← All companies ← SAIL Manual SANM → ← MGPI Brewers, Distillers & Wineries TAP →

SAM, Boston Beer

Brewers, Distillers & Wineries consumer brand Cyclical

Boston Beer produces alcohol beverages, including flavored malt beverages, hard seltzer, beer, hard cider, spirits based ready to drink beverages 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").

Sleek cans, standard cans and bottles are sold primarily for off-premise retailers, which include grocery stores, club stores, convenience stores, liquor stores, and other traditional and e-commerce retail outlets.

Latest annual: FY2025 10-K

SAM · Boston Beer

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$2.0B

−2.4% YoY · 3% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.9B 5-yr avg $2.0B

Gross margin 49% 5-yr avg 43%

Operating margin −4.1% 5-yr avg 4.2%

ROIC −12% 5-yr avg 8%

Owner-earnings margin 10% 5-yr avg 7%

Free cash flow margin 10% 5-yr avg 6%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 47% and operating margin about 7.4% through the cycle, a solid spread between what it charges and what the product costs to make. The operating margin has swung widely — from 0.4% to 15% — on a steadier 47% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run in the teens (median 16%, above 15% in 6 of 10 years). Owner earnings agree: roughly 10% of revenue reaches owners as cash, consistently. Returns like these are solid but short of clear franchise economics; whether they hold is what the 10-K settles, not the multiple.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$906M	$863M	$996M	$1.2B	$1.7B	$2.1B	$2.1B	$2.0B	$2.0B	$2.0B	$1.9B	RevenueRevenue
51%	52%	51%	49%	47%	39%	41%	42%	44%	48%	49%	Gross marginGross mgn
9%	8%	9%	9%	7%	6%	8%	9%	9%	10%	10%	SG&A / revenueSG&A/rev
$138M	$116M	$116M	$145M	$244M	$8M	$91M	$100M	$76M	$145M	($79M)	Operating incomeOp. inc.
15.2%	13.4%	11.6%	11.6%	14.1%	0.4%	4.3%	5.0%	3.8%	7.4%	−4.1%	Operating marginOp. mgn
$87M	$99M	$93M	$110M	$192M	$15M	$67M	$76M	$60M	$108M	($61M)	Net incomeNet inc.
36%	15%	20%	24%	21%	—	26%	30%	32%	29%	—	Effective tax rateTax rate
											Cash flow & returns
$154M	$136M	$163M	$178M	$253M	$56M	$200M	$265M	$249M	$270M	$248M	Operating cash flowOp. cash
$50M	$51M	$52M	$56M	$66M	$72M	$81M	$88M	$94M	$90M	$89M	DepreciationDeprec.
$11M	($21M)	$9M	($407K)	($19M)	($49M)	$37M	$84M	$76M	$49M	$197M	Working capital & otherWC & other
$50M	$33M	$55M	$93M	$140M	$148M	$91M	$64M	$76M	$55M	$57M	CapexCapex
5.5%	3.8%	5.6%	7.5%	8.1%	7.2%	4.3%	3.2%	3.8%	2.8%	2.9%	Capex / revenueCapex/rev
$104M	$103M	$108M	$122M	$188M	($16M)	$109M	$201M	$173M	$216M	$191M	Owner earningsOwner earn.
11.5%	11.9%	10.8%	9.8%	10.8%	−0.8%	5.2%	10.0%	8.6%	11.0%	9.8%	Owner earnings marginOE mgn
$104M	$103M	$108M	$85M	$113M	($92M)	$109M	$201M	$173M	$216M	$191M	Free cash flowFCF
11.5%	11.9%	10.8%	6.8%	6.5%	−4.5%	5.2%	10.0%	8.6%	11.0%	9.8%	Free cash flow marginFCF mgn
$165M	$145M	$88M	—	—	—	—	$93M	$239M	$202M	—	BuybacksBuybacks
25%	28%	26%	16%	24%	1%	8%	9%	7%	16%	-12%	ROICROIC
20%	23%	20%	15%	20%	1%	6%	7%	7%	13%	-9%	Return on equityROE
20%	23%	20%	15%	20%	1%	6%	7%	7%	13%	−9%	Retained to equityRetained/eq
											Balance sheet
$91M	$66M	$108M	$37M	$163M	$27M	$181M	$298M	$212M	$223M	$164M	Cash & investmentsCash+inv
$37M	$34M	$34M	$54M	$78M	$55M	$57M	$67M	$61M	$57M	$87M	ReceivablesReceiv.
$52M	$51M	$70M	$106M	$131M	$149M	$148M	$116M	$117M	$93M	$119M	InventoryInvent.
$41M	$38M	$47M	$76M	$122M	$86M	$84M	$87M	$87M	$95M	$100M	Accounts payablePayables
$49M	$46M	$57M	$84M	$88M	$118M	$121M	$96M	$91M	$55M	$106M	Operating working capitalOper. WC
$194M	$168M	$232M	$219M	$413M	$345M	$423M	$504M	$417M	$418M	$417M	Current assetsCur. assets
$102M	$102M	$121M	$181M	$259M	$255M	$204M	$223M	$232M	$253M	$449M	Current liabilitiesCur. liab.
1.9×	1.7×	1.9×	1.2×	1.6×	1.4×	2.1×	2.3×	1.8×	1.7×	0.9×	Current ratioCurr. ratio
$4M	$4M	$4M	$113M	$113M	$113M	$113M	$113M	$113M	$113M	$113M	GoodwillGoodwill
$616M	$570M	$640M	$1.1B	$1.4B	$1.4B	$1.4B	$1.4B	$1.3B	$1.2B	$1.2B	Total assetsAssets
$447M	$424M	$460M	$736M	$957M	$983M	$1.1B	$1.1B	$916M	$846M	$683M	Shareholders’ equityEquity
0.7%	0.7%	1.0%	1.0%	0.9%	0.9%	0.7%	0.8%	0.9%	1.1%	1.1%	Stock comp / revenueSBC/rev
											Per share
12.8M	12.2M	11.7M	11.9M	12.3M	12.4M	12.3M	12.3M	11.8M	10.9M	10.5M	Shares out (diluted)Shares
$70.84	$70.85	$84.85	$104.96	$141.37	$165.46	$169.33	$163.86	$171.08	$179.66	$185.83	Revenue / shareRev/sh
$6.83	$8.13	$7.90	$9.24	$15.63	$1.17	$5.45	$6.22	$5.07	$9.92	$-5.85	EPS (diluted)EPS
$8.15	$8.46	$9.20	$10.24	$15.29	$-1.27	$8.86	$16.40	$14.67	$19.71	$18.23	Owner earnings / shareOE/sh
$8.15	$8.46	$9.20	$7.14	$9.23	$-7.37	$8.86	$16.40	$14.67	$19.71	$18.23	Free cash flow / shareFCF/sh
$3.90	$2.71	$4.73	$7.83	$11.40	$11.89	$7.34	$5.23	$6.48	$4.99	$5.44	Cap. spending / shareCapex/sh
$34.90	$34.77	$39.23	$61.78	$77.91	$79.08	$86.56	$87.94	$77.87	$77.38	$65.21	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+10.9%/yr	+4.9%/yr
Owner earnings / share	+10.3%/yr	+5.2%/yr
EPS	+4.2%/yr	−8.7%/yr
Capital spending / share	+2.8%/yr	−15.2%/yr
Book value / share	+9.2%/yr	−0.1%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Revenue-2.4%
“Net revenue decreased by $47.9 million, or 2.4%, to $1,965.0 million for the year ended December 27, 2025, as compared to $2,012.9 million for the year ended December 28, 2024, primarily due to decreased sales volume impacts of $94.8 million, partially offset by increased pricing of $27.1 million, and favorable product mix of $19.1 million.”
✓ figure matches the filed record

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

11Mpeak FY2016

ROIC

16%low FY2021

Gross margin

48%low FY2021

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$216Mowner earningsvs.$108Mnet incomelow FY2021

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $108M of profit into $216M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$108M

Owner earnings$216M · 11% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$108M	$60M	$76M	$67M	$15M
Depreciation & amortizationnon-cash charge added back	+$90M	+$94M	+$88M	+$81M	+$72M
Stock-based compensationreal costnon-cash, but a real cost	+$22M	+$19M	+$17M	+$14M	+$19M
Working capital & othertiming of cash in and out, other non-cash items	+$49M	+$76M	+$84M	+$37M	−$49M
Cash from operations	$270M	$249M	$265M	$200M	$56M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$55M	−$76M	−$64M	−$91M	−$72M
Owner earnings	$216M	$173M	$201M	$109M	($16M)
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	—	—	—	−$76M
Free cash flow	$216M	$173M	$201M	$109M	($92M)
Owner-earnings marginowner earnings ÷ revenue	11%	9%	10%	5%	-1%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $22M), owner earnings is nearer $194M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

No meaningful interest burden

Little or no interest expense reported

What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
How heavy is the debt, net of cash? +$223M

Net cash

Cash $223M − debt $566K

What this means
Cash and short-term investments exceed every dollar of debt by $223M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 10d

Tight

DSO 11 + DIO 33 − DPO 34 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 16%

High through the cycle

10-yr median, range 1%–28%; 16% latest = NOPAT $102M ÷ invested capital $623M

Industry peers: median 22%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 16% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 10%

Solid through the cycle

10-yr median margin, range -1%–12%; latest $216M = operating cash $270M − maintenance capex $55M

Industry peers: median 10%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 11% of revenue this year, a 10% median across 10 years. Treating stock comp as the real expense it is (less $22M of SBC) leaves $194M.
Are earnings backed by cash? 2.49×

Cash-backed

Cash from ops $270M ÷ net income $108M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 94%

Returns most of it

Dividends + buybacks $202M ÷ Owner Earnings $216M

What this means
Of $216M Owner Earnings, $202M (94%) went back to shareholders, $0 dividends, $202M buybacks. Net of $22M stock comp, the real buyback was about $181M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.60×

Harvesting

Capex $55M ÷ depreciation $90M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $2.0B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.65×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $566K vs $165M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −12%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $7.78/share (latest year $10.36), the averaged base the calculator's gate runs on, and book value is $80.85/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Operating margin 13% → 5% (3-yr avg ends)

In the filing’s words The filing attributes gains to higher prices but names price competition too — and the margin slipped, so the pressure is winning here.

What this means
Through the cycle the operating margin slipped — about 13% early to 5% lately, median 7% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +7%/yr

What this means
Owner earnings grew about 7% a year over the record.
Worst year 2021 · 0.4% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −1.7%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Framed as a capability

The filing positions AI as something the company uses, not something it fears.

“We use AI in our business, and challenges with properly managing its use could result in harm to our brands, reputation, business or customers.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 28, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$417M

Cash & short-term investments$164M
Receivables$87M
Inventory$119M
Other current assets$47M

Current liabilities$449M

Debt due within a year$55K
Accounts payable$100M
Other current liabilities$348M

Current ratio0.93×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.67×stricter: inventory excluded

Cash ratio0.37×strictest: cash alone against what's due

Working capital($31M)the cushion left after near-term bills

Debt due this year vs. cash$55K due · $164M cash covered by cash on hand, no refinancing forced · both figures from the Mar 28, 2026 balance sheet

Revenue, latest quarter vs. a year ago−4.1%the freshest read on whether the business is still growing

Current ratio, recent quarters1.9× → 0.9×

Deeper floors

Tangible book value$556Mequity stripped of goodwill & intangibles

Net current asset value($71M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$35M$35M of it operating leases

Deferred revenue$25Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $1.9B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$805M · 42%
Buybacks$931M · 48%
Retained (debt / cash)$189M · 10%

Returned to owners$931M
71% of the owner earnings the business produced over the span, $0 as dividends and $931M as buybacks.
Average price paid for buybacks$176.04
Across the years where the filing reports a share count, 2M shares were bought for $398M, about $176.04 each. Year to year the price paid ranged from $150.03 (2017) to $252.54 (2018); its heaviest year, 2016, paid $174.26 ($165M).
Net change in share count−18.2%
The diluted count fell from 13M to 10M, so the buybacks outran the stock issued to staff.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	David A. Burwick	$14.8M	$839k	($16M)
2022	David A. Burwick	$4.8M	$849k	$109M
2023	David A. Burwick	$5.9M	$1.9M	$201M
2024	David A. Burwick	$1.1M	$1.1M	$173M
2024	Michael Spillane	$8.3M	$3.3M	$173M
2025	C. James Koch	$5,695	$5,695	$216M
2025	Michael Spillane	$8.9M	$1.7M	$216M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership27.4%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$22M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 15% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Boston Beer is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 6 tests turned up something to look into; the other 5 came back clean.

Look hereAre "one-time" charges a yearly habit?9 of 10 years
Management took an impairment or write-down in 9 of the last 10 years, $114M in all. A charge taken almost every year is not one-time; it is the business — past deals coming due, and an admission the assets were worth less than what was paid. Munger's rule: when the "one-time" keeps happening, it is the business. Read it beside the goodwill the company still carries.

And these came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did debt outgrow the business?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Inventory, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Brewers, Distillers & Wineries

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
BF-BBrown-Forman	$3.9B	61%	32.4%	22%	20%
CELHCelsius Holdings Inc.	$2.5B	43%	-1.3%	-2%	2%
BRBRBellRing Brands Inc. Common Stock	$2.3B	33%	16.0%	37%	11%
SAMBoston Beer	$2.0B	48%	9.5%	16%	10%
LANCLancaster Colony	$1.9B	25%	12.7%	22%	10%
BGSB&G Foods	$1.8B	22%	12.3%	5%	5%
WESTWestrock Coffee Company	$1.2B	18%	-3.1%	-7%	-6%
FIZZNational Beverage	$1.2B	37%	18.9%	75%	14%
Group median	—	35%	12.5%	19%	10%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Boston Beer has delivered.

Today’s price $

Through the cycle, Boston Beer earns about $205M on its 10.4% median owner-earnings margin. This year’s 11.0% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($205M) Net of stock comp (−$22M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+43%/yr

Owner-earnings growth · ’16→’25+7%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $191M on 10M shares outstanding (a weighted basic average, the only count this filer tags); net cash $163M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh SAM against another business →

Cite: Owner Scorecard, "Boston Beer (SAM), the owner's record," https://ownerscorecard.com/c/SAM, data as of 2026-07-09.

Manual order: ← SAIL its page in the Manual SANM →

Industry order: ← MGPI the Brewers, Distillers & Wineries chapter TAP →