BOSTON BEER CO INC SAM
The Boston Beer Company, Inc. and certain subsidiaries (the "Company") are engaged in the business of selling alcohol beverages throughout the United States and in selected international markets, under the trade names "The Boston Beer Company®", "Twisted Tea Brewing Company®", "Hard Seltzer Beverage Company", "Angry Orchard® Cider Company", "Dogfish Head® Craft Brewery", "Dogfish Head Distilling Co.", "Angel City® Brewing Company", "Coney Island® Brewing Company", "Green Rebel Brewing Co.", "TeaPot Worldwide", "Sun Cruiser Beverage Co.","American Fermentation Company LLC", and "Sinless Spirits Company".
The Company produces alcohol beverages, including flavored malt beverages, hard seltzer, beer, hard cider, spirits based ready to drink beverages ("spirits RTDs") and distilled spirits at Company-owned breweries and its cidery and under contract arrangements at other production facilities. The four primary Company-owned breweries are focused on production and research and development, including breweries located in Boston, Massachusetts (the "Boston Brewery"), Cincinnati, Ohio (the "Cincinnati Brewery"), Milton, Delaware (the "Milton Brewery") and Breinigsville, Pennsylvania (the "Pennsylvania Brewery"). These breweries, with the exception of the Pennsylvania Brewery, have tap rooms for retail sales on site.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.09B | $2.14B | $2.13B | $2.22B | $2.20B | $1.85B | $1.33B | $1.06B | $921.7M | $969.0M |
| Cost of revenue | $1.01B | $1.12B | $1.16B | $1.23B | $1.26B | $922.0M | $635.7M | $483.4M | $413.1M | $446.8M |
| Gross profit | $952.6M | $893.7M | $852.4M | $862.0M | $797.8M | $814.5M | $614.2M | $512.2M | $449.9M | $459.7M |
| SG&A | $190.8M | $189.9M | $174.5M | $157.5M | $133.6M | $118.2M | $112.7M | $90.9M | $73.1M | $78.0M |
| Total operating expenses | $807.7M | $817.8M | $752.4M | $771.2M | $789.8M | $570.2M | $469.3M | $396.4M | $334.2M | $322.0M |
| Operating income | $144.9M | $76.0M | $100.0M | $90.8M | $8.0M | $244.2M | $144.9M | $115.9M | $115.7M | $137.7M |
| Pre-tax income | $153.5M | $87.6M | $109.6M | $91.4M | $6.9M | $244.2M | $144.4M | $116.3M | $116.1M | $137.1M |
| Income tax | $45.0M | $27.9M | $33.3M | $24.2M | $7.6M | $52.3M | $34.3M | $23.6M | $17.1M | $49.8M |
| Net income | $109.5M | $59.7M | $76.2M | $67.3M | $14.6M | $192.0M | $110.0M | $92.7M | $99.0M | $87.3M |
| EPS, basic | 9.90 | 5.07 | 6.23 | 5.46 | 1.19 | 15.73 | 9.26 | 7.90 | 8.18 | 6.93 |
| EPS, diluted | 9.89 | 5.06 | 6.21 | 5.44 | 1.17 | 15.53 | 9.16 | 7.82 | 8.09 | 6.79 |
| Shares, diluted (wtd. avg.) | $10.9M | $11.8M | $12.3M | $12.3M | $12.4M | $12.3M | $11.9M | $11.7M | $12.2M | $12.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $223.4M | $211.8M | $298.5M | $180.6M | $66.3M | $163.3M | $36.7M | $108.4M | $65.6M | $91.0M |
| Receivables | $57.1M | $61.4M | $67.0M | $56.7M | $55.0M | $78.4M | $54.4M | $34.1M | $33.7M | $36.7M |
| Inventory | $92.5M | $117.2M | $115.8M | $148.4M | $149.1M | $130.9M | $106.0M | $70.2M | $50.7M | $52.5M |
| Total current assets | $417.6M | $417.3M | $503.5M | $423.3M | $345.3M | $413.2M | $218.6M | $231.6M | $168.3M | $193.9M |
| Property, plant and equipment | $578.1M | $616.2M | $642.5M | $667.9M | $664.8M | $623.1M | $541.1M | $389.8M | $384.3M | $408.4M |
| Goodwill | $112.5M | $112.5M | $112.5M | $112.5M | $112.5M | $112.5M | $112.5M | $3.7M | $3.7M | $3.7M |
| Other intangibles | $14.8M | $16.4M | $59.6M | $76.3M | $103.7M | $103.9M | $104.3M | $2.1M | — | — |
| Total assets | $1.19B | $1.25B | $1.43B | $1.42B | $1.39B | $1.38B | $1.05B | $639.9M | $569.6M | $615.9M |
| Accounts payable | $95.0M | $87.3M | $87.2M | $84.2M | $85.9M | $121.6M | $76.4M | $47.1M | $38.1M | $40.6M |
| Total current liabilities | $252.5M | $231.6M | $223.3M | $204.3M | $255.1M | $259.4M | $180.6M | $120.5M | $101.8M | $101.5M |
| Total liabilities | $347.3M | $333.8M | $352.1M | $352.2M | $403.4M | $421.9M | $318.4M | $179.5M | $146.1M | $169.4M |
| Retained earnings | $147.7M | $240.3M | $421.6M | $439.1M | $371.9M | $357.4M | $165.4M | $55.7M | $52.1M | $97.6M |
| Total equity | $846.3M | $916.2M | $1.08B | $1.07B | $983.4M | $957.0M | $735.6M | $460.3M | $423.5M | $446.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $270.2M | $248.9M | $265.2M | $199.9M | $56.3M | $253.4M | $178.2M | $163.4M | $136.0M | $154.2M |
| Depreciation and amortisation | $90.4M | $94.0M | $88.1M | $81.4M | $72.1M | $65.7M | $56.3M | $52.0M | $51.3M | $49.6M |
| Stock-based compensation | $21.8M | $19.0M | $17.0M | $14.0M | $18.6M | $15.3M | $12.3M | $10.0M | $6.3M | $6.1M |
| Capital expenditure | $54.6M | $76.3M | $64.1M | $90.6M | $147.9M | $140.0M | $93.2M | $55.5M | $33.0M | $49.9M |
| Investing cash flow | -$54.5M | -$96.3M | -$62.4M | -$88.5M | -$146.6M | -$139.1M | -$258.8M | -$55.3M | -$32.9M | -$46.0M |
| Financing cash flow | -$204.1M | -$239.3M | -$84.8M | $2.8M | -$6.6M | $12.3M | $8.9M | -$65.3M | -$128.5M | -$111.3M |
| Buybacks | $202.4M | $238.6M | $92.9M | — | — | — | — | $88.3M | $144.6M | $164.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001308179-26-000249.
Others in SIC 2082
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| TAP | MOLSON COORS BEVERAGE CO | $7.59B | — | -5.1% |
| CCU | UNITED BREWERIES CO INC | — | — | — |
| BUD | Anheuser-Busch InBev SA/NV | — | — | -0.7% |