Tearsheet

National Beverage (FIZZ)

Market Price (12/4/2025): $35.15 | Market Cap: $3.3 Bil
Sector: Consumer Staples | Industry: Soft Drinks & Non-alcoholic Beverages

National Beverage (FIZZ)

Market Price (12/4/2025): $35.15
Market Cap: $3.3 Bil
Sector: Consumer Staples
Industry: Soft Drinks & Non-alcoholic Beverages

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 20%	Weak multi-year price returns 2Y Excs Rtn is -71%, 3Y Excs Rtn is -99%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%
2	Low stock price volatility Vol 12M is 27%
3	Megatrend and thematic drivers Megatrends include Health & Wellness Trends. Themes include Functional Foods & Beverages, and Organic & Natural Products.

0	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 20%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%
2	Low stock price volatility Vol 12M is 27%
3	Megatrend and thematic drivers Megatrends include Health & Wellness Trends. Themes include Functional Foods & Beverages, and Organic & Natural Products.
4	Weak multi-year price returns 2Y Excs Rtn is -71%, 3Y Excs Rtn is -99%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022
Share Price CYE	$35.15	$42.67	$46.40	$43.42
Market Cap CYE ($ Bil)	3.3	4.0	4.3	4.1
Total Debt ($ Bil)	0.1	0.1	0.1	0.0
Total Cash ($ Bil)	0.2	0.2	0.3	0.2
Enterprise Value ($ Bil)	3.1	4.1	4.4	4.1
Valuation Ratios
P/S TTM	3.4	3.3	3.9	3.7
P/EBIT TTM	17.1	17.0	21.3	23.3
P/E TTM	21.8	21.4	26.3	30.6
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0	0.0

	12/4/25	2024
Share Price CYE	$35.15	$42.67
Market Cap CYE ($ Bil)	3.3	4.0
Total Debt ($ Bil)	0.1	0.1
Total Cash ($ Bil)	0.2	0.2
Enterprise Value ($ Bil)	3.1	4.1
Valuation Ratios
P/S TTM	3.4	3.3
P/EBIT TTM	17.1	17.0
P/E TTM	21.8	21.4
Sector Ratios
P/S TTM (Sector)	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0
P/E TTM (Sector)	0.0	0.0

	FIZZ	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	1.2
Rev Chg Q	0.3%	7.1%
Rev Chg LTM	0.5%	6.1%
Rev Chg 3Y Avg	1.7%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	19.7%	18.8%
CFO/Rev LTM	17.3%	20.5%
Net Inc Mgn	15.5%	13.1%
VALUATION	MODERATE
P/S	3.4	3.2
P/CFO	19.4	15.8
P/FCF	23.5	20.5
P/E	21.8	23.5
STABILITY	VERY GOOD
Debt/Equity	0.02	0.20
Cash/Assets	0.34	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Case volume decline	3.9%	8022025	Link
Average selling price per case increase	4.4%	8022025	Link

Upcoming
12/04/2025	Earnings Release	Rev: - EPS: -
3/04/2026	Earnings Release	Rev: - EPS: -

FIZZ Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

1. Disappointing Q3 2025 Financial Results: National Beverage reported a year-over-year revenue decline of 1.1% and an 8.29% quarter-over-quarter drop to $267.05 million for Q3 2025, with EPS remaining flat at $0.42 compared to the previous year. Operating income also saw a 12.6% quarter-over-quarter decrease. The company's Q3 earnings and revenue missed analyst estimates. Management attributed the downturn in revenues to broader industry challenges and shifts in consumer purchasing behavior, as well as severe winter weather and Southern California fires impacting demand.

2. Q1 2026 Performance Concerns Despite Record Sales: Although National Beverage announced record net sales of $331 million for the first quarter ended August 2, 2025, the report also highlighted a slight decline in case volume. Furthermore, revenue of $330.52 million fell short of analyst expectations of $354.18 million, contributing to cautious sentiment. The company experienced margin pressures, rising marketing costs, and slower volume growth which collectively pressured near-term performance.

3. Negative Analyst Ratings and Price Target Reductions: Throughout the period, analysts issued negative ratings and lowered price targets for FIZZ. As of November 23, 2025, one analyst gave a "Strong Sell" consensus rating. Other analyst reports indicated a "Reduce" consensus rating with one sell and one hold recommendation. UBS, for example, reiterated a "Sell" rating and lowered its price target from $40 to $39 on September 15, 2025. Another AI analyst lowered their price target from $39 to $35 on October 30, 2025.

4. Revenue Softness and Volume Headwinds: The company experienced top-line softness, with Q3 net sales falling below previous quarters due to seasonality and weather disruptions. Management explicitly tied Q3 softness to weather-driven demand constraints, including disastrous Southern California fires and severe winter weather in the Midwest/Northeast, which adversely impacted volumes in key markets.

5. Lack of Formal Forward Guidance: National Beverage's management did not provide explicit forward financial guidance. This absence of clear guidance likely limited visibility for estimate recalibration and near-term modeling, potentially contributing to market uncertainty and investor caution regarding future performance.

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Stock Movement Drivers

Fundamental Drivers

The -14.8% change in FIZZ stock from 9/3/2025 to 12/3/2025 was primarily driven by a -14.4% change in the company's P/E Multiple.

	9032025	12032025	Change
Stock Price ($)	41.27	35.15	-14.83%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1201.35	1202.40	0.09%
Net Income Margin (%)	15.55%	15.45%	-0.63%
P/E Multiple	20.68	17.71	-14.36%
Shares Outstanding (Mil)	93.62	93.62	-0.00%
Cumulative Contribution			-14.83%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
FIZZ	-14.8%
Market (SPY)	6.2%	-10.4%
Sector (XLP)	-2.2%	45.0%

Fundamental Drivers

The -23.4% change in FIZZ stock from 6/4/2025 to 12/3/2025 was primarily driven by a -23.4% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	45.91	35.15	-23.44%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1185.04	1202.40	1.46%
Net Income Margin (%)	15.68%	15.45%	-1.43%
P/E Multiple	23.13	17.71	-23.44%
Shares Outstanding (Mil)	93.62	93.62	-0.00%
Cumulative Contribution			-23.44%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
FIZZ	-23.4%
Market (SPY)	15.1%	8.7%
Sector (XLP)	-3.5%	48.8%

Fundamental Drivers

The -29.0% change in FIZZ stock from 12/3/2024 to 12/3/2025 was primarily driven by a -29.7% change in the company's P/E Multiple.

	12032024	12032025	Change
Stock Price ($)	49.52	35.15	-29.02%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1196.93	1202.40	0.46%
Net Income Margin (%)	15.36%	15.45%	0.58%
P/E Multiple	25.20	17.71	-29.71%
Shares Outstanding (Mil)	93.57	93.62	-0.05%
Cumulative Contribution			-29.02%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
FIZZ	-29.0%
Market (SPY)	14.3%	3.5%
Sector (XLP)	-2.8%	45.4%

Fundamental Drivers

The -25.7% change in FIZZ stock from 12/4/2022 to 12/3/2025 was primarily driven by a -43.8% change in the company's P/E Multiple.

	12042022	12032025	Change
Stock Price ($)	47.29	35.15	-25.67%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1144.42	1202.40	5.07%
Net Income Margin (%)	12.25%	15.45%	26.18%
P/E Multiple	31.49	17.71	-43.76%
Shares Outstanding (Mil)	93.34	93.62	-0.30%
Cumulative Contribution			-25.67%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
FIZZ	-22.4%
Market (SPY)	53.2%	7.9%
Sector (XLP)	16.4%	34.7%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
FIZZ Return	77%	13%	3%	7%	-8%	-18%	67%
Peers Return	193%	46%	8%	26%	-3%	19%	569%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
FIZZ Win Rate	67%	50%	50%	42%	42%	40%
Peers Win Rate	63%	62%	47%	53%	45%	56%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
FIZZ Max Drawdown	-27%	-7%	-15%	-9%	-12%	-24%
Peers Max Drawdown	-30%	-10%	-20%	-15%	-17%	-14%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: KO, PEP, KDP, COKE, CELH. See FIZZ Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	FIZZ	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-57.5%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	135.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-27.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	37.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	17 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-68.4%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	216.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	518 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-53.7%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	116.0%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	786 days	1480 days

Compare to KO, PEP, KDP, COKE, CELH

In The Past

National Beverage's stock fell -57.5% during the 2022 Inflation Shock from a high on 1/27/2021. A -57.5% loss requires a 135.5% gain to breakeven.

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About National Beverage (FIZZ)

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; and carbonated soft drinks under the Shasta and Faygo brands. It serves retailers, as well as various smaller up-and-down-the-street accounts through the take-home, convenience, and food-service distribution channels. The company was incorporated in 1985 and is based in Fort Lauderdale, Florida.

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Here are 1-2 brief analogies for National Beverage (FIZZ):

FIZZ is the Monster Beverage for sparkling water.
FIZZ is like a smaller, more focused Keurig Dr Pepper for niche soda brands and sparkling water.

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LaCroix Sparkling Water: A popular brand of flavored sparkling water with no artificial sweeteners, sodium, or calories.
Rip It Energy Fuel: A line of energy drinks known for various flavors and packaging options.
Everfresh Juices: A brand encompassing various juices, juice drinks, and smoothies.
Shasta Sodas: A long-standing brand of carbonated soft drinks available in multiple flavors.
Faygo Beverages: A diverse range of soft drinks, including many unique and traditional flavors.

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National Beverage (FIZZ) Major Customers

National Beverage Corp. (symbol: FIZZ) primarily sells its products to other companies, which then distribute or sell them to individual consumers. However, according to its latest financial filings, no single customer accounts for more than 10% of National Beverage's net sales. This indicates a diversified customer base rather than reliance on a few dominant "major customers" in terms of revenue concentration. Therefore, instead of listing specific major customers, below are the primary categories of companies that purchase and distribute National Beverage's products, along with examples of prominent public companies that operate within these categories and would likely stock FIZZ's brands:

Grocery Store Chains: Large supermarket retailers that stock a wide range of food and beverage products for direct sale to consumers.
Examples:
- Kroger Co. (KR)
- Ahold Delhaize (ADRNY) - parent company of brands like Food Lion, Hannaford, Giant
Mass Merchandisers & Club Stores: Retailers that offer a broad assortment of merchandise, often including groceries, at competitive prices, sometimes requiring membership.
Examples:
- Walmart Inc. (WMT)
- Target Corporation (TGT)
- Costco Wholesale Corporation (COST)
- BJ's Wholesale Club Holdings, Inc. (BJ)
Drug Store Chains: Retailers primarily focused on pharmacy services and health-related products, but also offering a selection of convenience items, including beverages.
Examples:
- CVS Health Corporation (CVS)
- Walgreens Boots Alliance, Inc. (WBA)
Wholesalers and Foodservice Distributors: Companies that buy products in bulk and distribute them to smaller retail outlets, restaurants, institutions, or other businesses.
Examples:
- Sysco Corporation (SYY)
- US Foods Holding Corp. (USFD)
Convenience Store Chains: Smaller retail outlets that offer a limited range of everyday items, including beverages, often with extended hours. These are typically supplied through a network of regional distributors; no single major public company example is generally a direct major customer for FIZZ.

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Nick A. Caporella, Chairman of the Board and Chief Executive Officer
Mr. Caporella founded National Beverage Corp. in 1985. Prior to that, he served as the President and Chief Executive Officer of Burnup & Sims Inc., a telecom firm, from 1976 to 1994, and as its Chairman from 1979 to 1994. He formed National Beverage Corp. to prevent an acquisition of Burnup & Sims Inc. and subsequently acquired Shasta Beverages and Faygo to establish National Beverage's business. His services to National Beverage Corp. are provided through Corporate Management Advisors, Inc., a company he owns. Under his leadership, the company has grown significantly, notably with the success of its LaCroix sparkling water brand.

George R. Bracken, Executive Vice President, Finance, Principal Accounting Officer, Principal Financial Officer
Mr. Bracken serves as the Executive Vice President of Finance, Principal Accounting Officer, and Principal Financial Officer at National Beverage Corp.. He is responsible for guiding the company's financial strategy, resource allocation, and fiscal management. His duties encompass overseeing all financial operations, including accounting, treasury, budgeting, and financial planning and analysis. He has held the position of Executive Vice President of Finance since July 2012.

Joseph G. Caporella, President & Director
Mr. Caporella holds the positions of President and Director at National Beverage Corp.. He plays a crucial role in shaping the company's operational strategy and overall business direction. As President, he focuses on driving day-to-day operations, including innovation, efficiency, and market penetration for the company's diverse portfolio of beverage brands. He has served as President since September 2002.

Dean A. McCoy, Senior Vice President and Chief Accounting Officer
Mr. McCoy is the Senior Vice President and Chief Accounting Officer at National Beverage Corp.. He is based in Fort Lauderdale, Florida.

Gregory P. Cook, VP, Controller & Chief Accounting Officer
Mr. Cook serves as the Vice President, Controller, and Chief Accounting Officer for National Beverage Corp.. He also holds the position of Vice President and Comptroller of Beverage Corporation International, Inc..

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Intensified and diversified competition, particularly within the sparkling water and "better-for-you" beverage categories, threatening La Croix's market share, pricing power, and leadership position.

Large beverage conglomerates (e.g., PepsiCo with Bubly, Coca-Cola with AHA) are aggressively marketing well-funded competing sparkling water brands, directly challenging La Croix.
A proliferation of innovative niche and functional sparkling beverages (e.g., prebiotic sodas like Poppi and Olipop, sparkling waters with adaptogens or electrolytes, real fruit-infused sparkling waters like Spindrift) is capturing health-conscious consumers seeking benefits beyond just zero-sugar and natural ingredients.
The growth of private-label sparkling water brands offers lower-cost alternatives, putting pressure on La Croix's value proposition.

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National Beverage Corp. (FIZZ) primarily operates in the sparkling water, carbonated soft drinks, energy drinks, and juice markets in the United States and Canada. Below are the addressable market sizes for their main product categories:

Sparkling Water

The North American sparkling water market is projected to reach USD 92.9 billion by 2031, growing at a Compound Annual Growth Rate (CAGR) of 12.1%.
The U.S. sparkling water market is a significant part of this, projected to reach USD 23.505 billion by 2031.
Other estimates place the global sparkling water market size at approximately USD 63.5 billion as of Q1 2024, with North America holding over 30% market share. It is projected to surpass USD 75 billion by 2027.

Carbonated Soft Drinks (CSDs)

The U.S. soft drink market is anticipated to achieve USD 388 billion in annual sales by 2025.
The North America Carbonated Soft Drinks Market size is forecast to reach USD 108.58 billion by 2030, with a CAGR of 3.80% from 2024-2030.

Energy Drinks

The United States energy drinks market size is estimated at USD 23.9 billion in 2024 and is projected to reach USD 22.57 billion by 2030.
Other data indicates the U.S. energy drinks market was valued at USD 23.95 billion in 2023 and is projected to reach approximately USD 48.45 billion by 2033, growing at a CAGR of 7.3% during the forecast period 2024 to 2033.

Juice

The United States fruit juice market size was valued at USD 55.5 billion in 2024 and is estimated to reach USD 77.5 billion by 2033.
Another estimate for the U.S. 100% juice market generated revenue of USD 9.9046 billion in 2024 and is expected to reach USD 15.0771 billion by 2030.
The Juice Production market in the US was valued at USD 14.3 billion in 2024 and is projected to be USD 14.5 billion in 2025.

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Here are 3-5 expected drivers of future revenue growth for National Beverage (symbol: FIZZ) over the next 2-3 years:

Ongoing Product Innovation, particularly with LaCroix: National Beverage has demonstrated a strategic focus on introducing new flavors for its flagship LaCroix sparkling water brand. Recent launches like Sunshine, Cherry Lime, and Blackberry Cucumber have been noted for contributing to sales growth and reversing previous declines in case shipments. This continuous innovation is anticipated to maintain consumer interest and capture evolving tastes in the sparkling water market.
Expanded and Targeted Marketing Campaigns: The company is increasing its marketing efforts, including wider advertising campaigns, multi-city bus tours, and sponsorship arrangements with professional sports teams. These initiatives aim to enhance brand visibility, boost end-user interest, and ultimately drive increased sales across its product portfolio.
Strategic Geographic and Channel Expansion: Future revenue growth is expected from gradual geographic expansion, specifically into markets such as Canada and other international regions. Additionally, National Beverage plans to diversify its distribution by expanding into new channels like e-commerce and food service to reach a broader consumer base and optimize shelf space in retail outlets.
Price Increases and Favorable Product Mix: Recent financial results indicate that strategic price programs and improvements in the price/mix have positively impacted revenue and gross margins. This ability to implement stronger pricing, even amidst fluctuating case volumes, is a likely driver of revenue growth going forward.
Continued Focus on Health-Oriented Beverages: National Beverage's emphasis on premium, health-oriented beverages aligns with a broader consumer shift away from sugary drinks toward calorie-free and functional options. This strategic positioning within the growing sparkling water market and other health-conscious categories is expected to sustain revenue growth.

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Share Repurchases

National Beverage's Board of Directors authorized a program to repurchase 3.2 million shares of common stock, with approximately 1.9 million shares remaining available for future repurchases as of June 12, 2024.
The company commenced open market purchases of its common stock under a previously announced share repurchase program as of October 30, 2025.
No shares of common stock were repurchased during the fiscal year ended May 3, 2025.

Capital Expenditures

For the fiscal year 2025, capital expenditures are anticipated to be in the range of $25 million to $30 million.
Capital expenditures for the first quarter of fiscal 2025 were $3.7 million, following $5.5 million for the first quarter of fiscal 2024.
The primary focus of capital expenditures includes certain production capacity and efficiency improvement projects that are currently in progress.

Better Bets than National Beverage (FIZZ)

	FIZZ	Better Performance than FIZZ
Metric	Value	INDUSTRY: Soft Drinks & Non-alcoholic Beverages
Rev Chg LTM	0.5%	MNST (7.6%), KDP (6.8%), COKE (4.2%), KO (2.8%), PEP (0.5%)
Rev Chg 3Y Avg	1.7%	MNST (8.6%), KDP (5.9%), COKE (5.5%), KO (4.0%), PEP (3.4%)
Op Mgn LTM	19.7%	KO (31.3%), MNST (28.3%), KDP (21.5%)
CFO/Rev LTM	17.3%	MNST (27.3%), CELH (26.1%)
FCF/Rev LTM	14.4%	CELH (24.6%), MNST (24.4%)
Total Yield	4.6%	PEP (7.7%), KO (7.5%), COKE (6.9%), KDP (6.4%)
P/S	3.4	PRMB (1.3), COKE (1.4), PEP (2.1), KDP (2.1), CCHGY (2.9)
P/Op Inc	17.1	KDP (10.0), COKE (10.9), PRMB (12.9), PEP (15.8)

	FIZZ	Better Performance than FIZZ
Metric	Value	SECTOR: Consumer Staples
Rev Chg LTM	0.5%	COST (8.2%), PM (7.5%), WMT (4.2%), KO (2.8%), PG (1.2%)
Rev Chg 3Y Avg	1.7%	PM (8.0%), COST (6.6%), WMT (5.7%), KO (4.0%), PG (1.8%)
Op Mgn LTM	19.7%	MO (59.0%), PM (37.1%), KO (31.3%), BUD (26.1%), PG (24.1%)
CFO/Rev LTM	17.3%	MO (43.8%), PM (28.8%), MNST (27.3%), PG (22.3%), CL (19.6%)
FCF/Rev LTM	14.4%	MO (43.1%), PM (25.3%), MNST (24.4%), PG (17.6%), CL (16.9%)
Total Yield	4.6%	PEP (7.7%), KO (7.5%), PM (6.8%), BUD (5.2%), PG (4.7%)
P/S	3.4	WMT (1.1), COST (1.5), BUD (2.0), PEP (2.1), MDLZ (2.1)
P/Op Inc	17.1	BUD (7.7), MO (9.3), CL (14.9), PEP (15.8), PM (17.0)

	FIZZ	Better Performance than FIZZ
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	0.5%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	1.7%	NVDA (92.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	19.7%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	17.3%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	14.4%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	4.6%	XOM (10.3%), JNJ (8.4%), JPM (6.7%), BRK-B (6.2%), V (5.3%)
P/S	3.4	UNH (0.7), XOM (1.4), CVX (1.6), HD (2.2), BRK-B (2.7)
P/Op Inc	17.1	UNH (11.9), XOM (12.4), CAT (15.8), V (16.6), HD (16.8)

		Best Bets In Consumer Staples Sector
	FIZZ
What You Pay
P/E	21.8
P/EBIT	17.1
What You Get
Rev Chg Q	0.3%
Rev Chg LTM	0.5%
Rev Chg 3Y Avg	1.7%
FCF/Rev 3Y Avg	13.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 8.7%, alpha of 1.4%, and sharpe of 0.5

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	How Low Can National Beverage Stock Really Go?	Return
2	Day 6 of Loss Streak for National Beverage Stock with -12% Return (vs. -3.7% YTD) [9/2/2025]	Notification
3	FIZZ Dip Buy Analysis
4	National Beverage Total Shareholder Return (TSR): 15.5% in 2025 and 4.5% 3-yr compounded annual returns (below peer average)
5	National Beverage (FIZZ) Operating Cash Flow Comparison	Financials
6	National Beverage (FIZZ) Net Income Comparison	Financials
7	National Beverage (FIZZ) Operating Income Comparison	Financials
8	National Beverage (FIZZ) Revenue Comparison	Financials
9	National Beverage vs. T-Mobile US: FIZZ stock's significantly higher valuation vs. TMUS appears counterintuitive	Counter-Intuitive Comparisons
10	National Beverage vs. Merck & Co: FIZZ stock's significantly higher valuation vs. MRK appears counterintuitive	Counter-Intuitive Comparisons
11	ARTICLES
12	FIZZ Stock Down -12% after 6-Day Loss Streak		September 2nd, 2025
13	FIZZ’s 7.2% Decline in a Day Brings Valuations Into Focus – Is KDP a Better Deal?		August 25th, 2025

	Title
0	DASHBOARDS
1	How Low Can National Beverage Stock Really Go?
2	Day 6 of Loss Streak for National Beverage Stock with -12% Return (vs. -3.7% YTD) [9/2/2025]
3	FIZZ Dip Buy Analysis
4	National Beverage Total Shareholder Return (TSR): 15.5% in 2025 and 4.5% 3-yr compounded annual returns (below peer average)
5	National Beverage (FIZZ) Operating Cash Flow Comparison
6	National Beverage (FIZZ) Net Income Comparison
7	National Beverage (FIZZ) Operating Income Comparison
8	National Beverage (FIZZ) Revenue Comparison
9	National Beverage vs. T-Mobile US: FIZZ stock's significantly higher valuation vs. TMUS appears counterintuitive
10	National Beverage vs. Merck & Co: FIZZ stock's significantly higher valuation vs. MRK appears counterintuitive
11	ARTICLES
12	FIZZ Stock Down -12% after 6-Day Loss Streak
13	FIZZ’s 7.2% Decline in a Day Brings Valuations Into Focus – Is KDP a Better Deal?

Trade Ideas

Select past ideas related to FIZZ. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BF-B_11302025_Dip_Buyer_ValueBuy	11302025	BF-B	Brown-Forman	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	3.1%	3.1%	0.0%
CPB_11302025_Dip_Buyer_ValueBuy	11302025	CPB	Campbell's	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-1.9%	-1.9%	-1.9%
ENR_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	ENR	Energizer	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	-5.3%	-5.3%	-5.3%
FLO_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FLO	Flowers Foods	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.5%	3.5%	-1.6%
CLX_11142025_Dip_Buyer_FCFYield	11142025	CLX	Clorox	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.1%	2.1%	-5.1%
FIZZ_9302020_Dip_Buyer_FCFYield	09302020	FIZZ	National Beverage	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	53.1%	64.3%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BF-B_11302025_Dip_Buyer_ValueBuy	11302025	BF-B	Brown-Forman	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	3.1%	3.1%	0.0%
CPB_11302025_Dip_Buyer_ValueBuy	11302025	CPB	Campbell's	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-1.9%	-1.9%	-1.9%
ENR_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	ENR	Energizer	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	-5.3%	-5.3%	-5.3%
FLO_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FLO	Flowers Foods	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.5%	3.5%	-1.6%
CLX_11142025_Dip_Buyer_FCFYield	11142025	CLX	Clorox	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.1%	2.1%	-5.1%
FIZZ_9302020_Dip_Buyer_FCFYield	09302020	FIZZ	National Beverage	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	53.1%	64.3%	0.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for National Beverage

Peers to compare with:

Financials

	FIZZ	KO	PEP	KDP	COKE	CELH	Median
Name	National.	Coca-Cola	PepsiCo	Keurig D.	Coca-Col.	Celsius
Mkt Price	35.15	70.81	148.06	28.33	164.38	42.00	56.41
Mkt Cap	3.3	304.7	202.7	38.5	14.2	10.8	26.4
Rev LTM	1,202	47,663	92,366	16,174	7,070	2,126	11,622
Op Inc LTM	237	14,914	12,193	3,475	927	343	2,201
FCF LTM	173	5,570	6,788	1,599	598	524	1,098
FCF 3Y Avg	165	6,384	6,645	1,336	531	250	933
CFO LTM	208	7,603	11,755	2,128	891	555	1,510
CFO 3Y Avg	195	8,335	11,974	1,855	857	273	1,356

Growth & Margins

	FIZZ	KO	PEP	KDP	COKE	CELH	Median
Name	National.	Coca-Cola	PepsiCo	Keurig D.	Coca-Col.	Celsius
Rev Chg LTM	0.5%	2.8%	0.5%	6.8%	4.2%	55.1%	3.5%
Rev Chg 3Y Avg	1.7%	4.0%	3.4%	5.9%	5.5%	57.5%	4.8%
Rev Chg Q	0.3%	5.1%	2.7%	10.7%	6.9%	172.9%	6.0%
QoQ Delta Rev Chg LTM	0.1%	1.3%	0.7%	2.6%	1.8%	27.6%	1.5%
Op Mgn LTM	19.7%	31.3%	13.2%	21.5%	13.1%	16.1%	17.9%
Op Mgn 3Y Avg	18.6%	29.7%	13.8%	21.8%	12.9%	16.1%	17.3%
QoQ Delta Op Mgn LTM	0.1%	0.7%	-0.3%	0.0%	0.1%	5.7%	0.1%
CFO/Rev LTM	17.3%	16.0%	12.7%	13.2%	12.6%	26.1%	14.6%
CFO/Rev 3Y Avg	16.3%	18.1%	13.0%	12.1%	12.6%	15.5%	14.3%
FCF/Rev LTM	14.4%	11.7%	7.3%	9.9%	8.5%	24.6%	10.8%
FCF/Rev 3Y Avg	13.9%	13.9%	7.2%	8.7%	7.8%	14.0%	11.3%

Valuation

	FIZZ	KO	PEP	KDP	COKE	CELH	Median
Name	National.	Coca-Cola	PepsiCo	Keurig D.	Coca-Col.	Celsius
Mkt Cap	3.3	304.7	202.7	38.5	14.2	10.8	26.4
P/S	3.4	6.0	2.1	2.1	1.4	7.0	2.8
P/EBIT	17.1	16.3	19.0	12.2	12.3	184.7	16.7
P/E	21.8	21.9	26.6	21.9	16.6	230.2	21.9
P/CFO	19.4	37.5	16.4	16.3	11.4	26.7	17.9
Total Yield	4.6%	7.5%	7.7%	6.4%	6.9%	0.4%	6.6%
Dividend Yield	0.0%	3.0%	3.9%	1.8%	0.9%	0.0%	1.3%
FCF Yield 3Y Avg	3.7%	2.4%	3.1%	3.3%	6.3%	2.1%	3.2%
D/E	0.0	0.2	0.0	0.5	0.2	0.1	0.1
Net D/E	-0.0	0.1	0.0	0.5	0.0	0.0	0.0

Returns

	FIZZ	KO	PEP	KDP	COKE	CELH	Median
Name	National.	Coca-Cola	PepsiCo	Keurig D.	Coca-Col.	Celsius
1M Rtn	5.6%	4.9%	3.1%	6.3%	25.5%	-29.1%	5.3%
3M Rtn	-14.8%	4.2%	0.6%	-1.7%	40.5%	-31.3%	-0.6%
6M Rtn	-23.4%	1.4%	14.7%	-12.2%	53.3%	4.8%	3.1%
12M Rtn	-29.0%	14.8%	-4.9%	-9.8%	27.0%	44.5%	4.9%
3Y Rtn	-25.7%	20.4%	-12.8%	-20.7%	236.5%	7.2%	-2.8%
1M Excs Rtn	5.7%	4.9%	3.1%	6.4%	25.5%	-29.1%	5.3%
3M Excs Rtn	-20.3%	-0.1%	-3.6%	-7.6%	32.7%	-36.2%	-5.6%
6M Excs Rtn	-38.2%	-13.3%	0.0%	-27.0%	38.6%	-10.0%	-11.6%
12M Excs Rtn	-42.4%	0.2%	-19.5%	-24.1%	13.5%	34.1%	-9.6%
3Y Excs Rtn	-99.0%	-48.3%	-84.2%	-92.4%	181.1%	-55.9%	-70.1%

Comparison Analyses

	Title
0	National Beverage vs. The Coca-Cola Company: Both Seem Similar Bets
1	FIZZ or KDP - With 30% Return Forecast, KDP Probably Deserves Your Money
2	National Beverage vs. PepsiCo: With Return Forecast Of 9.3%, PepsiCo Is A Better Bet
3	COKE Could Deliver 12% Returns And Outperform FIZZ
4	National Beverage vs. Monolithic Power Systems: With Return Forecast Of 47%, Monolithic Power Systems Is A Better Bet
5	National Beverage vs. Paycom Software: With Return Forecast Of 100%, Paycom Software Is A Better Bet
6	National Beverage vs. The Trade Desk: With Return Forecast Of 92%, The Trade Desk Is A Better Bet
7	National Beverage vs BeiGene,: Similar Revenue; Which Stock Is A Better Bet?
8	National Beverage vs Roku: Similar Income; Which Stock Is A Better Bet?
9	National Beverage vs Eagle Materials: Similar Market Cap; Which Stock Is A Better Bet?

Financials

Annual
Quarterly

$ Mil \| FY: 5/3	LTM	2025	2024	2023	2022	2021	2020
Period End	8/2/2025	5/3/2025	4/27/2024	4/29/2023	4/30/2022	5/1/2021	5/2/2020
Filing Date	9/11/2025	7/2/2025	6/26/2024	6/28/2023	6/29/2022	6/30/2021	7/1/2020
Key Financials
Total Revenue	1,202	1,201	1,192	1,173	1,138	1,072	1,000
EBITDA	258	256	239	207	226	259	196
Operating Income	237	235	219	187	208	228	166
Net Income	186	187	177	142	159	174	130
EPS	1.99	2.00	1.89	1.52	1.70	1.87	1.39
Growth Rates
Total Revenue Growth	0.5%	0.8%	1.6%	3.1%	6.1%	7.2%	-1.4%
EBITDA Growth	4.9%	7.4%	15.5%	-8.7%	-12.6%	31.9%	0.5%
Operating Income Growth	5.2%	7.8%	17.0%	-10.2%	-8.8%	37.5%	-7.9%
Net Income Growth	1.0%	5.7%	24.3%	-10.3%	-9.0%	34.0%	-7.7%
Margins
EBITDA Margin	21.4%	21.3%	20.0%	17.6%	19.9%	24.2%	19.6%
Operating Income Margin	19.7%	19.6%	18.3%	15.9%	18.3%	21.2%	16.6%
Net Income Margin	15.5%	15.6%	14.8%	12.1%	13.9%	16.2%	13.0%
Cash & Debt
Total Cash	250	194	327	158	48	194	305
Total Debt	70	72	55	42	61	44	49
Net Debt / (Cash)	-180	-122	-272	-117	13	-150	-255
Cash Flows
Net Cash from Operations	208	207	198	162	133	194	178
Free Cash from Operations	173	170	168	140	104	168	154
Returns to Shareholders
Dividends	0	304	-0	-0	280	280	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	6

$ Mil \| FY: 5/3	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	8/2/2025	5/3/2025	1/25/2025	10/26/2024	7/27/2024	4/27/2024	1/27/2024	10/28/2023	7/29/2023	4/29/2023	1/28/2023	10/29/2022
Filing Date	9/11/2025	7/2/2025	3/6/2025	12/5/2024	9/5/2024	6/26/2024	3/7/2024	12/7/2023	9/7/2023	6/28/2023	3/9/2023	12/8/2022
Key Financials Quarterly
Total Revenue	331	314	267	291	329	297	270	300	324	287	268	300
Ebitda	76	63	55	63	75	58	53	59	68	49	53	55
Operating Income	71	58	51	58	70	53	48	54	63	49	44	47
Net Income	56	45	40	46	57	44	40	44	50	36	34	36
EPS	0.60	0.48	0.42	0.49	0.61	0.47	0.42	0.47	0.53	0.39	0.37	0.39
Key Financials TTM
Total Revenue TTM	1,202	1,201	1,185	1,188	1,197	1,192	1,181	1,179	1,179	1,173	1,170	1,161
Ebitda TTM	258	256	251	249	246	239	230	229	225	212	209	204
Operating Income TTM	237	235	231	228	225	219	214	211	203	187	183	179
Net Income TTM	186	187	186	186	184	177	169	164	156	142	140	137
Growth Rates Quarterly
Total Revenue Growth	0.3%	5.5%	-1.1%	-3.0%	1.6%	3.7%	0.6%	0.1%	1.9%	0.9%	3.7%	5.8%
EBITDA Growth	1.7%	8.6%	3.8%	6.3%	10.1%	18.7%	0.8%	7.2%	23.5%	7.9%	9.3%	-6.9%
Operating Income Growth	1.8%	8.6%	5.0%	6.6%	10.2%	8.3%	8.4%	15.7%	35.8%	7.9%	9.2%	-9.0%
Net Income Growth	-1.8%	2.4%	0.1%	4.2%	14.4%	20.4%	15.2%	21.5%	40.0%	5.7%	10.6%	-8.2%
Margins Quarterly
EBITDA Margin	23.0%	20.1%	20.7%	21.6%	22.7%	19.5%	19.7%	19.8%	21.0%	17.0%	19.7%	18.5%
Operating Income Margin	21.4%	18.3%	18.9%	19.9%	21.1%	17.8%	17.8%	18.1%	19.5%	17.0%	16.6%	15.7%
Net Income Margin	16.9%	14.3%	14.8%	15.7%	17.2%	14.7%	14.7%	14.6%	15.3%	12.7%	12.8%	12.0%
Cash & Debt
Total Cash	250	194	149	113	77	327	277	248	223	158	118	93
Total Debt	70	72	55	50	52	55	58	45	42	42	41	41
Net Debt / (Cash)	-180	-122	-94	-62	-25	-272	-219	-203	-181	-117	-77	-52
Cash Flows Quarterly
FCF from Operations	59	60	47	43	57	60	35	32	70	49	30	42
Cash Flows TTM
FCF from Operations TTM	208	207	207	196	185	198	187	181	191	162	153	129
Returns to Shareholders Quarterly
Dividends	0	0	0	0	304	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Price Behavior

Price Behavior

Market Price	$35.15
Market Cap ($ Bil)	3.3
First Trading Date	09/16/1991
Distance from 52W High	-29.3%
	50 Days	200 Days
DMA Price	$35.07	$41.19
DMA Trend	down	down
Distance from DMA	0.2%	-14.7%
	3M	1YR
Volatility	26.5%	26.9%
Downside Capture	4.05	14.35
Upside Capture	-71.31	-21.42
Correlation (SPY)	-10.7%	3.4%

FIZZ Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.07	-0.33	-0.11	0.28	0.05	0.27
Up Beta	-0.00	-0.15	0.11	0.98	0.45	0.44
Down Beta	0.61	0.20	-0.30	-0.32	-0.35	-0.04
Up Capture	21%	-72%	-55%	-12%	-12%	5%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	11	19	25	53	109	364
Down Capture	-13%	-48%	40%	83%	19%	68%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	8	22	36	70	137	381

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of FIZZ With Other Asset Classes (Last 1Y)
	FIZZ	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-29.1%	-2.9%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	26.8%	13.9%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-1.31	-0.45	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		45.3%	3.5%	5.0%	-9.4%	30.7%	3.9%

ETFs used for asset classes: Sector ETF = XLP, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of FIZZ With Other Asset Classes (Last 5Y)
	FIZZ	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-2.2%	5.9%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	39.5%	13.0%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.05	0.26	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		28.9%	18.8%	3.7%	-1.6%	23.0%	5.8%

Based On 10-Year Data

		Comparison of FIZZ With Other Asset Classes (Last 10Y)
	FIZZ	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	9.3%	7.5%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	40.7%	14.7%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.35	0.38	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		29.9%	23.6%	-0.2%	2.2%	23.6%	5.5%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	2,242,024
Short Interest: % Change Since 10312025	-24.5%
Average Daily Volume	415,532
Days-to-Cover Short Interest	5.40
Basic Shares Quantity	93,620,000
Short % of Basic Shares	2.4%

Returns Analyses

	Title
0	How Low Can National Beverage Stock Really Go?
1	National Beverage Stock Return Comparison
2	[10/5/2021] National Beverage (FIZZ) Stock Price Forecast: AI Forecasts FIZZ Stock Price To Be Around $55.1 In A Month (Up 1.5%)
3	National Beverage Total Shareholder Return (TSR): 12.7% in 2023 and 30.9% 3-yr returns (above peer average)
4	National Beverage (FIZZ) Stock Return: AI Predicts FIZZ Average and Excess Return After a Fall or Rise

SEC Filings

Expand for More

Report Date	Filing Date	Filing
7312025	9112025	10-Q 8/2/2025
4302025	7022025	10-K 5/3/2025
1312025	3062025	10-Q 1/25/2025
10312024	12052024	10-Q 10/26/2024
7312024	9052024	10-Q 7/27/2024
4302024	6262024	10-K 4/27/2024
1312024	3072024	10-Q 1/27/2024
10312023	12072023	10-Q 10/28/2023
7312023	9072023	10-Q 7/29/2023
4302023	6282023	10-K 4/29/2023
1312023	3092023	10-Q 1/28/2023
10312022	12082022	10-Q 10/29/2022
7312022	9082022	10-Q 7/30/2022
4302022	6292022	10-K 4/30/2022
1312022	3102022	10-Q 1/29/2022
10312021	12092021	10-Q 10/30/2021

Insider Activity

Expand for More

	Owner	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	sheridan stanley michael	4172025	Sell	43.40	8,000	347,200	2,708,507	Form
1	sheridan stanley michael	1032025	Sell	42.49	6,100	259,213	2,991,918	Form
2	CONLEE CECIL D	12162024	Sell	47.01	2,736	128,619	2,526,505	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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National Beverage (FIZZ)

Market Price (12/4/2025): $35.15 | Market Cap: $3.3 BilSector: Consumer Staples | Industry: Soft Drinks & Non-alcoholic Beverages

National Beverage (FIZZ)

Market Price (12/4/2025): $35.15Market Cap: $3.3 BilSector: Consumer StaplesIndustry: Soft Drinks & Non-alcoholic Beverages

Valuation, Metrics & Events

FIZZ Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About National Beverage (FIZZ)

National Beverage (FIZZ) Major Customers

Sparkling Water

Carbonated Soft Drinks (CSDs)

Energy Drinks

Juice

Share Repurchases

Capital Expenditures

Interactive Breakdown

Better Bets than National Beverage (FIZZ)

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Recent Active Movers

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1 Week Top Gainers

1 Week Top Losers

1 Month Top Gainers

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Recent Active Movers

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Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

Industry Resources

External Quote Links

Market Price (12/4/2025): $35.15 | Market Cap: $3.3 Bil
Sector: Consumer Staples | Industry: Soft Drinks & Non-alcoholic Beverages

Market Price (12/4/2025): $35.15
Market Cap: $3.3 Bil
Sector: Consumer Staples
Industry: Soft Drinks & Non-alcoholic Beverages