The Boston Beer Company, Inc. (SAM) 10-Year Financial Performance & Capital Metrics

SAM • • Industrial / General

Consumer DefensiveAlcoholic BeveragesCraft & Specialty Beverage ProducersCraft Beer & Hard Seltzer Specialists

AboutThe Boston Beer Company, Inc. produces and sells alcohol beverages primarily in the United States. The company's flagship beer is Samuel Adams Boston Lager. It offers various beers, hard ciders, and hard seltzers under the Samuel Adams, Twisted Tea, Truly Hard Seltzer, Angry Orchard, Dogfish Head, Angel City, Coney Island, Concrete Beach brand names. The company markets and sells its products to a network of approximately 400 wholesalers in the United States, as well as international wholesalers, importers, or other agencies that in turn sell to retailers, such as grocery stores, club stores, convenience stores, liquor stores, bars, restaurants, stadiums, and other retail outlets. It also sells in products in Canada, Europe, Israel, Australia, New Zealand, the Caribbean, the Pacific Rim, Mexico, and Central and South America. The Boston Beer Company, Inc. was founded in 1984 and is based in Boston, Massachusetts.Show more

Revenue $2.01B +0.2%
EBITDA $170M -9.7%
Net Income $60M -21.7%
EPS (Diluted) 5.06 -18.6%
Gross Margin 44.4% +4.6%
EBITDA Margin 8.44% -9.9%
Operating Margin 3.77% -24.2%
Net Margin 2.97% -21.9%
ROE 5.99% -15.7%
ROIC 7.27% -14.4%
Debt/Equity 0.04 +0.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 10.0%
✓Share count reduced 3.9% through buybacks
✓Efficient asset utilization: 1.6x turnover

✗Weaknesses

✗Profits declining 11.5% over 5 years

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.35%

5Y10%

3Y-0.73%

TTM-1.13%

Profit (Net Income) CAGR

10Y-4.1%

5Y-11.51%

3Y60.08%

TTM14.84%

EPS CAGR

10Y-2.75%

5Y-11.19%

3Y62.93%

TTM24.16%

ROCE

10Y Avg17.48%

5Y Avg9.8%

3Y Avg7.61%

Latest6.83%

Peer Comparison

Craft Beer & Hard Seltzer Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SAMThe Boston Beer Company, Inc.	1.86B	216.08	42.70	0.21%	4.66%	10.13%	9.3%	0.04

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	959.93M	906.45M	862.99M	995.65M	1.25B	1.74B	2.06B	2.09B	2.01B	2.01B
Revenue Growth %	0.06%	-0.06%	-0.05%	0.15%	0.26%	0.39%	0.18%	0.02%	-0.04%	0%
Cost of Goods Sold+	458.32M	446.78M	413.09M	483.41M	635.66M	921.98M	1.26B	1.23B	1.16B	1.12B
COGS % of Revenue	0.48%	0.49%	0.48%	0.49%	0.51%	0.53%	0.61%	0.59%	0.58%	0.56%
Gross Profit+	501.62M	459.67M	449.9M	512.24M	614.17M	814.45M	797.79M	861.99M	852.37M	893.73M
Gross Margin %	0.52%	0.51%	0.52%	0.51%	0.49%	0.47%	0.39%	0.41%	0.42%	0.44%
Gross Profit Growth %	0.08%	-0.08%	-0.02%	0.14%	0.2%	0.33%	-0.02%	0.08%	-0.01%	0.05%
Operating Expenses+	345.44M	322.01M	334.23M	396.36M	469.25M	570.25M	789.79M	771.19M	752.37M	817.76M
OpEx % of Revenue	0.36%	0.36%	0.39%	0.4%	0.38%	0.33%	0.38%	0.37%	0.37%	0.41%
Selling, General & Admin	345.19M	322.25M	331.77M	395.71M	468.34M	565.78M	740.62M	735.93M	730.55M	741.94M
SG&A % of Revenue	0.36%	0.36%	0.38%	0.4%	0.37%	0.33%	0.36%	0.35%	0.36%	0.37%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	258K	-235K	2.45M	652K	911K	4.47M	49.18M	35.26M	21.82M	75.82M
Operating Income+	156.17M	137.66M	115.67M	115.88M	144.91M	244.21M	8M	90.79M	100M	75.97M
Operating Margin %	0.16%	0.15%	0.13%	0.12%	0.12%	0.14%	0%	0.04%	0.05%	0.04%
Operating Income Growth %	0.07%	-0.12%	-0.16%	0%	0.25%	0.69%	-0.97%	10.35%	0.1%	-0.24%
EBITDA+	199.06M	187.22M	166.93M	167.85M	201.18M	309.86M	80.09M	172.15M	188.14M	169.97M
EBITDA Margin %	0.21%	0.21%	0.19%	0.17%	0.16%	0.18%	0.04%	0.08%	0.09%	0.08%
EBITDA Growth %	0.1%	-0.06%	-0.11%	0.01%	0.2%	0.54%	-0.74%	1.15%	0.09%	-0.1%
D&A (Non-Cash Add-back)	42.88M	49.56M	51.26M	51.97M	56.27M	65.66M	72.1M	81.36M	88.14M	93.99M
EBIT	156.43M	137.42M	118.13M	116.53M	145.82M	248.67M	57.17M	126.05M	121.82M	151.79M
Net Interest Income+	56K	168K	549K	1.29M	647K	-199K	-110K	2.56M	10.99M	13.25M
Interest Income	56K	168K	549K	1.29M	647K	0	0	2.56M	10.99M	13.25M
Interest Expense	0	0	0	0	0	199K	110K	0	0	0
Other Income/Expense	-1.16M	-538K	467K	405K	-542K	23K	-1.09M	645K	9.59M	11.63M
Pretax Income+	155.01M	137.12M	116.14M	116.29M	144.37M	244.23M	6.91M	91.44M	109.59M	87.6M
Pretax Margin %	0.16%	0.15%	0.13%	0.12%	0.12%	0.14%	0%	0.04%	0.05%	0.04%
Income Tax+	56.6M	49.77M	17.09M	23.62M	34.33M	52.27M	-7.64M	24.17M	33.34M	27.91M
Effective Tax Rate %	0.63%	0.64%	0.85%	0.8%	0.76%	0.79%	2.11%	0.74%	0.7%	0.68%
Net Income+	98.41M	87.35M	99.05M	92.66M	110.04M	191.96M	14.55M	67.26M	76.25M	59.7M
Net Margin %	0.1%	0.1%	0.11%	0.09%	0.09%	0.11%	0.01%	0.03%	0.04%	0.03%
Net Income Growth %	0.08%	-0.11%	0.13%	-0.06%	0.19%	0.74%	-0.92%	3.62%	0.13%	-0.22%
Net Income (Continuing)	98.41M	87.35M	99.05M	92.66M	110.04M	191.96M	14.55M	67.26M	76.25M	59.7M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	7.25	6.79	8.09	7.90	9.16	15.53	1.17	5.44	6.22	5.06
EPS Growth %	0.08%	-0.06%	0.19%	-0.02%	0.16%	0.7%	-0.92%	3.65%	0.14%	-0.19%
EPS (Basic)	7.46	6.93	8.18	7.97	9.26	15.83	1.19	5.46	6.23	5.07
Diluted Shares Outstanding	13.52M	12.8M	12.18M	11.73M	11.91M	12.28M	12.44M	12.35M	12.26M	11.77M
Basic Shares Outstanding	13.12M	12.53M	12.04M	11.62M	11.89M	12.13M	12.28M	12.32M	12.24M	11.77M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	223.6M	201.24M	168.35M	231.57M	218.65M	413.17M	345.34M	423.27M	503.51M	417.29M
Cash & Short-Term Investments	94.19M	91.03M	65.64M	108.4M	36.67M	163.28M	26.85M	180.56M	298.49M	211.82M
Cash Only	94.19M	91.03M	65.64M	108.4M	36.67M	163.28M	26.85M	180.56M	298.49M	211.82M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	40.57M	36.81M	43.02M	41.97M	65.04M	88.75M	108.44M	66.8M	68.71M	68.1M
Days Sales Outstanding	15.43	14.82	18.19	15.38	18.99	18.66	19.24	11.66	12.49	12.35
Inventory	56.46M	52.5M	50.65M	70.25M	106.04M	130.91M	149.12M	148.45M	115.77M	117.16M
Days Inventory Outstanding	44.97	42.89	44.75	53.04	60.89	51.83	43.2	44.11	36.55	38.21
Other Current Assets	32.92M	12.4M	13.93M	11.68M	1.89M	5.84M	40.95M	3.78M	4.66M	2.92M
Total Non-Current Assets+	421.8M	422.06M	401.28M	408.28M	729.87M	995.06M	1.04B	997.5M	926.48M	832.73M
Property, Plant & Equipment	409.93M	408.41M	384.28M	389.79M	594.83M	681.57M	717.59M	711.68M	678.07M	644.08M
Fixed Asset Turnover	2.34x	2.22x	2.25x	2.55x	2.10x	2.55x	2.87x	2.94x	2.96x	3.13x
Goodwill	3.68M	3.68M	3.68M	3.68M	112.53M	112.53M	112.53M	112.53M	112.53M	112.53M
Intangible Assets	0	2M	2M	2.1M	104.27M	103.93M	103.68M	76.32M	59.64M	16.45M
Long-Term Investments	-6.98M	-7.35M	-34.82M	-49.17M	213K	0	0	0	0	16.74M
Other Non-Current Assets	8.19M	9.96M	13.31M	14.81M	23.57M	67.63M	107.65M	96.97M	76.24M	42.94M
Total Assets+	645.4M	623.3M	569.62M	639.85M	948.51M	1.41B	1.39B	1.42B	1.43B	1.25B
Asset Turnover	1.49x	1.45x	1.52x	1.56x	1.32x	1.23x	1.48x	1.47x	1.40x	1.61x
Asset Growth %	0.07%	-0.03%	-0.09%	0.12%	0.48%	0.48%	-0.02%	0.02%	0.01%	-0.13%
Total Current Liabilities+	111.16M	101.52M	101.76M	120.51M	180.65M	259.42M	255.11M	204.27M	223.29M	231.63M
Accounts Payable	42.72M	40.59M	38.14M	47.1M	76.37M	121.65M	85.92M	84.25M	87.25M	87.28M
Days Payables Outstanding	34.02	33.16	33.7	35.56	43.85	48.16	24.89	25.03	27.54	28.46
Short-Term Debt	58K	60K	0	0	5.17M	9.69M	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	52.07M	38.94M	16.27M	39.84M	56.73M	63.63M	60.94M	31.45M	68.59M	53.53M
Current Ratio	2.01x	1.98x	1.65x	1.92x	1.21x	1.59x	1.35x	2.07x	2.25x	1.80x
Quick Ratio	1.50x	1.47x	1.16x	1.34x	0.62x	1.09x	0.77x	1.35x	1.74x	1.30x
Cash Conversion Cycle	26.37	24.55	29.25	32.86	36.03	22.32	37.55	30.74	21.49	22.09
Total Non-Current Liabilities+	73.02M	75.2M	44.34M	59.02M	32.23M	191.84M	148.27M	147.96M	128.78M	102.2M
Long-Term Debt	471K	411K	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	55.98M	61.8M	53.85M	45.27M	36.16M	31.14M
Deferred Tax Liabilities	56M	64.61M	34.82M	49.17M	-30.53M	122.07M	87.5M	96.59M	85.72M	65.8M
Other Non-Current Liabilities	16.55M	67.43M	9.52M	9.85M	6.78M	7.97M	6.92M	6.09M	6.89M	5.26M
Total Liabilities	184.18M	176.72M	146.1M	179.53M	212.88M	451.26M	403.38M	352.22M	352.06M	333.83M
Total Debt+	529K	471K	0	0	61.15M	71.49M	61.48M	54.14M	45.27M	38.78M
Net Debt	-93.66M	-90.56M	-65.64M	-108.4M	24.48M	-91.8M	34.63M	-126.42M	-253.22M	-173.04M
Debt / Equity	0.00x	0.00x	-	-	0.08x	0.07x	0.06x	0.05x	0.04x	0.04x
Debt / EBITDA	0.00x	0.00x	-	-	0.30x	0.23x	0.77x	0.31x	0.24x	0.23x
Net Debt / EBITDA	-0.47x	-0.48x	-0.39x	-0.65x	0.12x	-0.30x	0.43x	-0.73x	-1.35x	-1.02x
Interest Coverage	-	-	-	-	-	1227.17x	72.70x	-	-	-
Total Equity+	461.22M	446.58M	423.52M	460.32M	735.64M	956.97M	983.41M	1.07B	1.08B	916.19M
Equity Growth %	0.06%	-0.03%	-0.05%	0.09%	0.6%	0.3%	0.03%	0.09%	0.01%	-0.15%
Book Value per Share	34.11	34.90	34.77	39.23	61.78	77.91	79.08	86.56	87.94	77.81
Total Shareholders' Equity	461.22M	446.58M	423.52M	460.32M	735.64M	956.97M	983.41M	1.07B	1.08B	916.19M
Common Stock	128K	124K	116K	115K	121K	122K	123K	123K	121K	114K
Retained Earnings	171.95M	97.65M	52.1M	55.69M	165.4M	357.36M	371.86M	439.12M	421.57M	240.31M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-951K	-1.1M	-1.29M	-1.2M	-1.67M	-252K	-194K	-210K	-57K	-696K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	168.68M	154.19M	135.98M	163.45M	178.24M	253.41M	56.3M	199.94M	265.15M	248.89M
Operating CF Margin %	0.18%	0.17%	0.16%	0.16%	0.14%	0.15%	0.03%	0.1%	0.13%	0.12%
Operating CF Growth %	0.19%	-0.09%	-0.12%	0.2%	0.09%	0.42%	-0.78%	2.55%	0.33%	-0.06%
Net Income	98.41M	87.35M	99.05M	92.66M	110.04M	191.96M	14.55M	67.26M	76.25M	59.7M
Depreciation & Amortization	42.88M	49.56M	51.26M	51.97M	56.27M	73.01M	80.11M	81.36M	88.14M	93.99M
Stock-Based Compensation	6.67M	6.15M	6.32M	10.04M	12.34M	0	0	13.99M	16.97M	18.95M
Deferred Taxes	6.99M	8.24M	-22.44M	14.35M	7.4M	17.66M	-5.22M	9.1M	-10.87M	-19.92M
Other Non-Cash Items	-14.41M	-12.39M	3.21M	718K	6.03M	19.6M	36.72M	37.94M	29.72M	57.25M
Working Capital Changes	28.14M	15.28M	-1.41M	-6.29M	-13.85M	-48.82M	-69.86M	-9.7M	64.94M	38.92M
Change in Receivables	-2.29M	2.53M	2.94M	-1.64M	-12.26M	-24.01M	23.07M	-2.04M	-10.34M	5.55M
Change in Inventory	-5.16M	445K	-1.74M	-21.31M	-24.93M	-24.46M	-21.22M	131K	31.5M	6.91M
Change in Payables	5.99M	-1.81M	245K	6.35M	21.42M	40.77M	-27.36M	-2.22M	2.76M	2.6M
Cash from Investing+	-74.23M	-46.02M	-32.93M	-55.34M	-258.83M	-139.12M	-146.62M	-88.51M	-62.38M	-96.25M
Capital Expenditures	-74.19M	-49.91M	-32.99M	-55.51M	-93.23M	-140M	-147.92M	-90.58M	-64.09M	-76.28M
CapEx % of Revenue	0.08%	0.06%	0.04%	0.06%	0.07%	0.08%	0.07%	0.04%	0.03%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	57K	3.16M	58K	-740K	-79K	392K	145K	2.08M	1.71M	-19.98M
Cash from Financing+	-76.66M	-111.33M	-128.45M	-65.34M	8.86M	12.32M	-6.64M	2.8M	-84.84M	-239.31M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	59.1M	53.39M	16.21M	23.05M	8.06M	-1.69M	-15.54M	4.47M	9.61M	1.19M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	94.5M	104.28M	103M	107.94M	85.01M	113.41M	-91.62M	109.36M	201.06M	172.62M
FCF Margin %	0.1%	0.12%	0.12%	0.11%	0.07%	0.07%	-0.04%	0.05%	0.1%	0.09%
FCF Growth %	9.94%	0.1%	-0.01%	0.05%	-0.21%	0.33%	-1.81%	2.19%	0.84%	-0.14%
FCF per Share	6.99	8.15	8.46	9.20	7.14	9.23	-7.37	8.86	16.40	14.66
FCF Conversion (FCF/Net Income)	1.71x	1.77x	1.37x	1.76x	1.62x	1.32x	3.87x	2.97x	3.48x	4.17x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	45.08M	30.98M	43.01M	11.35M	30.76M	0	0	28.14M	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	21.93%	19.24%	22.77%	20.97%	18.4%	22.68%	1.5%	6.56%	7.1%	5.99%
Return on Invested Capital (ROIC)	32.18%	28.54%	24.3%	24.49%	19.55%	22.54%	0.64%	6.95%	8.49%	7.27%
Gross Margin	52.26%	50.71%	52.13%	51.45%	49.14%	46.9%	38.77%	41.24%	42.44%	44.4%
Net Margin	10.25%	9.64%	11.48%	9.31%	8.8%	11.05%	0.71%	3.22%	3.8%	2.97%
Debt / Equity	0.00x	0.00x	-	-	0.08x	0.07x	0.06x	0.05x	0.04x	0.04x
Interest Coverage	-	-	-	-	-	1227.17x	72.70x	-	-	-
FCF Conversion	1.71x	1.77x	1.37x	1.76x	1.62x	1.32x	3.87x	2.97x	3.48x	4.17x
Revenue Growth	6.3%	-5.57%	-4.79%	15.37%	25.53%	38.93%	18.5%	1.59%	-3.91%	0.21%

Frequently Asked Questions

Valuation & Price

The Boston Beer Company, Inc. (SAM) has a price-to-earnings (P/E) ratio of 42.7x. This suggests investors expect higher future growth.

Growth & Financials

The Boston Beer Company, Inc. (SAM) reported $1.98B in revenue for fiscal year 2024. This represents a 286% increase from $513.0M in 2011.

The Boston Beer Company, Inc. (SAM) grew revenue by 0.2% over the past year. Growth has been modest.

Yes, The Boston Beer Company, Inc. (SAM) is profitable, generating $92.2M in net income for fiscal year 2024 (3.0% net margin).

Dividend & Returns

The Boston Beer Company, Inc. (SAM) has a return on equity (ROE) of 6.0%. This is below average, suggesting room for improvement.

The Boston Beer Company, Inc. (SAM) generated $211.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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