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The Boston Beer Company, Inc.

SAM Consumer Defensive Beverages Brewers

The Boston Beer Company, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.0 billion, down 2.38% from fiscal 2024.

Revenue
−3.34%
EPS
−8.99%
Free cash flow
+13.6%

Quarter to June 2026, against a year earlier

201.31 2.84 +1.43%
Market cap
$2.0B
P/E
0.0×
Fwd P/E
−38.6×
Dividend yield
—
F-score
8/9
Altman Z
6.08
Beneish M
−3.02
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 29.62%

Capital & Financial Ratios $m

Size
Market Cap 2,010.00
Revenue ttm 1,925.45
Net income ttm (70.07)
Free cash flow ttm 206.13
Net debt Q (255.86)
Valuation
P/E 0.00
Forward P/E (38.60) (negative: loss-making)
Price / sales 1.08
Forward P/S Powerpack
Price / FCF 10.09
Price / book 2.91
Financial health
Current ratio Q 1.05
Debt / equity Q 0.01 (at or below 0.5: strong)
Interest coverage Q 17.68
Growth
Revenue growth Q −3.34% (below 0%: shrinking)
Operating income growth Q −13.77% (below 0%: shrinking)
EPS, this year −5.17% (below 0%: weak)
EPS, next year A +10.44%
Revenue, next year A −2.54% (below 0%: weak)
EPS, past 5 yrs −8.63% (below 0%: weak)
EPS, next 5 yrs A +3.66%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.0×, against a ten-year median of 2.2×; over the ten years it ranged from 0.8× in 2026 to 8.0× in 2020.
P/S against its own 10 years 5.58%
10-year low 10-year high
P/B against its own 10 years 11.05%
10-year low 10-year high
EV/Sales against its own 10 years 4.88%
10-year low 10-year high
EV/FCF against its own 10 years 4.54%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 298 212 223 266
Receivables 69 68 81 105
Inventory 116 117 93 118
Other — — — —
504 417 418 516
2023 2024 2025 Q'26
Payables 87 87 95 125
ST’ Debt — 6 13 10
Other — — — —
223 232 253 494

Compound Annual Growth %

10y 5y 3y
Sales 7.43% 2.50% (2.04%)
Cash Flow 4.82% 1.29% 10.55%
Earnings 0.98% (10.79%) 17.27%
Book Value 6.26% (2.43%) (7.48%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 4.30 Actual 4.37

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −2.33 −2.12 Beat by 0.21
Q1 FY26 1.85 1.64 Miss by 0.21
Q2 FY26 4.77 3.65 Miss by 1.12
Q3 FY26 4.30 4.37 Beat by 0.07
Q4 FY26 −0.38 — Reports 23 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (13.88) 4.96 — — —
’25 2.16 5.45 4.25 (2.12) 9.89
’24 1.04 4.39 2.86 (3.38) 5.06
’23 (0.73) 4.72 3.70 (1.49) 6.21
’22 (0.16) 4.31 2.21 (0.93) 5.44
’21 5.26 4.75 (4.76) (4.22) 1.17
’20 1.49 4.88 6.51 2.64 15.53
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 434 568 — — —
’25 454 588 537 386 1,965
’24 426 579 605 402 2,013
’23 410 603 602 394 2,009
’22 430 616 596 448 2,090
’21 545 603 562 348 2,058
’20 331 452 493 461 1,736
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (20) 138 — — —
’25 2 126 102 40 270
’24 (5) 96 116 42 249
’23 (18) 119 131 33 265
’22 (41) 163 103 (25) 200
’21 20 11 20 5 56
’20 19 85 105 44 253
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (33) 128 — — —
’25 (8) 112 89 22 216
’24 (21) 76 99 18 173
’23 (35) 101 119 17 203
’22 (65) 136 84 (44) 111
’21 (19) (33) (17) (22) (90)
’20 (8) 52 65 5 114
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 906 863 996 1,250 1,736 2,058 2,090 2,009 2,013 1,965 1,925 +9.0% 1,915 1,909 1,915 (0.9%)
Gross margin, % 50.71 52.13 51.45 49.14 46.90 38.77 41.24 42.44 44.40 48.48 48.88 (2.2) pt
EBT 137 116 116 144 244 7 91 110 88 153 (83) +1.3%
EBT margin, % 15.13 13.46 11.68 11.55 14.07 0.34 4.37 5.46 4.35 7.81 (4.31) (7.3) pt
Net income 87 99 93 110 192 15 67 76 60 108 (70) +2.4%
Per share, $
Per share, $ Revenue 72.32 71.31 85.67 105.15 142.28 167.56 169.71 164.06 170.96 179.29 185.37 +10.6%
Earnings 6.93 8.18 7.90 9.26 15.73 1.19 5.46 6.23 5.07 9.90 (6.79) +4.0%
Cash flow 12.30 11.24 14.06 15.00 20.76 4.58 16.23 21.66 21.14 24.65 24.97 +8.0%
Capex (3.67) (2.72) (4.77) (7.83) (11.43) (11.95) (7.19) (5.09) (6.48) (4.97) (5.12) +3.4%
Free cash flow 8.63 8.51 9.29 7.17 9.33 (7.37) 9.05 16.56 14.66 19.68 19.84 +9.6%
Book value 35.63 35.00 39.61 61.89 78.41 80.08 86.75 88.04 77.81 77.22 68.79 +9.0%
Shares, m 13 12 12 12 12 12 12 12 12 11 11 (1.5%)
Valuation, ×
Valuation, × P/E 24.48 23.00 30.45 40.80 63.25 428.05 59.20 54.66 60.72 20.03 0.00 80.5
P/S 2.36 2.66 2.81 3.59 6.99 3.01 1.90 2.07 1.75 1.09 1.08 2.8
P/B 4.78 5.43 6.08 6.11 12.68 6.31 3.72 3.86 3.86 2.53 2.91 5.5
EV/Sales 2.26 2.59 2.70 3.61 6.94 3.01 1.83 1.93 1.66 0.99 0.95 2.8
EV/FCF 18.93 21.69 24.93 53.05 105.78 (68.50) 34.28 19.14 19.36 9.01 8.92 23.8
Cash, $m
Cash, $m Operating cash flow 154 136 163 178 253 56 200 265 249 270 259 +6.4%
Capex (46) (33) (55) (93) (140) (147) (89) (62) (76) (55) (53) +1.9%
Free cash flow 108 103 108 85 114 (90) 111 203 173 216 206 +8.0%
Balance, $m
Balance, $m Working capital 92 67 111 38 154 90 219 280 186 165 22 +6.7%
Net debt (91) (66) (108) (32) (153) (57) (171) (298) (206) (211) (256) +9.8%
Shareholders’ equity 447 424 460 736 957 983 1,069 1,078 916 846 715 +7.4%
Returns, %
Returns, % ROA 13.85 16.71 15.32 12.99 15.78 1.05 4.79 5.35 4.45 8.88 (5.55) (5.0) pt
ROIC 24.20 20.20 20.58 12.87 18.99 0.54 6.32 8.02 6.69 14.25 (12.35) (10.0) pt
ROE 19.24 22.77 20.97 18.40 22.68 1.50 6.56 7.10 5.99 12.31 (8.61) (6.9) pt
People
People Employees 1,505 1,439 1,543 2,128 2,423 2,543 2,679 2,793 2,537 2,736 — +6.9%
Revenue/emp, $m 0.60 0.60 0.65 0.59 0.72 0.81 0.78 0.72 0.79 0.72 — +2.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

The Boston Beer Company, Inc. vs peers in Beverages Brewers (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BUD Anheuser-Busch InBev SA/NV $139.1B 17.0× — (loss-making) +11.04% (above 0%: growing) +126.19% (above 0%: growing) +338.53% (above 0%: growing) 57.49% 27.63% Compare
ABEV Ambev S.A. $40.5B 14.8× — +3.83% (above 0%: growing) 0.00% +1,032.99% (above 0%: growing) 51.86% 23.89% Compare
FMX Fomento Economico Mexicano S.A.B. de C.V. $25.0B 24.2× — +22.50% (above 0%: growing) +132.50% (above 0%: growing) +401.84% (above 0%: growing) 40.09% 8.27% Compare
STZ Constellation Brands Inc $22.1B 11.9× 11.3× +6.13% (above 0%: growing) +28.91% (above 0%: growing) −3.25% (below 0%: shrinking) 52.91% 30.57% Compare
TAP Molson Coors Beverage Company $7.3B — (loss-making) 8.8× −3.26% (below 0%: shrinking) −42.06% (below 0%: shrinking) +29.37% (above 0%: growing) 34.34% 10.72% Compare
SAM The Boston Beer Company, Inc. $2.0B — (loss-making) — (loss-making) −3.34% (below 0%: shrinking) −8.99% (below 0%: shrinking) +13.63% (above 0%: growing) 50.39% 12.45%
CCU Compania Cervecerias Unidas, S.A. $1.9B 16.6× 16.2× +4.81% (above 0%: growing) n/m +19.70% (above 0%: growing) 41.60% (3.35%) Compare
Median of peers $23.6B 16.6× 11.3× +5.47% +28.91% +183.95% 46.73% 17.31%

All 7 Beverages Brewers stocks →

Pay and ownership Proxy statement filed 10 April 2026

Ownership

Directors and executive officers, together 27.40%
C. James Koch 21.80%
The Vanguard Group 12.10%
BlackRock, Inc. 8.20%
FMR LLC 5.20%
AQR Capital Management, LLC One Greenwich Plaza SUITE 5.10%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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stockrow.com/SAM · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com