Boston Beer (SAM) Financials

$190.39 +0.29 (+0.15%)

Closing price 05/22/2026 03:59 PM Eastern

Extended Trading

$189.96 -0.44 (-0.23%)

As of 05/22/2026 07:22 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	2025
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	12/27/2025
Net Income / (Loss) Attributable to Common Shareholders	98	87	99	-	110	192	15	67	76	60	108
Consolidated Net Income / (Loss)	98	87	99	-	110	192	15	67	76	60	108
Net Income / (Loss) Continuing Operations	98	87	99	-	110	192	15	67	76	60	108
Total Pre-Tax Income	155	137	116	-	144	244	6.91	91	110	88	153
Total Operating Income	156	138	116	-	145	244	8.00	91	100	76	145
Total Gross Profit	502	460	450	-	614	814	798	862	852	894	953
Total Revenue	960	906	863	-	1,250	1,736	2,058	2,090	2,009	2,013	1,965
Operating Revenue	960	906	863	-	1,250	1,736	2,058	2,090	2,009	2,013	1,965
Total Cost of Revenue	458	447	413	-	636	922	1,260	1,228	1,156	1,119	1,012
Operating Cost of Revenue	458	447	413	-	636	922	1,260	1,228	1,156	1,119	1,012
Total Operating Expenses	345	322	334	-	469	570	790	771	752	818	808
Selling, General & Admin Expense	72	78	73	-	113	118	134	158	175	190	191
Marketing Expense	274	244	259	-	356	448	607	578	556	552	610
Other Operating Expenses / (Income)	-	-	-	-	0.00	0.00	31	5.38	0.00	26	0.00
Impairment Charge	0.26	-0.24	2.45	-	0.91	4.47	18	30	22	50	6.96
Total Other Income / (Expense), net	-1.16	-0.54	0.47	-	-0.54	0.02	-1.09	0.65	9.59	12	8.58
Interest & Investment Income	0.06	0.17	0.55	-	0.65	-0.20	-0.11	2.56	11	13	9.94
Other Income / (Expense), net	-1.22	-0.71	-0.08	-	-1.19	0.22	-0.98	-1.92	-1.41	-1.62	-1.36
Income Tax Expense	57	50	17	-	34	52	-7.64	24	33	28	45
Basic Earnings per Share	$7.46	$6.93	$24.54	-	$9.26	$15.73	$1.19	$5.46	$6.23	$5.07	$9.90
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	10.96M
Diluted Earnings per Share	$7.25	$6.79	$16.18	-	$9.16	$15.53	$1.17	$5.44	$6.21	$5.06	$9.89
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	10.94M
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	10.45M

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	12/27/2025	3/28/2026
Net Income / (Loss) Attributable to Common Shareholders	45	-18	13	52	34	-39	24	60	46	-23	-145
Consolidated Net Income / (Loss)	45	-18	13	52	34	-39	24	60	46	-23	-145
Net Income / (Loss) Continuing Operations	45	-18	13	52	34	-39	24	60	46	-23	-145
Total Pre-Tax Income	64	-22	19	73	49	-54	36	84	64	-31	-189
Total Operating Income	62	-26	15	71	46	-56	34	82	62	-33	-190
Total Gross Profit	275	148	186	266	280	161	219	293	273	168	214
Total Revenue	602	394	426	579	605	402	454	588	537	386	434
Operating Revenue	602	394	426	579	605	402	454	588	537	386	434
Total Cost of Revenue	327	246	240	313	325	242	235	295	264	218	220
Operating Cost of Revenue	327	246	240	313	325	242	235	295	264	218	220
Total Operating Expenses	213	174	171	196	234	217	185	210	211	201	404
Selling, General & Admin Expense	42	44	50	48	44	48	48	46	45	52	52
Marketing Expense	153	129	120	144	148	140	138	160	165	148	140
Impairment Charge	18	1.48	0.34	3.40	43	3.43	0.00	4.99	1.42	0.55	0.00
Other Special Charges / (Income)	-	-	-	-	-	-	0.00	-	-	-	212
Total Other Income / (Expense), net	2.57	3.75	3.46	2.51	3.27	2.40	2.07	1.99	2.10	2.43	1.53
Interest & Investment Income	3.48	4.02	3.49	2.95	3.58	3.23	2.33	2.29	2.70	2.62	1.89
Other Income / (Expense), net	-0.91	-0.27	-0.04	-0.44	-0.32	-0.83	-0.26	-0.31	-0.60	-0.19	-0.36
Income Tax Expense	19	-4.06	6.21	21	16	-15	11	24	18	-8.06	-44
Basic Earnings per Share	$3.70	($1.47)	$1.05	$4.40	$2.87	($3.25)	$2.16	$5.45	$4.25	($1.96)	($13.88)
Weighted Average Basic Shares Outstanding	12.23M	12.24M	12.05M	11.90M	11.68M	11.77M	11.28M	11.09M	10.86M	10.96M	10.47M
Diluted Earnings per Share	$3.70	($1.48)	$1.04	$4.39	$2.86	($3.23)	$2.16	$5.45	$4.25	($1.97)	($13.88)
Weighted Average Diluted Shares Outstanding	12.23M	12.26M	12.06M	11.89M	11.67M	11.77M	11.26M	11.07M	10.83M	10.94M	10.47M
Weighted Average Basic & Diluted Shares Outstanding	12.19M	12.02M	11.95M	11.72M	11.48M	11.24M	11.15M	10.89M	10.66M	10.45M	10.41M

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	2025
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	12/27/2025
Net Change in Cash & Equivalents	18	-3.16	-25	43	-72	127	-97	114	118	-87	12
Net Cash From Operating Activities	169	154	136	163	178	253	56	200	265	249	270
Net Cash From Continuing Operating Activities	169	154	136	163	185	253	56	200	265	249	270
Net Income / (Loss) Continuing Operations	98	87	99	93	110	192	15	67	76	60	108
Consolidated Net Income / (Loss)	98	87	99	93	110	192	15	67	76	60	108
Depreciation Expense	43	50	51	52	56	66	72	81	88	94	90
Non-Cash Adjustments To Reconcile Net Income	-7.75	-6.24	9.53	11	18	27	45	72	47	76	25
Changes in Operating Assets and Liabilities, net	35	24	-24	8.06	0.19	-31	-75	-21	54	19	46
Net Cash From Investing Activities	-74	-46	-33	-55	-259	-139	-147	-89	-62	-96	-55
Net Cash From Continuing Investing Activities	-74	-46	-33	-55	-259	-139	-147	-89	-62	-96	-55
Purchase of Property, Plant & Equipment	-74	-50	-33	-55	-93	-140	-148	-91	-64	-76	-55
Sale of Property, Plant & Equipment	-	3.86	0.03	0.03	0.17	0.49	1.16	2.08	1.71	0.02	0.05
Other Investing Activities, net	0.06	0.04	0.03	0.14	-0.24	0.39	0.15	0.00	0.00	-20	0.00
Net Cash From Financing Activities	-77	-111	-128	-65	8.86	12	-6.64	2.80	-85	-239	-204
Net Cash From Continuing Financing Activities	-77	-111	-128	-65	8.86	12	-6.64	2.80	-85	-239	-204
Repayment of Debt	-0.05	-0.06	-0.06	-0.08	-97	-101	-1.57	-32	-1.58	-1.89	-1.73
Repurchase of Common Equity	-136	-165	-145	-88	-	-	0.00	0.00	-93	-239	-202
Other Financing Activities, net	59	53	16	23	9.24	14	-5.07	4.47	9.61	1.19	0.07
Cash Income Taxes Paid	45	31	43	16	31	36	-41	28	-36	-52	-63

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	12/27/2025	3/28/2026
Net Change in Cash & Equivalents	103	-12	-93	14	36	-44	-59	60	38	-27	-59
Net Cash From Operating Activities	131	33	-4.88	96	116	42	1.94	126	102	40	-20
Net Cash From Continuing Operating Activities	131	33	-4.88	96	116	42	1.94	126	102	40	-20
Net Income / (Loss) Continuing Operations	45	-18	13	52	34	-39	24	60	46	-23	-145
Consolidated Net Income / (Loss)	45	-18	13	52	34	-39	24	60	46	-23	-145
Depreciation Expense	23	22	23	24	24	23	23	22	23	23	22
Non-Cash Adjustments To Reconcile Net Income	30	-7.37	10	14	52	0.68	8.27	13	19	-0.85	222
Changes in Operating Assets and Liabilities, net	33	37	-51	6.15	6.29	57	-54	31	14	41	-119
Net Cash From Investing Activities	-12	-15	-36	-20	-17	-24	-9.88	-14	-13	-18	-12
Net Cash From Continuing Investing Activities	-12	-15	-36	-20	-17	-24	-9.88	-14	-13	-18	-12
Purchase of Property, Plant & Equipment	-14	-15	-16	-20	-17	-24	-9.92	-14	-13	-18	-12
Sale of Property, Plant & Equipment	1.51	0.00	0.02	-	-	-	0.04	-	0.01	-	0.00
Net Cash From Financing Activities	-16	-30	-52	-62	-63	-62	-51	-52	-51	-49	-26
Net Cash From Continuing Financing Activities	-16	-30	-52	-62	-63	-62	-51	-52	-51	-49	-26
Repayment of Debt	-0.39	-0.39	-0.56	-0.51	-0.41	-0.41	-0.42	-0.43	-0.44	-0.44	-0.58
Repurchase of Common Equity	-17	-30	-50	-63	-63	-63	-49	-52	-51	-50	-23
Issuance of Debt	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Other Financing Activities, net	1.19	1.06	-1.93	1.70	0.52	0.90	-1.61	0.38	0.03	1.27	-2.57
Cash Income Taxes Paid	-15	-22	0.02	12	-48	-17	0.02	23	-77	-9.21	-0.00

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	2025
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	12/27/2025
Total Assets	645	616	570	640	1,054	1,379	1,387	1,421	1,430	1,250	1,194
Total Current Assets	224	194	168	232	219	413	345	423	504	417	418
Cash & Equivalents	94	91	66	108	37	163	27	181	298	212	223
Accounts Receivable	39	37	34	34	54	78	55	57	67	61	57
Inventories, net	56	52	51	70	106	131	149	148	116	117	93
Prepaid Expenses	12	8.73	11	13	12	30	21	27	21	20	20
Current Deferred & Refundable Income Taxes	22	4.93	7.62	5.71	9.46	10	53	10	1.71	6.68	24
Plant, Property, & Equipment, net	410	408	384	390	541	623	665	668	643	616	578
Total Noncurrent Assets	12	14	17	18	294	343	377	330	284	216	198
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	-	0.00	17	11
Goodwill	3.68	3.68	3.68	3.68	113	113	113	113	113	113	113
Intangible Assets	-	-	-	2.10	104	104	104	76	60	16	15
Other Noncurrent Operating Assets	8.19	9.97	13	13	78	126	160	141	112	71	59
Total Liabilities & Shareholders' Equity	645	616	570	640	1,054	1,379	1,387	1,421	1,430	1,250	1,194
Total Liabilities	184	169	146	180	318	422	403	352	352	334	347
Total Current Liabilities	111	102	102	121	181	259	255	204	223	232	253
Accounts Payable	43	41	38	47	76	122	86	84	87	87	95
Accrued Expenses	68	61	64	73	99	130	162	111	127	139	145
Other Current Liabilities	-	-	-	-	5.17	8.23	7.63	8.87	9.11	5.74	13
Total Noncurrent Liabilities	73	68	44	59	138	162	148	148	129	102	95
Noncurrent Deferred & Payable Income Tax Liabilities	56	57	35	49	75	93	87	97	86	66	65
Other Noncurrent Operating Liabilities	17	11	9.52	9.85	63	70	61	51	43	36	30
Commitments & Contingencies	0.00	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	846
Total Preferred & Common Equity	461	447	424	460	736	957	983	1,069	1,078	916	846
Total Common Equity	461	446	423	460	736	957	983	1,069	1,078	916	846
Common Stock	290	350	373	406	572	600	612	630	656	677	699
Retained Earnings	172	98	52	56	165	357	372	439	422	240	148
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	-0.38

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	Q2 2025	Q3 2025	Q1 2026
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	6/28/2025	9/27/2025	3/28/2026
Total Assets	1,531	1,393	1,493	1,517	1,384	1,435	1,382	1,240	1,268	1,247	1,171
Total Current Assets	529	404	517	579	453	526	536	414	467	462	417
Cash & Equivalents	222	123	208	311	205	219	256	152	212	250	164
Accounts Receivable	92	80	117	88	73	125	94	88	93	84	87
Inventories, net	192	151	156	148	147	152	160	145	134	102	119
Prepaid Expenses	18	39	35	32	27	28	26	29	27	24	31
Current Deferred & Refundable Income Taxes	4.25	11	1.75	0.00	0.24	1.16	0.00	0.10	0.04	1.76	16
Plant, Property, & Equipment, net	671	663	656	647	635	627	619	604	591	580	564
Total Noncurrent Assets	331	326	319	290	296	282	227	222	211	205	190
Noncurrent Note & Lease Receivables	-	-	-	-	19	19	17	17	11	11	7.74
Goodwill	113	113	113	113	113	113	113	113	113	113	113
Intangible Assets	76	76	76	60	60	60	17	16	16	15	14
Other Noncurrent Operating Assets	142	137	130	118	105	91	81	77	72	67	55
Total Liabilities & Shareholders' Equity	1,531	1,393	1,493	1,517	1,384	1,435	1,382	1,240	1,268	1,247	1,171
Total Liabilities	457	351	405	396	337	395	368	343	356	336	488
Total Current Liabilities	314	208	263	265	211	270	264	241	265	253	449
Accounts Payable	151	101	121	115	98	115	103	110	113	102	100
Accrued Expenses	154	98	133	141	105	147	154	119	140	138	337
Other Current Liabilities	8.61	8.91	8.97	9.03	8.35	7.48	6.60	12	12	13	12
Total Noncurrent Liabilities	143	144	143	131	126	125	104	102	91	83	40
Noncurrent Deferred & Payable Income Tax Liabilities	90	96	95	86	86	86	66	63	55	50	13
Other Noncurrent Operating Liabilities	53	47	47	45	40	39	38	39	36	33	27
Commitments & Contingencies	0.00	0.00	0.00	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	912	911	683
Total Preferred & Common Equity	1,074	1,041	1,087	1,121	1,047	1,041	1,014	897	912	911	683
Total Common Equity	1,074	1,041	1,087	1,121	1,047	1,041	1,014	897	912	911	683
Common Stock	624	633	646	651	663	668	672	682	688	691	704
Retained Earnings	451	408	441	470	384	373	342	215	225	221	-21
Accumulated Other Comprehensive Income / (Loss)	-0.46	-0.19	-0.07	-0.21	-0.22	-0.28	-0.24	-0.55	-0.30	-0.46	-0.49

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	2025
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	12/27/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.30%	-5.57%	-4.79%	0.00%	0.00%	38.93%	18.50%	1.59%	-3.91%	0.21%	-2.38%
EBITDA Growth	9.48%	-5.73%	-10.54%	-68.85%	284.84%	55.05%	-74.49%	115.17%	9.69%	-9.85%	38.98%
EBIT Growth	6.44%	-11.62%	-15.60%	-100.00%	0.00%	70.07%	-97.13%	1,166.21%	10.93%	-24.59%	93.03%
NOPAT Growth	8.54%	-11.56%	12.50%	-100.00%	0.00%	73.78%	-91.22%	296.49%	4.18%	-25.60%	97.81%
Net Income Growth	8.45%	-11.24%	13.39%	0.00%	0.00%	74.44%	-92.42%	362.19%	13.36%	-21.71%	81.71%
EPS Growth	8.37%	-6.34%	138.29%	0.00%	0.00%	69.54%	-92.47%	364.96%	14.15%	-18.52%	95.45%
Operating Cash Flow Growth	19.45%	-8.59%	-11.81%	20.20%	9.05%	42.17%	-77.78%	255.16%	32.61%	-6.13%	8.54%
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%	44.96%
Invested Capital Growth	2.01%	-3.27%	0.66%	-1.67%	98.62%	13.55%	15.55%	-3.17%	-12.22%	-9.63%	-11.57%
Revenue Q/Q Growth	-0.28%	0.47%	-1.49%	0.00%	0.00%	10.12%	-5.20%	4.99%	-2.61%	0.43%	-0.84%
EBITDA Q/Q Growth	-2.11%	5.21%	-10.25%	-65.98%	263.96%	9.74%	-58.90%	51.11%	-4.17%	-14.74%	11.05%
EBIT Q/Q Growth	-3.39%	6.45%	-14.55%	-100.00%	0.00%	11.51%	-94.29%	171.38%	-8.42%	-29.19%	19.73%
NOPAT Q/Q Growth	-3.08%	7.11%	9.29%	-100.00%	0.00%	10.71%	-83.06%	140.23%	-10.54%	-27.67%	18.81%
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%	17.59%
EPS Q/Q Growth	-2.42%	7.95%	121.64%	0.00%	0.00%	86.21%	-85.19%	138.60%	-8.27%	-25.70%	14.60%
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%	-0.72%
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%	-0.19%
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%	-5.70%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	52.26%	50.71%	52.13%	0.00%	49.14%	46.90%	38.77%	41.24%	42.44%	44.40%	48.48%
EBITDA Margin	20.61%	20.58%	19.33%	0.00%	16.00%	17.86%	3.85%	8.14%	9.30%	8.36%	11.91%
Operating Margin	16.27%	15.19%	13.40%	0.00%	11.59%	14.06%	0.39%	4.34%	4.98%	3.77%	7.37%
EBIT Margin	16.14%	15.11%	13.39%	0.00%	11.50%	14.08%	0.34%	4.25%	4.91%	3.69%	7.30%
Profit (Net Income) Margin	10.25%	9.64%	11.48%	0.00%	8.80%	11.05%	0.71%	3.22%	3.80%	2.97%	5.52%
Tax Burden Percent	63.49%	63.70%	85.28%	0.00%	76.22%	78.60%	210.64%	73.56%	69.58%	68.14%	70.68%
Interest Burden Percent	100.04%	100.12%	100.47%	0.00%	100.45%	99.92%	98.43%	102.88%	111.15%	117.82%	106.93%
Effective Tax Rate	36.51%	36.30%	14.72%	0.00%	23.78%	21.40%	-110.64%	26.44%	30.42%	31.86%	29.32%
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%	15.43%
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%	12.64%
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%	-3.12%
Return on Equity (ROE)	21.93%	19.24%	22.77%	0.00%	18.40%	22.68%	1.50%	6.56%	7.10%	5.99%	12.31%
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%	27.71%
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%	11.75%
Return on Assets (ROA)	15.74%	13.85%	16.71%	0.00%	12.99%	15.78%	1.05%	4.79%	5.35%	4.45%	8.88%
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%	12.31%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	99	88	99	0.00	110	192	17	67	70	52	102
NOPAT Margin	10.33%	9.67%	11.43%	0.00%	8.84%	11.05%	0.82%	3.20%	3.46%	2.57%	5.21%
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%	2.79%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	6.25%	6.45%	5.65%	12.10%
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%	51.52%
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%	9.71%
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	35.99%	35.52%	38.73%	0.00%	37.55%	32.84%	38.38%	36.89%	37.46%	40.63%	41.10%
Earnings before Interest and Taxes (EBIT)	155	137	116	0.00	144	244	7.02	89	99	74	144
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	198	187	167	52	200	310	79	170	187	168	234
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	2.48
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	2.92
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	1.07
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	19.36
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	3.71%	4.10%	4.41%	0.00%	2.41%	1.54%	0.23%	1.66%	1.81%	1.73%	5.16%
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	3.01
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	0.96
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	8.02
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	13.08
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	18.33
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	6.95
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	10.21
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	-0.19	-0.20	-0.18	-0.20	-0.12	-0.12	-0.12	-0.12	-0.22	-0.26	-0.25
Leverage Ratio	1.39	1.39	1.36	1.37	1.42	1.44	1.43	1.37	1.33	1.34	1.39
Compound Leverage Factor	1.39	1.39	1.37	0.00	1.42	1.44	1.40	1.41	1.48	1.58	1.48
Debt to Total Capital	0.11%	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	0.01%	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	0.10%	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	99.86%	99.97%	99.97%	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	-0.47	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	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	-0.94	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	11.50	10.16	11.68	9.60	10.49	20.01	11.54	9.20	9.46	8.47	6.01
Noncontrolling Interest Sharing Ratio	0.03%	0.03%	0.03%	0.01%	0.00%	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	1.65
Quick Ratio	1.20	1.26	0.98	1.18	0.50	0.93	0.32	1.16	1.64	1.18	1.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	92	100	96	5.97	-237	97	-107	96	178	127	184
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%	495.56%
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	1.54	1.44	1.46	0.00	1.48	1.43	1.49	1.49	1.41	1.50	1.61
Accounts Receivable Turnover	25.31	23.96	24.50	0.00	28.25	26.16	30.85	37.43	32.48	31.35	33.16
Inventory Turnover	8.51	8.20	8.01	0.00	7.21	7.78	9.00	8.26	8.75	9.61	9.66
Fixed Asset Turnover	2.43	2.22	2.18	0.00	2.69	2.98	3.20	3.14	3.07	3.20	3.29
Accounts Payable Turnover	11.71	10.73	10.49	0.00	10.30	9.31	12.14	14.44	13.48	12.83	11.11
Days Sales Outstanding (DSO)	14.42	15.24	14.90	0.00	12.92	13.95	11.83	9.75	11.24	11.64	11.01
Days Inventory Outstanding (DIO)	42.91	44.51	45.57	0.00	50.61	46.90	40.57	44.21	41.70	37.98	37.80
Days Payable Outstanding (DPO)	31.18	34.03	34.78	0.00	35.45	39.20	30.07	25.28	27.07	28.46	32.85
Cash Conversion Cycle (CCC)	26.16	25.72	25.69	0.00	28.08	21.66	22.33	28.68	25.87	21.17	15.95
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	368	356	358	352	699	794	917	888	779	704	623
Invested Capital Turnover	2.64	2.51	2.42	0.00	2.38	2.33	2.41	2.32	2.41	2.71	2.96
Increase / (Decrease) in Invested Capital	7.24	-12	2.34	-5.97	347	95	123	-29	-109	-75	-81
Enterprise Value (EV)	2,559	2,041	2,182	2,667	4,521	12,262	6,380	3,871	3,915	3,246	1,877
Market Capitalization	2,653	2,132	2,248	2,775	4,558	12,425	6,446	4,051	4,213	3,458	2,100
Book Value per Share	$35.70	$35.56	$36.00	$39.61	$61.13	$78.17	$80.07	$86.91	$88.42	$79.77	$79.40
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	$67.46
Total Capital	462	447	424	460	736	957	983	1,069	1,078	916	846
Total Debt	0.53	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.47	0.00	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	-223
Capital Expenditures (CapEx)	74	46	33	55	93	140	147	89	62	76	55
Debt-free, Cash-free Net Working Capital (DFCFNWC)	18	1.33	0.95	2.66	1.33	-9.53	24	38	-18	-26	-58
Debt-free Net Working Capital (DFNWC)	113	92	67	111	38	154	90	219	280	186	165
Net Working Capital (NWC)	112	92	67	111	38	154	90	219	280	186	165
Net Nonoperating Expense (NNE)	0.74	0.34	-0.40	0.00	0.41	-0.02	2.29	-0.47	-6.67	-7.92	-6.06
Net Nonoperating Obligations (NNO)	-94	-91	-66	-108	-37	-163	-66	-181	-298	-212	-223
Total Depreciation and Amortization (D&A)	43	50	51	52	56	66	72	81	88	94	90
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%	-2.97%
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%	8.40%
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%	8.40%
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	$9.90
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	10.96M
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	$9.89
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	10.94M
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	12.83M	12.50M	11.83M	11.62M	12.15M	12.27M	12.29M	12.28M	12.02M	11.24M	10.45M
Normalized Net Operating Profit after Tax (NOPAT)	99	88	101	0.00	111	195	19	89	85	86	107
Normalized NOPAT Margin	10.35%	9.66%	11.67%	0.00%	8.89%	11.26%	0.90%	4.25%	4.22%	4.26%	5.46%
Pre Tax Income Margin	16.15%	15.13%	13.46%	0.00%	11.55%	14.07%	0.34%	4.37%	5.46%	4.35%	7.81%
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	137.89%	188.51%	145.99%	0.00%	0.00%	0.00%	0.00%	0.00%	121.81%	399.72%	186.62%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	12/27/2025	3/28/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	10,446,383.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	10,446,383.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-13.91
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.86%	-12.02%	3.92%	-4.01%	0.64%	2.18%	6.53%	1.53%	-11.23%	-4.13%	-4.39%
EBITDA Growth	43.30%	-234.64%	392.06%	-5.98%	-16.93%	-624.59%	45.47%	10.82%	20.98%	68.92%	-400.46%
EBIT Growth	61.68%	-52.94%	209.04%	-10.06%	-24.88%	-117.02%	118.80%	16.18%	35.02%	41.60%	-669.40%
NOPAT Growth	58.81%	-54.27%	205.35%	-10.97%	-28.05%	-116.10%	123.71%	16.73%	42.70%	41.08%	-679.54%
Net Income Growth	66.00%	-58.75%	240.65%	-9.81%	-26.01%	-113.83%	93.79%	15.46%	37.72%	41.86%	-695.04%
EPS Growth	67.42%	-60.87%	242.47%	-6.99%	-22.70%	-118.24%	107.69%	24.15%	48.60%	39.01%	-742.59%
Operating Cash Flow Growth	26.89%	230.96%	72.60%	-19.30%	-11.72%	27.95%	139.70%	31.75%	-12.15%	-4.68%	-1,153.89%
Free Cash Flow Firm Growth	-27.81%	421.51%	57.91%	30.11%	-3.15%	-60.34%	36.38%	65.84%	72.46%	62.78%	-22.52%
Invested Capital Growth	-4.92%	-12.22%	-8.44%	-6.62%	-6.35%	-9.63%	-11.50%	-14.77%	-12.92%	-11.57%	-30.37%
Revenue Q/Q Growth	-0.28%	-34.55%	8.21%	35.92%	4.56%	-33.56%	12.82%	29.54%	-8.58%	-28.24%	12.51%
EBITDA Q/Q Growth	-16.36%	-105.57%	930.90%	142.65%	-26.09%	-148.63%	266.81%	84.86%	-19.33%	-112.49%	-1,512.84%
EBIT Q/Q Growth	-22.57%	-143.24%	158.46%	359.49%	-35.32%	-224.91%	158.94%	143.97%	-24.84%	-154.03%	-474.67%
NOPAT Q/Q Growth	-23.42%	-141.74%	156.66%	391.59%	-38.11%	-225.36%	158.65%	156.50%	-24.34%	-151.76%	-476.93%
Net Income Q/Q Growth	-21.95%	-140.01%	169.50%	315.49%	-35.97%	-215.64%	162.99%	147.55%	-23.63%	-148.82%	-544.72%
EPS Q/Q Growth	-21.61%	-140.00%	170.27%	322.12%	-34.85%	-212.94%	166.87%	152.31%	-22.02%	-146.35%	-604.57%
Operating Cash Flow Q/Q Growth	10.34%	-75.05%	-114.91%	2,065.60%	20.70%	-63.84%	-95.37%	6,422.95%	-19.51%	-60.77%	-151.16%
Free Cash Flow Firm Q/Q Growth	2.20%	5.83%	-2.88%	23.86%	-23.92%	-56.67%	233.98%	50.62%	-20.89%	-59.10%	58.96%
Invested Capital Q/Q Growth	-7.90%	-3.77%	7.93%	-2.38%	-7.63%	-7.14%	5.71%	-6.00%	-5.63%	-5.70%	-16.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	45.65%	37.56%	43.74%	46.01%	46.28%	39.94%	48.31%	49.75%	50.81%	43.48%	49.31%
EBITDA Margin	13.89%	-1.18%	9.09%	16.22%	11.47%	-8.39%	12.41%	17.71%	15.63%	-2.72%	-39.00%
Operating Margin	10.22%	-6.59%	3.60%	12.23%	7.57%	-13.93%	7.44%	13.96%	11.54%	-8.56%	-43.89%
EBIT Margin	10.07%	-6.65%	3.59%	12.15%	7.52%	-14.13%	7.38%	13.91%	11.43%	-8.61%	-43.97%
Profit (Net Income) Margin	7.53%	-4.60%	2.96%	9.04%	5.54%	-9.63%	5.38%	10.28%	8.59%	-5.84%	-33.48%
Tax Burden Percent	70.70%	81.71%	66.97%	71.38%	68.26%	72.27%	68.11%	71.90%	71.95%	73.66%	76.89%
Interest Burden Percent	105.74%	84.66%	122.81%	104.19%	107.87%	94.32%	106.96%	102.81%	104.39%	92.12%	99.01%
Effective Tax Rate	29.30%	0.00%	33.03%	28.62%	31.74%	0.00%	31.89%	28.10%	28.05%	0.00%	0.00%
Return on Invested Capital (ROIC)	17.94%	-11.11%	5.55%	20.54%	13.21%	-26.45%	13.04%	27.04%	23.20%	-17.74%	-94.63%
ROIC Less NNEP Spread (ROIC-NNEP)	17.26%	-11.12%	4.14%	19.70%	12.42%	-26.63%	12.26%	26.38%	22.60%	-18.01%	-87.08%
Return on Net Nonoperating Assets (RNNOA)	-4.19%	2.48%	-0.65%	-3.95%	-3.29%	6.82%	-2.26%	-5.83%	-5.94%	4.45%	17.45%
Return on Equity (ROE)	13.75%	-8.62%	4.90%	16.58%	9.91%	-19.64%	10.79%	21.21%	17.26%	-13.29%	-77.18%
Cash Return on Invested Capital (CROIC)	14.41%	21.37%	19.01%	16.68%	15.69%	17.10%	20.33%	25.54%	25.96%	27.71%	27.01%
Operating Return on Assets (OROA)	13.63%	-9.38%	5.24%	16.61%	10.40%	-21.23%	11.48%	21.08%	17.24%	-13.85%	-70.94%
Return on Assets (ROA)	10.19%	-6.49%	4.31%	12.35%	7.65%	-14.47%	8.36%	15.58%	12.95%	-9.40%	-54.01%
Return on Common Equity (ROCE)	13.75%	-8.62%	4.90%	16.58%	9.91%	-19.64%	10.79%	21.21%	17.26%	-13.29%	-77.18%
Return on Equity Simple (ROE_SIMPLE)	7.40%	0.00%	9.34%	8.85%	7.92%	0.00%	7.97%	8.73%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	43	-18	10	51	31	-39	23	59	45	-23	-133
NOPAT Margin	7.23%	-4.61%	2.41%	8.73%	5.17%	-9.75%	5.07%	10.04%	8.31%	-5.99%	-30.72%
Net Nonoperating Expense Percent (NNEP)	0.68%	0.01%	1.41%	0.84%	0.79%	0.18%	0.79%	0.66%	0.60%	0.27%	-7.54%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.68%	-	-	-	-4.28%	2.56%	6.47%	4.90%	-2.73%	-19.53%
Cost of Revenue to Revenue	54.35%	62.44%	56.26%	53.99%	53.72%	60.06%	51.69%	50.25%	49.19%	56.52%	50.69%
SG&A Expenses to Revenue	7.02%	11.10%	11.83%	8.29%	7.24%	11.85%	10.57%	7.78%	8.36%	13.53%	12.05%
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	35.43%	44.15%	40.13%	33.78%	38.71%	53.87%	40.87%	35.79%	39.27%	52.04%	93.20%
Earnings before Interest and Taxes (EBIT)	61	-26	15	70	46	-57	34	82	61	-33	-191
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	84	-4.66	39	94	69	-34	56	104	84	-10	-169
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.25	3.91	3.55	3.50	3.28	3.77	3.00	2.32	2.57	2.48	3.52
Price to Tangible Book Value (P/TBV)	5.02	4.65	4.24	4.20	3.75	4.39	3.50	2.70	2.99	2.92	4.32
Price to Revenue (P/Rev)	2.31	2.10	1.83	1.82	1.66	1.72	1.32	1.03	1.18	1.07	1.23
Price to Earnings (P/E)	57.45	55.25	37.95	39.59	41.35	57.93	37.64	26.63	25.38	19.36	0.00
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	1.74%	1.81%	2.64%	2.53%	2.42%	1.73%	2.66%	3.76%	3.94%	5.16%	0.00%
Enterprise Value to Invested Capital (EV/IC)	5.50	5.02	4.17	4.17	4.04	4.61	3.41	2.72	3.17	3.01	4.31
Enterprise Value to Revenue (EV/Rev)	2.16	1.95	1.73	1.71	1.53	1.61	1.24	0.93	1.06	0.96	1.15
Enterprise Value to EBITDA (EV/EBITDA)	22.87	20.96	16.11	16.20	15.53	19.28	13.65	9.72	9.92	8.02	266.26
Enterprise Value to EBIT (EV/EBIT)	41.38	39.70	27.40	28.54	29.20	43.66	27.43	18.35	17.44	13.08	0.00
Enterprise Value to NOPAT (EV/NOPAT)	57.28	56.26	39.03	40.96	42.83	62.71	39.36	26.16	24.26	18.33	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	21.48	14.76	12.61	13.43	12.79	13.04	9.93	6.66	7.68	6.95	9.02
Enterprise Value to Free Cash Flow (EV/FCFF)	37.22	21.98	20.95	24.16	24.92	25.59	15.75	9.82	11.35	10.21	13.11
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	-0.24	-0.22	-0.16	-0.20	-0.27	-0.26	-0.18	-0.22	-0.26	-0.25	-0.20
Leverage Ratio	1.39	1.33	1.33	1.38	1.36	1.34	1.35	1.38	1.37	1.39	1.53
Compound Leverage Factor	1.47	1.12	1.63	1.43	1.46	1.27	1.44	1.42	1.43	1.28	1.51
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	9.39	9.17	8.70	7.67	7.56	8.12	6.85	5.84	6.39	5.52	4.01
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	2.19	2.26	2.14	1.95	2.03	1.80	1.72	1.76	1.83	1.65	0.93
Quick Ratio	1.51	1.64	1.32	1.28	1.33	1.18	1.00	1.15	1.33	1.11	0.56
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	85	90	88	109	83	36	120	180	143	58	93
Operating Cash Flow to CapEx	1,053.91%	213.93%	-31.08%	471.67%	694.69%	178.25%	19.63%	888.51%	810.76%	223.80%	-165.84%
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	1.35	1.41	1.46	1.37	1.38	1.50	1.56	1.52	1.51	1.61	1.61
Accounts Receivable Turnover	22.87	32.48	26.46	16.50	22.02	31.35	25.40	18.78	22.21	33.16	22.28
Inventory Turnover	7.00	8.75	7.67	7.31	7.28	9.61	7.63	7.65	7.91	9.66	7.55
Fixed Asset Turnover	3.13	3.07	3.12	3.12	3.17	3.20	3.29	3.37	3.31	3.29	3.33
Accounts Payable Turnover	8.96	13.48	11.49	9.54	10.33	12.83	10.70	9.64	10.10	11.11	9.49
Days Sales Outstanding (DSO)	15.96	11.24	13.80	22.12	16.58	11.64	14.37	19.44	16.43	11.01	16.39
Days Inventory Outstanding (DIO)	52.12	41.70	47.57	49.96	50.15	37.98	47.84	47.69	46.16	37.80	48.32
Days Payable Outstanding (DPO)	40.73	27.07	31.78	38.24	35.35	28.46	34.10	37.88	36.13	32.85	38.47
Cash Conversion Cycle (CCC)	27.35	25.87	29.59	33.84	31.38	21.17	28.10	29.25	26.46	15.95	26.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	810	779	841	821	759	704	745	700	661	623	518
Invested Capital Turnover	2.48	2.41	2.30	2.35	2.56	2.71	2.57	2.69	2.79	2.96	3.08
Increase / (Decrease) in Invested Capital	-42	-109	-78	-58	-51	-75	-97	-121	-98	-81	-226
Enterprise Value (EV)	4,455	3,915	3,506	3,427	3,066	3,246	2,539	1,907	2,091	1,877	2,236
Market Capitalization	4,766	4,213	3,711	3,647	3,321	3,458	2,691	2,120	2,341	2,100	2,400
Book Value per Share	$91.60	$88.42	$86.84	$87.05	$86.56	$79.77	$79.78	$81.85	$83.66	$79.40	$65.34
Tangible Book Value per Share	$77.52	$74.30	$72.56	$72.65	$75.52	$68.54	$68.35	$70.36	$71.94	$67.46	$53.20
Total Capital	1,121	1,078	1,047	1,041	1,014	916	897	912	911	846	683
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	-311	-298	-205	-219	-256	-212	-152	-212	-250	-223	-164
Capital Expenditures (CapEx)	12	15	16	20	17	24	9.88	14	13	18	12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3.87	-18	36	37	16	-26	21	-11	-41	-58	-195
Debt-free Net Working Capital (DFNWC)	315	280	242	256	272	186	173	202	209	165	-31
Net Working Capital (NWC)	315	280	242	256	272	186	173	202	209	165	-31
Net Nonoperating Expense (NNE)	-1.81	-0.02	-2.31	-1.79	-2.23	-0.47	-1.41	-1.43	-1.51	-0.58	12
Net Nonoperating Obligations (NNO)	-311	-298	-205	-219	-256	-212	-152	-212	-250	-223	-164
Total Depreciation and Amortization (D&A)	23	22	23	24	24	23	23	22	23	23	22
Debt-free, Cash-free Net Working Capital to Revenue	0.19%	-0.91%	1.78%	1.85%	0.82%	-1.30%	1.01%	-0.53%	-2.08%	-2.97%	-10.05%
Debt-free Net Working Capital to Revenue	15.26%	13.95%	11.93%	12.81%	13.57%	9.22%	8.48%	9.84%	10.56%	8.40%	-1.61%
Net Working Capital to Revenue	15.26%	13.95%	11.93%	12.81%	13.57%	9.22%	8.48%	9.84%	10.56%	8.40%	-1.61%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.70	($1.47)	$1.05	$4.40	$2.87	($3.25)	$2.16	$5.45	$4.25	($1.96)	($13.88)
Adjusted Weighted Average Basic Shares Outstanding	12.23M	12.24M	12.05M	11.90M	11.68M	11.77M	11.28M	11.09M	10.86M	10.96M	10.47M
Adjusted Diluted Earnings per Share	$3.70	($1.48)	$1.04	$4.39	$2.86	($3.23)	$2.16	$5.45	$4.25	($1.97)	($13.88)
Adjusted Weighted Average Diluted Shares Outstanding	12.23M	12.26M	12.06M	11.89M	11.67M	11.77M	11.26M	11.07M	10.83M	10.94M	10.47M
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	12.19M	12.02M	11.95M	11.72M	11.48M	11.24M	11.15M	10.89M	10.66M	10.45M	10.41M
Normalized Net Operating Profit after Tax (NOPAT)	56	-17	11	53	60	-37	23	63	46	-23	15
Normalized NOPAT Margin	9.38%	-4.35%	2.47%	9.15%	9.97%	-9.15%	5.07%	10.65%	8.50%	-5.89%	3.48%
Pre Tax Income Margin	10.65%	-5.63%	4.41%	12.66%	8.11%	-13.33%	7.90%	14.30%	11.94%	-7.93%	-43.54%
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	75.31%	121.81%	124.48%	173.65%	256.89%	399.72%	332.88%	285.50%	233.17%	186.62%	-288.18%

Financials Breakdown Chart

Key Financial Trends

Boston Beer (NYSE: SAM) shows a pattern of revenue volatility and seasonality over the last four years, but also evidence of solid cash generation and improving profitability in several quarters. Below are key trends drawn from the quarterly income statements, balance sheets, and cash flow statements provided (through Q4 2025).

Operating cash flow from continuing operations has been consistently positive in several quarters, including about $101.8 million in Q3 2025 and $39.9 million in Q4 2025, highlighting ongoing cash generation separate from net income.
Liquidity on the balance sheet remains strong, with cash and equivalents around $250 million in Q3 2025, and total assets near $1.25 billion, providing a cushion against quarterly earnings volatility.
Net income has shown real, quarterly improvement in multiple periods (examples: Q2 2025 net income continuing operations about $60.4 million; Q3 2025 about $46.2 million; Q1 2025 about $24.5 million), suggesting improving profitability trajectory in several quarters.
Revenue peaks in certain quarters (for example, Q2 2025 about $587.9 million and Q3 2025 about $537.5 million), indicating the company can generate meaningful top-line momentum in favorable periods.
Aggressive share repurchases in 2024–2025 signal a capital-allocation approach that could support per-share metrics for investors (examples include sizable repurchases in multiple quarters such as Q2–Q4 2025).
Gross margins have generally remained healthy, typically in the mid-40s to just over 50% range across quarters (e.g., Q3 2025 gross margin about 50.9%; Q4 2025 about 43.5%; Q2 2025 about 49.8%), indicating meaningful operating leverage when volumes rise.
Seasonality is pronounced: Q2 and Q3 tend to be stronger in revenue and margin, while Q1 and Q4 can be softer, contributing to quarterly earnings volatility even as annual trends may be more modest.
Impairment charges appear sporadically (e.g., several quarters show small impairment expenses), but these are typically modest in size and not a structural cost issue.
Capital expenditures run at a modest to mid-level pace, generally consistent with sustaining or modestly expanding production capacity, which helps explain ongoing cash outflows in investing activities without an outsized capex spike.
Net income turned negative in some quarters, notably Q4 2025 (-$22.5 million) and Q4 2024 (-$38.8 million), underscoring earnings volatility tied to seasonality, costs, and one-off items.
Heavy near-term importance of share repurchases and discretionary cash usage can pressure cash balance during weaker quarters and may influence liquidity if overextended relative to operating cash flow in a given period.

Bottom line: SAM demonstrates meaningful cash generation and a solid balance sheet, with profitability improving in several quarters and strong top-line potential in peak periods. However, earnings are lumpy due to seasonality and occasional impairment charges, and large share buybacks combined with capex can stress cash in weaker quarters. Investors should watch quarterly margins during late-year periods and the pace of buybacks to gauge ongoing capital-allocation strategy versus sustaining organic growth.

05/25/26 06:07 AM ETAI Generated. May Contain Errors.

Boston Beer Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Boston Beer's fiscal year ends in December. Their fiscal year 2025 ended on December 27, 2025.

Below is a breakdown of Boston Beer's net income over the past 5 years:

2021: $14.55 million
2022: $67.26 million
2023: $76.25 million
2024: $59.70 million
2025: $108.47 million

Check out Boston Beer's forecast to explore projected trends and price targets.

Boston Beer's total operating income in 2025 was $144.88 million, based on the following breakdown:

Total Gross Profit: $952.58 million
Total Operating Expenses: $807.70 million

Over the last 10 years, Boston Beer's total revenue changed from $959.93 million in 2015 to $1.96 billion in 2025, a change of 104.7%.

Boston Beer's total liabilities were at $347.32 million at the end of 2025, a 4.0% increase from 2024, and a 88.6% increase since 2015.

In the past 10 years, Boston Beer's cash and equivalents has ranged from $26.85 million in 2021 to $298.49 million in 2023, and is currently $223.38 million as of their latest financial filing in 2025.

Over the last 10 years, Boston Beer's book value per share changed from 35.70 in 2015 to 79.40 in 2025, a change of 122.4%.

Related Companies

Financial statements for NYSE:SAM last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Boston Beer (SAM) Financials

Financials Breakdown Chart

Key Financial Trends

Boston Beer Financials - Frequently Asked Questions

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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

Financials Breakdown Chart

Key Financial Trends

Boston Beer Financials - Frequently Asked Questions

When does Boston Beer's financial year end?

How has Boston Beer's net income changed over the last 10 years?

What is Boston Beer's operating income?

How has Boston Beer's revenue changed over the last 10 years?

How much debt does Boston Beer have?

How much cash does Boston Beer have?

How has Boston Beer's book value per share changed over the last 10 years?

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