One-glance verdict
Undervalued
$37.04 our estimate vs market $30.30
Wall Street consensus: $31.00 (-16.3% lower than our fair-value estimate)
18% below our estimate, below the bear case
Fundamentals snapshot
National Beverage Corp.
FIZZ · NMS · Consumer Defensive · Beverages - Non-Alcoholic
Current price
$30.30
52-week range
$28.97 - $38.21
Market cap
$2.84B
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 is the company that makes the popular LaCroix sparkling water, along with other well-known drinks like Shasta and Faygo sodas. The company earns money whenever shoppers buy its drinks at grocery and convenience stores, so its financial health depends on its brands remaining popular choices.
How the company got here
National Beverage Corp. was created in 1985 by Nick Caporella, not to sell drinks at first, but as a clever move to prevent a hostile takeover of another company he was running. To build the new company, he quickly bought two well-known, long-standing beverage brands: Shasta and Faygo. Over the years, it grew by acquiring other regional drink makers, including the company that owned LaCroix sparkling water in the 1990s. While it started with a focus on traditional sodas, the company later shifted its strategy to focus on its own brands, especially as LaCroix's popularity exploded in the 2010s, turning it into the company's most important and fastest-growing product.
What it actually does
National Beverage makes and sells a wide variety of non-alcoholic drinks that you would find in supermarkets, convenience stores, and vending machines. Its products include flavored sparkling waters, traditional carbonated soft drinks (sodas), fruit juices, and energy drinks. The company owns several well-known brands, such as the very popular LaCroix sparkling water, the classic sodas Shasta and Faygo, and Rip It energy drinks. It primarily operates in the United States, selling to both big national retailers and smaller local stores.
Power+ Brands
This is the company's most important group of products, focused on drinks for health-conscious and active consumers. The star of this group is LaCroix, a brand of sparkling water with many different fruit flavors that has become extremely popular because it has no calories, sweeteners, or sodium. This segment also includes Rip It energy drinks, Clear Fruit flavored non-carbonated water, and juice brands like Everfresh and Mr. Pure. LaCroix is the company's strategic flagship and its biggest growth driver, making this segment the core of the business.
Carbonated Soft Drinks
This part of the business includes the company's classic, iconic soda brands: Shasta and Faygo. These brands have been around for over a century and have loyal customers, particularly in certain regions of the country; Faygo, for example, is especially popular in the Midwest. They offer a huge variety of flavors, much more than typical cola brands, which is a key part of their strategy. While not the main focus for growth compared to the Power+ Brands, these sodas provide a steady and significant source of sales for the company.
What management is betting on now
The company's main focus is on growing its 'Power+ Brands,' especially LaCroix, to meet the rising consumer demand for healthier drink options. They are constantly creating new and unique flavors to keep customers excited and attract new ones, like the recently announced PineApple CocoNut LaCroix. Management is also navigating challenges like rising costs for ingredients and aluminum cans, which can squeeze their profit margins (the amount of profit they make from each sale). Their strategy involves a combination of price increases and a disciplined focus on running their operations efficiently to protect their profitability.
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 $37.04 vs current price $30.30
Wall Street consensus is the average analyst price target: $31.00 (-16.3% lower than our fair-value estimate).
Our most-likely fair value is $37.04 a share — about 22.2% above today's price of $30.30, 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)
16.29x
Forward P/E
15.50x
P/B
7.61x
P/S
2.40x
EV/EBITDA
11.29x
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
—
Payout ratio
0.0%
Last ex-div date
2026-07-13