Boston Beer - Public Comps and Valuation Multiples

Boston Beer Overview

About Boston Beer

Boston Beer is a top player in high-end malt beverages and adjacent categories in the US, with strong positions in craft beer, flavored malt beverages, hard cider, and hard seltzer. The bulk of volume and revenue is concentrated in four brands: Samuel Adams, Angry Orchard, Twisted Tea, and Truly. Beverages are produced using a hybrid model leveraging both in-house capacities and third-party breweries through contract arrangements. While the firm is required to use distributors to reach end markets, including retailers and on-premises operators, it also employs 500 internal sales representatives to educate the market about its products. The firm generates almost all sales in the US.

Founded

1984

HQ

Employees

2.4K+

Website

bostonbeer.com

Sectors

Alcohol

Financials

LTM Revenue $2.0B

LTM EBITDA $229M

EV

$2.2B

Valuation Multiples

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Boston Beer Financials

As of August 2025, Boston Beer reported last 12-month revenue of $2.0B and EBITDA of $229M.

In the same period, Boston Beer generated $912M in LTM gross profit and $91.2M in net income.

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Boston Beer P&L

In the most recent fiscal year, Boston Beer reported revenue of $2.0B and EBITDA of $246M.

Boston Beer expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$2.0B	XXX	$2.0B	XXX	XXX	XXX
Gross Profit	$912M	XXX	$894M	XXX	XXX	XXX
Gross Margin	46%	XXX	44%	XXX	XXX	XXX
EBITDA	$229M	XXX	$246M	XXX	XXX	XXX
EBITDA Margin	12%	XXX	12%	XXX	XXX	XXX
EBIT	$139M	XXX	$152M	XXX	XXX	XXX
EBIT Margin	7%	XXX	8%	XXX	XXX	XXX
Net Profit	$91.2M	XXX	$59.7M	XXX	XXX	XXX
Net Margin	5%	XXX	3%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Boston Beer including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.0B. EBITDA for the last twelve months was $229M. In the most recent fiscal year, Boston Beer achieved $2.0B in revenue and $246M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$2.0B	Analyst estimates available to subscribers	$2.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$912M	Analyst estimates available to subscribers	$894M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	46.0% gross margin	Analyst estimates available to subscribers	44.4% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$229M	Analyst estimates available to subscribers	$246M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	11.6% EBITDA margin	Analyst estimates available to subscribers	12.2% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$139M	Analyst estimates available to subscribers	$152M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	7.0% EBIT margin	Analyst estimates available to subscribers	7.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$91.2M	Analyst estimates available to subscribers	$59.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	4.6% net profit margin	Analyst estimates available to subscribers	3.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Boston Beer

This financial data table provides comprehensive performance metrics for Boston Beer, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Boston Beer generated $2.0B in revenue over the last twelve months.
The company achieved $229M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $912M.
Net income over the last twelve months reached $91.2M.

Fiscal Year Performance

In the most recent fiscal year, Boston Beer reported $2.0B in total revenue.
Fiscal year EBITDA was $246M.
The company maintained a gross profit margin of 44.4% in the most recent fiscal year.
EBITDA margin for the fiscal year was 12.2%.
Net profit margin reached 3.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Boston Beer. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Boston Beer Stock Performance

Boston Beer has current market cap of $2.3B, and EV of $2.2B.

Market Cap Evolution

Boston Beer Stock Data

As of September 30, 2025, Boston Beer's stock price is $215.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.2B	$2.3B	XXX	XXX	XXX	XXX	$9.13

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Boston Beer Valuation Multiples

Boston Beer's trades at 1.1x EV/Revenue multiple, and 8.8x EV/EBITDA.

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Boston Beer Financial Valuation Multiples

As of September 30, 2025, Boston Beer has market cap of $2.3B and EV of $2.2B.

Equity research analysts estimate Boston Beer's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Boston Beer has a P/E ratio of 25.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.3B	XXX	$2.3B	XXX	XXX	XXX
EV (current)	$2.2B	XXX	$2.2B	XXX	XXX	XXX
EV/Revenue	1.1x	XXX	1.1x	XXX	XXX	XXX
EV/EBITDA	9.5x	XXX	8.8x	XXX	XXX	XXX
EV/EBIT	15.6x	XXX	14.3x	XXX	XXX	XXX
EV/Gross Profit	2.4x	XXX	n/a	XXX	XXX	XXX
P/E	25.7x	XXX	39.2x	XXX	XXX	XXX
EV/FCF	18.9x	XXX	12.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Boston Beer Margins & Growth Rates

Boston Beer's last 12 month revenue growth is 0%

Boston Beer's revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $0.3M for the same period.

Boston Beer's rule of 40 is 11% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Boston Beer's rule of X is 13% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Boston Beer Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	0%	XXX	0%	XXX	XXX	XXX
EBITDA Margin	12%	XXX	12%	XXX	XXX	XXX
EBITDA Growth	7%	XXX	4%	XXX	XXX	XXX
Rule of 40	11%	XXX	13%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	13%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.9M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	27%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	37%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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