# National Beverage Corp. (FIZZ)

> Source: Nexqual · https://nexqual.com/FIZZ · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, National Beverage Corp. (FIZZ), nexqual.com/FIZZ" · informational, not investment advice.

**Price:** USD 37.07 (+6.43% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 34.83 · day 35.31–37.2 · 52w 28.97–38.21 · market cap $3.47B · NMS

## Key facts
- Last four reported quarters (through Aug 1, 2026): revenue $1.18B, net income $175M (14.8% margin), free cash flow $162M (SEC filings).
- Valuation: P/E 19.8x (avg 21.7x at the last 3 fiscal year-ends).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $8K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y +13.5% vs S&P 500 +14.9%; 5Y -18.0% vs S&P 500 +80.3%.
- Next earnings: 2026-12-10, EPS estimate USD 0.45, revenue estimate $309M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.14B | $1.17B | $1.19B | $1.20B | $1.18B | $1.18B |
| Gross profit | $418M | $397M | $428M | $444M | $437M | — |
| Operating income | $208M | $187M | $219M | $235M | $230M | $218M |
| Net income | $159M | $142M | $177M | $187M | $184M | $175M |
| EPS (diluted) | $1.69 | $1.52 | $1.89 | $1.99 | $1.96 | — |
| Free cash flow | $104M | $140M | $168M | $170M | $156M | $162M |
| Gross margin | 36.7% | 33.8% | 36.0% | 37.0% | 37.0% | — |
| Operating margin | 18.3% | 15.9% | 18.3% | 19.6% | 19.5% | 18.4% |
| Net margin | 13.9% | 12.1% | 14.8% | 15.6% | 15.6% | 14.8% |
| Revenue growth | +6.1% | +3.1% | +1.6% | +0.8% | -1.7% | — |
| Cash + short-term investments | $48.0M | $158M | $327M | $194M | $350M | — |
| Total debt | $30.0M | $0K | — | — | — | — |
Fiscal years end May. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 1, 2026)
P/E 19.8x · P/S 2.9x · P/FCF 21.4x · P/B 9.4x · FCF yield 4.67% · Earnings yield 5.04% · Dividend yield (paid, TTM) 8.77%
P/E at fiscal year-ends: May 2026 18.9x, May 2025 22.7x, Apr 2024 23.6x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $8K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-07-20 | Waldman Glenn J. | Director | 250 | $8K | 31.78 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-14 | UBS | Target lowered | Sell | $32 → $31 |
| 2026-09-04 | UBS | Target lowered | Sell | $33 → $32 |
| 2026-06-26 | UBS | Target lowered | Sell | $35 → $33 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +13.5% | -18.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +13.6% | -3.9% |
| Volatility (annualized) | 29.9% | 29.1% |
| Max drawdown | -17.8% (Feb 2026→Jul 2026) | -42.6% (Nov 2021→Dec 2025) |

## Peers (Beverages - Non-Alcoholic)
COCO (The Vita Coco Company, Inc.) USD 59 -7.09% · AKO-B (Embotelladora Andina S.A.) USD 30.01 +0.07% · CELH (Celsius Holdings, Inc.) USD 28.36 +0.18% · PRMB (Primo Brands Corporation) USD 20.14 +0.55% · COKE (Coca-Cola Consolidated, Inc.) USD 214.93 +2.50% · SUJA (Suja Life, Inc.) USD 9.71 +0.62%

## More
Full page: https://nexqual.com/FIZZ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.45 | $0.49 | -6.8% | $308.5M | 1 |
| Next quarter (ends 2027-01-31) | $0.41 | $0.42 | -3.9% | $280.5M | 1 |
| Current fiscal year (ends 2027-04-30) | $1.82 | $2.01 | -9.4% | $1.23B | 1 |
| Next fiscal year (ends 2028-04-30) | $1.96 | $2.11 | -7.5% | $1.25B | 1 |