Boston Beer Co. Inc. (SAM) intrinsic value & 10-year financials
Boston Beer Co. Inc. (SAM) has a Graham intrinsic value of $145.39 per share. At $180.82 on Oct 17, 2026, the stock trades 24% above that value. Over the last 10 fiscal years revenue grew 8.9% a year to $2.1B, with an average return on invested capital of 14.9%.
- Graham intrinsic value
- $145.39
- Share price (Oct 17, 2026)
- $180.82
- Price vs Graham value
- 24% above
- Market cap
- $2.0B
- Revenue (FY2025)
- $2.1B
- Revenue growth (10-yr CAGR)
- 8.9%
- ROIC (10-yr avg)
- 14.9%
- Free cash flow (FY2025)
- $215.6M
SAM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.1B | $108.5M | $9.89 | $215.6M | 6.9% | 14.8% |
| FY2024 | $2.1B | $59.7M | $5.06 | $172.6M | 3.6% | 6.7% |
| FY2023 | $2.1B | $76.2M | $6.21 | $201.1M | 4.7% | 7.9% |
| FY2022 | $2.2B | $67.3M | $5.44 | $109.4M | 4.1% | 6.9% |
| FY2021 | $2.2B | $14.6M | $1.17 | -$91.6M | 0.4% | 0.9% |
| FY2020 | $1.9B | $192.0M | $15.53 | $113.4M | 13.2% | 23.9% |
| FY2019 | $1.3B | $110.0M | $9.16 | $85.0M | 10.9% | 14.7% |
| FY2018 | $1.1B | $92.7M | $7.82 | $108.0M | 11.0% | 20.9% |
| FY2017 | $921.7M | $99.0M | $8.09 | $103.0M | 12.5% | 27.7% |
| FY2016 | $969.0M | $87.3M | $6.79 | $104.3M | 14.2% | 24.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
BOSTON BEER CO INC is a consistent compounder, expanding top-line revenue at 8.9% annually over the past decade.
BOSTON BEER CO INC returns on capital have been average, hovering around 14.2% ROIC over the decade.
Over the decade, BOSTON BEER CO INC shows that management has aggressively returned capital to shareholders by retiring 14.5% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, BOSTON BEER CO INC is modeled at 4.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $145.39 per share.