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National Beverage Corp (FIZZ) stock

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NASDAQ: FIZZ Nasdaq Beverages Next results ~December 10, 2026

B Fundamentals grade

National Beverage Corp is a US-listed company in the beverages industry. Its financial year ends in April.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$30

Cash-flow model

Base case. Range ~$23–$40 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 22% above our base value.

Price used: $36.56, November 2, 2026

National Beverage Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 0 selling1 purchase and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds146 adding, 97 cuttingOf 38 active managers that changed their stake, 23 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter National Beverage files

Where National Beverage stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $1.18bn, down 1.8% on a year earlier, about the same pace as a quarter earlier. That puts it 8 of 9 for growth among the beverages companies we cover. Free-cash-flow margin held at 13.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $30.03 a share, against a share price of $35.62. At that price, our model says the market is pricing in about 5.4% a year of cash-flow growth for five years, faster than the 0.7% a year revenue growth it has delivered.

Source: 10-Q filed September 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 10, 2026 (estimated)

National Beverage Corp's trailing-twelve-month revenue fell 1.8% year on year, with a free-cash-flow margin of 13.7%. Where it stands out: stock pay as % of revenue of 0.0% ranks 1 of 23 beverages companies we cover.

Our discounted-cash-flow model values the business at ~$30 per share in the base case (~$23–$40 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well short of expectations: Reported earnings per share missed the analysts' consensus estimate by 16% in the quarter to 2026-07-31.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in National Beverage Corp's latest figures clears our strength thresholds.

Things to watch

  • Revenue shrinking. Revenue fell 1.8% over the last 12 months.
  • Heavily shorted. 18.0% of the shares available to trade are sold short (9.7 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 4 of the last four quarters.

Latest results: FY2027 Q1

Filed September 10, 2026
Earnings per share
$0.50 against an average estimate of $0.59: missed by 15.5%
Revenue
$331m, up 0.0% on a year earlier
Share reaction
+2.9% in the first session after the results on September 11, 2026, against +0.4% for the S&P 500
Next report
December 10, 2026; average EPS estimate $0.45

National Beverage's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.6%
  • 1 week+2.1%
  • 1 month+20.6%
  • This year+26.8%
  • 1 year+18.0%
  • 5 years-25.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.2B
Operating margin
18.4%
Net margin
14.8%
EPS (TTM, diluted)
$1.87

Growth

Revenue growth
−1.8%
Change in growth rate
−0.1 pts
Share count change
−0.0%

Cash

Free cash flow (TTM)
$162M
FCF margin
13.7%
Stock pay % of revenue
0.0%

Earnings

Last results
September 11, 2026
Next results (est.)
December 11, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Shareholder vote
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

National Beverage Corp valuation models and calculator

What the price is pricing in

The share price implies about 5.2% a year of cash-flow growth for five years.That is close to the 0.7% a year revenue growth National Beverage has delivered.

  • Priced in5.2%
  • Last 12 months-1.8%
  • 3 years a year0.0%
  • 5 years a year0.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($35.41, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$30
Price used
$35.41close November 3, 2026
Implied change
▼ 15%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of National Beverage Corp's free cash flow after stock-based pay with after-tax interest added back ($161M, FY2027 Q1 TTM), growing 3.2% and 1.9% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$23–~$40 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of National Beverage Corp's free cash flow after stock-based pay ( $161M, FY2027 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value National Beverage Corp as an operating company, with every model that fits that kind of business. Cost of equity 7.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.49 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$30 ~$23–$40 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$42 ~$40–$52 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$40 ~$33–$53 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$36 ~$30–$42 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare National Beverage Corp with Beverages in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▼ −4%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $26$35$47$62$82$109
8.5% $20$27$35$46$61$79
10% $17$22$28$37$48$62

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$16.16$31.51$32.44$21.46$18.68$38.60$37.18$41.93$36.75$38.95$30.83$36.56
Market value$1.5bn$2.9bn$3m$2m$2m$3.6bn$3.5bn$3.9bn$3.4bn$3.6bn$2.9bn$3.4bn
+ Net debt (− = net cash)−$106m−$136m−$190m−$156m−$305m−$194m−$18m−$158m−$327m−$194m−$350m−$107m
Enterprise value$1.4bn$2.8bn−$187m−$154m−$303m$3.4bn$3.5bn$3.8bn$3.1bn$3.5bn$2.5bn$3.3bn
Multiples
Price / sales 2.1x3.6x0.0x0.0x0.0x3.4x3.1x3.3x2.9x3.0x2.4x2.9x
Price / earnings 24.6x27.5x0.0x0.0x0.0x20.8x22.0x27.6x19.5x19.5x15.7x19.6x
Price / free cash flow 22.1x29.4x0.0x0.0x0.0x21.5x33.4x28.1x20.5x21.4x18.5x21.2x
EV / EBITDA ——n/mn/mn/m13.9x15.3x18.2x13.0x13.5x10.0x13.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

82 /100

Strong moat

How hard National Beverage's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 36.5% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 37.1%, moving by 1.8 percentage points (standard deviation) across 10 years.

  • Durability 15 / 20

    Operating margin has been a median 18.4%; its worst year was 16.1%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 10 of 10 years, at a median 13.6% of revenue.

  • Discipline 17 / 20

    The diluted share count rose 0.2% over five years; stock-based pay has been a median 0.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 10, 2026, after the close. Analysts expect revenue of $309m and EPS of $0.45 (range $0.45 to $0.45) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.82 −7% $1.2bn +4%
Next $1.96 +7% $1.2bn +1%

Next year's EPS estimate has moved −4.8% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −6.3% on 90 days ago. In the last 30 days, 0 analysts raised National Beverage Corp's forecast and 1 cut it.

Consensus EPS forecast National Beverage Corp, last 90 days
$1.80 $1.90 $2.00 $2.10 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.95 Current fiscal year, 60 days ago: $1.95 Current fiscal year, 30 days ago: $1.82 Current fiscal year, 7 days ago: $1.82 Current fiscal year, Now: $1.82 $1.82 Next fiscal year, 90 days ago: $2.05 Next fiscal year, 60 days ago: $2.05 Next fiscal year, 30 days ago: $1.96 Next fiscal year, 7 days ago: $1.96 Next fiscal year, Now: $1.96 $1.96

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.95$2.05
60 days ago $1.95$2.05
30 days ago $1.82$1.96
7 days ago $1.82$1.96
Now $1.82$1.96

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.59 $0.50 −15.5%
Apr 2026 $0.47 $0.43 −8.6%
Jan 2026 $0.44 $0.44 −0.8%
Oct 2025 $0.51 $0.49 −4.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 11, 2026

No numeric guidance in National Beverage Corp's latest earnings release (filed September 11, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows National Beverage Corp's revenue by +3.2% next year and +1.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.6%, weight 45%) and the company's own record (+2.0%, weight 55%) . How the weights are set.

Analyst recommendations

1 analysts, Nov 2026
Buy00%
Hold00%
Sell1100%

Monthly trend

  1. Nov 202611
  2. Oct 202611

Counts of recommendations published by analysts covering National Beverage Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
18.0%
of tradable shares
Days to cover
9.72
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
27%
of shares
Held by insiders
74.6%
of shares
Employees
1,677
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +18.0%

$30.98 on October 31, 2025 to $36.56

ThenNowEffect
Revenue (last 12 months) $1.2bn $1.2bn −1.8%
Net margin 15.5% 14.8% −4.1%
P/E multiple 15.6x 19.6x +25.3%
Share count 94m 94m 0.0%

Biggest factor: p/e multiple.

Last 3 years −11.6%

$41.37 on November 3, 2023 to $36.56

ThenNowEffect
Revenue (last 12 months) $1.2bn $1.2bn +0.1%
Net margin 13.3% 14.8% +11.7%
P/E multiple 24.8x 19.6x −21.0%
Share count 94m 94m −0.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FIZZ+13%+3%+7%−8%−25%+27%
Industry peers (median)+11%−6%−4%−13%−37%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FIZZ50%50%42%42%33%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FIZZ−53%−33%−19%−20%−33%−18%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 70% from September 11, 2017 to March 23, 2020. Getting back needed a 229% gain, reached on January 26, 2021, 309 days after the low.

Price behaviour

52-week range
$28.02 – $37.07
From 52-week high
−1.4%
vs 50-day average
+13.1%
vs 200-day average
+15.4%
Volatility (1 year)
30%
Beta vs S&P 500
-0.18

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±3.8%
After a week
4 up, 8 down
typical move ±5.2%
After a month
6 up, 6 down
typical move ±5.6%
Results releasedNext dayS&P 500 next day5 days21 days
September 11, 2026 +2.9% +0.4% +2.2% +4.0%
July 2, 2026 +4.3% +0.7% +9.1% +12.5%
March 13, 2026 +1.5% +0.4% −0.5% 0.0%
December 12, 2025 −3.0% −1.2% −7.6% −4.2%
September 12, 2025 −4.3% +0.5% −5.7% −10.3%
July 3, 2025 +4.0% 0.0% −1.3% +4.8%
March 7, 2025 +3.0% −2.1% −2.9% +2.2%
December 6, 2024 −2.6% −0.3% −5.8% −12.1%
September 6, 2024 −0.1% −0.6% −0.8% 0.0%
June 27, 2024 +16.1% −0.2% +19.3% +10.3%
March 8, 2024 −3.7% −0.7% −6.7% −4.9%
December 8, 2023 +0.2% +0.8% +0.3% +2.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How National Beverage Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

National Beverage Corp in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) National Beverage Corp
$1.2B $1.2B $1.2B $1.2B $1.2B FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $1.2B Revenue (TTM), FY24 Q3: $1.2B Revenue (TTM), FY24 Q4: $1.2B Revenue (TTM), FY25 Q1: $1.2B Revenue (TTM), FY25 Q2: $1.2B Revenue (TTM), FY25 Q3: $1.2B Revenue (TTM), FY25 Q4: $1.2B Revenue (TTM), FY26 Q1: $1.2B Revenue (TTM), FY26 Q2: $1.2B Revenue (TTM), FY26 Q3: $1.2B Revenue (TTM), FY26 Q4: $1.2B Revenue (TTM), FY27 Q1: $1.2B $1.2B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $1.2B
FY24 Q3 $1.2B
FY24 Q4 $1.2B
FY25 Q1 $1.2B
FY25 Q2 $1.2B
FY25 Q3 $1.2B
FY25 Q4 $1.2B
FY26 Q1 $1.2B
FY26 Q2 $1.2B
FY26 Q3 $1.2B
FY26 Q4 $1.2B
FY27 Q1 $1.2B
Revenue growth, TTM YoY National Beverage Corp
-2% -1% 0% 1% 2% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: 1.6% Revenue growth, TTM YoY, FY24 Q3: 0.9% Revenue growth, TTM YoY, FY24 Q4: 1.6% Revenue growth, TTM YoY, FY25 Q1: 1.5% Revenue growth, TTM YoY, FY25 Q2: 0.7% Revenue growth, TTM YoY, FY25 Q3: 0.3% Revenue growth, TTM YoY, FY25 Q4: 0.8% Revenue growth, TTM YoY, FY26 Q1: 0.5% Revenue growth, TTM YoY, FY26 Q2: 1.0% Revenue growth, TTM YoY, FY26 Q3: 1.0% Revenue growth, TTM YoY, FY26 Q4: -1.7% Revenue growth, TTM YoY, FY27 Q1: -1.8% -1.8%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 1.6%
FY24 Q3 0.9%
FY24 Q4 1.6%
FY25 Q1 1.5%
FY25 Q2 0.7%
FY25 Q3 0.3%
FY25 Q4 0.8%
FY26 Q1 0.5%
FY26 Q2 1.0%
FY26 Q3 1.0%
FY26 Q4 -1.7%
FY27 Q1 -1.8%
Operating margin (TTM) National Beverage Corp
17.5% 18% 18.5% 19% 19.5% 20% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Operating margin (TTM), FY24 Q2: 17.9% Operating margin (TTM), FY24 Q3: 18.2% Operating margin (TTM), FY24 Q4: 18.3% Operating margin (TTM), FY25 Q1: 18.8% Operating margin (TTM), FY25 Q2: 19.2% Operating margin (TTM), FY25 Q3: 19.5% Operating margin (TTM), FY25 Q4: 19.6% Operating margin (TTM), FY26 Q1: 19.7% Operating margin (TTM), FY26 Q2: 19.7% Operating margin (TTM), FY26 Q3: 19.8% Operating margin (TTM), FY26 Q4: 19.5% Operating margin (TTM), FY27 Q1: 18.4% 18.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 17.9%
FY24 Q3 18.2%
FY24 Q4 18.3%
FY25 Q1 18.8%
FY25 Q2 19.2%
FY25 Q3 19.5%
FY25 Q4 19.6%
FY26 Q1 19.7%
FY26 Q2 19.7%
FY26 Q3 19.8%
FY26 Q4 19.5%
FY27 Q1 18.4%
FCF margin (TTM) National Beverage Corp
13% 13.5% 14% 14.5% 15% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 FCF margin (TTM), FY24 Q2: 13.1% FCF margin (TTM), FY24 Q3: 13.4% FCF margin (TTM), FY24 Q4: 14.1% FCF margin (TTM), FY25 Q1: 13.1% FCF margin (TTM), FY25 Q2: 14.1% FCF margin (TTM), FY25 Q3: 14.8% FCF margin (TTM), FY25 Q4: 14.2% FCF margin (TTM), FY26 Q1: 14.4% FCF margin (TTM), FY26 Q2: 13.1% FCF margin (TTM), FY26 Q3: 13.8% FCF margin (TTM), FY26 Q4: 13.2% FCF margin (TTM), FY27 Q1: 13.7% 13.7%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 13.1%
FY24 Q3 13.4%
FY24 Q4 14.1%
FY25 Q1 13.1%
FY25 Q2 14.1%
FY25 Q3 14.8%
FY25 Q4 14.2%
FY26 Q1 14.4%
FY26 Q2 13.1%
FY26 Q3 13.8%
FY26 Q4 13.2%
FY27 Q1 13.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar National Beverage took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $1.2B
  2. Other income $10.5M · 0.9%
  3. Cost of revenue $743M · 63.0%
  4. Gross profit $437M · 37.0%
  5. Selling, general and admin $207M · 17.5%
  6. Operating income $230M · 19.5%
  7. Income tax $56.9M · 4.8%
  8. Net income $184M · 15.6%

Shares of revenue. Source: National Beverage's 10-K for FY2026, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 May 2010 2011 Apr 2011 2012 Apr 2012 2013 Apr 2013 2014 May 2014 2015 May 2015 2016 Apr 2016 2017 Apr 2017 2018 Apr 2018 2019 Apr 2019 2020 May 2020 2021 May 2021 2022 Apr 2022 2023 Apr 2023 2024 Apr 2024 2025 May 2025 2026 May 2026 LTM Aug 2026
Income
Revenue 593 600 629 662 641 646 705 827 976 1,014 1,000 1,072 1,138 1,173 1,192 1,201 1,181 1,181
Gross profit 197 219 213 217 218 219 241 326 391 384 370 422 418 397 428 444 437 428
EBITDA — — — — — — — — 217 195 183 246 226 207 239 256 253 241
Operating income — — — — — — — — 204 180 166 228 208 187 219 235 230 218
Net income 33 41 44 47 44 49 61 107 150 141 130 174 159 142 177 187 184 175
Diluted EPS $0.35 $0.44 $0.47 $0.51 $0.46 $0.53 $0.66 $1.15 $1.59 $1.50 $1.39 $1.86 $1.69 $1.52 $1.89 $1.99 $1.96 $1.87
Growth (year on year)
Revenue — +1.1% +4.8% +5.3% −3.2% +0.7% +9.1% +17.3% +18.0% +3.9% −1.4% +7.2% +6.1% +3.1% +1.6% +0.8% −1.7% −1.8%
EBITDA — — — — — — — — — −10.1% −6.3% +34.4% −7.9% −8.7% +15.5% +7.4% −1.4% −6.3%
Operating income — — — — — — — — — −11.9% −7.9% +37.5% −8.8% −10.2% +17.0% +7.8% −2.3% −8.0%
Net income — +24.0% +7.9% +6.7% −7.0% +13.0% +24.1% +74.9% +39.9% −6.0% −7.7% +34.0% −9.0% −10.3% +24.3% +5.7% −1.7% −5.9%
Diluted EPS — +23.9% +8.0% +6.3% −8.9% +14.1% +24.8% +74.8% +39.3% −6.0% −7.3% +33.8% −9.1% −10.1% +24.3% +5.3% −1.5% −5.8%
Margins
Gross margin 33.2% 36.4% 33.9% 32.8% 33.9% 33.9% 34.3% 39.4% 40.1% 37.9% 37.0% 39.3% 36.7% 33.8% 36.0% 37.0% 37.0% 36.2%
EBITDA margin — — — — — — — — 22.3% 19.3% 18.3% 22.9% 19.9% 17.6% 20.0% 21.3% 21.4% 20.4%
Operating margin — — — — — — — — 20.9% 17.7% 16.6% 21.2% 18.3% 15.9% 18.3% 19.6% 19.5% 18.4%
Net margin 5.5% 6.8% 7.0% 7.1% 6.8% 7.6% 8.7% 12.9% 15.3% 13.9% 13.0% 16.2% 13.9% 12.1% 14.8% 15.6% 15.6% 14.8%
Free-cash-flow margin 7.8% 7.3% 4.4% 4.6% 6.3% 7.2% 9.7% 12.1% 12.6% 10.0% 15.4% 15.7% 9.1% 11.9% 14.1% 14.2% 13.2% 13.7%
Cash flow
Cash from operations 54 55 38 40 52 58 80 114 155 139 178 194 133 162 198 207 181 187
Capital spending 8 11 10 10 12 12 12 14 32 38 24 25 29 22 30 36 25 25
Free cash flow 46 44 28 31 40 46 68 100 123 101 154 168 104 140 168 170 156 162
Stock-based pay 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0
Free cash flow after stock pay 46 43 28 30 40 46 68 100 123 101 154 168 103 139 167 170 156 162
Balance sheet
Cash 69 7 36 18 30 52 106 136 190 156 305 194 48 158 327 194 350 107
Total debt 0 0 0 50 30 10 — — 0 0 0 0 30 0 0 0 0 0
Net debt (negative = net cash) −69 −7 −36 32 0 −42 −106 −136 −190 −156 −305 −194 −18 −158 −327 −194 −350 −107
Diluted shares 93m 93m 93m 93m 93m 93m 93m 94m — — — 94m 94m 94m 94m 94m 94m 94m
Returned to shareholders
Dividends 62 106 — 118 — — — 70 70 135 0 280 280 0 0 304 0 304
Buybacks — — — — — — — — 0 0 6 0 0 — 0 0 1 —
Total returned 62 106 — 118 — — — 70 70 135 6 280 280 0 0 304 1 304

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · August 1, 2026
What it owns · $582m
Short-term assets $328mLonger-term assets $255m
What it owes, and who funded it · $582m
Short-term liabilities $137mLonger-term liabilities $78mShareholders' equity $368m
  • Short-term assets cover short-term liabilities $328m of assets due within a year against $137m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $328m short-term assets against $78m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From National Beverage Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$304M
Returned to shareholders
188%
of free cash flow
Buybacks, last 3 fiscal years
$673,000
Diluted share count
−0.0%
year over year
Total shareholder yield
8.9%
dividends 8.9% + buybacks 0.0% of market value
Dividend payout ratio
174%
of net income paid out
Sales & admin spending
17.8%
of revenue
Days sales outstanding
33 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in beverages
Last 12 months unless stated FIZZ WEST COCO SAM SNDL MGPI Median
Revenue, last 12 months $1.2bn $1.3bn $768m $1.9bn $678m $487m $723m
Revenue growth, last 12 months −1.8% 38.6% 26.0% −3.7% 0.8% −15.9% 6.6%
Revenue growth, 3-year average 0.0% 13.8% 17.0% −2.6% — −15.7% 4.3%
Revenue growth, latest quarter 0.0% 8.8% 33.7% −3.2% — −9.9% 6.4%
Gross margin 36.2% 12.5% 41.0% 49.1% 27.3% 34.7% 42.6%
Operating margin 18.4% −1.2% 19.9% −5.1% −0.7% −57.2% −0.9%
Operating margin, 3-year average 19.0% −3.7% 15.9% 2.1% — −11.8% 11.9%
Net margin 14.8% −4.9% 15.7% −3.8% −1.7% −51.4% −1.6%
Cash from operations / revenue 15.8% 1.9% 19.3% 12.3% 7.5% 4.2% 9.9%
Free-cash-flow margin 13.7% −1.2% 18.8% 9.7% 6.1% 0.1% 9.0%
Free-cash-flow margin, 3-year average 13.7% −15.8% 14.0% 9.7% — 5.5% 8.8%
Stock pay / revenue 0.0% 0.7% 1.8% 1.2% 1.5% 1.1% 1.2%
Change in share count −0.0% 4.1% 1.2% −6.6% −2.3% −0.2% 0.0%

Median of all 26 companies we cover in beverages. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

26 beverages companies
Measure Company Peer median Rank
Revenue growth Growth -1.8% 6.9% 18 of 26
Change in growth rate Growth -0.1pp +0.6pp 15 of 26
Gross margin Profitability 36.2% 44.2% 16 of 26
Operating margin Profitability 18.4% -0.7% 6 of 26
Net margin Profitability 14.8% -1.5% 5 of 26
Free-cash-flow margin Cash generation 13.7% 9.6% 8 of 24
Stock pay as % of revenue Cash generation 0.0% 1.2% 1 of 23
Change in share count Balance sheet -0.0% 0.0% 8 of 19
Days sales outstanding Balance sheet 33 days 33 days 11 of 21

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$769M
Institutions reporting
256
Shares held vs prior quarter
▲ 3.7%
Positions opened / closed
44 / 31

Top buyers and sellers, Q2 2026: 146 institutions bought and 97 sold ; the biggest buyer was Blackrock, Inc (+184K shares) and the biggest seller Kayne Anderson Rudnick Investment Management LLC (−301K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $133M 4.3M 17.3% ▲ 4.5%
Renaissance Technologies LLC $88.6M 2.8M 11.5% ▼ 3.6%
Kayne Anderson Rudnick Investment Management LLC $63.6M 2.0M 8.3% ▼ 12.9%
Dimensional Fund Advisors LP $51.2M 1.6M 6.7% ▲ 3.6%
Vanguard Portfolio Management LLC $49.1M 1.6M 6.4% ▼ 2.0%
Vanguard Capital Management LLC $32.8M 1.1M 4.3% ▲ 0.7%
State Street Corp $30.3M 972K 3.9% ▲ 7.7%
Geode Capital Management, LLC $28.3M 907K 3.7% ▲ 6.9%
Two Sigma Investments, LP $20.7M 664K 2.7% ▲ 11.3%
Morgan Stanley $16.2M 519K 2.1% ▲ 1.8%
Goldman Sachs Group Inc $15.6M 499K 2.0% ▼ 7.3%
Northern Trust Corp $9.4M 301K 1.2% ▲ 5.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not National Beverage Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $7,945 1 trade by 1 insider, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $7,945 net buying
Insider Date Trade Shares Price Value
Waldman Glenn J. Director July 20, 2026 Buy 250 $31.78 $7,945

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

No trades in National Beverage Corp disclosed in the last 12 months; 2 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded June 17, 2025, filed August 13, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded June 11, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 11, 2026 estimated from the company's past filing pattern, not announced

  • September 11, 2026
  • July 2, 2026
  • March 13, 2026
  • December 12, 2025
  • September 12, 2025
  • July 3, 2025

Recent SEC filings

Data status

When each part of this page on National Beverage Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

National Beverage Corp in brief

What does National Beverage Corp do?
National Beverage Corp is a US-listed company in the beverages industry. Its financial year ends in April.
What is National Beverage Corp's stock ticker?
National Beverage Corp trades under the ticker FIZZ on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is National Beverage Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, National Beverage Corp reported revenue of $1.2B, 1.8% lower than a year earlier, according to its SEC filings.
What is National Beverage Corp's free cash flow?
National Beverage Corp's free-cash-flow margin is 13.7% of revenue over the trailing twelve months, ranking 8 of the 24 beverages companies we cover.
What is National Beverage Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of National Beverage Corp's free cash flow after stock-based pay gives ~$30 per share in the base case, and ~$23–$40 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are National Beverage Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Renaissance Technologies LLC and Kayne Anderson Rudnick Investment Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is National Beverage Corp's market cap?
On November 2, 2026, National Beverage Corp's market capitalisation was about $3.4B, with a price-to-earnings ratio of 19.6 and net debt of -$107M. Market figures come from third-party market data and may be delayed.
Does National Beverage Corp pay a dividend?
Yes: National Beverage Corp paid $304M in dividends over the trailing twelve months, a dividend yield of 8.89% and a payout ratio of 174.0%.
Who are National Beverage Corp's competitors?
In our Beverages peer group, the companies closest to National Beverage Corp are Westrock Coffee Co, Vita Coco Company, Inc., Boston Beer Co Inc, Sndl Inc. and MGP Ingredients Inc. The side-by-side comparison below sets their revenue, margins and growth against National Beverage Corp's.
Are insiders buying or selling National Beverage Corp stock?
Over the last 12 months, National Beverage Corp's directors and officers reported 1 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is National Beverage Corp's next earnings date?
Around December 10, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — National Beverage Corp announces its own schedule.