National Beverage Corp (FIZZ) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Consumer Staples / Food & Beverage · as of Sep 13, 2026
National Beverage Corp (FIZZ)
A forensic read on National Beverage Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
A · High-quality, modest growth
Forensic grade
Safe
Financial health
20.2
Distress distance
Clean
Earnings quality
3
Forensic signals
16.9
P / E (ttm)
28.9%
ROE
$2.9B
Market cap
10.28%
Dividend yield
-1.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
National Beverage Corp earns an A (High-quality, modest growth) forensic quality grade, and its balance-sheet distress test reads 20.2, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by dividend — suspended.
What the filings flag
suspended
FY2025→FY2026
Dividend — suspended.The dividend has been SUSPENDED — $304M paid in FY2025, then $0 in FY2026. A suspension is a major signal the board is conserving cash; the prior payment history doesn't offset it.
+13.4%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +13.4% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by inventory up +12% against -2% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 1% of net operating assets, against an accruals ratio of 13.4%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
0.0%/yr
FY2023–FY2026
Share count.Diluted share count changed 0% over the last 3 years to FY2026 (0.0%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Net Margin15.6%
Free Cash Flow$156.1M
Latest Revenue$1.18B
Return on Equity28.9%
Revenue CAGR (3yr)+0.2%
Revenue Growth YoY-1.7%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from National Beverage Corp's actual 10-K/10-Q/8-K filings?