National Beverage Corp key statistics and ratios

In fiscal 2026, National Beverage Corp had return on equity of 34.0%, an operating margin of 19.5%, debt equal to 0.0% of equity and a current ratio of 4.39. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

National Beverage Corp: financial ratios, annual
Fiscal year	2010May 2010	2011Apr 2011	2012Apr 2012	2013Apr 2013	2014May 2014	2015May 2015	2016Apr 2016	2017Apr 2017	2018Apr 2018	2019Apr 2019	2020May 2020	2021May 2021	2022Apr 2022	2023Apr 2023	2024Apr 2024	2025May 2025	2026May 2026	LTMAug 2026
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%
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%
Return on equity	23.2%	36.7%	43.6%	48.9%	49.4%	38.8%	34.6%	47.4%	51.9%	42.5%	33.2%	43.1%	53.2%	46.5%	37.9%	37.2%	34.0%	34.9%
Return on assets	—	22.3%	21.7%	21.7%	20.2%	21.0%	22.1%	32.5%	36.9%	30.9%	23.6%	28.9%	30.9%	27.3%	26.3%	25.9%	24.1%	24.4%
Asset turnover	—	3.28	3.10	3.07	2.97	2.74	2.55	2.51	2.40	2.23	1.82	1.78	2.22	2.25	1.77	1.67	1.55	1.65
Current ratio	—	1.41	1.92	2.06	2.22	2.53	2.96	3.08	3.37	3.31	3.25	2.48	1.89	2.54	3.89	2.90	4.39	2.39
Debt to equity	0.0%	0.0%	0.0%	71.1%	28.2%	6.8%	—	—	0.0%	0.0%	0.0%	0.0%	12.5%	0.0%	0.0%	0.0%	0.0%	0.0%
Effective tax rate	36.1%	34.9%	34.2%	33.4%	30.9%	34.0%	34.0%	34.3%	27.1%	23.4%	23.3%	23.7%	23.6%	23.7%	23.1%	23.6%	23.7%	23.7%
SG&A as % of revenue	24.5%	26.0%	23.2%	22.1%	23.9%	22.5%	21.1%	19.8%	19.2%	20.2%	20.4%	18.1%	18.4%	17.9%	17.6%	17.4%	17.5%	17.8%
Capital spending as % of revenue	1.4%	1.9%	1.6%	1.5%	1.9%	1.8%	1.7%	1.7%	3.3%	3.8%	2.4%	2.4%	2.5%	1.9%	2.5%	3.0%	2.1%	2.1%
Free cash flow ÷ net income	140.1%	107.8%	63.2%	65.2%	92.3%	94.1%	111.7%	93.7%	82.0%	71.8%	118.3%	96.7%	65.7%	98.3%	94.8%	91.2%	85.0%	92.6%
Dividends ÷ net income	189.6%	260.9%	—	251.8%	—	—	—	65.3%	46.7%	96.0%	0.0%	160.7%	176.6%	0.0%	0.0%	162.8%	0.0%	174.0%
Dividends and buybacks ÷ free cash flow	135.3%	242.1%	—	386.4%	—	—	—	69.7%	56.9%	133.8%	4.1%	166.1%	268.9%	0.0%	0.0%	178.5%	0.4%	187.9%

US$ thousands unless shown otherwise. Fiscal quarters.

National Beverage Corp: financial ratios, quarterly
Quarter	2025 Q2Oct 2024	2025 Q3Jan 2025	2025 Q4May 2025	2026 Q1Aug 2025	2026 Q2Nov 2025	2026 Q3Jan 2026	2026 Q4May 2026	2027 Q1Aug 2026
Gross margin	37.6%	37.1%	36.1%	38.0%	37.9%	37.6%	34.7%	35.0%
Operating margin	19.9%	18.9%	18.3%	21.4%	20.1%	19.3%	16.9%	17.7%
Net margin	15.7%	14.8%	14.3%	16.9%	16.1%	15.6%	13.6%	14.2%
Free-cash-flow margin	12.3%	13.6%	14.2%	16.9%	6.9%	16.9%	12.0%	18.7%
Current ratio	2.54	2.95	2.90	3.24	4.28	4.41	4.39	2.39
SG&A as % of revenue	17.7%	18.1%	17.8%	16.5%	17.7%	18.3%	17.8%	17.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: FIZZ vs WEST COCO vs FIZZ FIZZ vs SAM

More: Beverages stocks compared, Consumer Staples sector, rankings of US companies

Figures from National Beverage Corp's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to National Beverage Corp.