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Beverages - Non-alcoholic · Consumer Defensive · Fiscal year ends May 2
National Beverage reported revenue of $1.2B in the fiscal year ended May 2026, down 1.7% from the year before. Operating income was $230M, an operating margin of 19.5%, and net income was $184M. Operating cash flow of $181M less capital expenditure of $25M left free cash flow of $156M.
Ranks among the 12 beverages - non-alcoholic companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue | 1,138 | 1,173 | 1,192 | 1,201 | 1,181 |
| Cost of revenue | 720 | 776 | 763 | 757 | 743 |
| Gross profit | 418 | 397 | 428 | 444 | 437 |
| Selling, general & admin | 210 | 210 | 210 | 208 | 207 |
| Operating incomederived: pre-tax income + interest | 208 | 187 | 219 | 235 | 230 |
| Pre-tax income | 208 | 186 | 230 | 245 | 241 |
| Income tax | 49.1 | 44.3 | 53.1 | 57.7 | 56.9 |
| Net income | 159 | 142 | 177 | 187 | 184 |
| Diluted EPS | 1.69 | 1.52 | 1.89 | 1.99 | 1.96 |
| Diluted shares | 93.6 | 93.6 | 93.6 | 93.7 | 93.7 |
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 48.1 | 158 | 327 | 194 | 350 |
| Receivables | 93.6 | 105 | 103 | 104 | 104 |
| Inventory | 103 | 93.6 | 84.6 | 85.1 | 95.5 |
| Current assets | 275 | 366 | 537 | 407 | 593 |
| Net PP&E | 144 | 148 | 160 | 176 | 182 |
| Goodwill | 13.1 | 13.1 | 13.1 | 13.1 | 13.1 |
| Total assets | 468 | 574 | 770 | 673 | 852 |
| Payables | 95.3 | 85.1 | 78.3 | 82.4 | 87.4 |
| Current liabilities | 145 | 144 | 138 | 141 | 135 |
| Long-term debt | 30.0 | 0.0 | – | – | – |
| Total liabilities | 228 | 202 | 211 | 229 | 216 |
| Shareholders' equity | 239 | 372 | 560 | 444 | 636 |
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 133 | 162 | 198 | 207 | 181 |
| Capital expenditure | 29.0 | 22.0 | 30.3 | 36.3 | 25.1 |
| Free cash flow | 104 | 140 | 168 | 170 | 156 |
| Depreciation & amortisation | 18.5 | 20.0 | 20.2 | 20.8 | 22.7 |
| Stock-based compensation | 0.7 | 0.7 | 0.9 | 0.6 | 0.4 |
| Share buybacks | 0.0 | – | 0.0 | 0.0 | 0.7 |
| Dividends paid | 280 | 0.0 | 0.0 | 304 | 0.0 |
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.1% | 1.6% | 0.8% | −1.7% |
| Operating income growth (YoY) | – | −10.2% | 17.0% | 7.8% | −2.3% |
| EPS growth (YoY) | – | −10.1% | 24.3% | 5.3% | −1.5% |
| Gross margin | 36.7% | 33.8% | 36.0% | 37.0% | 37.0% |
| Operating margin | 18.3% | 15.9% | 18.3% | 19.6% | 19.5% |
| Net margin | 13.9% | 12.1% | 14.8% | 15.6% | 15.6% |
| Return on equityBlank when equity is negative | 66.2% | 38.2% | 31.6% | 42.1% | 28.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 64.5% | 43.4% | 34.6% | 44.2% | 32.1% |
| Free cash flow margin | 9.1% | 11.9% | 14.1% | 14.2% | 13.2% |
| Cash conversion (CFO ÷ net income) | 0.84x | 1.14x | 1.12x | 1.11x | 0.99x |
| Receivable days | 30 | 33 | 31 | 32 | 32 |
| Inventory days | 52 | 44 | 40 | 41 | 47 |
| Payable days | 48 | 40 | 37 | 40 | 43 |
| Debt ÷ equity | 0.13x | 0.00x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −18.1 | −158 | – | – | – |
| Current ratio | 1.89x | 2.54x | 3.89x | 2.90x | 4.39x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.