What is National Beverage Corp's earnings per share (EPS)?

National Beverage Corp (FIZZ) reported diluted earnings per share of $1.99 for fiscal year 2025. This represents a 5.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

National Beverage Corp Financials

FIZZ

Source SEC Filings (10-K/10-Q) Updated Mar 12, 2026 Currency USD FYE May

This page shows National Beverage Corp (FIZZ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 68/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

National Beverage Corp has an operating margin of 19.6%, meaning the company retains $20 of operating profit per $100 of revenue. This strong profitability earns a score of 66/100, reflecting efficient cost management and pricing power. This is up from 18.3% the prior year.

Growth

National Beverage Corp's revenue grew a modest 0.8% year-over-year to $1.2B. This slow but positive growth earns a score of 35/100.

Leverage

National Beverage Corp carries a low D/E ratio of 0.46, meaning only $0.46 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

National Beverage Corp's current ratio of 3.24 indicates adequate short-term liquidity, earning a score of 63/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

National Beverage Corp has a free cash flow margin of 14.2%, earning a moderate score of 60/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

National Beverage Corp earns a strong 37.1% return on equity (ROE), meaning it generates $37 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 93/100. This is down from 57.6% the prior year.

Altman Z-Score Safe

12.21

National Beverage Corp scores 12.21, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.2B) relative to total liabilities ($233.6M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

5/9

National Beverage Corp passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.11x

For every $1 of reported earnings, National Beverage Corp generates $1.11 in operating cash flow ($206.7M OCF vs $186.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.2B

YoY+0.8%

5Y CAGR+3.7%

10Y CAGR+6.4%

National Beverage Corp generated $1.2B in revenue in fiscal year 2025. This represents an increase of 0.8% from the prior year.

EBITDA

$256.3M

YoY+7.4%

5Y CAGR+7.0%

National Beverage Corp's EBITDA was $256.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.4% from the prior year.

Net Income

$186.8M

YoY+5.7%

5Y CAGR+7.5%

10Y CAGR+14.2%

National Beverage Corp reported $186.8M in net income in fiscal year 2025. This represents an increase of 5.7% from the prior year.

EPS (Diluted)

$1.99

YoY+5.3%

5Y CAGR+7.4%

10Y CAGR+6.6%

National Beverage Corp earned $1.99 per diluted share (EPS) in fiscal year 2025. This represents an increase of 5.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$170.4M

YoY+1.7%

5Y CAGR+2.1%

10Y CAGR+13.9%

National Beverage Corp generated $170.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 1.7% from the prior year.

Cash & Debt

$249.8M

YoY+224.3%

5Y CAGR-6.7%

10Y CAGR+14.2%

National Beverage Corp held $249.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

94M

YoY+0.0%

5Y CAGR+15.0%

10Y CAGR+7.3%

National Beverage Corp had 94M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

37.0%

YoY+1.0pp

5Y CAGR-0.1pp

10Y CAGR+3.0pp

National Beverage Corp's gross margin was 37.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.0 percentage points from the prior year.

Operating Margin

19.6%

YoY+1.3pp

5Y CAGR+3.0pp

National Beverage Corp's operating margin was 19.6% in fiscal year 2025, reflecting core business profitability. This is up 1.3 percentage points from the prior year.

Net Margin

15.6%

YoY+0.7pp

5Y CAGR+2.6pp

10Y CAGR+7.9pp

National Beverage Corp's net profit margin was 15.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.7 percentage points from the prior year.

Return on Equity

37.1%

YoY-20.6pp

5Y CAGR+11.5pp

10Y CAGR+6.8pp

National Beverage Corp's ROE was 37.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 20.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$36.3M

YoY+19.7%

5Y CAGR+8.7%

10Y CAGR+12.0%

National Beverage Corp invested $36.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 19.7% from the prior year.

FIZZ Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.2B+0.8%	$1.2B+1.6%	$1.2B+3.1%	$1.1B+6.1%	$1.1B+7.2%	$1.0B
Cost of Revenue	$757.4M-0.8%	$763.2M-1.7%	$776.1M+7.8%	$720.2M+10.7%	$650.6M+3.2%	$630.3M
Gross Profit	$443.9M+3.6%	$428.5M+8.0%	$396.8M-5.0%	$417.8M-0.9%	$421.6M+13.9%	$370.1M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$208.5M-0.7%	$209.9M-0.1%	$210.1M+0.1%	$209.9M+8.3%	$193.8M-5.2%	$204.4M
Operating Income	$235.5M+7.8%	$218.5M+17.0%	$186.7M-10.2%	$207.9M-8.8%	$227.8M+37.5%	$165.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$57.7M+8.7%	$53.1M+20.0%	$44.3M-9.8%	$49.1M-9.1%	$54.0M+36.7%	$39.5M
Net Income	$186.8M+5.7%	$176.7M+24.3%	$142.2M-10.3%	$158.5M-9.0%	$174.1M+34.0%	$130.0M
EPS (Diluted)	$1.99+5.3%	$1.89+24.3%	$1.52-10.1%	$1.69-9.1%	$1.86+33.8%	$1.39

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	$264.6M0.0%	$264.6M-8.2%	$288.3M-12.8%	$330.5M+5.7%	$312.6M+17.1%	$267.1M-8.3%	$291.2M-11.6%	$329.5M
Cost of Revenue	$165.0M0.0%	$165.0M-7.9%	$179.1M-12.6%	$205.1M+1.3%	$202.4M+20.4%	$168.1M-7.6%	$181.9M-12.2%	$207.0M
Gross Profit	$99.6M0.0%	$99.6M-8.8%	$109.2M-13.0%	$125.5M+13.9%	$110.2M+11.3%	$99.0M-9.5%	$109.4M-10.7%	$122.4M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$48.5M0.0%	$48.5M-5.2%	$51.1M-6.5%	$54.7M+1.4%	$53.9M+11.5%	$48.4M-6.0%	$51.5M-2.7%	$52.9M
Operating Income	$51.1M0.0%	$51.1M-11.9%	$58.0M-18.0%	$70.8M+25.8%	$56.2M+11.2%	$50.6M-12.6%	$57.9M-16.8%	$69.5M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$12.7M0.0%	$12.7M-11.2%	$14.3M-16.9%	$17.3M+21.5%	$14.2M+15.1%	$12.3M-11.7%	$14.0M-18.3%	$17.1M
Net Income	$41.2M0.0%	$41.2M-11.1%	$46.4M-16.9%	$55.8M+21.8%	$45.8M+15.5%	$39.6M-13.1%	$45.6M-19.6%	$56.8M
EPS (Diluted)	$0.440.0%	$0.44-10.2%	$0.49-18.3%	$0.60	N/A	$0.42-14.3%	$0.49-19.7%	$0.61

FIZZ Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$737.8M+41.2%	$522.6M-18.4%	$640.4M+40.6%	$455.5M-25.6%	$612.7M-13.9%	$711.7M
Current Assets	$476.1M+62.4%	$293.2M-32.0%	$431.5M+70.0%	$253.8M-40.0%	$423.0M-19.8%	$527.1M
Cash & Equivalents	$249.8M+224.3%	$77.0M-65.4%	$222.8M+297.4%	$56.1M-77.2%	$245.5M-30.3%	$352.5M
Inventory	$93.9M+3.6%	$90.6M-2.5%	$93.0M+2.9%	$90.4M+29.2%	$69.9M+10.9%	$63.1M
Accounts Receivable	$106.5M-8.2%	$116.0M+7.8%	$107.7M+7.4%	$100.3M+1.7%	$98.6M-4.9%	$103.7M
Goodwill	$13.1M0.0%	$13.1M0.0%	$13.1M0.0%	$13.1M0.0%	$13.1M0.0%	$13.1M
Total Liabilities	$233.6M+8.2%	$216.0M-1.1%	$218.3M+14.0%	$191.4M-6.3%	$204.4M+0.8%	$202.7M
Current Liabilities	$146.9M-0.4%	$147.5M-6.0%	$156.8M+18.8%	$132.1M-13.9%	$153.3M+2.5%	$149.7M
Long-Term Debt	N/A	N/A	N/A	$0	N/A	N/A
Total Equity	$504.1M+64.4%	$306.6M-27.4%	$422.1M+59.8%	$264.1M-35.3%	$408.3M-19.8%	$508.9M
Retained Earnings	$473.5M+64.6%	$287.7M-29.5%	$408.0M+62.1%	$251.6M-35.7%	$391.5M-20.8%	$494.6M

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Total Assets	$792.5M0.0%	$792.5M+5.8%	$749.0M+1.5%	$737.8M+9.6%	$672.9M+13.3%	$594.0M+6.6%	$557.4M+6.7%	$522.6M
Current Assets	$538.0M0.0%	$538.0M+9.5%	$491.4M+3.2%	$476.1M+17.0%	$406.9M+15.4%	$352.6M+8.5%	$324.9M+10.8%	$293.2M
Cash & Equivalents	$314.0M0.0%	$314.0M+16.6%	$269.3M+7.8%	$249.8M+28.9%	$193.8M+29.9%	$149.2M+32.2%	$112.8M+46.5%	$77.0M
Inventory	$96.1M0.0%	$96.1M+0.2%	$95.9M+2.1%	$93.9M+10.3%	$85.1M+0.1%	$85.0M-6.6%	$91.0M+0.5%	$90.6M
Accounts Receivable	$97.4M0.0%	$97.4M+4.6%	$93.2M-12.5%	$106.5M+2.3%	$104.2M+14.6%	$90.9M-8.7%	$99.6M-14.2%	$116.0M
Goodwill	$13.1M0.0%	$13.1M0.0%	$13.1M0.0%	$13.1M0.0%	$13.1M0.0%	$13.1M0.0%	$13.1M0.0%	$13.1M
Total Liabilities	$201.4M0.0%	$201.4M+1.9%	$197.7M-15.4%	$233.6M+2.1%	$228.9M+18.1%	$193.8M-1.8%	$197.3M-8.6%	$216.0M
Current Liabilities	$122.1M0.0%	$122.1M+6.4%	$114.7M-21.9%	$146.9M+4.5%	$140.5M+17.5%	$119.6M-6.6%	$128.1M-13.1%	$147.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$591.1M0.0%	$591.1M+7.2%	$551.3M+9.3%	$504.1M+13.5%	$444.0M+10.9%	$400.2M+11.1%	$360.1M+17.5%	$306.6M
Retained Earnings	$561.1M0.0%	$561.1M+7.9%	$519.9M+9.8%	$473.5M+13.3%	$417.8M+12.0%	$373.0M+11.9%	$333.3M+15.9%	$287.7M

FIZZ Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$206.7M+4.4%	$197.9M+22.4%	$161.7M+21.4%	$133.1M-31.3%	$193.8M+9.0%	$177.7M
Capital Expenditures	$36.3M+19.7%	$30.3M+37.9%	$22.0M-24.2%	$29.0M+14.6%	$25.3M+5.9%	$23.9M
Free Cash Flow	$170.4M+1.7%	$167.6M+20.0%	$139.7M+34.2%	$104.1M-38.2%	$168.5M+9.5%	$153.8M
Investing Cash Flow	-$36.3M-19.9%	-$30.2M-37.8%	-$22.0M+24.3%	-$29.0M-14.6%	-$25.3M-6.0%	-$23.9M
Financing Cash Flow	-$303.6M-23207.5%	$1.3M+104.4%	-$29.7M+88.1%	-$249.7M+10.6%	-$279.4M-4986.2%	-$5.5M
Dividends Paid	$304.1M	$0	$0-100.0%	$280.0M0.0%	$279.9M	$0
Share Buybacks	N/A	N/A	N/A	$0	$0-100.0%	$6.2M

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	$16.6M-67.5%	$50.9M+98.1%	$25.7M-56.5%	$59.1M-1.6%	$60.1M+29.1%	$46.5M+9.3%	$42.6M-25.9%	$57.5M
Capital Expenditures	-$3.4M-153.4%	$6.3M+8.4%	$5.8M+87.6%	$3.1M-80.0%	$15.5M+51.6%	$10.2M+47.7%	$6.9M+86.5%	$3.7M
Free Cash Flow	$13.2M-70.4%	$44.6M+124.2%	$19.9M-64.5%	$56.0M+25.5%	$44.6M+22.8%	$36.3M+1.8%	$35.7M-33.7%	$53.8M
Investing Cash Flow	$3.4M+154.1%	-$6.3M-7.9%	-$5.8M-87.7%	-$3.1M+80.0%	-$15.5M-51.5%	-$10.2M-47.8%	-$6.9M-86.5%	-$3.7M
Financing Cash Flow	-$422K	$0+100.0%	-$422K	$0	$0-100.0%	$58K-48.2%	$112K+100.0%	-$303.8M
Dividends Paid	$304.1M	$0	$0	$0	$0	$0	$0-100.0%	$304.1M
Share Buybacks	$673K	$0	N/A	N/A	N/A	$0	N/A	N/A

FIZZ Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	37.0%+1.0pp	35.9%+2.1pp	33.8%-2.9pp	36.7%-2.6pp	39.3%+2.3pp	37.0%
Operating Margin	19.6%+1.3pp	18.3%+2.4pp	15.9%-2.3pp	18.3%-3.0pp	21.3%+4.7pp	16.6%
Net Margin	15.6%+0.7pp	14.8%+2.7pp	12.1%-1.8pp	13.9%-2.3pp	16.2%+3.3pp	13.0%
Return on Equity	37.1%-20.6pp	57.6%+24.0pp	33.7%-26.3pp	60.0%+17.4pp	42.6%+17.1pp	25.5%
Return on Assets	25.3%-8.5pp	33.8%+11.6pp	22.2%-12.6pp	34.8%+6.4pp	28.4%+10.2pp	18.3%
Current Ratio	3.24+1.3	1.99-0.8	2.75+0.8	1.92-0.8	2.76-0.8	3.52
Debt-to-Equity	0.46-0.2	0.70+0.2	0.52+0.5	0.00-0.5	0.50+0.1	0.40
FCF Margin	14.2%+0.1pp	14.1%+2.2pp	11.9%+2.8pp	9.2%-6.6pp	15.7%+0.3pp	15.4%

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Gross Margin	37.6%0.0pp	37.6%-0.2pp	37.9%-0.1pp	38.0%+2.7pp	35.3%-1.8pp	37.0%-0.5pp	37.5%+0.4pp	37.2%
Operating Margin	19.3%0.0pp	19.3%-0.8pp	20.1%-1.3pp	21.4%+3.4pp	18.0%-1.0pp	18.9%-0.9pp	19.9%-1.2pp	21.1%
Net Margin	15.6%0.0pp	15.6%-0.5pp	16.1%-0.8pp	16.9%+2.2pp	14.6%-0.2pp	14.8%-0.8pp	15.7%-1.6pp	17.2%
Return on Equity	7.0%0.0pp	7.0%-1.4pp	8.4%-2.7pp	11.1%+0.8pp	10.3%+0.4pp	9.9%-2.8pp	12.7%-5.8pp	18.5%
Return on Assets	5.2%0.0pp	5.2%-1.0pp	6.2%-1.4pp	7.6%+0.8pp	6.8%+0.1pp	6.7%-1.5pp	8.2%-2.7pp	10.9%
Current Ratio	4.410.0	4.41+0.1	4.28+1.0	3.24+0.3	2.90-0.1	2.95+0.4	2.54+0.5	1.99
Debt-to-Equity	0.340.0	0.34-0.0	0.36-0.1	0.46-0.1	0.52+0.0	0.48-0.1	0.55-0.2	0.70
FCF Margin	5.0%-11.9pp	16.9%+10.0pp	6.9%-10.0pp	16.9%+2.7pp	14.3%+0.7pp	13.6%+1.4pp	12.3%-4.1pp	16.3%

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Frequently Asked Questions

What is National Beverage Corp's annual revenue?

National Beverage Corp (FIZZ) reported $1.2B in total revenue for fiscal year 2025. This represents a 0.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is National Beverage Corp's revenue growing?

National Beverage Corp (FIZZ) revenue grew by 0.8% year-over-year, from $1.2B to $1.2B in fiscal year 2025.

Is National Beverage Corp profitable?

Yes, National Beverage Corp (FIZZ) reported a net income of $186.8M in fiscal year 2025, with a net profit margin of 15.6%.

What is National Beverage Corp's EBITDA?

National Beverage Corp (FIZZ) had EBITDA of $256.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is National Beverage Corp's gross margin?

National Beverage Corp (FIZZ) had a gross margin of 37.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is National Beverage Corp's operating margin?

National Beverage Corp (FIZZ) had an operating margin of 19.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is National Beverage Corp's net profit margin?

National Beverage Corp (FIZZ) had a net profit margin of 15.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is National Beverage Corp's return on equity (ROE)?

National Beverage Corp (FIZZ) has a return on equity of 37.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is National Beverage Corp's free cash flow?

National Beverage Corp (FIZZ) generated $170.4M in free cash flow during fiscal year 2025. This represents a 1.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is National Beverage Corp's operating cash flow?

National Beverage Corp (FIZZ) generated $206.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are National Beverage Corp's total assets?

National Beverage Corp (FIZZ) had $737.8M in total assets as of fiscal year 2025, including both current and long-term assets.

What are National Beverage Corp's capital expenditures?

National Beverage Corp (FIZZ) invested $36.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does National Beverage Corp have outstanding?

National Beverage Corp (FIZZ) had 94M shares outstanding as of fiscal year 2025.

What is National Beverage Corp's current ratio?

National Beverage Corp (FIZZ) had a current ratio of 3.24 as of fiscal year 2025, which is generally considered healthy.

What is National Beverage Corp's debt-to-equity ratio?

National Beverage Corp (FIZZ) had a debt-to-equity ratio of 0.46 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is National Beverage Corp's return on assets (ROA)?

National Beverage Corp (FIZZ) had a return on assets of 25.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is National Beverage Corp's Altman Z-Score?

National Beverage Corp (FIZZ) has an Altman Z-Score of 12.21, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is National Beverage Corp's Piotroski F-Score?

National Beverage Corp (FIZZ) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are National Beverage Corp's earnings high quality?

National Beverage Corp (FIZZ) has an earnings quality ratio of 1.11x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is National Beverage Corp?

National Beverage Corp (FIZZ) scores 68 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.