Comprehensive Stock Comparison
Compare National Beverage Corp. (FIZZ) vs Zevia PBC (ZVIA) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | ZVIA | 4.0% revenue growth vs FIZZ's 0.8% |
| Quality / Margins | FIZZ | 15.5% net margin vs ZVIA's -6.2% |
| Stability / Safety | FIZZ | Beta 0.11 vs ZVIA's 1.03 |
| Dividends | FIZZ | 8.9% yield; 4-year raise streak; ZVIA pays no meaningful dividend |
| Momentum (1Y) | FIZZ | -8.7% vs ZVIA's -45.1% |
| Efficiency (ROA) | FIZZ | 25.2% ROA vs ZVIA's -15.6%, ROIC 57.9% vs -72.1% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
National Beverage Corp. is a beverage company that develops, produces, and markets a portfolio of sparkling waters, juices, energy drinks, and carbonated soft drinks primarily in North America. It generates revenue through wholesale distribution to retailers—with its LaCroix sparkling water brand driving significant sales—alongside its Shasta and Faygo soda brands and other beverage lines. The company's key advantage lies in its strong LaCroix brand recognition in the sparkling water category and its efficient, vertically integrated production and distribution model.
Zevia is a beverage company that produces zero-calorie, naturally sweetened soft drinks—including sodas, energy drinks, and sparkling waters—without artificial ingredients. It generates revenue primarily through retail sales in grocery stores, warehouse clubs, and natural product retailers, with a growing e-commerce channel. The company's key advantage is its early-mover position in the zero-calorie, naturally sweetened beverage niche—using stevia instead of artificial sweeteners—which appeals to health-conscious consumers seeking sugar-free alternatives.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
FIZZ leads in 5 of 6 categories (Financial Metrics, Profitability & Efficiency). ZVIA leads in 1 (Valuation Metrics).
Financial Metrics (TTM)
FIZZ is the larger business by revenue, generating $1.2B annually — 7.5x ZVIA's $161M. FIZZ is the more profitable business, keeping 15.5% of every revenue dollar as net income compared to ZVIA's -6.2%. On growth, FIZZ holds the edge at +0.3% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | FIZZNational Beverage… | ZVIAZevia PBC |
|---|---|---|
| RevenueTrailing 12 months | $1.2B | $161M |
| EBITDAEarnings before interest/tax | $252M | -$11M |
| Net IncomeAfter-tax profit | $186M | -$10M |
| Free Cash FlowCash after capex | $173M | -$5M |
| Gross MarginGross profit ÷ Revenue | +37.2% | +48.0% |
| Operating MarginEBIT ÷ Revenue | +19.7% | -7.3% |
| Net MarginNet income ÷ Revenue | +15.5% | -6.2% |
| FCF MarginFCF ÷ Revenue | +14.4% | -3.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | +0.3% | -4.0% |
| EPS Growth (YoY)Latest quarter vs prior year | -1.6% | +78.3% |
Valuation Metrics
| Metric | FIZZNational Beverage… | ZVIAZevia PBC |
|---|---|---|
| Market CapShares × price | $3.4B | $10M |
| Enterprise ValueMkt cap + debt − cash | $3.3B | -$14M |
| Trailing P/EPrice ÷ TTM EPS | 18.27x | -8.93x |
| Forward P/EPrice ÷ next-FY EPS est. | 17.95x | — |
| PEG RatioP/E ÷ EPS growth rate | 2.46x | — |
| EV / EBITDAEnterprise value multiple | 12.81x | — |
| Price / SalesMarket cap ÷ Revenue | 2.83x | 0.06x |
| Price / BookPrice ÷ Book value/share | 7.67x | 2.48x |
| Price / FCFMarket cap ÷ FCF | 19.97x | — |
Profitability & Efficiency
FIZZ delivers a 36.9% return on equity — every $100 of shareholder capital generates $37 in annual profit, vs $-28 for ZVIA. ZVIA carries lower financial leverage with a 0.02x debt-to-equity ratio, signaling a more conservative balance sheet compared to FIZZ's 0.16x.
| Metric | FIZZNational Beverage… | ZVIAZevia PBC |
|---|---|---|
| ROE (TTM)Return on equity | +36.9% | -27.9% |
| ROA (TTM)Return on assets | +25.2% | -15.6% |
| ROICReturn on invested capital | +57.9% | -72.1% |
| ROCEReturn on capital employed | +40.4% | -29.7% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 |
| Debt / EquityFinancial leverage | 0.16x | 0.02x |
| Net DebtTotal debt minus cash | -$122M | -$25M |
| Cash & Equiv.Liquid assets | $194M | $25M |
| Total DebtShort + long-term debt | $72M | $668,000 |
| Interest CoverageEBIT ÷ Interest expense | — | — |
Total Returns (with DRIP)
A $10,000 investment in FIZZ five years ago would be worth $8,696 today (with dividends reinvested), compared to $982 for ZVIA. Over the past 12 months, FIZZ leads with a -8.7% total return vs ZVIA's -45.1%. The 3-year compound annual growth rate (CAGR) favors FIZZ at -5.3% vs ZVIA's -27.3% — a key indicator of consistent wealth creation.
| Metric | FIZZNational Beverage… | ZVIAZevia PBC |
|---|---|---|
| YTD ReturnYear-to-date | +14.8% | -33.3% |
| 1-Year ReturnPast 12 months | -8.7% | -45.1% |
| 3-Year ReturnCumulative with dividends | -15.1% | -61.6% |
| 5-Year ReturnCumulative with dividends | -13.0% | -90.2% |
| 10-Year ReturnCumulative with dividends | +155.4% | -90.2% |
| CAGR (3Y)Annualised 3-year return | -5.3% | -27.3% |
Risk & Volatility
FIZZ is the less volatile stock with a 0.11 beta — it tends to amplify market swings less than ZVIA's 1.03 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. FIZZ currently trades 75.9% from its 52-week high vs ZVIA's 36.6% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | FIZZNational Beverage… | ZVIAZevia PBC |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.11x | 1.03x |
| 52-Week HighHighest price in past year | $47.89 | $3.66 |
| 52-Week LowLowest price in past year | $31.21 | $1.16 |
| % of 52W HighCurrent price vs 52-week peak | +75.9% | +36.6% |
| RSI (14)Momentum oscillator 0–100 | 68.3 | 28.3 |
| Avg Volume (50D)Average daily shares traded | 233K | 873K |
Analyst Outlook
Wall Street rates FIZZ as "Sell" and ZVIA as "Buy". Consensus price targets imply 198.5% upside for ZVIA (target: $4) vs -3.7% for FIZZ (target: $35). FIZZ is the only dividend payer here at 8.93% yield — a key consideration for income-focused portfolios.
| Metric | FIZZNational Beverage… | ZVIAZevia PBC |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Sell | Buy |
| Price TargetConsensus 12-month target | $35.00 | $4.00 |
| # AnalystsCovering analysts | 8 | 8 |
| Dividend YieldAnnual dividend ÷ price | +8.9% | — |
| Dividend StreakConsecutive years of raises | 4 | 1 |
| Dividend / ShareAnnual DPS | $3.25 | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Aug 21 | Feb 26 | Change |
|---|---|---|---|
| National Beverage C… (FIZZ) | 100 | 75.94 | -24.1% |
| Zevia PBC (ZVIA) | 99.85 | 13.26 | -86.7% |
National Beverage C… (FIZZ) returned -13% over 5 years vs Zevia PBC (ZVIA)'s -90%.
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| National Beverage C… (FIZZ) | $705M | $1.2B | +70.5% |
| Zevia PBC (ZVIA) | $86M | $161M | +88.5% |
National Beverage Corp.'s revenue grew from $705M (2016) to $1.2B (2025) — a 6.1% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| National Beverage C… (FIZZ) | 8.7% | 15.6% | +79.1% |
| Zevia PBC (ZVIA) | -6.3% | -6.2% | +2.7% |
National Beverage Corp.'s net margin went from 9% (2016) to 16% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| National Beverage C… (FIZZ) | 42.4 | 16 | -62.3% |
National Beverage Corp. has traded in a 16x–42x P/E range over 9 years; current trailing P/E is ~18x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| National Beverage C… (FIZZ) | 0.66 | 1.99 | +201.5% |
| Zevia PBC (ZVIA) | -0.08 | -0.15 | -82.0% |
National Beverage Corp.'s EPS grew from $0.66 (2016) to $1.99 (2025) — a 13% CAGR.
Chart 6Free Cash Flow — 5 Years
National Beverage Corp. generated $170M FCF in 2025 (+1% vs 2021). Zevia PBC generated $-5M FCF in 2025 (+76% vs 2021).
FIZZ vs ZVIA: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is FIZZ or ZVIA a better buy right now?
National Beverage Corp. (FIZZ) offers the better valuation at 18.3x trailing P/E (17.9x forward), making it the more compelling value choice. Analysts rate Zevia PBC (ZVIA) a "Buy" — based on 8 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — FIZZ or ZVIA?
Over the past 5 years, National Beverage Corp. (FIZZ) delivered a total return of -13.0%, compared to -90.2% for Zevia PBC (ZVIA). A $10,000 investment in FIZZ five years ago would be worth approximately $9K today (assuming dividends reinvested). Over 10 years, the gap is even starker: FIZZ returned +155.4% versus ZVIA's -90.2%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — FIZZ or ZVIA?
By beta (market sensitivity over 5 years), National Beverage Corp. (FIZZ) is the lower-risk stock at 0.11β versus Zevia PBC's 1.03β — meaning ZVIA is approximately 810% more volatile than FIZZ relative to the S&P 500. On balance sheet safety, Zevia PBC (ZVIA) carries a lower debt/equity ratio of 2% versus 16% for National Beverage Corp. — giving it more financial flexibility in a downturn.
04Which has better profit margins — FIZZ or ZVIA?
National Beverage Corp. (FIZZ) is the more profitable company, earning 15.6% net margin versus -6.2% for Zevia PBC — meaning it keeps 15.6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: FIZZ leads at 19.6% versus -7.3% for ZVIA. At the gross margin level — before operating expenses — ZVIA leads at 48.0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
05Is FIZZ or ZVIA more undervalued right now?
Analyst consensus price targets imply the most upside for ZVIA: 198.5% to $4.00.
06Which pays a better dividend — FIZZ or ZVIA?
In this comparison, FIZZ (8.9% yield) pays a dividend. ZVIA does not pay a meaningful dividend and should not be held primarily for income.
07Is FIZZ or ZVIA better for a retirement portfolio?
For long-horizon retirement investors, National Beverage Corp. (FIZZ) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.11), 8.9% yield, +155.4% 10Y return). Both have compounded well over 10 years (FIZZ: +155.4%, ZVIA: -90.2%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
08What are the main differences between FIZZ and ZVIA?
Both stocks operate in the Consumer Defensive sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: FIZZ is a small-cap income-oriented stock; ZVIA is a small-cap quality compounder stock. FIZZ pays a dividend while ZVIA does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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