FIZZ

The stock has not been priced this richly against its own sales at any point in a decade, and part of the earnings growth that price pays for comes from an exchange-rate swing rather than from the operation. Coca-Cola (KO) closed at $88.82 on Aug 18, 2026, effectively at its 52-week high after a 30.6% total return over the past year. Nothing in the operation is breaking, which is what makes the risk here hard to see. The price now pays for peak profitability, and the most recent step up in earnings growth came partly from outside the operation. The company's $50.1 billion of revenue over the trailing twelve months is priced at 7.6 times sales. That multiple has run between 4.3 and 7.1 over the past decade, so the stock is now above the top of its own ten-year range. The stretch is measured against its own history, not against any peer. A price set there is not asking the business to accelerate; it is asking it not to stumble. Net margin over the trailing twelve months is 28.6%, the highest in at least five years and well above its 24.9% three-year average. Management attributes the comparable operating margin expansion in Q2 2026 to underlying expansion and currency tailwinds together. The company's full-year 2026 guide carries an approximate 3-point currency tailwind inside comparable earnings per share growth of 9% to 10%. Foreign exchange ran the other way for years before it turned. Earnings growth built in the operation and earnings growth handed over by an exchange rate are not the same asset, a distinction the Trefis High Quality Portfolio makes when it looks for strong margins alongside sustainable revenue growth in its holdings. Worldwide unit case volume grew 5% in Q2 2026, and the company names what made the quarter run hot: an easier prior-year comparison, favorable weather in certain markets, and a FIFA World Cup activation that helped carry Trademark Coca-Cola to its strongest volume growth in 17 years, excluding the pandemic recovery. On a two-year average, that worldwide volume line runs 2%. Adding new drinkers costs something: comparable operating income in Asia Pacific declined in Q2 2026 even as volume grew across all of its operating units, and management puts that decline down to widening the consumer base across income levels, an effort that includes affordability initiatives and cold drink equipment. Volume built for the long term is being paid for out of segment profit. Management guides 2026 organic revenue growth to about 5%, below the 6% organic growth reported for Q2 2026, and says the second half of 2026 cycles a higher comparison, with six fewer days in the fourth quarter. The deceleration is scheduled, not the risk. What is unsettled is whether it arrives with mix improving or with more investment behind it. None of this describes a company in trouble; it describes a stock the market has barely marked down at any point in the past year, when the deepest peak-to-trough drop reached just 7.9%. How wide a range the options market is pricing over the next twelve months is the cheapest read on whether anyone else is worried yet. The risks here are not existential; they sit in one multiple, one margin cycle and one investment cycle, and a holder owns all three. Spreading that defensive intent across the Trefis High Quality Portfolio is a different exposure from paying the top of a decade-long range on sales for one franchise. That portfolio has a track record of outpacing the three major indices - the S&P 500, S&P Mid-cap, and Russell 2000.

FORT LAUDERDALE, Fla., July 01, 2026--(BUSINESS WIRE)--National Beverage Corp. (NASDAQ: FIZZ) today announced its Board of Directors has declared a special cash dividend of $3.25 per share to shareholders of record on July 13, 2026 to be paid on or before July 30, 2026. "This special dividend marks the thirteenth cash payment to FIZZ holders in the past 22 years, distributing $19.78 per share, or over $1.8 billion. Thirteen special dividends in twenty-two years seems to have a regular cadence," asserted a company spokesperson. "Since its founding more than forty years ago as a small beverage company with an uncertain future, National Beverage has grown into one of America’s most innovative and respected beverage companies – a testament to entrepreneurial vision, disciplined execution and a steadfast commitment to consumers and shareholders alike – a true American success story! As our nation approaches the 250th anniversary of its founding, National Beverage proudly reflects on the principles of independence, innovation and opportunity that have contributed to both our country’s success and our Company’s growth. Through our brand LaCroix, we continue to offer consumers healthier beverage choices that align with today’s evolving lifestyles and preferences. In recognition of this historic milestone and as a reflection of our continued commitment to creating shareholder value, we are proud to commemorate America’s 250th birthday with this special dividend to FIZZ holders and a special salute to our Founder and Chairman as one of America’s Greatest Self-Made Americans," stated a company spokesperson. FISCAL 2026 (52 weeks ended May 2, 2026) vs. Fiscal 2025 (53 weeks ended May 3, 2025): Net sales were $1.2 billion; Gross profit of $437 million reflects a 37% margin consistent in both years; Earnings per share of $1.96 was a decline of $.04 to the prior year; and Cash grew $156 million to $350 million. "While geopolitical tensions and economic uncertainties continue to impact businesses and consumers worldwide, we remain as well-positioned as ever to maintain a healthy, profitable and sustainable future." "The continued success of our brands reflects the exceptional creativity, imagination and product development capabilities that have long distinguished our Company. Innovation remains the driving force behind our success and continues to be key in driving incremental demand and expanding consumption occasions. New product introductions, supported by vibrant consumer engagement, impactful merchandising displays, and targeted marketing initiatives, continue to strengthen our brands and reinforce our competitive position in an increasingly value-conscious marketplace. PineApple CocoNut continues to expand distribution and deliver strong velocity gains, while Strawberry Peach has become one of the highest-velocity flavors in our portfolio, reflecting both the power of our brands and the effectiveness of our unique operating model. Our commitment to innovation, disciplined execution, and brand excellence positions us well for future growth. As we pursue volume growth, improve product mix, and capitalize on new opportunities, we continue to build shareholder value from a position of exceptional financial strength. Our fortress balance sheet provides the flexibility and confidence to pursue growth while navigating changing economic conditions." "Looking ahead, we are encouraged by improving market dynamics, including lower commodity costs and greater consumer spending flexibility. We believe these factors, combined with the momentum of our brands, create a favorable environment for enhanced performance. Our dividend declaration is a clear expression of our confidence in the future and our ongoing commitment to creating long-term value for our shareholders." "Not only are we recognized for our innovative and flavorful beverages, but also for providing employment and supporting communities throughout the U.S. As we celebrate our dividend declaration and nation’s 250 years of independence, we wish to thank our loyal consumers, team members and shareholders for their trust and support. We deeply value this trust and remain committed to delivering strong results and long-term value." "Additionally, in honor of America’s semi-quincentennial, Forbes felt ‘uniquely qualified to rank the 250 greatest living self-made Americans.’ We are proud to announce that our Founder and Chairman, Nick A. Caporella, was named to this illustrious list in recognition of his extraordinary American journey as . . . ‘the coal-miner’s son that started in construction before turning LaCroix into a category-defining sparkling water brand.’ A very proud and grateful Team National congratulates Nick for this outstanding honor!" concluded the spokesperson. "Patriotism" – If Only We Could Bottle It! This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks, uncertainties and other factors described in the Company's Securities and Exchange Commission filings which may cause actual results or achievements to differ from the results or achievements expressed or implied by such statements. The Company disclaims an obligation to update or announce revisions to any forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260701978616/en/ Contacts Office of the Chairman, Grace Keene877-NBC-FIZZ

FORT LAUDERDALE, Fla., March 12, 2026--(BUSINESS WIRE)--National Beverage Corp. (NASDAQ: FIZZ) today announced results for its third quarter ended January 31, 2026, while honoring its patriotic commitment not to pass along the full impact of tariffs to consumers: Net sales were $265 million; Gross profit of $100 million reflects a 60 basis point year-over-year margin improvement; Earnings per share increased 5% to $.44 and; Operating cash flow was $136 million and quarter-end cash grew to $314 million. "The third quarter delivered on our expectations for this marketplace and our objective of balancing volume with product pricing and margins. While volume was soft early in the quarter, January shipments were up 7% despite the effects of winter storm Fern, which disrupted shipping across the country. Initial shipments for our fourth quarter also reflect continued volume improvements over the prior year. We will continue to monitor tariff-related cost increases and, if necessary, make price adjustments designed to balance the effects on consumers with the amount absorbed by the Company," stated a company spokesperson. "Innovation remains our strategic compass as our recently released beverages expand distribution and build velocity. Our newest innovation, the ‘harmoniously combined’ PineApple CocoNut was featured to an overwhelming favorable response at Natural Products Expo West – the largest annual gathering of natural and organic products. Strawberry Peach has quickly risen to among the fastest selling LaCroix flavors, and Sunshine and PineApple CocoNut are now making their way to our retail partners along with new Shasta and Faygo ZERO Sugar products." "A recent Food Business News report identified the top consumer trends for 2026. One trend was termed ‘layers of delight’, highlighting the desire of consumers to indulge in multisensory experiences that ‘elevate moments and combine sensory richness with well-being.’ Another trend from the report is ‘beverage with a purpose’ as consumers favor products for hydration and convenience with ‘better-for-you’ formulas with no or low sugar and natural ingredients. Clearly, our largest brand, LaCroix, has these attributes and, as one of the Most Trusted Brands in America, is poised to continue its category leadership." "Over our history as a public company, our track record of long-term growth and strong cash flows has delivered a superior return on equity and industry-leading return on assets. We believe our entrepreneurial operator model, balance sheet strength and focus on healthy innovative products position us to deliver a ‘healthy’ future for our consumers and shareholders," concluded the spokesperson. "Patriotism" – If Only We Could Bottle It! This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks, uncertainties and other factors described in the Company's Securities and Exchange Commission filings which may cause actual results or achievements to differ from the results or achievements expressed or implied by such statements. The Company disclaims an obligation to update or announce revisions to any forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260312130302/en/ Contacts Grace Keene, Office of the Chairman 877-NBC-FIZZ

National Beverage Corp. (NASDAQ:FIZZ) shareholders should be happy to see the share price up 10% in the last month. But over the last half decade, the stock has not performed well. After all, the share price is down 36% in that time, significantly under-performing the market. While the stock has risen 3.3% in the past week but long term shareholders are still in the red, let's see what the fundamentals can tell us. This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. While the share price declined over five years, National Beverage actually managed to increase EPS by an average of 2.9% per year. Given the share price reaction, one might suspect that EPS is not a good guide to the business performance during the period (perhaps due to a one-off loss or gain). Alternatively, growth expectations may have been unreasonable in the past. By glancing at these numbers, we'd posit that the the market had expectations of much higher growth, five years ago. Having said that, we might get a better idea of what's going on with the stock by looking at other metrics. In contrast to the share price, revenue has actually increased by 2.5% a year in the five year period. So it seems one might have to take closer look at the fundamentals to understand why the share price languishes. After all, there may be an opportunity. The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail). If you are thinking of buying or selling National Beverage stock, you should check out this FREE detailed report on its balance sheet. We'd be remiss not to mention the difference between National Beverage's total shareholder return (TSR) and its share price return. The TSR attempts to capture the value of dividends (as if they were reinvested) as well as any spin-offs or discounted capital raisings offered to shareholders. National Beverage's TSR of was a loss of 27% for the 5 years. That wasn't as bad as its share price return, because it has paid dividends. Investors in National Beverage had a tough year, with a total loss of 12%, against a market gain of about 12%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 5% over the last half decade. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. Before spending more time on National Beverage it might be wise to click here to see if insiders have been buying or selling shares. For those who like to find winning investments this free list of undervalued companies with recent insider purchasing, could be just the ticket. Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

FORT LAUDERDALE, Fla., December 11, 2025--(BUSINESS WIRE)--National Beverage Corp. (NASDAQ: FIZZ) today announced results for its second quarter ended November 1, 2025. For the three months: Net sales were $288 million; Operating income increased to $58 million; and Basic earnings per share increased to $.50. For the trailing twelve months: Net sales increased to $1.2 billion; EBITDA* increased 63 basis points to $258 million; Earnings per share were $1.99; and Cash increased $156 million to $269 million. "Second quarter results reflect the broader economic environment that many consumer-facing companies are navigating today. Ongoing inflation, elevated commodity costs, the continued impact of tariffs and the recent federal government shutdown have influenced purchasing behavior across the industry, with consumers becoming more cautious in their spending. While these external factors contributed to a modest decline in net sales, price/mix improvements resulted in increases in operating profit and net income, demonstrating the underlying strength and resilience of our business model," stated a company spokesperson. "Importantly, our fundamentals remain strong and the elements of our business model remain resilient – unique brands positioned to leverage long-term health and wellness trends; long-standing relationships with major US retailers; exceptional consumer loyalty and an entrepreneurial management team noted for creativity and innovation. We have delivered excellent results for 40 years with a compounded annual return to shareholders of over 13%. During the second quarter, we repurchased 20,000 FIZZ shares prior to the start of our quarterly ‘blackout’ period. As stated in our October 30th announcement of the stock buyback program, ‘Our company remains fundamentally strong and continues to generate superior cash flows.' " "We are excited to introduce our newest LaCroix innovation, Pineapple Coconut, in early 2026. A radiant fusion of juicy pineapple sparkled with a velvety coconut finish, Pineapple Coconut delivers a sweet balance of flavor that’s . . . Harmoniously Combined!" "As we look forward to celebrating our 40th Christmas together as National Beverage Corp., we wish heartfelt blessings of peace and joy to all this special holiday season," concluded the spokesperson. "Patriotism" – If Only We Could Bottle It! View source version on businesswire.com: https://www.businesswire.com/news/home/20251211229609/en/ Contacts Office of the Chairman, Grace Keene 877-NBC-FIZZ

FORT LAUDERDALE, Fla., September 11, 2025--(BUSINESS WIRE)--National Beverage Corp. (NASDAQ: FIZZ) today announced results for its first quarter ended August 2, 2025. Net sales grew to a record $331 million; Gross profit increased 80 basis points to $125 million; Operating income increased to $71 million; Earnings per share was $.60 and; Operating cash flow of $59 million increased total cash to $250 million. "Our solid operating performance amid the challenging global environment, marked by uncertainty in consumer spending and geopolitical events, reflects the strength of our brands and the success of Team National’s management strategy. We continue to generate exceptional operating cash flows while maintaining one of the strongest balance sheets among our beverage peers," as stated by a company spokesperson. "Net sales increased as a result of price/mix improvements, partially offset by a slight decline in case volume. Interest income decreased $2.1 million compared to the prior first quarter due to lower invested cash balances following the July 2024 dividend payment of $304 million." "We are pleased that LaCroix, our most significant brand, posted organic sales growth in the club channel with a vibrant Deliciously Magical variety pack featuring Strawberry Peach and fan favorites Blackberry Cucumber and Cherry Lime. Building on our track record of success, the four recently released LaCroix flavors have posted impressive initial sales, and we anticipate greater increases in the near term." "Innovation has always set us apart. True to our brand trust of remaining Innocent, we do not try to reinvent ourselves when new trends unfold. Many in the industry look to us for leadership, and we are proud that our new product launches over the past several months – and indeed, the past several years – continue to shape and elevate the marketplace. We will remain focused on developing exciting new flavors and products that delight our consumers, while safeguarding the investments of our shareholders." "We have always prided ourselves on giving back to our shareholders, and that commitment will never change. We have also returned more than $1.5 billion in dividends to our loyal shareholders over the past two decades, while growing our total revenue by 135%. Like many companies, our first quarter of 2026 parallels the uncertainties of today’s global economy, but we remain confident that our proven track record of innovation, coupled with disciplined management, will enable us to successfully navigate current world challenges and continue delivering strong results and long-term value." "We will soon commemorate our 40th year as . . . National Beverage Corp.! Our tenacity, unique vision and focus on innovation – in all aspects of what we do – allowed us to achieve this milestone while delivering superior financial returns. Shareholders will soon receive a taste of Sunshine delivered to their homes . . . our thanks for their loyalty and sharing our vision throughout these years," the spokesperson concluded. "Patriotism" – If Only We Could Bottle It! View source version on businesswire.com: https://www.businesswire.com/news/home/20250911016381/en/ Contacts Office of the Chairman, Grace Keene 877-NBC-FIZZ www.nationalbeverage.com