National Beverage Corp. (Fizz): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde pétillant de l'innovation des boissons, National Beverage Corp. (Fizz) a creusé un créneau unique qui mélange les profils de saveurs à la mode avec le positionnement stratégique du marché. Des eaux pétillantes lacroix très populaires à son portefeuille de marque diversifié, la société a magistralement navigué dans le paysage des boissons compétitives en ciblant les milléniaux soucieux de la santé et les consommateurs avertis du budget avec des sélections de boissons innovantes qui remettent en question les paradigmes traditionnels de boissons gazeuses. Plongez dans la toile du modèle commercial complexe qui révèle comment cette entreprise dynamique transforme la créativité carbonatée en une stratégie de marché convaincante qui maintient les consommateurs rafraîchis et les investisseurs intrigués.

National Beverage Corp. (Fizz) - Modèle d'entreprise: partenariats clés

Fournisseurs de canettes en aluminium et de matériaux d'emballage

National Beverage Corp. s'associe à des fournisseurs d'emballage spécialisés pour sécuriser les canettes en aluminium et les matériaux d'emballage pour ses gammes de produits de boisson.

Fournisseur	Type de matériau	Volume annuel
Ball Corporation	Canettes en aluminium	1,2 milliard d'unités
Holdings Crown	Matériaux d'emballage	850 millions d'unités

Réseaux de distribution et partenaires logistiques

La société maintient des partenariats stratégiques avec les fournisseurs de distribution et de logistique pour assurer une livraison efficace de produits.

• Services de distribution McLane
• United Natural Foods, Inc.
• Société de portefeuille de noyau

Chaînes de vente au détail et épiceries

National Beverage Corp. collabore avec les grandes chaînes de vente au détail et d'épicerie pour le placement et les ventes de produits.

Partenaire de vente au détail	Comptage des magasins	Pénétration du marché
Walmart	4 700 magasins	Couverture de 65%
Kroger	2 800 magasins	Couverture de 45%

Fabricants contractuels pour le support de production

La société utilise des partenariats de fabrication contractuels pour compléter les capacités de production.

• REFRESSCO AMÉRIQUE NORD
• Boissons Cott

Agences de marketing et de publicité

National Beverage Corp. engage des partenaires de marketing et de publicité pour soutenir les stratégies de promotion de la marque.

Agence	Services	Budget marketing annuel
Groupe interpublique	Marketing numérique	12,5 millions de dollars
Groupe omnicom	Stratégie de marque	9,3 millions de dollars

National Beverage Corp. (Fizz) - Modèle d'entreprise: activités clés

Développement et innovation des produits de boisson

National Beverage Corp. se concentre sur le développement de produits de boissons innovants sur plusieurs marques:

• Eau étincelante lacroix: 20+ variations de saveur
• Shasta Boissons gazeuses: 15+ combinaisons de saveurs
• Faygo Beverages: 30+ Profils de saveurs uniques

Catégorie de produits	Budget d'innovation annuel	Lancement de nouvelles saveurs (2023)
Eau gazeuse	4,2 millions de dollars	7 nouvelles saveurs
Boissons gazeuses gazeuses	3,8 millions de dollars	5 nouvelles variantes de saveur

Fabrication et bouteille des boissons gazeuses gazeuses

Capacités de production et infrastructures:

• Installations de fabrication totale: 6 emplacements
• Capacité de production annuelle: 500 millions de cas
• Production quotidienne moyenne: 1,37 million de cas

Emplacement de l'installation	Capacité de production	Marques primaires produites
Tampa, FL	125 millions de cas / an	Lacroix, Shasta
Detroit, MI	100 millions de cas / an	Faygo, marques nationales

Marketing de marque et campagnes promotionnelles

Dépenses de marketing et stratégie:

• Budget marketing annuel: 42,5 millions de dollars
• Attribution du marketing numérique: 35% du budget total
• Engagement des médias sociaux: 2,3 millions d'adeptes

Gestion des ventes et de la distribution

Détails du réseau de distribution:

• Centres de distribution totaux: 12
• Couverture nationale de détail: 85% des épiceries américaines
• Croissance des ventes de commerce électronique: 22% en 2023

Canal de distribution	Volume des ventes	Pénétration du marché
Épiceries	280 millions de cas	65%
Dépanneurs	95 millions de cas	25%

Contrôle de la qualité et tests de produits

Métriques d'assurance qualité:

• Personnel de contrôle de la qualité: 185 employés
• Budget annuel de test de qualité: 6,3 millions de dollars
• Fréquence de tests par lots de produits: chaque lot de production

Paramètre de test	Fréquence	Norme de conformité
Tests microbiologiques	Par lot de production	Règlements de la FDA
Vérification des ingrédients	Hebdomadaire	ISO 22000

National Beverage Corp. (Fizz) - Modèle d'entreprise: Ressources clés

Marques de boissons propriétaires

National Beverage Corp. possède plusieurs marques de boissons clés:

Marque	Segment de marché	Volume des ventes annuel (estimé)
Lacroix	Eau gazeuse	170 millions de cas
Shasta	Boissons gazeuses	80 millions de cas
Faygo	Boissons gazeuses régionales	50 millions de cas

Installations de fabrication et équipement de production

National Beverage Corp. exploite plusieurs installations de production:

• Installations de fabrication totale: 8
• Capacité de production totale: 500 millions de cas par an
• Distribution géographique: aux États-Unis

Reconnaissance de la marque et fidélité des consommateurs

Métrique	Valeur
Part de marché lacroix	32% du marché des eaux étincelantes
Taux de fidélité à la marque grand public	Taux d'achat de 45%

Équipe de gestion et de vente

Catégorie de personnel	Nombre
Total des employés	1,200
Taille de l'équipe de vente	250
Mandat moyen des employés	7,5 ans

Propriété intellectuelle et marques

• Marques enregistrées: 45
• Portefeuille de brevets actif: 12 brevets de formulation de boissons
• Protection des marques: États-Unis et sélectionner les marchés internationaux

National Beverage Corp. (Fizz) - Modèle d'entreprise: propositions de valeur

Portfolio diversifié d'eaux étincelantes aromatisées

Depuis 2024, National Beverage Corp. propose environ 30 variantes d'eau étincelantes aromatisées uniques sous des marques comme Lacroix et Shasta Sparkling Water.

Marque	Nombre de saveurs	Part de marché
Lacroix	21 saveurs	36,7% du marché de l'eau mousseuse
Shasta étincelante	9 saveurs	12,3% du marché de l'eau mousseuse

Options de boissons abordables

National Beverage Corp. maintient des stratégies de prix compétitives avec des prix de détail moyens:

• Lacroix 8-Pack: 3,99 $
• Shasta Sparkling Water 12-Pack: 4,49 $
• Prix ​​moyen par boîte: 0,50 $ à 0,75 $

Sélections de boissons innovantes et à la mode

La société a introduit 7 nouvelles combinaisons de saveurs en 2023, ciblant les consommateurs de la génération Y et de la génération Z.

Nouvelles catégories de saveurs	Taux d'adoption des consommateurs
Mélanges de fruits exotiques	Taux d'adoption de 42%
Infusions botaniques	Taux d'adoption de 35%

Alternatives de boissons soucieuses de la santé

Les produits National Beverage Corp. présentent des calories zéro, un sucre nul et zéro édulcorants artificiels dans toutes les lignes d'eau mousseuses.

• Nutritionnel Profile: 0 calories
• Contenu en sucre: 0g
• Ingrédients artificiels: aucun

Combinaisons de saveurs uniques et conceptions d'emballages

La société a investi 4,2 millions de dollars dans la conception d'emballages et l'innovation de saveurs en 2023.

Investissement de conception	Innovations d'emballage	Impact de conception
4,2 millions de dollars	Matériaux recyclables	15% ont augmenté l'engagement des consommateurs

National Beverage Corp. (Fizz) - Modèle d'entreprise: relations clients

Engagement des médias sociaux et marketing numérique

National Beverage Corp. maintient une présence numérique active sur plusieurs plates-formes:

Plate-forme	Abonnés / engagement
Instagram (@lacroixwater)	278 000 abonnés
Twitter (@lacroix)	36 500 abonnés
Facebook	214 000 pages goûts

Commentaires des clients et amélioration des produits

Les canaux d'interaction client comprennent:

• Hotline directe des consommateurs: 1-800-225-2270
• Formulaire de contact en ligne sur le site officiel
• Messagerie directe des médias sociaux

Programmes de fidélité et offres promotionnelles

Type de programme	Détails
Coupons numériques	Disponible via des sites Web des détaillants
Remises d'achat en vrac	Jusqu'à 10% de réduction pour les achats multi-packs

Positionnement de la marque axé sur la communauté

Mesures clés de l'engagement communautaire:

• Initiatives de durabilité ciblant zéro déchets
• Engagement d'emballage recyclable
• Parrainages communautaires locaux

Interaction directe des consommateurs via les plateformes numériques

Les stratégies d'engagement numérique comprennent:

• Annonces hebdomadaires de sortie de saveur
• Campagnes de contenu générées par les utilisateurs
• Plateforme de suggestions de saveurs interactives en ligne

National Beverage Corp. (Fizz) - Modèle d'entreprise: canaux

Magasins d'épicerie de vente au détail

National Beverage Corp. distribue ses produits par le biais de grandes chaînes d'épicerie nationales, notamment:

Détaillant	Pénétration du marché
Walmart	92% des magasins
Kroger	85% des magasins
Albertsons	78% des magasins

Dépanneurs

Le réseau de distribution comprend:

• 7-Eleven
• Cercle k
• Voie de vitesse

Couverture du marché: Environ 65 000 magasins de commodité à l'échelle nationale

Plateformes de commerce électronique en ligne

Plate-forme	Volume des ventes
Amazone	42,3 millions de dollars en 2023
Walmart.com	18,7 millions de dollars en 2023

Distributeurs en gros

Partners en gros clés:

• Distributeurs de McLane
• Marque de base
• UnfI

Revenu total de gros: 276,5 millions de dollars en 2023

Ventes numériques directes aux consommateurs

Canaux de vente numériques:

• Site Web de l'entreprise
• Application mobile
• Plateformes de médias sociaux

Ventes numériques directes: 12,6 millions de dollars en 2023

National Beverage Corp. (Fizz) - Modèle d'entreprise: segments de clientèle

Milléniaux soucieux de la santé

Target démographique de 25 à 40 ans représentant 72,1 millions de consommateurs aux États-Unis.

Caractéristiques du segment	Pourcentage
Préférer les boissons à faible calories	64%
Chercher des ingrédients naturels	58%
Intéressé par les boissons fonctionnelles	49%

Consommateurs soucieux du budget

Ciblage de revenu des ménages médians: 52 000 $ - 75 000 $ par an.

• Préférez les options de boissons axées sur la valeur
• Sensibilité aux prix: 73% Comparez les prix avant d'acheter
• Cherchez des alternatives rentables aux marques premium

Antariens étincelants de l'eau

Taille du marché: 2023 consommation d'eau mousseuse à 4,3 milliards de litres.

Segment des consommateurs	Part de marché
Consommateurs d'eau pétillante réguliers	37%
Buveurs d'eau mousseux occasionnels	28%

Acheteurs axés sur la commodité

Price d'âge primaire: 18-45 ans.

• Fréquence d'achat en ligne: 62% des boissons d'achat en ligne
• Préférez l'emballage à emporter
• Visites de dépanneur hebdomadaire moyen: 2,3 fois

Jeune démographique à la recherche de boissons à la mode

Groupe d'âge cible: 16-29 ans, représentant 53,4 millions de consommateurs.

Préférence de tendance	Pourcentage d'engagement
Les médias sociaux ont influencé les achats	68%
Exploration de saveur unique	55%
Choix axés sur la durabilité	47%

National Beverage Corp. (Fizz) - Modèle d'entreprise: Structure des coûts

Achat de matières premières

Coût total des matières premières pour l'exercice 2023: 237,4 millions de dollars

Catégorie de matières premières	Coût annuel	Pourcentage du total
Canettes en aluminium	89,6 millions de dollars	37.7%
Sucre et édulcorants	62,3 millions de dollars	26.2%
Ingrédients aromatisés	45,2 millions de dollars	19.0%
Matériaux d'emballage	40,3 millions de dollars	17.1%

Frais de fabrication et de production

Coûts de fabrication totaux en 2023: 412,6 millions de dollars

• Coûts de main-d'œuvre: 98,7 millions de dollars
• Amortissement de l'équipement: 67,3 millions de dollars
• Entretien des installations: 44,2 millions de dollars
• Énergie et services publics: 36,5 millions de dollars

Coûts de marketing et de publicité

Total des dépenses de marketing pour 2023: 89,5 millions de dollars

Canal de marketing	Dépenses	Pourcentage de budget
Marketing numérique	32,4 millions de dollars	36.2%
Publicité télévisée	24,6 millions de dollars	27.5%
Campagnes de médias sociaux	18,3 millions de dollars	20.5%
Publicité imprimée et extérieure	14,2 millions de dollars	15.8%

Distribution et logistique

Total des dépenses de distribution en 2023: 156,8 millions de dollars

• Coûts de transport: 87,4 millions de dollars
• Opérations d'entrepôt: 42,6 millions de dollars
• Gestion des stocks: 26,8 millions de dollars

Investissements de recherche et développement

Dépenses de R&D pour 2023: 24,3 millions de dollars

Zone de focus R&D	Investissement	Pourcentage du budget de la R&D
Développement de nouveaux produits	12,7 millions de dollars	52.3%
Innovation de saveur	6,9 millions de dollars	28.4%
Technologie d'emballage	4,7 millions de dollars	19.3%

National Beverage Corp. (Fizz) - Modèle d'entreprise: Strots de revenus

Ventes au détail de boissons gazeuses

Pour l'exercice 2023, National Beverage Corp. a déclaré des ventes nettes totales de 336,9 millions de dollars.

Catégorie de produits	Revenus annuels	Part de marché
Eau étincelante lacroix	210,4 millions de dollars	62.4%
Shasta Boissons gazeuses	86,5 millions de dollars	25.7%
Autres marques de boissons	40,0 millions de dollars	11.9%

Revenus de distribution en gros

La distribution en gros représentait environ 78% du total des revenus de l'entreprise en 2023.

• Distribution nationale de la chaîne de vente au détail: 262,8 millions de dollars
• Distribution régionale de l'épicerie: 74,1 millions de dollars

Ventes directes en ligne

Les ventes directes en ligne représentaient 5,2% du total des revenus en 2023, totalisant 17,5 millions de dollars.

Lignes de produit promotionnel saisonnière

Produit saisonnier	Revenu	Période de vente
Saveur d'été lacroix	15,3 millions de dollars	Mai-août
Saves de shasta de vacances	8,7 millions de dollars	Novembre-décembre

Licence et partenariats de marque

La licence de marque a généré 3,2 millions de dollars de revenus supplémentaires pour 2023.

• Licence de marchandise au détail: 1,8 million de dollars
• Partenariats de co-branding: 1,4 million de dollars

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]