National Beverage Corp.

National Beverage Corp.

FIZZ·NASDAQ

$35.93

-2.8%
Consumer DefensiveBeverages - Non-Alcoholic

National 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.

At a Glance

Live Snapshot
Market Cap$3.36B
EPS2.0000
P/E Ratio17.96
Earnings Date07/01/2026

Intrinsic Alpha Methodology

Thesis Lenses

Signal · Driver · Risk

Signal

High confidence

Valuation multiple is mid-range (P/E 18.0).

Valuation inputs: P/E 18.0, earnings yield +5.6%, momentum -2.8%.

If multiples stay elevated while momentum fades, downside repricing risk rises.

Driver

High confidence

Return profile is strong (ROE +42.1%, ROIC +32.9%).

Profitability stack: net margin +15.6%, ROE +42.1%, ROIC +32.9%.

Quality deterioration often appears in margins before it shows up in headline EPS.

Risk

High confidence

Downside profile looks controlled across current risk inputs.

Risk factors: liabilities/assets +34.0%, momentum -2.8%, net margin +15.6%.

Higher leverage with weak momentum and thin margins can amplify drawdown severity.

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National Beverage Corp. Market vs Earnings Trajectory

FIZZ · NASDAQ

Loading price and EPS data...

National Beverage Corp.

National Beverage Corp. Fair Value Envelope

FIZZ · NASDAQ

Our analysis suggests that FIZZ has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $35.93, this represents a potential HIDDEN relative to our calculated worth for National Beverage Corp..

Intrinsic Value
Current Price: $35.93
3Y+18.0%
5Y+44.0%
10Y+203.0%
3Y+6.0%
5Y+20.0%
10Y+70.0%
3Y+18.0%
5Y+44.0%
10Y+205.0%
3Y+55.0%
5Y+16.0%
10Y+162.0%
3Y+64.0%
5Y+11.0%
10Y+155.0%
3Y+44.0%
5Y+4.0%
10Y+120.0%
National Beverage Corp.

National Beverage Corp. Profit Bridge

FIZZ · NASDAQ
Revenue1.20B
Cost of Goods Sold (757.41M)
Gross Profit443.94M
Operating Expenses (208.48M)
Operating Income235.46M
Interest Expense (0.00)
Other Income/Expense9.11M
Pretax Income244.56M
Income Tax (57.74M)
Net Income186.82M
Net Income
186.82M

Profitability Analysis

Gross Margin

37.0%

Strong gross margins indicate healthy pricing and efficient production or service delivery.

Operating Margin

19.6%

Healthy operating margins demonstrate effective cost control and strong business fundamentals.

Net Profit Margin

15.6%

Strong net margins indicate efficient operations and favorable tax/interest management.

Effective Tax Rate

23.6%

Moderate tax rate typical for most corporations. Represents standard tax burden on profits.

Profitability Insight

Room for improvement: Moderate profitability with opportunities to enhance margins through better cost management or pricing strategy.

36.95%
Gross Profit Margin
3%
3Y+1.0%
5Y-
10Y+8.0%
19.60%
Operating Profit Margin
7%
3Y+7.0%
5Y+18.0%
10Y+48.0%
15.55%
Net Profit Margin
5%
3Y+12.0%
5Y+20.0%
10Y+79.0%
42.08%
Return on Equity
33%
3Y-36.0%
5Y+46.0%
10Y+42.0%
27.77%
Return on Assets
21%
3Y-18.0%
5Y+39.0%
10Y+39.0%
32.89%
Return on Invested Capital
26%
3Y-31.0%
5Y+36.0%
10Y+23.0%
FIZZ

National Beverage Corp. Cash Conversion Engine

FIZZ · NASDAQ
Net Income186.82M
Depreciation & Amortization20.80M
Stock-Based Compensation606.00K
Change in Working Capital-16.52M
Others15.43M
Capital Expenditures-36.28M
Free Cash Flow170.41M

Cash Flow Quality Analysis

FCF Conversion Rate

91.2%

Strong cash conversion. Most reported earnings translate into actual cash flow, suggesting solid fundamentals.

CapEx Intensity

17.6%

Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.

FCF Growth Trend

+1.7%

Flat FCF growth. Stable but not expanding—monitor for signs of business maturity or temporary headwinds.

Working Capital Impact

-$16.52M

Minimal working capital impact on FCF. Changes in operating assets and liabilities well-managed.

Cash Flow Quality Insight

Asset-light with strong cash conversion: Low capital requirements combined with efficient cash generation creates significant shareholder value through dividends, buybacks, or strategic investments.

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National Beverage Corp. Funding & Solvency Profile

FIZZ · NASDAQ
Cash & Cash Equivalents313.97M
Net Receivables97.43M
Inventory96.10M
Other Current Assets30.53M
Total Current Assets538 M
Property, Plant & Equipment234.90M
Goodwill & Intangible Assets14.76M
Long-Term Investments0.00
Other Non-Current Assets4.78M
Total Non-Current Assets240 M
Total Assets
792.47M

Financial Health Analysis

Current Ratio

4.41x

Excellent liquidity position. The company can easily cover its short-term obligations with substantial cushion.

Debt-to-Equity Ratio

0.34x

Conservative capital structure. The company relies primarily on equity financing, indicating low financial risk.

Working Capital

416 M

Strong working capital position provides significant operational flexibility and financial cushion.

Asset Composition

68% Current

Asset-light business model with high liquidity. Majority of assets are easily convertible to cash.

Financial Health Insight

Strong financial foundation: Excellent liquidity combined with conservative leverage suggests the company is well-positioned to weather economic uncertainties and fund growth opportunities.

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National Beverage Corp. Street Expectations Map

FIZZ · NASDAQ

Wall Street analysts project that FIZZ stock may see slight declines over the coming 12 months. The consensus 1-year price target stands at 34.00, with estimates ranging from a low of 34.00 to a high of 34.00.

Lowest Target
34.00
-5.37%
Consensus Target
34.00
-5.37%
Highest Target
34.00
-5.37%

The consensus 1-year price target stands at 34.00, with estimates ranging from a low of 34.00 to a high of 34.00.

Analyst Consensus Analysis

Upside Potential

-5.4%

Downside risk. Current price above analyst targets indicates potential overvaluation. Exercise caution and review catalysts.

Analyst Agreement

0.0% spread

High analyst agreement. Narrow target range indicates strong consensus on valuation, suggesting clear investment thesis and predictable outlook.

Risk-Reward Profile

1.00x

Balanced risk-reward. Upside and downside potential relatively symmetric. Suitable for moderate risk tolerance with conviction in thesis.

Analyst Conviction

Low

Bearish or uncertain outlook. Limited upside or poor consensus suggests challenges ahead or fundamental concerns.

Market Sentiment Insight

Monitor and evaluate: Current analyst consensus suggests limited conviction or near-term catalysts. Stay informed on company developments and reassess positioning as new information emerges.

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National Beverage Corp. Insider Positioning

FIZZ · NASDAQ

During the last 12 months, there has been no insider trading activity reported for FIZZ.

3 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

3-6 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

6-9 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

9-12 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

Top Buyers

No buying activity

Top Sellers

No selling activity

Insider Activity Analysis

Net Insider Sentiment

Neutral

No insider trading activity reported. This could indicate blackout periods, lack of conviction, or regulatory restrictions.

Insider Participation

No Activity

No insider trading activity reported from any insiders in the past year.

0.00%
Dividend Yield
3Y-
5Y-100.0%
10Y-100.0%
 

fizz Dividend History

FIZZ
10Y CAGR +23%
Latest $3.25
Annual $3.25
5 year growth trend
Last Period: +8%