BOSTON BEER CO INC
SAM · Malt Beverages · 12.3M shares · +1%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $76M (gross $93M, SBC $17M)
Reference price $205.15 · est. market cap ~$2.5B — last insider sale, 2025-11-04 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B72Brand-driven beverage maker with strong ROA and margin recovery and a clean balance sheet, tempered by declining volumes.
Strengths
- High ROA (9.1%, 87.6th pct), ROE 12.8%, and sharp net income recovery (+81.7%) on gross-margin gains to 48.5%
- Debt-free balance sheet with solid FCF margin (67.3rd pct)
- Diversified brand portfolio (Twisted Tea, Sun Cruiser, Sam Adams) and strong distributor network
Risks
- Revenue declining (-2.4%, 23rd pct) on -4.7% volume amid a softening US beer market
- Intense competition from far larger brewers and emerging cannabis/hemp beverages
- Distributor dependence and shifting consumer moderation trends
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Strong balance sheetStrong balance sheet — $223M cash & investments
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
48.5%
Operating margin
7.4%
Net margin
5.5%
Return on equity
12.8%
Return on assets
9.1%
Revenue growth (QoQ)
12.5%
Net-income growth
81.7%
Current ratio
1.7×
Free cash flow
$216M
EBITDA
$235M
Tangible book value
$719M
Cash & investments
$223M
Stock comp / revenue
1.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-27 | JORDAN JOSEPH HUGH | Grant | 358 | — |
| 2026-05-27 | Joyce Meghan V. | Grant | 358 | — |
| 2026-05-27 | Stone Christopher Isaac | Grant | 358 | — |
| 2026-05-27 | Nemeth Julio N | Grant | 358 | — |
| 2026-05-27 | Fisher Cynthia A | Grant | 358 | — |
| 2026-05-27 | Swanson Cynthia | Grant | 358 | — |
| 2026-04-02 | Fisher Cynthia A | Option exercise | 1.6K | $157.58 |
| 2026-03-20 | Murphy Matthew Donal | Grant | 129 | $136.07 |
| 2026-03-01 | Boynton Laura J. | Tax withheld | 88 | $226.78 |
| 2026-03-01 | Boynton Laura J. | Grant | 1.3K | — |
| 2026-03-01 | Savastano Philip E. | Tax withheld | 134 | $226.78 |
| 2026-03-01 | Savastano Philip E. | Grant | 1.5K | — |
| 2026-03-01 | Crowley Michael R. | Tax withheld | 341 | $226.78 |
| 2026-03-01 | Crowley Michael R. | Grant | 2.2K | — |
| 2026-03-01 | Hodges Philip A. | Tax withheld | 1.6K | $226.78 |
| 2026-03-01 | Reynoso Diego | Tax withheld | 622 | $226.78 |
| 2026-03-01 | Reynoso Diego | Grant | 5.7K | — |
| 2026-03-01 | Fritsch Annette N | Tax withheld | 270 | $226.78 |
| 2026-03-01 | HEATH TARA L. | Tax withheld | 297 | $226.78 |
| 2026-03-01 | HEATH TARA L. | Grant | 2.2K | — |
| 2026-03-01 | Murphy Matthew Donal | Tax withheld | 193 | $226.78 |
| 2026-03-01 | Murphy Matthew Donal | Grant | 1.8K | — |
| 2026-03-01 | Lysyj Lesya | Tax withheld | 383 | $226.78 |
| 2025-11-04 | Spillane Michael | Sell | 1.2K | $205.15 |
| 2025-11-04 | Spillane Michael | Sell | 2.0K | $206.15 |
| 2025-10-28 | Hodges Philip A. | Grant | 13K | — |
| 2025-08-11 | Reynoso Diego | Grant | 5.5K | — |
| 2025-08-11 | Hodges Philip A. | Grant | 14K | — |
| 2025-08-08 | Fritsch Annette N | Sell | 464 | $219.04 |
| 2025-08-08 | Fritsch Annette N | Sell | 136 | $219.94 |
| 2025-05-14 | JORDAN JOSEPH HUGH | Grant | 271 | — |
| 2025-05-14 | Stone Christopher Isaac | Grant | 271 | — |
| 2025-05-14 | Swanson Cynthia | Grant | 271 | — |
| 2025-05-14 | Nemeth Julio N | Grant | 271 | — |
| 2025-05-14 | Joyce Meghan V. | Grant | 271 | — |
| 2025-05-14 | Fisher Cynthia A | Grant | 271 | — |
| 2025-03-19 | O'Boyle Carolyn L. | Grant | 120 | $146.26 |
| 2025-03-19 | Murphy Matthew Donal | Grant | 120 | $146.26 |
| 2025-03-13 | VALETTE JEAN MICHEL | Sell | 2.6K | $228.18 |
| 2025-03-13 | VALETTE JEAN MICHEL | Sell | 900 | $229.23 |
| 2025-03-01 | Fritsch Annette N | Tax withheld | 129 | $243.77 |
| 2025-03-01 | Fritsch Annette N | Grant | 8.2K | — |
| 2025-03-01 | Murphy Matthew Donal | Grant | 1.4K | — |
| 2025-03-01 | Reynoso Diego | Grant | 9.4K | — |
| 2025-03-01 | Reynoso Diego | Tax withheld | 426 | $243.77 |
| 2025-03-01 | Lysyj Lesya | Grant | 6.6K | — |
| 2025-03-01 | Lysyj Lesya | Tax withheld | 309 | $243.77 |
| 2025-03-01 | Hodges Philip A. | Tax withheld | 444 | $243.77 |
| 2025-03-01 | Hodges Philip A. | Grant | 4.1K | — |
| 2025-03-01 | HEATH TARA L. | Tax withheld | 157 | $243.77 |
| 2025-03-01 | HEATH TARA L. | Grant | 8.2K | — |
| 2025-03-01 | Spillane Michael | Grant | 4.1K | — |
| 2025-03-01 | Crowley Michael R. | Tax withheld | 170 | $243.77 |
| 2025-03-01 | Crowley Michael R. | Grant | 8.2K | — |
| 2025-03-01 | O'Boyle Carolyn L. | Tax withheld | 303 | $243.77 |
| 2025-03-01 | O'Boyle Carolyn L. | Grant | 6.6K | — |
| 2025-01-02 | O'Boyle Carolyn L. | Sell | 62 | $301.76 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-01 | 2026-05-26 | 0001193125-26-251424 ↗ |
| 8-K | 2026-06-01 | 2026-05-27 | 0001193125-26-251425 ↗ |
| 8-K | 2026-05-19 | 2026-05-15 | 0001193125-26-230729 ↗ |
| 10-Q | 2026-04-30 | 2026-03-28 | 0001193125-26-197491 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0001193125-26-197451 ↗ |
| 8-K | 2026-04-10 | 2026-04-06 | 0001193125-26-151266 ↗ |
| 8-K | 2026-03-16 | 2026-03-10 | 0001193125-26-108321 ↗ |
| 10-K | 2026-02-24 | 2025-12-27 | 0001193125-26-067467 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0001193125-26-067142 ↗ |
| 8-K | 2026-02-17 | 2026-02-12 | 0001193125-26-054573 ↗ |
| 8-K | 2026-02-10 | 2026-02-04 | 0001193125-26-044640 ↗ |
| 8-K | 2025-11-12 | 2025-11-07 | 0001193125-25-277579 ↗ |