Tearsheet

Boston Beer (SAM)

Market Price (12/24/2025): $194.36 | Market Cap: $2.1 Bil
Sector: Consumer Staples | Industry: Brewers

Boston Beer (SAM)

Market Price (12/24/2025): $194.36
Market Cap: $2.1 Bil
Sector: Consumer Staples
Industry: Brewers

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%	Weak multi-year price returns 2Y Excs Rtn is -90%, 3Y Excs Rtn is -123%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1%, Rev Chg QQuarterly Revenue Change % is -11%
1	Attractive yield FCF Yield is 10%		Key risks SAM key risks include [1] declining volumes in its key Truly and Samuel Adams brands amid shifting consumer preferences, Show more.
2	Low stock price volatility Vol 12M is 33%
3	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization, Health & Wellness Trends, and Adult Beverage Innovation. Themes include Craft & Premium Alcoholic Beverages, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%
1	Attractive yield FCF Yield is 10%
2	Low stock price volatility Vol 12M is 33%
3	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization, Health & Wellness Trends, and Adult Beverage Innovation. Themes include Craft & Premium Alcoholic Beverages, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -90%, 3Y Excs Rtn is -123%
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1%, Rev Chg QQuarterly Revenue Change % is -11%
6	Key risks SAM key risks include [1] declining volumes in its key Truly and Samuel Adams brands amid shifting consumer preferences, Show more.

Valuation, Metrics & Events

	12/24/25	2024	2023	2022	2021
Share Price CYE	$194.36	$299.98	$345.59	$329.52	$505.10
Market Cap CYE ($ Bil)	2.1	3.4	4.2	4.1	6.2
Total Debt ($ Bil)	0.0	0.0	0.0	0.1	0.1
Total Cash ($ Bil)	0.3	0.2	0.3	0.2	0.0
Enterprise Value ($ Bil)	1.9	3.4	4.2	4.2	6.3
Valuation Ratios
P/S TTM	1.1	1.8	2.1	1.9	3.0
P/EBIT TTM	13.4	23.3	34.7	32.2	108.5
P/E TTM	22.9	59.2	55.5	60.3	426.2
P/FCF TTM	10.0	20.5	21.0	37.1	-67.7
Sector Ratios
P/S TTM (Sector)	0.8	1.0	1.0	0.9	1.6
P/EBIT TTM (Sector)	8.5	9.9	10.9	10.9	12.5
P/E TTM (Sector)	12.7	14.5	16.0	14.3	16.4
P/FCF TTM (Sector)	11.4	14.9	12.0	12.1	13.9

	12/24/25	2024	2023
Share Price CYE	$194.36	$299.98	$345.59
Market Cap CYE ($ Bil)	2.1	3.4	4.2
Total Debt ($ Bil)	0.0	0.0	0.0
Total Cash ($ Bil)	0.3	0.2	0.3
Enterprise Value ($ Bil)	1.9	3.4	4.2
Valuation Ratios
P/S TTM	1.1	1.8	2.1
P/EBIT TTM	13.4	23.3	34.7
P/E TTM	22.9	59.2	55.5
P/FCF TTM	10.0	20.5	21.0
Sector Ratios
P/S TTM (Sector)	0.8	1.0	1.0
P/EBIT TTM (Sector)	8.5	9.9	10.9
P/E TTM (Sector)	12.7	14.5	16.0
P/FCF TTM (Sector)	11.4	14.9	12.0

	SAM	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	2.0
Rev Chg Q	-11.2%	7.3%
Rev Chg LTM	-1.1%	6.1%
Rev Chg 3Y Avg	-0.1%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	8.0%	18.8%
CFO/Rev LTM	13.7%	20.4%
Net Inc Mgn	4.7%	13.1%
VALUATION	LOW
P/S	1.1	3.2
P/CFO	7.8	15.7
P/FCF	10.0	20.6
P/E	22.9	23.5
STABILITY	VERY GOOD
Debt/Equity	0.02	0.21
Cash/Assets	0.20	0.07

AI Analysis | Feedback

Metric	Value	Date	Source
Depletions (Year-to-Date)	-3%	9272025	Link
Shipment Volume (Quarterly)	1.9 million barrels	9272025	Link
Market Share of Beyond Beer Segment	21%	12282024	Link
Percentage of Volume in Beyond Beer	approximately 85%	12282024	Link
Percentage of Volume Packaged in Cans	approximately 79%	12282024	Link
Percentage of In-House Production Volume (Domestic)	90%	9272025	Link
Combined Dollar Sales Growth of Non-Alcoholic Beers (Samuel Adams)	27%	12282024	Link
Number of Salespeople	over 475	12282024	Link
Number of Pints Sold in Taprooms	2.6 million	12312023	Link
Number of Employees	2537	12312024	Link

Upcoming
2/24/2026	Earnings Release	Rev: - EPS: -
4/22/2026	Earnings Release	Rev: - EPS: -

SAM Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Here are the key points for the movement of Boston Beer (SAM) stock for the approximate time period from August 31, 2025, to December 24, 2025: 1. Deteriorating Financial Performance in Q3 2025: Boston Beer reported a significant decrease in depletions by 3% and shipments by 13.7% in its third-quarter 2025 financial results, announced on October 23, 2025. Net revenue also declined by 11.2% year-over-year. While gross margin improved, net income, when excluding a prior-year brand impairment charge, saw a 26.3% decline, indicating underlying operational challenges.

2. Weakening Demand and Brand Performance: The company faced lower volumes for key brands such as Truly Hard Seltzer, Twisted Tea, and Samuel Adams during Q3 2025. Management cited continued macroeconomic uncertainty, pressure on lower-income consumers, and increased competition, including from hemp-derived beverages, as factors impacting demand and shelf space.

Show more Here are the key points for the movement of Boston Beer (SAM) stock for the approximate time period from August 31, 2025, to December 24, 2025: 1. Deteriorating Financial Performance in Q3 2025: Boston Beer reported a significant decrease in depletions by 3% and shipments by 13.7% in its third-quarter 2025 financial results, announced on October 23, 2025. Net revenue also declined by 11.2% year-over-year. While gross margin improved, net income, when excluding a prior-year brand impairment charge, saw a 26.3% decline, indicating underlying operational challenges.

2. Weakening Demand and Brand Performance: The company faced lower volumes for key brands such as Truly Hard Seltzer, Twisted Tea, and Samuel Adams during Q3 2025. Management cited continued macroeconomic uncertainty, pressure on lower-income consumers, and increased competition, including from hemp-derived beverages, as factors impacting demand and shelf space.

3. Negative Analyst Sentiment and Bearish Forecasts: Around December 2025, analyst consensus for SAM was predominantly "Hold" or "Reduce," with some forecasting a continued decline. For instance, CoinCodex, as of December 21, 2025, predicted a further drop of nearly 14% by mid-January 2026, while Intellectia AI, as of December 16, 2025, identified SAM as a "Strong Sell" candidate with a projected 10.51% decline over the next month based on chart analysis.

4. Increased Operating Expenses and Margin Pressures: Despite an expanded gross margin in Q3 2025, Boston Beer significantly increased its advertising, promotional, and selling expenses. Additionally, the company projected that shortfall fees and production prepayments would negatively impact gross margins for the full year 2025, contributing to cost pressures.

5. Anticipated Seasonal Weakness and Industry Headwinds: Management noted that the fourth quarter is seasonally the smallest revenue quarter with the lowest absolute gross margin rate of the year. The company also acknowledged ongoing industry headwinds which, combined with the volume and macroeconomic challenges, contributed to a cautious outlook for the near term. Show less

Stock Movement Drivers

Fundamental Drivers

The -10.0% change in SAM stock from 9/23/2025 to 12/23/2025 was primarily driven by a -23.9% change in the company's P/E Multiple.

	9232025	12232025	Change
Stock Price ($)	215.99	194.48	-9.96%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2049.59	1981.61	-3.32%
Net Income Margin (%)	3.88%	4.66%	19.86%
P/E Multiple	30.09	22.89	-23.94%
Shares Outstanding (Mil)	11.09	10.86	2.12%
Cumulative Contribution			-10.00%

LTM = Last Twelve Months as of date shown

Market Drivers

9/23/2025 to 12/23/2025

	Return	Correlation
SAM	-10.0%
Market (SPY)	3.7%	24.6%
Sector (XLP)	-1.1%	36.3%

Fundamental Drivers

The -1.2% change in SAM stock from 6/24/2025 to 12/23/2025 was primarily driven by a -26.3% change in the company's P/E Multiple.

	6242025	12232025	Change
Stock Price ($)	196.79	194.48	-1.17%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2040.74	1981.61	-2.90%
Net Income Margin (%)	3.50%	4.66%	32.85%
P/E Multiple	31.03	22.89	-26.26%
Shares Outstanding (Mil)	11.28	10.86	3.74%
Cumulative Contribution			-1.31%

LTM = Last Twelve Months as of date shown

Market Drivers

6/24/2025 to 12/23/2025

	Return	Correlation
SAM	-1.2%
Market (SPY)	13.7%	23.5%
Sector (XLP)	-4.0%	49.6%

Fundamental Drivers

The -34.2% change in SAM stock from 12/23/2024 to 12/23/2025 was primarily driven by a -46.7% change in the company's P/E Multiple.

	12232024	12232025	Change
Stock Price ($)	295.34	194.48	-34.15%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2004.35	1981.61	-1.13%
Net Income Margin (%)	4.01%	4.66%	16.16%
P/E Multiple	42.95	22.89	-46.72%
Shares Outstanding (Mil)	11.68	10.86	7.08%
Cumulative Contribution			-34.48%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2024 to 12/23/2025

	Return	Correlation
SAM	-34.2%
Market (SPY)	16.7%	26.0%
Sector (XLP)	0.1%	42.6%

Fundamental Drivers

The -42.1% change in SAM stock from 12/24/2022 to 12/23/2025 was primarily driven by a -85.1% change in the company's P/E Multiple.

	12242022	12232025	Change
Stock Price ($)	336.02	194.48	-42.12%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1990.90	1981.61	-0.47%
Net Income Margin (%)	1.35%	4.66%	244.59%
P/E Multiple	153.94	22.89	-85.13%
Shares Outstanding (Mil)	12.32	10.86	11.90%
Cumulative Contribution			-42.94%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2023 to 12/23/2025

	Return	Correlation
SAM	-44.4%
Market (SPY)	48.4%	22.3%
Sector (XLP)	14.0%	35.6%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
SAM Return	163%	-49%	-35%	5%	-13%	-34%	-47%
Peers Return	14%	12%	4%	7%	-6%	-2%	32%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	114%
Monthly Win Rates [3]
SAM Win Rate	67%	33%	33%	50%	42%	33%
Peers Win Rate	57%	53%	53%	57%	48%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
SAM Max Drawdown	-19%	-56%	-43%	-9%	-26%	-38%
Peers Max Drawdown	-32%	-7%	-11%	-10%	-14%	-22%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: STZ, TAP, MNST, KDP, PEP. See SAM Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/23/2025 (YTD)

How Low Can It Go

Unique Key	Event	SAM	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-77.8%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	350.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-28.6%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	40.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	38 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-28.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	40.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	114 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-66.2%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	195.7%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	398 days	1,480 days

Compare to FRPT, FLO, SMPL, JJSF, BUD

In The Past

Boston Beer's stock fell -77.8% during the 2022 Inflation Shock from a high on 4/20/2021. A -77.8% loss requires a 350.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Boston Beer (SAM)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

The Boston Beer Company, Inc. produces and sells alcohol beverages primarily in the United States. The company's flagship beer is Samuel Adams Boston Lager. It offers various beers, hard ciders, and hard seltzers under the Samuel Adams, Twisted Tea, Truly Hard Seltzer, Angry Orchard, Dogfish Head, Angel City, Coney Island, Concrete Beach brand names. The company markets and sells its products to a network of approximately 400 wholesalers in the United States, as well as international wholesalers, importers, or other agencies that in turn sell to retailers, such as grocery stores, club stores, convenience stores, liquor stores, bars, restaurants, stadiums, and other retail outlets. It also sells in products in Canada, Europe, Israel, Australia, New Zealand, the Caribbean, the Pacific Rim, Mexico, and Central and South America. The Boston Beer Company, Inc. was founded in 1984 and is based in Boston, Massachusetts.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe Boston Beer (SAM):

The Starbucks of premium alcoholic beverages.
A craft-focused PepsiCo for adult drinks.
The Tesla for craft beer and hard seltzer.

AI Analysis | Feedback

Samuel Adams: A wide range of craft beers, including lagers, ales, and seasonal brews, under their flagship brand.
Truly Hard Seltzer: A popular brand of low-calorie, flavored hard seltzers.
Twisted Tea Hard Iced Tea: A line of hard iced tea beverages available in various flavors.
Angry Orchard Hard Cider: A leading brand of hard ciders crafted from a variety of apples.
Dogfish Head Craft Brewery: An acquired craft brewery offering a diverse portfolio of innovative and distinctive beers.

AI Analysis | Feedback

Boston Beer Company (symbol: SAM) primarily sells its products to other companies, specifically a vast network of independent wholesale distributors.

Due to the nature of the alcoholic beverage distribution system in the United States (the "three-tier system") and Boston Beer's diversified sales strategy, the company does not typically have one or a few "major customers" in the traditional sense (i.e., individual distributors accounting for a significant percentage, generally 10% or more, of its gross sales). Instead, its products are distributed through hundreds of independent wholesale distributors across the country.

These distributors then sell Boston Beer's brands (such as Samuel Adams, Truly Hard Seltzer, Twisted Tea, and Angry Orchard) to a wide variety of retailers. While these retailers are not direct customers of Boston Beer, they are the immediate customers of the distributors and serve as the final points of sale before reaching individual consumers. These retail channels can be categorized as:

Off-Premise Retailers: Including grocery stores, supermarkets, liquor stores, and convenience stores, where consumers purchase products for consumption elsewhere.
On-Premise Retailers: Including bars, restaurants, hotels, stadiums, and other establishments where products are consumed on site.

Therefore, while the ultimate consumers are individuals, Boston Beer's direct customers are these numerous independent wholesale distributors. Most of these distributors are privately held companies, and no single distributor accounts for a significant enough portion of Boston Beer's revenue to be specifically named as a "major customer" in its public filings.

AI Analysis | Feedback

Ball Corporation (BALL)
Crown Holdings (CCK)
O-I Glass (OI)
Ardagh Group (ARD)
Avery Dennison Corporation (AVY)
CCL Industries Inc. (CCL)

AI Analysis | Feedback

Jim Koch, Brewer + Founder, CEO Boston Beer Company

Jim Koch co-founded The Boston Beer Company in 1984. Before starting the brewery, he worked as a consultant with the Boston Consulting Group. He famously brewed the first batch of Samuel Adams Boston Lager in his kitchen using his great-great-grandfather's recipe. Koch took Boston Beer Company public in 1995. He also created the "Brewing the American Dream" program in 2008 to support food and beverage entrepreneurs. Koch assumed the role of CEO again in August 2025, having previously served as CEO from the company's founding until January 2001.

Diego Reynoso, Chief Financial Officer and Treasurer

Diego Reynoso was appointed Chief Financial Officer and Treasurer of The Boston Beer Company in September 2023. He brings over 25 years of experience in finance and operations within the alcoholic beverage and food industries. Prior to joining Boston Beer, Reynoso served as the Chief Financial Officer of the Prepared Foods division of Tyson Foods from 2021 to 2023. From 2017 to 2021, he was the Senior Vice President and Chief Financial Officer of the Beer Division at Constellation Brands. He also held various senior financial and operational roles at Beam Suntory Inc. from 2005 to 2017, including Chief Financial Officer of Global Operations and Group Treasury and Tax, North American Chief Financial Officer and General Manager International Markets, and Chief Operating Officer and Chief Financial Officer North America. Earlier in his career, he held positions at Allied-Domecq, Danone, and Procter & Gamble. Reynoso is also a member of the Board of Directors of SunOpta Inc. and serves on its Audit Committee.

Phil Hodges, Chief Operating Officer

Phil Hodges became the Chief Operating Officer of The Boston Beer Company in October 2025. He previously served as the Chief Supply Chain Officer for the company since May 2023. Before joining Boston Beer, Hodges was an Executive Vice President of Group Supply Chain at Carlsberg from 2017 to 2022. His prior experience also includes serving as Group Director and Chief Supply Chain Officer for SABMiller from 2011 to 2015 and as Senior Vice President of Integrated Supply Chain Europe at Mondelez International.

Annette Fritsch, Vice President of Product Design, Research & Development

Annette Fritsch serves as the Vice President of Product Design, Research & Development at The Boston Beer Company.

Tara Heath, Chief Legal Officer

Tara Heath holds the position of Chief Legal Officer at The Boston Beer Company.

AI Analysis | Feedback

The Boston Beer Company (SAM) faces several key risks to its business, primarily stemming from evolving consumer preferences, intense market competition, and rising input costs.

The most significant risk to Boston Beer's business is the ongoing shift in consumer preferences within the alcoholic beverage market, leading to declining volumes for key brands. The industry is experiencing a "seismic shift" with a "significant moderation trend" as consumers are drinking less overall. This has particularly impacted the hard seltzer category, where Boston Beer's Truly Hard Seltzer brand has seen sharp declines in volume after a period of rapid growth. The company's flagship Samuel Adams brand is also experiencing decreases in depletions, contributing to a "real and persistent" volume risk.

Secondly, Boston Beer operates in a highly competitive landscape. It faces pressure from both large multinational breweries, such as Anheuser-Busch InBev and Molson Coors, and an ever-increasing number of smaller craft brewers. This intense competition effectively "squeezes" Boston Beer, as it struggles to compete on cost with the large players while also facing challenges in maintaining its "craft" image among smaller, more agile competitors.

Finally, Boston Beer is vulnerable to rising input costs, particularly for aluminum. Approximately 93% of the company's sales come from canned beverages, making it highly susceptible to fluctuations in aluminum prices. Analysts estimate that the introduction of new tariffs on aluminum could result in a "potential 9% annualized EPS headwind" for the company.

AI Analysis | Feedback

The clear emerging threat for Boston Beer (SAM) is the rapid acceleration of consumer preferences and market growth towards **spirits-based ready-to-drink (RTD) cocktails**, which is increasingly cannibalizing the market share and growth potential of malt-based seltzers and other flavored malt beverages that form a significant portion of SAM's product portfolio, most notably its Truly Hard Seltzer brand.

AI Analysis | Feedback

Boston Beer Company's main products address the following markets:

Samuel Adams and Dogfish Head (Beer): The addressable market for craft beer in the U.S. was estimated at $34.22 billion in 2025. This market is projected to reach $109.48 billion by 2035.
Truly Hard Seltzer: The addressable market for hard seltzer in the U.S. was estimated at $7.53 billion in 2024 and is predicted to be worth approximately $30.88 billion by 2034.
Twisted Tea (Hard Iced Tea): The addressable market for hard tea in the U.S. is projected at $3.26 billion in 2025.
Angry Orchard (Hard Cider): The "Beyond Beer" category in the U.S., which includes hard cider, was approximately $9 billion in 2022.

AI Analysis | Feedback

Boston Beer Company (SAM) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives, focusing on its diversified portfolio and market positioning.

The key drivers for future revenue growth include:

Strategic Pricing Initiatives: The company has consistently implemented price increases, which have contributed to revenue growth and improved gross margins. Boston Beer's Q2 2025 earnings showed a 1.5% revenue increase driven by pricing and product mix improvements. Similarly, Q1 2025 revenue increased by 6.5% due to volume and price increases. This strategy is expected to continue to offset inflationary costs and contribute to top-line growth.
Successful New Product Launches and Innovation Pipeline: Boston Beer is focused on introducing and expanding new products that cater to evolving consumer preferences. Recently launched products like Sun Cruiser (a vodka-based hard tea innovation) and Hard Mountain Dew have shown strong performance and are expected to be long-term additions to the portfolio. The company also plans for the national expansion of Samuel Adams American Light in early 2025.
Continued Growth of the Twisted Tea Brand Family: Twisted Tea remains a dominant brand in the hard tea category, holding an 85% market share, and is a significant growth driver for Boston Beer. The company plans to focus more on distribution and marketing for Twisted Tea, including line extensions like Twisted Tea Light and Twisted Tea Extreme, which are expected to drive growth for the brand.
Capitalizing on the "Beyond Beer" Category: Boston Beer emphasizes its strong position to capitalize on the evolving "fourth category" of alcoholic beverages, which extends beyond traditional beer, wine, and spirits. This category, which includes hard teas, hard seltzers, and RTD (ready-to-drink) spirits-based beverages, represents over 85% of the company's volume and offers significant long-term growth opportunities as consumer trends shift towards newness and variety.
Increased Brand Investment and Marketing: Management has indicated plans to increase advertising and promotional spending to further strengthen its brands and drive long-term sustainable growth. This strategic investment in media and local marketing is intended to improve market share and support the company's core brands and innovations.

AI Analysis | Feedback

Share Repurchases

The company repurchased $238.9 million in shares during 2024.
As of July 18, 2025, Boston Beer had approximately $317 million remaining on its $1.6 billion share repurchase authorization.
In 2023, the company repurchased $92.9 million in shares.

Capital Expenditures

Capital expenditures for fiscal year 2021 peaked at $147.9 million.
In fiscal year 2023, capital expenditures were $64.087 million, which was a 5-year low.
Expected capital expenditures for fiscal year 2025 are projected to be between $50 million and $70 million, with a focus on supporting productivity programs.

Better Bets than Boston Beer (SAM)

INDUSTRY: Brewers

Higher Rev Chg 3Y Avg | Lower P/S (Values for SAM: -0.1% | 1.1x)

TAP (1.7% | 0.8x)

Molson Coors Beverage

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SAM: -0.1% | 13.4x)

BUD (0.8% | 8.3x)

Anheuser-Busch InBev SA/NV

TAP (1.7% | 5.5x)

Molson Coors Beverage

Higher Rev Chg 3Y Avg (Value for SAM: -0.1%)

TAP (1.7%)

Molson Coors Beverage

BUD (0.8%)

Anheuser-Busch InBev SA/NV

Higher Op Mgn LTM (Value for SAM: 8.0%)

BUD (26.1%)

Anheuser-Busch InBev SA/NV

TAP (14.8%)

Molson Coors Beverage

Higher CFO/Rev LTM (Value for SAM: 13.7%)

TAP (15.5%)

Molson Coors Beverage

Higher Total Yield (Value for SAM: 4.4%)

BUD (4.8%)

Anheuser-Busch InBev SA/NV

SECTOR: Consumer Staples

Higher Rev Chg 3Y Avg | Lower P/S (Values for SAM: -0.1% | 1.1x)

KR (0.2% | 0.3x)

Kroger

SYY (4.8% | 0.4x)

Sysco

DG (5.1% | 0.7x)

Dollar General

TSN (0.7% | 0.4x)

Tyson Foods

USFD (5.6% | 0.4x)

US Foods

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SAM: -0.1% | 13.4x)

BUD (0.8% | 8.3x)

Anheuser-Busch InBev SA/NV

KDP (5.9% | 10.9x)

Keurig Dr Pepper

SYY (4.8% | 11.5x)

Sysco

KVUE (0.2% | 12.4x)

Kenvue

STZ (0.7% | 8.0x)

Constellation Brands

Higher Rev Chg LTM (Value for SAM: -1.1%)

COST (8.3%)

Costco Wholesale

PM (7.5%)

Philip Morris International

WMT (4.3%)

Walmart

KO (2.8%)

Coca-Cola

PG (1.2%)

Procter & Gamble

Higher Rev Chg 3Y Avg (Value for SAM: -0.1%)

PM (8.0%)

Philip Morris International

COST (6.7%)

Costco Wholesale

WMT (5.4%)

Walmart

KO (4.0%)

Coca-Cola

PG (1.8%)

Procter & Gamble

Higher Op Mgn LTM (Value for SAM: 8.0%)

PM (37.1%)

Philip Morris International

KO (31.3%)

Coca-Cola

BUD (26.1%)

Anheuser-Busch InBev SA/NV

PG (24.1%)

Procter & Gamble

PEP (13.2%)

PepsiCo

Higher CFO/Rev LTM (Value for SAM: 13.7%)

MO (43.8%)

Altria

PM (28.8%)

Philip Morris International

MNST (27.3%)

Monster Beverage

PG (22.3%)

Procter & Gamble

KO (16.0%)

Coca-Cola

Higher FCF/Rev LTM (Value for SAM: 10.7%)

MO (43.1%)

Altria

PM (25.3%)

Philip Morris International

MNST (24.4%)

Monster Beverage

PG (17.6%)

Procter & Gamble

KO (11.7%)

Coca-Cola

Higher Total Yield (Value for SAM: 4.4%)

PEP (7.5%)

PepsiCo

KO (7.2%)

Coca-Cola

PM (6.8%)

Philip Morris International

PG (5.0%)

Procter & Gamble

BUD (4.8%)

Anheuser-Busch InBev SA/NV

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SAM: -0.1% | 1.1x)

UNH (11.4% | 0.7x)

UnitedHealth

CMCSA (0.7% | 0.9x)

Comcast

MCK (12.6% | 0.3x)

McKesson

CVS (7.7% | 0.3x)

CVS Health

DELL (0.2% | 0.8x)

Dell Technologies

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SAM: -0.1% | 13.4x)

UNH (11.4% | 11.2x)

UnitedHealth

MRK (2.9% | 11.7x)

Merck

TMUS (2.4% | 11.4x)

T-Mobile US

T (1.1% | 7.2x)

AT&T

VZ (0.5% | 5.3x)

Verizon Communications

Higher Rev Chg LTM (Value for SAM: -1.1%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for SAM: -0.1%)

NVDA (91.6%)

NVIDIA

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

AAPL (1.8%)

Apple

Higher Op Mgn LTM (Value for SAM: 8.0%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

AMZN (11.4%)

Amazon.com

Higher CFO/Rev LTM (Value for SAM: 13.7%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for SAM: 10.7%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for SAM: 4.4%)

XOM (9.2%)

Exxon Mobil

JNJ (7.5%)

Johnson & Johnson

JPM (6.4%)

JPMorgan Chase

BRK-B (6.2%)

Berkshire Hathaway

V (5.1%)

Visa

		Best Bets In Consumer Staples Sector
	SAM	MO	PM	MNST	PG	STZ	CL	HSY	KO	FIZZ	COCO
What You Pay
P/E	22.9	11.3	29.2	43.9	20.0	20.0	22.3	24.2	23.1	16.0	44.1
P/EBIT	13.4	8.4	16.4	33.4	15.3	11.5	15.4	19.4	17.2	12.6	41.5
What You Get
Rev Chg Q	-11.2%	0.2%	9.4%	16.8%	3.0%	-15.0%	1.0%	26.0%	5.1%	-1.0%	37.2%
Rev Chg LTM	-1.1%	-0.2%	7.5%	7.6%	1.2%	-5.6%	0.1%	2.5%	2.8%	1.0%	23.1%
Rev Chg 3Y Avg	-0.1%	-0.9%	8.0%	8.6%	1.8%	0.7%	4.2%	5.2%	4.0%	1.1%	13.3%
FCF/Rev 3Y Avg	8.7%	42.7%	24.9%	22.0%	18.0%	17.0%	15.4%	13.9%	13.9%	13.4%	13.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 8.7%, alpha of 1.4%, and sharpe of 0.5

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Boston Beer Earnings Notes
2	Boston Beer Earnings Notes
3	How Low Can Boston Beer Stock Really Go?	Return
4	Boston Beer vs UnitedHealth: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	Boston Beer vs Pilgrims Pride: Which Is A Better Investment?	Counter-Intuitive Comparisons
6	How Does Boston Beer Stock Stack Up Against Its Peers?	Peer Comparison
7	Better Bet Than SAM Stock: Pay Less Than Boston Beer To Get More From CALM, OII
8	Better Bet Than SAM Stock: Pay Less Than Boston Beer To Get More From CALM
9	SAM Dip Buy Analysis
10	Boston Beer Total Shareholder Return (TSR): -12.9% in 2024 and -16.9% 3-yr compounded annual returns (below peer average)

	Title
0	ARTICLES

Trade Ideas

Select ideas related to SAM. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BF-B_11302025_Dip_Buyer_ValueBuy	11302025	BF-B	Brown-Forman	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-7.4%	-7.4%	-7.4%
CPB_11302025_Dip_Buyer_ValueBuy	11302025	CPB	Campbell's	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-9.2%	-9.2%	-9.2%
ENR_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	ENR	Energizer	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	10.9%	10.9%	-5.3%
FLO_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FLO	Flowers Foods	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.0%	4.0%	-1.6%
CLX_11142025_Dip_Buyer_FCFYield	11142025	CLX	Clorox	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-6.0%	-6.0%	-6.0%
SAM_11302020_Quality_Momentum_RoomToRun_10%	11302020	SAM	Boston Beer	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	13.7%	-51.5%	-52.5%
SAM_9302019_Quality_Momentum_RoomToRun_10%	09302019	SAM	Boston Beer	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	0.1%	141.8%	-15.9%
SAM_7312018_Quality_Momentum_RoomToRun_10%	07312018	SAM	Boston Beer	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-11.0%	42.7%	-15.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
RZLT	Rezolute	0.3	18.0%	-50.6%
WW	WW International	2.4	14.2%
NRGV	Energy Vault	0.8	10.4%	122.8%
METC	Ramaco Resources	1.0	8.5%	67.0%
UAMY	United States Antimony	0.7	7.9%	240.7%
LION	Lionsgate Studios	2.6	7.4%	-71.0%
GHM	Graham	0.8	7.3%	56.3%
VG	Venture Global	17.0	6.4%
CRK	Comstock Resources	6.7	5.7%	26.6%
SSII	SS Innovations International	1.1	5.5%	-25.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TPL	Texas Pacific Land	6.8	-67.3%	-18.9%
GOSS	Gossamer Bio	0.7	-12.9%	263.1%
CSIQ	Canadian Solar	1.6	-11.8%	115.2%
TDUP	ThredUp	0.8	-11.7%	363.3%
LAB	Standard BioTools	0.6	-11.0%	-14.6%
INBX	Inhibrx Biosciences	1.2	-10.8%	407.0%
QBTS	D-Wave Quantum	10.0	-9.5%	246.7%
FDMT	4D Molecular Therapeutics	0.4	-9.3%	41.8%
FBYD	Falcons Beyond Global	0.6	-8.5%	109.8%
PVLA	Palvella Therapeutics	1.1	-8.1%	735.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LUNR	Intuitive Machines	1.9	53.2%	-9.1%
HUT	Hut 8	5.5	42.4%	156.1%
AAOI	Applied Optoelectronics	2.6	40.3%	10.3%
FBYD	Falcons Beyond Global	0.6	39.8%	109.8%
RKLB	Rocket Lab	39.8	39.1%	203.0%
DJT	Trump Media & Technology	3.9	31.9%	-58.5%
SGML	Sigma Lithium	1.5	31.9%	20.2%
ADEA	Adeia	1.9	31.0%	23.9%
TE	T1 Energy	1.1	30.7%
FOLD	Amicus Therapeutics	4.4	30.5%	50.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.0	-80.2%	-27.2%
TPL	Texas Pacific Land	6.8	-63.8%	-18.9%
FDMT	4D Molecular Therapeutics	0.4	-31.4%	41.8%
LW	Lamb Weston	5.9	-30.1%	-35.8%
TLRY	Tilray Brands	11.2	-24.5%	-20.8%
OLMA	Olema Pharmaceuticals	2.4	-19.3%	374.6%
INSP	Inspire Medical Systems	2.8	-17.8%	-48.8%
GETY	Getty Images	0.5	-17.6%	-41.7%
TDUP	ThredUp	0.8	-16.4%	363.3%
FRMI	Fermi	5.8	-15.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	161.4%
WVE	WAVE Life Sciences	2.9	147.9%	41.3%
AAOI	Applied Optoelectronics	2.6	97.5%	10.3%
LUNR	Intuitive Machines	1.9	91.5%	-9.1%
RKLB	Rocket Lab	39.8	91.5%	203.0%
VERA	Vera Therapeutics	3.4	89.4%	27.5%
PL	Planet Labs PBC	6.3	85.8%	413.1%
ANF	Abercrombie & Fitch	5.9	77.2%	-17.2%
ARWR	Arrowhead Pharmaceuticals	9.7	72.6%	271.4%
NRGV	Energy Vault	0.8	68.8%	122.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-75.4%	-50.6%
JANX	Janux Therapeutics	0.9	-51.0%	-73.6%
LENZ	LENZ Therapeutics	0.5	-42.9%	-41.5%
FRMI	Fermi	5.8	-42.5%
GOGO	Gogo	0.6	-35.0%	-43.3%
HPK	HighPeak Energy	0.5	-29.7%	-70.1%
UP	Wheels Up Experience	0.4	-29.2%	-61.8%
ORIC	ORIC Pharmaceuticals	0.6	-28.8%	2.5%
LW	Lamb Weston	5.9	-27.5%	-35.8%
ACLX	Arcellx	3.7	-27.4%	-14.6%

Peer Comparisons for Boston Beer

Peers to compare with:

Financials

	SAM	STZ	TAP	MNST	KDP	PEP	Median
Name	Boston B.	Constell.	Molson C.	Monster .	Keurig D.	PepsiCo
Mkt Price	194.48	139.23	46.03	77.67	27.90	143.68	108.45
Mkt Cap	2.1	24.5	9.1	75.9	37.9	196.7	31.2
Rev LTM	1,982	9,624	11,214	7,975	16,174	92,366	10,419
Op Inc LTM	158	3,042	1,661	2,258	3,475	12,193	2,650
FCF LTM	212	1,848	1,093	1,945	1,599	6,788	1,724
FCF 3Y Avg	174	1,677	1,202	1,642	1,336	6,645	1,489
CFO LTM	272	2,769	1,738	2,180	2,128	11,755	2,154
CFO 3Y Avg	240	2,841	1,872	1,888	1,855	11,974	1,880

Growth & Margins

	SAM	STZ	TAP	MNST	KDP	PEP	Median
Name	Boston B.	Constell.	Molson C.	Monster .	Keurig D.	PepsiCo
Rev Chg LTM	-1.1%	-5.6%	-4.0%	7.6%	6.8%	0.5%	-0.3%
Rev Chg 3Y Avg	-0.1%	0.7%	1.7%	8.6%	5.9%	3.4%	2.6%
Rev Chg Q	-11.2%	-15.0%	-2.3%	16.8%	10.7%	2.7%	0.2%
QoQ Delta Rev Chg LTM	-3.3%	-4.4%	-0.6%	4.1%	2.6%	0.7%	0.0%
Op Mgn LTM	8.0%	31.6%	14.8%	28.3%	21.5%	13.2%	18.1%
Op Mgn 3Y Avg	7.3%	31.7%	14.6%	27.6%	21.8%	13.8%	18.2%
QoQ Delta Op Mgn LTM	-1.0%	-0.1%	-0.2%	1.4%	0.0%	-0.3%	-0.1%
CFO/Rev LTM	13.7%	28.8%	15.5%	27.3%	13.2%	12.7%	14.6%
CFO/Rev 3Y Avg	11.9%	28.8%	16.3%	25.3%	12.1%	13.0%	14.7%
FCF/Rev LTM	10.7%	19.2%	9.8%	24.4%	9.9%	7.3%	10.3%
FCF/Rev 3Y Avg	8.7%	17.0%	10.5%	22.0%	8.7%	7.2%	9.6%

Valuation

	SAM	STZ	TAP	MNST	KDP	PEP	Median
Name	Boston B.	Constell.	Molson C.	Monster .	Keurig D.	PepsiCo
Mkt Cap	2.1	24.5	9.1	75.9	37.9	196.7	31.2
P/S	1.1	2.5	0.8	9.5	2.3	2.1	2.2
P/EBIT	13.4	11.5	5.6	33.4	13.4	19.5	13.4
P/E	22.9	20.0	-4.4	43.9	24.0	27.2	23.4
P/CFO	7.8	8.8	5.2	34.8	17.8	16.7	12.8
Total Yield	4.4%	6.5%	-18.8%	2.3%	5.8%	7.5%	5.1%
Dividend Yield	0.0%	1.5%	4.1%	0.0%	1.6%	3.8%	1.6%
FCF Yield 3Y Avg	5.7%	4.9%	10.6%	2.9%	3.3%	3.1%	4.1%
D/E	0.0	0.4	0.7	0.0	0.5	0.0	0.2
Net D/E	-0.1	0.4	0.6	-0.0	0.4	0.0	0.2

Returns

	SAM	STZ	TAP	MNST	KDP	PEP	Median
Name	Boston B.	Constell.	Molson C.	Monster .	Keurig D.	PepsiCo
1M Rtn	-0.7%	4.2%	0.9%	7.8%	0.6%	-0.9%	0.7%
3M Rtn	-10.0%	6.5%	5.5%	20.5%	6.2%	2.2%	5.9%
6M Rtn	-1.2%	-14.2%	-2.6%	22.2%	-15.5%	11.8%	-1.9%
12M Rtn	-34.2%	-36.9%	-18.5%	49.8%	-10.9%	-1.2%	-14.7%
3Y Rtn	-42.1%	-36.7%	-2.5%	53.4%	-16.8%	-13.0%	-14.9%
1M Excs Rtn	-5.3%	-0.5%	-3.8%	3.2%	-4.1%	-5.5%	-3.9%
3M Excs Rtn	-16.0%	1.1%	-1.4%	15.5%	3.1%	-2.0%	-0.2%
6M Excs Rtn	-10.1%	-26.0%	-14.0%	11.5%	-27.5%	1.0%	-12.1%
12M Excs Rtn	-54.8%	-54.9%	-36.4%	34.8%	-29.0%	-19.1%	-32.7%
3Y Excs Rtn	-122.8%	-115.8%	-80.5%	-25.2%	-95.5%	-91.4%	-93.5%

Comparison Analyses

	Title
0	How Does Boston Beer Stock Stack Up Against Its Peers?
1	Boston Beer Company vs. Lancaster Colony: With Return Forecast Of 48%, Boston Beer Company Is A Better Bet
2	KDP Could Deliver 27% Returns And Outperform SAM
3	HLF or SAM - With 5.0% Return Forecast, SAM Probably Deserves Your Money
4	SAM or TAP - With 12% Return Forecast, TAP Probably Deserves Your Money
5	Boston Beer Company vs. AstroNova: With Return Forecast Of 61%, AstroNova Is A Better Bet
6	Boston Beer Company vs. Culp: With Return Forecast Of 3.7%, Boston Beer Company Is A Better Bet
7	Boston Beer Company vs. Cutera: With Return Forecast Of 33%, Cutera Is A Better Bet
8	Boston Beer Company vs. MSCI: With Return Forecast Of 17%, MSCI Is A Better Bet
9	Boston Beer Company vs. DexCom: With Return Forecast Of 73%, DexCom Is A Better Bet

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/28	LTM	2024	2023	2022	2021	2020	2019
Period End	9/27/2025	12/28/2024	12/30/2023	12/31/2022	12/25/2021	12/26/2020	12/28/2019
Filing Date	10/23/2025	2/25/2025	2/27/2024	2/22/2023	2/22/2022	2/17/2021	2/19/2020
Key Financials
Total Revenue	1,982	2,013	2,009	2,090	2,058	1,736	1,250
EBITDA	249	246	210	207	129	314	202
Operating Income	158	152	122	126	57	249	146
Net Income	92	60	76	67	15	192	110
EPS	8.48	5.07	6.23	5.46	1.19	15.73	9.26
Growth Rates
Total Revenue Growth	-1.1%	0.2%	-3.9%	1.6%	18.5%	38.9%	25.5%
EBITDA Growth	0.9%	17.1%	1.2%	60.4%	-58.9%	55.5%	19.9%
Operating Income Growth	2.5%	24.6%	-3.4%	120.5%	-77.0%	70.5%	25.1%
Net Income Growth	14.8%	-21.7%	13.4%	362.2%	-92.4%	74.4%	18.8%
Margins
EBITDA Margin	12.5%	12.2%	10.5%	9.9%	6.3%	18.1%	16.2%
Operating Income Margin	8.0%	7.5%	6.1%	6.0%	2.8%	14.3%	11.7%
Net Income Margin	4.7%	3.0%	3.8%	3.2%	0.7%	11.1%	8.8%
Cash & Debt
Total Cash	250	212	298	181	27	163	37
Total Debt	41	36	45	54	61	67	59
Net Debt / (Cash)	-210	-176	-253	-126	35	-96	22
Cash Flows
Net Cash from Operations	272	249	265	200	56	253	178
Free Cash from Operations	212	173	201	109	-92	113	85
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	215	239	93	-0	-0	-0	-0

$ Mil \| FY: 12/28	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/27/2025	6/28/2025	3/29/2025	12/28/2024	9/28/2024	6/29/2024	3/30/2024	12/30/2023	9/30/2023	7/1/2023	4/1/2023	12/31/2022
Filing Date	10/23/2025	7/24/2025	4/24/2025	2/25/2025	10/24/2024	7/25/2024	4/25/2024	2/27/2024	10/26/2023	7/27/2023	4/27/2023	2/22/2023
Key Financials Quarterly
Total Revenue	537	588	454	402	605	579	426	394	602	603	410	448
Ebitda	86	109	57	-3	112	98	39	-3	103	102	8	5
Operating Income	63	87	34	-27	88	74	16	-24	80	80	-13	-15
Net Income	46	60	24	-39	34	52	13	-18	45	58	-9	-11
EPS	4.25	5.45	2.16	-3.38	2.87	4.40	1.05	-1.46	3.70	4.73	-0.73	-0.93
Key Financials TTM
Total Revenue TTM	1,982	2,050	2,041	2,013	2,004	2,000	2,025	2,009	2,062	2,057	2,070	2,090
Ebitda TTM	249	275	263	246	246	237	241	210	218	203	194	207
Operating Income TTM	158	183	170	152	154	145	151	122	131	118	110	126
Net Income TTM	92	80	72	60	80	92	98	76	83	65	60	67
Growth Rates Quarterly
Total Revenue Growth	-11.2%	1.5%	6.5%	2.2%	0.6%	-4.0%	3.9%	-12.0%	0.9%	-2.1%	-4.7%	28.6%
EBITDA Growth	-23.4%	11.9%	44.8%	-18.8%	9.3%	-3.7%	362.4%	-154.7%	17.5%	10.0%	-62.0%	234.3%
Operating Income Growth	-28.2%	17.3%	115.3%	-8.6%	10.8%	-7.1%	216.6%	-60.0%	19.8%	10.9%	-610.0%	79.5%
Net Income Growth	37.7%	15.5%	93.8%	-113.8%	-26.0%	-9.8%	240.7%	-58.7%	66.0%	8.8%	-358.1%	78.0%
Margins Quarterly
EBITDA Margin	16.0%	18.6%	12.5%	-0.9%	18.6%	16.9%	9.2%	-0.7%	17.1%	16.8%	2.1%	1.2%
Operating Income Margin	11.8%	14.8%	7.4%	-6.6%	14.6%	12.8%	3.7%	-6.2%	13.3%	13.2%	-3.3%	-3.4%
Net Income Margin	8.6%	10.3%	5.4%	-9.6%	5.5%	9.0%	3.0%	-4.6%	7.5%	9.6%	-2.2%	-2.6%
Cash & Debt
Total Cash	250	212	152	212	256	219	205	298	311	208	123	181
Total Debt	41	44	47	36	38	40	43	45	47	50	52	54
Net Debt / (Cash)	-210	-169	-106	-176	-217	-179	-163	-253	-263	-158	-71	-126
Cash Flows Quarterly
FCF from Operations	102	126	2	42	116	96	-5	33	131	119	-18	-25
Cash Flows TTM
FCF from Operations TTM	272	286	256	249	240	255	278	265	207	180	223	200
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	51	52	49	63	63	63	50	30	17	25	21	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	38.0%	48.3%	16.0%	-15.3%	53.2%	43.3%	8.4%	-19.8%	58.3%	47.4%	-6.9%	-9.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	23.2%	24.3%	20.1%	20.7%	22.9%	20.4%	21.0%	21.0%	24.1%	17.3%	14.5%	18.4%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Produces and sells alcohol beverages under various brands	2,009	2,090	2,058	1,736	1,250
Total	2,009	2,090	2,058	1,736	1,250

Price Behavior

Price Behavior

Market Price	$194.48
Market Cap ($ Bil)	2.1
First Trading Date	11/21/1995
Distance from 52W High	-35.6%
	50 Days	200 Days
DMA Price	$204.43	$218.02
DMA Trend	down	down
Distance from DMA	-4.9%	-10.8%
	3M	1YR
Volatility	33.8%	32.9%
Downside Capture	45.19	64.99
Upside Capture	-12.64	13.63
Correlation (SPY)	25.2%	25.8%

SAM Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.46	0.74	0.67	0.82	0.42	0.65
Up Beta	-0.01	0.66	0.94	1.21	0.55	0.60
Down Beta	-0.69	1.83	1.91	1.21	0.27	0.50
Up Capture	24%	-4%	-28%	15%	6%	23%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	9	20	30	59	108	358
Down Capture	104%	59%	38%	92%	75%	99%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	22	33	66	140	392

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of SAM With Other Asset Classes (Last 1Y)
	SAM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-35.8%	-0.8%	18.8%	72.9%	9.0%	3.7%	-11.4%
Annualized Volatility	32.9%	13.9%	19.5%	19.2%	15.3%	17.2%	35.0%
Sharpe Ratio	-1.31	-0.29	0.76	2.72	0.36	0.05	-0.14
Correlation With Other Assets		42.1%	25.3%	-5.9%	-6.7%	41.8%	12.7%

ETFs used for asset classes: Sector ETF = XLP, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of SAM With Other Asset Classes (Last 5Y)
	SAM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-26.9%	5.6%	14.8%	18.9%	11.8%	4.7%	35.5%
Annualized Volatility	40.6%	13.0%	17.1%	15.5%	18.7%	18.9%	48.9%
Sharpe Ratio	-0.65	0.23	0.70	0.98	0.51	0.16	0.62
Correlation With Other Assets		34.0%	36.1%	0.7%	2.3%	33.0%	15.5%

Based On 10-Year Data

		Comparison of SAM With Other Asset Classes (Last 10Y)
	SAM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-0.5%	7.2%	14.8%	15.1%	6.8%	5.4%	69.1%
Annualized Volatility	40.7%	14.7%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.12	0.37	0.71	0.85	0.31	0.23	0.90
Correlation With Other Assets		34.8%	35.3%	3.6%	9.9%	31.3%	11.9%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	993,988
Short Interest: % Change Since 11152025	4.4%
Average Daily Volume	159,016
Days-to-Cover Short Interest	6.25
Basic Shares Quantity	10,855,000
Short % of Basic Shares	9.2%

Returns Analyses

	Title
0	How Low Can Boston Beer Stock Really Go?
1	Boston Beer Stock Return Comparison
2	Boston Beer Total Shareholder Return (TSR): -34.8% in 2022 and -4.5% 3-yr returns (below peer average)
3	Brewers Industry Return: -14% YTD Return vs 17% For S&P 500

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/23/2025	5.5%	-6.2%	-10.8%
7/24/2025	6.5%	2.6%	10.8%
2/25/2025	3.0%	2.0%	1.5%
10/24/2024	-2.0%	-3.6%	3.6%
7/25/2024	7.5%	2.4%	4.2%
2/27/2024	-15.8%	-19.7%	-16.8%
10/26/2023	-12.4%	-8.7%	-7.9%
7/27/2023	16.8%	14.3%	13.4%
...
SUMMARY STATS
# Positive	11	8	11
# Negative	9	12	9
Median Positive	6.5%	12.5%	4.6%
Median Negative	-8.0%	-7.7%	-12.7%
Max Positive	25.7%	20.8%	34.0%
Max Negative	-26.0%	-25.5%	-37.9%

	Forward Returns
10/23/2025	5.5%	-6.2%	-10.8%
7/24/2025	6.5%	2.6%	10.8%
2/25/2025	3.0%	2.0%	1.5%
10/24/2024	-2.0%	-3.6%	3.6%
7/25/2024	7.5%	2.4%	4.2%
2/27/2024	-15.8%	-19.7%	-16.8%
10/26/2023	-12.4%	-8.7%	-7.9%
7/27/2023	16.8%	14.3%	13.4%
4/27/2023	0.4%	-3.7%	0.5%
2/15/2023	-14.7%	-14.5%	-21.0%
10/20/2022	19.7%	12.8%	12.0%
7/21/2022	6.2%	12.3%	9.6%
2/16/2022	-2.7%	-8.2%	-1.6%
10/21/2021	1.6%	-4.0%	-10.1%
7/22/2021	-26.0%	-25.5%	-37.9%
2/17/2021	-8.0%	-10.9%	-12.7%
10/22/2020	18.8%	15.1%	2.2%
7/23/2020	25.7%	20.8%	34.0%
2/19/2020	-7.6%	-7.3%	-25.6%
10/29/2019	-0.5%	-6.7%	4.6%
SUMMARY STATS
# Positive	11	8	11
# Negative	9	12	9
Median Positive	6.5%	12.5%	4.6%
Median Negative	-8.0%	-7.7%	-12.7%
Max Positive	25.7%	20.8%	34.0%
Max Negative	-26.0%	-25.5%	-37.9%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10232025	10-Q 9/27/2025
6302025	7242025	10-Q 6/28/2025
3312025	4242025	10-Q 3/29/2025
12312024	2252025	10-K 12/28/2024
9302024	10242024	10-Q 9/28/2024
6302024	7252024	10-Q 6/29/2024
3312024	4252024	10-Q 3/30/2024
12312023	2272024	10-K 12/30/2023
9302023	10262023	10-Q 9/30/2023
6302023	7272023	10-Q 7/1/2023
3312023	4272023	10-Q 4/1/2023
12312022	2222023	10-K 12/31/2022
9302022	10202022	10-Q 9/24/2022
6302022	7212022	10-Q 6/25/2022
3312022	4212022	10-Q 3/26/2022
12312021	2222022	10-K 12/25/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Spillane Michael		11042025	Sell	205.15	1,152	236,333	2,635,152	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Boston Beer (SAM)

Market Price (12/24/2025): $194.36 | Market Cap: $2.1 BilSector: Consumer Staples | Industry: Brewers

Boston Beer (SAM)

Market Price (12/24/2025): $194.36Market Cap: $2.1 BilSector: Consumer StaplesIndustry: Brewers

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

SAM Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Boston Beer (SAM)

Share Repurchases

Capital Expenditures

Interactive Breakdown

Better Bets than Boston Beer (SAM)

INDUSTRY: Brewers

Higher Rev Chg 3Y Avg | Lower P/S (Values for SAM: -0.1% | 1.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SAM: -0.1% | 13.4x)

Higher Rev Chg 3Y Avg (Value for SAM: -0.1%)

Higher Op Mgn LTM (Value for SAM: 8.0%)

Higher CFO/Rev LTM (Value for SAM: 13.7%)

Higher Total Yield (Value for SAM: 4.4%)

SECTOR: Consumer Staples

Higher Rev Chg 3Y Avg | Lower P/S (Values for SAM: -0.1% | 1.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SAM: -0.1% | 13.4x)

Higher Rev Chg LTM (Value for SAM: -1.1%)

Higher Rev Chg 3Y Avg (Value for SAM: -0.1%)

Higher Op Mgn LTM (Value for SAM: 8.0%)

Higher CFO/Rev LTM (Value for SAM: 13.7%)

Higher FCF/Rev LTM (Value for SAM: 10.7%)

Higher Total Yield (Value for SAM: 4.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SAM: -0.1% | 1.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SAM: -0.1% | 13.4x)

Higher Rev Chg LTM (Value for SAM: -1.1%)

Higher Rev Chg 3Y Avg (Value for SAM: -0.1%)

Higher Op Mgn LTM (Value for SAM: 8.0%)

Higher CFO/Rev LTM (Value for SAM: 13.7%)

Higher FCF/Rev LTM (Value for SAM: 10.7%)

Higher Total Yield (Value for SAM: 4.4%)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Boston Beer

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Market Price (12/24/2025): $194.36 | Market Cap: $2.1 Bil
Sector: Consumer Staples | Industry: Brewers

Market Price (12/24/2025): $194.36
Market Cap: $2.1 Bil
Sector: Consumer Staples
Industry: Brewers