National Beverage Corp. (FIZZ) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+5.9%

$38.73

vs $36.56 price

Levered DCF

$39.98

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

14.01

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	17.4×	22.2×	23.54×	33.68×	25.93×	25.98×	18.07×	18.54×
P/B	5.02×	9.36×	7.43×	12.83×	17.18×	12.73×	5.18×	7.88×
P/S	2.7×	3.46×	3.49×	4.07×	3.61×	4.23×	2.34×	2.58×
EV / EBITDA	11.48×	15.2×	15.54×	21.19×	17.24×	16.92×	10.63×	12.57×
Gross margin	37.0%	37.0%	36.0%	33.8%	36.7%	39.3%	37.0%	37.9%
Operating margin	19.5%	19.6%	18.3%	15.9%	18.3%	21.2%	16.6%	17.7%
Net margin	15.6%	15.6%	14.8%	12.1%	13.9%	16.2%	13.0%	13.9%
Current ratio	4.39×	2.9×	3.89×	2.54×	1.89×	2.48×	3.25×	3.31×
Debt / equity	0.09×	0.16×	0.1×	0.11×	0.26×	0.12×	0.11×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	890.77×
Dividend yield	0.0%	7.3%	0.0%	0.0%	6.8%	6.2%	0.0%	5.2%
Payout ratio	0.0%	162.8%	0.0%	0.0%	176.6%	160.7%	0.0%	96.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	28.9%	42.1%	31.6%	38.2%	66.2%	48.9%	28.7%	42.5%
Return on invested capital	24.0%	32.9%	26.0%	32.2%	47.7%	40.9%	24.3%	38.8%
Return on assets	21.6%	27.8%	22.9%	24.8%	33.9%	31.3%	20.0%	31.1%
Free cash flow yield	4.9%	4.1%	4.0%	2.9%	2.5%	3.7%	6.6%	3.9%
Earnings yield	5.8%	4.5%	4.3%	3.0%	3.9%	3.8%	5.5%	5.4%
Enterprise value	$2.9B	$4B	$3.9B	$4.7B	$4.1B	$4.4B	$2.1B	$2.5B
Net debt / EBITDA	-1.15×	-0.46×	-1.09×	-0.53×	0.06×	-0.58×	-1.3×	-0.8×
Cash conversion cycle (days)	36	33	35	37	34	20	25	33