Is the business good?
How good a business is SAM?
The Boston Beer Company, Inc. earns −12% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−12%
Return on invested capital · cost of capital 9.0% · 21 points below what the capital costs: growth destroys value
- Operating margin
- −4.1%
Operating margin · Beverages - Brewers median 18% · 12 months to Q1 2026
- Share count, year on year
- −7.0%
Share count, year on year · bought back, each share owns more of the company
- Gross margin
- 49%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | 14% |
| FY2022 | 4.3% |
| FY2023 | 5.0% |
| FY2024 | 3.8% |
| FY2025 | 7.4% |
Details›
- Gross margin12 months to Q1 2026
- 49%
- Operating margin12 months to Q1 2026
- −4.1%
- Net margin12 months to Q1 2026
- −3.1%
- Free cash flow margin
- 9.8%
- Revenue, trailing twelve months
- $1.95B
- Free cash flow, trailing twelve months
- $191M
- Net income, trailing twelve months
- −$61M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −12%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.