Boston Beer

SAM · NYSE · Consumer Staples · Financials, fiscal 2016 to 2025

SAM · Last close · October 26, 2026

$201.48

Boston Beer's revenue fell 2.4% to $2.0 billion in fiscal 2025. Its operating margin was 7.4%, up from 3.8% a year earlier. Free cash flow was $216 million, up 24.9%. It paid out $202 million in dividends and buybacks, 94% of free cash flow. The diluted share count fell 7.0%.

THE BOSTON BEER COMPANY, INC. Latest fiscal year ended December 27, 2025 10-K filed February 24, 2026 · 0001193125-26-067467 Updated October 22, 2026

Revenue

$2.0B

2.4%

Operating margin

7.4%

3.6 pts

Net income

$108M

81.7%

Free cash flow

$216M

24.9%

Return on capital

15.4%

8.4 pts

Market cap

$2.1B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Boston Beer reports no borrowings (its credit line is undrawn), so debt is counted as zero.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 4.3% a year and net income 2.4% a year, as buybacks cut the share count by 15%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Boston Beer yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Boston Beer's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Boston Beer's fiscal 2025 free cash flow of $216M, net cash of $222M at December 27, 2025 and 11 million diluted shares, from its filings. The scenarios are fitted to Boston Beer: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -2.0% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9%: 7% for a stable business (Distillers & Vintners), plus 1 point as a smaller company, worth $2.1B, plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 27, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Boston Beer's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 10% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $201.48
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Boston Beer's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	27	181	298	212	223
Debt incl. finance leases	3	2	3	3	1
Net debt (negative means net cash)	−24	−179	−296	−209	−222
Net debt to EBITDA	−0.3x	−1.0x	−1.6x	−1.2x	−0.9x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	—	—	—	—	—
Current ratio	1.4x	2.1x	2.2x	1.8x	1.6x
Quick ratio	0.8x	1.4x	1.7x	1.3x	1.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Boston Beer shares on the open market, and 1 insider sold $642,036.

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 4, 2025	Michael SpillaneDirector	Sold	3,120	$205.78	$642,036	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Fail	Fail	Pass
F-score	7 of 9	5 of 9	7 of 9
Accruals ratio	−13.2%	−14.1%	−13.2%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Boston Beer side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Boston Beer	FY25	−2.4%	7.4%	11.0%	15.4%	−0.9x	7
Brown–Forman	FY26	−1.2%	25.5%	22.7%	12.9%	2.0x	6	Compare
Constellation Brands	FY26	−10.5%	29.8%	19.6%	10.7%	3.3x	—	Compare
Molson Coors	FY25	−4.2%	−21.0%	9.6%	−10.7%	—	3	Compare
Anheuser-Busch InBev	FY25	−0.8%	26.0%	18.9%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	906	863	996	1,250	1,736	2,058	2,090	2,009	2,013	1,965
Revenue growth	−5.6%	−4.8%	15.4%	25.5%	38.9%	18.5%	1.6%	−3.9%	0.2%	−2.4%
Gross profit	460	450	512	614	814	798	862	852	894	953
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	138	116	116	145	244	8	91	100	76	145
Net income	87	99	93	110	192	15	67	76	60	108
Diluted EPS (US$)	6.79	8.09	7.82	9.16	15.53	1.17	5.44	6.21	5.06	9.89
Diluted shares (millions)	13	12	12	12	12	12	12	12	12	11
Cash flow
Cash from operations	154	136	163	178	253	56	200	265	249	270
Capital expenditure	50	33	56	93	140	148	91	64	76	55
Free cash flow	104	103	108	85	113	−92	109	201	173	216
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	165	145	88	0	0	0	0	93	239	202
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	6	6	10	12	15	19	14	17	19	22
Balance sheet at fiscal year end
Cash and short-term investments	91	66	108	37	163	27	181	298	212	223
Debt incl. finance leases	0	0	0	3	4	3	2	3	3	1
Total assets	616	570	640	1,054	1,379	1,387	1,421	1,430	1,250	1,194
Total liabilities	169	146	180	318	422	403	352	352	334	347
Shareholders' equity	447	424	460	736	957	983	1,068	1,078	916	846
Margins and ratios
Gross margin	50.7%	52.1%	51.5%	49.1%	46.9%	38.8%	41.2%	42.4%	44.4%	48.5%
Operating margin	15.2%	13.4%	11.6%	11.6%	14.1%	0.4%	4.3%	5.0%	3.8%	7.4%
Net margin	9.6%	11.5%	9.3%	8.8%	11.1%	0.7%	3.2%	3.8%	3.0%	5.5%
Free cash flow margin	11.5%	11.9%	10.8%	6.8%	6.5%	−4.5%	5.2%	10.0%	8.6%	11.0%
Return on capital	24.2%	27.6%	26.0%	21.0%	25.6%	0.9%	7.2%	8.3%	7.0%	15.4%
Return on equity	19.2%	22.8%	21.0%	18.4%	22.7%	1.5%	6.6%	7.1%	6.0%	12.3%
Return on assets	13.8%	16.7%	15.3%	13.0%	15.8%	1.1%	4.8%	5.3%	4.5%	8.9%
Net debt to EBITDA	−0.5x	−0.4x	−0.7x	−0.2x	−0.5x	−0.3x	−1.0x	−1.6x	−1.2x	−0.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Boston Beer's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Boston Beer.