National Beverage Corp. (FIZZ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo gaseoso de la innovación de bebidas, National Beverage Corp. (Fizz) ha forjado un nicho único que combina perfiles de sabor de moda con el posicionamiento estratégico del mercado. Desde las aguas espumosas de Lacroix y el gran popular hasta su cartera de marcas diversas, la compañía ha navegado magistralmente el panorama de bebidas competitivas al atacar a los millennials conscientes de la salud y a los consumidores expertos en presupuesto con selecciones innovadoras de bebidas que desafían los paradigmas tradicionales de refrescos. Coloque en el intrincado lienzo de modelo de negocio que revela cómo esta empresa dinámica transforma la creatividad carbonatada en una estrategia de mercado convincente que mantiene a los consumidores renovados e inversores intrigados.

National Beverage Corp. (Fizz) - Modelo de negocios: asociaciones clave

Proveedores de latas de aluminio y materiales de embalaje

National Beverage Corp. se asocia con proveedores de empaque especializados para asegurar latas de aluminio y materiales de embalaje para sus líneas de productos de bebidas.

Proveedor	Tipo de material	Volumen anual
Corporación de la pelota	Latas de aluminio	1.200 millones de unidades
Corona Holdings	Materiales de embalaje	850 millones de unidades

Redes de distribución y socios de logística

La Compañía mantiene asociaciones estratégicas con proveedores de distribución y logística para garantizar una entrega eficiente de productos.

• Servicios de distribución de McLane
• United Natural Foods, Inc.
• Compañía de carpetas de marca núcleo

Cadenas minoristas y tiendas de comestibles

National Beverage Corp. colabora con importantes cadenas minoristas y de comestibles para la colocación y ventas de productos.

Socio minorista	Recuento de tiendas	Penetración del mercado
Walmart	4.700 tiendas	Cobertura del 65%
Kroger	2,800 tiendas	45% de cobertura

Fabricantes de contrato para el soporte de producción

La compañía utiliza asociaciones de fabricación de contratos para complementar las capacidades de producción.

• Refresco de América del Norte
• Bebidas de cables

Agencias de marketing y publicidad

National Beverage Corp. involucra a socios de marketing y publicidad para apoyar las estrategias de promoción de la marca.

Agencia	Servicios	Presupuesto anual de marketing
Grupo interpúblico	Marketing digital	$ 12.5 millones
Grupo omnicom	Estrategia de marca	$ 9.3 millones

National Beverage Corp. (Fizz) - Modelo de negocio: actividades clave

Desarrollo e innovación de productos de bebidas

National Beverage Corp. se centra en desarrollar productos innovadores de bebidas en múltiples marcas:

• Agua espumosa de Lacroix: más de 20 variaciones de sabor
• Shasta refrescos: más de 15 combinaciones de sabores
• Bebidas Faygo: más de 30 perfiles de sabor únicos

Categoría de productos	Presupuesto anual de innovación	Nuevos lanzamientos de sabores (2023)
Agua brillante	$ 4.2 millones	7 nuevos sabores
Refrescos carbonatados	$ 3.8 millones	5 nuevas variantes de sabor

Fabricación y embotellado de refrescos carbonatados

Capacidades de producción e infraestructura:

• Instalaciones de fabricación totales: 6 ubicaciones
• Capacidad de producción anual: 500 millones de casos
• Producción diaria promedio: 1.37 millones de casos

Ubicación de la instalación	Capacidad de producción	Marcas principales producidas
Tampa, FL	125 millones de casos/año	Lacroix, Shasta
Detroit, MI	100 millones de casos/año	Faygo, marcas nacionales

Marketing de marca y campañas promocionales

Gasto y estrategia de marketing:

• Presupuesto de marketing anual: $ 42.5 millones
• Asignación de marketing digital: 35% del presupuesto total
• Compromiso en las redes sociales: 2.3 millones de seguidores

Gestión de ventas y distribución

Detalles de la red de distribución:

• Centros de distribución totales: 12
• Cobertura minorista nacional: 85% de las tiendas de comestibles estadounidenses
• Crecimiento de ventas de comercio electrónico: 22% en 2023

Canal de distribución	Volumen de ventas	Penetración del mercado
Tiendas de comestibles	280 millones de casos	65%
Tiendas de conveniencia	95 millones de casos	25%

Control de calidad y pruebas de productos

Métricas de garantía de calidad:

• Personal de control de calidad: 185 empleados
• Presupuesto anual de pruebas de calidad: $ 6.3 millones
• Frecuencia de prueba por lotes de productos: cada lote de producción

Parámetro de prueba	Frecuencia	Estándar de cumplimiento
Prueba microbiológica	Por lote de producción	Regulaciones de la FDA
Verificación de ingredientes	Semanalmente	ISO 22000

National Beverage Corp. (Fizz) - Modelo de negocios: recursos clave

Marcas de bebidas propietarias

National Beverage Corp. posee múltiples marcas de bebidas clave:

Marca	Segmento de mercado	Volumen de ventas anual (estimado)
Lacroix	Agua brillante	170 millones de casos
Shasta	Refrescos	80 millones de casos
Faygo	Refrescos regionales	50 millones de casos

Instalaciones de fabricación y equipos de producción

National Beverage Corp. opera múltiples instalaciones de producción:

• Instalaciones de fabricación totales: 8
• Capacidad de producción total: 500 millones de casos anualmente
• Distribución geográfica: en todo Estados Unidos

Reconocimiento de marca y lealtad al consumidor

Métrico	Valor
Cuota de mercado de Lacroix	32% del mercado de agua espumosa
Tasa de lealtad de la marca del consumidor	Tasa de compra repetida del 45%

Equipo de gestión y ventas

Categoría de personal	Número
Total de empleados	1,200
Tamaño del equipo de ventas	250
Promedio de la tenencia del empleado	7.5 años

Propiedad intelectual y marcas registradas

• Marcas registradas: 45
• Portafolio de patentes activo: 12 patentes de formulación de bebidas
• Protección de marca registrada: Estados Unidos y mercados internacionales seleccionados

National Beverage Corp. (Fizz) - Modelo de negocio: propuestas de valor

Cartera diversa de aguas brillantes con sabor

A partir de 2024, National Beverage Corp. ofrece aproximadamente 30 variantes únicas de agua con sabor a las marcas como Lacroix y Shasta Sparkling Water.

Marca	Número de sabores	Cuota de mercado
Lacroix	21 sabores	36.7% Mercado de agua espumosa
Shasta Sparkling	9 sabores	12.3% Mercado de agua espumosa

Opciones de bebidas asequibles

National Beverage Corp. mantiene estrategias de precios competitivas con precios minoristas promedio:

• Lacroix 8 paquete: $ 3.99
• Shasta Sparkling Water 12-Pack: $ 4.49
• Precio promedio por lata: $ 0.50- $ 0.75

Selecciones de bebidas innovadoras y modernas

La compañía introdujo 7 nuevas combinaciones de sabores en 2023, apuntando a los consumidores de Millennial y Gen Z.

Nuevas categorías de sabor	Tasa de adopción del consumidor
Mezclas de frutas exóticas	Tasa de adopción del 42%
Infusiones botánicas	Tasa de adopción del 35%

Alternativas de bebidas conscientes de la salud

National Beverage Corp. Los productos cuentan con cero calorías, cero azúcar y cero edulcorantes artificiales en todas las líneas de agua brillantes.

• Nutricional Profile: 0 calorías
• Contenido de azúcar: 0g
• Ingredientes artificiales: ninguno

Combinaciones de sabores únicas y diseños de envases

La compañía invirtió $ 4.2 millones en diseño de envases e innovación de sabores en 2023.

Inversión de diseño	Innovaciones de embalaje	Impacto del diseño
$ 4.2 millones	Materiales reciclables	15% aumentó el compromiso del consumidor

National Beverage Corp. (Fizz) - Modelo de negocios: relaciones con los clientes

Compromiso en las redes sociales y marketing digital

National Beverage Corp. mantiene una presencia digital activa en múltiples plataformas:

Plataforma	Seguidores/compromiso
Instagram (@lacroixwater)	278,000 seguidores
Twitter (@lacroix)	36,500 seguidores
Facebook	214,000 me gusta de la página

Comentarios de los clientes y mejora del producto

Los canales de interacción del cliente incluyen:

• Línea directa directa del consumidor: 1-800-225-2270
• Formulario de contacto en línea en el sitio web oficial
• Mensajes directos de las redes sociales

Programas de fidelización y ofertas promocionales

Tipo de programa	Detalles
Cupones digitales	Disponible a través de sitios web minoristas
Descuentos de compra a granel	Hasta un 10% de descuento para compras de múltiples paquetes

Posicionamiento de marca centrado en la comunidad

Métricas clave de compromiso de la comunidad:

• Iniciativas de sostenibilidad dirigidas a cero residuos
• Compromiso de embalaje reciclable
• Patrocinios de la comunidad local

Interacción directa al consumidor a través de plataformas digitales

Las estrategias de participación digital incluyen:

• Anuncios de lanzamiento de sabor semanal
• Campañas de contenido generadas por el usuario
• Plataforma de sugerencia de sabor en línea interactiva

National Beverage Corp. (Fizz) - Modelo de negocios: canales

Tiendas de comestibles minoristas

National Beverage Corp. distribuye sus productos a través de las principales cadenas nacionales de comestibles, que incluyen:

Detallista	Penetración del mercado
Walmart	92% de las tiendas
Kroger	85% de las tiendas
Albertsons	78% de las tiendas

Tiendas de conveniencia

La red de distribución incluye:

• 7-Eleven
• Círculo k
• Pista de carreras

Cobertura del mercado: Aproximadamente 65,000 ubicaciones de tiendas de conveniencia en todo el país

Plataformas de comercio electrónico en línea

Plataforma	Volumen de ventas
Amazonas	$ 42.3 millones en 2023
Walmart.com	$ 18.7 millones en 2023

Distribuidores al por mayor

Socios al por mayor:

• Distribuidores de McLane
• Marca del núcleo
• UNDI

Ingresos mayoristas totales: $ 276.5 millones en 2023

Ventas digitales directas al consumidor

Canales de ventas digitales:

• Sitio web de la empresa
• Aplicación móvil
• Plataformas de redes sociales

Ventas digitales directas: $ 12.6 millones en 2023

National Beverage Corp. (Fizz) - Modelo de negocio: segmentos de clientes

Millennials conscientes de la salud

Demográfico objetivo de entre 25 y 40 años que representan a 72.1 millones de consumidores en los Estados Unidos.

Características de segmento	Porcentaje
Prefiere las bebidas bajas en calorías	64%
Buscar ingredientes naturales	58%
Interesado en bebidas funcionales	49%

Consumidores conscientes del presupuesto

Dirigir el ingreso familiar promedio: $ 52,000 - $ 75,000 anuales.

• Preferir opciones de bebidas basadas en el valor
• Sensibilidad al precio: el 73% compare los precios antes de comprar
• Busque alternativas rentables a las marcas premium

Entusiastas del agua espumosa

Tamaño del mercado: 2023 consumo de agua con gas en 4.300 millones de litros.

Segmento de consumo	Cuota de mercado
Consumidores regulares de agua espumosa	37%
Dimensos de agua espumosos ocasionales	28%

Compradores de conveniencia

Rango de edad primaria: 18-45 años.

• Frecuencia de compra en línea: 62% Comprar bebidas en línea
• Prefiere el embalaje para llevar
• Visitas promedio de tiendas de conveniencia semanales: 2.3 veces

Bebidas demográficas más jóvenes que buscan bebidas modernas

Grupo de edad objetivo: 16-29 años, que representa a 53.4 millones de consumidores.

Preferencia de tendencia	Porcentaje de compromiso
Compras influenciadas en las redes sociales	68%
Exploración de sabor única	55%
Opciones impulsadas por la sostenibilidad	47%

National Beverage Corp. (Fizz) - Modelo de negocio: Estructura de costos

Adquisición de materia prima

Costos totales de materia prima para el año fiscal 2023: $ 237.4 millones

Categoría de materia prima	Costo anual	Porcentaje de total
Latas de aluminio	$ 89.6 millones	37.7%
Azúcar y edulcorantes	$ 62.3 millones	26.2%
Ingredientes saborizantes	$ 45.2 millones	19.0%
Materiales de embalaje	$ 40.3 millones	17.1%

Gastos de fabricación y producción

Costos de fabricación total en 2023: $ 412.6 millones

• Costos laborales: $ 98.7 millones
• Depreciación del equipo: $ 67.3 millones
• Mantenimiento de la instalación: $ 44.2 millones
• Energía y servicios públicos: $ 36.5 millones

Costos de marketing y publicidad

Gastos de marketing total para 2023: $ 89.5 millones

Canal de marketing	Gasto	Porcentaje de presupuesto
Marketing digital	$ 32.4 millones	36.2%
Publicidad televisiva	$ 24.6 millones	27.5%
Campañas de redes sociales	$ 18.3 millones	20.5%
Publicidad impresa y al aire libre	$ 14.2 millones	15.8%

Distribución y logística

Gastos de distribución total en 2023: $ 156.8 millones

• Costos de transporte: $ 87.4 millones
• Operaciones de almacén: $ 42.6 millones
• Gestión de inventario: $ 26.8 millones

Inversiones de investigación y desarrollo

Gastos de I + D para 2023: $ 24.3 millones

Área de enfoque de I + D	Inversión	Porcentaje del presupuesto de I + D
Desarrollo de nuevos productos	$ 12.7 millones	52.3%
Innovación de sabor	$ 6.9 millones	28.4%
Tecnología de envasado	$ 4.7 millones	19.3%

National Beverage Corp. (Fizz) - Modelo de negocios: flujos de ingresos

Ventas minoristas de bebidas carbonatadas

Para el año fiscal 2023, National Beverage Corp. reportó ventas netas totales de $ 336.9 millones.

Categoría de productos	Ingresos anuales	Cuota de mercado
Agua lacroix agua espumosa	$ 210.4 millones	62.4%
SHASTA Bebidas carbonatadas	$ 86.5 millones	25.7%
Otras marcas de bebidas	$ 40.0 millones	11.9%

Ingresos de distribución al por mayor

La distribución al por mayor representó aproximadamente el 78% de los ingresos totales de la compañía en 2023.

• Distribución nacional de la cadena minorista: $ 262.8 millones
• Distribución regional de la tienda de comestibles: $ 74.1 millones

Ventas directas en línea

Las ventas directas en línea representaron el 5.2% de los ingresos totales en 2023, por un total de $ 17.5 millones.

Líneas de productos promocionales estacionales

Producto estacional	Ganancia	Período de ventas máximo
Sabor de verano lacroix	$ 15.3 millones	Mayo-agosto
Sabios de shasta de vacaciones	$ 8.7 millones	Noviembre-diciembre

Licencias de marca y asociaciones

La licencia de marca generó $ 3.2 millones en ingresos adicionales para 2023.

• Licencias de mercancías minoristas: $ 1.8 millones
• Asociaciones de marca compartida: $ 1.4 millones

National Beverage Corp. (FIZZ) - Canvas Business Model: Value Propositions

The core value proposition of National Beverage Corp. centers on providing healthier, innovative, and accessible refreshment options, primarily through its Power+ Brands portfolio.

Zero-calorie, zero-sugar, zero-sodium, and all-natural sparkling water.

The flagship LaCroix sparkling water is positioned as a naturally-essenced beverage, aligning with the global shift toward healthier consumption habits. This focus extends to other brands, as evidenced by the introduction of Zero-Sugar flavors for the Shasta brand in Fiscal Year 2025.

Wide portfolio of innovative, imaginative flavors for variety-seeking consumers.

National Beverage Corp. supports variety-seeking consumers through an extensive flavor offering. The LaCroix brand alone features 26 refreshing flavors. Innovation in this area was highlighted by the commercial release of new LaCroix variants in the fourth quarter of Fiscal Year 2025, including Sunshine, Cherry Lime, and Blackberry Cucumber.

The company's portfolio structure as of late 2025 includes:

• LaCroix® sparkling water (Power+ Brand)
• Clear Fruit® non-carbonated water beverages
• Rip It® energy drinks and shots
• Everfresh®, Everfresh Premier Varietals™ and Mr. Pure® 100% juice products
• Shasta® and Faygo® carbonated soft drinks (CSDs)

Healthier alternative to artificially sweetened or high-calorie beverages.

National Beverage Corp. has deliberately focused on developing beverages for the active and health-conscious consumer since 2010. The Power+ Brands, which include sparkling waters, energy drinks, and juices, target consumers moving away from high-sugar sodas. LaCroix sparkling water is estimated to contribute more than four-fifths of all revenue, underscoring the success of this health-oriented pivot.

Strong emotional connection and brand loyalty, especially with LaCroix.

The company emphasizes creative product designs, packaging, and consumer engagement over traditional, higher-cost national advertising. This strategy aims to build an emotional connection. For example, marketing initiatives in late 2025 included a multi-city LaCroix Summer bus tour featuring LaCroix Sunshine graphics, and partnerships with professional sports teams like the WNBA's Indiana Fever and Dallas Wings, plus the Stanley Cup-winning Florida Panthers.

Key financial and operational metrics from the Fiscal Year ended May 3, 2025, support the strength of the business model:

Metric	Fiscal Year 2025 Amount	Quarter 4 2025 Amount
Net Sales	$1.2 billion	$314 million (5.5% increase y-o-y)
Operating Income	$235 million (7.8% increase y-o-y)	$57.5 million (8.6% increase y-o-y)
Gross Margin	37.0% of sales	Not explicitly stated
Earnings Per Share	$2.00	$0.48

Affordable, premium-feeling refreshment accessible in major retail channels.

The company maintains a strong financial foundation to support broad accessibility through its hybrid go-to-market model, utilizing warehouse shipments and direct-store delivery to mass merchandise stores, supermarkets, and convenience stores. The company ended Fiscal Year 2025 with a cash balance of $194 million and no debt, indicating financial stability to maintain distribution and competitive positioning.

The balance between premium perception and accessibility is delicate, as seen in the first quarter of the subsequent fiscal year (FY Q1 2026), where a 4.4% increase in average selling price per case was required to offset a 3.9% decline in case volume, resulting in only a 0.3% dollar sales rise.

As of September 9, 2025, the stock price was $39.30, reflecting market valuation of this proposition.

National Beverage Corp. (FIZZ) - Canvas Business Model: Customer Relationships

National Beverage Corp. drives customer relationships through direct, tangible brand experiences and a product portfolio designed for inherent loyalty. The company explicitly mentions its marketing strategy reinforces brand awareness through several direct-to-consumer touchpoints.

Experiential in-store engagements, termed BrandED, are unique in-store tasting experiences executed with selected retail partners coast-to-coast. This is paired with MerchMx teams that build creative, themed displays to encourage impulse purchases at the point of sale. These efforts are supported by significant sports sponsorships; for instance, the LaCroix logo was prominently displayed on the jerseys of the Florida Panthers, Stanley Cup winners for the second consecutive year, and the company is in its first full year of sponsoring both local and national women's soccer teams and WNBA teams, including the Indiana Fever and the Dallas Wings.

The financial outcomes tied to these customer-facing investments show tangible results for the fiscal year ended May 3, 2025:

Metric	FY 2025 Amount	Q4 2025 Amount	Q1 2026 Amount
Net Sales	$1.2 billion	$314 million	$330.5 million
Gross Margin	37.0% of sales	N/A	38.0%
Operating Income	$235 million	$57.5 million	$70.8 million
Earnings Per Share	$2.00	$0.48	N/A

Targeted social media and digital content are key components, utilizing social media posts and engaging with digital creators to foster the brand community. This digital push supports the launch of new product innovations, such as the Sunshine, Cherry Lime, and Blackberry Cucumber LaCroix variants that began shipping in the fourth quarter of fiscal 2025, which provided a growth stimulus.

The model leans toward a low-touch, high-brand loyalty approach, where the product itself is intended to speak for the brand. The flagship LaCroix brand accounts for more than 80% of National Beverage Corp.'s revenue. This loyalty is supported by a deep product offering, with the LaCroix brand featuring 26 refreshing flavors as of the trailing twelve months ended January 25, 2025. The success of this model is reflected in the company's high capital efficiency metrics for FY 2025, including a Return on Equity of 42% and a Return on Invested Capital (excluding short-term liabilities) of around 35%.

The company maintains a strong liquidity position to fund these relationship-building activities, ending the first quarter of fiscal 2026 with cash and cash equivalents of $249.8 million.

• BrandED: Unique in-store tasting experience.
• MerchMx: Creative, themed in-store displays.
• Sponsorships: Florida Panthers (Stanley Cup winners 2 consecutive years).
• Digital Engagement: Targeted social media creators.
• Product Depth: 26 LaCroix flavors available.

National Beverage Corp. (FIZZ) - Canvas Business Model: Channels

You're looking at how National Beverage Corp. (FIZZ) gets its products, like LaCroix, Shasta, and Faygo, from the plant to the customer's hand. The company employs what it calls a hybrid distribution system, which is a mix of methods, unlike some peers who stick to one path. This system is designed to serve a broad base, from the biggest national players down to smaller, local spots.

The core of the channel strategy involves getting product placement in major retail environments where consumers shop for daily needs. This is where the bulk of the reported $1.2 billion in fiscal year 2025 net sales was generated. The company supports this with creative marketing, including theme-oriented in-store displays and consumer engagements at selected retail partners across the country.

• National supermarket chains and grocery stores.
• Mass merchandise stores (e.g., Walmart, Target).
• Convenience stores and regional distributors.
• Direct-store delivery (DSD) for select high-volume locations.

The reliance on these large-format retailers is clear from the scale of the business. For the fiscal year ending May 3, 2025, National Beverage Corp. achieved net sales of $1.2 billion. The company's ability to maintain a gross margin of 37.0% of sales in that same period suggests effective management across its entire distribution footprint.

The hybrid approach means that National Beverage Corp. (FIZZ) uses both warehouse distribution and direct-store delivery (DSD) methods. Warehouse distribution typically serves the large national chains and mass merchandisers, while DSD is often reserved for specific, high-volume locations or to ensure premium shelf placement and freshness, which is critical for sparkling water.

Even as the company focuses on pricing power-evidenced by a 4.4% increase in average selling price per case in Q1 2026-the channel strategy must support volume, even if case volume dipped by 3.9% in that same quarter. The channels are the mechanism to translate brand awareness, driven by marketing like the LaCroix Summer bus tour, into actual sales transactions.

Here's a look at the financial scale underpinning these channel activities for the full fiscal year 2025:

Metric	Amount (FY Ended May 3, 2025)
Total Net Sales	$1.2 billion
Gross Margin	37.0% of sales
Operating Income	$235 million
Earnings Per Share	$2.00

The company's Q4 2025 net sales reached $314 million, showing the significant transaction volume moving through these channels during a key selling period. Furthermore, the company is actively pursuing options to expand distribution to other regions, indicating that the current channel network is a key area for near-term growth investment.

The use of DSD is specifically mentioned for select high-volume accounts, which helps National Beverage Corp. (FIZZ) maintain control over shelf presentation and inventory in critical locations, a tactic that supports premium brand positioning. The company's selling, general, and administrative expenses rose in Q1 2026, partly due to increased marketing costs, which are directly tied to driving traffic and sales through these retail channels.

National Beverage Corp. (FIZZ) - Canvas Business Model: Customer Segments

You're looking at the core groups National Beverage Corp. targets with its portfolio, which spans from the premium sparkling water space down to established regional sodas. Honestly, the company's strategy hinges on capturing consumers across a wide spectrum of needs, from health-focused hydration to nostalgic refreshment.

Health-conscious consumers seeking zero-sugar, zero-calorie options.

This group is the primary driver for the company's flagship brand, LaCroix, and its 'Better for You' portfolio. These consumers are moving into a market segment that was valued at $44.8 billion in 2024 and is projected to grow at a 12.5% CAGR from 2025-2034. National Beverage Corp. is clearly positioned here, evidenced by its focus on developing healthier beverages and the introduction of new, zero-sugar flavors like Sunshine, Cherry Lime, and Blackberry Cucumber, which started shipping in the fourth quarter of fiscal year 2025. The company's overall net sales for the full fiscal year ending May 3, 2025, reached $1.2 billion, showing this segment's importance to the top line.

• Seeking zero-sugar, zero-calorie refreshment.
• Drawn to brands emphasizing natural water sources.
• Responsive to flavor innovation and appealing graphics.

Millennial and Gen Z consumers valuing authentic, non-corporate brands.

National Beverage Corp. attempts to connect with younger demographics through creative marketing and product design, aiming for an emotional connection. You see this in their targeted social media efforts and partnerships with contemporary sports entities. For instance, marketing campaigns in late 2025 included partnerships with WNBA teams like the Indiana Fever and the Dallas Wings, plus continued visibility with the Stanley Cup-winning Florida Panthers. This approach is designed to build brand trust and authenticity, which these segments often prioritize over legacy corporate structures. The company's gross margin improved to 37.0% of sales in FY 2025, suggesting they are successfully commanding a premium price point with these trend-aware buyers.

Price-sensitive 'crossover consumers' moving away from sugary sodas.

These are the consumers actively looking to trade down from traditional, high-sugar carbonated soft drinks (CSDs) to healthier alternatives without a major jump in price. National Beverage Corp.'s healthier options explicitly cater to this group. The overall U.S. soft drinks market, which includes CSDs, was valued at a staggering $115 billion in the U.S. in 2025, and the shift within this massive market is where the opportunity lies. The company's strategy of prioritizing profitability over volume, as seen when a 4.4% increase in average selling price almost entirely offset a 3.9% decline in case volume in Q1 2026, suggests they are willing to sacrifice some price-sensitive volume for margin protection, which was 38.0% in that quarter.

Regional consumers loyal to heritage brands like Faygo and Shasta.

This segment provides a stable base through established, regional brand equity. National Beverage Corp. owns both Shasta and Faygo, which serve different consumer preferences and market niches, bolstering the company's presence across multiple beverage categories beyond just sparkling water. While the company's primary focus is on its 'Power + Brands,' these heritage labels ensure coverage in the traditional CSD and flavored water segments. The company's operating income for the full fiscal year 2025 was $235 million, a testament to the overall strength across all its brand tiers.

Here's a quick look at the financial scale supporting these customer segments as of the latest full-year and recent quarterly reports:

Financial Metric (As of Late 2025)	Amount/Value	Period/Context
Full Fiscal Year 2025 Net Sales	$1.2 billion	Year Ended May 3, 2025
Q1 2026 Net Sales	$330.5 million	Quarter Ended August 2, 2025
Full Fiscal Year 2025 Earnings Per Share (EPS)	$2.00	FY Ended May 3, 2025
FY 2025 Gross Margin	37.0%	Of Sales
Total Cash Balance	$194 million	End of FY 2025

The company's ability to generate an operating cash flow of $207 million in FY 2025, up from the previous year, shows it has the internal funding capacity to continue supporting the marketing and innovation required to reach all these distinct customer groups. If onboarding takes 14+ days, churn risk rises, which is why rapid flavor introduction is key for the health-conscious segment.

National Beverage Corp. (FIZZ) - Canvas Business Model: Cost Structure

You're looking at the cost side of National Beverage Corp.'s business model as of late 2025. Honestly, for a company focused on high-volume CPG (Consumer Packaged Goods), the cost structure is dominated by production and getting the product to the shelf.

The largest single cost component is what it takes to make the product. Based on the reported fiscal year 2025 Net Sales of $1.20 billion and a Gross Margin of 37.0%, the Cost of Goods Sold (COGS) calculates to approximately $756 million.

This COGS number is where the real pressure points lie. It's a story of packaging and flavor science, which you know is key for sparkling water.

Cost Component Category	Key Drivers/Notes	FY2025 Financial Data (USD)
Cost of Goods Sold (COGS)	Primary input costs for beverage production.	Approximately $756 million (Derived from $1.20B Sales and 37.0% Gross Margin)
Selling, General, and Administrative (SG&A)	Includes overhead, marketing, and logistics execution costs.	Not explicitly confirmed for FY2025 in public filings reviewed.
Capital Investments (Facilities/Capacity)	Investments in refurbishment and expansion of production capacity.	Approximately $30 million (Implied, similar to FY2024 peak)

Raw material costs are definitely a major driver within COGS. You have to watch the commodity markets closely here. National Beverage Corp. uses derivative financial instruments to partially mitigate exposure to changes in some of these costs, which is smart risk management.

• Raw material costs primarily involve aluminum cans, which saw some cost savings in the prior year due to packaging programs.
• Other significant inputs include resin, corn, linerboard, water, and fruit juice.
• Flavorings are also a critical, though less visible, input cost, tied to the company's innovation pipeline.

Distribution and logistics costs fall under SG&A, which is a classification consistent with many beverage companies. These costs are inherently tied to the hybrid delivery model National Beverage Corp. employs. Think about the fuel costs for that distribution network.

• Logistics depend on energy sources like diesel fuel, natural gas, and carbon dioxide.
• Shipping and handling costs are explicitly included within the SG&A line item.

For capital expenditures, the focus is on maintaining and expanding the production base organically. You saw capital investments peak around $30 million in fiscal 2024, and the expectation is that spending should remain at similar figures for fiscal 2025, supporting refurbishment and capacity expansion.

Finance: draft 13-week cash view by Friday.

National Beverage Corp. (FIZZ) - Canvas Business Model: Revenue Streams

The revenue streams for National Beverage Corp. (FIZZ) are fundamentally anchored in the sale of its diverse portfolio of ready-to-drink beverages across the United States. The primary driver remains the Power+ Brands portfolio, which includes the flagship LaCroix sparkling water, alongside Rip It energy drinks and Everfresh juices, all positioned toward the health-conscious consumer.

For the fiscal year ended May 3, 2025, the company achieved Total Net Sales of $1.2 billion. [cite: 2, 3, 7, 9, 10 in second search] This performance reflects a strong operational year, further evidenced by the Operating Cash Flow which was reported as strong at $207 million in FY2025, an increase from $198 million in the prior year. [cite: 10 in second search]

Revenue generation is a function of both volume and pricing strategy. For instance, in the first quarter of fiscal 2026, the company experienced a 4.4% increase in the average selling price per case, which was necessary to offset a 3.9% decrease in case volume across both major segments. [cite: 4 in second search] This dynamic shows the importance of price/mix improvements in maintaining top-line performance, even when facing slight volume headwinds.

The relative contribution of the core segments is heavily weighted toward the sparkling water category:

Revenue Segment	Key Brands/Detail	Financial Implication/Data Point
Power+ Brands	LaCroix (Flagship), Clear Fruit, Rip It, Everfresh	LaCroix contributes an estimated four-fifths of sales. [cite: 6 in second search]
Legacy Carbonated Soft Drinks (CSD)	Shasta, Faygo	Both Power+ Brands and CSD segments posted volume increases in the fourth quarter of FY2025. [cite: 2, 8 in second search]

The company's revenue generation strategy relies on maintaining the premium positioning of its healthier options while supporting its established CSD base. Key elements supporting this revenue stream include:

• Price/Mix Improvements: Successfully implemented to drive revenue growth. [cite: 1 in second search]
• New Product Launches: Innovations like LaCroix Sunshine, Cherry Lime, and Blackberry Cucumber provided a growth stimulus in Q4 FY2025. [cite: 2, 8 in second search]
• Marketing Investment: Increased selling, general, and administrative expenses reflect investment in brand promotion. [cite: 4 in second search]