# The Boston Beer Company, Inc. (SAM)

> Source: Nexqual · https://nexqual.com/SAM · data as of 2026-10-23 18:16 UTC · cite as "Nexqual, The Boston Beer Company, Inc. (SAM), nexqual.com/SAM" · informational, not investment advice.

**Price:** USD 198.63 (+1.49% today) · US market open, as of October 23, 2026 at 18:16 UTC; quotes may be delayed. Prev close 195.72 · day 191.44–203.9 · 52w 158.68–264.46 · market cap $2.02B · NYQ

## Key facts
- Last four reported quarters (through Sep 26, 2026): revenue $1.91B, net income -$73.1M (-3.8% margin), free cash flow $185M (SEC filings).
- 1 of 80 tracked superinvestors hold SAM (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Hold (mean 3.07 on a 1–5 scale) (14 analysts), mean target USD 194.92 (range 153–295).
- Total return with dividends: 1Y -9.6% vs S&P 500 +14.5%; 5Y -59.7% vs S&P 500 +77.2%.
- Next earnings: 2026-10-22, EPS estimate USD -0.77, revenue estimate $390M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.06B | $2.09B | $2.01B | $2.01B | $1.96B | $1.91B |
| Gross profit | $798M | $862M | $852M | $894M | $953M | — |
| Operating income | $8.0M | $90.8M | $100M | $76.0M | $145M | -$96.4M |
| Net income | $14.6M | $67.3M | $76.3M | $59.7M | $108M | -$73.1M |
| EPS (diluted) | $1.17 | $5.44 | $6.21 | $5.06 | $9.89 | — |
| Free cash flow | -$91.6M | $109M | $201M | $173M | $216M | $185M |
| Gross margin | 38.8% | 41.2% | 42.4% | 44.4% | 48.5% | — |
| Operating margin | 0.4% | 4.3% | 5.0% | 3.8% | 7.4% | -5.1% |
| Net margin | 0.7% | 3.2% | 3.8% | 3.0% | 5.5% | -3.8% |
| Revenue growth | +18.5% | +1.6% | -3.9% | +0.2% | -2.4% | — |
| Cash + short-term investments | $26.9M | $181M | $298M | $212M | $223M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 26, 2026)
P/S 1.1x · P/FCF 10.9x · P/B 2.7x · FCF yield 9.18% · Earnings yield -3.62% · Buyback yield (TTM) 6.22%
P/E at fiscal year-ends: Dec 2025 19.7x, Dec 2024 59.1x, Dec 2023 55.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold SAM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mason Hawkins | Southeastern Asset Management | 1.35% | $25.9M | Added +23.4% |

## Analysts
Consensus Hold (mean 3.07 on a 1–5 scale), 14 analysts; mean target USD 194.92 (low 153, high 295).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-06 | RBC Capital | Target lowered | Sector Perform | $210 → $190 |
| 2026-07-25 | Jefferies | Target lowered | Hold | $230 → $195 |
| 2026-07-24 | Citigroup | Target lowered | Neutral | $195 → $185 |
| 2026-07-24 | Roth Capital | Target lowered | Buy | $315 → $295 |
| 2026-07-24 | RBC Capital | Target lowered | Sector Perform | $234 → $210 |
| 2026-07-16 | UBS | Target lowered | Neutral | $245 → $190 |
| 2026-07-14 | Citigroup | Target lowered | Neutral | $240 → $195 |
| 2026-07-08 | Goldman Sachs | Target lowered | Sell | $192 → $169 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -9.6% | -59.7% |
| S&P 500 (SPY) | +14.5% | +77.2% |
| Per year | -9.6% | -16.6% |
| Volatility (annualized) | 37.7% | 38.0% |
| Max drawdown | -38.1% (Apr 2026→Jun 2026) | -69.2% (Dec 2021→Sep 2026) |

## Peers (Beverages - Brewers)
TAP-A (Molson Coors Beverage Company) USD 44.47 +4.54% · STZ (Constellation Brands, Inc.) USD 138 -0.71% · FMX (Fomento Economico Mexicano S.A.) USD 129.03 +0.00% · ABEV (Ambev S.A.) USD 3.33 +0.06% · BUD (Anheuser-Busch Inbev SA Sponsor) USD 84.29 -1.40%

## More
Full page: https://nexqual.com/SAM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SAM's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/949870/000119312526067467/sam-20251227.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | PepsiCo (PEP) | "In 2021, the Company entered a licensing agreement with PepsiCo, Inc. ("Pepsi")." |
| Competitor | Apple (AAPL) | "The Company's Twisted Tea beverages compete within the Beyond Beer FMB category, which includes brands such as Twisted Tea, Mike's Hard Lemonade, Smirnoff Ice, Cayman Jack, Clubtails, Beast Unleashed, Bud Light Lime, Red…" |

## Company outlook (8-K filed 2026-10-22)

- "The Company's current estimates of these cost increases are reflected in its guidance. • Supply chain improvements implemented during 2025 resulted in more consistent levels of distributor inventory in terms of weeks on hand."
- "The impact of these changes on prior-year shipment flows, together with the expected timing of shipments to meet customer demand in 2026, continues to influence the quarterly phasing of shipments."
- "At the midpoint of the full year guidance range, the Company expects year-over-year gross margin rate improvement to be the most meaningful in the fourth quarter as shortfall fees are expected to be lower in 2026 versus 2025 and the Company typically expenses the majority of its shortfall fees in the fourth quarter. • During full year 2026, the Company e"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $-0.77 | $-0.91 | -15.4% | $389.6M | 6 |
| Next quarter (ends 2027-03-31) | $1.89 | $1.89 | +0.0% | $434.0M | 8 |
| Current fiscal year (ends 2026-12-31) | $9.00 | $9.07 | -0.8% | $1.91B | 9 |
| Next fiscal year (ends 2027-12-31) | $10.04 | $10.57 | -5.1% | $1.91B | 13 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 35.9% | ±8.0% |
| 2026-12-18 | 56 | 35.5% | ±11.1% |
| 2027-03-19 | 147 | 41.9% | ±21.1% |
| 2027-06-17 | 237 | 41.8% | ±26.6% |