National Beverage
FIZZ on Nasdaq. National Beverage sells sparkling water, juices, energy drinks, and soft drinks to Americans. Market value $2.8bn.
Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to April 2026.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Everyday goods stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $5.76 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 67 of 100. Price score: 82 of 100. Our list needs 70 on quality and 60 on price.
$30.02 a share, 4% above its 1-year low
Over the past year the price has ranged from $28.97 to $38.21.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.1bn | $1.2bn | $1.2bn | $1.2bn | $1.2bn |
| Operating margin | |||||
| Operating margin | 18.3% | 15.9% | 18.3% | 19.6% | 19.5% |
| Debt to equity | |||||
| Debt to equity | 0.13 | 0.00 | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.09bn | 0.09bn | 0.09bn | 0.09bn | 0.09bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsSlow, 1.9% a year
- Buying back its own sharesRoughly flat
The quarter to July 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $331 million last quarter, about the same as a year ago.
- Profit: $47 million, down 16% on a year ago.
- It keeps 18 cents of each $1 of sales as operating profit, down from 20 cents a year earlier.
- Spare cash over the past 12 months: $162 million, down from $173 million.
- About the same number of shares as a year ago.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| October 2024 | $291m |
| January 2025 | $267m |
| April 2025 | $314m |
| July 2025 | $331m |
| October 2025 | $288m |
| January 2026 | $265m |
| April 2026 | $297m |
| July 2026 | $331m |
| Quarter to | Amount |
|---|---|
| October 2024 | $46m |
| January 2025 | $40m |
| April 2025 | $45m |
| July 2025 | $56m |
| October 2025 | $46m |
| January 2026 | $41m |
| April 2026 | $40m |
| July 2026 | $47m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 1 July 2026
- Next quarterly (estimated, 10-Q)
- 10 December 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 258 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $3m
- Share of fund
- <0.1%
- Barrow HanleyBarrow Hanley team
- Value
- $14,196
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| GAMCO InvestorsMario Gabelli | $3m | <0.1% | |
| Gotham Asset ManagementJoel Greenblatt | $733,606 | <0.1% | Added |
| Barrow HanleyBarrow Hanley team | $14,196 | <0.1% |
Largest holders overall
- BlackRock$133mAdded
- Renaissance Technologies$89mCut
- Kayne Anderson Rudnick Investment Management$64mCut
- Dimensional Fund Advisors LP$51mAdded
- Vanguard Portfolio Management$49m
- Vanguard Capital Management$33m
- State Street$30mAdded
- Geode Capital Management$28mAdded
- TWO Sigma Investments, LP$21mAdded
- Morgan Stanley$16m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $7,945 of shares on the open market.
- Waldman Glenn J.DirectorBought
- Date
- 20 July 2026
- Shares
- 250
- Price
- $31.78
- Value
- $7,945
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 20 July 2026 | Waldman Glenn J. Director | Bought | 250 | $31.78 | $7,945 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 1 Jul 2026, plus the 10-Q filed 10 Sep 2026 and 2 later 8-Ks.
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On October 31, 2024, the Audit Committee also dismissed RSM US LLP (“RSM”) as our independent registered public accounting firm, beginning with the Company’s second fiscal quarter.”
From an 8-K filed 6 November 2024: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have barely grown: 1.9% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.