BOSTON BEER CO INC (SAM)

Malt Beverages

Latest Price

$183.20

TTM P/E

Normalized P/E

169.30

Div Yield

Book Value

68.53

P/B Ratio

2.67

Valuation metrics

EPS: $9.89

Book value / share: $77.38

Formula: √(22.5 × EPS × BVPS)

Graham Number

$131.22

28% downside

Norm. op. income: $100M (median of 7yr)

Tax rate: 28%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$86.37

53% downside

Base FCF: $187M (median of recent 5yr)

Growth: 25%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$1,287.21

+603% upside

EPS: $9.89

Target P/E: 15×

Formula: EPS × P/E

P/E Fair Value

$148.35

19% downside

72.9% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	770.3K	$177.0M	7.39%	+44.7K	2026-03-31
AQR CAPITAL MANAGEMENT LLC	652.0K	$150.0M	6.25%	+211.8K	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	634.5K	$146.0M	6.08%	--	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	340.9K	$78.0M	3.27%	--	2026-03-31
AMERICAN CENTURY COMPANIES INC	288.1K	$66.0M	2.76%	+96.5K	2026-03-31
DIMENSIONAL FUND ADVISORS LP	273.6K	$63.0M	2.62%	+15.6K	2026-03-31
STATE STREET CORP	255.2K	$58.0M	2.45%	+898	2026-03-31
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	245.2K	$56.0M	2.35%	-26.3K	2026-03-31
Quantinno Capital Management LP	230.6K	$53.0M	2.21%	+140.2K	2026-03-31
UBS Group AG	218.6K	$50.0M	2.10%	-3.0K	2026-03-31