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National Beverage

FIZZ
58
Beverages - Non-Alcoholic · Consumer Defensive
Also trades as: 0K50.L
Exchange
NASDAQ
Winston Score
58
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through May 2, 2026
How the score breaks down
Quality
Good
Growth
Mixed
Cash Flow
Strong
Stability
Good
Valuation
Good
Dividends
Exceptional

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.

Score breakdown

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Quality

Profit per sale
Gross Margin
31.8%
Modest — 31.8% gross margin
Profit after running costs
Operating Margin
14.0%
Healthy — 14.0% operating margin
Return on the money invested
ROCE
36.2%
Exceptional — 36.2% 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
-1.7%
Shrinking sales (-1.7% YoY)
Profit growth
EPS YoY
-2.0%
Earnings shrinking (-2.0% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
99%
Turns 99% of profit into real cash
Spare cash per sale
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

What it owes vs what it owns
Debt / Equity
N/A
Data not available
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)
16.5x
no trend
Fair value — P/E 16.5

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
+0.3
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
10.31%
no trend
Healthy income — 10.31% yield

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

Dividend record
Dividend Growth
+83.4%
no trend
Dividend growing fast (83.4% YoY)

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