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Makes and markets LaCroix sparkling water and other flavored beverages in the US.
Makes and markets LaCroix sparkling water and other flavored beverages in the US.
Sells beverages to grocery chains and club stores, with LaCroix as its best-known line. Chairman and chief executive Nick Caporella owns a majority of the shares, which keeps control with him.
Moat: narrow (brand). LaCroix built strong brand loyalty in flavored sparkling water but faces growing private-label and branded competition.
Headquarters: Fort Lauderdale, Florida, US · Founded: 1985 · Employees: 1,677
Size National Beverage (FIZZ) is a United States Consumer Staples company (Beverages: Non-Alcoholic) with a market value of $3.48B, the 1439th largest of 3,117 United States companies the cockpit tracks. Shares closed at $37.14 on 6 Nov 2026.
Performance Over six months the shares gained 5.7%, against +7.3% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 20 in its peer set.
Growth Revenue fell 1.8% over the last twelve months (peer median +6.9%); the operating margin is 18.3% (peer median 8.8%).
Valuation It trades at 19.2× forward earnings against a peer median of 16.2× (4th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 44.6 points above its cost of capital (8.8% WACC).
Short interest Short interest is 4.6% of the free float (15 Oct 2026).
Next results Next results expected around 3 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.18B | $1.18B | $1.20B | $1.19B | $1.17B |
| Revenue growth | — | -2% | +1% | +2% | — |
| Gross profit | $426M | $406M | $438M | $439M | $405M |
| EBITDA | $239M | $221M | $250M | $249M | $228M |
| Net income | $175M | $184M | $187M | $177M | $142M |
| Free cash flow | $162M | $156M | $170M | $168M | $140M |
| Capital expenditure | $25.1M | $25.1M | $36.3M | $30.3M | $22.0M |
| Total debt | $58.8M | $58.9M | $72.1M | $54.8M | $41.5M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| National Beverage FIZZ | $3.48B | +6% | -2% | 18% | 19.2× | 3.4% |
| PepsiCo PEP | $193B | -8% | +6% | 16% | 16.6× | -5.5% |
| Coca-Cola Company (The) KO | $412B | +23% | +8% | 32% | 27.6× | 2.8% |
| Keurig Dr Pepper KDP | $49.8B | +28% | +43% | 17% | 14.8× | 6.3% |
| Primo Brands PRMB | $8.10B | -4% | +28% | 10% | 16.2× | 9.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FIZZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +20.4% | +8.3% | highest of 20 |
| 6-month return | +5.7% | +7.3% | 10th lowest of 20 |
| Distance from 52-week high | -3.4% | -14.6% | highest of 20 |
| Revenue growth (TTM) | -1.8% | +6.9% | 3rd lowest of 20 |
| Operating margin | 18.3% | 8.8% | 3rd highest of 19 |
| Forward P/E | 19.2× | 16.2× | 4th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 3.4% | -4.2% | 6th most demanding of 16 |
| Growth delivered (Del g) | +1.9% | +7.8% | 2nd lowest of 16 |
| Hurdle (Req g minus delivered) | +1.5 pp | -15.4 pp | 4th most demanding of 16 |
| ROIC minus cost of capital | +44.6 pp | +4.8 pp | 2nd highest of 19 |
| EV / EBITDA | 14.3× | 7.3× | 3rd most expensive of 16 |
| Net debt / EBITDA | -0.2× | 0.7× | 8th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| National Beverage FIZZ | United States | $3.48B | +6% | -2% | 18% | 19.2× | 3.4% | +1.9% |
| Embotelladora Andina S.A. Sponsored ADR Pfd AKO-B | United States | $4.26B | +7% | +10% | 13% | 14.6× | -4.2% | +10.4% |
| Uni-President China 0220.HK | Hong Kong | $4.56B | +12% | +4% | 8% | 14.0× | -8.3% | +6.1% |
| Coca-Cola Bottlers Japan 2579.T | Japan | $4.60B | +31% | -2% | 4% | 31.7× | 8.4% | +2.4% |
| SDIC Zhonglu Fruit Juice 600962.SS | China | $2.62B | -1% | +100% | n/a | n/a | n/a | n/a |
| China Resources Beverage (Holdings) 2460.HK | Hong Kong | $2.27B | -14% | -19% | 6% | 18.1× | n/a | n/a |
| Coca-Cola FEMSA SAB de CV Sponsored ADR KOF | United States | $6.01B | +8% | +17% | 14% | 16.5× | -20.1% | +12.2% |
| Primo Brands PRMB | United States | $8.10B | -4% | +28% | 10% | 16.2× | 9.2% | +27.8% |
| Celsius CELH | United States | $8.14B | 0% | +83% | 19% | 22.7× | 7.6% | +80.7% |
| China Foods 0506.HK | Hong Kong | $1.43B | +8% | +4% | 8% | 10.1× | -17.0% | +4.3% |
| Fevertree Drinks FEVR.L | United Kingdom | $1.36B | +18% | +2% | 9% | 33.0× | 27.9% | +5.2% |
| Suntory Beverage & Food 2587.T | Japan | $9.58B | +9% | +7% | 9% | 17.2× | -7.5% | +7.8% |
| Tingyi 0322.HK | Hong Kong | $9.59B | +17% | +4% | 9% | 14.1× | -12.9% | +2.4% |
| Princes PRN.L | United Kingdom | $1.21B | -3% | +30% | 4% | 12.6× | -7.1% | +9.3% |
| Lassonde Industries LAS-A.TO | Canada | $1.14B | +4% | +2% | 9% | 8.9× | -13.2% | +8.2% |
| Shenzhen Cereals 000019.SZ | China | $1.04B | -20% | +1% | 6% | n/a | 4.6% | -14.3% |
| NATURECELL 007390.KS | South Korea | $1.04B | +14% | -15% | -18% | n/a | n/a | n/a |
| Eastroc Beverage (Group) 605499.SS | China | $11.7B | -27% | +12% | 25% | 17.2× | -3.2% | +33.1% |
| A.G. BARR p.l.c BAG.L | United Kingdom | $887M | -2% | +7% | 15% | 12.4× | n/a | n/a |
| Coca-Cola Consolidated COKE | United States | $13.8B | +19% | +11% | 13% | n/a | -1.3% | +7.6% |