SAMBOSTON BEER CO INC

Malt Beverages

Revenue: $2.1B; 2.4% YoY
Operating margin: 6.9%; 95% YoY
EBITDA: $235M; 38% YoY
Market cap: $2.1B
Employees: 550; $4M revenue each
Net debt / EBITDA: -1.3×; −$308M net debt
AI in 10-K: 2.7; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
247% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
75% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
9% of assets
Over 40% of assets
Shareholder dissentYes
50% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$4M · 88th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.7 per 10K words · 66th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.3× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$642K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.2B	$2.2B	$2.1B	$2.1B	$2.1B	2.4%
Operating income	$8M	$91M	$100M	$76M	$145M	91%
Net income	$15M	$67M	$76M	$60M	$109M	83%
Operating cash flow	$56M	$200M	$265M	$249M	$270M	8.5%
Capex	$148M	$91M	$64M	$76M	$55M	28%
Stock-based comp	$19M	$14M	$17M	$19M	$22M	15%
Buybacks	—	—	$93M	$239M	$202M	15%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $642K · 2
Net: −$642K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	19	127
FY2024	—	—	30	121
FY2023	—	—	34	122
FY2022	—	—	32	125
FY2021	—	—	52	115