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Boston Beer

SAM NYSE Distillers & Vintners Financials FY2016–FY2025

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%.

Last close · Oct 23, 2026

$202.28

3.4%
Value it Compare
Revenue Total sales reported in the income statement.
$2.0B
2.4% vs prior year
Operating margin Operating income as a share of revenue.
7.4%
3.6 pts
Net income Profit after all expenses, interest and tax.
$109M
81.7%
Free cash flow Cash from operations minus capital spending.
$216M
24.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
15.4%
8.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$2.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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About these figures. Boston Beer reports no borrowings (its credit line is undrawn), so debt is counted as zero.

What Boston Beer does

No business description yet.

Legal name
THE BOSTON BEER COMPANY, INC.
Fiscal year ends
December 27, 2025
Latest annual report
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Accession · CIK
0001193125-26-067467
0000949870

Revenue and margins

Boston Beer had $2.0B of revenue in fiscal 2025, down 2.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 4.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $216M in fiscal 2025, 11.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Boston Beer returned $202M to shareholders in fiscal 2025, 94% of free cash flow. The diluted share count fell 7.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Boston Beer yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of $222M and divides by 10.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Boston Beer can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $26.9M$181M$299M$212M$223M
Debt incl. finance leases $3.1M$1.5M$2.7M$2.8M$1.1M
Net debt / EBITDA −0.3x−1.0x−1.6x−1.2x−0.9x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Current ratio 1.4x2.1x2.3x1.8x1.7x
Quick ratio 0.8x1.4x1.7x1.3x1.3x
Total assets $1.4B$1.4B$1.4B$1.3B$1.2B
Total liabilities $403M$352M$352M$334M$347M
Shareholders' equity $983M$1.1B$1.1B$916M$846M
Net debt (− = net cash) −$23.8M−$179M−$296M−$209M−$222M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.6M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Nov 4, 2025 Michael SpillaneDirector Sold 3,120 $205.78 $0.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✕ ✓
F-score 7 / 95 / 97 / 9
Accruals ratio −13.3%−14.1%−13.2%
Altman Z'' 5.934.894.68

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Boston Beer SAM $2.1B −2.4% 7.4% 11.0% 15.4% — 7
Brown–Forman BF-B $13.5B −1.2% 25.5% 22.7% 12.9% 19.0x 6 Compare →
Constellation Brands STZ — −10.5% 29.8% 19.6% 10.7% — — Compare →
Molson Coors TAP $8.2B −4.2% −21.0% 9.6% −10.7% — 3 Compare →
Anheuser-Busch InBev BUD — −0.8% 26.0% 18.9% — — — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $906M $863M $996M $1.2B $1.7B $2.1B $2.1B $2.0B $2.0B $2.0B
Gross profit $460M $450M $512M $614M $815M $798M $862M $852M $894M $953M
Operating income $138M $116M $116M $145M $244M $8.0M $90.8M $100M $76.0M $145M
Interest expense — — — $0.5M $0.2M — — — — —
Pretax income $137M $116M $116M $144M $244M $6.9M $91.4M $110M $87.6M $154M
Income tax $49.8M $17.1M $23.6M $34.3M $52.3M −$7.6M $24.2M $33.3M $27.9M $45.0M
Net income $87.3M $99.0M $92.7M $110M $192M $14.6M $67.3M $76.2M $59.7M $109M
Diluted EPS $6.79 $8.09 $7.82 $9.16 $15.53 $1.17 $5.44 $6.21 $5.06 $9.89
Diluted shares 0.01B 0.01B 0.01B 0.01B 0.01B 0.01B 0.01B 0.01B 0.01B 0.01B
Cash flow
Cash from operations $154M $136M $163M $178M $253M $56.3M $200M $265M $249M $270M
Capital expenditure $49.9M $33.0M $55.5M $93.2M $140M $148M $90.6M $64.1M $76.3M $54.6M
Free cash flow $104M $103M $108M $85.0M $113M −$91.6M $109M $201M $173M $216M
Depreciation and amortization $49.6M $51.3M $52.0M $56.3M $65.7M $72.1M $81.4M $88.1M $94.0M $90.4M
Stock-based compensation $6.1M $6.3M $10.0M $12.3M $15.3M $18.6M $14.0M $17.0M $19.0M $21.8M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $165M $145M $88.3M $0.0M $0.0M $0.0M $0.0M $92.9M $239M $202M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $165M $145M $88.3M $0.0M $0.0M $0.0M $0.0M $92.9M $239M $202M
Balance sheet
Cash and short-term investments $91.0M $65.6M $108M $36.7M $163M $26.9M $181M $299M $212M $223M
Total debt $0.5M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $2.6M $4.1M $3.1M $1.5M $2.7M $2.8M $1.1M
Current assets $194M $168M $232M $219M $413M $345M $423M $504M $417M $418M
Current liabilities $102M $102M $121M $181M $259M $255M $204M $223M $232M $253M
Inventory $52.5M $50.7M $70.2M $106M $131M $149M $148M $116M $117M $92.5M
Property and equipment, net $408M $384M $390M $541M $623M $665M $668M $643M $616M $578M
Total assets $616M $570M $640M $1.1B $1.4B $1.4B $1.4B $1.4B $1.3B $1.2B
Total liabilities $169M $146M $180M $318M $422M $403M $352M $352M $334M $347M
Shareholders' equity $447M $424M $460M $736M $957M $983M $1.1B $1.1B $916M $846M
Margins
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%
EBITDA margin 20.7% 19.3% 16.9% 16.1% 17.8% 3.9% 8.2% 9.4% 8.4% 12.0%
Net margin 9.6% 11.5% 9.3% 8.8% 11.1% 0.7% 3.2% 3.8% 3.0% 5.5%
FCF margin 11.5% 11.9% 10.9% 6.8% 6.5% −4.5% 5.2% 10.0% 8.6% 11.0%
Returns
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 capital employed 26.3% 23.6% 23.5% 20.8% 24.5% 0.7% 7.7% 8.3% 6.8% 14.8%
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 13.9% 16.7% 15.3% 13.0% 15.8% 1.1% 4.8% 5.4% 4.5% 8.9%
Growth
Revenue growth −5.6% −4.8% 15.4% 25.5% 38.9% 18.5% 1.6% −3.9% 0.2% −2.4%
Net income growth −11.2% 13.4% −6.5% 18.8% 74.4% −92.4% 362.2% 13.4% −21.7% 81.7%
EPS growth −6.3% 19.2% −3.3% 17.1% 69.5% −92.5% 365.0% 14.2% −18.5% 95.5%
FCF growth 10.4% −1.2% 4.9% −21.3% 33.4% −180.8% — 83.9% −14.2% 24.9%
Share count change −5.4% −4.8% −3.7% 1.5% 3.2% 1.3% −0.7% −0.7% −4.0% −7.1%
Financial health
Net debt / EBITDA −0.5x −0.4x −0.7x −0.2x −0.5x −0.3x −1.0x −1.6x −1.2x −0.9x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage — — — 321.3x 992.7x — — — — —
Current ratio 1.9x 1.7x 1.9x 1.2x 1.6x 1.4x 2.1x 2.3x 1.8x 1.7x
Quick ratio 1.4x 1.2x 1.3x 0.6x 1.1x 0.8x 1.4x 1.7x 1.3x 1.3x
Capital allocation
Capex / revenue 5.5% 3.8% 5.6% 7.5% 8.1% 7.2% 4.3% 3.2% 3.8% 2.8%
Stock comp / revenue 0.7% 0.7% 1.0% 1.0% 0.9% 0.9% 0.7% 0.8% 0.9% 1.1%
Payouts / FCF 157.9% 140.4% 81.8% 0.0% 0.0% — 0.0% 46.2% 138.2% 93.9%
Quality scores
Piotroski F-score 5.0 7.0 7.0 5.0 5.0 3.0 8.0 7.0 5.0 7.0
Altman Z'' 5.8 5.5 5.3 4.1 5.2 3.9 5.6 5.9 4.9 4.7
Accruals ratio −10.6% −6.2% −11.7% −8.1% −5.1% −3.0% −9.5% −13.3% −14.1% −13.2%

Source: SEC EDGAR XBRL filings (CIK 0000949870). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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