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Brews and markets Samuel Adams beer, Twisted Tea, Truly hard seltzer and Angry Orchard cider.
Brews and markets Samuel Adams beer, Twisted Tea, Truly hard seltzer and Angry Orchard cider.
Sells to independent wholesalers, as US law generally requires brewers to do, who deliver to stores and bars, so the company is paid when product leaves its brewery rather than when a shopper buys. Twisted Tea, a hard iced tea, has overtaken Samuel Adams as the main volume driver. Founder Jim Koch holds control through special shares.
Moat: narrow (brand, distribution). Strong multi-brand distribution network but faces intense competition in a maturing hard seltzer category.
Headquarters: Boston, Massachusetts, US · Founded: 1984 · Employees: 2,736
Size Boston Beer (SAM) is a United States Consumer Staples company (Beverages: Alcoholic) with a market value of $2.24B, the 1720th largest of 3,117 United States companies the cockpit tracks. Shares closed at $220.64 on 6 Nov 2026.
Performance Over six months the shares gained 11.8%, against -8.6% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue fell 3.7% over the last twelve months (peer median -2.4%); the operating margin is 5.3% (peer median 11.3%).
Valuation It trades at 21.0× forward earnings against a peer median of 32.6× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 8.7 points above its cost of capital (8.9% WACC).
Short interest Short interest is 20.7% of the free float (15 Oct 2026).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.91B | $1.96B | $2.01B | $2.01B | $2.09B |
| Revenue growth | — | -2% | 0% | -4% | — |
| Gross profit | $937M | $953M | $894M | $852M | $898M |
| EBITDA | $188M | $242M | $246M | $210M | $215M |
| Net income | -$73.1M | $108M | $59.7M | $76.2M | $67.3M |
| Free cash flow | $185M | $216M | $173M | $201M | $109M |
| Capital expenditure | $49.1M | $54.6M | $76.3M | $64.1M | $90.6M |
| Total debt | $29.5M | $39.0M | $38.8M | $48.0M | $55.6M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Boston Beer SAM | $2.24B | +12% | -4% | 5% | 21.0× | 6.5% |
| Molson Coors Beverage TAP | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% |
| Constellation Brands STZ | $24.0B | -4% | -4% | 30% | 11.9× | -4.5% |
| Heineken HEIA.AS | $51.8B | +29% | +1% | 12% | 15.9× | 4.2% |
| Diageo DGE.L | $56.3B | +25% | -6% | 29% | 15.2× | -0.9% |
| Brown–Forman BF-B | $14.2B | +11% | 0% | 29% | 17.9× | -5.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SAM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +28.9% | +1.7% | highest of 21 |
| 6-month return | +11.8% | -8.6% | 6th highest of 21 |
| Distance from 52-week high | -16.6% | -30.5% | 5th highest of 21 |
| Revenue growth (TTM) | -3.7% | -2.4% | 10th lowest of 21 |
| Operating margin | 5.3% | 11.3% | 5th lowest of 21 |
| Forward P/E | 21.0× | 32.6× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 6.5% | 3.7% | 6th most demanding of 12 |
| Growth delivered (Del g) | +2.5% | +5.5% | 6th lowest of 12 |
| Hurdle (Req g minus delivered) | +4.0 pp | +3.7 pp | 6th most demanding of 12 |
| ROIC minus cost of capital | +8.7 pp | -2.4 pp | 4th highest of 21 |
| EV / EBITDA | 10.4× | 20.2× | 3rd cheapest of 10 |
| Net debt / EBITDA | -1.5× | 2.3× | 2nd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Boston Beer SAM | United States | $2.24B | +12% | -4% | 5% | 21.0× | 6.5% | +2.5% |
| Allied Blenders and Distillers ABDL.NS | India | $2.10B | +24% | -20% | 11% | 63.5× | n/a | n/a |
| Sichuan Swellfun 600779.SS | China | $2.06B | -13% | -30% | 20% | 46.3× | 16.6% | +0.1% |
| Compania Cervecerias Unidas S.A. Sponsored ADR CCU | United States | $2.02B | -9% | +6% | 7% | 13.7× | 0.4% | +5.5% |
| Chongqing Brewery 600132.SS | China | $2.88B | -28% | -4% | 20% | 17.3× | -8.9% | +6.2% |
| Guangzhou Zhujiang Brewery 002461.SZ | China | $2.91B | -15% | +2% | 15% | 19.8× | -5.8% | +6.9% |
| Jiugui Liquor 000799.SZ | China | $1.70B | -18% | +19% | -3% | 271.1× | n/a | n/a |
| Anhui Kouzi Distillery 603589.SS | China | $1.65B | -22% | -19% | 13% | 22.9× | n/a | n/a |
| Hebei Hengshui Laobaigan Liquor 600559.SS | China | $1.64B | -12% | -17% | 11% | 30.7× | 14.2% | +2.4% |
| Remy Cointreau RCO.PA | France | $3.08B | +30% | -5% | 16% | 29.2× | 17.0% | -1.5% |
| Shede Spirits 600702.SS | China | $1.61B | -24% | -10% | -1% | 53.4× | n/a | n/a |
| United Breweries UBL.NS | India | $3.33B | -17% | +7% | 6% | 65.9× | n/a | n/a |
| Kuaijishan Shaoxing Rice Wine 601579.SS | China | $1.51B | +22% | +6% | 19% | 35.8× | 1.3% | +10.7% |
| Royal Unibrew A/S RBREW.CO | Denmark | $3.37B | +11% | +3% | 14% | 13.3× | -7.1% | +16.5% |
| ZJLD 6979.HK | Hong Kong | $3.41B | -3% | -29% | 13% | 27.6× | n/a | n/a |
| Treasury Wine Estates TWE.AX | Australia | $3.56B | +52% | -12% | 17% | 18.4× | 9.3% | -0.4% |
| Yantai Changyu Pioneer Wine 000869.SZ | China | $1.36B | -12% | -2% | 3% | 16.1× | 3.7% | -3.0% |
| Takara 2531.T | Japan | $3.84B | +75% | +9% | 4% | 34.6× | n/a | n/a |
| Tilaknagar Industries TI.NS | India | $1.27B | +3% | +150% | 10% | 50.4× | n/a | n/a |
| Jinhui Liquor 603919.SS | China | $1.27B | -6% | -2% | 11% | 36.1× | 14.6% | +10.9% |
| Zhejiang Guyuelongshan Shaoxing Wine 600059.SS | China | $1.12B | -8% | -3% | 11% | 40.5× | n/a | n/a |