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. In the quarter to June 2026, revenue fell 3.34%, EPS fell 8.99% and free cash flow grew 13.6%, each against the same quarter a year earlier.
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The Boston Beer Company, Inc. (SAM) Beneish M-score
The Boston Beer Company, Inc.'s Beneish M-score for fiscal 2025 is −3.02; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.02 | 0.34 |
| FY2024 | −3.36 | (0.19) |
| FY2023 | −3.18 | 0.14 |
| FY2022 | −3.31 | (1.02) |
| FY2021 | −2.29 | 0.08 |
| FY2020 | −2.37 | (3.67) |
| FY2019 | 1.29 | 4.34 |
| FY2018 | −3.04 | (0.33) |
| FY2017 | −2.71 | 0.39 |
| FY2016 | −3.10 | 0.08 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.22 | — | 1.13 | |
| Gross margin index | 0.92 | — | 0.48 | |
| Asset quality index | 0.96 | — | 0.39 | |
| Sales growth index | 0.98 | — | 0.87 | |
| Depreciation index | 1.34 | — | 0.15 | |
| SG&A index | 1.11 | — | −0.19 | |
| Total accruals to total assets | (0.14) | — | −0.63 | |
| Leverage index | 1.14 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.02 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| TAP Molson Coors Beverage Company compare | −3.4× |
| SAM The Boston Beer Company, Inc. | −3.0× |
| ABEV Ambev S.A. compare | −2.8× |
| CCU Compania Cervecerias Unidas, S.A. compare | −2.6× |
| BUD Anheuser-Busch InBev SA/NV compare | −2.5× |
| FMX Fomento Economico Mexicano S.A.B. de C.V. compare | −2.4× |
| STZ Constellation Brands Inc compare | −2.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI