At a glance
National Beverage Corp is worth $3.21B, about 18 times its fiscal 2026 earnings. Revenue fell 1.7% to $1.18B in fiscal 2026, with 15.6% kept as profit; over 5 years it has grown 1.9% a year. It pays no dividend; it spent $673K buying back its shares over FY2022–FY2026. The stock returned +12.1% over the past year with dividends reinvested and −5.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 19.5% in the 2020 crash (S&P 500: 33.7%) and 33.1% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
National Beverage Corp. makes and markets drinks, mainly in the United States. Its flagship product is LaCroix sparkling water, which the company calls its most significant brand. LaCroix belongs to a group of drinks for health-conscious shoppers that the company calls Power+ Brands. The group also includes Clear Fruit flavored still water, Rip It energy drinks, and Everfresh and Mr. Pure juices. To a lesser extent, the company makes long-running sodas such as Shasta and Faygo.
It makes money by producing these drinks itself and supplying them to retailers. The company runs twelve production plants near major cities across the continental US. It also makes much of its own flavors and concentrates instead of relying on outside bottlers, an approach called vertical integration. Sales flow through three main channels. The first is grocery, club, big-box, drug, dollar and online stores, mostly supplied through the retailers' own warehouses. The second is convenience stores and gas stations. The third is food-service distributors that serve schools, hospitals, hotels and military bases.
Revenue was about $1.18 billion in the fiscal year ended May 2, 2026. The company kept about 15.6 cents of each sales dollar as net profit. Its annual report does not break revenue out by brand, channel or region, so investors cannot see how much comes from LaCroix.
Price history
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FIZZ +12.1% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q1 FY2027 (ended Aug 1, 2026), revenue was $330.7M, up 0% from a year earlier, and net income was $47.0M (-15.7%).
- For fiscal 2026, revenue was $1.18B (-1.7% year over year; +1.9% a year from FY2021 to FY2026) with a 15.6% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +1.9% watch |
|---|---|
| Operating margin | 19.5% good |
| Free cash flow margin | 13.2% good |
| Return on equity (FY2026) | 28.9% good |
| Return on assets (FY2026) | 21.6% good |
| Cash and investments | $107.1M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.07B | $174.1M | $168.5M |
| FY2022 | $1.14B | $158.5M | $104.1M |
| FY2023 | $1.17B | $142.2M | $139.7M |
| FY2024 | $1.19B | $176.7M | $167.6M |
| FY2025 | $1.20B | $186.8M | $170.4M |
| FY2026 | $1.18B | $183.6M | $156.1M |
Valuation snapshot
| Market value | $3.21B |
|---|---|
| P/E ratio | 17.5 |
| Dividend yield | 9.48% |
Rank among 1514 US companies
Market value at each year end
National Beverage’s market value went from $2.38B at the end of 2016 to $3.21B on Oct 28, 2026, up 35%; since the end of 2025 it is up 7%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.21B | +7.4% |
| 2025 | $2.99B | -25.2% |
| 2024 | $3.99B | -14.0% |
| 2023 | $4.64B | +6.9% |
| 2022 | $4.34B | +2.7% |
| 2021 | $4.23B | +6.8% |
| 2020 | $3.96B | +66.7% |
| 2019 | $2.38B | -29.0% |
| 2018 | $3.35B | -26.3% |
| 2017 | $4.54B | +90.9% |
| 2016 | $2.38B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FIZZ price data to Oct 28, 2026 | +18.7% | +12.1% | -3.5% | -5.1% | +7.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +18.7% |
| 2025 | -25.3% |
| 2024 | -7.9% |
| 2023 | +6.9% |
| 2022 | +2.6% |
| 2021 | +13.4% |
| 2020 | +77.0% |
| 2019 | -28.9% |
| 2018 | -23.9% |
| 2017 | +93.8% |
| 2016 | +15.7% |
| 2015 | +100.9% |
| 2014 | +12.2% |
| 2013 | +38.2% |
| 2012 | +6.3% |
| 2011 | +22.3% |
| 2010 | +22.8% |
| 2009 | +54.0% |
| 2008 | +11.9% |
| 2007 | -26.2% |
| 2006 | +50.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 22.1% over that stretch · deepest drop along the way 31.1%, back to its old high 5.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 17.4% over that stretch · deepest drop along the way 19.5%, back to its old high 0.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 10.6% over that stretch · deepest drop along the way 33.1%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (1 read): 1 open-market purchases ($8K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 20, 2026 | Glenn J. Waldman Director | buy | $8K |
Who owns it
ETFs with the most weight in FIZZ
| ZIG Acquirers Fund | 4.12% |
| PSCC Invesco S&P SmallCap Consumer Staples ETF | 2.63% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.25% |
| FSCS First Trust SMID Capital Strength ETF | 1.11% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 0.69% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.62% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.59% |
| SIXL ETC 6 Meridian Low Beta Equity ETF | 0.45% |
What could go wrong
- Heavy reliance on LaCroix and changing tastes. LaCroix is the company's most significant brand. Bad publicity or quality claims, even false ones, could drive shoppers away. Missing shifts in health concerns or tastes could also hurt sales.
- Far larger rivals with deeper pockets. The company competes with the 'cola giants' and other drink makers that have much more money for marketing and distribution. Price cuts by these rivals could make it harder to hold onto sales and profits.
- Big retailers hold pricing power. Store chains have merged over many years, leaving fewer customers with more bargaining power. That can limit price increases. Fast growth in online and value stores also forces the company to keep adapting.
- Volatile costs for cans, ingredients and fuel. Aluminum, plastic resin, corn, cardboard, carbon dioxide, juice and fuel all face price swings, supply disruptions and tariffs. The company may not be able to pass on higher costs without losing sales.
- Soda taxes, dye bans and food-aid limits. Governments are weighing more soda taxes. Proposals to phase out synthetic dyes and drop many sweetened products from SNAP food stamps could raise costs or cut demand. The company does not expect them to affect LaCroix.
- Weather, drought and water limits. Cold or rainy weather can cut demand for its drinks. Long droughts could bring limits on water use and slow production. Climate change may make such events more frequent or severe.
Recent events
- Shareholder vote results
- Quarterly results released
- Quarterly results released; Other company announcement
- Quarterly results released
- Quarterly results released
- Other company announcement
For income and retirement investors
National Beverage has not paid a dividend every year. It paid about $2.99 per share in fiscal 2021 and 2022, nothing in fiscal 2023 or 2024, $3.25 in fiscal 2025 and nothing in fiscal 2026. In each year it paid, the total was more than that year's earnings. In fiscal 2025, dividends of $304 million topped net income of $187 million and free cash flow (cash left after running and investing in the business) of $170 million. Buybacks were tiny, at $673,000 over fiscal 2022–2026. For income investors, that means occasional large payouts rather than a predictable paycheck.
The share price has swung sharply. It fell 31.1% in the 2008 financial crisis and recovered in about five months. It dropped 19.5% in the 2020 COVID crash and recovered within weeks. After a 33.1% slide in 2022, it had not regained that peak as of October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
Does National Beverage (FIZZ) pay a dividend every year?
No. The company paid about $2.99 per share in fiscal 2021 and again in fiscal 2022. It paid nothing in fiscal 2023 or 2024, $3.25 in fiscal 2025, and nothing in fiscal 2026, the year ended May 2, 2026. Its trailing dividend yield, which divides past payments by the share price, was 9.48% as of October 28, 2026. Because the company has skipped whole years, that figure is a poor guide to future income.
How does National Beverage make money?
It makes drinks in its own plants and supplies them to retailers, mainly in the United States. LaCroix sparkling water is its most significant brand. Others include Clear Fruit flavored water, Rip It energy drinks, Everfresh and Mr. Pure juices, and Shasta and Faygo sodas. Twelve production plants supply grocery, club, big-box, drug, dollar and online stores, plus convenience stores and food-service distributors. Revenue was about $1.18 billion in the fiscal year ended May 2, 2026, with net income of $184 million.
Is National Beverage still growing?
Only slowly. Revenue grew about 1.9% a year over the five years to fiscal 2026, reaching $1.18 billion. It then fell 1.7% in fiscal 2026 itself, and so did net income. In the quarter ended August 1, 2026, revenue was flat from a year earlier and net income fell 15.7%. As of October 28, 2026, the shares traded at 17.5 times fiscal 2026 earnings. That measure is called the price-to-earnings (P/E) ratio.
Does National Beverage have any debt?
It appears to have none. Its financial filings show no borrowings, and as of August 1, 2026, the company held about $107 million in cash and investments. Shareholders' equity (assets minus liabilities) was $368 million against total assets of $582 million. Having no debt gives a company more room to get through a bad stretch. National Beverage has also handed back large sums in some years, paying $584 million in dividends over fiscal 2022 to 2026.
How has National Beverage stock performed over the long run?
It depends on the period. As of October 28, 2026, the share price was up 109% over ten years, about 7.6% a year. Over five years it fell about 5.1% a year, and over three years about 3.5% a year, including a 25.3% drop in calendar 2025. It was up 12.1% over the past year. At its worst, the stock has fallen 69.6% from a peak. These are price changes only. Dividends paid in some years would add to a holder's return.