Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin17.7%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin14.2%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
A
Years to Pay Off Debt1.3 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt$146M
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$191M
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book7.99x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
A
Free Cash Flow$62M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income6.5%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$56M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
About National Beverage Corp.
National Beverage Corp., through its subsidiaries, develops, produces, markets, and sells a portfolio of sparkling waters, juices, energy drinks, and carbonated soft drinks in the United States and Canada. The company's Power+ brand portfolio offers sparkling water products under the LaCroix brands; non-carbonated water under the Clear Fruit; energy drink and shots under the Rip It brand; juice and juice-based products under Everfresh, Everfresh Premier Varietals, and Mr. Pure brands; and carbonated soft drinks under Shasta and Faygo brands. It serves retailers, as well as various smaller up-and-down-the-street accounts through the take-home, convenience, and food-service distribution channels. The company was incorporated in 1985 and is headquartered in Fort Lauderdale, Florida. National Beverage Corp. is a subsidiary of IBS Partners, Ltd.
National Beverage Corp., through its subsidiaries, develops, produces, markets, and sells a portfolio of sparkling waters, juices, energy drinks, and carbonated soft drinks in the United States and Canada. The company's Power+ brand portfolio offers sparkling water products under the LaCroix brands; non-carbonated water under the Clear Fruit; energy drink and shots under the Rip It brand; juice and juice-based products under Everfresh, Everfresh Premier Varietals, and Mr. Pure brands; and carbonated soft drinks under Shasta and Faygo brands. It serves retailers, as well as various smaller up-and-down-the-street accounts through the take-home, convenience, and food-service distribution channels. The company was incorporated in 1985 and is headquartered in Fort Lauderdale, Florida. National Beverage Corp. is a subsidiary of IBS Partners, Ltd.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Mr. Market is currently offering National Beverage Corp. at $31.39.
The business passes only 1 of 6 of Graham's defensive criteria — well below his required standard.
At $31.39, the stock trades at a 372% premium to its Graham Number of $6.65. Graham would consider this price speculative.
There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.
Trading at 26.0x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies..
Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.
Showing Key Metrics
Income Highlights
Metric
Q3 2026
Q4 2025
Gross Profit %
35.0%▼
37.9%
Operating Margin %
17.7%▼
20.1%
Net Income %
14.2%▼
16.1%
Diluted EPS
0.50▲
0.49
Balance Sheet Highlights
Metric
Q3 2026
Q4 2025
Total Assets
$582M
$749M
Total Debt
$59M▼
$66M
Working Capital
$191M▼
$377M
Years to Pay Debt
1.25
1.43
Cash Flow Highlights
Metric
Q3 2026
Q4 2025
Free Cash Flow
$62M▲
$20M
Owner Earnings
$56M
$58M
CapEx % of Net Income
6.5%
12.5%
Income Statement
2026
2025
Tax Rate For Calcs
0
0
Normalized EBITDA
64,802
63,632
Net Income From Continuing Operation Net Minority Interest
47,004
46,364
Reconciled Depreciation
6,322
5,586
Reconciled Cost Of Revenue
214,872
179,146
EBITDA
64,802
63,632
EBIT
58,480
58,046
Net Interest Income
3,300
2,800
Interest Income
3,300
2,800
Normalized Income
47,004
46,364
Net Income From Continuing And Discontinued Operation
47,004
46,364
Total Expenses
272,182
230,285
Total Operating Income As Reported
58,480
58,046
Diluted Average Shares
93,660
93,684
Basic Average Shares
93,613
93,623
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
47,004
46,364
Net Income Common Stockholders
47,004
46,364
Net Income
47,004
46,364
Net Income Including Noncontrolling Interests
47,004
46,364
Net Income Continuous Operations
47,004
46,364
Tax Provision
14,660
14,337
Pretax Income
61,664
60,701
Other Income Expense
-116
-145
Other Non Operating Income Expenses
-116
-145
Net Non Operating Interest Income Expense
3,300
2,800
Interest Income Non Operating
3,300
2,800
Operating Income
58,480
58,046
Operating Expense
57,310
51,139
Selling General And Administration
57,310
51,139
Gross Profit
115,790
109,185
Cost Of Revenue
214,872
179,146
Total Revenue
330,662
288,331
Operating Revenue
330,662
288,331
Balance Sheet
2026
2025
Treasury Shares Number
8,394
Ordinary Shares Number
93,615
93,612
Share Issued
93,615
102,006
Total Debt
58,771
66,194
Tangible Book Value
352,793
536,349
Invested Capital
367,553
551,109
Working Capital
190,617
376,747
Net Tangible Assets
352,943
536,499
Capital Lease Obligations
58,771
66,194
Common Stock Equity
367,553
551,109
Preferred Stock Equity
150
150
Total Capitalization
367,703
551,259
Total Equity Gross Minority Interest
367,703
551,259
Stockholders Equity
367,703
551,259
Gains Losses Not Affecting Retained Earnings
2,776
10,915
Other Equity Adjustments
10,915
Treasury Stock
24,906
24,906
Retained Earnings
344,153
519,874
Additional Paid In Capital
44,510
44,206
Capital Stock
1,170
1,170
Common Stock
1,020
1,020
Preferred Stock
150
150
Total Liabilities Net Minority Interest
214,565
197,715
Total Non Current Liabilities Net Minority Interest
77,634
83,025
Other Non Current Liabilities
6,930
7,281
Non Current Deferred Liabilities
26,422
24,576
Non Current Deferred Taxes Liabilities
26,422
24,576
Long Term Debt And Capital Lease Obligation
44,282
51,168
Long Term Capital Lease Obligation
44,282
51,168
Current Liabilities
136,931
114,690
Current Debt And Capital Lease Obligation
14,489
15,026
Current Capital Lease Obligation
14,489
15,026
Pensionand Other Post Retirement Benefit Plans Current
Payables And Accrued Expenses
122,442
99,664
Current Accrued Expenses
36,123
35,429
Payables
86,319
64,235
Total Tax Payable
4,517
410
Income Tax Payable
4,517
410
Accounts Payable
81,802
63,825
Total Assets
582,268
748,974
Total Non Current Assets
254,720
257,537
Other Non Current Assets
4,390
4,710
Goodwill And Other Intangible Assets
14,760
14,760
Other Intangible Assets
1,615
1,615
Goodwill
13,145
13,145
Net PPE
235,570
238,067
Accumulated Depreciation
-271,378
-254,753
Gross PPE
506,948
492,820
Other Properties
56,661
64,364
Machinery Furniture Equipment
336,903
336,272
Buildings And Improvements
103,549
82,349
Land And Improvements
9,835
9,835
Current Assets
327,548
491,437
Other Current Assets
14,239
33,097
Inventory
100,444
95,869
Other Inventories
-31
Finished Goods
58,300
Raw Materials
37,600
Receivables
105,767
93,157
Accounts Receivable
105,767
93,157
Allowance For Doubtful Accounts Receivable
Gross Accounts Receivable
Cash Cash Equivalents And Short Term Investments
107,098
269,314
Cash And Cash Equivalents
107,098
269,314
Cash Flow
2026
2025
Free Cash Flow
61,779
19,905
Capital Expenditure
-3,071
-5,807
Interest Paid Supplemental Data
25
102
Income Tax Paid Supplemental Data
234
32,995
End Cash Position
107,098
269,314
Beginning Cash Position
349,543
249,831
Changes In Cash
-242,445
19,483
Financing Cash Flow
-304,224
-422
Cash Flow From Continuing Financing Activities
-304,224
-422
Proceeds From Stock Option Exercised
25
251
Cash Dividends Paid
-304,249
0
Common Stock Dividend Paid
-304,249
0
Investing Cash Flow
-3,071
-5,807
Cash Flow From Continuing Investing Activities
-3,071
-5,807
Net PPE Purchase And Sale
-3,071
-5,807
Sale Of PPE
0
0
Purchase Of PPE
-3,071
-5,807
Operating Cash Flow
64,850
25,712
Cash Flow From Continuing Operating Activities
64,850
25,712
Change In Working Capital
6,569
-30,780
Change In Other Current Liabilities
-4,073
-3,808
Change In Payables And Accrued Expense
640
-32,612
Change In Accrued Expense
6,287
-17,767
Change In Payable
-5,647
-14,845
Change In Account Payable
-5,647
-14,845
Change In Prepaid Assets
16,392
-5,754
Change In Inventory
-4,924
-1,953
Change In Receivables
-1,466
13,347
Changes In Account Receivables
-1,466
13,347
Other Non Cash Items
4,274
3,632
Stock Based Compensation
87
112
Deferred Tax
594
232
Deferred Income Tax
594
232
Depreciation Amortization Depletion
6,322
5,586
Depreciation And Amortization
6,322
5,586
Net Income From Continuing Operations
47,004
46,364
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $331M▲ $331M+0.0%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 38.0%▼ 35.0%-2.9pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 17.7%▼ 17.7%-0.0pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 16.9%▼ 14.2%-2.7pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
❌ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$331M/qtr (≈$1.3B ann.)
vs > $1.5B annualised revenue
✅ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
2.39x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$62M
vs Positive
Operating Cash Flow
$65M
Latest quarter · Buffett's cash reality check
ROIC
10.4%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
8.0x
Net Assets: $368M
Peers & Industry
No auto-detected peers for Beverages - Non-Alcoholic. You can manually compare FIZZ against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
74.64%
High — management has strong skin in the game
Return on Equity (ROE)
12.8%
Adequate — returns are moderate
Return on Assets (ROA)
8.1%
Strong — management uses assets efficiently
Share Buybacks (Latest Year)
$1M
Management is returning capital to shareholders via buybacks
Debt Trend YoY
-0.3% YoY
Debt is declining — management is deleveraging
Leadership Team
Nick Caporella
Chairman & CEO
Age 89
Pay: $11,805,522
25.116% of net income
Joseph Caporella
President & Director
Age 65
Pay: $1,929,382
4.105% of net income
George Bracken
Executive Vice President of Finance
Age 80
Pay: $1,091,343
2.322% of net income
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
4.56%
4,265,616
Renaissance Technologies, LLC
3.03%
2,838,997
Kayne Anderson Rudnick Investment Management LLC
2.18%
2,036,990
Dimensional Fund Advisors LP
1.75%
1,640,230
Vanguard Portfolio Management LLC
1.68%
1,572,492
Vanguard Capital Management LLC
1.12%
1,052,173
State Street Corporation
1.04%
972,477
Geode Capital Management, LLC
0.97%
907,105
Risk Analysis
Beta (Market Risk)
0.76
Low volatility — more stable than the market
Short Interest
17.8% of float
Heavy short selling — market has significant bearish bets
Debt-to-Equity
0.16x
Conservative balance sheet — low financial risk
Current Ratio
2.39x
Strong liquidity — Graham approved
52-Week Price Range
Low: $28.97Current: $31.39High: $38.21
Currently at 26% of 52-week range
National Beverage Corp. (FIZZ) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $6.65. Margin of safety: 0%. Gross profit margin: 35.0%. Operating margin: 17.7%. Net margin: 14.2%. Market cap: $2.9B. Sector: Consumer Defensive. Industry: Beverages - Non-Alcoholic. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.