Latest Ratios: P/E Ratio 16.5x · EV/EBITDA 11.9x · ROE 34.0%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.0B | $3.2B | $4.2B | $4.2B | $4.7B | $4.1B | $4.5B | $2.4B | $2.6B | $4.1B | $4.1B |
| Enterprise Value | $2.7B | $2.9B | $4.0B | $3.9B | $4.5B | $4.1B | $4.4B | $2.1B | $2.5B | $4.0B | $4.0B |
| P/E Ratio → | 16.50 | 17.40 | 22.31 | 23.54 | 32.70 | 26.08 | 26.12 | 18.07 | 18.67 | 27.61 | 38.52 |
| P/S Ratio | 2.56 | 2.71 | 3.46 | 3.50 | 3.97 | 3.63 | 4.24 | 2.35 | 2.59 | 4.25 | 5.01 |
| P/B Ratio | 4.77 | 5.03 | 9.37 | 7.45 | 12.49 | 17.23 | 12.78 | 5.20 | 7.92 | 12.51 | 16.87 |
| P/FCF | 19.39 | 20.47 | 24.41 | 24.86 | 33.31 | 39.63 | 27.00 | 15.30 | 25.99 | 33.78 | 41.54 |
| P/OCF | 16.70 | 17.63 | 20.12 | 21.05 | 28.78 | 30.99 | 23.48 | 13.24 | 18.84 | 26.80 | 36.42 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.46 | 3.36 | 3.27 | 3.87 | 3.64 | 4.10 | 2.10 | 2.44 | 4.05 | 4.85 |
| EV / EBITDA | 11.89 | 12.62 | 15.76 | 16.32 | 20.62 | 17.27 | 16.99 | 10.68 | 12.65 | 18.20 | 22.86 |
| EV / EBIT | 11.89 | 12.62 | 16.51 | 16.94 | 24.33 | 19.94 | 19.31 | 12.65 | 13.73 | 19.37 | 24.58 |
| EV / FCF | — | 18.61 | 23.69 | 23.23 | 32.47 | 39.75 | 26.11 | 13.64 | 24.44 | 32.23 | 40.17 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 37.0% | 37.0% | 37.0% | 36.0% | 33.8% | 36.7% | 39.3% | 37.0% | 37.9% | 40.1% | 39.4% |
| Operating Margin | 19.5% | 19.5% | 19.6% | 18.3% | 15.9% | 18.3% | 21.2% | 16.6% | 17.7% | 20.9% | 19.6% |
| Net Profit Margin | 15.6% | 15.6% | 15.6% | 14.8% | 12.1% | 13.9% | 16.2% | 13.0% | 13.9% | 15.3% | 12.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 34.0% | 34.0% | 37.2% | 37.9% | 46.5% | 53.2% | 43.1% | 33.2% | 42.5% | 51.9% | 47.4% |
| ROA | 24.1% | 24.1% | 25.9% | 26.3% | 27.3% | 30.9% | 28.9% | 23.6% | 30.9% | 36.7% | 32.3% |
| ROIC | 51.7% | 51.7% | 57.9% | 60.3% | 55.1% | 68.0% | 84.8% | 66.8% | 85.1% | 122.1% | 116.2% |
| ROCE | 36.9% | 36.9% | 40.4% | 41.1% | 49.6% | 56.8% | 49.7% | 38.5% | 50.7% | 65.4% | 64.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.09 | 0.09 | 0.16 | 0.10 | 0.11 | 0.26 | 0.12 | 0.11 | — | — | — |
| Debt / EBITDA | 0.26 | 0.26 | 0.28 | 0.23 | 0.19 | 0.26 | 0.17 | 0.25 | — | — | — |
| Net Debt / Equity | — | -0.46 | -0.27 | -0.49 | -0.31 | 0.06 | -0.42 | -0.56 | -0.47 | -0.57 | -0.56 |
| Net Debt / EBITDA | -1.26 | -1.26 | -0.47 | -1.14 | -0.53 | 0.06 | -0.58 | -1.30 | -0.80 | -0.87 | -0.78 |
| Debt / FCF | — | -1.86 | -0.71 | -1.62 | -0.83 | 0.13 | -0.89 | -1.66 | -1.54 | -1.55 | -1.37 |
| Interest Coverage | — | — | — | — | — | — | — | — | 890.77 | 1015.86 | 862.51 |
Net cash position: cash ($350M) exceeds total debt ($59M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.39 | 4.39 | 2.90 | 3.89 | 2.54 | 1.89 | 2.48 | 3.25 | 3.31 | 3.37 | 3.12 |
| Quick Ratio | 3.68 | 3.68 | 2.29 | 3.28 | 1.89 | 1.18 | 1.99 | 2.80 | 2.58 | 2.79 | 2.51 |
| Cash Ratio | 2.59 | 2.59 | 1.38 | 2.37 | 1.10 | 0.33 | 1.32 | 2.15 | 1.61 | 1.81 | 1.56 |
| Asset Turnover | — | 1.39 | 1.79 | 1.55 | 2.04 | 2.43 | 1.92 | 1.54 | 2.24 | 2.13 | 2.31 |
| Inventory Turnover | 7.78 | 7.78 | 8.90 | 9.02 | 8.29 | 6.97 | 9.10 | 9.93 | 8.91 | 9.60 | 9.39 |
| Days Sales Outstanding | — | 32.25 | 31.65 | 31.50 | 32.65 | 30.02 | 29.43 | 30.98 | 30.54 | 31.56 | 31.48 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 7.3% | — | — | 6.8% | 6.2% | — | 5.1% | 1.7% | 1.7% |
| Payout Ratio | — | — | 162.8% | — | — | 176.6% | 160.7% | — | 96.0% | 46.7% | 65.3% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.1% | 5.7% | 4.5% | 4.2% | 3.1% | 3.8% | 3.8% | 5.5% | 5.4% | 3.6% | 2.6% |
| FCF Yield | 5.2% | 4.9% | 4.1% | 4.0% | 3.0% | 2.5% | 3.7% | 6.5% | 3.8% | 3.0% | 2.4% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 7.3% | 0.0% | 0.0% | 6.8% | 6.2% | 0.3% | 5.1% | 1.7% | 1.7% |
| Shares Outstanding | — | $94M | $94M | $94M | $94M | $94M | $94M | $94M | $94M | $94M | $94M |
Private-label sparkling water threat
Gross margin fell to 31.8% in 2026Q4, the lowest in ten quarters, from a peak of 40.9% in 2026Q3, suggesting that input cost inflation and promotional spending are eroding LaCroix's premium pricing power, according to recent SEC filings.
The 910 basis point swing in gross margin over two quarters is unusually severe for a beverage company with ostensibly stable input costs, implying that the company may be increasing trade spending to defend shelf space against private-label entrants. Operating margin followed a similar trajectory, declining from 22.5% to 14.0% over the same period, which indicates that the lean cost structure cannot fully absorb the revenue decline. Net margin held above 13% only due to a low effective tax rate, masking underlying operational deterioration.
ROIC swung from 18.3% in 2025Q1 to 9.1% in 2026Q4, a 920 basis point decline, driven by falling margins and a growing cash base that inflates invested capital without generating incremental returns, as reported in financial statements.
The trailing twelve-month ROIC of approximately 12.9% is below the five-year average of roughly 15%, suggesting that the company is earning lower returns on each dollar reinvested. The cash balance has grown to $349.5 million, representing 41% of total assets, yet this cash earns minimal interest and does not contribute to operating profits. If one adjusts invested capital to exclude excess cash, ROIC would be significantly higher, but the current trend indicates that management is not deploying capital into high-return projects.
The cash conversion cycle expanded to 39 days in 2026Q4 from 34 days a year earlier, driven by a 3-day increase in days inventory outstanding to 43 days, suggesting slower inventory turnover that may reflect weakening demand, based on reported figures.
Days sales outstanding remained relatively stable at 31 days, indicating that the company is not extending credit terms to prop up sales. However, days payable outstanding also declined to 35 days from 38 days, meaning the company is paying suppliers more quickly, which reduces free cash flow. The combination of rising inventory and faster supplier payments suggests that management is either building safety stock or facing slower sell-through at retailers, both of which warrant monitoring.
With a debt-to-equity ratio of just 0.09% and cash of $349.5 million exceeding total debt by nearly 6x, National Beverage carries virtually no financial leverage, providing exceptional flexibility to weather margin pressure or pursue acquisitions, according to recent SEC filings.
Interest coverage is not calculable due to negligible interest expense, but the absence of meaningful debt service means that operating income declines do not create refinancing risk. The D/EBITDA ratio of 2.35x in 2026Q4 is slightly elevated from prior quarters due to falling EBITDA, but remains well below any covenant threshold. The fortress balance sheet is a double-edged sword: while it insulates the company from external shocks, it also suggests that management is not aggressively pursuing value-enhancing capital deployment.
The current ratio improved to 4.39 in 2026Q4 from 2.90 a year ago, while cash alone covers 4.6x total liabilities, providing an extraordinary liquidity cushion that could sustain operations for years without any revenue, as reported in financial statements.
The quick ratio of 3.68 indicates that even after excluding inventory, the company has ample liquid assets to cover short-term obligations. This level of liquidity is unusual for a consumer staples company and suggests that management is prioritizing balance sheet strength over shareholder returns. Under a severe stress scenario—such as a 50% revenue decline—the company could continue operations without external financing for multiple quarters, but the opportunity cost of holding such excess cash is significant.
The P/E ratio of 17.01 appears reasonable for a consumer defensive stock, but it obscures the fact that net income is inflated by a low tax rate and minimal capex, while the underlying brand is losing pricing power, as indicated by recent financial trends.
The most commonly misapplied ratio for National Beverage is the P/E multiple, because it fails to capture the capital intensity of the manufacturing platform and the volatility of gross margins. A more appropriate metric is EV/EBITDA, which at 12.30x reflects the enterprise value relative to cash earnings before non-cash charges. However, even EV/EBITDA must be adjusted for the company's excess cash, which depresses the multiple artificially. Investors should focus on price-to-tangible-book or EV/EBIT to better assess the value of the operating assets, as the current P/E may understate the risk of permanent margin compression.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FIZZ stock.
National Beverage Corp.'s current P/E ratio is 16.5x. The historical average is 20.4x. This places it at the 37th percentile of its historical range.
National Beverage Corp.'s current EV/EBITDA is 11.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.1x.
National Beverage Corp.'s return on equity (ROE) is 34.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 30.2%.
Based on historical data, National Beverage Corp. is trading at a P/E of 16.5x. This is at the 37th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
National Beverage Corp. has 37.0% gross margin and 19.5% operating margin. Operating margin between 10-20% is typical for established companies.
National Beverage Corp.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.