National Beverage Corp

Consumer Staples
Beverages (Production/Distribution)
www.nationalbeverage.com

Earnings Score
Moat Score

Market Cap $4.52B
PE 24
Debt $NaN
Cash $112.84M
EV $NaN
FCF $167.79M

Earnings

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Sales & Net Margins

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Earnings	$185.73M
EBIT	$241.12M
ROE	52%
ROA	43%
FCF	$167.79M
Equity	$360.14M
Growth Stability	85%
PE	24.33
PEG	4.3
PB	12.55
P/FCF	26.93
P/S	3.8
Price/Cash	0.02
Net Margins	17%
Gross Margins	37%
Op. Margins	20%
Earnings CAGR	10%
Sales Growth YoY	-3%
Sales Growth QoQ	-12%
Sales CAGR	10%
FCF CAGR	8%
Equity CAGR	9%
Earnings Stability	0.11
Earnings Growth YoY	4%
Earnings Growth QoQ	-20%

Earnings CAGR 5Y	6%
Sales CAGR 5Y	5%
FCF CAGR 5Y	-1%
Equity CAGR 5Y	-1%
Earnings CAGR 3Y	60%
Sales CAGR 3Y	60%
FCF CAGR 3Y	33%
Equity CAGR 3Y	28%
Market Cap	$4.52B
Revenue	$1.19B
Dividend Yield	7%
Payout Ratio	164%
Assets	$557.44M
Cash	$112.84M
Shares Outstanding	93.6M
Earnings Score	8%
Moat Score	97%
Working Capital	196.78M
Current Ratio	2.54
Gross Profit	$437.90M
Shares Growth 3y	0%
Equity Growth QoQ	17%
Equity Growth YoY	-23%

Assets & ROA

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Stockholders Equity & ROE

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National Beverage Corp is one of the top 10 non-alcoholic beverage companies in the U.S. Its portfolio skews toward functional drinks (that is those purporting to offer health benefits) and is anchored by the popular LaCroix sparkling water trademark. Other offerings include Rip It energy drinks, Everfresh juices, and soda brands like Shasta and Faygo. The firm controls most of its production and distribution apparatus, with very little outsourcing. In terms of go-to-market, it uses warehouse distribution for big-box retailers, direct-store-delivery for convenience stores and other small outlets, and food-service distributors for the food-service channel (schools, hospitals, restaurants). It is controlled by chairman and CEO Nick Caporella, who owns over 73% of the common stock.

SEC Filings

Direct access to National Beverage Corp (FIZZ) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Oct 26
- 10-Q Jul 27
- 10-K Apr 27
- 10-Q Jan 27
2023
- 10-Q Oct 28
- 10-Q Jul 29
- 10-K Apr 29
- 10-Q Jan 28
2022
- 10-Q Oct 29
- 10-Q Jul 30
- 10-K Apr 30
- 10-Q Jan 29

Sector Comparison

How does National Beverage Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of National Beverage Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 10%

Stability 11%

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National Beverage Corp Discounted Cash Flow

Fully customizable DCF calculator online for National Beverage Corp.

Years

Calculation mode

= $3B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$168M	$182M	$197M	$214M	$232M	$252M	$273M	$297M	$322M	$349M	$379M	$3.8B
DCF		$165M	$163M	$161M	$159M	$157M	$154M	$152M	$150M	$148M	$146M	$1.5B
Value	$3B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	05/2015	04/2016	04/2017	04/2018	04/2019	05/2020	04/2021	12/2021	04/2022	04/2023	04/2024	TTM
Net Margins	8%	9%	13%	15%	14%	13%	16%	-	14%	12%	15%	17%
ROA	-	30%	46%	45%	41%	26%	41%	-	44%	33%	30%	43%
ROE	-	30%	44%	45%	42%	29%	49%	-	66%	38%	32%	52%

Good Net Margins (16.5%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	05/2015	04/2016	04/2017	04/2018	04/2019	05/2020	04/2021	12/2021	04/2022	04/2023	04/2024	TTM
Debt over FCF	-	-	-	-	-	-	0	-	0.29	0	-	-
Debt over Equity	0.07	-	-	-	-	-	0	-	0.13	0	-	-
Growth Stability	-	-	-	100%	100%	98%	100%	-	100%	85%	100%	85%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Neutral Debt/Equity ratio (-)

The company has a balance between equity and debt that is not too good nor too bad.

Neutral Graham’s Stability (85%)

The company has a stability in its earnings that is not too good nor too bad.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	05/2015	04/2016	04/2017	04/2018	04/2019	05/2020	04/2021	12/2021	04/2022	04/2023	04/2024	CAGR 5Y
Revenue YoY growth	-	9%	17%	18%	4%	-1%	7%	-	-	3%	2%	5%
Earnings YoY growth	-	24%	76%	40%	-6%	-8%	34%	-	-	-10%	24%	6%
Equity YoY growth	-	39%	19%	35%	0%	36%	-21%	-	-	56%	50%	-1%
FCF YoY growth	-	44%	50%	22%	-18%	52%	10%	-	-	34%	20%	-1%