Operating cash flow exceeded net income in 8 of 10 quarters (cumulative OCF/NI 1.07), and free cash flow margin averaged 14.0% over the trailing twelve months, reflecting high earnings quality.
| Metric | May'26 | Apr'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Apr'01 | Apr'00 | Apr'99 | Apr'98 | Apr'97 |
|---|
| Cash from Operations | 181.25M | 206.7M | 197.91M | 161.66M | 133.13M | 193.77M | 177.69M | 139.44M | 154.72M | 113.77M | 78.95M | 58.02M | 52.38M | 40.26M | 37.7M | 55.3M | 54.38M | 35.83M | 33.99M | 32.84M | 28.55M | 32.9M | 21.32M | 35.99M | 23.36M | 21.47M | 19.65M | 6.7M | 24M | 16.6M |
| Operating CF Margin % | 15.35% | 17.21% | 16.61% | 13.78% | 11.7% | 18.07% | 17.76% | 13.75% | 15.86% | 13.76% | 11.2% | 8.98% | 8.17% | 6.08% | 5.99% | 9.21% | 9.16% | 6.23% | 6% | 6.09% | 5.52% | 6.64% | 4.16% | 7.19% | 4.65% | 4.47% | 4.61% | 1.67% | 5.99% | 4.31% |
| Operating CF Growth % | -12.31% | 4.44% | 22.42% | 21.43% | -31.29% | 9.05% | 27.43% | -9.88% | 35.99% | 44.1% | 36.08% | 10.76% | 30.1% | 6.81% | -31.84% | 1.69% | 51.79% | 5.42% | 3.51% | 15% | -13.21% | 54.29% | -40.76% | 54.08% | 8.8% | 9.26% | 193.24% | -72.08% | 44.58% | 13.7% |
| Net Income | 183.65M | 186.82M | 176.73M | 142.16M | 158.51M | 174.15M | 129.97M | 140.85M | 149.77M | 107.05M | 61.2M | 49.31M | 43.63M | 46.92M | 43.99M | 40.75M | 32.85M | 24.74M | 22.48M | 24.68M | 22.23M | 16.89M | 18.69M | 17.59M | 16.55M | 14.98M | 13.58M | 13.2M | 13.1M | 10.7M |
| Depreciation & Amortization | 22.68M | 20.8M | 20.16M | 33.28M | 31.8M | 31.16M | 30.59M | 15.44M | 13.23M | 12.83M | 12.06M | 11.58M | 11.71M | 11M | 10.65M | 11.36M | 12.35M | 11.78M | 11.58M | 11.65M | 13.59M | 12.46M | 11.39M | 11.32M | 11.75M | 11.74M | 10.16M | 9.9M | 9.3M | 7.8M |
| Stock-Based Compensation | 439K | 606K | 881K | 677K | 695K | 462K | 125K | 251K | 161K | 208K | 228K | 307K | 95K | 230K | 290K | 446K | 349K | 340K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 3.69M | -449K | 907K | -821K | 5.33M | -132K | 11K | 3.35M | 676K | 1.36M | -1.3M | 1.08M | 79K | 172K | -477K | -694K | -1.03M | -474K | 1.25M | -2.83M | 1.64M | 891K | 143K | 2.71M | 1.58M | 2.33M | 582K | 200K | 700K | 3M |
| Other Non-Cash Items | 40.8M | 15.43M | 14.05M | 141K | -7K | 114K | 206K | 12K | 149K | 72K | 129K | -1.19M | 51K | 63K | 7K | 82K | 791K | 363K | 311K | 318K | -51K | 15K | 59K | 110K | 203K | 95K | -3.36M | -100K | -100K | -100K |
| Working Capital Changes | -70M | -16.52M | -14.82M | -13.78M | -63.2M | -11.98M | 16.79M | -20.46M | -9.27M | -7.75M | 6.64M | -3.07M | -3.19M | -18.12M | -16.77M | 3.36M | 9.07M | -924K | -1.84M | -989K | -8.85M | 2.64M | -8.97M | 4.26M | -6.73M | -7.68M | -1.32M | -16.6M | 900K | -4.9M |
| Change in Receivables | -144K | -1.32M | 2.08M | -11.33M | -7.15M | -1.52M | -80K | -481K | -13.04M | -10.27M | -1.09M | -1.75M | 5.86M | -2.48M | -5.68M | -2.08M | -99K | -4.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -10.41M | -506K | 8.97M | 9.74M | -31.84M | -8M | 7.22M | -9.78M | -7.57M | -5.43M | -5M | 990K | -4.68M | 1.63M | -7.51M | 1.32M | 4.94M | -858K | 5.31M | -9.63M | -4.69M | 16K | -1.06M | 2.35M | 707K | 786K | -1.93M | -1.8M | 200K | 1.4M |
| Change in Payables | 3.75M | 4.17M | -6.82M | -10.19M | 6.54M | 14.38M | 8.17M | -8.65M | 16.75M | 8.71M | 4.5M | -710K | 1.34M | -10.61M | 5.62M | 829K | 423K | -1.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -25.12M | -36.27M | -30.25M | -21.95M | -29M | -25.31M | -23.88M | -38.31M | -31.91M | -13.99M | -12.02M | -9.72M | -12.06M | -9.62M | -9.85M | -11.31M | -8.31M | -3.49M | -12.71M | -10.88M | -5.07M | -3.85M | -8.07M | -8.62M | -7.09M | -10M | -10.26M | -6.7M | -7.1M | -5.7M |
| Capital Expenditures | -25.14M | -36.28M | -30.3M | -21.98M | -29.02M | -25.31M | -23.89M | -38.33M | -31.97M | -14.02M | -12.14M | -11.63M | -12.12M | -9.69M | -9.9M | -11.39M | -8.35M | -6.66M | -9.72M | -10.97M | -7.96M | -13M | -8.7M | -8.94M | -7.16M | -6.05M | -8.56M | -6.8M | -7.3M | -6.3M |
| CapEx % of Revenue | 2.13% | 3.02% | 2.54% | 1.87% | 2.55% | 2.36% | 2.39% | 3.78% | 3.28% | 1.69% | 1.72% | 1.8% | 1.89% | 1.46% | 1.57% | 1.9% | 1.41% | 1.16% | 1.72% | 2.04% | 1.54% | 2.62% | 1.7% | 1.79% | 1.42% | 1.26% | 2.01% | 1.69% | 1.82% | 1.63% |
| Acquisitions | 0 | 0 | 0 | 27K | 11K | 0 | 9K | 18K | 63K | 28K | 116K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.98M | -5.26M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 18K | 6K | 52K | 27K | 11K | -6K | 9K | 18K | 63K | 28K | 116K | 1.91M | 62K | 77K | 53K | 77K | 35K | 167K | 12K | 99K | 2.89M | 152K | 623K | 312K | 72K | 28K | 3.56M | 100K | 200K | 600K |
| Cash from Financing | -422K | -303.63M | 1.31M | -29.69M | -249.67M | -279.38M | -5.49M | -134.79M | -69.32M | -68.99M | -13.81M | -25.77M | -28.66M | -48.01M | 410K | -105.18M | -61.65M | 305K | -35.36M | 1.5M | -35.92M | 146K | -39.22M | -9.68M | -13.25M | -10.32M | -8.38M | -3M | -13.7M | -8.9M |
| Debt Issued (Net) | 0 | 0 | 0 | -30M | 30M | 0 | 0 | 0 | 0 | 0 | -10M | -20M | -20M | 50M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.45M | -9.53M | -13.15M | -10.11M | -6.33M | -1.7M | -13.8M | -7.7M |
| Equity Issued (Net) | -422K | 515K | 0 | 0 | 0 | 0 | -6.23M | 0 | 0 | 0 | 0 | 0 | 0 | 19.7M | 0 | 0 | 0 | 0 | 333K | 324K | 1M | 146K | 599K | -145K | -91K | -218K | -2.05M | -1.2M | 100K | -1.1M |
| Dividends Paid | 0 | -304.15M | 0 | 0 | -280M | -279.88M | 0 | -135.25M | -69.88M | -69.85M | -186K | -239K | -659K | -118.15M | -106.31M | -106.31M | -62.3M | -830 | -36.71M | 0 | -38.02M | 0 | -38.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -673K | 0 | 0 | 0 | -335K | 0 | -6.23M | 0 | 0 | 0 | -6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -255K | -267K | -252K | -260K | -2.15M | -1.3M | 0 | -1.2M |
| Other Financing | 0 | 0 | 1.31M | 311K | 335K | 491K | 740K | 456K | 560K | 365K | -3.62M | -5.53M | -8M | 440K | 106.72M | 1.13M | 650K | 305.83K | 1.02M | 1.18M | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 | -100K |
| Net Change in Cash | 155.71M | -133.21M | 168.97M | 110.02M | -145.54M | -110.93M | 148.32M | -33.66M | 53.49M | 30.8M | 53.12M | 22.52M | 11.66M | -17.36M | 28.25M | -61.19M | -15.57M | 32.64M | -14.08M | 23.46M | -12.44M | 29.19M | -25.97M | 17.69M | 3.02M | 1.14M | 1M | -2.9M | -37.3M | -35.2M |
| Free Cash Flow | 156.11M | 170.41M | 167.61M | 139.69M | 104.12M | 168.46M | 153.8M | 101.11M | 122.75M | 99.76M | 66.81M | 46.39M | 40.26M | 30.57M | 27.79M | 43.91M | 46.04M | 29.17M | 24.26M | 21.86M | 20.59M | 19.89M | 12.63M | 27.05M | 16.2M | 15.42M | 11.09M | -100K | 16.7M | 10.3M |
| FCF Margin % | 13.22% | 14.19% | 14.06% | 11.91% | 9.15% | 15.71% | 15.37% | 9.97% | 12.58% | 12.06% | 9.48% | 7.18% | 6.28% | 4.62% | 4.42% | 7.32% | 7.76% | 5.07% | 4.29% | 4.06% | 3.98% | 4.01% | 2.47% | 5.41% | 3.22% | 3.21% | 2.6% | -0.02% | 4.17% | 2.67% |
| FCF Growth % | -8.39% | 1.68% | 19.99% | 34.16% | -38.19% | 9.53% | 52.12% | -17.63% | 23.05% | 49.3% | 44.03% | 15.23% | 31.69% | 10% | -36.71% | -4.61% | 57.81% | 20.23% | 10.99% | 6.18% | 3.49% | 57.58% | -53.33% | 67.04% | 5.04% | 39.05% | 11188% | -100.6% | 62.14% | 8.42% |
| FCF per Share | 1.67 | 1.82 | 1.79 | 1.49 | 1.11 | 1.80 | 1.64 | 1.08 | 1.31 | 1.07 | 0.72 | 0.50 | 0.43 | 0.33 | 0.30 | 0.47 | 0.50 | 0.32 | 0.26 | 0.24 | 0.22 | 0.22 | 0.14 | 0.30 | 0.18 | 0.17 | 0.12 | -0.00 | 0.18 | 0.11 |
| FCF Conversion (FCF/Net Income) | 0.99x | 1.11x | 1.12x | 1.14x | 0.84x | 1.11x | 1.37x | 0.99x | 1.03x | 1.06x | 1.29x | 1.18x | 1.20x | 0.86x | 0.86x | 1.36x | 1.66x | 1.45x | 1.51x | 1.33x | 1.28x | 1.95x | 1.14x | 2.05x | 1.41x | 1.43x | 1.45x | 0.51x | 1.83x | 1.55x |
| Interest Paid | 0 | 116K | 228K | 315K | 371K | 148K | 51K | 51K | 101K | 202K | 116K | 380K | 723K | 341K | 95K | 101K | 124K | 107K | 107K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 55.99M | 55.97M | 37.83M | 51.96M | 63.36M | 29.36M | 36.83M | 56.74M | 55.9M | 29.47M | 24.75M | 23.08M | 24.33M | 23.13M | 20.82M | 18.54M | 11.11M | 13.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Private-label sparkling water threat
Operating cash flow exceeded net income in 8 of 10 quarters, with a cumulative OCF/NI ratio of 1.07, indicating high earnings quality despite revenue declines, based on reported financials.
The gap between net income and operating cash flow is minimal, with OCF averaging 107% of net income over the period. This suggests that earnings are well-backed by cash, and accruals are not masking underlying weakness. The slight deterioration in 2026Q2 (OCF/NI of 0.55) appears to be a working capital timing issue rather than a structural problem.
Free cash flow margin averaged 14.0% over the trailing twelve months, slightly below the prior year's 14.5%, as modest CapEx increases offset stable operating cash flow, according to SEC filings.
FCF generation remains robust, with cumulative FCF of $404.8M over ten quarters, far exceeding net income of $454.0M. However, the FCF margin has been range-bound between 12% and 17%, showing no upward trajectory. This aligns with the revenue stagnation theme, as the company is not generating incremental cash from top-line growth.
CapEx averaged just 2.7% of revenue over the period, well below depreciation and amortization, suggesting maintenance spending is more than covered and no major growth investments are underway, as per financial statements.
With cumulative CapEx of $78.9M versus D&A of $43.2M (excluding the negative D&A in 2024Q4), the company is spending roughly 1.8x depreciation, indicating some reinvestment but not aggressive expansion. The low capital intensity supports the view that FIZZ is a cash-generative business with limited need for heavy asset outlays.
Working capital swings ranged from -$32.8M to +$10.8M over the ten quarters, driven by timing of receivables and payables, but the cumulative impact on cash flow was negligible, based on reported data.
The large negative working capital changes in 2026Q4 and 2026Q2 appear to be seasonal or promotional timing, not a deterioration in collection efficiency. The company's cash conversion cycle likely remains short given the transactional nature of sales, but the volatility warrants monitoring if it becomes persistent.
No dividends were paid in the latest four quarters, and buybacks were negligible at $0.7M, following a $304.1M special dividend in 2025Q1, leaving cash accumulating on the balance sheet, as reported in filings.
The company's capital deployment strategy remains opaque, with no consistent shareholder return program. The massive special dividend in 2025Q1 depleted cash but was not followed by further payouts. The near-zero debt and growing cash pile suggest management is preserving optionality for a potential acquisition or another special dividend.
Over the ten-quarter period, cumulative operating cash flow of $483.7M exceeded cumulative net income of $454.0M by $29.7M, reinforcing the quality of reported earnings, according to financial statements.
The positive cumulative divergence indicates that earnings are not being inflated by non-cash items or aggressive accruals. This is consistent with the company's low SBC and straightforward business model. However, the gap is narrowing in recent quarters, which may signal a shift in working capital dynamics that investors should monitor.
Quick answers to the most common questions about buying FIZZ stock.
National Beverage Corp. (FIZZ) generated $181.3M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
National Beverage Corp. (FIZZ) generated $156.1M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
National Beverage Corp. (FIZZ) spent $25.1M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, National Beverage Corp. (FIZZ) spent $0.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.