$Boston Beer (SAM.US)$A US company that went public in 1995,...

Revenue has been growing steadily for the past 5 years, with an average growth rate of 19.3%. Operating profit has been greatly affected by the decline in gross margin, and after reaching a peak in 2020, it has significantly declined. There has been little growth in the past 5 years, and net income has actually declined. There is no interest burden. Gross margin has decreased from 51.5% to 41.2% in the past 5 years, with a return on net assets of 6.6% in 2022 and around 20% in the 3 years before 2021.

Revenue shrank by 1.7% in the first three quarters of 2023, while operating profit grew by 3.5%. Net income increased by 20% due to the narrowing of asset impairment.

The current price-to-earnings ratio is 65.3, and the trailing price-to-earnings ratio is 52.6. The valuation is clearly too high and lacks attractiveness.