Boston Beer (SAM) Q2 Update

An important governance change and a compelling valuation

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Disclosure: Long SAM

Prior Posts on Boston Beer

Substack

Legacy Analysis:

• Q3 2023 Update

• Sept. 2021 Deep Dive

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Q2 2025 Update

• On August 1, 2025, the company announced that its current CEO and Board Member, Michael Spillane, would be stepping down. That he will remain on the Board of Directors is a positive sign, in my view. Founder and Chairman, Jim Koch, resumed the CEO role, which he held from 1984 to 2001.

• 1st Chart — Trailing twelve-month volume has settled around 7.5 million barrels (9 million hectoliters) after peaking at 8.8 million bbl (10.5m hL) in Q3 2021 with the hard seltzer craze.

• 2nd Chart — While volume has plateaued, revenue per barrel continues to increase, showing the company’s pricing power and resiliency.

• The balance sheet remains strong with $212mm cash and no debt (except for $43.8mm total lease liabilities).

• The company has repurchased $102mm of stock YTD through Q2 2025, after spending $238.6mm in 2024 and $93mm in 2023.

• Shares appear attractive at current levels (valuation discussion below).