Detailed financial statements for The Boston Beer Company, Inc. (SAM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
The Boston Beer Company, Inc. is a leading producer and marketer of alcoholic beverages, primarily focused on the United States market. Its most recognized offering is Samuel Adams Boston Lager. The company's diverse product portfolio features a range of beers, hard ciders, and hard seltzers, sold under popular brands like Samuel Adams, Twisted Tea, Truly Hard Seltzer, Angry Orchard, Dogfish Head, Angel City, Coney Island, and Concrete Beach.
Analysis Summary
The Boston Beer Company, Inc. reported revenue of $2.09B in the most recent fiscal year, growing at a 5-year CAGR of 3.7%. Net income reached $108.5M, with a -10.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 44.5%, operating margin 5.4%, net margin -3.5%. Free cash flow grew at 13.7% CAGR over 5 years.
At $195.72 (closing price, October 28, 2026), SAM has negative trailing earnings (P/E not meaningful) and an ROE of -9.81%. Market capitalisation stands at $2.0B.
Balance sheet quality for SAM: current ratio of 1.7, net cash position of $185.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $215.6M represents 199% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $906.4M | $863.0M | $995.6M | $1.25B | $1.74B | $2.06B | $2.09B | $2.01B | $2.01B | $2.09B |
| Cost of Revenue | $446.8M | $413.1M | $483.4M | $635.7M | $922.0M | $1.26B | $1.23B | $1.16B | $1.12B | $1.13B |
| Gross Profit | $459.7M | $449.9M | $512.2M | $614.2M | $814.5M | $797.8M | $862.0M | $852.4M | $893.7M | $952.6M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $322.2M | $331.8M | $395.7M | $468.3M | $565.8M | $740.6M | $735.9M | $730.5M | $741.9M | $800.7M |
| Operating Expenses | $322.0M | $334.2M | $396.4M | $469.3M | $570.2M | $789.8M | $771.2M | $752.4M | $817.8M | $807.7M |
| Operating Income | $137.7M | $115.7M | $115.9M | $144.9M | $244.2M | $8.0M | $90.8M | $100.0M | $76.0M | $144.9M |
| EBITDA | $187.0M | $169.4M | $168.5M | $202.1M | $314.3M | $129.3M | $207.4M | $210.0M | $245.8M | $243.9M |
| Interest Expense | 0 | 0 | 0 | 0 | $199,000 | $110,000 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $137.1M | $116.1M | $116.3M | $144.4M | $244.2M | $6.9M | $91.4M | $109.6M | $87.6M | $153.5M |
| 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 | $110.0M | $192.0M | $14.6M | $67.3M | $76.2M | $59.7M | $108.5M |
| EPS | $6.93 | $8.18 | $7.97 | $9.26 | $15.83 | $1.19 | $5.46 | $6.23 | $5.07 | $9.89 |
| EPS (Diluted) | $6.79 | $8.09 | $7.90 | $9.16 | $15.53 | $1.17 | $5.44 | $6.22 | $5.06 | $9.89 |
| Shares Outstanding (Diluted) | 12.8 M | 12.2 M | 11.7 M | 11.9 M | 12.3 M | 12.4 M | 12.3 M | 12.3 M | 11.8 M | 10.6 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $507.9M | $433.9M | $607.8M | $555.5M |
| Gross Profit | $167.7M | $214.0M | $286.4M | $269.1M |
| Operating Income | -$34.4M | $21.6M | $70.8M | $56.3M |
| EBITDA | $18.0M | -$167.3M | $91.7M | $79.8M |
| Net Income | -$22.5M | -$145.3M | $51.6M | $43.2M |
| EPS | $-2.12 | $-13.88 | $4.96 | $4.21 |
| EPS (Diluted) | $-2.12 | $-13.88 | $4.96 | $4.21 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $91.0M | $65.6M | $108.4M | $36.7M | $163.3M | $26.9M | $180.6M | $298.5M | $211.8M | $223.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $36.8M | $43.0M | $42.0M | $65.0M | $88.8M | $108.4M | $66.8M | $68.7M | $68.1M | $81.4M |
| Inventory | $52.5M | $50.7M | $70.2M | $106.0M | $130.9M | $149.1M | $148.4M | $115.8M | $117.2M | $92.5M |
| Total Current Assets | $201.2M | $168.3M | $231.6M | $218.6M | $413.2M | $345.3M | $423.3M | $503.5M | $417.3M | $417.6M |
| Property, Plant & Equipment | $408.4M | $384.3M | $389.8M | $594.8M | $681.6M | $717.6M | $711.7M | $678.1M | $644.1M | $608.4M |
| Goodwill | $3.7M | $3.7M | $3.7M | $112.5M | $112.5M | $112.5M | $112.5M | $112.5M | $112.5M | $112.5M |
| Intangible Assets | $2.0M | $2.0M | $2.1M | $104.3M | $103.9M | $103.7M | $76.3M | $59.6M | $16.4M | $14.8M |
| Total Assets | $623.3M | $569.6M | $639.9M | $948.5M | $1.41B | $1.39B | $1.42B | $1.43B | $1.25B | $1.19B |
| Accounts Payable | $40.6M | $38.1M | $47.1M | $76.4M | $121.6M | $85.9M | $84.2M | $87.2M | $87.3M | $95.0M |
| Short-term Debt | $60,000 | 0 | 0 | $5.2M | $9.7M | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $101.5M | $101.8M | $120.5M | $180.6M | $259.4M | $255.1M | $204.3M | $223.3M | $231.6M | $252.5M |
| Long-term Debt | $411,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $25.1M |
| Total Liabilities | $176.7M | $146.1M | $179.5M | $212.9M | $451.3M | $403.4M | $352.2M | $352.1M | $333.8M | $347.3M |
| Retained Earnings | $97.6M | $52.1M | $55.7M | $165.4M | $357.4M | $371.9M | $439.1M | $421.6M | $240.3M | $147.7M |
| Total Equity | $446.6M | $423.5M | $460.3M | $735.6M | $957.0M | $983.4M | $1.07B | $1.08B | $916.2M | $846.3M |
| Total Debt | $471,000 | 0 | 0 | $61.1M | $71.5M | $61.5M | $54.1M | $45.3M | $38.8M | $37.9M |
| Net Debt | -$90.6M | -$65.6M | -$108.4M | $24.5M | -$91.8M | $34.6M | -$126.4M | -$253.2M | -$173.0M | -$185.5M |
| Working Capital | $99.7M | $66.6M | $111.1M | $38.0M | $153.8M | $90.2M | $219.0M | $280.2M | $185.7M | $165.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $223.4M | $164.1M | $265.5M | $308.1M |
| Total Assets | $1.19B | $1.17B | $1.26B | $1.24B |
| Total Liabilities | $347.3M | $488.5M | $540.5M | $503.7M |
| Total Equity | $846.3M | $682.6M | $714.6M | $735.7M |
| Total Debt | $37.9M | $34.7M | $31.6M | $29.5M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $87.3M | $99.0M | $92.7M | $110.0M | $192.0M | $14.6M | $67.3M | $76.2M | $59.7M | $108.5M |
| Depreciation & 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 | 0 | $18.6M | $14.0M | $17.0M | $19.0M | $21.8M |
| Change in Working Capital | $15.3M | -$1.4M | -$6.3M | -$13.8M | -$48.8M | -$69.9M | -$9.7M | $64.9M | $38.9M | $47.0M |
| Operating Cash Flow | $154.2M | $136.0M | $163.4M | $178.2M | $253.4M | $56.3M | $199.9M | $265.2M | $248.9M | $270.2M |
| Capital Expenditure | -$49.9M | -$33.0M | -$55.5M | -$93.2M | -$140.0M | -$147.9M | -$90.6M | -$64.1M | -$76.3M | -$54.6M |
| Acquisitions | $3.9M | $25,000 | $27,000 | -$165.5M | $487,000 | $1.2M | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$164.7M | -$144.6M | -$88.3M | 0 | 0 | 0 | 0 | -$92.9M | -$238.6M | -$204.9M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $104.3M | $103.0M | $107.9M | $85.0M | $113.4M | -$91.6M | $109.4M | $201.1M | $172.6M | $215.6M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $39.9M | -$20.4M | $138.0M | $76.6M |
| Capital Expenditure | -$17.8M | -$12.3M | -$10.5M | -$8.4M |
| Free Cash Flow | $22.1M | -$32.8M | $127.5M | $68.3M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $12.4M | $6.4M | $5.1M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -4.8% | +15.4% | +25.5% | +38.9% | +18.5% | +1.6% | -3.9% | +0.2% | +3.7% | |
| Net Income Growth (YoY) | +13.4% | -6.4% | +18.8% | +74.4% | -92.4% | +362.2% | +13.4% | -21.7% | +81.7% | |
| EPS Growth (YoY) | +18.0% | -2.6% | +16.2% | +71.0% | -92.5% | +358.8% | +14.1% | -18.6% | +95.1% | |
| Shares Change (YoY) | -4.8% | -3.7% | +1.5% | +3.1% | +1.2% | -0.7% | -0.7% | -3.9% | -10.0% | |
| FCF Growth (YoY) | -1.2% | +4.8% | -21.2% | +33.4% | -180.8% | +219.4% | +83.9% | -14.1% | +24.9% | |
| Gross Margin | 50.7% | 52.1% | 51.4% | 49.1% | 46.9% | 38.8% | 41.2% | 42.4% | 44.4% | 45.6% |
| Operating Margin | 15.2% | 13.4% | 11.6% | 11.6% | 14.1% | 0.4% | 4.3% | 5.0% | 3.8% | 6.9% |
| EBITDA Margin | 20.6% | 19.6% | 16.9% | 16.2% | 18.1% | 6.3% | 9.9% | 10.5% | 12.2% | 11.7% |
| Net Margin | 9.6% | 11.5% | 9.3% | 8.8% | 11.1% | 0.7% | 3.2% | 3.8% | 3.0% | 5.2% |
| FCF Margin | 11.5% | 11.9% | 10.8% | 6.8% | 6.5% | -4.5% | 5.2% | 10.0% | 8.6% | 10.3% |
| Effective Tax Rate | 36.3% | 14.7% | 20.3% | 23.8% | 21.4% | -110.6% | 26.4% | 30.4% | 31.9% | 29.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $8.15 | $8.46 | $9.20 | $7.14 | $9.23 | $-7.37 | $8.86 | $16.40 | $14.66 | $20.34 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 12.5 M | 12.0 M | 11.6 M | 11.9 M | 12.1 M | 12.3 M | 12.3 M | 12.2 M | 11.8 M | 10.6 M |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | -9.81% |
| Return on Invested Capital | 11.95% |
| Return on Assets | -5.89% |
| Gross Margin | 44.52% |
| Operating Margin | 5.43% |
| Net Margin | -3.47% |
Financial Health
| Debt / Equity | 0.04 |
| Current Ratio | 1.13 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 6.10 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 24.51 | 23.36 | 30.22 | 40.80 | 62.81 | 424.45 | 60.35 | 55.47 | 59.39 | 19.92 |
| P/B | 4.77 | 5.43 | 6.08 | 6.11 | 12.60 | 6.31 | 3.80 | 3.93 | 3.87 | 2.47 |
| P/S | 2.35 | 2.67 | 2.81 | 3.59 | 6.95 | 3.01 | 1.94 | 2.11 | 1.76 | 1.00 |
| Gross Margin | 50.7% | 52.1% | 51.4% | 49.1% | 46.9% | 38.8% | 41.2% | 42.4% | 44.4% | 45.6% |
| Operating Margin | 15.2% | 13.4% | 11.6% | 11.6% | 14.1% | 0.4% | 4.3% | 5.0% | 3.8% | 6.9% |
| Net Margin | 9.6% | 11.5% | 9.3% | 8.8% | 11.1% | 0.7% | 3.2% | 3.8% | 3.0% | 5.2% |
Related companies: FIZZ · COCO · CHEF · CHA · UNFI · MH
Explore sector: Consumer Defensive · Beverages - Alcoholic
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