The Boston Beer Company, Inc.
- Open
- 178.08
- Day high
- 182.05
- Day low
- 178.08
- Prev close
- 178.80
- Volume
- 302K
- Mkt cap
- $1.9B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.8
- P/S
- 0.9
- Yield
- —
- Per share
- —
The Boston Beer Company, Inc. (SAM) is a Consumer Defensive company listed on NYSE. The stock is down 8% over the past year.
The Boston Beer Company, Inc. (SAM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SAM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $1.96 | $1.64 | -16.3% | $434M | -0.5% |
| Feb 24, 2026 | $-2.33 | $-2.12 | +9.0% | $508M | +15.6% |
| Oct 23, 2025 | $3.78 | $4.25 | +12.4% | $537M | +40.5% |
| Jul 24, 2025 | $4.37 | $5.45 | +24.7% | $625M | +7.0% |
| Apr 24, 2025 | $0.78 | $2.16 | +176.9% | $454M | +4.3% |
| Feb 25, 2025 | $-1.21 | $-1.68 | -38.8% | $429M | +10.3% |
| Oct 24, 2024 | $4.96 | $5.35 | +7.9% | $605M | +54.3% |
| Jul 25, 2024 | $5.02 | $4.39 | -12.5% | $579M | -3.1% |
| Apr 25, 2024 | $0.01 | $1.04 | +12135.3% | $426M | +3.1% |
| Feb 27, 2024 | $-0.22 | $-1.49 | -577.3% | $394M | -4.8% |
| Oct 26, 2023 | $4.08 | $3.70 | -9.3% | $602M | +1.3% |
| Jul 27, 2023 | $3.43 | $4.72 | +37.6% | $603M | +1.7% |
SAM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 28, 2026 | Fisher Cynthia Adirector | Grant | 358 | — |
| May 28, 2026 | Joyce Meghan V.director | Grant | 691 | $181.63 |
| May 28, 2026 | Swanson Cynthiadirector | Grant | 358 | — |
| May 28, 2026 | Swanson Cynthiadirector | Grant | 691 | $181.63 |
| May 28, 2026 | Nemeth Julio Ndirector | Grant | 691 | $181.63 |
| May 28, 2026 | Fisher Cynthia Adirector | Grant | 691 | $181.63 |
| May 28, 2026 | Joyce Meghan V.director | Grant | 358 | — |
| May 28, 2026 | Nemeth Julio Ndirector | Grant | 358 | — |
| May 28, 2026 | Stone Christopher Isaacdirector | Grant | 691 | $181.63 |
| May 28, 2026 | JORDAN JOSEPH HUGHdirector | Grant | 691 | $181.63 |
| May 28, 2026 | Stone Christopher Isaacdirector | Grant | 358 | — |
| May 28, 2026 | JORDAN JOSEPH HUGHdirector | Grant | 358 | — |
| Apr 3, 2026 | Fisher Cynthia Adirector | Option | 1,560 | $157.58 |
| Mar 20, 2026 | Murphy Matthew Donalofficer: CAO & VP of Finance | Grant | 129 | $136.07 |
| Nov 4, 2025 | Spillane Michaeldirector | Sell | 1,968 | $206.15 |
Source: SAM SEC Form 4 filings, latest May 28, 2026. For informational purposes only — not investment advice.
See the full SAM insider & 13F page →The Boston Beer Company, Inc. company profile
Overview
The Boston Beer Company, Inc. (NASDAQ:SAM) is a leading American alcoholic beverage company founded in 1984 and based in Boston, Massachusetts. The company went public in 1995 and has evolved from a craft beer pioneer with its flagship Samuel Adams Boston Lager into a diversified alcoholic beverage portfolio company. Today, Boston Beer operates across multiple beverage categories including beer, hard ciders, hard seltzers, and flavored malt beverages, with brands like Twisted Tea, Truly Hard Seltzer, Angry Orchard, and Dogfish Head serving consumers primarily in the United States and select international markets.
Business
The Boston Beer Company operates in the alcoholic beverage industry, specifically focusing on what the industry calls "beyond beer" categories alongside traditional craft beer. The company's business spans four main product categories: Flavored Malt Beverages (FMBs) represent the company's largest and most successful segment, anchored by Twisted Tea, which holds an 85% market share in the hard tea category. Twisted Tea is a malt-based alcoholic beverage that tastes like sweet tea but contains alcohol, appealing to consumers seeking alternatives to traditional beer. The company has also launched SunCruiser, a vodka-based hard tea that represents a premium innovation in this space. Hard Seltzers constitute another significant category through the Truly brand, though this segment has faced challenges as the overall hard seltzer market has declined. Hard seltzers are carbonated alcoholic beverages with fruit flavors, typically lower in calories and carbohydrates than beer, targeting health-conscious consumers. The company also produces Hard Mountain Dew under license from PepsiCo. Traditional Craft Beer remains part of the portfolio through Samuel Adams and Dogfish Head brands. Samuel Adams Boston Lager was the company's original flagship product that helped establish the American craft beer movement. The company has recently launched Samuel Adams American Light to compete in the light beer segment. Hard Ciders are represented by Angry Orchard, which maintains the #1 position in the U.S. hard cider market with approximately 40% market share. Hard cider is an alcoholic beverage made from fermented apple juice, offering a sweeter alternative to beer. Based on recent financial performance, Twisted Tea and the FMB category appear to generate the majority of the company's growth and profitability, while the hard seltzer segment has been contracting. The traditional beer segment remains relatively stable but faces broader industry headwinds.
Revenue model
Boston Beer generates revenue primarily through product sales to a three-tier distribution system. The company sells its beverages to approximately 400 wholesalers in the United States, who then distribute to retailers including grocery stores, convenience stores, liquor stores, bars, restaurants, and other outlets. The company also has international sales through wholesalers and importers in Canada, Europe, Australia, and other markets. The business model is straightforward product manufacturing and sales, with revenue generated from the volume of cases sold multiplied by pricing per case. The company has been able to implement regular price increases, with recent years seeing 1-2% annual price increases that help offset inflationary pressures and drive revenue growth even when volumes decline. Several factors significantly impact the company's margins and profitability. Commodity costs for ingredients like aluminum, hops, and other raw materials directly affect gross margins, with potential tariff impacts adding $20-30 million in costs. Production efficiency plays a crucial role, as the company targets a 90-10 mix of internal versus external production to maximize control and margins. The company's ongoing supply chain modernization and brewery performance improvements are designed to expand gross margins from current levels in the mid-40s to a target range of high 40s to 50%. Category dynamics heavily influence performance, with the hard seltzer category declining 10-15% annually while flavored malt beverages like Twisted Tea continue growing. Consumer trends toward health and wellness, moderation in alcohol consumption, and competition from cannabis products represent headwinds. Innovation success in launching new products like SunCruiser can drive margin-accretive growth, while failed innovations result in inventory write-offs and obsolescence costs. The company's advertising investments, typically weighted toward the second half of each year, directly impact brand performance and market share, creating a variable cost structure that management can adjust based on market conditions and brand performance.
Competitive moat
Boston Beer's competitive moat is moderate and primarily built around brand equity and market leadership positions in specific categories rather than structural advantages. The company's strongest moat exists in flavored malt beverages through Twisted Tea's 85% market share in hard tea, representing a dominant position that benefits from first-mover advantage, established distribution relationships, and consumer loyalty. This category leadership provides pricing power and shelf space advantages that are difficult for competitors to replicate. The company's distribution network relationships with approximately 400 wholesalers create some barriers to entry, as these relationships take time to build and maintain. However, this advantage is not exclusive, as competitors can access the same distribution channels. The company's production capabilities and brewing expertise provide operational advantages, particularly as they target 90% internal production to maintain quality control and cost efficiency. However, the moat faces significant challenges. The alcoholic beverage industry is highly competitive with low switching costs for consumers, making brand loyalty fragile. Large competitors like Anheuser-Busch InBev, Molson Coors, and Constellation Brands have substantially greater resources for marketing, innovation, and distribution. The hard seltzer category's rapid decline demonstrates how quickly consumer preferences can shift, eroding what appeared to be strong market positions. Disruption risks come from multiple directions: cannabis legalization creating alternative recreational products, health and wellness trends reducing alcohol consumption, weight loss drugs potentially decreasing overall consumption, and new beverage innovations from well-funded competitors. The company's relatively small size compared to major beverage companies limits its ability to compete on marketing spend and innovation resources, making it vulnerable to larger players entering its successful categories with superior resources.
Risks & safety
Boston Beer demonstrates a solid margin of safety with strong financial fundamentals, though valuation metrics suggest limited downside protection at current levels. • Liquidity and Solvency: Strong cash position of $152 million with minimal debt (debt-to-equity ratio of 0.05), current ratio of 1.72, and positive free cash flow generation in most quarters provides substantial financial flexibility • Operational Cash Flow: Generated $249 million in operating cash flow for fiscal 2024, demonstrating the business's ability to convert earnings into cash despite volume challenges • Valuation Metrics: Trading at 27.6x P/E ratio and 11.1x EV/EBITDA, which appears elevated for a company facing volume headwinds and category challenges • Balance Sheet Strength: Total assets of $1.24 billion against total liabilities of $343 million, providing a substantial equity cushion • Earnings Volatility: Quarterly earnings have been volatile, ranging from losses in Q4 2024 to strong profits in other quarters, reflecting the cyclical nature of the business • Other Considerations: Potential tariff impacts of $20-30 million annually and ongoing category headwinds in hard seltzer create earnings uncertainty, while the company's small size relative to industry giants limits defensive capabilities during market downturns
Recent development
Over the past few years, Boston Beer has undergone significant strategic evolution in response to changing market dynamics. The company experienced rapid growth during the hard seltzer boom with Truly, but has since pivoted toward a more diversified portfolio approach as that category declined sharply. Portfolio Rebalancing: The most significant development has been the shift from hard seltzer dependence to flavored malt beverage leadership. Twisted Tea has emerged as the company's primary growth driver, achieving 21% dollar sales growth in 2024 and expanding its market share to 85% of the hard tea category. Management has invested heavily in Twisted Tea's expansion, introducing variants like Twisted Tea Light and Extreme while targeting new demographics. Innovation Pipeline: The company launched SunCruiser, a vodka-based hard tea that represents a premium, margin-accretive innovation designed to expand beyond traditional malt-based beverages. This product has shown promising early results and is being expanded nationally. The Hard Mountain Dew partnership with PepsiCo has shown positive depletion trends for three consecutive quarters, though the transition has been slower than initially expected. Operational Transformation: Boston Beer has implemented comprehensive supply chain modernization, targeting a 90-10 internal-external production mix to improve margins and quality control. The company is pursuing gross margin expansion from the mid-40s to high 40s-50% range through procurement savings, brewery performance improvements, and network optimization. Strategic Focus Shift: Under new CEO Michael Spillane, who took over in April 2024, the company has adopted a more disciplined approach to innovation and brand investment. The strategy emphasizes nurturing category-leading brands rather than chasing every market trend, with increased advertising investments concentrated on brands showing the strongest potential for sustainable growth.
SAM company profile · for informational purposes only — not investment advice.
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