FIZZ
National Beverage Corp.Consumer Defensive·Beverages - Non-Alcoholic
$36.99
$3.5B market cap
Revenue
$1.2B
Free Cash Flow
$165.1M
Rev Growth
+0.0%
FCF Margin
13.8%
P/FCF
21.0x
EV/FCF
19.4x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
National Beverage Corp., through its subsidiaries, develops, produces, markets, and sells a portfolio of sparkling waters, juices, energy drinks, and carbonated soft drinks primarily in the United States and Canada. The company offers beverages to the active and health-conscious consumers, including sparkling waters, energy drinks, and juices under the LaCroix, LaCroix Cúrate, LaCroix NiCola, Clear Fruit, Rip It, Everfresh, Everfresh Premier Varietals, and Mr. Pure brands. It also offers carbon
2-Year Price History
$35.28-19.0%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q3 | 264.6 | 65.3 | 59.6 | 41.2 | 50.9 | 44.6 | -6.3 | 314.0 | 62.7 | 93.6 | 54.4% | -- | 11.0x |
| Act | 2026-Q2 | 288.3 | 63.6 | 58.1 | 46.4 | 25.7 | 19.9 | -5.8 | 269.3 | 66.2 | 93.7 | 56.0% | -- | -- |
| Act | 2026-Q1 | 330.5 | 76.2 | 70.8 | 55.8 | 59.1 | 56.0 | -3.1 | 249.8 | 69.9 | 93.7 | 78.7% | -- | -- |
| Act | 2025-Q4 | 313.6 | 63.0 | 57.5 | 44.8 | 60.1 | 44.6 | -15.5 | 193.8 | 72.1 | 93.7 | 79.7% | -- | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| TTM | 36.99 | 0.0% | 22.4% | 268 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$36.99
Market Cap$3.5B
Enterprise Value$3.2B
P/S Ratio2.9x
P/FCF21.0x
EV/FCF19.4x
FCF Margin (TTM)13.8%
FCF Yield4.8%
Dividend Yield (TTM)8.8%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$1.2B
Net Income$188.1M
Free Cash Flow$165.1M
Revenue Growth (YoY)+0.0%
EBITDA Margin22.4%
Net Margin15.7%
FCF Margin13.8%
CapEx % of Revenue2.6%
SBC % of Revenue0.0%
ROIC67.2%
WC Change % Rev-1.7%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares2.9M
Days to Cover13.8
Change (vs Prior)-1.9%
Need at least 2 settlement dates for chart
Employees
Headcount1,559
Revenue / Employee$767,839
Gross Profit / Employee$292,467
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
13.3%(-4.0% YoY)
220 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
10.8%(-1.4% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
0.1%(+0.0% YoY)
6 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $137M | $45.35 | +$4.8M | +$15.5M | -0.2% | $5.69T |
| RENAISSANCE TECHNOLOGIES LLC | $99.1M | $45.87 | −$7.7M | −$12.2M | +1.2% | $63.91B |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC | $78.7M | $37.84 | +$782K | −$8.5M | -0.8% | $34.05B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $54.0M | $33.65 | +$54.0M | +$54.0M | — | $1.91T |
| DIMENSIONAL FUND ADVISORS LPPassive | $53.3M | $40.72 | +$4.7M | +$9.3M | -0.4% | $480.92B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $35.2M | $33.65 | +$35.2M | +$35.2M | — | $4.04T |
| STATE STREET CORPPassive | $30.4M | $41.03 | −$6K | +$277K | -0.2% | $2.89T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $28.6M | $42.07 | +$3.2M | +$3.1M | +2.3% | $1.61T |
| TWO SIGMA INVESTMENTS, LP | $20.1M | $36.32 | +$12.8M | +$15.1M | -0.9% | $117.03B |
| GOLDMAN SACHS GROUP INC | $18.1M | $37.94 | +$9.9M | +$11.5M | -0.2% | $760.93B |
| MORGAN STANLEY | $17.2M | $42.60 | +$2.6M | +$5.6M | -0.3% | $1.65T |
| NORTHERN TRUST CORPPassive | $9.7M | $42.77 | +$395K | +$283K | -0.2% | $755.34B |
| NATIXIS ADVISORS, LLC | $8.8M | $38.96 | +$1.2M | −$2.8M | -0.1% | $70.60B |
| JONES FINANCIAL COMPANIES LLLP | $8.5M | $33.79 | +$8.5M | +$8.4M | -0.1% | $208.07B |
| BANK OF AMERICA CORP /DE/ | $8.2M | $44.51 | −$1.2M | +$386K | -0.1% | $1.36T |
| DENALI ADVISORS LLC | $8.0M | $41.05 | +$463K | +$2.5M | -0.2% | $900M |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $7.4M | $42.16 | +$225K | −$1.4M | +0.7% | $645.81B |
| TEACHER RETIREMENT SYSTEM OF TEXAS | $6.6M | $38.25 | +$830K | +$3.2M | +0.5% | $24.00B |
| Invesco Ltd. | $6.4M | $41.85 | −$23K | −$911K | -0.2% | $652.04B |
| ALGERT GLOBAL LLC | $6.0M | $41.93 | −$1.3M | +$2.5M | +0.1% | $6.63B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
+0.01%
avg per quarter
Holders (ex-self)
+0.01%
excl. this stock
Buyers (this Q)
-0.42%
126 buyers · $0.20B in
Sellers (this Q)
-0.05%
75 sellers · $0.05B out
alpha coverage: 88% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-13.4%
how holders react when this stock falls
On quiet Qs
-1.9%
−10% to +10% baseline
On rallies (+10%+)
+27.5%
how they react when this stock rises
Holders' portfolio flow this Q
+3.8%
inflows — adds are organic
Sellers' portfolio flow this Q
+1.7%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-4.8%
Holder mid (any stock)
-5.8%
Holder rally (any stock)
-5.6%
Biggest decreases this quarter
RENAISSANCE TECHNOLOGIES LLC−$7.7Mα+1.2PEAPACK GLADSTONE FINANCIAL CORPexited−$3.8MJACOBS LEVY EQUITY MANAGEMENT, INCexited−$2.7MTUDOR INVESTMENT CORP ET ALexited−$2.1MWELLS FARGO & COMPANY/MN−$1.6Mα-0.2ALGERT GLOBAL LLC−$1.3Mα+0.1BANK OF AMERICA CORP /DE/−$1.2Mα-0.1J.W. COLE ADVISORS, INC.exited−$692KLaurion Capital Management LPexited−$677KSHELTON CAPITAL MANAGEMENTexited−$609K
New buyers this quarter
Top-5 holders · 52.9%
BlackRock, Inc.--
RENAISSANCE TECHNOLOGIES LLC--
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC--
VANGUARD PORTFOLIO MANAGEMENT LLC--
DIMENSIONAL FUND ADVISORS LP--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC2.3MRENAISSANCE TECHNOLOGIES LLC2.9MMORGAN STANLEY510KNATIXIS ADVISORS, LLC260KTWO SIGMA INVESTMENTS, LP597KWELLS FARGO & COMPANY/MN161KGOLDMAN SACHS GROUP INC538KMILLENNIUM MANAGEMENT LLC67KCITADEL ADVISORS LLC151KCHARLES SCHWAB INVESTMENT MANAGEMENT INC219K
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$34.00-810.0%
Last Year (3 analysts)$36.33-180.0%
Current Price$36.99
Analyst Ratings
2
2
4
Buy: 2Hold: 2Sell: 4Consensus: Sell
Corporate
Order Flow (FINRA, ~3w lag)
19.7%retail+0.6pp
22.3%dark-2.4pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
National Beverage Corp.: The CEO's 1% Revenue Surcharge and Margin Engineering
Overall Risk
4/10
Fraud
3/10
Dilution
2/10
Insolvency
1/10
Earnings Overstated
5/10
Hidden Liabilities
2/10
Legal
4/10
Audit Warnings
2/10
Hidden Upside
6/10
Contextually Acceptable
6/10