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SAM

The Boston Beer Company, Inc.

SAM

The Boston Beer Company, Inc. • NYSE
$194.80 ▼ -0.27% (-0.52)
Market Cap $2.17 B
52w High $323.98
52w Low $185.34
Dividend Yield 0%
P/E 22.62
Volume 68.63K
Outstanding Shares 11.14M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $537.494M ▼ $209.652M ▼ $46.155M ▼ 8.587% ▼ $4.25 ▼ $86.698M ▼
Q2-2025 $587.949M ▲ $210.449M ▲ $60.433M ▲ 10.279% ▲ $5.45 ▲ $109.418M ▲
Q1-2025 $453.867M ▲ $185.487M ▼ $24.412M ▲ 5.379% ▲ $2.16 ▲ $56.59M ▲
Q4-2024 $402.299M ▼ $216.714M ▼ $-38.755M ▼ -9.633% ▼ $-3.38 ▼ $-3.456M ▼
Q3-2024 $605.477M $234.408M $33.514M 5.535% $2.87 $112.358M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $250.454M ▲ $1.247B ▼ $335.617M ▼ $910.984M ▼
Q2-2025 $212.432M ▲ $1.268B ▲ $355.866M ▲ $912.339M ▲
Q1-2025 $152.454M ▼ $1.24B ▼ $343.214M ▲ $897.01M ▼
Q4-2024 $211.819M ▼ $1.25B ▼ $333.831M ▼ $916.187M ▼
Q3-2024 $255.601M $1.382B $367.835M $1.014B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $46.155M ▼ $101.799M ▼ $-12.556M ▲ $-51.221M ▲ $38.022M ▼ $89.238M ▼
Q2-2025 $60.433M ▲ $126.5M ▲ $-14.235M ▼ $-52.267M ▼ $59.978M ▲ $112.265M ▲
Q1-2025 $24.412M ▲ $1.939M ▼ $-9.879M ▲ $-51.425M ▲ $-59.365M ▼ $-7.982M ▼
Q4-2024 $-38.755M ▼ $41.902M ▼ $-23.507M ▼ $-62.177M ▲ $-43.782M ▼ $18.395M ▼
Q3-2024 $33.514M $115.874M $-16.68M $-62.888M $36.306M $99.194M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been broadly flat in recent years after a strong step up in 2020, suggesting the business has moved from a rapid growth phase into a more mature, steady phase. Profitability is positive but not especially high: the company earns money, but operating and net margins are relatively thin compared with the revenue base. Earnings took a clear hit a few years ago when the hard seltzer boom cooled, and while results have recovered from that low point, they have not returned to the peak profit levels seen earlier in the decade. Overall, the income statement shows a stable, profitable business with limited margin of error and sensitivity to shifts in consumer trends and input costs.

Balance Sheet

Balance Sheet The balance sheet looks conservative and resilient. Total assets have been fairly stable, and shareholder equity has edged up over time, indicating that the company has been able to retain value in the business. Debt levels are low and have been gradually declining, which reduces financial risk and interest burdens. Cash levels, while not excessive, have improved meaningfully from earlier lows, giving the company more flexibility to invest, support innovation, and navigate short-term shocks without relying heavily on borrowing.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations is solid and has strengthened from the weaker period a few years ago. After a year of heavy investment that pushed free cash flow negative, capital spending has normalized, and the company is again consistently generating excess cash after investments. This pattern suggests that Boston Beer can largely fund its needs internally, supporting both innovation and capacity without stretching its finances. The main watchpoint is that continued innovation and category shifts may require renewed bursts of spending, which could temporarily pressure free cash flow.

Competitive Edge

Competitive Edge Boston Beer sits in an interesting middle ground: larger and more diversified than most craft brewers, but more focused and nimble than global beverage giants. Its strength lies in a portfolio of well‑known brands across multiple categories—Samuel Adams in beer, Twisted Tea in hard tea, Angry Orchard in cider, and Truly in hard seltzer. Twisted Tea, in particular, holds a dominant share in its niche, offering a strong anchor franchise. A wide distribution network and established relationships with distributors and retailers give it national reach that smaller competitors often lack. The flip side is exposure to fast‑changing consumer fads: categories like hard seltzer can swing from boom to slowdown quickly, and Boston Beer competes head‑to‑head with much larger companies that have deep pockets for marketing and price competition. Overall, its position is solid but depends on staying ahead of trends and protecting brand strength.

Innovation and R&D

Innovation and R&D Innovation is at the heart of Boston Beer’s strategy. The company has a long record of creating and scaling new beverage types—from hard tea and cider to hard seltzer and ready‑to‑drink cocktails—often being early and aggressive in emerging categories. It supports this with modern brewing technology, rigorous quality testing, and ongoing supply chain upgrades to better manage a broad product lineup. Recent moves include new hard tea and spirits-based drinks, collaborations like Hard MTN Dew, non-alcoholic offerings, and attempts to refresh the Samuel Adams beer brand with new light options. Management appears to be shifting toward a more selective “fewer, bigger bets” approach, focusing resources on concepts with the best chance of scale. The opportunity is continued category leadership in “beyond beer,” while the risk is that frequent experimentation can lead to misfires or short-lived trends that don’t justify the investment.

Summary

Boston Beer today looks like a seasoned beverage company built around a few strong brands rather than a high-growth newcomer. Financially, it is stable, profitable, and conservatively financed, with low debt and solid cash generation, but margins are modest and still below the best years of the past. Its real edge comes from brand equity, national distribution, and a culture of innovation that has repeatedly moved it into new categories ahead of rivals. The key uncertainties are how well it can manage category slowdowns, keep its innovation pipeline both disciplined and effective, and reinvigorate its core beer franchise while expanding beyond beer. If it can balance these elements, it has the ingredients to sustain a durable, though likely more measured, growth profile over time.

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