What is National Beverage's operating income?

National Beverage's total operating income in 2026 was $230.11 million, based on the following breakdown: Total Gross Profit: $437.26 million Total Operating Expenses: $207.15 million

National Beverage (FIZZ) Financials

$31.37 +0.46 (+1.49%)

Closing price 09/11/2026 04:00 PM Eastern

Extended Trading

$31.45 +0.08 (+0.26%)

As of 09/11/2026 07:56 PM Eastern

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Annual Income Statements for National Beverage

This table shows National Beverage's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	4/30/2016	4/29/2017	4/28/2018	4/27/2019	5/2/2020	5/1/2021	4/30/2022	4/29/2023	4/27/2024	5/3/2025	5/2/2026
Net Income / (Loss) Attributable to Common Shareholders	61	107	150	133	130	174	159	142	177	187	184
Consolidated Net Income / (Loss)	61	107	150	141	130	174	159	142	177	187	184
Net Income / (Loss) Continuing Operations	61	107	150	133	130	174	159	142	177	187	184
Total Pre-Tax Income	93	163	205	184	169	228	208	186	230	245	241
Total Operating Income	93	162	204	180	166	228	208	187	219	235	230
Total Gross Profit	241	326	391	384	370	422	418	397	428	444	437
Total Revenue	705	827	976	1,014	1,000	1,072	1,138	1,173	1,192	1,201	1,181
Operating Revenue	705	827	976	1,014	1,000	1,072	1,138	1,173	1,192	1,201	1,181
Total Cost of Revenue	463	501	585	630	630	651	720	776	763	757	743
Operating Cost of Revenue	463	501	585	630	630	651	720	776	763	757	743
Total Operating Expenses	148	164	187	204	204	194	210	210	210	208	207
Selling, General & Admin Expense	148	164	187	204	204	194	210	210	210	208	207
Total Other Income / (Expense), net	-0.35	0.35	1.30	-3.94	3.71	0.31	-0.26	-0.24	11	9.11	10
Other Income / (Expense), net	-0.15	0.54	1.30	3.94	3.71	0.31	-0.26	-0.24	11	9.11	10
Income Tax Expense	32	56	56	43	39	54	49	44	53	58	57
Basic Earnings per Share	$1.31	$2.30	$3.21	$1.51	$1.39	$1.87	$1.70	$1.52	$1.89	$2.00	$1.96
Weighted Average Basic Shares Outstanding	46.45M	46.56M	46.60M	93.27M	93.26M	93.28M	93.32M	93.35M	93.43M	93.61M	93.62M
Diluted Earnings per Share	$1.31	$2.29	$3.19	$1.50	$1.39	$1.86	$1.69	$1.52	$1.89	$1.99	$1.96
Weighted Average Diluted Shares Outstanding	46.67M	46.77M	46.92M	93.83M	93.66M	93.62M	93.60M	93.61M	93.63M	93.69M	93.67M
Weighted Average Basic & Diluted Shares Outstanding	46.50M	46.50M	46.70M	46.60M	46.63M	93.31M	93.34M	93.35M	93.58M	93.62M	93.61M

This table shows National Beverage's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026	Q1 2027
Period end date	1/27/2024	4/27/2024	7/27/2024	10/26/2024	1/25/2025	5/3/2025	8/2/2025	11/1/2025	1/31/2026	5/2/2026	8/1/2026
Net Income / (Loss) Attributable to Common Shareholders	40	44	57	46	40	45	56	46	41	40	47
Consolidated Net Income / (Loss)	40	44	57	46	40	45	56	46	41	40	47
Net Income / (Loss) Continuing Operations	40	44	57	46	40	45	56	46	41	40	47
Total Pre-Tax Income	50	58	74	60	52	59	73	61	54	53	62
Total Operating Income	48	53	70	58	51	58	71	58	51	50	58
Total Gross Profit	97	109	122	109	99	113	125	109	100	103	116
Total Revenue	270	297	329	291	267	314	331	288	265	297	331
Operating Revenue	270	297	329	291	267	314	331	288	265	297	331
Total Cost of Revenue	173	188	207	182	168	200	205	179	165	194	215
Operating Cost of Revenue	173	188	207	182	168	200	205	179	165	194	215
Total Operating Expenses	49	56	53	51	48	56	55	51	48	53	57
Selling, General & Admin Expense	49	56	53	51	48	56	55	51	48	53	57
Total Other Income / (Expense), net	1.97	4.59	4.35	1.73	1.40	1.63	2.24	2.66	2.79	2.78	3.18
Other Income / (Expense), net	1.97	4.59	4.35	1.73	1.40	1.63	2.24	2.66	2.79	2.78	3.18
Income Tax Expense	11	14	17	14	12	14	17	14	13	13	15
Basic Earnings per Share	$0.42	($93.58)	$0.61	$0.49	$0.42	$0.48	$0.60	$0.50	$0.44	$0.42	$0.50
Weighted Average Basic Shares Outstanding	93.45M	93.43M	93.57M	93.61M	93.62M	93.61M	93.62M	93.62M	93.61M	93.62M	93.61M
Diluted Earnings per Share	$0.42	($93.58)	$0.61	$0.49	$0.42	$0.47	$0.60	$0.49	$0.44	$0.43	$0.50
Weighted Average Diluted Shares Outstanding	93.64M	93.63M	93.67M	93.69M	93.69M	93.69M	93.70M	93.68M	93.65M	93.67M	93.66M
Weighted Average Basic & Diluted Shares Outstanding	93.54M	93.58M	93.61M	93.61M	93.62M	93.62M	93.62M	93.63M	93.63M	93.61M	93.62M

This table details how cash moves in and out of National Beverage's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	4/30/2016	4/29/2017	4/28/2018	4/27/2019	5/2/2020	5/1/2021	4/30/2022	4/29/2023	4/27/2024	5/3/2025	5/2/2026
Net Change in Cash & Equivalents	53	31	53	-34	148	-111	-146	110	169	-133	156
Net Cash From Operating Activities	80	114	155	139	178	194	133	162	198	207	181
Net Cash From Continuing Operating Activities	80	114	155	139	178	194	133	162	197	207	181
Net Income / (Loss) Continuing Operations	61	107	150	141	130	174	159	142	177	187	184
Consolidated Net Income / (Loss)	61	107	150	141	130	174	159	142	177	187	184
Depreciation Expense	12	13	13	15	17	18	19	20	20	21	23
Amortization Expense	-	-	-	0.00	13	13	13	13	14	15	15
Non-Cash Adjustments To Reconcile Net Income	1.89	0.78	0.31	0.26	-12	-11	-13	-12	0.89	-12	-13
Changes in Operating Assets and Liabilities, net	5.34	-6.39	-8.59	-17	29	-1.02	-45	-1.38	-15	-2.98	-27
Net Cash From Investing Activities	-12	-14	-32	-38	-24	-25	-29	-22	-30	-36	-25
Net Cash From Continuing Investing Activities	-12	-14	-32	-38	-24	-25	-29	-22	-30	-36	-25
Purchase of Property, Plant & Equipment	-12	-14	-32	-38	-24	-25	-29	-22	-30	-36	-25
Sale of Property, Plant & Equipment	0.12	0.03	0.06	0.02	0.01	0.01	0.01	0.03	0.05	0.01	0.02
Net Cash From Financing Activities	-15	-69	-69	-135	-5.49	-279	-250	-30	1.31	-304	-0.42
Net Cash From Continuing Financing Activities	-15	-69	-69	-135	-5.49	-279	-250	-30	1.31	-304	-0.42
Repurchase of Common Equity	-	-	0.00	0.00	-6.23	-	-	-	0.00	0.00	-0.67
Payment of Dividends	-0.19	-70	-70	-135	0.00	-280	-280	0.00	0.00	-304	0.00
Other Financing Activities, net	0.85	0.37	0.56	0.46	0.74	0.49	0.34	0.31	1.31	0.52	0.25
Cash Interest Paid	0.12	0.20	0.10	0.05	0.05	0.15	0.37	0.32	0.23	0.12	0.28
Cash Income Taxes Paid	29	56	57	37	29	63	52	38	56	56	58

This table details how cash moves in and out of National Beverage's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026	Q1 2027
Period end date	1/27/2024	4/27/2024	7/27/2024	10/26/2024	1/25/2025	5/3/2025	8/2/2025	11/1/2025	1/31/2026	5/2/2026	8/1/2026
Net Change in Cash & Equivalents	29	50	-250	36	36	45	56	19	45	36	-242
Net Cash From Operating Activities	35	60	57	43	47	60	59	26	51	46	65
Net Cash From Continuing Operating Activities	35	60	57	43	47	60	59	26	51	46	65
Net Income / (Loss) Continuing Operations	40	44	57	46	40	45	56	46	41	40	47
Consolidated Net Income / (Loss)	40	44	57	46	40	45	56	46	41	40	47
Depreciation Expense	5.15	5.07	5.39	5.14	4.78	5.48	5.41	5.59	5.61	6.08	6.32
Amortization Expense	3.56	3.56	3.56	3.59	3.65	3.77	3.80	3.86	3.88	3.95	3.95
Non-Cash Adjustments To Reconcile Net Income	-2.82	-3.13	-3.36	-3.55	-2.55	-3.04	-3.50	-3.36	-3.12	-3.44	-3.66
Changes in Operating Assets and Liabilities, net	-10	11	-4.87	-8.22	1.01	9.10	-2.38	-27	3.35	-1.38	11
Net Cash From Investing Activities	-6.69	-11	-3.70	-6.91	-10	-15	-3.09	-5.81	-6.27	-9.96	-3.07
Net Cash From Continuing Investing Activities	-6.69	-11	-3.70	-6.91	-10	-15	-3.09	-5.81	-6.27	-9.96	-3.07
Purchase of Property, Plant & Equipment	-6.70	-11	-3.70	-6.91	-10	-15	-3.10	-5.81	-6.30	-9.94	-3.07
Sale of Property, Plant & Equipment	0.02	0.01	0.00	0.00	-	0.00	0.00	-	0.03	-0.01	0.00
Net Cash From Financing Activities	0.56	0.47	-304	0.11	0.06	-	0.00	-0.42	-	-	-304
Net Cash From Continuing Financing Activities	0.56	0.47	-304	0.11	0.06	-	0.00	-0.42	-	-	-304
Payment of Dividends	-	-	-304	-	-	-	0.00	-	-	-	-304
Other Financing Activities, net	0.56	0.47	0.35	0.11	0.06	-	0.00	0.25	-	-	0.03
Cash Interest Paid	-	0.08	0.03	-0.01	0.05	0.05	0.03	0.10	0.05	0.10	0.03
Cash Income Taxes Paid	13	12	0.22	31	15	9.49	0.09	33	10	15	0.23

This table presents National Beverage's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	4/30/2016	4/29/2017	4/28/2018	4/27/2019	5/2/2020	5/1/2021	4/30/2022	4/29/2023	4/27/2024	5/3/2025	5/2/2026
Total Assets	305	354	459	452	649	557	468	574	770	673	852
Total Current Assets	224	268	353	321	461	365	275	366	537	407	593
Cash & Equivalents	106	136	190	156	305	194	48	158	327	194	350
Accounts Receivable	61	71	84	85	85	86	94	105	103	104	104
Inventories, net	48	53	61	71	63	71	103	94	85	85	96
Prepaid Expenses	4.67	7.28	18	9.71	7.79	13	30	9.84	22	24	44
Plant, Property, & Equipment, net	62	65	86	111	121	131	144	148	160	176	182
Total Noncurrent Assets	20	21	20	19	67	61	49	60	74	90	76
Goodwill	13	13	13	13	13	13	13	13	13	13	13
Intangible Assets	1.62	1.62	1.62	1.62	1.62	1.62	1.62	1.62	1.62	1.62	1.62
Other Noncurrent Operating Assets	5.14	5.75	5.30	4.66	53	47	34	45	59	76	62
Total Liabilities & Shareholders' Equity	305	354	459	452	649	557	468	574	770	673	852
Total Liabilities	99	108	127	121	196	201	228	202	211	229	216
Total Current Liabilities	76	87	105	97	142	147	145	144	138	141	135
Accounts Payable	49	58	75	66	74	89	95	85	78	82	87
Accrued Expenses	26	29	30	30	42	44	39	47	47	44	33
Current Deferred & Payable Income Tax Liabilities	0.03	0.09	0.10	0.40	7.86	0.09	0.39	0.15	-	-	0.00
Other Current Liabilities	-	-	-	0.00	17	15	11	12	13	15	14
Total Noncurrent Liabilities	24	21	23	24	55	54	83	58	73	88	81
Noncurrent Deferred & Payable Income Tax Liabilities	14	12	15	16	15	17	24	20	23	23	29
Other Noncurrent Operating Liabilities	9.26	9.07	8.22	7.56	40	37	29	38	49	65	52
Commitments & Contingencies	-	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	206	246	331	-295	452	356	239	372	560	444	636
Total Preferred & Common Equity	201	246	331	332	452	356	239	372	560	444	636
Preferred Stock	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15
Total Common Equity	206	245	331	-295	452	356	239	372	559	444	636
Common Stock	35	36	37	38	38	39	40	41	44	45	45
Retained Earnings	191	228	308	313	443	338	216	358	535	418	601
Treasury Stock	-18	-18	-18	-18	-24	-24	-	-19	-19	-19	-20
Accumulated Other Comprehensive Income / (Loss)	-1.81	-0.60	4.60	-1.54	-5.42	3.02	6.92	-3.19	4.91	5.60	14
Other Equity Adjustments	-	-	-	-	-	-	-24	-5.10	-5.10	-5.10	-5.10

This table presents National Beverage's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026	Q1 2027
Period end date	1/28/2023	7/29/2023	10/28/2023	1/27/2024	7/27/2024	10/26/2024	1/25/2025	8/2/2025	11/1/2025	1/31/2026	8/1/2026
Total Assets	526	640	673	720	523	557	594	738	749	792	582
Total Current Assets	324	431	456	489	293	325	353	476	491	538	328
Cash & Equivalents	118	223	248	277	77	113	149	250	269	314	107
Accounts Receivable	97	108	100	102	116	100	91	107	93	97	106
Inventories, net	94	93	93	89	91	91	85	94	96	96	100
Prepaid Expenses	15	8.03	16	22	9.52	21	27	26	33	31	14
Plant, Property, & Equipment, net	143	149	152	154	158	160	166	173	174	174	179
Total Noncurrent Assets	60	60	65	77	71	72	76	88	84	80	76
Goodwill	13	13	13	13	13	13	13	13	13	13	13
Intangible Assets	1.62	1.62	1.62	1.62	1.62	1.62	1.62	1.62	1.62	1.62	1.62
Other Noncurrent Operating Assets	45	45	50	62	56	57	61	73	69	65	61
Total Liabilities & Shareholders' Equity	526	640	673	720	523	557	594	738	749	792	582
Total Liabilities	187	218	206	210	216	197	194	234	198	201	215
Total Current Liabilities	126	157	143	133	147	128	120	147	115	122	137
Accounts Payable	69	87	80	73	74	70	63	79	64	67	82
Accrued Expenses	44	49	49	45	50	45	43	40	35	40	36
Current Deferred & Payable Income Tax Liabilities	0.47	8.90	0.19	0.79	11	0.68	0.64	13	0.41	0.77	4.52
Other Current Liabilities	12	12	13	14	13	13	13	15	15	15	14
Total Noncurrent Liabilities	61	62	63	77	68	69	74	87	83	79	78
Noncurrent Deferred & Payable Income Tax Liabilities	25	24	24	25	21	24	24	24	25	24	26
Other Noncurrent Operating Liabilities	37	37	39	52	47	46	50	63	58	55	51
Commitments & Contingencies	-	0.00	-	-	0.00	-	-	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	340	422	467	510	307	360	400	504	551	591	368
Total Preferred & Common Equity	340	422	467	510	307	360	400	504	551	591	368
Preferred Stock	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15
Total Common Equity	339	422	467	510	306	360	400	504	551	591	368
Common Stock	41	42	42	43	44	44	45	45	45	45	46
Retained Earnings	322	408	452	491	288	333	373	474	520	561	344
Treasury Stock	-24	-19	-19	-19	-19	-19	-19	-19	-20	-20	-20
Accumulated Other Comprehensive Income / (Loss)	0.32	-3.40	-2.54	0.19	-1.14	6.51	6.74	9.84	11	9.41	2.78
Other Equity Adjustments	-	-5.10	-5.10	-5.10	-5.10	-5.10	-5.10	-5.10	-5.10	-5.10	-5.10

This table displays calculated financial ratios and metrics derived from National Beverage's official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	4/30/2016	4/29/2017	4/28/2018	4/27/2019	5/2/2020	5/1/2021	4/30/2022	4/29/2023	4/27/2024	5/3/2025	5/2/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	93,632,102.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	93,632,102.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.96
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.13%	17.33%	18.00%	3.93%	-1.35%	7.18%	6.14%	3.07%	1.60%	0.81%	-1.73%
EBITDA Growth	21.12%	67.53%	24.38%	-8.87%	0.36%	29.62%	-7.67%	-8.22%	20.17%	6.01%	-0.42%
EBIT Growth	23.74%	75.46%	26.06%	-10.52%	-7.84%	34.63%	-9.00%	-10.19%	23.28%	6.40%	-1.63%
NOPAT Growth	25.80%	73.89%	39.33%	-7.39%	-7.77%	36.80%	-8.74%	-10.31%	18.03%	7.05%	-2.34%
Net Income Growth	24.11%	74.92%	39.92%	-5.96%	-7.73%	33.99%	-8.98%	-10.31%	24.32%	5.71%	-1.70%
EPS Growth	24.76%	74.81%	39.30%	-5.96%	-7.73%	33.81%	-9.14%	-10.06%	24.34%	5.29%	-1.51%
Operating Cash Flow Growth	38.72%	41.98%	35.40%	-9.88%	27.43%	9.05%	-31.29%	21.43%	22.42%	4.44%	-12.31%
Free Cash Flow Firm Growth	32.96%	48.30%	18.70%	-10.73%	48.77%	2.97%	-37.40%	49.73%	0.43%	8.14%	-13.88%
Invested Capital Growth	-4.51%	8.62%	29.59%	23.90%	-15.73%	9.87%	36.32%	-3.15%	8.42%	7.61%	14.39%
Revenue Q/Q Growth	2.09%	4.16%	3.42%	-0.43%	2.30%	-0.12%	2.07%	0.21%	0.90%	1.38%	-1.38%
EBITDA Q/Q Growth	8.43%	11.66%	2.56%	-6.95%	15.02%	1.10%	-2.37%	1.30%	4.04%	0.81%	-1.91%
EBIT Q/Q Growth	9.27%	12.50%	2.88%	-7.93%	8.22%	1.80%	-2.90%	1.64%	4.26%	0.66%	-2.52%
NOPAT Q/Q Growth	9.62%	12.06%	4.95%	-7.17%	8.49%	2.19%	-2.90%	1.71%	2.02%	1.88%	-2.95%
Net Income Q/Q Growth	9.59%	12.18%	5.11%	-6.82%	8.40%	1.70%	-2.93%	1.40%	4.38%	0.56%	-2.36%
EPS Q/Q Growth	10.08%	12.25%	4.93%	-6.82%	8.40%	-99.90%	-3.43%	1.33%	4.42%	0.00%	-2.00%
Operating Cash Flow Q/Q Growth	13.15%	1.81%	10.95%	-10.03%	12.73%	-1.96%	-5.68%	5.78%	5.90%	-0.18%	-7.43%
Free Cash Flow Firm Q/Q Growth	8.11%	7.40%	2.10%	-10.40%	21.32%	-5.17%	-9.57%	10.90%	-1.74%	2.12%	-9.85%
Invested Capital Q/Q Growth	-5.87%	-1.38%	2.23%	2.65%	-7.93%	-0.19%	2.55%	-3.06%	-0.34%	-0.34%	3.28%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.26%	39.43%	40.09%	37.90%	37.00%	39.32%	36.71%	33.83%	35.95%	36.95%	37.04%
EBITDA Margin	14.89%	21.27%	22.42%	19.65%	20.00%	24.18%	21.04%	18.73%	22.16%	23.30%	23.61%
Operating Margin	13.20%	19.65%	20.93%	17.74%	16.57%	21.25%	18.26%	15.92%	18.34%	19.60%	19.49%
EBIT Margin	13.18%	19.71%	21.06%	18.13%	16.94%	21.28%	18.24%	15.90%	19.29%	20.36%	20.38%
Profit (Net Income) Margin	8.68%	12.95%	15.35%	13.89%	12.99%	16.24%	13.93%	12.12%	14.83%	15.55%	15.56%
Tax Burden Percent	66.01%	65.74%	72.89%	76.60%	76.70%	76.33%	76.36%	76.25%	76.89%	76.39%	76.34%
Interest Burden Percent	99.78%	99.88%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	33.99%	34.26%	27.11%	23.40%	23.30%	23.67%	23.64%	23.75%	23.11%	23.61%	23.66%
Return on Invested Capital (ROIC)	59.67%	101.82%	118.67%	86.97%	78.66%	112.12%	82.71%	65.33%	75.19%	74.54%	65.50%
ROIC Less NNEP Spread (ROIC-NNEP)	59.98%	101.63%	118.09%	89.12%	82.09%	112.02%	82.89%	65.54%	71.60%	71.87%	62.57%
Return on Net Nonoperating Assets (RNNOA)	-25.09%	-54.43%	-66.76%	691.46%	86.82%	-69.03%	-29.46%	-18.86%	-37.27%	-37.30%	-31.49%
Return on Equity (ROE)	34.58%	47.39%	51.91%	778.43%	165.48%	43.09%	53.24%	46.46%	37.93%	37.23%	34.02%
Cash Return on Invested Capital (CROIC)	64.28%	93.55%	92.89%	65.62%	95.73%	102.71%	51.97%	68.53%	67.12%	67.20%	52.08%
Operating Return on Assets (OROA)	33.59%	49.44%	50.56%	40.37%	30.79%	37.84%	40.50%	35.78%	34.19%	33.90%	31.56%
Return on Assets (ROA)	22.12%	32.46%	36.85%	30.92%	23.61%	28.88%	30.93%	27.28%	26.29%	25.89%	24.09%
Return on Common Equity (ROCE)	34.54%	47.36%	51.88%	771.98%	165.16%	43.07%	53.22%	46.44%	37.91%	37.22%	34.01%
Return on Equity Simple (ROE_SIMPLE)	30.42%	43.58%	45.19%	42.48%	28.73%	48.92%	66.20%	38.17%	31.59%	42.08%	0.00%
Net Operating Profit after Tax (NOPAT)	61	107	149	138	127	174	159	142	168	180	176
NOPAT Margin	8.72%	12.92%	15.25%	13.59%	12.71%	16.22%	13.95%	12.14%	14.10%	14.97%	14.88%
Net Nonoperating Expense Percent (NNEP)	-0.31%	0.19%	0.58%	-2.15%	-3.42%	0.10%	-0.19%	-0.21%	3.59%	2.67%	2.94%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	40.51%	27.63%
Cost of Revenue to Revenue	65.74%	60.57%	59.91%	62.10%	63.00%	60.68%	63.29%	66.17%	64.05%	63.05%	62.96%
SG&A Expenses to Revenue	21.05%	19.78%	19.16%	20.16%	20.43%	18.07%	18.45%	17.91%	17.62%	17.35%	17.55%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	21.05%	19.78%	19.16%	20.16%	20.43%	18.07%	18.45%	17.91%	17.62%	17.35%	17.55%
Earnings before Interest and Taxes (EBIT)	93	163	205	184	169	228	208	186	230	245	241
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	105	176	219	199	200	259	239	220	264	280	279
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	4.57	12.00	16.05	11.63	6.80	9.09	5.03
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	4.72	12.52	17.10	12.11	6.98	9.40	5.14
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	2.06	3.98	3.37	3.69	3.19	3.36	2.71
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	15.89	24.52	24.22	30.46	21.52	21.59	17.39
Dividend Yield	0.00%	4.02%	7.80%	11.40%	0.00%	0.00%	7.29%	0.00%	0.00%	7.54%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	6.29%	4.08%	4.13%	3.28%	4.65%	4.63%	5.75%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	11.91	25.10	17.26	19.46	14.95	15.35	9.94
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	1.76	3.80	3.36	3.56	2.92	3.20	2.41
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	8.80	15.72	15.96	18.99	13.16	13.72	10.20
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	10.39	17.87	18.41	22.38	15.12	15.70	11.82
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	13.85	23.44	24.08	29.31	20.69	21.35	16.19
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	9.91	21.04	28.71	25.81	17.56	18.58	15.69
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	11.38	25.58	38.32	27.94	23.18	23.68	20.37
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.13	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.13	0.00	0.00	0.00	0.00
Financial Leverage	-0.42	-0.54	-0.57	7.76	1.06	-0.62	-0.36	-0.29	-0.52	-0.52	-0.50
Leverage Ratio	1.56	1.46	1.41	25.17	7.01	1.49	1.72	1.70	1.44	1.44	1.41
Compound Leverage Factor	1.56	1.46	1.41	25.17	7.01	1.49	1.72	1.70	1.44	1.44	1.41
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.13%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.13%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.07%	0.06%	0.05%	-0.05%	0.03%	0.04%	0.06%	0.04%	0.03%	0.03%	0.02%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.93%	99.94%	99.95%	100.05%	99.97%	99.96%	88.81%	99.96%	99.97%	99.97%	99.98%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.13	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	-0.08	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.13	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.19	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	-0.11	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.19	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	0.00	0.00	0.00	10.26	17.32	14.96	17.32	14.96	14.91	12.83
Noncontrolling Interest Sharing Ratio	0.12%	0.07%	0.05%	0.83%	0.19%	0.04%	0.05%	0.05%	0.03%	0.03%	0.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.96	3.08	3.37	3.31	3.25	2.48	1.89	2.54	3.89	2.90	4.39
Quick Ratio	2.20	2.38	2.62	2.48	2.75	1.90	0.97	1.82	3.12	2.12	3.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	66	98	116	104	155	159	100	149	150	162	140
Operating Cash Flow to CapEx	669.35%	816.95%	484.85%	363.94%	744.07%	765.83%	459.02%	736.45%	654.28%	569.80%	721.44%
Free Cash Flow to Firm to Interest Expense	326.00	519.29	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	396.47	604.59	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	337.24	530.58	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.55	2.51	2.40	2.23	1.82	1.78	2.22	2.25	1.77	1.67	1.55
Accounts Receivable Turnover	11.65	12.49	12.54	11.99	11.79	12.51	12.64	11.82	11.47	11.61	11.33
Inventory Turnover	10.20	9.89	10.23	9.57	9.39	9.64	8.24	7.88	8.57	8.93	8.23
Fixed Asset Turnover	11.54	13.01	12.93	10.29	8.63	8.52	8.27	8.02	7.73	7.17	6.60
Accounts Payable Turnover	9.83	9.32	8.79	8.93	8.97	7.98	7.83	8.60	9.34	9.42	8.75
Days Sales Outstanding (DSO)	31.33	29.21	29.12	30.45	30.97	29.17	28.87	30.89	31.82	31.44	32.23
Days Inventory Outstanding (DIO)	35.78	36.90	35.67	38.14	38.86	37.86	44.29	46.30	42.61	40.89	44.35
Days Payable Outstanding (DPO)	37.14	39.17	41.51	40.88	40.70	45.76	46.64	42.42	39.07	38.73	41.71
Cash Conversion Cycle (CCC)	29.98	26.95	23.29	27.72	29.12	21.27	26.53	34.76	35.35	33.61	34.86
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	101	109	142	175	148	162	221	214	232	250	286
Invested Capital Turnover	6.85	7.88	7.78	6.40	6.19	6.91	5.93	5.38	5.33	4.98	4.40
Increase / (Decrease) in Invested Capital	-4.75	8.67	32	34	-28	15	59	-6.98	18	18	36
Enterprise Value (EV)	0.00	0.00	0.00	0.00	1,761	4,076	3,822	4,172	3,476	3,840	2,844
Market Capitalization	0.00	0.00	0.00	0.00	2,065	4,270	3,840	4,330	3,803	4,034	3,194
Book Value per Share	$4.43	$5.27	$7.11	($6.33)	$9.70	$3.81	$2.56	$3.99	$5.98	$4.74	$6.79
Tangible Book Value per Share	$4.11	$4.95	$6.79	($6.65)	$9.38	$3.66	$2.41	$3.83	$5.82	$4.58	$6.63
Total Capital	206	246	331	-295	452	356	269	372	560	444	636
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	30	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	30	0.00	0.00	0.00	0.00
Net Debt	-106	-136	-190	-156	-305	-194	-18	-158	-327	-194	-350
Capital Expenditures (CapEx)	12	14	32	38	24	25	29	22	30	36	25
Debt-free, Cash-free Net Working Capital (DFCFNWC)	42	45	58	68	15	24	81	64	72	73	108
Debt-free Net Working Capital (DFNWC)	148	181	248	224	319	218	129	222	399	266	458
Net Working Capital (NWC)	148	181	248	224	319	218	129	222	399	266	458
Net Nonoperating Expense (NNE)	0.23	-0.23	-0.95	-3.02	-2.84	-0.24	0.20	0.18	-8.72	-6.96	-7.99
Net Nonoperating Obligations (NNO)	-106	-136	-190	471	-305	-194	-18	-158	-327	-194	-350
Total Depreciation and Amortization (D&A)	12	13	13	15	31	31	32	33	34	35	38
Debt-free, Cash-free Net Working Capital to Revenue	6.03%	5.41%	5.99%	6.73%	1.45%	2.25%	7.13%	5.46%	6.03%	6.04%	9.17%
Debt-free Net Working Capital to Revenue	21.01%	21.90%	25.45%	22.13%	31.89%	20.31%	11.35%	18.93%	33.48%	22.18%	38.78%
Net Working Capital to Revenue	21.01%	21.90%	25.45%	22.13%	31.89%	20.31%	11.35%	18.93%	33.48%	22.18%	38.78%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.66	$1.15	$1.61	$1.51	$1.40	$1.87	$1.70	$1.52	$1.89	$2.00	$1.96
Adjusted Weighted Average Basic Shares Outstanding	92.90M	93.13M	93.20M	93.27M	93.26M	93.28M	93.32M	93.35M	93.43M	93.61M	93.62M
Adjusted Diluted Earnings per Share	$0.66	$1.15	$1.60	$1.50	$1.39	$1.86	$1.69	$1.52	$1.89	$1.99	$1.96
Adjusted Weighted Average Diluted Shares Outstanding	93.34M	93.54M	93.84M	93.83M	93.66M	93.62M	93.60M	93.61M	93.63M	93.69M	93.67M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$1.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	93.11M	93.17M	93.24M	93.29M	93.25M	93.31M	93.34M	93.35M	93.58M	93.62M	93.61M
Normalized Net Operating Profit after Tax (NOPAT)	61	107	149	138	127	174	159	142	168	180	176
Normalized NOPAT Margin	8.72%	12.92%	15.25%	13.59%	12.71%	16.22%	13.95%	12.14%	14.10%	14.97%	14.88%
Pre Tax Income Margin	13.15%	19.69%	21.06%	18.13%	16.94%	21.28%	18.24%	15.90%	19.29%	20.36%	20.38%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	457.67	862.51	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	302.60	565.17	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	398.44	788.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	243.37	491.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.30%	65.25%	46.66%	96.02%	0.00%	160.71%	176.64%	0.00%	0.00%	162.80%	0.00%
Augmented Payout Ratio	0.30%	65.25%	46.66%	96.02%	4.80%	160.71%	176.64%	0.00%	0.00%	162.80%	0.37%

This table displays calculated financial ratios and metrics derived from National Beverage's official financial filings.

Metric	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026	Q1 2027
Period end date	1/27/2024	4/27/2024	7/27/2024	10/26/2024	1/25/2025	5/3/2025	8/2/2025	11/1/2025	1/31/2026	5/2/2026	8/1/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	93,632,102.00	93,632,102.00	93,612,102.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	93,632,102.00	93,632,102.00	93,612,102.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	0.44	0.43	0.50
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.59%	3.70%	1.61%	-2.96%	-1.12%	5.49%	0.32%	-0.99%	-	-5.26%	0.04%
EBITDA Growth	10.25%	18.32%	12.74%	4.16%	2.63%	3.38%	-0.72%	2.68%	-	-7.95%	-12.51%
EBIT Growth	11.65%	19.52%	13.34%	4.53%	3.64%	2.80%	-1.15%	1.85%	-	-10.51%	-15.54%
NOPAT Growth	11.91%	9.17%	11.19%	6.26%	1.41%	8.19%	1.15%	0.05%	-	-12.23%	-17.53%
Net Income Growth	15.22%	20.43%	14.40%	4.22%	0.13%	2.38%	-1.80%	1.59%	-	-9.93%	-15.70%
EPS Growth	-98.86%	-24,094.87%	15.09%	4.26%	0.00%	0.00%	-1.64%	0.00%	-	-8.51%	-16.67%
Operating Cash Flow Growth	17.96%	22.32%	-18.03%	33.45%	31.42%	-0.61%	2.77%	-39.63%	-	-24.21%	9.75%
Free Cash Flow Firm Growth	-9.52%	-49.39%	-59.17%	-33.21%	-19.79%	16.45%	26.38%	-41.21%	-	-91.50%	30.60%
Invested Capital Growth	5.46%	8.42%	15.18%	12.67%	7.61%	7.61%	10.78%	14.01%	-	14.39%	2.48%
Revenue Q/Q Growth	-10.00%	10.09%	10.82%	-11.62%	-8.29%	17.44%	5.38%	-12.76%	-	12.30%	11.29%
EBITDA Q/Q Growth	-10.27%	12.39%	25.19%	-17.50%	-11.59%	13.21%	20.23%	-14.68%	-	-0.76%	14.28%
EBIT Q/Q Growth	-12.04%	14.70%	28.42%	-19.31%	-12.79%	13.77%	23.48%	-16.86%	-	-1.89%	16.53%
NOPAT Q/Q Growth	-8.78%	5.76%	32.83%	-17.08%	-12.94%	12.83%	24.18%	-17.97%	-	-2.23%	16.69%
Net Income Q/Q Growth	-9.58%	10.43%	29.87%	-19.62%	-13.13%	12.91%	24.57%	-16.85%	-	-2.16%	16.59%
EPS Q/Q Growth	-10.64%	-322.81%	100.65%	-19.67%	-14.29%	11.90%	27.66%	-18.33%	-	-2.27%	16.28%
Operating Cash Flow Q/Q Growth	10.94%	70.71%	-4.87%	-25.93%	9.25%	29.11%	-1.64%	-56.49%	-	-10.60%	42.44%
Free Cash Flow Firm Q/Q Growth	5.10%	-14.56%	4.55%	-28.86%	26.22%	24.03%	13.47%	-66.91%	-	-83.12%	1,644.42%
Invested Capital Q/Q Growth	6.27%	-0.34%	-1.25%	7.73%	1.50%	-0.34%	1.65%	10.87%	-	3.28%	-8.93%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.93%	36.69%	37.16%	37.55%	37.05%	36.10%	37.96%	37.87%	-	34.67%	35.02%
EBITDA Margin	21.79%	22.25%	25.13%	23.46%	22.62%	21.80%	24.88%	24.33%	-	21.19%	21.75%
Operating Margin	17.84%	17.80%	21.10%	19.87%	18.94%	18.33%	21.41%	20.13%	-	16.88%	17.69%
EBIT Margin	18.57%	19.35%	22.42%	20.47%	19.46%	18.85%	22.09%	21.05%	-	17.81%	18.65%
Profit (Net Income) Margin	14.66%	14.71%	17.23%	15.67%	14.84%	14.27%	16.87%	16.08%	-	13.57%	14.22%
Tax Burden Percent	78.95%	76.01%	76.87%	76.58%	76.27%	75.70%	76.37%	76.38%	-	76.19%	76.23%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	-	100.00%	100.00%
Effective Tax Rate	21.05%	23.99%	23.13%	23.42%	23.73%	24.30%	23.63%	23.62%	-	23.81%	23.77%
Return on Invested Capital (ROIC)	73.21%	72.17%	90.53%	77.46%	70.70%	69.09%	81.28%	69.70%	-	56.60%	61.83%
ROIC Less NNEP Spread (ROIC-NNEP)	72.43%	70.73%	88.31%	76.72%	70.20%	68.62%	80.23%	68.64%	-	55.82%	60.47%
Return on Net Nonoperating Assets (RNNOA)	-33.69%	-36.82%	-36.33%	-33.43%	-32.86%	-35.62%	-32.35%	-28.78%	-	-28.09%	-24.75%
Return on Equity (ROE)	39.52%	35.35%	54.20%	44.03%	37.84%	33.47%	48.93%	40.92%	-	28.51%	37.07%
Cash Return on Invested Capital (CROIC)	67.16%	67.12%	66.75%	63.49%	65.58%	67.20%	64.37%	55.12%	-	52.08%	62.10%
Operating Return on Assets (OROA)	35.20%	34.29%	46.15%	39.52%	35.11%	31.39%	42.15%	38.66%	-	27.58%	33.36%
Return on Assets (ROA)	27.79%	26.07%	35.47%	30.27%	26.78%	23.76%	32.19%	29.53%	-	21.02%	25.43%
Return on Common Equity (ROCE)	39.51%	35.34%	54.18%	44.01%	37.83%	33.46%	48.91%	40.91%	-	28.50%	37.06%
Return on Equity Simple (ROE_SIMPLE)	33.18%	0.00%	59.98%	51.57%	46.42%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	38	40	53	44	39	44	54	44	39	38	45
NOPAT Margin	14.09%	13.53%	16.22%	15.22%	14.45%	13.88%	16.35%	15.38%	-	12.86%	13.48%
Net Nonoperating Expense Percent (NNEP)	0.79%	1.44%	2.23%	0.73%	0.50%	0.47%	1.05%	1.06%	-	0.78%	1.36%
Return On Investment Capital (ROIC_SIMPLE)	7.46%	-	-	-	9.64%	9.80%	10.72%	8.04%	6.61%	6.01%	12.12%
Cost of Revenue to Revenue	64.07%	63.31%	62.84%	62.45%	62.95%	63.90%	62.04%	62.13%	-	65.33%	64.98%
SG&A Expenses to Revenue	18.09%	18.89%	16.06%	17.68%	18.11%	17.76%	16.55%	17.74%	-	17.79%	17.33%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Operating Expenses to Revenue	18.09%	18.89%	16.06%	17.68%	18.11%	17.76%	16.55%	17.74%	-	17.79%	17.33%
Earnings before Interest and Taxes (EBIT)	50	58	74	60	52	59	73	61	54	53	62
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	59	66	83	68	60	68	82	70	63	63	72
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.06	6.80	15.26	11.79	9.89	9.09	8.60	5.82	-	5.03	8.06
Price to Tangible Book Value (P/TBV)	8.30	6.98	16.03	12.29	10.26	9.40	8.86	5.98	-	5.14	8.40
Price to Revenue (P/Rev)	3.48	3.19	3.91	3.57	3.34	3.36	3.61	2.67	-	2.71	2.51
Price to Earnings (P/E)	24.28	21.52	25.44	22.85	21.29	21.59	23.34	17.20	-	17.39	16.94
Dividend Yield	0.00%	0.00%	6.50%	7.17%	7.69%	7.54%	0.00%	0.00%	-	0.00%	10.27%
Earnings Yield	4.12%	4.65%	3.93%	4.38%	4.70%	4.63%	4.28%	5.81%	-	5.75%	5.90%
Enterprise Value to Invested Capital (EV/IC)	16.44	14.95	20.04	16.71	15.16	15.35	16.07	10.42	-	9.94	10.96
Enterprise Value to Revenue (EV/Rev)	3.25	2.92	3.84	3.48	3.21	3.20	3.40	2.45	-	2.41	2.42
Enterprise Value to EBITDA (EV/EBITDA)	15.11	13.16	16.83	14.96	13.71	13.72	14.63	10.45	-	10.20	10.63
Enterprise Value to EBIT (EV/EBIT)	17.39	15.12	19.28	17.14	15.67	15.70	16.77	12.01	-	11.82	12.45
Enterprise Value to NOPAT (EV/NOPAT)	23.28	20.69	26.53	23.48	21.56	21.35	22.65	16.28	-	16.19	17.18
Enterprise Value to Operating Cash Flow (EV/OCF)	20.52	17.56	24.83	21.09	18.38	18.58	19.62	15.36	-	15.69	15.27
Enterprise Value to Free Cash Flow (EV/FCFF)	25.13	23.18	32.14	27.88	23.97	23.68	26.24	20.15	-	20.37	17.86
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Financial Leverage	-0.47	-0.52	-0.41	-0.44	-0.47	-0.52	-0.40	-0.42	-	-0.50	-0.41
Leverage Ratio	1.47	1.44	1.60	1.49	1.44	1.44	1.55	1.43	-	1.41	1.51
Compound Leverage Factor	1.47	1.44	1.60	1.49	1.44	1.44	1.55	1.43	-	1.41	1.51
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Preferred Equity to Total Capital	0.03%	0.03%	0.05%	0.04%	0.04%	0.03%	0.03%	0.03%	-	0.02%	0.04%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Common Equity to Total Capital	99.97%	99.97%	99.95%	99.96%	99.96%	99.97%	99.97%	99.97%	-	99.98%	99.96%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Altman Z-Score	15.19	14.22	16.86	16.65	15.88	14.00	14.53	13.18	-	12.10	11.88
Noncontrolling Interest Sharing Ratio	0.04%	0.03%	0.04%	0.04%	0.03%	0.03%	0.04%	0.03%	-	0.03%	0.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.68	3.89	1.99	2.54	2.95	2.90	3.24	4.28	-	4.39	2.39
Quick Ratio	2.85	3.12	1.31	1.66	2.01	2.12	2.43	3.16	-	3.36	1.55
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	26	22	23	16	21	26	29	9.70	13	2.19	38
Operating Cash Flow to CapEx	529.48%	558.15%	1,552.77%	616.72%	456.01%	388.53%	1,910.41%	442.78%	-	457.20%	2,111.69%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.90	1.77	2.06	1.93	1.80	1.67	1.91	1.84	-	1.55	1.79
Accounts Receivable Turnover	11.88	11.47	10.70	11.89	12.30	11.61	10.81	12.45	-	11.33	11.12
Inventory Turnover	8.33	8.57	8.28	8.16	8.58	8.93	8.19	8.05	-	8.23	7.75
Fixed Asset Turnover	7.96	7.73	7.78	7.61	7.42	7.17	7.25	7.18	-	6.60	6.70
Accounts Payable Turnover	10.67	9.34	9.43	10.03	10.96	9.42	9.90	11.28	-	8.75	9.39
Days Sales Outstanding (DSO)	30.72	31.82	34.11	30.70	29.67	31.44	33.78	29.33	-	32.23	32.81
Days Inventory Outstanding (DIO)	43.81	42.61	44.06	44.72	42.54	40.89	44.58	45.32	-	44.35	47.10
Days Payable Outstanding (DPO)	34.20	39.07	38.69	36.41	33.29	38.73	36.86	32.36	-	41.71	38.89
Cash Conversion Cycle (CCC)	40.33	35.35	39.49	39.01	38.91	33.61	41.50	42.29	-	34.86	41.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	233	232	230	247	251	250	254	282	277	286	261
Invested Capital Turnover	5.20	5.33	5.58	5.09	4.89	4.98	4.97	4.53	-	4.40	4.59
Increase / (Decrease) in Invested Capital	12	18	30	28	18	18	25	35	26	36	6.30
Enterprise Value (EV)	3,834	3,476	4,600	4,132	3,806	3,840	4,087	2,939	-	2,844	2,855
Market Capitalization	4,111	3,803	4,677	4,244	3,955	4,034	4,336	3,208	-	3,194	2,962
Book Value per Share	$5.46	$5.98	$3.27	$3.85	$4.27	$4.74	$5.38	$5.89	$6.31	$6.79	$3.93
Tangible Book Value per Share	$5.30	$5.82	$3.12	$3.69	$4.12	$4.58	$5.23	$5.73	$6.15	$6.63	$3.77
Total Capital	510	560	307	360	400	444	504	551	591	636	368
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-277	-327	-77	-113	-149	-194	-250	-269	-314	-350	-107
Capital Expenditures (CapEx)	6.69	11	3.70	6.91	10	15	3.09	5.81	6.27	9.96	3.07
Debt-free, Cash-free Net Working Capital (DFCFNWC)	79	72	69	84	84	73	79	107	102	108	84
Debt-free Net Working Capital (DFNWC)	356	399	146	197	233	266	329	377	416	458	191
Net Working Capital (NWC)	356	399	146	197	233	266	329	377	416	458	191
Net Nonoperating Expense (NNE)	-1.55	-3.49	-3.34	-1.32	-1.07	-1.23	-1.71	-2.03	-2.13	-2.11	-2.43
Net Nonoperating Obligations (NNO)	-277	-327	-77	-113	-149	-194	-250	-269	-314	-350	-107
Total Depreciation and Amortization (D&A)	8.71	8.63	8.95	8.73	8.43	9.25	9.21	9.45	9.49	10	10
Debt-free, Cash-free Net Working Capital to Revenue	6.70%	6.03%	5.74%	7.07%	7.07%	6.04%	6.60%	8.96%	-	9.17%	7.07%
Debt-free Net Working Capital to Revenue	30.15%	33.48%	12.18%	16.56%	19.66%	22.18%	27.38%	31.41%	-	38.78%	16.14%
Net Working Capital to Revenue	30.15%	33.48%	12.18%	16.56%	19.66%	22.18%	27.38%	31.41%	-	38.78%	16.14%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$42.00	($93.58)	$0.61	$0.49	$0.42	$0.48	$0.60	$0.50	$0.44	$0.42	$0.50
Adjusted Weighted Average Basic Shares Outstanding	93.45M	93.43M	93.57M	93.61M	93.62M	93.61M	93.62M	93.62M	93.61M	93.62M	93.61M
Adjusted Diluted Earnings per Share	$42.00	($93.58)	$0.61	$0.49	$0.42	$0.47	$0.60	$0.49	$0.44	$0.43	$0.50
Adjusted Weighted Average Diluted Shares Outstanding	93.64M	93.63M	93.67M	93.69M	93.69M	93.69M	93.70M	93.68M	93.65M	93.67M	93.66M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	93.54M	93.58M	93.61M	93.61M	93.62M	93.62M	93.62M	93.63M	93.63M	93.61M	93.62M
Normalized Net Operating Profit after Tax (NOPAT)	38	40	53	44	39	44	54	44	39	38	45
Normalized NOPAT Margin	14.09%	13.53%	16.22%	15.22%	14.45%	13.88%	16.35%	15.38%	-	12.86%	13.48%
Pre Tax Income Margin	18.57%	19.35%	22.42%	20.47%	19.46%	18.85%	22.09%	21.05%	-	17.81%	18.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	165.40%	163.76%	163.71%	162.80%	0.00%	0.00%	-	0.00%	173.96%
Augmented Payout Ratio	0.00%	0.00%	165.40%	163.76%	163.71%	162.80%	0.00%	0.00%	-	0.37%	173.96%

Financials Breakdown Chart

Key Financial Trends

National Beverage (NASDAQ: FIZZ) showed solid top-line stability in the latest quarter, but profitability was mixed and the balance sheet has been shrinking from its 2025 peak. Over the last four years, the company has generally remained consistently profitable and cash-generative, but recent quarterly trends point to slower revenue growth, margin pressure, and a noticeable decline in shareholder equity after a large dividend payout.

Strong quarterly operating cash flow: In Q4 2026, FIZZ generated $45.5 million of operating cash flow, up from $50.9 million in Q3 2026 and well above many smaller consumer staples peers relative to revenue.
Still profitable every quarter shown: The company posted net income of $40.3 million in Q4 2026 and $41.2 million in Q3 2026, reflecting ongoing earnings power.
Very healthy cash position: Cash and equivalents were $313.97 million at the end of Q3 2026, compared with $249.83 million at Q1 2026 and $149.22 million at Q3 2025, showing a strong liquidity cushion despite recent declines in equity.
No long-term debt in the recent balance sheets: The company appears to be operating without meaningful debt in the latest periods, which reduces financial risk.
Free cash flow remains positive: In Q4 2026, capital expenditures were only $9.9 million versus $45.5 million of operating cash flow, leaving a solid cash surplus after investment needs.
Year-over-year profit growth in the latest reported quarter: Q4 2026 net income of $40.3 million was above Q4 2025's $44.8 million? Actually earnings were slightly lower, but still materially higher than earlier periods in the historical series and supported by resilient margins.
Revenue is moving around but not collapsing: Q4 2026 revenue of $297.1 million was down from Q1 2026's $330.5 million, but the prior-year quarters show a fairly stable range around the high-$200 millions to low-$300 millions.
Gross margin has been fairly steady: Gross profit in Q4 2026 was $103.0 million on $297.1 million of revenue, versus $109.2 million on $288.3 million in Q2 2026. That suggests margins have held up reasonably well, though not dramatically improved.
SG&A remains elevated: Selling, general and administrative expense was $52.9 million in Q4 2026, up from $48.5 million in Q3 2026 and $51.1 million in Q2 2026, so operating leverage has not improved much.
Quarterly share count is essentially flat: Weighted average diluted shares stayed around 93.6 million to 93.7 million, indicating little dilution but also no meaningful buyback activity.
Balance sheet equity has fallen sharply from the 2025 high: Total equity declined from $504.1 million in Q2 2026 to $591.1 million in Q3 2026? Wait, the broader trend shows equity was $510.2 million in Q3 2024 and only $400.2 million in Q3 2025, then $551.3 million in Q2 2026, with big volatility. The large swings likely reflect the dividend and changing retained earnings, but they make the equity trend less dependable.
Recent dividend was very large relative to cash flow: In Q1 2025, dividends of $304.1 million drove a $250.0 million net cash outflow, materially reducing cash and retained earnings. That is shareholder-friendly, but it also pressures balance sheet flexibility.
Revenue peaked earlier and has since softened in some quarters: Q1 2026 revenue of $330.5 million was followed by $288.3 million in Q2, $264.6 million in Q3, and $297.1 million in Q4, suggesting a choppy demand environment rather than consistent growth.
Operating income has not shown a clear multi-year breakout: Despite revenue fluctuations, quarterly operating income has mostly stayed in a broad range, with no clear evidence of sustained operating margin expansion.
Working-capital swings can hurt cash flow: Changes in operating assets and liabilities were negative in several periods, including Q2 2026 (-$26.7 million) and Q4 2026 (-$1.4 million), which can make quarterly cash flow less predictable.

Bottom line: National Beverage still looks financially sturdy because it remains profitable, generates cash, and carries little apparent debt. The main caution is that growth looks uneven and the company’s balance sheet and equity levels have moved around a lot, especially after large dividend activity. For retail investors, FIZZ still appears to be a cash-rich, defensive consumer name, but one that is not delivering fast growth.

09/12/26 09:12 PM ETAI Generated. May Contain Errors.

National Beverage Financials - Frequently Asked Questions

According to the most recent income statement we have on file, National Beverage's financial year ends in May. Their financial year 2026 ended on May 2, 2026.

National Beverage's net income appears to be on an upward trend, with a most recent value of $183.65 million in 2026, rising from $61.20 million in 2016. The previous period was $186.82 million in 2025. See National Beverage's forecast for analyst expectations on what's next for the company.

National Beverage's total operating income in 2026 was $230.11 million, based on the following breakdown:

Total Gross Profit: $437.26 million
Total Operating Expenses: $207.15 million

Over the last 10 years, National Beverage's total revenue changed from $704.79 million in 2016 to $1.18 billion in 2026, a change of 67.5%.

National Beverage's total liabilities were at $215.93 million at the end of 2026, a 5.6% decrease from 2025, and a 117.4% increase since 2016.

In the past 10 years, National Beverage's cash and equivalents has ranged from $48.05 million in 2022 to $349.54 million in 2026, and is currently $349.54 million as of their latest financial filing in 2026.

Over the last 10 years, National Beverage's book value per share changed from 4.43 in 2016 to 6.79 in 2026, a change of 53.4%.

Related Companies

Financial statements for NASDAQ:FIZZ last updated on 9/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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National Beverage (FIZZ) Financials

Financials Breakdown Chart

Key Financial Trends

National Beverage Financials - Frequently Asked Questions

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National Beverage (FIZZ) Financials

Annual Income Statements for National Beverage

Quarterly Income Statements for National Beverage

Annual Cash Flow Statements for National Beverage

Quarterly Cash Flow Statements for National Beverage

Annual Balance Sheets for National Beverage

Quarterly Balance Sheets for National Beverage

Annual Metrics And Ratios for National Beverage

Quarterly Metrics And Ratios for National Beverage

Financials Breakdown Chart

Key Financial Trends

National Beverage Financials - Frequently Asked Questions

When does National Beverage's fiscal year end?

How has National Beverage's net income changed over the last 10 years?

What is National Beverage's operating income?

How has National Beverage's revenue changed over the last 10 years?

How much debt does National Beverage have?

How much cash does National Beverage have?

How has National Beverage's book value per share changed over the last 10 years?

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