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National Beverage

FIZZ
50
Beverages - Non-Alcoholic · Consumer Defensive
Also trades as: 0K50.L
Price
$32.13
+0.17 (+0.53%)
Market Cap
$3.01B
Exchange
NASDAQ
Winston Score
50
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 9, 2026 · filings through May 2, 2026

National Beverage Corp. makes and sells sparkling water and flavored drinks in the United States. Its most well-known brand is LaCroix, a line of naturally flavored sparkling water that became very popular as consumers moved away from sugary sodas. The company sells its products through grocery stores, mass retailers, and club stores, competing in the fast-growing sparkling water category.

National Beverage earns money by selling canned and bottled beverages directly to retailers and distributors. It operates almost entirely in the U.S., which makes it simpler to run but also limits its growth options. LaCroix built a loyal following through social media buzz and a trendy image, but the brand now faces heavy competition from Bubly, Spindrift, and store-brand sparkling waters, which have eaten into its market share. Maintaining LaCroix's relevance with younger consumers while defending shelf space against well-funded rivals like PepsiCo and Coca-Cola is the company's central challenge going forward.

Winston Score History

Share count broadly stable

+0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 93.6M (2022) → 93.7M (2026)

Score breakdown

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Quality

Gross Margin
31.8%
Modest — 31.8% gross margin
Operating Margin
14.0%
Healthy — 14.0% operating margin
ROCE
6.6%
Weak — 6.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY
-1.7%
Shrinking sales (-1.7% YoY)
EPS YoY
-2.0%
Earnings shrinking (-2.0% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion
99%
Turns 99% of profit into real cash
FCF Margin
13.2%
Converts sales into free cash efficiently (13.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity
N/A
Data not available
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
16.4x
Fair value — P/E 16.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward
+0.2
GROWING
Earnings roughly flat

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Dividends

Dividend Yield
10.31%
Healthy income — 10.31% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth
+83.4%
Dividend growing fast (83.4% YoY)

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