3	14.6	180
Extraordinary items	–	–	–	–	–	11.9
Net income	108	59.7	76.2	67.3	14.6	192
EBIT, normalized	152	152	122	126	57.2	261
EBITDA, normalized	242	246	210	207	129	327
Basic EPS, normalized	9.89	9.43	6.21	5.44	1.17	–

Balance sheet in millions of USD, fiscal years

Balance sheet, The Boston Beer Company, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	223	212	298	181	26.9	163
Receivables	81.4	68.1	68.7	66.8	108	88.8
Total inventory	92.5	117	116	148	149	131
Prepaid expenses	17.5	17.3	15.9	16.9	19.5	24.4
Other current assets	2.8	2.9	4.7	10.5	41.5	5.8
Total current assets	418	417	504	423	345	413
Property, plant & equipment	608	644	678	712	718	682
Goodwill	113	113	113	113	113	113
Intangibles	14.8	16.4	59.6	76.3	104	104
Long-term investments	–	–	–	–	–	–
Note receivable	11.2	16.7	–	–	–	–
Other long-term assets	29.2	42.9	76.2	97.0	108	67.6
Total assets	1,194	1,250	1,430	1,421	1,387	1,379
Liabilities
Accounts payable	95.0	87.3	87.2	84.2	85.9	122
Payable/accrued	–	–	–	–	–	–
Accrued expenses	123	108	106	91.9	139	89.5
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1.1	1.9	1.3	0.9	1.6	1.5
Other current liabilities	33.1	34.0	29.1	27.2	28.9	46.8
Total current liabilities	253	232	223	204	255	259
Long-term debt	0	0.9	1.5	0.5	1.5	2.6
Minority interest	–	–	–	–	–	–
Other liabilities	94.8	101	127	147	147	160
Total liabilities	347	334	352	352	403	422
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	699	676	656	630	612	600
Retained earnings (accumulated deficit)	148	240	422	439	372	357
Treasury stock	–	–	–	–	–	–
Other equity	−0.4	−0.7	−0.1	−0.2	−0.2	−0.3
Total equity	846	916	1,078	1,069	983	957
Total liabilities & shareholders' equity	1,194	1,250	1,430	1,421	1,387	1,379

Cash flow statement in millions of USD, fiscal years

Cash flow statement, The Boston Beer Company, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	108	59.7	76.2	67.3	14.6	192
Depreciation, depletion & amortization	90.4	94.0	88.1	81.4	72.1	65.7
Deferred taxes	−1.0	−19.9	−10.9	9.1	−5.2	17.7
Non-cash items	25.2	76.2	46.7	51.9	44.7	27.0
Changes in working capital	47.0	38.9	64.9	−9.7	−69.9	−48.8
Cash from operations	270	249	265	200	56.3	253
Investing activities
Capital expenditures	−54.6	−76.3	−64.1	−90.6	−148	−140
Other investing cash flows	0	−20.0	1.7	2.1	1.3	0.9
Cash from investing	−54.5	−96.3	−62.4	−88.5	−147	−139
Financing activities
Financing cash flow items	−2.4	−2.4	−2.1	−3.5	−15.5	−1.7
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−202	−237	−82.7	6.3	8.9	14.0
Cash from financing	−204	−239	−84.8	2.8	−6.6	12.3
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	11.6	−86.7	118	114	−97.0	127
Free cash flow	216	173	201	109	−91.6	113

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.