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National Beverage (FIZZ)

Market Price (12/24/2025): $31.84 | Market Cap: $3.0 Bil
Sector: Consumer Staples | Industry: Soft Drinks & Non-alcoholic Beverages

National Beverage (FIZZ)

Market Price (12/24/2025): $31.84
Market Cap: $3.0 Bil
Sector: Consumer Staples
Industry: Soft Drinks & Non-alcoholic Beverages

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%, FCF Yield is 5.3%		 Weak multi-year price returns
2Y Excs Rtn is -77%, 3Y Excs Rtn is -107%		 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -1.0%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 20%		  Key risks
FIZZ key risks include [1] its challenge in achieving volume growth, Show more.
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%		  
3 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26%		  
4 Low stock price volatility
Vol 12M is 27%		  
5 Megatrend and thematic drivers
Megatrends include Health & Wellness Trends. Themes include Functional Foods & Beverages, and Organic & Natural Products. 		  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%, FCF Yield is 5.3%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 20%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%
3 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26%
4 Low stock price volatility
Vol 12M is 27%
5 Megatrend and thematic drivers
Megatrends include Health & Wellness Trends. Themes include Functional Foods & Beverages, and Organic & Natural Products.
6 Weak multi-year price returns
2Y Excs Rtn is -77%, 3Y Excs Rtn is -107%
7 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -1.0%
8 Key risks
FIZZ key risks include [1] its challenge in achieving volume growth, Show more.

Valuation, Metrics & Events

FIZZ Stock

Why The Stock Moved

Qualitative Assessment

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1. National Beverage (FIZZ) missed analysts' expectations for its second quarter of fiscal year 2026, which ended November 1, 2025. The company reported earnings per share (EPS) of $0.49, falling short of the consensus estimate of $0.52. Additionally, quarterly revenue came in at $288.33 million, below the $292.66 million analysts had anticipated.

2. Analysts issued bearish ratings and price target cuts for FIZZ in December 2025. Weiss Ratings downgraded National Beverage from a "hold" to a "sell" rating, and UBS Group also initiated a "sell" rating with a price target of $35.00. The overall consensus rating for the stock became "Sell" with an average price target of $35.00.

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Stock Movement Drivers

Fundamental Drivers

The -14.2% change in FIZZ stock from 9/23/2025 to 12/23/2025 was primarily driven by a -14.5% change in the company's P/E Multiple.
923202512232025Change
Stock Price ($)37.1031.85-14.15%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)1202.401199.53-0.24%
Net Income Margin (%)15.45%15.55%0.63%
P/E Multiple18.6915.99-14.48%
Shares Outstanding (Mil)93.6293.62-0.00%
Cumulative Contribution-14.15%

LTM = Last Twelve Months as of date shown

Market Drivers

9/23/2025 to 12/23/2025
ReturnCorrelation
FIZZ-14.2% 
Market (SPY)3.7%-7.4%
Sector (XLP)-1.1%35.5%

Fundamental Drivers

The -27.4% change in FIZZ stock from 6/24/2025 to 12/23/2025 was primarily driven by a -27.7% change in the company's P/E Multiple.
624202512232025Change
Stock Price ($)43.9031.85-27.45%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)1185.041199.531.22%
Net Income Margin (%)15.68%15.55%-0.81%
P/E Multiple22.1215.99-27.73%
Shares Outstanding (Mil)93.6293.62-0.01%
Cumulative Contribution-27.45%

LTM = Last Twelve Months as of date shown

Market Drivers

6/24/2025 to 12/23/2025
ReturnCorrelation
FIZZ-27.4% 
Market (SPY)13.7%4.5%
Sector (XLP)-4.0%43.3%

Fundamental Drivers

The -28.2% change in FIZZ stock from 12/23/2024 to 12/23/2025 was primarily driven by a -28.5% change in the company's P/E Multiple.
1223202412232025Change
Stock Price ($)44.3631.85-28.20%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)1188.061199.530.97%
Net Income Margin (%)15.63%15.55%-0.53%
P/E Multiple22.3615.99-28.50%
Shares Outstanding (Mil)93.6193.62-0.01%
Cumulative Contribution-28.20%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2024 to 12/23/2025
ReturnCorrelation
FIZZ-28.2% 
Market (SPY)16.7%5.0%
Sector (XLP)0.1%43.7%

Fundamental Drivers

The -30.1% change in FIZZ stock from 12/24/2022 to 12/23/2025 was primarily driven by a -48.5% change in the company's P/E Multiple.
1224202212232025Change
Stock Price ($)45.5531.85-30.08%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)1160.891199.533.33%
Net Income Margin (%)11.79%15.55%31.85%
P/E Multiple31.0615.99-48.53%
Shares Outstanding (Mil)93.3493.62-0.30%
Cumulative Contribution-30.08%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2023 to 12/23/2025
ReturnCorrelation
FIZZ-30.8% 
Market (SPY)48.4%8.0%
Sector (XLP)14.0%32.9%

Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
FIZZ Return77%13%3%7%-8%-24%53%
Peers Return203%20%12%12%-12%25%401%
S&P 500 Return16%27%-19%24%23%17%114%

Monthly Win Rates [3]
FIZZ Win Rate67%50%50%42%42%33% 
Peers Win Rate63%58%50%53%45%58% 
S&P 500 Win Rate58%75%42%67%75%73% 

Max Drawdowns [4]
FIZZ Max Drawdown-27%-7%-15%-9%-12%-24% 
Peers Max Drawdown-28%-11%-19%-15%-19%-13% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: PEP, KO, KDP, MNST, 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 12/23/2025 (YTD)

How Low Can It Go

Unique KeyEventFIZZS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-57.5%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven135.5%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-27.1%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven37.1%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven17 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-68.4%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven216.9%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven518 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-53.7%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven116.0%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven786 days1,480 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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The key risks to National Beverage (FIZZ) primarily revolve around intense market competition, challenges in maintaining volume growth, and the volatility of input costs.

  1. Intense Competition and Shifting Consumer Preferences: The beverage industry is highly competitive, featuring numerous players, including larger companies with substantially greater financial, marketing, and distribution resources. National Beverage's products compete with a wide array of beverages. Consumer preferences can change rapidly, and maintaining brand image and loyalty, particularly for its flagship LaCroix brand, is crucial for sustaining revenues and profits. Discounting and other actions by competitors could adversely affect the company's market share and profitability.
  2. Limited Volume Growth: Despite prioritizing profitability and margins, National Beverage has experienced challenges with volume growth, including recent declines in case volume. While the company has managed to offset some of these declines with higher selling prices and improved operating efficiencies, a sustained lack of volume growth could lead to gradual market share erosion over time, especially in an industry where larger competitors aggressively invest in marketing and distribution. The company's significant dependence on LaCroix means that changes in consumer trends or increased competition in premium sparkling water offerings could disproportionately impact its financial performance.
  3. Cost Volatility of Raw Materials and Energy: Fluctuations in the costs and availability of raw materials, such as aluminum for cans, and energy can significantly impact National Beverage's cost structure and, consequently, its financial results. Although the company has engaged in strategies like aluminum swap contracts to mitigate some of this risk, it remains exposed to market volatility and increasing packaging and ingredient costs.

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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:
  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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)

Latest Trefis Analyses

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Trade Ideas

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

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
BF-B_11302025_Dip_Buyer_ValueBuy11302025BF-BBrown-FormanDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-7.4%-7.4%-7.4%
CPB_11302025_Dip_Buyer_ValueBuy11302025CPBCampbell'sDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-9.2%-9.2%-9.2%
ENR_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11212025ENREnergizerDip BuyDB | 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		10.9%10.9%-5.3%
FLO_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11212025FLOFlowers FoodsDip BuyDB | 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		4.0%4.0%-1.6%
CLX_11142025_Dip_Buyer_FCFYield11142025CLXCloroxDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-6.0%-6.0%-6.0%
FIZZ_9302020_Dip_Buyer_FCFYield09302020FIZZNational BeverageDip BuyDB | 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%

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Peer Comparisons for National Beverage

Peers to compare with:

Financials

FIZZPEPKOKDPMNSTCELHMedian
NameNational.PepsiCo Coca-ColaKeurig D.Monster .Celsius  
Mkt Price31.85143.6869.8727.9077.6744.6157.24
Mkt Cap3.0196.7300.737.975.911.556.9
Rev LTM1,20092,36647,66316,1747,9752,12612,075
Op Inc LTM23712,19314,9143,4752,2583432,866
FCF LTM1576,7885,5701,5991,9455241,772
FCF 3Y Avg1606,6456,3841,3361,6422501,489
CFO LTM19111,7557,6032,1282,1805552,154
CFO 3Y Avg19011,9748,3351,8551,8882731,872

Growth & Margins

FIZZPEPKOKDPMNSTCELHMedian
NameNational.PepsiCo Coca-ColaKeurig D.Monster .Celsius  
Rev Chg LTM1.0%0.5%2.8%6.8%7.6%55.1%4.8%
Rev Chg 3Y Avg1.1%3.4%4.0%5.9%8.6%57.5%4.9%
Rev Chg Q-1.0%2.7%5.1%10.7%16.8%172.9%7.9%
QoQ Delta Rev Chg LTM-0.2%0.7%1.3%2.6%4.1%27.6%2.0%
Op Mgn LTM19.7%13.2%31.3%21.5%28.3%16.1%20.6%
Op Mgn 3Y Avg18.9%13.8%29.7%21.8%27.6%16.1%20.4%
QoQ Delta Op Mgn LTM0.1%-0.3%0.7%0.0%1.4%5.7%0.4%
CFO/Rev LTM16.0%12.7%16.0%13.2%27.3%26.1%16.0%
CFO/Rev 3Y Avg15.9%13.0%18.1%12.1%25.3%15.5%15.7%
FCF/Rev LTM13.1%7.3%11.7%9.9%24.4%24.6%12.4%
FCF/Rev 3Y Avg13.4%7.2%13.9%8.7%22.0%14.0%13.7%

Valuation

FIZZPEPKOKDPMNSTCELHMedian
NameNational.PepsiCo Coca-ColaKeurig D.Monster .Celsius  
Mkt Cap3.0196.7300.737.975.911.556.9
P/S2.52.16.32.39.55.43.9
P/EBIT12.619.517.213.433.4143.318.3
P/E16.027.223.124.043.9178.625.6
P/CFO15.616.739.517.834.820.719.3
Total Yield6.3%7.5%7.2%5.8%2.3%0.6%6.0%
Dividend Yield0.0%3.8%2.8%1.6%0.0%0.0%0.8%
FCF Yield 3Y Avg4.0%3.1%2.4%3.3%2.9%2.1%3.0%
D/E0.00.00.20.50.00.10.0
Net D/E-0.10.00.10.4-0.00.00.0

Returns

FIZZPEPKOKDPMNSTCELHMedian
NameNational.PepsiCo Coca-ColaKeurig D.Monster .Celsius  
1M Rtn-7.1%-0.9%-3.5%0.6%7.8%14.4%-0.1%
3M Rtn-14.2%2.2%5.5%6.2%20.5%-12.5%3.9%
6M Rtn-27.4%11.8%1.0%-15.5%22.2%-1.8%-0.4%
12M Rtn-28.2%-1.2%15.3%-10.9%49.8%66.8%7.0%
3Y Rtn-30.1%-13.0%19.8%-16.8%53.4%25.3%3.4%
1M Excs Rtn-11.7%-5.5%-8.2%-4.1%3.2%9.8%-4.8%
3M Excs Rtn-17.3%-2.0%1.8%3.1%15.5%-18.1%-0.1%
6M Excs Rtn-39.8%1.0%-11.6%-27.5%11.5%-15.3%-13.5%
12M Excs Rtn-48.4%-19.1%-2.6%-29.0%34.8%41.9%-10.9%
3Y Excs Rtn-107.0%-91.4%-57.5%-95.5%-25.2%-56.4%-74.5%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil2025202420232022
Development, production, marketing and sale of beverages1,192   
Single Segment 1,1731,1381,072
Total1,1921,1731,1381,072


Price Behavior

Price Behavior
Market Price$31.85 
Market Cap ($ Bil)3.0 
First Trading Date09/16/1991 
Distance from 52W High-33.2% 
   50 Days200 Days
DMA Price$34.08$40.71
DMA Trenddowndown
Distance from DMA-6.5%-21.8%
 3M1YR
Volatility28.2%26.6%
Downside Capture-23.7419.63
Upside Capture-91.65-16.12
Correlation (SPY)-6.5%4.8%
FIZZ Betas & Captures as of 11/30/2025

 1M2M3M6M1Y3Y
Beta0.07-0.33-0.110.280.050.27
Up Beta-0.00-0.150.110.980.450.44
Down Beta0.610.20-0.30-0.32-0.35-0.04
Up Capture21%-72%-55%-12%-12%5%
Bmk +ve Days12253873141426
Stock +ve Days11192553109364
Down Capture-13%-48%40%83%19%68%
Bmk -ve Days7162452107323
Stock -ve Days8223670137381

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
 Comparison of FIZZ With Other Asset Classes (Last 1Y)
 FIZZSector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return-30.5%-0.8%18.8%72.9%9.0%3.7%-11.4%
Annualized Volatility26.5%13.9%19.5%19.2%15.3%17.2%35.0%
Sharpe Ratio-1.40-0.290.762.720.360.05-0.14
Correlation With Other Assets 43.6%4.6%3.9%-14.7%30.2%10.0%

ETFs used for asset classes: Sector ETF = XLP, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
 Comparison of FIZZ With Other Asset Classes (Last 5Y)
 FIZZSector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return-2.5%5.6%14.8%18.9%11.8%4.7%35.5%
Annualized Volatility39.4%13.0%17.1%15.5%18.7%18.9%48.9%
Sharpe Ratio0.040.230.700.980.510.160.62
Correlation With Other Assets 28.7%18.7%3.2%-2.0%22.7%5.9%

ETFs used for asset classes: Sector ETF = XLP, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
 Comparison of FIZZ With Other Asset Classes (Last 10Y)
 FIZZSector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return6.4%7.2%14.8%15.1%6.8%5.4%69.1%
Annualized Volatility40.4%14.7%18.0%14.8%17.6%20.8%55.8%
Sharpe Ratio0.290.370.710.850.310.230.90
Correlation With Other Assets 30.5%24.2%-0.7%2.3%23.9%5.2%

ETFs used for asset classes: Sector ETF = XLP, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date11282025
Short Interest: Shares Quantity3,311,946
Short Interest: % Change Since 1115202547.7%
Average Daily Volume533,503
Days-to-Cover Short Interest6.21
Basic Shares Quantity93,623,000
Short % of Basic Shares3.5%

Returns Analyses

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
12/12/20250.2%-4.5% 
9/12/2025-1.4%-2.9%-7.6%
7/3/20254.0%-1.3%4.8%
3/7/20254.1%-1.8%3.3%
12/6/20244.2%0.8%-5.9%
9/6/2024-0.5%-1.2%-0.4%
6/27/20241.0%3.7%-4.1%
3/8/2024-2.5%-5.5%-3.8%
...
SUMMARY STATS   
# Positive12109
# Negative121415
Median Positive3.3%3.3%8.0%
Median Negative-1.4%-2.9%-3.9%
Max Positive6.1%11.0%17.9%
Max Negative-3.8%-11.0%-14.0%

SEC Filings

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Report DateFiling DateFiling
103120251211202510-Q 11/1/2025
7312025911202510-Q 8/2/2025
4302025702202510-K 5/3/2025
1312025306202510-Q 1/25/2025
103120241205202410-Q 10/26/2024
7312024905202410-Q 7/27/2024
4302024626202410-K 4/27/2024
1312024307202410-Q 1/27/2024
103120231207202310-Q 10/28/2023
7312023907202310-Q 7/29/2023
4302023628202310-K 4/29/2023
1312023309202310-Q 1/28/2023
103120221208202210-Q 10/29/2022
7312022908202210-Q 7/30/2022
4302022629202210-K 4/30/2022
1312022310202210-Q 1/29/2022

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0sheridan stanley michael 4172025Sell43.408,000347,2002,708,507Form
1sheridan stanley michael 1032025Sell42.496,100259,2132,991,918Form
2CONLEE CECIL D 12162024Sell47.012,736128,6192,526,505Form

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