THE BOSTON BEER COMPANY, INC.

SAM · Consumer Staples · $2.0B mkt cap · FY2025 filings · Narrow moat

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Narrow moat

The four filters

Pricing power69

Median gross margin 44.8% over 10y, stable.

Returns on capital69

Median ROIC 16.1%, above the 9% hurdle in 60% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline78

Owner earnings +5.7%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

41% above value

Owner earnings (normalized): $77.4M
Est. intrinsic value / share: $127.40
Recent price: $180.04
Discount to value: 41% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell SAM. See the disclaimer.