Boston Beer (SAM) Financials

$209.55 +2.47 (+1.19%)

Closing price 08/1/2025 03:59 PM Eastern

Extended Trading

$215.28 +5.72 (+2.73%)

As of 08/1/2025 06:41 PM Eastern

Annual Income Statements for Boston Beer

This table shows Boston Beer's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/26/2015	12/31/2016	12/30/2017	12/29/2018	12/28/2019	12/26/2020	12/25/2021	12/31/2022	12/30/2023	12/28/2024
Net Income / (Loss) Attributable to Common Shareholders	98	87	99	-	110	192	15	67	76	60
Consolidated Net Income / (Loss)	98	87	99	-	110	192	15	67	76	60
Net Income / (Loss) Continuing Operations	98	87	99	-	110	192	15	67	76	60
Total Pre-Tax Income	155	137	116	-	144	244	6.91	91	110	88
Total Operating Income	156	138	116	-	145	244	8.00	91	100	76
Total Gross Profit	502	460	450	-	614	814	798	862	852	894
Total Revenue	960	906	863	-	1,250	1,736	2,058	2,090	2,009	2,013
Operating Revenue	960	906	863	-	1,250	1,736	2,058	2,090	2,009	2,013
Total Cost of Revenue	458	447	413	-	636	922	1,260	1,228	1,156	1,119
Operating Cost of Revenue	458	447	413	-	636	922	1,260	1,228	1,156	1,119
Total Operating Expenses	345	322	334	-	469	570	790	771	752	818
Selling, General & Admin Expense	72	78	73	-	113	118	134	158	175	190
Marketing Expense	274	244	259	-	356	448	607	578	556	552
Other Operating Expenses / (Income)	-	-	-	-	0.00	0.00	31	5.38	-	26
Impairment Charge	0.26	-0.24	2.45	-	0.91	4.47	18	30	22	50
Total Other Income / (Expense), net	-1.16	-0.54	0.47	-	-0.54	0.02	-1.09	0.65	9.59	12
Interest & Investment Income	0.06	0.17	0.55	-	0.65	-0.20	-0.11	2.56	11	13
Other Income / (Expense), net	-1.22	-0.71	-0.08	-	-1.19	0.22	-0.98	-1.92	-1.41	-1.62
Income Tax Expense	57	50	17	-	34	52	-7.64	24	33	28
Basic Earnings per Share	$7.46	$6.93	$24.54	-	$9.26	$15.73	$1.19	$5.46	$6.23	$5.07
Weighted Average Basic Shares Outstanding	13.20M	12.66M	24.20M	11.73M	11.89M	12.20M	12.28M	12.32M	12.24M	11.77M
Diluted Earnings per Share	$7.25	$6.79	$16.18	-	$9.16	$15.53	$1.17	$5.44	$6.21	$5.06
Weighted Average Diluted Shares Outstanding	13.52M	12.80M	12.18M	11.73M	11.91M	12.28M	12.44M	12.35M	12.26M	11.77M
Weighted Average Basic & Diluted Shares Outstanding	13.20M	12.60M	12.10M	11.73M	12.15M	12.27M	12.29M	12.28M	12.02M	11.24M

This table shows Boston Beer's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/24/2022	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025
Net Income / (Loss) Attributable to Common Shareholders	27	-11	-8.96	58	45	-18	13	52	34	-39	24
Consolidated Net Income / (Loss)	27	-11	-8.96	58	45	-18	13	52	34	-39	24
Net Income / (Loss) Continuing Operations	27	-11	-8.96	58	45	-18	13	52	34	-39	24
Total Pre-Tax Income	38	-15	-12	80	64	-22	19	73	49	-54	36
Total Operating Income	38	-17	-14	78	62	-26	15	71	46	-56	34
Total Gross Profit	258	166	156	274	275	148	186	266	280	161	219
Total Revenue	596	448	410	603	602	394	426	579	605	402	454
Operating Revenue	596	448	410	603	602	394	426	579	605	402	454
Total Cost of Revenue	339	282	254	329	327	246	240	313	325	242	235
Operating Cost of Revenue	339	282	254	329	327	246	240	313	325	242	235
Total Operating Expenses	219	182	170	196	213	174	171	196	234	217	185
Selling, General & Admin Expense	37	42	44	45	42	44	50	48	44	48	48
Marketing Expense	154	139	125	149	153	129	120	144	148	140	138
Other Operating Expenses / (Income)	0.00	0.05	0.00	0.00	0.00	-	0.00	0.00	0.00	26	0.00
Impairment Charge	28	1.48	0.48	1.53	18	1.48	0.34	3.40	43	3.43	0.00
Total Other Income / (Expense), net	-0.13	1.43	1.54	1.73	2.57	3.75	3.46	2.51	3.27	2.40	2.07
Interest & Investment Income	0.76	1.75	1.64	1.86	3.48	4.02	3.49	2.95	3.58	3.23	2.33
Other Income / (Expense), net	-0.89	-0.32	-0.10	-0.12	-0.91	-0.27	-0.04	-0.44	-0.32	-0.83	-0.26
Income Tax Expense	11	-3.96	-3.45	22	19	-4.06	6.21	21	16	-15	11
Basic Earnings per Share	$2.21	($0.92)	($0.73)	$4.73	$3.70	($1.47)	$1.05	$4.40	$2.87	($3.25)	$2.16
Weighted Average Basic Shares Outstanding	12.32M	12.32M	12.31M	12.27M	12.23M	12.24M	12.05M	11.90M	11.68M	11.77M	11.28M
Diluted Earnings per Share	$2.21	($0.92)	($0.73)	$4.72	$3.70	($1.48)	$1.04	$4.39	$2.86	($3.23)	$2.16
Weighted Average Diluted Shares Outstanding	12.34M	12.35M	12.31M	12.28M	12.23M	12.26M	12.06M	11.89M	11.67M	11.77M	11.26M
Weighted Average Basic & Diluted Shares Outstanding	12.30M	12.28M	12.27M	12.24M	12.19M	12.02M	11.95M	11.72M	11.48M	11.24M	11.15M

This table details how cash moves in and out of Boston Beer's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/26/2015	12/31/2016	12/30/2017	12/29/2018	12/28/2019	12/26/2020	12/25/2021	12/31/2022	12/30/2023	12/28/2024
Net Change in Cash & Equivalents	18	-3.16	-25	43	-72	127	-97	114	118	-87
Net Cash From Operating Activities	169	154	136	163	178	253	56	200	265	249
Net Cash From Continuing Operating Activities	169	154	136	163	185	253	56	200	265	249
Net Income / (Loss) Continuing Operations	98	87	99	93	110	192	15	67	76	60
Consolidated Net Income / (Loss)	98	87	99	93	110	192	15	67	76	60
Depreciation Expense	43	50	51	52	56	66	72	81	88	94
Non-Cash Adjustments To Reconcile Net Income	-7.75	-6.24	9.53	11	18	27	45	72	47	76
Changes in Operating Assets and Liabilities, net	35	24	-24	8.06	0.19	-31	-75	-21	54	19
Net Cash From Investing Activities	-74	-46	-33	-55	-259	-139	-147	-89	-62	-96
Net Cash From Continuing Investing Activities	-74	-46	-33	-55	-259	-139	-147	-89	-62	-96
Purchase of Property, Plant & Equipment	-74	-50	-33	-55	-93	-140	-148	-91	-64	-76
Sale of Property, Plant & Equipment	-	3.86	0.03	0.03	0.17	0.49	1.16	2.08	1.71	0.02
Other Investing Activities, net	0.06	0.04	0.03	0.14	-0.24	0.39	0.15	0.00	0.00	-20
Net Cash From Financing Activities	-77	-111	-128	-65	8.86	12	-6.64	2.80	-85	-239
Net Cash From Continuing Financing Activities	-77	-111	-128	-65	8.86	12	-6.64	2.80	-85	-239
Repayment of Debt	-0.05	-0.06	-0.06	-0.08	-97	-101	-1.57	-32	-1.58	-1.89
Repurchase of Common Equity	-136	-165	-145	-88	-	-	0.00	0.00	-93	-239
Issuance of Debt	-	-	-	0.00	97	100	0.00	30	0.00	0.00
Other Financing Activities, net	59	53	16	23	9.24	14	-5.07	4.47	9.61	1.19
Cash Income Taxes Paid	45	31	43	16	31	36	-41	28	-36	-52

This table details how cash moves in and out of Boston Beer's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/24/2022	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025
Net Change in Cash & Equivalents	84	-41	-58	85	103	-12	-93	14	36	-44	-59
Net Cash From Operating Activities	103	-25	-18	119	131	33	-4.88	96	116	42	1.94
Net Cash From Continuing Operating Activities	103	-25	-18	119	131	33	-4.88	96	116	42	1.94
Net Income / (Loss) Continuing Operations	27	-11	-8.96	58	45	-18	13	52	34	-39	24
Consolidated Net Income / (Loss)	27	-11	-8.96	58	45	-18	13	52	34	-39	24
Depreciation Expense	21	21	22	22	23	22	23	24	24	23	23
Non-Cash Adjustments To Reconcile Net Income	50	11	6.23	18	30	-7.37	9.45	14	52	0.68	-5.21
Changes in Operating Assets and Liabilities, net	5.70	-45	-37	21	33	37	-50	6.15	6.29	57	-40
Net Cash From Investing Activities	-20	-19	-17	-17	-12	-15	-36	-20	-17	-24	-9.88
Net Cash From Continuing Investing Activities	-20	-19	-17	-17	-12	-15	-36	-20	-17	-24	-9.88
Purchase of Property, Plant & Equipment	-20	-20	-17	-17	-14	-15	-16	-20	-17	-24	-9.92
Sale of Property, Plant & Equipment	-	1.57	0.20	-	1.51	0.00	0.02	-	-	-	0.04
Other Investing Activities, net	-	-	0.00	-	-	-	-20	-	-	-	0.00
Net Cash From Financing Activities	0.31	2.22	-23	-16	-16	-30	-52	-62	-63	-62	-51
Net Cash From Continuing Financing Activities	0.31	2.22	-23	-16	-16	-30	-52	-62	-63	-62	-51
Repayment of Debt	-0.40	-0.40	-0.41	-0.38	-0.39	-0.39	-0.56	-0.51	-0.41	-0.41	-0.42
Repurchase of Common Equity	-	-	-21	-25	-17	-30	-50	-63	-63	-63	-49
Issuance of Debt	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Other Financing Activities, net	0.71	2.62	-1.55	8.91	1.19	1.06	-1.93	1.70	0.52	0.90	-1.61
Cash Income Taxes Paid	81	-9.72	1.74	-0.35	-15	-22	0.02	12	-48	-17	0.02

This table presents Boston Beer's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/26/2015	12/31/2016	12/30/2017	12/29/2018	12/28/2019	12/26/2020	12/25/2021	12/31/2022	12/30/2023	12/28/2024
Total Assets	645	616	570	640	1,054	1,379	1,387	1,421	1,430	1,250
Total Current Assets	224	194	168	232	219	413	345	423	504	417
Cash & Equivalents	94	91	66	108	37	163	27	181	298	212
Restricted Cash	-	-	-	-	-	-	39	0.00	0.00	0.00
Accounts Receivable	39	37	34	34	54	78	55	57	67	61
Inventories, net	56	52	51	70	106	131	149	148	116	117
Prepaid Expenses	12	8.73	11	13	12	30	21	27	21	20
Current Deferred & Refundable Income Taxes	22	4.93	7.62	5.71	9.46	10	53	10	1.71	6.68
Plant, Property, & Equipment, net	410	408	384	390	541	623	665	668	643	616
Total Noncurrent Assets	12	14	17	18	294	343	377	330	284	216
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	-	0.00	17
Goodwill	3.68	3.68	3.68	3.68	113	113	113	113	113	113
Intangible Assets	-	-	-	2.10	104	104	104	76	60	16
Other Noncurrent Operating Assets	8.19	9.97	13	13	78	126	160	141	112	71
Total Liabilities & Shareholders' Equity	645	616	570	640	1,054	1,379	1,387	1,421	1,430	1,250
Total Liabilities	184	169	146	180	318	422	403	352	352	334
Total Current Liabilities	111	102	102	121	181	259	255	204	223	232
Accounts Payable	43	41	38	47	76	122	86	84	87	87
Accrued Expenses	68	61	64	73	99	130	162	111	127	139
Other Current Liabilities	-	-	-	-	5.17	8.23	7.63	8.87	9.11	5.74
Total Noncurrent Liabilities	73	68	44	59	138	162	148	148	129	102
Noncurrent Deferred & Payable Income Tax Liabilities	56	57	35	49	75	93	87	97	86	66
Other Noncurrent Operating Liabilities	17	11	9.52	9.85	63	70	61	51	43	36
Commitments & Contingencies	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	461	447	424	460	736	957	983	1,069	1,078	916
Total Preferred & Common Equity	461	447	424	460	736	957	983	1,069	1,078	916
Total Common Equity	461	446	423	460	736	957	983	1,069	1,078	916
Common Stock	290	350	373	406	572	600	612	630	656	677
Retained Earnings	172	98	52	56	165	357	372	439	422	240
Accumulated Other Comprehensive Income / (Loss)	-0.95	-1.10	-1.29	-1.20	-1.67	-0.25	-0.19	-0.21	-0.06	-0.70

This table presents Boston Beer's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/24/2022	4/1/2023	7/1/2023	9/30/2023	3/30/2024	6/29/2024	9/28/2024	3/29/2025
Total Assets	1,531	1,393	1,493	1,517	1,384	1,435	1,382	1,240
Total Current Assets	529	404	517	579	453	526	536	414
Cash & Equivalents	222	123	208	311	205	219	256	152
Accounts Receivable	92	80	117	88	73	125	94	88
Inventories, net	192	151	156	148	147	152	160	145
Prepaid Expenses	18	39	35	32	27	28	26	29
Current Deferred & Refundable Income Taxes	4.25	11	1.75	0.00	0.24	1.16	0.00	0.10
Plant, Property, & Equipment, net	671	663	656	647	635	627	619	604
Total Noncurrent Assets	331	326	319	290	296	282	227	222
Noncurrent Note & Lease Receivables	-	-	-	-	19	19	17	17
Goodwill	113	113	113	113	113	113	113	113
Intangible Assets	76	76	76	60	60	60	17	16
Other Noncurrent Operating Assets	142	137	130	118	105	91	81	77
Total Liabilities & Shareholders' Equity	1,531	1,393	1,493	1,517	1,384	1,435	1,382	1,240
Total Liabilities	457	351	405	396	337	395	368	343
Total Current Liabilities	314	208	263	265	211	270	264	241
Accounts Payable	151	101	121	115	98	115	103	110
Accrued Expenses	154	98	133	141	105	147	154	119
Other Current Liabilities	8.61	8.91	8.97	9.03	8.35	7.48	6.60	12
Total Noncurrent Liabilities	143	144	143	131	126	125	104	102
Noncurrent Deferred & Payable Income Tax Liabilities	90	96	95	86	86	86	66	63
Other Noncurrent Operating Liabilities	53	47	47	45	40	39	38	39
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,074	1,041	1,087	1,121	1,047	1,041	1,014	897
Total Preferred & Common Equity	1,074	1,041	1,087	1,121	1,047	1,041	1,014	897
Total Common Equity	1,074	1,041	1,087	1,121	1,047	1,041	1,014	897
Common Stock	624	633	646	651	663	668	672	682
Retained Earnings	451	408	441	470	384	373	342	215
Accumulated Other Comprehensive Income / (Loss)	-0.46	-0.19	-0.07	-0.21	-0.22	-0.28	-0.24	-0.55

This table displays calculated financial ratios and metrics derived from Boston Beer's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/26/2015	12/31/2016	12/30/2017	12/29/2018	12/28/2019	12/26/2020	12/25/2021	12/31/2022	12/30/2023	12/28/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.30%	-5.57%	-4.79%	0.00%	0.00%	38.93%	18.50%	1.59%	-3.91%	0.21%
EBITDA Growth	9.48%	-5.73%	-10.54%	-68.85%	284.84%	55.05%	-74.49%	115.17%	9.69%	-9.85%
EBIT Growth	6.44%	-11.62%	-15.60%	-100.00%	0.00%	70.07%	-97.13%	1,166.21%	10.93%	-24.59%
NOPAT Growth	8.54%	-11.56%	12.50%	-100.00%	0.00%	73.78%	-91.22%	296.49%	4.18%	-25.60%
Net Income Growth	8.45%	-11.24%	13.39%	0.00%	0.00%	74.44%	-92.42%	362.19%	13.36%	-21.71%
EPS Growth	8.37%	-6.34%	138.29%	0.00%	0.00%	69.54%	-92.47%	364.96%	14.15%	-18.52%
Operating Cash Flow Growth	19.45%	-8.59%	-11.81%	20.20%	9.05%	42.17%	-77.78%	255.16%	32.61%	-6.13%
Free Cash Flow Firm Growth	682.73%	8.47%	-3.40%	-93.80%	-4,064.37%	141.09%	-209.60%	189.99%	85.77%	-28.79%
Invested Capital Growth	2.01%	-3.27%	0.66%	-1.67%	98.62%	13.55%	15.55%	-3.17%	-12.22%	-9.63%
Revenue Q/Q Growth	-0.28%	0.47%	-1.49%	0.00%	0.00%	10.12%	-5.20%	4.99%	-2.61%	0.43%
EBITDA Q/Q Growth	-2.11%	5.21%	-10.25%	-65.98%	263.96%	9.74%	-58.90%	51.11%	-4.17%	-14.74%
EBIT Q/Q Growth	-3.39%	6.45%	-14.55%	-100.00%	0.00%	11.51%	-94.29%	171.38%	-8.42%	-29.19%
NOPAT Q/Q Growth	-3.08%	7.11%	9.29%	-100.00%	0.00%	10.71%	-83.06%	140.23%	-10.54%	-27.67%
Net Income Q/Q Growth	-2.92%	7.44%	9.22%	0.00%	0.00%	11.02%	-85.32%	150.10%	-8.08%	-25.68%
EPS Q/Q Growth	-2.42%	7.95%	121.64%	0.00%	0.00%	86.21%	-85.19%	138.60%	-8.27%	-25.70%
Operating Cash Flow Q/Q Growth	-6.87%	14.58%	-11.74%	20.36%	-10.01%	3.65%	-41.02%	-13.18%	27.85%	3.82%
Free Cash Flow Firm Q/Q Growth	-5.67%	44.33%	-19.39%	-92.53%	27.47%	-6.35%	-29.86%	-19.25%	48.80%	3.11%
Invested Capital Q/Q Growth	1.91%	-4.79%	3.96%	-3.76%	1.03%	4.24%	-2.73%	4.23%	-3.77%	-7.14%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	52.26%	50.71%	52.13%	0.00%	49.14%	46.90%	38.77%	41.24%	42.44%	44.40%
EBITDA Margin	20.61%	20.58%	19.33%	0.00%	16.00%	17.86%	3.85%	8.14%	9.30%	8.36%
Operating Margin	16.27%	15.19%	13.40%	0.00%	11.59%	14.06%	0.39%	4.34%	4.98%	3.77%
EBIT Margin	16.14%	15.11%	13.39%	0.00%	11.50%	14.08%	0.34%	4.25%	4.91%	3.69%
Profit (Net Income) Margin	10.25%	9.64%	11.48%	0.00%	8.80%	11.05%	0.71%	3.22%	3.80%	2.97%
Tax Burden Percent	63.49%	63.70%	85.28%	0.00%	76.22%	78.60%	210.64%	73.56%	69.58%	68.14%
Interest Burden Percent	100.04%	100.12%	100.47%	0.00%	100.45%	99.92%	98.43%	102.88%	111.15%	117.82%
Effective Tax Rate	36.51%	36.30%	14.72%	0.00%	23.78%	21.40%	-110.64%	26.44%	30.42%	31.86%
Return on Invested Capital (ROIC)	27.24%	24.25%	27.66%	0.00%	21.02%	25.72%	1.97%	7.40%	8.35%	6.98%
ROIC Less NNEP Spread (ROIC-NNEP)	28.12%	24.63%	27.15%	0.00%	21.59%	25.70%	3.97%	7.02%	5.56%	3.87%
Return on Net Nonoperating Assets (RNNOA)	-5.31%	-5.01%	-4.89%	0.00%	-2.62%	-3.04%	-0.47%	-0.84%	-1.24%	-0.99%
Return on Equity (ROE)	21.93%	19.24%	22.77%	0.00%	18.40%	22.68%	1.50%	6.56%	7.10%	5.99%
Cash Return on Invested Capital (CROIC)	25.26%	27.58%	27.00%	1.68%	-45.03%	13.03%	-12.46%	10.62%	21.37%	17.10%
Operating Return on Assets (OROA)	24.78%	21.72%	19.50%	0.00%	16.97%	20.09%	0.51%	6.33%	6.92%	5.55%
Return on Assets (ROA)	15.74%	13.85%	16.71%	0.00%	12.99%	15.78%	1.05%	4.79%	5.35%	4.45%
Return on Common Equity (ROCE)	21.93%	19.24%	22.76%	0.00%	18.40%	22.68%	1.50%	6.56%	7.10%	5.99%
Return on Equity Simple (ROE_SIMPLE)	21.34%	19.56%	23.39%	0.00%	14.96%	20.06%	1.48%	6.29%	7.07%	6.52%
Net Operating Profit after Tax (NOPAT)	99	88	99	0.00	110	192	17	67	70	52
NOPAT Margin	10.33%	9.67%	11.43%	0.00%	8.84%	11.05%	0.82%	3.20%	3.46%	2.57%
Net Nonoperating Expense Percent (NNEP)	-0.87%	-0.37%	0.51%	0.00%	-0.57%	0.02%	-2.00%	0.38%	2.78%	3.11%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	6.25%	6.45%	5.65%
Cost of Revenue to Revenue	47.74%	49.29%	47.87%	0.00%	50.86%	53.10%	61.23%	58.76%	57.56%	55.60%
SG&A Expenses to Revenue	7.45%	8.61%	8.47%	0.00%	9.02%	6.81%	6.49%	7.54%	8.69%	9.43%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	35.99%	35.52%	38.73%	0.00%	37.55%	32.84%	38.38%	36.89%	37.46%	40.63%
Earnings before Interest and Taxes (EBIT)	155	137	116	0.00	144	244	7.02	89	99	74
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	198	187	167	52	200	310	79	170	187	168
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.75	4.78	5.31	6.03	6.20	12.98	6.56	3.79	3.91	3.77
Price to Tangible Book Value (P/TBV)	5.80	4.82	5.35	6.11	8.78	16.78	8.40	4.61	4.65	4.39
Price to Revenue (P/Rev)	2.76	2.35	2.60	0.00	3.65	7.16	3.13	1.94	2.10	1.72
Price to Earnings (P/E)	26.96	24.41	22.69	0.00	41.42	64.73	442.95	60.23	55.25	57.93
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.71%	4.10%	4.41%	0.00%	2.41%	1.54%	0.23%	1.66%	1.81%	1.73%
Enterprise Value to Invested Capital (EV/IC)	6.96	5.74	6.10	7.58	6.47	15.45	6.96	4.36	5.02	4.61
Enterprise Value to Revenue (EV/Rev)	2.67	2.25	2.53	0.00	3.62	7.06	3.10	1.85	1.95	1.61
Enterprise Value to EBITDA (EV/EBITDA)	12.94	10.95	13.08	51.32	22.61	39.54	80.64	22.74	20.96	19.28
Enterprise Value to EBIT (EV/EBIT)	16.52	14.91	18.88	0.00	31.46	50.17	908.95	43.55	39.70	43.66
Enterprise Value to NOPAT (EV/NOPAT)	25.81	23.28	22.12	0.00	40.93	63.88	378.75	57.96	56.26	62.71
Enterprise Value to Operating Cash Flow (EV/OCF)	15.17	13.24	16.05	16.32	25.37	48.39	113.33	19.36	14.76	13.04
Enterprise Value to Free Cash Flow (EV/FCFF)	27.84	20.48	22.66	446.85	0.00	126.12	0.00	40.37	21.98	25.59
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.19	-0.20	-0.18	-0.20	-0.12	-0.12	-0.12	-0.12	-0.22	-0.26
Leverage Ratio	1.39	1.39	1.36	1.37	1.42	1.44	1.43	1.37	1.33	1.34
Compound Leverage Factor	1.39	1.39	1.37	0.00	1.42	1.44	1.40	1.41	1.48	1.58
Debt to Total Capital	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.86%	99.97%	99.97%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	-0.47	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	-0.94	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	11.50	10.16	11.68	9.60	10.49	20.01	11.54	9.20	9.46	8.47
Noncontrolling Interest Sharing Ratio	0.03%	0.03%	0.03%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.01	1.91	1.65	1.92	1.21	1.59	1.35	2.07	2.26	1.80
Quick Ratio	1.20	1.26	0.98	1.18	0.50	0.93	0.32	1.16	1.64	1.18
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	92	100	96	5.97	-237	97	-107	96	178	127
Operating Cash Flow to CapEx	227.38%	334.77%	412.54%	294.86%	191.52%	181.64%	38.36%	225.91%	425.07%	326.40%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.54	1.44	1.46	0.00	1.48	1.43	1.49	1.49	1.41	1.50
Accounts Receivable Turnover	25.31	23.96	24.50	0.00	28.25	26.16	30.85	37.43	32.48	31.35
Inventory Turnover	8.51	8.20	8.01	0.00	7.21	7.78	9.00	8.26	8.75	9.61
Fixed Asset Turnover	2.43	2.22	2.18	0.00	2.69	2.98	3.20	3.14	3.07	3.20
Accounts Payable Turnover	11.71	10.73	10.49	0.00	10.30	9.31	12.14	14.44	13.48	12.83
Days Sales Outstanding (DSO)	14.42	15.24	14.90	0.00	12.92	13.95	11.83	9.75	11.24	11.64
Days Inventory Outstanding (DIO)	42.91	44.51	45.57	0.00	50.61	46.90	40.57	44.21	41.70	37.98
Days Payable Outstanding (DPO)	31.18	34.03	34.78	0.00	35.45	39.20	30.07	25.28	27.07	28.46
Cash Conversion Cycle (CCC)	26.16	25.72	25.69	0.00	28.08	21.66	22.33	28.68	25.87	21.17
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	368	356	358	352	699	794	917	888	779	704
Invested Capital Turnover	2.64	2.51	2.42	0.00	2.38	2.33	2.41	2.32	2.41	2.71
Increase / (Decrease) in Invested Capital	7.24	-12	2.34	-5.97	347	95	123	-29	-109	-75
Enterprise Value (EV)	2,559	2,041	2,182	2,667	4,521	12,262	6,380	3,871	3,915	3,246
Market Capitalization	2,653	2,132	2,248	2,775	4,558	12,425	6,446	4,051	4,213	3,458
Book Value per Share	$35.70	$35.56	$36.00	$39.61	$61.13	$78.17	$80.07	$86.91	$88.42	$79.77
Tangible Book Value per Share	$35.41	$35.27	$35.69	$39.12	$43.11	$60.49	$62.47	$71.55	$74.30	$68.54
Total Capital	462	447	424	460	736	957	983	1,069	1,078	916
Total Debt	0.53	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.47	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-94	-91	-66	-108	-37	-163	-66	-181	-298	-212
Capital Expenditures (CapEx)	74	46	33	55	93	140	147	89	62	76
Debt-free, Cash-free Net Working Capital (DFCFNWC)	18	1.33	0.95	2.66	1.33	-9.53	24	38	-18	-26
Debt-free Net Working Capital (DFNWC)	113	92	67	111	38	154	90	219	280	186
Net Working Capital (NWC)	112	92	67	111	38	154	90	219	280	186
Net Nonoperating Expense (NNE)	0.74	0.34	-0.40	0.00	0.41	-0.02	2.29	-0.47	-6.67	-7.92
Net Nonoperating Obligations (NNO)	-94	-91	-66	-108	-37	-163	-66	-181	-298	-212
Total Depreciation and Amortization (D&A)	43	50	51	52	56	66	72	81	88	94
Debt-free, Cash-free Net Working Capital to Revenue	1.91%	0.15%	0.11%	0.00%	0.11%	-0.55%	1.16%	1.84%	-0.91%	-1.30%
Debt-free Net Working Capital to Revenue	11.72%	10.19%	7.72%	0.00%	3.04%	8.85%	4.39%	10.48%	13.95%	9.22%
Net Working Capital to Revenue	11.71%	10.19%	7.72%	0.00%	3.04%	8.85%	4.39%	10.48%	13.95%	9.22%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$7.46	$6.93	$8.18	$7.90	$27.78	$47.19	$1.19	$5.46	$6.23	$5.07
Adjusted Weighted Average Basic Shares Outstanding	12.83M	12.50M	11.83M	11.84M	23.77M	24.33M	12.28M	12.32M	12.24M	11.77M
Adjusted Diluted Earnings per Share	$7.25	$6.79	$8.09	$7.82	$18.32	$15.53	$1.17	$5.44	$6.21	$5.06
Adjusted Weighted Average Diluted Shares Outstanding	13.52M	12.80M	12.18M	11.73M	11.91M	12.28M	12.44M	12.35M	12.26M	11.77M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	12.83M	12.50M	11.83M	11.62M	12.15M	12.27M	12.29M	12.28M	12.02M	11.24M
Normalized Net Operating Profit after Tax (NOPAT)	99	88	101	0.00	111	195	19	89	85	86
Normalized NOPAT Margin	10.35%	9.66%	11.67%	0.00%	8.89%	11.26%	0.90%	4.25%	4.22%	4.26%
Pre Tax Income Margin	16.15%	15.13%	13.46%	0.00%	11.55%	14.07%	0.34%	4.37%	5.46%	4.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	137.89%	188.51%	145.99%	0.00%	0.00%	0.00%	0.00%	0.00%	121.81%	399.72%

This table displays calculated financial ratios and metrics derived from Boston Beer's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/24/2022	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.20%	28.56%	-4.68%	-2.10%	0.86%	-12.02%	3.92%	-4.01%	0.64%	2.18%	6.53%
EBITDA Growth	201.18%	106.40%	-54.72%	9.75%	43.30%	-234.64%	392.06%	-5.98%	-16.93%	-624.59%	45.47%
EBIT Growth	149.03%	76.62%	-523.16%	10.54%	61.68%	-52.94%	209.04%	-10.06%	-24.88%	-117.02%	118.80%
NOPAT Growth	151.62%	76.96%	-547.35%	5.66%	58.81%	-54.27%	205.35%	-10.97%	-28.05%	-116.10%	123.71%
Net Income Growth	146.71%	77.95%	-358.11%	8.78%	66.00%	-58.75%	240.65%	-9.81%	-26.01%	-113.83%	93.79%
EPS Growth	146.43%	77.45%	-356.25%	9.51%	67.42%	-60.87%	242.47%	-6.99%	-22.70%	-118.24%	107.69%
Operating Cash Flow Growth	417.80%	-569.02%	56.54%	-26.80%	26.89%	230.96%	72.60%	-19.30%	-11.72%	27.95%	139.70%
Free Cash Flow Firm Growth	150.45%	109.94%	154.72%	-35.05%	-27.81%	421.51%	57.91%	30.11%	-3.15%	-60.34%	36.38%
Invested Capital Growth	-9.64%	-3.17%	-6.64%	-2.96%	-4.92%	-12.22%	-8.44%	-6.62%	-6.35%	-9.63%	-11.50%
Revenue Q/Q Growth	-3.21%	-24.97%	-8.39%	47.15%	-0.28%	-34.55%	8.21%	35.92%	4.56%	-33.56%	12.82%
EBITDA Q/Q Growth	-35.94%	-94.07%	127.36%	1,169.98%	-16.36%	-105.57%	930.90%	142.65%	-26.09%	-148.63%	266.81%
EBIT Q/Q Growth	-47.06%	-145.71%	18.00%	657.08%	-22.57%	-143.24%	158.46%	359.49%	-35.32%	-224.91%	158.94%
NOPAT Q/Q Growth	-49.05%	-142.97%	17.03%	681.71%	-23.42%	-141.74%	156.66%	391.59%	-38.11%	-225.36%	158.65%
Net Income Q/Q Growth	-48.85%	-141.84%	21.56%	748.00%	-21.95%	-140.01%	169.50%	315.49%	-35.97%	-215.64%	162.99%
EPS Q/Q Growth	-48.72%	-141.63%	20.65%	746.58%	-21.61%	-140.00%	170.27%	322.12%	-34.85%	-212.94%	166.87%
Operating Cash Flow Q/Q Growth	-36.35%	-124.17%	28.73%	767.48%	10.34%	-75.05%	-114.91%	2,065.60%	20.70%	-63.84%	-95.37%
Free Cash Flow Firm Q/Q Growth	-8.06%	-85.35%	220.73%	50.33%	2.20%	5.83%	-2.88%	23.86%	-23.92%	-56.67%	233.98%
Invested Capital Q/Q Growth	-5.99%	4.23%	3.47%	-4.28%	-7.90%	-3.77%	7.93%	-2.38%	-7.63%	-7.14%	5.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.21%	36.98%	37.97%	45.44%	45.65%	37.56%	43.74%	46.01%	46.28%	39.94%	48.31%
EBITDA Margin	9.78%	0.77%	1.92%	16.56%	13.89%	-1.18%	9.09%	16.22%	11.47%	-8.39%	12.41%
Operating Margin	6.43%	-3.76%	-3.40%	12.99%	10.22%	-6.59%	3.60%	12.23%	7.57%	-13.93%	7.44%
EBIT Margin	6.28%	-3.83%	-3.43%	12.97%	10.07%	-6.65%	3.59%	12.15%	7.52%	-14.13%	7.38%
Profit (Net Income) Margin	4.57%	-2.55%	-2.18%	9.62%	7.53%	-4.60%	2.96%	9.04%	5.54%	-9.63%	5.38%
Tax Burden Percent	71.37%	74.24%	72.21%	72.45%	70.70%	81.71%	66.97%	71.38%	68.26%	72.27%	68.11%
Interest Burden Percent	102.03%	89.77%	88.30%	102.37%	105.74%	84.66%	122.81%	104.19%	107.87%	94.32%	106.96%
Effective Tax Rate	28.63%	0.00%	0.00%	27.55%	29.30%	0.00%	33.03%	28.62%	31.74%	0.00%	31.89%
Return on Invested Capital (ROIC)	10.18%	-6.09%	-5.18%	21.69%	17.94%	-11.11%	5.55%	20.54%	13.21%	-26.45%	13.04%
ROIC Less NNEP Spread (ROIC-NNEP)	10.25%	-6.37%	-6.49%	20.96%	17.26%	-11.12%	4.14%	19.70%	12.42%	-26.63%	12.26%
Return on Net Nonoperating Assets (RNNOA)	-1.50%	0.77%	0.39%	-3.40%	-4.19%	2.48%	-0.65%	-3.95%	-3.29%	6.82%	-2.26%
Return on Equity (ROE)	8.68%	-5.32%	-4.79%	18.29%	13.75%	-8.62%	4.90%	16.58%	9.91%	-19.64%	10.79%
Cash Return on Invested Capital (CROIC)	13.23%	10.62%	13.02%	9.91%	14.41%	21.37%	19.01%	16.68%	15.69%	17.10%	20.33%
Operating Return on Assets (OROA)	8.36%	-5.70%	-5.10%	17.95%	13.63%	-9.38%	5.24%	16.61%	10.40%	-21.23%	11.48%
Return on Assets (ROA)	6.08%	-3.80%	-3.25%	13.31%	10.19%	-6.49%	4.31%	12.35%	7.65%	-14.47%	8.36%
Return on Common Equity (ROCE)	8.68%	-5.32%	-4.79%	18.29%	13.75%	-8.62%	4.90%	16.58%	9.91%	-19.64%	10.79%
Return on Equity Simple (ROE_SIMPLE)	2.50%	0.00%	5.79%	5.97%	7.40%	0.00%	9.34%	8.85%	7.92%	0.00%	7.97%
Net Operating Profit after Tax (NOPAT)	27	-12	-9.76	57	43	-18	10	51	31	-39	23
NOPAT Margin	4.59%	-2.63%	-2.38%	9.41%	7.23%	-4.61%	2.41%	8.73%	5.17%	-9.75%	5.07%
Net Nonoperating Expense Percent (NNEP)	-0.06%	0.28%	1.31%	0.73%	0.68%	0.01%	1.41%	0.84%	0.79%	0.18%	0.79%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.10%	-	-	-	-1.68%	-	-	-	-4.28%	2.56%
Cost of Revenue to Revenue	56.79%	63.02%	62.03%	54.56%	54.35%	62.44%	56.26%	53.99%	53.72%	60.06%	51.69%
SG&A Expenses to Revenue	6.27%	9.30%	10.66%	7.44%	7.02%	11.10%	11.83%	8.29%	7.24%	11.85%	10.57%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	36.78%	40.74%	41.37%	32.45%	35.43%	44.15%	40.13%	33.78%	38.71%	53.87%	40.87%
Earnings before Interest and Taxes (EBIT)	37	-17	-14	78	61	-26	15	70	46	-57	34
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	58	3.46	7.87	100	84	-4.66	39	94	69	-34	56
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.64	3.79	3.88	3.48	4.25	3.91	3.55	3.50	3.28	3.77	3.00
Price to Tangible Book Value (P/TBV)	4.41	4.61	4.73	4.21	5.02	4.65	4.24	4.20	3.75	4.39	3.50
Price to Revenue (P/Rev)	1.96	1.94	1.95	1.84	2.31	2.10	1.83	1.82	1.66	1.72	1.32
Price to Earnings (P/E)	145.20	60.23	66.98	58.27	57.45	55.25	37.95	39.59	41.35	57.93	37.64
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.69%	1.66%	1.49%	1.72%	1.74%	1.81%	2.64%	2.53%	2.42%	1.73%	2.66%
Enterprise Value to Invested Capital (EV/IC)	4.32	4.36	4.26	4.07	5.50	5.02	4.17	4.17	4.04	4.61	3.41
Enterprise Value to Revenue (EV/Rev)	1.85	1.85	1.89	1.74	2.16	1.95	1.73	1.71	1.53	1.61	1.24
Enterprise Value to EBITDA (EV/EBITDA)	32.69	22.74	24.35	21.09	22.87	20.96	16.11	16.20	15.53	19.28	13.65
Enterprise Value to EBIT (EV/EBIT)	112.46	43.55	50.78	42.30	41.38	39.70	27.40	28.54	29.20	43.66	27.43
Enterprise Value to NOPAT (EV/NOPAT)	132.47	57.96	66.86	58.00	57.28	56.26	39.03	40.96	42.83	62.71	39.36
Enterprise Value to Operating Cash Flow (EV/OCF)	15.99	19.36	17.54	19.92	21.48	14.76	12.61	13.43	12.79	13.04	9.93
Enterprise Value to Free Cash Flow (EV/FCFF)	31.02	40.37	31.59	40.43	37.22	21.98	20.95	24.16	24.92	25.59	15.75
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.15	-0.12	-0.06	-0.16	-0.24	-0.22	-0.16	-0.20	-0.27	-0.26	-0.18
Leverage Ratio	1.42	1.37	1.37	1.40	1.39	1.33	1.33	1.38	1.36	1.34	1.35
Compound Leverage Factor	1.45	1.23	1.21	1.43	1.47	1.12	1.63	1.43	1.46	1.27	1.44
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	7.09	8.95	8.93	7.77	9.39	9.17	8.70	7.67	7.56	8.12	6.85
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.69	2.07	1.94	1.97	2.19	2.26	2.14	1.95	2.03	1.80	1.72
Quick Ratio	1.00	1.16	0.98	1.24	1.51	1.64	1.32	1.28	1.33	1.18	1.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	118	17	56	84	85	90	88	109	83	36	120
Operating Cash Flow to CapEx	530.25%	-133.74%	-104.12%	679.88%	1,053.91%	213.93%	-31.08%	471.67%	694.69%	178.25%	19.63%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.33	1.49	1.49	1.38	1.35	1.41	1.46	1.37	1.38	1.50	1.56
Accounts Receivable Turnover	22.69	37.43	22.75	17.40	22.87	32.48	26.46	16.50	22.02	31.35	25.40
Inventory Turnover	6.15	8.26	7.82	7.53	7.00	8.75	7.67	7.31	7.28	9.61	7.63
Fixed Asset Turnover	2.98	3.14	3.11	3.09	3.13	3.07	3.12	3.12	3.17	3.20	3.29
Accounts Payable Turnover	8.30	14.44	11.49	9.44	8.96	13.48	11.49	9.54	10.33	12.83	10.70
Days Sales Outstanding (DSO)	16.08	9.75	16.04	20.97	15.96	11.24	13.80	22.12	16.58	11.64	14.37
Days Inventory Outstanding (DIO)	59.37	44.21	46.66	48.49	52.12	41.70	47.57	49.96	50.15	37.98	47.84
Days Payable Outstanding (DPO)	43.98	25.28	31.78	38.65	40.73	27.07	31.78	38.24	35.35	28.46	34.10
Cash Conversion Cycle (CCC)	31.47	28.68	30.93	30.82	27.35	25.87	29.59	33.84	31.38	21.17	28.10
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	852	888	919	879	810	779	841	821	759	704	745
Invested Capital Turnover	2.22	2.32	2.18	2.30	2.48	2.41	2.30	2.35	2.56	2.71	2.57
Increase / (Decrease) in Invested Capital	-91	-29	-65	-27	-42	-109	-78	-58	-51	-75	-97
Enterprise Value (EV)	3,683	3,871	3,914	3,577	4,455	3,915	3,506	3,427	3,066	3,246	2,539
Market Capitalization	3,905	4,051	4,037	3,784	4,766	4,213	3,711	3,647	3,321	3,458	2,691
Book Value per Share	$87.36	$86.91	$84.80	$88.61	$91.60	$88.42	$86.84	$87.05	$86.56	$79.77	$79.78
Tangible Book Value per Share	$71.99	$71.55	$69.42	$73.23	$77.52	$74.30	$72.56	$72.65	$75.52	$68.54	$68.35
Total Capital	1,074	1,069	1,041	1,087	1,121	1,078	1,047	1,041	1,014	916	897
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-222	-181	-123	-208	-311	-298	-205	-219	-256	-212	-152
Capital Expenditures (CapEx)	20	19	17	17	12	15	16	20	17	24	9.88
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-6.88	38	74	47	3.87	-18	36	37	16	-26	21
Debt-free Net Working Capital (DFNWC)	215	219	196	254	315	280	242	256	272	186	173
Net Working Capital (NWC)	215	219	196	254	315	280	242	256	272	186	173
Net Nonoperating Expense (NNE)	0.09	-0.35	-0.80	-1.26	-1.81	-0.02	-2.31	-1.79	-2.23	-0.47	-1.41
Net Nonoperating Obligations (NNO)	-222	-181	-123	-208	-311	-298	-205	-219	-256	-212	-152
Total Depreciation and Amortization (D&A)	21	21	22	22	23	22	23	24	24	23	23
Debt-free, Cash-free Net Working Capital to Revenue	-0.35%	1.84%	3.56%	2.26%	0.19%	-0.91%	1.78%	1.85%	0.82%	-1.30%	1.01%
Debt-free Net Working Capital to Revenue	10.81%	10.48%	9.48%	12.36%	15.26%	13.95%	11.93%	12.81%	13.57%	9.22%	8.48%
Net Working Capital to Revenue	10.81%	10.48%	9.48%	12.36%	15.26%	13.95%	11.93%	12.81%	13.57%	9.22%	8.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.21	($0.92)	($0.73)	$4.73	$3.70	($1.47)	$1.05	$4.40	$2.87	($3.25)	$2.16
Adjusted Weighted Average Basic Shares Outstanding	12.32M	12.32M	12.31M	12.27M	12.23M	12.24M	12.05M	11.90M	11.68M	11.77M	11.28M
Adjusted Diluted Earnings per Share	$2.21	($0.92)	($0.73)	$4.72	$3.70	($1.48)	$1.04	$4.39	$2.86	($3.23)	$2.16
Adjusted Weighted Average Diluted Shares Outstanding	12.34M	12.35M	12.31M	12.28M	12.23M	12.26M	12.06M	11.89M	11.67M	11.77M	11.26M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	12.30M	12.28M	12.27M	12.24M	12.19M	12.02M	11.95M	11.72M	11.48M	11.24M	11.15M
Normalized Net Operating Profit after Tax (NOPAT)	48	-11	-9.42	58	56	-17	11	53	60	-37	23
Normalized NOPAT Margin	7.97%	-2.40%	-2.30%	9.60%	9.38%	-4.35%	2.47%	9.15%	9.97%	-9.15%	5.07%
Pre Tax Income Margin	6.41%	-3.44%	-3.02%	13.28%	10.65%	-5.63%	4.41%	12.66%	8.11%	-13.33%	7.90%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	35.01%	70.65%	75.31%	121.81%	124.48%	173.65%	256.89%	399.72%	332.88%

Key Financial Trends

Boston Beer (NYSE: SAM) has shown a dynamic financial performance over the latest quarters and years analyzed. The most recent quarter, Q1 2025, reveals a return to profitability with positive net income after a significant loss in Q4 2024. Below are key trends and insights drawn from Boston Beer’s income statements, cash flow statements, and balance sheets over the past four years.

Q1 2025 net income was $24.4 million, marking a strong recovery from the loss of $38.8 million in Q4 2024.
Operating revenue increased to approximately $454 million in Q1 2025 from $402 million in Q4 2024, showing growth in sales.
Total gross profit improved to $219 million in Q1 2025 from $161 million in Q4 2024, indicating better cost management or improved pricing.
Depreciation expenses have been relatively stable, around $22-24 million per quarter, suggesting steady asset utilization.
Weighted average diluted shares outstanding decreased slightly in Q1 2025 to approximately 11.3 million, potentially benefiting earnings per share.
Boston Beer continues to invest heavily in property, plant, and equipment (~$10 million to $23 million quarterly), supporting future growth but impacting cash flow.
Marketing expenses remained elevated (~$130-150 million per quarter), reflecting a commitment to brand building despite volatility in earnings.
The company is actively repurchasing common equity, with Q1 2025 seeing about $49 million spent, indicating confidence but also a cash outflow.
Boston Beer’s total liabilities have slightly decreased from over $456 million in early 2023 to about $343 million in Q1 2025, indicating some deleveraging.
Cash & equivalents fluctuate between $120 million and $310 million over recent quarters, ending at $152 million in Q1 2025, providing a healthy liquidity buffer.

Boston Beer experienced a significant net loss in Q4 2024 (-$38.8 million), impacted by high operating expenses including impairment charges and other operating losses.
Impairment charges fluctuated considerably, with a peak of $42.6 million in Q3 2024 and additional charges in Q4 2024, affecting profitability negatively.
Operating expenses remain high, with total operating expenses nearing $185 million in Q1 2025, partly offsetting revenue gains.
Net cash from operating activities was relatively low in Q1 2025 at $1.9 million, down significantly from previous quarters, indicating potential operational cash flow pressures.
Net change in cash was negative $59 million in Q1 2025, driven in part by heavy equity repurchases and capital expenditures, which could limit financial flexibility.
Earnings per share have been volatile, with recent negative EPS in Q4 2024 (-$3.23) before rebounding in Q1 2025 to a positive $2.16.

In summary, Boston Beer’s recent quarters show a mixed but improving picture. The company rebounded strongly in Q1 2025 after a challenging Q4 2024 marked by steep losses and impairments. Revenue and gross profit trends are encouraging, but high operating expenses and cash outflows related to marketing and share repurchases continue to weigh on free cash flow. Investors should monitor if Boston Beer can sustain profitability while managing its capital allocation and cost structure effectively.

08/03/25 01:25 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Boston Beer's Financials

When does Boston Beer's fiscal year end?

According to the most recent income statement we have on file, Boston Beer's financial year ends in December. Their financial year 2024 ended on December 28, 2024.

How has Boston Beer's net income changed over the last 9 years?

Boston Beer's net income appears to be on a downward trend, with a most recent value of $59.70 million in 2024, falling from $98.41 million in 2015. The previous period was $76.25 million in 2023. Check out Boston Beer's forecast to explore projected trends and price targets.

What is Boston Beer's operating income?

Boston Beer's total operating income in 2024 was $75.97 million, based on the following breakdown:

Total Gross Profit: $893.73 million
Total Operating Expenses: $817.76 million

How has Boston Beer's revenue changed over the last 9 years?

Over the last 9 years, Boston Beer's total revenue changed from $959.93 million in 2015 to $2.01 billion in 2024, a change of 109.7%.

How much debt does Boston Beer have?

Boston Beer's total liabilities were at $333.83 million at the end of 2024, a 5.2% decrease from 2023, and a 81.3% increase since 2015.

How much cash does Boston Beer have?

In the past 9 years, Boston Beer's cash and equivalents has ranged from $26.85 million in 2021 to $298.49 million in 2023, and is currently $211.82 million as of their latest financial filing in 2024.

How has Boston Beer's book value per share changed over the last 9 years?

Over the last 9 years, Boston Beer's book value per share changed from 35.70 in 2015 to 79.77 in 2024, a change of 123.5%.

Related Companies

This page (NYSE:SAM) was last updated on 8/3/2025 by MarketBeat.com Staff

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Boston Beer (SAM) Financials

Key Financial Trends

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Boston Beer (SAM) Financials

Annual Income Statements for Boston Beer

Quarterly Income Statements for Boston Beer

Annual Cash Flow Statements for Boston Beer

Quarterly Cash Flow Statements for Boston Beer

Annual Balance Sheets for Boston Beer

Quarterly Balance Sheets for Boston Beer

Annual Metrics And Ratios for Boston Beer

Quarterly Metrics And Ratios for Boston Beer

Key Financial Trends

Frequently Asked Questions About Boston Beer's Financials

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