Filing Flows › Boston Beer (SAM) › Takeover & LBO
Is Boston Beer (SAM) a takeover target?
A leveraged buyout does not work for Boston Beer on its latest figures: it has no positive EBITDA to borrow against (−$10.2M over the last 12 months, on revenue of $1.9B). Historically 4.0% of companies with its figures were bought within a year (0.79× the average).
Why a leveraged buyout does not fit
A leveraged buyout is paid for mostly with debt that the company's own cash flow repays. Boston Beer's EBITDA over the last 12 months was −$10.2M on revenue of $1.9B, so there is nothing to lend against and nothing to repay a loan with: a buyer would have to pay almost entirely with its own money. That is the kind of deal another company — a strategic buyer that wants the products, the pipeline or the technology — makes, not a private-equity fund. The model therefore gives no buyout price.
What a takeover could cost
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Boston Beer would cost about $266.74 a share, $2.7B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $241.57 | $2.5B |
| Median | 32.5% | $266.74 | $2.7B |
| High end (a quarter paid more) | 51.8% | $305.59 | $3.1B |
The odds, from history
Historically 4.0% of companies with its figures were bought within a year (0.79× the average). Its figures put it in decile 4 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Boston Beer's latest quarter
Boston Beer, Q3 2026: revenue $520M (-3% year over year), operating margin 10.8%, net earnings $43.2M, operating cash flow $76.6M. The chart follows the revenue to costs, profit and cash.
Questions
Is Boston Beer being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Boston Beer?
A leveraged buyout does not work for Boston Beer on its latest figures: it has no positive EBITDA to borrow against (−$10.2M over the last 12 months, on revenue of $1.9B). With no cash flow to repay a loan, a buyer would pay almost entirely with its own money: a deal for another company (a strategic buyer), not for a private-equity fund.
What would a takeover of Boston Beer cost?
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Boston Beer would cost about $266.74 a share, $2.7B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.