The business behind the dividend
| Measure | FIZZ | Median | Formula |
|---|---|---|---|
| Return on equity | 42.1% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $171.34m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $170.41m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 19.6% | 15.0% | Operating income ÷ revenue |
| Net margin | 15.6% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 2.90x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.11x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Debt to equity, Long-term debt to working capital, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 28.9% | 42.1% | 31.6% | 38.2% | 66.2% | 48.9% | 28.7% | 42.5% | 45.2% | 43.6% | 42.1% |
| Return on capital employed | — | — | — | 50.1% | 77.1% | 64.0% | — | — | — | — | 64.0% |
| Operating margin | 19.5% | 19.6% | 18.3% | 15.9% | 18.3% | 21.2% | 16.6% | 17.7% | 20.9% | — | 18.3% |
| Net margin | 15.6% | 15.6% | 14.8% | 12.1% | 13.9% | 16.2% | 13.0% | 13.9% | 15.3% | 12.9% | 13.9% |
| Debt to equity | — | — | — | 0.00x | 0.13x | 0.00x | — | — | — | — | 0.00x |
| Current ratio | 4.39x | 2.90x | 3.89x | 2.54x | 1.89x | 2.48x | 3.25x | 3.31x | 3.37x | 3.08x | 3.08x |
| Cash conversion | 0.99x | 1.11x | 1.12x | 1.14x | 0.84x | 1.11x | 1.37x | 0.99x | 1.03x | 1.07x | 1.07x |
How it compares in consumer staples
Among the 38 consumer staples companies here measured on free cash flow, National Beverage pays out less than 0 of them. The median for that group is 65.1%, against this company’s 178.5%.
Closest on free cash flow
- Kimberly Clark (KMB) 101.3%
- Hormel Foods (HRL) 118.5%
- Sanfilippo John B & Son (JBSS) 130.8%
- Coca Cola (KO) 165.8%
Same sector and same denominator, so the figures are comparable. All 43 in consumer staples →