The Boston Beer Company, Inc. (SAM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+102.3%

$432.28

vs $213.69 price

Levered DCF

$753.50

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.09

Safe zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.92×	59.39×	55.47×	60.35×	424.45×	62.81×	40.8×	30.22×
P/B	2.47×	3.87×	3.93×	3.8×	6.31×	12.6×	6.11×	6.08×
P/S	1×	1.76×	2.11×	1.94×	3.01×	6.95×	3.59×	2.81×
EV / EBITDA	7.8×	13.72×	18.95×	18.96×	48.25×	38.08×	22.34×	15.97×
Gross margin	45.6%	44.4%	42.4%	41.2%	38.8%	46.9%	49.1%	51.4%
Operating margin	6.9%	3.8%	5.0%	4.3%	0.4%	14.1%	11.6%	11.6%
Net margin	5.2%	3.0%	3.8%	3.2%	0.7%	11.1%	8.8%	9.3%
Current ratio	1.65×	1.8×	2.25×	2.07×	1.35×	1.59×	1.21×	1.92×
Debt / equity	0.04×	0.04×	0.04×	0.05×	0.06×	0.07×	0.08×	0×
Interest coverage	0×	0×	0×	0×	72.7×	1,227.17×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.8%	6.5%	7.1%	6.3%	1.5%	20.1%	15.0%	20.1%
Return on invested capital	10.7%	5.0%	5.7%	5.5%	0.7%	16.6%	14.3%	17.8%
Return on assets	9.1%	4.8%	5.3%	4.7%	1.0%	13.6%	11.6%	14.5%
Free cash flow yield	10.3%	4.9%	4.8%	2.7%	-1.5%	0.9%	1.9%	3.9%
Earnings yield	5.2%	1.7%	1.8%	1.7%	0.2%	1.6%	2.5%	3.3%
Enterprise value	$1.9B	$3.4B	$4B	$3.9B	$6.2B	$12B	$4.5B	$2.7B
Net debt / EBITDA	-0.76×	-0.7×	-1.21×	-0.61×	0.27×	-0.29×	0.12×	-0.64×
Cash conversion cycle (days)	13	22	21	31	38	22	36	33