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National Beverage

FIZZ
62
Beverages - Non-Alcoholic · Consumer Defensive
Also trades as: 0K50.L GBP 0.36 (-2.67%)
Price
$36.15
-0.92 (-2.48%)
Market Cap
$3.38B
Exchange
NASDAQ
Winston Score
62
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 25, 2026 · filings through Aug 1, 2026

§How the score breaks down

Quality
Good
20/30
Growth
Weak
3/20
Cash Flow
Strong
8/10
Stability
Exceptional
10/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Exceptional
5/5

62 of 100 counted points = Winston Score 62.

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§Winston Score History

The full picture

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.

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

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
35.0%
Modest — 35.0% gross margin
Profit after running costs
Operating Margin
17.7%
Healthy — 17.7% operating margin
Return on the money invested
ROCE
51.1%
Exceptional — 51.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
-1.8%
Shrinking sales (-1.8% YoY)
Profit growth
EPS YoY
-6.5%
Earnings shrinking (-6.5% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
107%
Turns 107% of profit into real cash
Spare cash per sale
FCF Margin
13.7%
Converts sales into free cash efficiently (13.7%)

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

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Stability

What it owes vs what it owns
Debt / Equity
0.16
Conservative — low debt load (0.16)
Covers its interest
Interest Cover
100.00x
—
Comfortably covers interest (100.0x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
19.4x
Fair value — P/E 19.4

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

Cheaper or dearer next year
P/E vs Forward
+2.7
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
7.59%
Healthy income — 7.59% yield

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

Dividend record
Dividend Growth
+83.4%
Dividend growing fast (83.4% YoY)
Payout Ratio
174%
no trend
Paying out more than the last 12 months of profit. The dividend is being funded from cash or borrowing, not this year’s earnings.

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