olivLaw · US equity research
National Beverage Corp. FIZZ
Bottled & Canned Soft Drinks & Carbonated Waters · SIC 2086 · Vertical: Bottled & Canned Soft Drinks & Carbonated Waters (SIC 2086)
National Beverage Corp. (FIZZ) makes and distributes in the United States sparkling waters, energy drinks, juices and, to a lesser extent, carbonated soft drinks, best known for its LaCroix brand. In fiscal 2026 net sales were 1180.6 million USD, while in the first quarter of fiscal 2027 cost pressures and lower volumes cut gross margin to 35.0%.
At the close of 04 Nov 2026, National Beverage Corp. (FIZZ) stock was 37.65 USD (+4.29% on the day), with market capitalisation 3.5 bn USD, P/E 20.2 on diluted EPS of 1.86 USD over the last 12 months, dividend yield 8.63%, beta 0.03, 52-week range 29.20–37.73 USD. Latest reported quarter (Q1 2027): revenue of 330.7 m USD (+0.0% YoY), net income of 47.0 m USD (−15.7% YoY), diluted EPS 0.50 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 68.2
- strong (55–70)
- Bollinger (20, 2)
- 30.97 – 38.31
- in the upper half of the band · %B 0.91 · band width 21.2%
- SMA 50 / 200
- 32.48 / 33.73
- mixed trend
- MACD (12, 26, 9)
- 1.29 / 1.13
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +26.2% | −1.1% | +27.3 pp | — |
| 3 months | +16.9% | −0.5% | +17.3 pp | — |
| 6 months | +7.7% | +4.4% | +3.3 pp | — |
| Year to date | +18.1% | +12.3% | +5.7 pp | — |
| 1 year | +13.1% | +13.5% | −0.4 pp | +25.3% |
| 3 years | −23.2% | +76.4% | −99.6 pp | +37.5% |
| 5 years | −39.5% | +63.7% | −103.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 01 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 291.2 m | 267.1 m | 313.6 m | 330.5 m | 288.3 m | 264.6 m | 297.1 m | 330.7 m |
| Cost of revenue | 181.9 m | 168.1 m | 200.4 m | 205.1 m | 179.1 m | 165.0 m | 194.1 m | 214.9 m |
| Gross profit | 109.4 m | 99.0 m | 113.2 m | 125.5 m | 109.2 m | 99.6 m | 103.0 m | 115.8 m |
| SG&A | 51.5 m | 48.4 m | 55.7 m | 54.7 m | 51.1 m | 48.5 m | 52.9 m | 57.3 m |
| Operating income | 57.9 m | 50.6 m | 57.5 m | 70.8 m | 58.0 m | 51.1 m | 50.1 m | 58.5 m |
| Depreciation & amortisation | 5.1 m ≈ | 4.8 m ≈ | 5.5 m | 5.4 m | 5.6 m ≈ | 5.6 m ≈ | 6.1 m | 6.3 m |
| Pre-tax income | 59.6 m | 52.0 m | 59.1 m | 73.0 m | 60.7 m | 53.9 m | 52.9 m | 61.7 m |
| Income tax | 14.0 m | 12.3 m | 14.4 m | 17.3 m | 14.3 m | 12.7 m | 12.6 m | 14.7 m |
| Net income | 45.6 m | 39.6 m | 44.8 m | 55.8 m | 46.4 m | 41.2 m | 40.3 m | 47.0 m |
| Diluted EPS | 0.49 | 0.42 | 0.48 ≈ | 0.60 | 0.49 | 0.44 | 0.43 ≈ | 0.50 |
| Operating cash flow | 42.6 m ≈ | 46.5 m ≈ | 60.1 m | 59.1 m | 25.7 m ≈ | 50.9 m ≈ | 45.5 m | 64.9 m |
| Capex | 6.9 m ≈ | 10.2 m ≈ | 15.5 m | 3.1 m | 5.8 m ≈ | 6.3 m ≈ | 9.9 m | 3.1 m |
| Dividends paid | 0 ≈ | 0 ≈ | 0 | 0 | 0 ≈ | 0 ≈ | 0 | 304.2 m |
| Share repurchases | — | 0 ≈ | 0 | — | — | 0 ≈ | 0 | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 80 percentile of its own 40-quarter history (min 0.1, median 1.3, max 26.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.0 bn | 1.0 bn | 1.1 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn |
| Revenue YoY | +3.9% | −1.4% | +7.2% | +6.1% | +3.1% | +1.6% | +0.8% | −1.7% |
| Net income | 140.9 m | 130.0 m | 174.1 m | 158.5 m | 142.2 m | 176.7 m | 186.8 m | 183.6 m |
| Net income YoY | −6.0% | −7.7% | +34.0% | −9.0% | −10.3% | +24.3% | +5.7% | −1.7% |
| Diluted EPS | 1.50 | 1.39 | 1.86 | 1.69 | 1.52 | 1.89 | 1.99 | 1.96 |
| Diluted EPS YoY | −53.0% | −7.3% | +33.8% | −9.1% | −10.1% | +24.3% | +5.3% | −1.5% |
| net % | 13.9% | 13.0% | 16.2% | 13.9% | 12.1% | 14.8% | 15.6% | 15.6% |
| Free cash flow | 101.1 m | 153.8 m | 168.5 m | 104.1 m | 139.7 m | 167.6 m | 170.4 m | 156.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 02 May 2026
- Cash
- 349.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 635.7 m USD
- Total assets
- 851.6 m USD
- Debt / equity
- unavailable
- Current ratio
- 4.39x
- ROE
- 34.0%
- ROA
- 24.1%
- FCF margin
- 13.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 01 Jul 2026verified |
| Cost of revenue | 650.6 m | 720.2 m | 776.1 m | 763.2 m | 757.4 m | 743.3 m | SEC (XBRL)· 01 Jul 2026verified |
| Gross profit | 421.6 m | 417.8 m | 396.8 m | 428.5 m | 443.9 m | 437.3 m | SEC (XBRL)· 01 Jul 2026verified |
| SG&A | 193.8 m | 209.9 m | 210.1 m | 209.9 m | 208.5 m | 207.2 m | SEC (XBRL)· 01 Jul 2026verified |
| Operating income | 227.8 m | 207.9 m | 186.7 m | 218.5 m | 235.5 m | 230.1 m | SEC (XBRL)· 01 Jul 2026verified |
| Depreciation & amortisation | 18.1 m | 18.5 m | 20.0 m | 20.2 m | 20.8 m | 22.7 m | SEC (XBRL)· 01 Jul 2026verified |
| EBITDA | 245.9 m ≈ | 226.4 m ≈ | 206.7 m ≈ | 238.7 m ≈ | 256.3 m ≈ | 252.8 m ≈ | SEC (XBRL)· 01 Jul 2026derived |
| Pre-tax income | 228.1 m | 207.6 m | 186.4 m | 229.8 m | 244.6 m | 240.6 m | SEC (XBRL)· 01 Jul 2026verified |
| Income tax | 54.0 m | 49.1 m | 44.3 m | 53.1 m | 57.7 m | 56.9 m | SEC (XBRL)· 01 Jul 2026verified |
| Net income | 174.1 m | 158.5 m | 142.2 m | 176.7 m | 186.8 m | 183.6 m | SEC (XBRL)· 01 Jul 2026verified |
| Diluted EPS | 1.86 | 1.69 | 1.52 | 1.89 | 1.99 | 1.96 | SEC (XBRL)· 01 Jul 2026verified |
| Weighted average diluted shares | 93.6 m | 93.6 m | 93.6 m | 93.6 m | 93.7 m | 93.7 m | SEC (XBRL)· 01 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 193.6 m | 48.1 m | 158.1 m | 327.0 m | 193.8 m | 349.5 m | SEC (XBRL)· 01 Jul 2026verified |
| Receivables | 86.4 m | 93.6 m | 104.9 m | 102.8 m | 104.2 m | 104.3 m | SEC (XBRL)· 01 Jul 2026verified |
| Inventories | 71.5 m | 103.3 m | 93.6 m | 84.6 m | 85.1 m | 95.5 m | SEC (XBRL)· 01 Jul 2026verified |
| Current assets | 364.9 m | 274.5 m | 366.4 m | 536.9 m | 406.9 m | 593.1 m | SEC (XBRL)· 01 Jul 2026verified |
| Property, plant & equipment, net | 131.0 m | 144.3 m | 148.4 m | 159.7 m | 175.6 m | 182.2 m | SEC (XBRL)· 01 Jul 2026verified |
| Goodwill | 13.1 m | 13.1 m | 13.1 m | 13.1 m | 13.1 m | 13.1 m | SEC (XBRL)· 01 Jul 2026verified |
| Intangibles (excl. goodwill) | 1.6 m | 1.6 m | 1.6 m | 1.6 m | 1.6 m | 1.6 m | SEC (XBRL)· 01 Jul 2026verified |
| Total assets | 557.2 m | 467.8 m | 574.3 m | 770.2 m | 672.9 m | 851.6 m | SEC (XBRL)· 01 Jul 2026verified |
| Accounts payable | 88.8 m | 95.3 m | 85.1 m | 78.3 m | 82.4 m | 87.4 m | SEC (XBRL)· 01 Jul 2026verified |
| Long-term debt | 0 | 30.0 m | 0 | — | — | — | SEC (XBRL)· 28 Jun 2023verified |
| Current liabilities | 147.2 m | 145.3 m | 144.3 m | 137.9 m | 140.5 m | 135.2 m | SEC (XBRL)· 01 Jul 2026verified |
| Total liabilities | 201.2 m | 228.4 m | 201.9 m | 210.6 m | 228.9 m | 215.9 m | SEC (XBRL)· 01 Jul 2026verified |
| Equity | 356.0 m † | 239.4 m † | 372.5 m † | 559.5 m † | 444.0 m † | 635.7 m † | SEC (XBRL)· 01 Jul 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 193.8 m | 133.1 m | 161.7 m | 197.9 m | 206.7 m | 181.3 m | SEC (XBRL)· 01 Jul 2026verified |
| Capex | 25.3 m | 29.0 m | 22.0 m | 30.3 m | 36.3 m | 25.1 m | SEC (XBRL)· 01 Jul 2026verified |
| Free cash flow | 168.5 m ≈ | 104.1 m ≈ | 139.7 m ≈ | 167.6 m ≈ | 170.4 m ≈ | 156.1 m ≈ | SEC (XBRL)· 01 Jul 2026derived |
| Investing cash flow | -25.3 m | -29.0 m | -22.0 m | -30.2 m | -36.3 m | -25.1 m | SEC (XBRL)· 01 Jul 2026verified |
| Financing cash flow | -279.4 m | -249.7 m | -29.7 m | 1.3 m | -303.6 m | -422.0 k | SEC (XBRL)· 01 Jul 2026verified |
| Dividends paid | 279.9 m | 280.0 m | 0 | 0 | 304.1 m | 0 | SEC (XBRL)· 01 Jul 2026verified |
| Share repurchases | 0 | 0 | — | 0 | 0 | 673.0 k | SEC (XBRL)· 01 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.5 bn USD
Key indicators
Coverage and freshness
Score by group
63% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 14.8% | 88 (vs peers) | 10% |
| FCF conversion · Quality | 92.6% | 89 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 0.2% | 2 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | 8.8% | 59 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 20.2x | 44 (on a fixed band) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.6% | 57 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 8.7% | 100 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 187.9% | 0 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth30/100 · 2/2 factors with a value
- Quality88/100 · 2/3 factors with a value
- Returns60/100 · 2/2 factors with a value
- Valuation50/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
National Beverage Corp. (FIZZ). Latest full fiscal year: 2026; data up to 2026-08-01.
Figures computed from the financial statements: revenue 1.2 bn USD in 2026; YoY growth -1.7%; net margin 14.8%; ROE 40.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 14.8%
- FCF conversion: 92.6%
- Current ratio: 2.4x
- Shareholder yield (distributions): 8.7%
What contradicts it
- Revenue CAGR 3Y: 0.2%
- Payout ratio (FCF): 187.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Bottled & Canned Soft Drinks & Carbonated Waters (SIC 2086) · same industry (4-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MNSTMonster Beverage Corp | 47.8 bn | 22.4 | 25.7% | 23.1% | +10.7% | +30% / +77% |
| CELHCelsius Holdings, Inc. | 7.8 bn | 104.3 | 10.5% | 4.2% | +85.5% | −25% / −38% |
| FIZZNational Beverage Corp. | 3.5 bn | 20.2 | 40.1% | 14.8% | −1.7% | +13% / −23% |
| COKECoca-Cola Consolidated, Inc. | 1.5 bn | 2.5 | 90.0% | 7.5% | +4.8% | +25% / +178% |
| REEDReed's, Inc. | 12.0 m | — | -14,800.0% | -63.5% | −10.2% | −80% / −92% |
| CCEPCOCA-COLA EUROPACIFIC PARTNERS plc | — | — | 23.8% | 9.3% | +2.3% | +26% / +91% |
| KOFCoca Cola Femsa Sab De Cv | — | 82.6 | — | — | +18.2% | +33% / +38% |
| ZVIAZevia PBC | — | — | -18.0% | -4.8% | +4.0% | −55% / −44% |
| FMXMexican Economic Development, Inc. | — | — | 12.0% | 5.1% | −9.9% | +36% / +3% |
| AKO-AAndina Bottling Co Inc | — | — | 25.2% | 8.0% | +3.7% | +18% / +105% |
1- and 3-year price returns: for FIZZ from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 21.39 Total return -43% · Per year -43% | 37.89 Total return 1% · Per year 1% | 57.18 Total return 52% · Per year 52% |
| 3 years | 19.01 Total return -50% · Per year -20% | 38.05 Total return 1% · Per year 0% | 63.30 Total return 68% · Per year 19% |
| 5 years | 16.89 Total return -55% · Per year -15% | 38.22 Total return 2% · Per year 0% | 70.08 Total return 86% · Per year 13% |
- Exit P/E± 9.51
- Net margin± 6.66
- Annual revenue growth± 5.70
- Annual dilution± 0.56
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
National Beverage Corp. (FIZZ) makes and distributes in the United States sparkling waters, energy drinks, juices and, to a lesser extent, carbonated soft drinks, best known for its LaCroix brand. In fiscal 2026 net sales were 1180.6 million USD, while in the first quarter of fiscal 2027 cost pressures and lower volumes cut gross margin to 35.0%.
SWOT
Strengths
- The LaCroix brand holds a leading position in the premium US sparkling water category and enjoys solid consumer recognition.
- Vertical integration of production and control of its own formulas allow uniform quality and quick reaction to market changes.
- The balance sheet is solid, with no borrowings outstanding, and the company has paid numerous special dividends to shareholders over time.
Weaknesses
- The company depends heavily on the US market, and expansion abroad is still limited.
- Margins are sensitive to aluminum and packaging prices, which can affect profitability in periods of volatility.
- Volumes have fallen in several product categories, showing the difficulty of offsetting price increases with demand.
Opportunities
- Expanding distribution to other regions, which the company says it is pursuing, could open new revenue sources.
- The shift toward healthier, zero-sugar drinks can support demand for Zero Sugar variants and sparkling water.
- Flavor and packaging innovation, such as new LaCroix flavors, could attract new buyers and increase occasional consumption.
Threats
- Competition from large beverage companies with greater resources could limit the ability to hold prices and volumes.
- Trade tariffs and regulation on sweeteners or dyes could raise costs or reduce demand for some products.
- Consolidation of large retail chains gives customers bargaining power, which can limit price increases.
Risks
- Raw material and energy costshigh
Aluminum, packaging, fuel and transport are subject to price volatility. If these costs rise and the company cannot pass them on to customers, margins could decline.
- Decline in sales volumeshigh
Weak consumer confidence and higher prices have led to lower volumes. If this trend continues, revenue could be affected over the longer term.
- Beverage regulationmedium
Taxes on sweetened beverages and proposals to phase out synthetic dyes or remove sweetened products from food assistance programs could raise costs or reduce demand.
- Dependence on large retail customersmedium
Consolidation of retail chains gives them bargaining power and can limit the company's ability to raise prices. E-commerce and value stores are growing quickly, which shifts sales channels.
- Cybersecuritylow
The company depends on information systems and third-party cloud providers. Security incidents or outages could affect operations and financial reporting.
Investment thesis
What would need to be true (bull case)
- The LaCroix brand and the solid balance sheet give the company a stable base, and if volumes recover, margins could return toward earlier levels.
- Consumer interest in healthier drinks and continued flavor innovation can support growth in the premium sparkling water category.
- The special dividend policy shows the company's ability to generate cash, which can give flexibility for investment and for shareholders.
What would break the thesis
- Volumes have declined in recent periods and margins were hit by aluminum costs, which could continue if pressures persist.
- Competition from much larger companies with superior financial resources could limit the ability to raise prices.
- Dependence on the US market and on trade tariffs can make revenue sensitive to policy changes and consumer confidence.
What to watch
- Trend in gross margin and aluminum costsQ2 2027
- Recovery of sales volumes after price increasesQ2 2027
- Effect of tariffs and pricing actions on costs2027
- Capital expenditure plan and efficiency of production facilitiesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
National Beverage Corp. presents itself as a beverage company aimed at active and health-conscious consumers, with a portfolio of sparkling waters, juices, energy drinks and carbonated soft drinks. The company is incorporated in Delaware and has traded on NASDAQ since 1991. Its primary market is the United States, where it sells through its own distribution and through distributor networks. According to its annual report, LaCroix is its most important brand and the leader in the premium domestic sparkling water category.
The company's production model is vertically integrated: it procures raw materials, crafts its own flavors and concentrates, and produces finished beverages at twelve facilities located near major US metropolitan markets. The company says this control allows more effective quality management and quick response to market changes. Distribution runs through three channels, take-home, convenience and food-service, and marketing relies mainly on social media, regional promotion and in-store initiatives.
In September 2026 the company reported a special dividend of 3.25 USD per share paid in July 2026, its thirteenth such dividend, and said it has distributed over 1.8 billion USD to shareholders in total. For fiscal 2027 management expects capital expenditures to be comparable to fiscal 2026, when they were 25.1 million USD.
Segments
LaCroix sparkling water
LaCroix is the company's main brand and a pillar of the premium US sparkling water category, with zero calories, zero sweeteners and zero sodium. The company keeps launching new flavors, such as PineApple CocoNut, which supports consumer interest in the category.
Rip It energy drinks and juices
The Power+ portfolio also includes Rip It energy drinks, with zero-sugar variants, as well as the Everfresh, Everfresh Premier Varietals and Mr. Pure juice lines and Clear Fruit non-carbonated water. These products target consumers looking for healthier alternatives to very sweet beverages.
Shasta and Faygo carbonated soft drinks
Shasta and Faygo are long-established brands with more than a century of history and a loyal regional customer base. According to the company they make up a smaller part of sales, and their volumes have fallen along with the rest of the portfolio.
Market context
The US non-alcoholic beverage market is highly competitive, and consumers increasingly look for options with less sugar and more flavor variety. The company says the shift toward healthier consumption favors it, although in fiscal 2026 and the first quarter of fiscal 2027 volumes declined, partly due to weak consumer confidence and tariffs.
Input costs, especially for aluminum, packaging and transport, rose significantly and pressured margins across the industry. Average selling price per case rose 7.1% in the first quarter of fiscal 2027, but this increase did not offset the decline in volumes.
Trends
- Shift to healthier consumptiontailwind
Consumers are moving toward drinks with less sugar and fewer calories, and the company builds its portfolio on this trend through LaCroix, Clear Fruit and its Zero Sugar variants. If the trend holds, it could support demand for its Power+ products.
- Rising aluminum and packaging costsheadwind
Prices of aluminum, packaging and fuel have risen, which reduced gross margin in the first quarter of fiscal 2027. If these costs stay high, the company's margins could remain below historical levels.
- Tariffs and trade policyheadwind
Import tariffs have affected raw material costs, and the company has chosen to absorb part of these increases at the request of the administration. Their longer-term effect depends on how trade policy evolves.
- Innovation in flavors and packagingmixed
New flavor launches and package design are used to stimulate demand and occasional consumption. The company sees innovation as a differentiator, but its success depends on consumer reception.
Competitive position
The company operates in an industry dominated by giants such as The Coca-Cola Company, PepsiCo, Keurig Dr. Pepper and Nestlé S.A., which have far greater financial and distribution resources. According to the annual report, competition centers on price, promotions, merchandising, product innovation and packaging.
The company says it can adapt faster than large competitors burdened by complex and costly production and distribution structures. It also compares itself with private label producers and regional brands, but the source materials do not give an exact market share.
- The Coca-Cola CompanyKO
The world's largest soft drink maker, described by the company as dominant in the industry with superior financial resources.
- PepsiCoPEP
Large beverage and snack producer, cited in the annual report as one of the competitors dominating the beverage category.
- Keurig Dr. PepperKDP
Non-alcoholic beverage company with a broad portfolio, named among the larger and better-funded competitors.
- Nestlé S.A.
International food group with beverage operations, cited by the company among competitors with greater resources.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Why National Beverage Stock Dropped, Then PoppedYahoo Finance — News · 11 Sept 2026 · EN
- Chelsea îl transferă pe Maxence Lacroix de la Crystal Palace, pentru aproape 60 de milioane de euroMediafax · 30 Jul 2026 · RO
- PERSONALITATEA ZILEI: Creatorul de modă Christian LacroixAgerpres · 16 May 2026 · RO
The latest news item in our archive is from 11 Sept 2026; the newest SEC filing is from 05 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report05 Oct 2026Shareholder vote
- Current report11 Sept 2026Results of operations · Financial statements and exhibits
- Quarterly report10 Sept 2026
- Proxy statement28 Aug 2026
- Current report02 Jul 2026Results of operations · Other events · Financial statements and exhibits
- Annual report01 Jul 2026
- Current report13 Mar 2026Results of operations · Financial statements and exhibits
- Quarterly report12 Mar 2026
- Current report12 Dec 2025Results of operations · Financial statements and exhibits
- Quarterly report11 Dec 2025
Sources
- [1] Form 10-K, fiscal year ended 2026-05-02 · SEC / National Beverage Corp. · 01 Jul 2026
- [2] Form 10-Q, quarter ended 2026-08-01 · SEC / National Beverage Corp. · 10 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / National Beverage Corp. · 11 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.