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Forensic Analysis · Beverages · as of Nov 9, 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.

B · Sound & dependable
Forensic grade
Safe
Financial health
10.7
Distress distance
Clean
Earnings quality
1
Forensic signals
34.0%
ROE
-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 (auditor quality, say on pay, board independence, going concern). 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 a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 10.7, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by accruals ratio (% of NOA).

What the filings flag

+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.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.

Key fundamentals

Latest Revenue$1.18B
Revenue Growth YoY-1.7%
Revenue CAGR (2yr)-0.5%
Net Margin15.6%
Free Cash Flow$156.1M
Return on Equity34.0%

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.