olivLaw · US equity research
The Boston Beer Company, Inc. SAM
Malt Beverages · SIC 2082 · Vertical: Food products (SIC 208x)
The Boston Beer Company makes and sells alcohol beverages mainly in the United States, under brands such as Twisted Tea, Truly Hard Seltzer, Samuel Adams and Sun Cruiser. It matters now because sales are falling in a traditional beer market in decline while the Beyond beer segment grows, with the company holding a 20% share of that category. For 2026 it has updated its guidance, and third-quarter data showed volume pressure and higher freight costs.
At the close of 04 Nov 2026, The Boston Beer Company, Inc. (SAM) stock was 228.32 USD (+5.97% on the day), with beta 0.23, 52-week range 161.08–260.05 USD. Latest reported quarter (Q3 2026): revenue of 520.1 m USD (−3.2% YoY), net income of 43.2 m USD (−6.5% YoY), diluted EPS 4.21 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 79.9
- overbought (≥ 70)
- Bollinger (20, 2)
- 159.51 – 224.78
- above the upper band · %B 1.05 · band width 34.0%
- SMA 50 / 200
- 179.10 / 199.13
- mixed trend
- MACD (12, 26, 9)
- 11.68 / 8.10
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +36.2% | −1.1% | +37.3 pp | — |
| 3 months | +23.6% | −0.5% | +24.0 pp | — |
| 6 months | +10.6% | +4.4% | +6.2 pp | — |
| Year to date | +17.0% | +12.3% | +4.7 pp | — |
| 1 year | +11.5% | +13.5% | −2.1 pp | +7.7% |
| 3 years | −32.5% | +76.4% | −108.9 pp | −12.9% |
| 5 years | −54.6% | +63.7% | −118.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 26 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 402.3 m | 453.9 m | 587.9 m | 537.5 m | 385.7 m | 433.9 m | 568.3 m | 520.1 m |
| Cost of revenue | 241.6 m | 234.6 m | 295.4 m | 264.4 m | 218.0 m | 220.0 m | 282.0 m | 251.0 m |
| Gross profit | 160.7 m | 219.3 m | 292.5 m | 273.1 m | 167.7 m | 214.0 m | 286.4 m | 269.1 m |
| Operating income | -56.0 m | 33.8 m | 82.1 m | 62.0 m | -33.0 m | -190.5 m | 70.8 m | 56.3 m |
| Depreciation & amortisation | 23.1 m | 22.8 m | 22.4 m ≈ | 22.5 m ≈ | 22.7 m | 21.6 m | 21.0 m ≈ | 20.9 m ≈ |
| Pre-tax income | -53.6 m | 35.8 m | 84.1 m | 64.2 m | -30.6 m | -188.9 m | 72.3 m | 58.9 m |
| Income tax | -14.9 m | 11.4 m | 23.6 m | 18.0 m | -8.1 m | -43.7 m | 20.8 m | 15.7 m |
| Net income | -38.8 m | 24.4 m | 60.4 m | 46.2 m | -22.5 m | -145.3 m | 51.6 m | 43.2 m |
| Diluted EPS | -3.38 ≈ | 2.16 | 5.45 | 4.25 | -2.13 ≈ | -13.88 | 4.96 | 4.21 |
| Operating cash flow | 41.9 m | 1.9 m | 126.5 m ≈ | 101.8 m ≈ | 39.9 m | -20.4 m | 138.0 m ≈ | 76.6 m ≈ |
| Capex | 23.5 m | 9.9 m | 14.2 m ≈ | 12.6 m ≈ | 17.8 m | 12.3 m | 10.5 m ≈ | 8.4 m ≈ |
| Share repurchases | 62.7 m | 49.4 m | 52.2 m ≈ | 50.8 m ≈ | 50.0 m | 23.3 m | 26.6 m ≈ | 25.4 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 995.6 m | 1.2 bn | 1.7 bn | 2.1 bn | 2.1 bn | 2.0 bn | 2.0 bn | 2.0 bn |
| Revenue YoY | +15.4% | +25.5% | +38.9% | +18.5% | +1.6% | −3.9% | +0.2% | −2.4% |
| Net income | 92.7 m | 110.0 m | 192.0 m | 14.6 m | 67.3 m | 76.3 m | 59.7 m | 108.5 m |
| Net income YoY | −6.4% | +18.8% | +74.4% | −92.4% | +362.2% | +13.4% | −21.7% | +81.7% |
| Diluted EPS | 7.82 | 9.16 | 15.53 | 1.17 | 5.44 | 6.21 | 5.06 | 9.89 |
| Diluted EPS YoY | −3.3% | +17.1% | +69.5% | −92.5% | +365.0% | +14.2% | −18.5% | +95.5% |
| net % | 9.3% | 8.8% | 11.1% | 0.7% | 3.2% | 3.8% | 3.0% | 5.5% |
| Free cash flow | 108.0 m | 85.0 m | 113.4 m | -91.6 m | 109.4 m | 201.1 m | 172.6 m | 215.6 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 27 Dec 2025
- Cash
- 223.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 846.3 m USD
- Total assets
- 1.2 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.65x
- ROE
- 12.3%
- ROA
- 8.9%
- FCF margin
- 11.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 2.1 bn | 2.1 bn | 2.0 bn | 2.0 bn | 2.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 922.0 m | 1.3 bn | 1.2 bn | 1.2 bn | 1.1 bn | 1.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 814.5 m | 797.8 m | 862.0 m | 852.4 m | 893.7 m | 952.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 244.2 m | 8.0 m | 90.8 m | 100.0 m | 76.0 m | 144.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 65.7 m | 72.1 m | 81.4 m | 88.1 m | 94.0 m | 90.4 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 309.9 m ≈ | 80.1 m ≈ | 172.1 m ≈ | 188.1 m ≈ | 170.0 m ≈ | 235.3 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Pre-tax income | 244.2 m | 6.9 m | 91.4 m | 109.6 m | 87.6 m | 153.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 52.3 m | -7.6 m | 24.2 m | 33.3 m | 27.9 m | 45.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 192.0 m | 14.6 m | 67.3 m | 76.3 m | 59.7 m | 108.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 15.53 | 1.17 | 5.44 | 6.21 | 5.06 | 9.89 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 12.3 m | 12.4 m | 12.3 m | 12.3 m | 11.8 m | 10.9 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 163.3 m | 26.9 m | 180.6 m | 298.5 m | 211.8 m | 223.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 78.4 m | 55.0 m | 56.7 m | 67.0 m | 61.4 m | 57.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 130.9 m | 149.1 m | 148.5 m | 115.8 m | 117.2 m | 92.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 413.2 m | 345.3 m | 423.3 m | 503.5 m | 417.3 m | 417.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 623.1 m | 664.8 m | 667.9 m | 642.5 m | 616.2 m | 578.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 112.5 m | 112.5 m | 112.5 m | 112.5 m | 112.5 m | 112.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 103.9 m | 103.7 m | 76.3 m | 59.6 m | 16.4 m | 14.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 1.4 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.3 bn | 1.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 121.6 m | 85.9 m | 84.2 m | 87.2 m | 87.3 m | 95.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 259.4 m | 255.1 m | 204.3 m | 223.3 m | 231.6 m | 252.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 421.9 m | 403.4 m | 352.2 m | 352.1 m | 333.8 m | 347.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 957.0 m † | 983.4 m † | 1.1 bn † | 1.1 bn † | 916.2 m † | 846.3 m † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 253.4 m | 56.3 m | 199.9 m | 265.2 m | 248.9 m | 270.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 140.0 m | 147.9 m | 90.6 m | 64.1 m | 76.3 m | 54.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 113.4 m ≈ | -91.6 m ≈ | 109.4 m ≈ | 201.1 m ≈ | 172.6 m ≈ | 215.6 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -139.1 m | -146.6 m | -88.5 m | -62.4 m | -96.3 m | -54.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | 12.3 m | -6.6 m | 2.8 m | -84.8 m | -239.3 m | -204.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | — | — | — | 92.9 m | 238.6 m | 202.4 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -3.8% | 33 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -2.0% | 0 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | 22.0% | 100 (on a fixed band) | 31% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.1x | 28 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial28/100 · 1/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality· partial33/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
THE BOSTON BEER COMPANY, INC. (SAM). Latest full fiscal year: 2025; data up to 2026-09-26.
Figures computed from the financial statements: revenue 2.0 bn USD in 2025; YoY growth -2.4%; net margin -3.8%; ROE -8.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 22.0%
What contradicts it
- Revenue CAGR 3Y: -2.0%
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Food products (SIC 208x) · same industry group (3-digit SIC) · compared with 31 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| KOCoca Cola Co | 412.1 bn | 28.2 | 42.6% | 28.7% | +1.9% | +31% / +64% |
| DEODIAGEO plc | 237.6 bn | 92.4 | 24.0% | 9.1% | +0.3% | +7% / −30% |
| PEPPepsico Inc | 194.1 bn | 18.7 | 50.1% | 10.8% | +2.3% | −4% / −15% |
| BUDAnheuser-Busch InBev SA | 150.4 bn | 24.7 | 8.3% | 11.5% | −0.7% | +36% / +33% |
| KDPKeurig Dr Pepper Inc. | 50.1 bn | 37.2 | 5.7% | 7.1% | +8.2% | +32% / +17% |
| MNSTMonster Beverage Corp | 47.8 bn | 22.4 | 25.7% | 23.1% | +10.7% | +30% / +77% |
| BF-ABrown Forman Corp | 14.9 bn | 20.3 | 18.1% | 18.4% | −1.2% | +10% / −48% |
| CELHCelsius Holdings, Inc. | 7.8 bn | 104.3 | 10.5% | 4.2% | +85.5% | −25% / −38% |
| PRMBPrimo Brands Corp | 7.6 bn | 79.4 | 3.2% | 1.5% | +29.3% | +34% / +46% |
| COCOThe Vita Coco Company, Inc. | 3.7 bn | 32.9 | 32.0% | 15.7% | +18.2% | +23% / +133% |
| FIZZNational Beverage Corp. | 3.5 bn | 20.2 | 40.1% | 14.8% | −1.7% | +11% / −21% |
| COKECoca-Cola Consolidated, Inc. | 1.5 bn | 2.5 | 90.0% | 7.5% | +4.8% | +25% / +178% |
| WESTWestrock Coffee Company | 1.0 bn | — | — | -4.9% | +39.8% | +138% / +13% |
| BUDABuda Juice, Inc. | 83.2 m | 34.5 | 19.3% | 17.1% | +11.8% | unavailable / unavailable |
| SRXHSRX Global Inc. | 18.0 m | — | -70.8% | -254.8% | −81.3% | −96% / −100% |
| REEDReed's, Inc. | 12.0 m | — | -14,800.0% | -63.5% | −10.2% | −80% / −92% |
| WVVIWillamette Valley Vineyards, Inc. | 8.3 m | — | -3.3% | -5.9% | −6.5% | −37% / −68% |
| YHCLQR House Inc. | 2.9 m | 0.2 | -88.2% | -1,589.2% | −37.4% | −98% / −100% |
| IPSTIp Strategy Holdings, Inc. | 2.3 m | — | -2,713.2% | -2,064.0% | +20.4% | −98% / unavailable |
| EDVAEndovia Health Sciences, Inc. | 1.2 m | — | — | -53,856.5% | −90.9% | −96% / −100% |
| BRCCBRC Inc. | 903.4 k | — | -14.2% | -1.5% | +1.7% | −23% / −77% |
| IBGInnovation Beverage Group Limited | 593.4 k | — | — | -223.4% | −5.1% | −94% / unavailable |
| CCEPCOCA-COLA EUROPACIFIC PARTNERS plc | — | — | 23.8% | 9.3% | +2.3% | +26% / +91% |
| ABEVAmbev S.A. | — | — | 16.6% | 17.6% | −1.4% | +9% / +1% |
| STZConstellation Brands, Inc. | — | — | 23.9% | 20.9% | −10.5% | +7% / −40% |
1- and 3-year price returns: for SAM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
The Boston Beer Company makes and sells alcohol beverages mainly in the United States, under brands such as Twisted Tea, Truly Hard Seltzer, Samuel Adams and Sun Cruiser. It matters now because sales are falling in a traditional beer market in decline while the Beyond beer segment grows, with the company holding a 20% share of that category 1. For 2026 it has updated its guidance, and third-quarter data showed volume pressure and higher freight costs.
SWOT
Strengths
- The company has strong brands and leading positions in several categories, such as Twisted Tea and Angry Orchard 1.
- Its sales force is considered one of the largest in the industry, supporting distributor and retailer relationships 1.
- The company has improved gross margin and had no debt at the end of the third quarter of 2026 23.
Weaknesses
- Volumes are falling for several important brands, and depletions have declined in recent years 12.
- The company depends on independent distributors and third-party producers, which limits its control over distribution and production 1.
- Freight and promotion costs have risen, and profitability depends on operating efficiency 2.
Opportunities
Threats
Risks
- Supplier litigationhigh
The company has recorded expenses from a supplier dispute and could make additional payments depending on appeal outcomes 23. The company denies breaching the contract, but the timing and amount of any payment are not known.
- Dependence on distributorshigh
Most sales go through independent distributors, which can terminate agreements on short notice and may be influenced by large producers 1. If these relationships change, distribution could be affected.
- Declining demand for beer and alcoholmedium
Alcohol consumption and social attitudes toward it are changing, and volumes could continue to fall 1. Legal cannabis and hemp-based beverages could compete further with the company's products 1.
- Freight and raw material costsmedium
Transport, fuel and aluminium costs have increased, and tariffs could raise production costs more than estimated 23.
- Failure or delay of new productslow
New product launches do not guarantee long-term volume growth, and falling sales of existing brands could affect profitability 1.
Investment thesis
What would need to be true (bull case)
- If Sun Cruiser and other Beyond beer products keep growing, the company could offset declines in other brands and sustain a high gross margin 12.
- The supply chain transformation and efficiency gains could support profitability even with lower volumes 23.
- A debt-free balance sheet and cash reserves could allow investment in brands and share repurchases if market conditions improve 3.
What would break the thesis
- If volume declines in beer and in Twisted Tea and Truly continue, revenue and profit could remain under pressure 12.
- The supplier litigation could produce large additional payments, affecting results and investment capacity 23.
- Competition from large brewers and non-alcoholic beverage companies could force price cuts or higher promotion spending 1.
What to watch
- Fourth-quarter results and delivery against 2026 guidance on depletions, gross margin and non-GAAP EPSQ4 2026
- Developments in the supplier litigation and any payments made2027
- Volume trends of Sun Cruiser and Truly Hard Seltzer in the market2027
- Annual figures on tariff and freight costs in the next 10-Knext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The business began as a craft brewer in 1984 and expanded through internally developed brands such as Twisted Tea (a flavored malt beverage), Truly Hard Seltzer and Sun Cruiser (a spirits RTD launched in 2024) 1. The company describes itself as the second largest supplier in Beyond beer, with a 20% share 1. Its stated goal is to grow share in the US beer market through innovation and investment in promotion and its sales force 1.
Segments
Beyond beer (flavored malt, hard seltzer, cider, spirits RTD)
This segment accounted for about 86% of the company's volume in 2025 and includes Twisted Tea, Truly Hard Seltzer, Angry Orchard and Sun Cruiser 1. The Beyond beer market grew 4.4% in 2025 to 10.7 billion USD, while hard seltzer declined about 4.5% 1. Sun Cruiser grew quickly to become the fifth largest spirits RTD brand, which could offset declines elsewhere 1.
Market context
Trends
- Decline in traditional beer consumptionheadwind
The beer market has declined over the last ten years, and the decline accelerated in 2025 to a volume drop of about 4% 1. If the trend continues, the company's volumes could stay under pressure.
- Growth in the Beyond beer categorytailwind
The Beyond beer category grew 4.4% in 2025 and, according to the company, has the potential to gain share from traditional beer 1. The spirits RTD category grew about 29% in dollars in 2025, which supports Sun Cruiser 1.
- Pressure from freight and tariff costsheadwind
In the third quarter of 2026, advertising, promotional and selling expenses stayed flat, but freight costs rose 9.5 million USD and tariffs affected cost of goods 2. Guidance for 2026 includes tariff costs of 18 to 22 million USD 3.
- Improving gross marginmixed
Gross margin rose in the third quarter of 2026, helped by product mix, pricing and procurement savings 23. If this continues, it could support profitability even with lower volumes.
Competitive position
The company competes with large brewers such as AB InBev and Molson Coors, and with importers such as Constellation Brands and Heineken, which have greater financial resources and distribution networks 1. In Beyond beer categories, competition also comes from non-alcoholic beverages launched by Coca-Cola, PepsiCo, Monster and Arizona 1.
The market is fragmented, with many regional and local competitors, especially in cider and hard seltzer 1. To protect its position, the company could rely on innovation, its sales force and distributor relationships 1.
- AB InBev
The largest brewer in the United States, active in beer, flavored malt beverages, hard seltzer and RTDs 1.
- Molson CoorsTAP
The second largest brewer in the United States, present in the same Beyond beer and traditional beer spectrum 1.
- Constellation BrandsSTZ
Holds US distribution rights for Modelo Especial and Corona, with large financial resources 1.
- Heineken
International beer producer competing aggressively in the US market with imported products 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report22 Oct 2026
- Current report22 Oct 2026Results of operations · Financial statements and exhibits
- Current report20 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Current report11 Aug 2026Other events
- Quarterly report23 Jul 2026
- Current report23 Jul 2026Results of operations · Financial statements and exhibits
- Current report01 Jun 2026Other events
- Current report01 Jun 2026Item 5.01 · Other events
- Current report19 May 2026Other events
- Quarterly report30 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-27 · SEC / The Boston Beer Company, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-26 · SEC / The Boston Beer Company, Inc. · 22 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / The Boston Beer Company, Inc. · 22 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.