One-glance verdict
Undervalued
$45.99 our estimate vs market $35.72
Wall Street consensus: $31.00 (-32.6% lower than our fair-value estimate)
22% below our estimate, below the bear case
Fundamentals snapshot
National Beverage Corp.
FIZZ · NMS · Consumer Defensive · Beverages - Non-Alcoholic
Current price
$35.72
52-week range
$28.97 - $38.21
Market cap
$3.34B
Balance sheet
Healthy
21.71x Strong cushion
Net cash $48.33M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
0 Risks
3 rewards · 0 risks
- Reward Revenue grew 0.0% last year.
- Reward Returns 40.1% on equity, ahead of 80% of its peers.
- Reward Free cash flow was positive in 10/10 years.
What this company does
National Beverage Corp.
National Beverage Corp. makes and sells drinks like LaCroix sparkling water, Shasta sodas, and Everfresh juices. Most of their money comes from selling these drinks to stores and other businesses. This matters because it shows how well they are doing at selling their products and making a profit.
How the company got here
National Beverage Corporation was founded in 1985 by Nick A. Caporella. It wasn't built around a single product but rather through acquiring established beverage brands. In its early years, the company grew by purchasing regional favorites like Shasta and Faygo, giving it a strong presence in the carbonated soft drink market. The 1990s saw further expansion with the acquisition of juice and flavored water brands, including LaCroix. The real turning point came in the 2010s when LaCroix became a massive success, capitalizing on the growing consumer interest in healthier beverage options and significantly boosting National Beverage's profile beyond its regional roots.
What it actually does
National Beverage Corp. develops, produces, markets, and sells a wide array of non-alcoholic beverages. Think of them as a company that makes many different kinds of drinks you can buy at the grocery store or a convenience shop. Their products range from sparkling waters and juices to energy drinks and traditional sodas. They focus on creating a diverse portfolio of flavored beverages, aiming to offer healthier refreshment options alongside classic favorites.
LaCroix Sparkling Water
This is National Beverage's flagship brand and a major growth engine for the company. LaCroix is a line of flavored sparkling waters, which are essentially carbonated (bubbly) water with natural fruit flavors. It appeals to consumers looking for healthier alternatives to sugary sodas, offering a zero-calorie, zero-sugar option. This segment represents a significant portion of the company's business, driven by the increasing popularity of sparkling water.
Carbonated Soft Drinks (Shasta & Faygo)
This segment includes some of National Beverage's oldest and most recognized brands, Shasta and Faygo. These are traditional carbonated soft drinks, or sodas, that have been around for many decades. While the company is increasingly focused on healthier options, these brands maintain a loyal following, particularly in regional markets and among consumers looking for value. They represent a smaller, but still important, part of the company's overall revenue compared to their newer, health-focused brands.
Juices and Juice-Based Beverages (Everfresh, Mr. Pure)
National Beverage also offers a range of 100% juices and juice-based drinks under brands like Everfresh and Mr. Pure. These products cater to consumers seeking natural fruit flavors and nutritional benefits. This part of the business provides a more traditional beverage option within the company's broader portfolio, complementing their sparkling water and energy drink offerings.
Energy Drinks (Rip It)
Under the Rip It brand, National Beverage competes in the energy drink market. These beverages are designed to provide a boost of energy, often containing caffeine and other stimulants. This segment targets consumers looking for an pick-me-up, and it represents a growing area for the company as it expands its portfolio of "Power+ Brands" geared towards active lifestyles.
What management is betting on now
National Beverage's strategy centers on innovation and catering to evolving consumer preferences, particularly the demand for healthier options. They are focusing on their "Power+ Brands," which include sparkling waters, energy drinks, and juices, aiming to capture market share in these growing categories. The company also emphasizes creative product design, unique packaging, and imaginative flavors to differentiate itself in the competitive beverage market. Management believes that by offering "better for you" thirst quenchers and maintaining a strong connection to their brands, they can continue to drive growth and appeal to health-conscious consumers.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q2
$35.68M
FY2025 Q3
$36.33M
FY2025 Q4
$44.61M
FY2026 Q1
$55.99M
FY2026 Q2
$19.91M
FY2026 Q3
$44.63M
FY2026 Q4
$35.58M
FY2027 Q1
$61.78M
Revenue
$330.66M
Net income
$47.00M
Diluted EPS
0.50
Operating cash flow
$64.85M
Free cash flow
$61.78M
Fetching…
Sources
Revenue
$297.12M
Net income
$40.32M
Diluted EPS
0.43
Operating cash flow
$45.53M
Free cash flow
$35.58M
Fetching…
Sources
Revenue
$264.59M
Net income
$41.21M
Diluted EPS
0.44
Operating cash flow
$50.92M
Free cash flow
$44.63M
Fetching…
Sources
Revenue
$288.33M
Net income
$46.36M
Diluted EPS
0.49
Operating cash flow
$25.71M
Free cash flow
$19.91M
Fetching…
Sources
Revenue
$330.51M
Net income
$55.76M
Diluted EPS
0.60
Operating cash flow
$59.09M
Free cash flow
$55.99M
Fetching…
Sources
Revenue
$313.63M
Net income
$44.76M
Diluted EPS
0.47
Operating cash flow
$60.08M
Free cash flow
$44.61M
Fetching…
Sources
Revenue
$267.05M
Net income
$39.64M
Diluted EPS
0.42
Operating cash flow
$46.53M
Free cash flow
$36.33M
Fetching…
Sources
Revenue
$291.20M
Net income
$45.64M
Diluted EPS
0.49
Operating cash flow
$42.59M
Free cash flow
$35.68M
Fetching…
Sources
Is it cheap or expensive?
Fair value $45.99 vs current price $35.72
Wall Street consensus is the average analyst price target: $31.00 (-32.6% lower than our fair-value estimate).
Our most-likely fair value is $45.99 a share — about 28.8% above today's price of $35.72, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $48.3M - more cash than debt. Interest coverage 21.7x.
Net debt
$-48.33M
Interest coverage
21.71x
National Beverage Corp.'s profit covers its interest bill about 21.7 times over. which is stronger than every peer shown here.
Healthy
Worse cushion
Baseline
Better cushion
FIZZ
BASELINE
National Beverage Corp.
Total debt $58.77M Interest coverage 21.71x This is the baseline the peer rows are being compared against.
Total debt — Interest coverage 7.14x -67% vs FIZZ Carries about 3.0x less debt cushion than FIZZ.
Total debt $674.85M Interest coverage 9.57x -56% vs FIZZ Carries about 2.3x less debt cushion than FIZZ.
What you should know
The case for and against FIZZ
3 Rewards
0 Risks
Rewards
-
Revenue grew 0.0% last year.
-
Returns 40.1% on equity, ahead of 80% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
19.20x
Forward P/E
18.27x
P/B
8.97x
P/S
2.83x
EV/EBITDA
13.80x
PEG ratio
4.03x
Profitability
How much profit each dollar creates
Gross margin
36.2%
Operating margin
17.7%
Net margin
14.8%
ROE
40.1%
ROA
20.6%
Health
Liquidity and balance-sheet strength
Debt / equity
0.16x
Current ratio
2.39x
Quick ratio
1.55x
Total debt
$58.77M
Total cash
$107.10M
Growth
How the business has been compounding
Revenue TTM
$1.18B
Revenue 5Y CAGR
0.9%
EPS TTM
1.86
EPS 5Y CAGR
8.8%
Cash flow
How much cash the business throws off
Operating CF TTM
$187.01M
Free CF TTM
$156.11M
FCF margin
13.2%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
2026-07-13