Latest Ratios: P/E Ratio 18.5x · EV/EBITDA 7.6x · ROE 12.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.0B | $2.1B | $3.5B | $4.2B | $4.1B | $6.3B | $12.2B | $4.5B | $2.8B | $2.3B | $2.2B |
| Enterprise Value | $1.8B | $1.9B | $3.4B | $4.0B | $3.9B | $6.3B | $12.1B | $4.5B | $2.7B | $2.3B | $2.1B |
| P/E Ratio → | 18.52 | 19.92 | 59.51 | 55.56 | 60.57 | 431.71 | 64.02 | 41.25 | 30.49 | 23.62 | 25.01 |
| P/S Ratio | 0.94 | 1.00 | 1.76 | 2.11 | 1.95 | 3.05 | 7.03 | 3.60 | 2.84 | 2.70 | 2.40 |
| P/B Ratio | 2.29 | 2.47 | 3.87 | 3.93 | 3.81 | 6.39 | 12.76 | 6.12 | 6.14 | 5.50 | 4.87 |
| P/FCF | 9.11 | 9.69 | 20.54 | 21.07 | 37.20 | — | 107.69 | 52.93 | 26.18 | 22.60 | 20.84 |
| P/OCF | 7.27 | 7.73 | 14.24 | 15.98 | 20.35 | 111.58 | 48.19 | 25.24 | 17.29 | 17.12 | 14.10 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.91 | 1.68 | 1.98 | 1.89 | 3.07 | 6.98 | 3.62 | 2.73 | 2.62 | 2.30 |
| EV / EBITDA | 7.56 | 8.09 | 19.84 | 21.17 | 22.90 | 78.86 | 39.12 | 22.49 | 16.19 | 13.55 | 11.13 |
| EV / EBIT | 12.28 | 12.40 | 22.22 | 32.70 | 31.27 | 110.47 | 48.74 | 31.02 | 23.32 | 19.15 | 15.16 |
| EV / FCF | — | 8.83 | 19.54 | 19.81 | 36.04 | — | 106.88 | 53.22 | 25.18 | 21.96 | 19.97 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.6% | 45.6% | 44.4% | 42.4% | 41.2% | 38.8% | 46.9% | 49.1% | 51.4% | 52.1% | 50.7% |
| Operating Margin | 6.9% | 6.9% | 3.8% | 5.0% | 4.3% | 0.4% | 14.1% | 11.6% | 11.6% | 13.4% | 15.2% |
| Net Profit Margin | 5.2% | 5.2% | 3.0% | 3.8% | 3.2% | 0.7% | 11.1% | 8.8% | 9.3% | 11.5% | 9.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.3% | 12.3% | 6.0% | 7.1% | 6.6% | 1.5% | 22.7% | 18.4% | 21.0% | 22.8% | 19.2% |
| ROA | 8.9% | 8.9% | 4.5% | 5.3% | 4.8% | 1.0% | 16.3% | 13.9% | 15.3% | 16.6% | 13.8% |
| ROIC | 15.5% | 15.5% | 7.3% | 8.5% | 6.9% | 0.6% | 22.5% | 19.5% | 24.5% | 24.3% | 28.5% |
| ROCE | 14.8% | 14.8% | 6.8% | 8.3% | 7.7% | 0.7% | 25.5% | 22.5% | 23.5% | 23.4% | 26.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.06 | 0.07 | 0.08 | — | — | 0.00 |
| Debt / EBITDA | 0.16 | 0.16 | 0.23 | 0.24 | 0.31 | 0.77 | 0.23 | 0.30 | — | — | 0.00 |
| Net Debt / Equity | — | -0.22 | -0.19 | -0.23 | -0.12 | 0.04 | -0.10 | 0.03 | -0.24 | -0.15 | -0.20 |
| Net Debt / EBITDA | -0.79 | -0.79 | -1.02 | -1.35 | -0.73 | 0.43 | -0.30 | 0.12 | -0.65 | -0.39 | -0.48 |
| Debt / FCF | — | -0.86 | -1.00 | -1.26 | -1.16 | — | -0.81 | 0.29 | -1.00 | -0.64 | -0.87 |
| Interest Coverage | — | — | — | — | — | 519.76 | 1249.61 | — | — | — | — |
Net cash position: cash ($223M) exceeds total debt ($38M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.65 | 1.65 | 1.80 | 2.25 | 2.07 | 1.35 | 1.59 | 1.21 | 1.92 | 1.65 | 1.98 |
| Quick Ratio | 1.29 | 1.29 | 1.30 | 1.74 | 1.35 | 0.77 | 1.09 | 0.62 | 1.34 | 1.16 | 1.47 |
| Cash Ratio | 0.88 | 0.88 | 0.91 | 1.34 | 0.88 | 0.11 | 0.63 | 0.20 | 0.90 | 0.65 | 0.90 |
| Asset Turnover | — | 1.75 | 1.61 | 1.40 | 1.47 | 1.48 | 1.23 | 1.32 | 1.56 | 1.52 | 1.45 |
| Inventory Turnover | 12.26 | 12.26 | 9.55 | 9.99 | 8.27 | 8.45 | 7.04 | 5.99 | 6.88 | 8.16 | 8.51 |
| Days Sales Outstanding | — | 9.98 | 12.35 | 12.49 | 11.66 | 19.24 | 18.66 | 18.99 | 15.38 | 18.19 | 14.82 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.4% | 5.0% | 1.7% | 1.8% | 1.7% | 0.2% | 1.6% | 2.4% | 3.3% | 4.2% | 4.0% |
| FCF Yield | 11.0% | 10.3% | 4.9% | 4.7% | 2.7% | — | 0.9% | 1.9% | 3.8% | 4.4% | 4.8% |
| Buyback Yield | 10.4% | 9.8% | 6.7% | 2.2% | 0.0% | 0.0% | 0.0% | 0.0% | 3.1% | 6.2% | 7.6% |
| Total Shareholder Yield | 10.4% | 9.8% | 6.7% | 2.2% | 0.0% | 0.0% | 0.0% | 0.0% | 3.1% | 6.2% | 7.6% |
| Shares Outstanding | — | $11M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $13M |
Seasonal Demand Volatility
According to current market data, SAM trades at a P/E of 19.40, a multiple that appears to struggle between pricing the company as a legacy brewer and a high-growth innovator, especially when compared to the broader beverage sector's historical valuation ranges for premium-positioned consumer brands.
The current forward P/E of 20.13 suggests that investors are baking in a recovery in earnings power that remains unproven given recent operational volatility. This valuation premium over legacy peers like Molson Coors is likely supported by the Twisted Tea franchise, yet it warrants caution as the market may be overestimating the sustainability of these specific growth drivers.
Based on reported financial figures, SAM's ROIC has deteriorated sharply, falling to -23.5% in 2026Q1 from positive levels in previous periods, which indicates that the company is currently failing to generate adequate returns on its invested capital base amidst ongoing operational and inventory-related headwinds.
The collapse in ROIC highlights the inefficiency of recent capital allocation, particularly regarding the expansion of production capacity that has not yielded commensurate returns. Investors should monitor whether management can restore these returns to historical norms or if the current asset base remains structurally misaligned with consumer demand.
As reported in recent quarterly filings, the company's cash conversion cycle has fluctuated significantly, reaching 17 days in 2026Q1, which suggests that management is struggling to balance inventory levels with the highly seasonal nature of their flavored malt beverage portfolio and shifting wholesaler demand patterns.
The variability in the CCC is largely driven by swings in days inventory outstanding, reflecting the difficulty of managing SKU complexity in a cooling seltzer market. This inefficiency suggests that the company's reliance on third-party manufacturing may be creating hidden costs that impede the optimization of working capital.
According to the latest balance sheet data, the current ratio has compressed to 0.93 in 2026Q1, signaling that the company's short-term liquidity position is tightening as cash reserves are depleted to support operational requirements and potential inventory write-downs during a period of significant top-line pressure.
While the company maintains a low debt-to-equity ratio, the decline in the current ratio suggests that the margin of safety for meeting short-term obligations is narrowing. This trend warrants further investigation into whether the company's cash-heavy business model can withstand prolonged periods of negative operating cash flow without external financing.
As evidenced by market sentiment, the most commonly misapplied metric for SAM is the traditional P/E ratio, which obscures the company's true earning power by failing to account for the lumpy, non-recurring expenses associated with contract manufacturing and inventory obsolescence in the flavored malt beverage category.
Analysts should instead focus on EV/EBITDA or adjusted free cash flow metrics that strip out these non-operational distortions to better gauge the underlying health of the business. Relying on standard P/E multiples risks mispricing the company by ignoring the structural shift toward a 'Beyond Beer' portfolio that requires different valuation benchmarks.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying SAM stock.
The Boston Beer Company, Inc.'s current P/E ratio is 18.5x. The historical average is 32.3x. This places it at the 7th percentile of its historical range.
The Boston Beer Company, Inc.'s current EV/EBITDA is 7.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.7x.
The Boston Beer Company, Inc.'s return on equity (ROE) is 12.3%. The historical average is 16.8%.
Based on historical data, The Boston Beer Company, Inc. is trading at a P/E of 18.5x. This is at the 7th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The Boston Beer Company, Inc. has 45.6% gross margin and 6.9% operating margin.
The Boston Beer Company, Inc.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.