The Boston Beer Company, Inc.

SAM

NYSE · Beer, Wine & Spirits

$220.64

At close - Nov 6, 4:00 PM EST - USD

Market Cap$2.3B

P/E-30.9x

52W High$264.46

Volume159.89K

VCP Research Verdict2026Q3

Cost Creep Erodes Equity Despite Fortress Debt Profile

The Boston Beer Company presents a paradoxical fundamental picture: revenue has stabilized to low single-digit growth (3.3% in Q3 2026) with gross margins recovering to 48.4%, yet SG&A has consumed an increasing share of sales at 37.4% versus 31.7% in Q3 2024, suggesting operating leverage is working against…

GrowthStable

ProfitabilityModerate

ValuationExpensive

TechnicalsNeutral

Explore valuation models

MARKET ACTION

SAM price & volume

Price trend, volume and key moving averages

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Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

SAM+10.41%

S&P 500 (^GSPC)+7.63%

1-Year Return

SAM+10.62%

S&P 500 (^GSPC)+9.69%

3-Year Return

SAM-34.96%

S&P 500 (^GSPC)+66.38%

5-Year Return

SAM-55.12%

S&P 500 (^GSPC)+54.44%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/E5Y Low

-30.9x

Forward P/E

23.5x

EV/EBITDA20th %ile

9.3x

FCF YieldCash Flow

8.1%

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

-30.9x

59.5x

0th· Low

EV/EBITDA

9.3x

21.2x

20th· Low

Price/FCF

12.4x

21.1x

25th· Low

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

Bear$134.55-39.0%

Base (Fair)$206.85-6.3%

Bull$277.78+25.9%

$134.55 Bear$206.85 Base$277.78 Bull

Current Market Price: $220.64

Trades at a 6.7% premium to Base DCF ($206.85)

Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend

Revenue FY25

$2.09B+3.7% YoY

Net income FY25

$108M+81.7% YoY

Free cash flow FY25

$216M+24.9% YoY

Operating margin FY25

6.9%+3.2 pts YoY

ROIC (FY25)15.5%

Avg ROIC 5Y7.8%

ROE (TTM)-9.8%

Piotroski Score7 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate7/12 (58%)

Revenue Beat Rate8/12 (67%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q4 2026Latest Oct 22, 2026	$4.37+3.8% vs $4.21	$520M-0.5% vs $523M
Q3 2026 Jul 23, 2026	$3.65-24.4% vs $4.83	$568M+0.3% vs $567M
Q2 2026 Apr 30, 2026	$1.64-16.3% vs $1.96	$434M-0.5% vs $436M
Q1 2026 Feb 24, 2026	-$2.12+9.0% vs -$2.33	$386M+1.1% vs $382M

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

4 Stories

Seeking Alpha·Oct 26, 2026

Boston Beer: Margin Expansion Could Drive A Major Rebound In 2027

Boston Beer Company remains a Strong Buy, with significant upside compared to my conservative intrinsic value estimate amid robust margin expansion and premiumization tailwinds. SAM's Q3 gross margin hit 51.7%, the highest since 2017, driven by supply chain optimization and cost initiatives, despite a 5% drop in depletions and shipments. Litigation expenses are now quantifiable and manageable given SAM's debt-free balance sheet and $308 million in cash, reducing valuation uncertainty.

Zacks Investment Research·Oct 23, 2026

Boston Beer Q3 Earnings Beat on Margin Gains, Revenues Miss

SAM beats Q3 earnings estimates despite weaker sales and shipment volumes, raising its 2026 EPS outlook on margin gains and improved brewery efficiencies.

Seeking Alpha·Oct 23, 2026

The Boston Beer Company, Inc. (SAM) Q3 2026 Earnings Call Transcript

The Boston Beer Company, Inc. ( SAM ) Q3 2026 Earnings Call October 22, 2026 5:00 PM EDT Company Participants Michael Andrews - Associate General Counsel & Corporate Secretary C. Koch - Founder, Chairman, President & CEO Matthew Murphy - Interim Treasurer & CFO and Chief Accounting Officer Conference Call Participants Filippo Falorni - Citigroup Inc., Research Division Peter Grom - UBS Investment Bank, Research Division Eric Serotta - Morgan Stanley, Research Division Kaumil Gajrawala - Jefferies LLC, Research Division Bonnie Herzog - Goldman Sachs Group, Inc., Research Division Robert Ottenstein - Evercore ISI Institutional Equities, Research Division Nadine Sarwat - Bernstein Institutional Services LLC, Research Division Michael Lavery - Piper Sandler & Co., Research Division Presentation Operator Greetings, and welcome to The Boston Beer Company Third Quarter 2026 Earnings Call.

The Motley Fool·Oct 23, 2026

Boston Beer: 3 Key Takeaways for Long-Term Investors

Third-quarter gross margin rose to 51.7%. Boston Beer produced 98% of domestic volume internally.

Filtered for The Boston Beer Company, Inc.More Headlines

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Peers Comparison

Key metrics vs top competitors for The Boston Beer Company, Inc. (SAM)

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Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
SAMThe Boston Beer Company, Inc.Current	$220.64	$2.3B	-30.88	3.69%	-3.47%	-9.81%	—
TAPMolson Coors Beverage Company	$40.33	$7.56B	8.44	-4.18%	8.09%	8.54%	4.77%
BUDAnheuser-Busch InBev SA/NV	$83.96	$162.13B	24.27	-0.75%	—	—	2.74%
STZConstellation Brands, Inc.	$141.97	$24.25B	12.59	-10.47%	20.9%	22.76%	2.87%
MGPIMGP Ingredients, Inc.	$16.98	$363.61M	-1.45	-23.77%	-51.44%	-40.34%	2.85%
WVVIWillamette Valley Vineyards, Inc.	$1.70	$8.47M	-3.79	53.74%	-5.92%	-3.34%	11.42%

Compare SAM vs Peers

The Boston Beer Company, Inc. (SAM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs TAP

Most directly comparable listed peer for SAM.

Scale Benchmark

vs KO

Larger-name benchmark to compare SAM against a more recognizable public peer.

Peer Set

Compare Top 5

vs TAP, BUD, STZ, MGPI

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

SAM SEC Filings & Documents

The Boston Beer Company, Inc. (SAM) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Oct 22, 2026·SEC

Material company update

Aug 20, 2026·SEC

Material company update

Aug 11, 2026·SEC

10-K Annual Reports

FY 2026

Feb 24, 2026·SEC

FY 2025

Feb 25, 2025·SEC

FY 2024

Feb 27, 2024·SEC

10-Q Quarterly Reports

FY 2026

Oct 22, 2026·SEC

FY 2026

Jul 23, 2026·SEC

FY 2026

Apr 30, 2026·SEC

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SAM Frequently Asked Questions

The Boston Beer Company, Inc. (SAM) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is The Boston Beer Company, Inc.'s revenue?

The Boston Beer Company, Inc. (SAM) reported $2.11B in revenue over the trailing twelve months. Revenue was $2.09B in fiscal year 2025. That is 992% more than the $191.1M of fiscal year 1996.

How fast is The Boston Beer Company, Inc. growing?

The Boston Beer Company, Inc. (SAM) grew revenue by 6.2% over the trailing twelve months, compared with the twelve months before.

Is SAM profitable?

No. The Boston Beer Company, Inc. (SAM) reported a net loss of $73.1M over the trailing twelve months.

Dividend & Returns

What is SAM's return on equity?

The Boston Beer Company, Inc. (SAM) had a return on equity (ROE) of -9.8% over the trailing twelve months. A negative ROE means the company lost money over the period.

What is The Boston Beer Company, Inc.'s free cash flow?

The Boston Beer Company, Inc. (SAM) generated $185.0M in free cash flow over the trailing twelve months.

What if you invested $1,000 in SAM back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →

Cost Creep Erodes Equity Despite Fortress Debt Profile

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q4 2026Latest

Oct 22, 2026

$4.37+3.8%

vs $4.21

$520M-0.5%

vs $523M

Q3 2026

Jul 23, 2026

$3.65-24.4%

vs $4.83

$568M+0.3%

vs $567M

Q2 2026

Apr 30, 2026

$1.64-16.3%

vs $1.96

$434M-0.5%

vs $436M

Q1 2026

Feb 24, 2026

-$2.12+9.0%

vs -$2.33

$386M+1.1%

vs $382M

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

SAMThe Boston Beer Company, Inc.Current

$220.64

$2.3B

-30.88

3.69%

-3.47%

-9.81%

—

TAPMolson Coors Beverage Company

$40.33

$7.56B

8.44

-4.18%

8.09%

8.54%

4.77%

BUDAnheuser-Busch InBev SA/NV

$83.96

$162.13B

24.27

-0.75%

—

2.74%

STZConstellation Brands, Inc.

$141.97

$24.25B

12.59

-10.47%

20.9%

22.76%

2.87%

MGPIMGP Ingredients, Inc.

$16.98

$363.61M

-1.45

-23.77%

-51.44%

-40.34%

2.85%

WVVIWillamette Valley Vineyards, Inc.

$1.70

$8.47M

-3.79

53.74%

-5.92%

-3.34%

11.42%