National Beverage Corp. (FIZZ) 10-Year Financial Performance & Capital Metrics

FIZZ • • Industrial / General

Consumer DefensiveNon-Alcoholic BeveragesSpecialty & Niche Beverage ProducersSparkling & Flavored Waters

AboutNational Beverage Corp., through its subsidiaries, develops, produces, markets, and sells a portfolio of sparkling waters, juices, energy drinks, and carbonated soft drinks primarily in the United States and Canada. The company offers beverages to the active and health-conscious consumers, including sparkling waters, energy drinks, and juices under the LaCroix, LaCroix Cúrate, LaCroix NiCola, Clear Fruit, Rip It, Everfresh, Everfresh Premier Varietals, and Mr. Pure brands. It also offers carbonated soft drinks under the Shasta and Faygo brands. The company serves retailers, as well as various smaller up-and-down-the-street accounts through the take-home, convenience, and food-service distribution channels. National Beverage Corp. was incorporated in 1985 and is based in Fort Lauderdale, Florida.Show more

Revenue $1.2B +0.8%
EBITDA $256M +7.4%
Net Income $187M +5.7%
EPS (Diluted) 1.99 +5.3%
Gross Margin 36.95% +2.8%
EBITDA Margin 21.33% +6.5%
Operating Margin 19.6% +6.9%
Net Margin 15.55% +4.9%
ROE 37.23% -1.8%
ROIC 57.95% -4.0%
Debt/Equity 0.16 +66.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 40.5%
✓Healthy 5Y average net margin of 14.5%
✓Efficient asset utilization: 1.8x turnover

✗Weaknesses

✗Weak momentum: RS Rating 19 (bottom 19%)
✗Dividend payout exceeds 100% of earnings
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.4%

5Y3.73%

3Y1.82%

TTM0.46%

Profit (Net Income) CAGR

10Y14.25%

5Y7.53%

3Y5.63%

TTM1.04%

EPS CAGR

10Y14.15%

5Y7.44%

3Y5.6%

TTM1.02%

ROCE

10Y Avg50.23%

5Y Avg47.53%

3Y Avg43.73%

Latest40.44%

Peer Comparison

Sparkling & Flavored Waters

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FIZZNational Beverage Corp.	3.12B	33.35	16.76	0.81%	15.45%	36.86%	5.46%	0.16
ZVIAZevia PBC	122.61M	1.90	-5.59	-6.83%	-8.83%	-40.15%		0.03

Profit & Loss

	Apr 2016	Apr 2017	Apr 2018	Apr 2019	Apr 2020	Apr 2021	Apr 2022	Apr 2023	Apr 2024	Apr 2025
Sales/Revenue+	704.78M	826.92M	975.73M	1.01B	1B	1.07B	1.14B	1.17B	1.19B	1.2B
Revenue Growth %	0.09%	0.17%	0.18%	0.04%	-0.01%	0.07%	0.06%	0.03%	0.02%	0.01%
Cost of Goods Sold+	463.35M	500.84M	584.6M	629.75M	630.25M	650.59M	720.21M	776.14M	763.24M	757.41M
COGS % of Revenue	0.66%	0.61%	0.6%	0.62%	0.63%	0.61%	0.63%	0.66%	0.64%	0.63%
Gross Profit+	241.44M	326.08M	391.13M	384.35M	370.14M	421.62M	417.81M	396.79M	428.45M	443.94M
Gross Margin %	0.34%	0.39%	0.4%	0.38%	0.37%	0.39%	0.37%	0.34%	0.36%	0.37%
Gross Profit Growth %	0.1%	0.35%	0.2%	-0.02%	-0.04%	0.14%	-0.01%	-0.05%	0.08%	0.04%
Operating Expenses+	148.38M	163.6M	186.95M	204.41M	204.39M	193.79M	209.95M	210.1M	209.94M	208.48M
OpEx % of Revenue	0.21%	0.2%	0.19%	0.2%	0.2%	0.18%	0.18%	0.18%	0.18%	0.17%
Selling, General & Admin	148.38M	163.6M	186.95M	204.41M	204.39M	193.79M	209.95M	210.1M	209.94M	208.48M
SG&A % of Revenue	0.21%	0.2%	0.19%	0.2%	0.2%	0.18%	0.18%	0.18%	0.18%	0.17%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-145K	537K	1.5M	0	0	312K	-260K	0	0	0
Operating Income+	93.05M	162.48M	204.19M	179.94M	165.75M	227.82M	207.86M	186.68M	218.51M	235.46M
Operating Margin %	0.13%	0.2%	0.21%	0.18%	0.17%	0.21%	0.18%	0.16%	0.18%	0.2%
Operating Income Growth %	0.26%	0.75%	0.26%	-0.12%	-0.08%	0.37%	-0.09%	-0.1%	0.17%	0.08%
EBITDA+	105.11M	175.31M	217.41M	195.37M	196.33M	258.98M	239.66M	219.97M	238.67M	256.26M
EBITDA Margin %	0.15%	0.21%	0.22%	0.19%	0.2%	0.24%	0.21%	0.19%	0.2%	0.21%
EBITDA Growth %	0.23%	0.67%	0.24%	-0.1%	0%	0.32%	-0.07%	-0.08%	0.09%	0.07%
D&A (Non-Cash Add-back)	12.06M	12.83M	13.23M	15.44M	30.59M	31.16M	31.8M	33.28M	20.16M	20.8M
EBIT	93.05M	163.01M	204.19M	179.94M	165.75M	227.82M	207.6M	186.44M	218.51M	235.46M
Net Interest Income+	-203K	-189K	-201K	-202K	3.9M	600K	200K	2.3M	12.2M	9.3M
Interest Income	0	0	0	0	3.9M	600K	200K	2.3M	12.2M	9.3M
Interest Expense	203K	189K	201K	202K	0	0	0	0	0	0
Other Income/Expense	-348K	348K	1.3M	3.94M	3.71M	312K	-260K	-242K	11.34M	9.11M
Pretax Income+	92.7M	162.82M	205.49M	183.88M	169.46M	228.14M	207.6M	186.44M	229.85M	244.56M
Pretax Margin %	0.13%	0.2%	0.21%	0.18%	0.17%	0.21%	0.18%	0.16%	0.19%	0.2%
Income Tax+	31.51M	55.78M	55.72M	43.02M	39.48M	53.99M	49.08M	44.28M	53.12M	57.74M
Effective Tax Rate %	0.66%	0.66%	0.73%	0.77%	0.77%	0.76%	0.76%	0.76%	0.77%	0.76%
Net Income+	61.2M	107.05M	149.77M	140.85M	129.97M	174.15M	158.51M	142.16M	176.73M	186.82M
Net Margin %	0.09%	0.13%	0.15%	0.14%	0.13%	0.16%	0.14%	0.12%	0.15%	0.16%
Net Income Growth %	0.24%	0.75%	0.4%	-0.06%	-0.08%	0.34%	-0.09%	-0.1%	0.24%	0.06%
Net Income (Continuing)	61.2M	107.05M	149.77M	140.85M	129.97M	174.15M	158.51M	142.16M	176.73M	186.82M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.66	1.15	1.60	1.50	1.39	1.86	1.69	1.52	1.89	1.99
EPS Growth %	0.25%	0.74%	0.39%	-0.06%	-0.07%	0.34%	-0.09%	-0.1%	0.24%	0.05%
EPS (Basic)	0.66	1.15	1.61	1.51	1.39	1.87	1.70	1.52	1.89	2.00
Diluted Shares Outstanding	93.34M	93.54M	93.84M	93.83M	93.66M	93.62M	93.6M	93.61M	93.63M	93.69M
Basic Shares Outstanding	92.9M	93.13M	93.2M	93.27M	93.26M	93.28M	93.32M	93.35M	93.43M	93.61M
Dividend Payout Ratio	-	0.65%	0.47%	0.96%	-	1.61%	1.77%	-	-	1.63%

Balance Sheet

	Apr 2016	Apr 2017	Apr 2018	Apr 2019	Apr 2020	Apr 2021	Apr 2022	Apr 2023	Apr 2024	Apr 2025
Total Current Assets+	223.67M	272.23M	352.97M	321.46M	460.71M	364.94M	274.52M	366.4M	536.87M	406.93M
Cash & Short-Term Investments	105.58M	136.37M	189.86M	156.2M	304.52M	193.59M	48.05M	158.07M	327.05M	193.84M
Cash Only	105.58M	136.37M	189.86M	156.2M	304.52M	193.59M	48.05M	158.07M	327.05M	193.84M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	61.05M	71.32M	84.36M	84.84M	84.92M	86.44M	93.59M	104.92M	102.84M	104.16M
Days Sales Outstanding	31.61	31.48	31.56	30.54	30.98	29.43	30.02	32.65	31.5	31.65
Inventory	47.92M	53.35M	60.92M	70.7M	63.48M	71.48M	103.32M	93.58M	84.6M	85.11M
Days Inventory Outstanding	37.75	38.88	38.04	40.98	36.76	40.1	52.36	44.01	40.46	41.01
Other Current Assets	9.13M	0	0	0	0	0	29.56M	9.84M	22.39M	23.83M
Total Non-Current Assets+	81.83M	85.66M	105.86M	130.74M	187.93M	192.29M	193.28M	207.94M	233.28M	265.93M
Property, Plant & Equipment	61.93M	65.15M	85.81M	111.32M	168.51M	172.7M	173.51M	187.93M	213.23M	245.87M
Fixed Asset Turnover	11.38x	12.69x	11.37x	9.11x	5.94x	6.21x	6.56x	6.24x	5.59x	4.89x
Goodwill	13.14M	13.14M	13.14M	13.14M	13.14M	13.14M	13.14M	13.14M	13.14M	13.14M
Intangible Assets	1.61M	1.61M	1.61M	1.61M	1.61M	1.61M	1.61M	1.61M	1.61M	1.61M
Long-Term Investments	-4.45M	-3.91M	-14.5M	-15.99M	-14.82M	-17.29M	-3.63M	-19.81M	0	0
Other Non-Current Assets	5.13M	5.75M	5.3M	4.66M	4.66M	4.83M	5.01M	5.25M	5.29M	5.3M
Total Assets+	305.5M	357.89M	458.83M	452.19M	648.65M	557.24M	467.8M	574.34M	770.15M	672.86M
Asset Turnover	2.31x	2.31x	2.13x	2.24x	1.54x	1.92x	2.43x	2.04x	1.55x	1.79x
Asset Growth %	0.23%	0.17%	0.28%	-0.01%	0.43%	-0.14%	-0.16%	0.23%	0.34%	-0.13%
Total Current Liabilities+	75.61M	87.21M	104.67M	97.04M	141.69M	147.19M	145.32M	144.32M	137.93M	140.5M
Accounts Payable	49.39M	58.1M	74.85M	66.2M	74.37M	88.75M	95.3M	85.11M	78.28M	82.45M
Days Payables Outstanding	38.91	42.34	46.74	38.37	43.07	49.79	48.3	40.02	37.44	39.73
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	152K	0	0
Other Current Liabilities	17.01M	19.14M	20.03M	21.33M	38.99M	31.81M	27.4M	34.28M	32.75M	30.09M
Current Ratio	2.96x	3.12x	3.37x	3.31x	3.25x	2.48x	1.89x	2.54x	3.89x	2.90x
Quick Ratio	2.32x	2.51x	2.79x	2.58x	2.80x	1.99x	1.18x	1.89x	3.28x	2.29x
Cash Conversion Cycle	30.46	28.02	22.86	33.14	24.68	19.74	34.08	36.63	34.52	32.93
Total Non-Current Liabilities+	23.73M	25.07M	22.72M	23.55M	54.62M	54.05M	83.05M	57.53M	72.71M	88.36M
Long-Term Debt	0	0	0	0	0	0	30M	0	0	0
Capital Lease Obligations	0	0	0	0	32.16M	28.84M	20.7M	29.78M	41.69M	57.59M
Deferred Tax Liabilities	14.47M	15.99M	14.5M	15.99M	14.82M	17.29M	23.82M	19.81M	23.25M	23.01M
Other Non-Current Liabilities	9.26M	9.07M	22.72M	23.55M	7.64M	7.92M	8.52M	7.94M	7.78M	7.76M
Total Liabilities	99.35M	112.27M	127.39M	120.58M	196.31M	201.24M	228.37M	201.85M	210.64M	228.86M
Total Debt+	0	0	0	0	49.14M	43.64M	61.25M	41.53M	54.77M	72.12M
Net Debt	-105.58M	-136.37M	-189.86M	-156.2M	-255.38M	-149.95M	13.2M	-116.55M	-272.28M	-121.71M
Debt / Equity	-	-	-	-	0.11x	0.12x	0.26x	0.11x	0.10x	0.16x
Debt / EBITDA	-	-	-	-	0.25x	0.17x	0.26x	0.19x	0.23x	0.28x
Net Debt / EBITDA	-1.00x	-0.78x	-0.87x	-0.80x	-1.30x	-0.58x	0.06x	-0.53x	-1.14x	-0.47x
Interest Coverage	458.39x	859.67x	1015.86x	890.77x	-	-	-	-	-	-
Total Equity+	206.15M	245.62M	331.44M	331.61M	452.34M	356M	239.44M	372.49M	559.51M	444M
Equity Growth %	0.39%	0.19%	0.35%	0%	0.36%	-0.21%	-0.33%	0.56%	0.5%	-0.21%
Book Value per Share	2.21	2.63	3.53	3.53	4.83	3.80	2.56	3.98	5.98	4.74
Total Shareholders' Equity	206.15M	245.62M	331.44M	331.61M	452.34M	356M	239.44M	372.49M	559.51M	444M
Common Stock	506K	506K	507K	507K	508K	1.02M	1.02M	1.02M	1.02M	1.02M
Retained Earnings	190.73M	227.93M	307.82M	313.43M	443.4M	337.67M	216.18M	358.35M	535.08M	417.75M
Treasury Stock	-18M	-18M	-18M	-18M	-19.13M	-24.23M	-24.23M	-19.13M	-24.23M	-24.23M
Accumulated OCI	-1.81M	-604K	4.6M	-1.54M	-5.42M	3.02M	6.92M	-3.19M	4.91M	5.6M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Apr 2016	Apr 2017	Apr 2018	Apr 2019	Apr 2020	Apr 2021	Apr 2022	Apr 2023	Apr 2024	Apr 2025
Cash from Operations+	78.95M	113.77M	154.72M	139.44M	177.69M	193.77M	133.13M	161.66M	197.91M	206.7M
Operating CF Margin %	0.11%	0.14%	0.16%	0.14%	0.18%	0.18%	0.12%	0.14%	0.17%	0.17%
Operating CF Growth %	0.36%	0.44%	0.36%	-0.1%	0.27%	0.09%	-0.31%	0.21%	0.22%	0.04%
Net Income	61.2M	107.05M	149.77M	140.85M	129.97M	174.15M	158.51M	142.16M	176.73M	186.82M
Depreciation & Amortization	12.06M	12.83M	13.23M	15.44M	30.59M	31.16M	31.8M	33.28M	20.16M	20.8M
Stock-Based Compensation	228K	208K	161K	251K	125K	462K	695K	677K	881K	606K
Deferred Taxes	-1.3M	1.36M	676K	3.35M	11K	-132K	5.33M	-821K	907K	-449K
Other Non-Cash Items	129K	72K	149K	12K	206K	114K	-7K	141K	14.05M	15.43M
Working Capital Changes	6.64M	-7.75M	-9.27M	-20.46M	16.79M	-11.98M	-63.2M	-13.78M	-14.82M	-16.52M
Change in Receivables	-1.09M	-10.27M	-13.04M	-481K	-80K	-1.52M	-7.15M	-11.33M	2.08M	-1.32M
Change in Inventory	-5M	-5.43M	-7.57M	-9.78M	7.22M	-8M	-31.84M	9.74M	8.97M	-506K
Change in Payables	4.5M	8.71M	16.75M	-8.65M	8.17M	14.38M	6.54M	-10.19M	-6.82M	4.17M
Cash from Investing+	-12.02M	-13.99M	-31.91M	-38.31M	-23.88M	-25.31M	-29M	-21.95M	-30.25M	-36.27M
Capital Expenditures	-12.14M	-14.02M	-31.97M	-38.33M	-23.89M	-25.31M	-29.02M	-21.98M	-30.3M	-36.28M
CapEx % of Revenue	0.02%	0.02%	0.03%	0.04%	0.02%	0.02%	0.03%	0.02%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	116K	28K	63K	18K	9K	-6K	11K	27K	52K	6K
Cash from Financing+	-13.81M	-68.99M	-69.32M	-134.79M	-5.49M	-279.38M	-249.67M	-29.69M	1.31M	-303.63M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-186K	-69.85M	-69.88M	-135.25M	0	-279.88M	-280M	0	0	-304.15M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-3.62M	365K	560K	456K	740K	491K	335K	311K	1.31M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	66.81M	99.76M	122.75M	101.11M	153.8M	168.46M	104.12M	139.69M	167.61M	170.41M
FCF Margin %	0.09%	0.12%	0.13%	0.1%	0.15%	0.16%	0.09%	0.12%	0.14%	0.14%
FCF Growth %	0.44%	0.49%	0.23%	-0.18%	0.52%	0.1%	-0.38%	0.34%	0.2%	0.02%
FCF per Share	0.72	1.07	1.31	1.08	1.64	1.80	1.11	1.49	1.79	1.82
FCF Conversion (FCF/Net Income)	1.29x	1.06x	1.03x	0.99x	1.37x	1.11x	0.84x	1.14x	1.12x	1.11x
Interest Paid	116K	202K	101K	51K	51K	148K	371K	315K	228K	116K
Taxes Paid	29.47M	55.9M	56.74M	36.83M	29.36M	63.36M	51.96M	37.83M	55.97M	55.99M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	34.58%	47.39%	51.91%	42.49%	33.16%	43.09%	53.24%	46.46%	37.93%	37.23%
Return on Invested Capital (ROIC)	67.79%	116.15%	122.11%	85.15%	66.77%	84.8%	67.97%	55.06%	60.34%	57.95%
Gross Margin	34.26%	39.43%	40.09%	37.9%	37%	39.32%	36.71%	33.83%	35.95%	36.95%
Net Margin	8.68%	12.95%	15.35%	13.89%	12.99%	16.24%	13.93%	12.12%	14.83%	15.55%
Debt / Equity	-	-	-	-	0.11x	0.12x	0.26x	0.11x	0.10x	0.16x
Interest Coverage	458.39x	859.67x	1015.86x	890.77x	-	-	-	-	-	-
FCF Conversion	1.29x	1.06x	1.03x	0.99x	1.37x	1.11x	0.84x	1.14x	1.12x	1.11x
Revenue Growth	9.13%	17.33%	18%	3.93%	-1.35%	7.18%	6.14%	3.07%	1.6%	0.81%

Frequently Asked Questions

Valuation & Price

National Beverage Corp. (FIZZ) has a price-to-earnings (P/E) ratio of 16.8x. This is roughly in line with market averages.

Growth & Financials

National Beverage Corp. (FIZZ) reported $1.20B in revenue for fiscal year 2025. This represents a 91% increase from $628.9M in 2012.

National Beverage Corp. (FIZZ) grew revenue by 0.8% over the past year. Growth has been modest.

Yes, National Beverage Corp. (FIZZ) is profitable, generating $185.8M in net income for fiscal year 2025 (15.6% net margin).

Dividend & Returns

Yes, National Beverage Corp. (FIZZ) pays a dividend with a yield of 9.73%. This makes it attractive for income-focused investors.

National Beverage Corp. (FIZZ) has a return on equity (ROE) of 37.2%. This is excellent, indicating efficient use of shareholder capital.

National Beverage Corp. (FIZZ) generated $172.6M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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