National Beverage Corp. (Fizz): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo efervescente da inovação de bebidas, a National Beverage Corp. (Fizz) criou um nicho único que combina perfis de sabor modernos com o posicionamento estratégico do mercado. Desde o popular Lacroix Sparkling Waters até o seu portfólio de marcas diversificado, a empresa navegou magistralmente no cenário competitivo de bebidas, visando os millennials preocupados com a saúde e os consumidores que conhecem o orçamento com seleções inovadoras de bebidas que desafiam os paradigmas tradicionais de refrigerantes. Mergulhe na intrincada tela do modelo de negócios que revela como essa empresa dinâmica transforma a criatividade carbonatada em uma estratégia de mercado atraente que mantém os consumidores atualizados e os investidores intrigados.

National Beverage Corp. (Fizz) - Modelo de Negócios: Principais Parcerias

Fornecedores de latas de alumínio e materiais de embalagem

A National Beverage Corp. faz parceria com fornecedores de embalagens especializados para proteger latas de alumínio e materiais de embalagem para suas linhas de produtos de bebidas.

Fornecedor	Tipo de material	Volume anual
Ball Corporation	Latas de alumínio	1,2 bilhão de unidades
Holdings da coroa	Materiais de embalagem	850 milhões de unidades

Redes de distribuição e parceiros de logística

A empresa mantém parcerias estratégicas com provedores de distribuição e logística para garantir a entrega eficiente do produto.

• Serviços de distribuição McLane
• United Natural Foods, Inc.
• Holding da Mark Core

Redes de varejo e supermercados

A National Beverage Corp. colabora com as principais redes de varejo e supermercado para a colocação e as vendas de produtos.

Parceiro de varejo	Contagem de lojas	Penetração de mercado
Walmart	4.700 lojas	65% de cobertura
Kroger	2.800 lojas	Cobertura de 45%

Fabricantes contratados para suporte à produção

A empresa utiliza parcerias de fabricação de contratos para complementar os recursos de produção.

• Refresco North America
• Bebidas cott

Agências de marketing e publicidade

A National Beverage Corp. envolve parceiros de marketing e publicidade para apoiar estratégias de promoção da marca.

Agência	Serviços	Orçamento anual de marketing
Grupo Interpublic	Marketing digital	US $ 12,5 milhões
Omnicom Group	Estratégia da marca	US $ 9,3 milhões

National Beverage Corp. (Fizz) - Modelo de negócios: Atividades -chave

Desenvolvimento e inovação de produtos para bebidas

A National Beverage Corp. concentra -se no desenvolvimento de produtos inovadores de bebidas em várias marcas:

• Lacroix Sparkling Water: 20+ Variações de sabor
• SHASTA SOBRES: 15+ combinações de sabores
• Bebidas Faygo: 30+ perfis de sabor exclusivos

Categoria de produto	Orçamento anual de inovação	Novos lançamentos de sabor (2023)
Água com gás	US $ 4,2 milhões	7 novos sabores
Refrigerantes carbonatados	US $ 3,8 milhões	5 novas variantes de sabor

Fabricação e engarrafamento de refrigerantes carbonatados

Recursos de produção e infraestrutura:

• Total de instalações de fabricação: 6 locais
• Capacidade anual de produção: 500 milhões de casos
• Produção diária média: 1,37 milhão de casos

Localização da instalação	Capacidade de produção	Marcas primárias produzidas
Tampa, FL	125 milhões de casos/ano	Lacroix, Shasta
Detroit, MI	100 milhões de casos/ano	Faygo, marcas nacionais

Marketing de marca e campanhas promocionais

Despesas e estratégia de marketing:

• Orçamento anual de marketing: US $ 42,5 milhões
• Alocação de marketing digital: 35% do orçamento total
• Engajamento de mídia social: 2,3 milhões de seguidores

Gerenciamento de vendas e distribuição

Detalhes da rede de distribuição:

• Centros de distribuição total: 12
• Cobertura de varejo nacional: 85% dos supermercados dos EUA
• Crescimento das vendas de comércio eletrônico: 22% em 2023

Canal de distribuição	Volume de vendas	Penetração de mercado
Supermercados	280 milhões de casos	65%
Lojas de conveniência	95 milhões de casos	25%

Controle de qualidade e teste de produto

Métricas de garantia de qualidade:

• Equipe de controle de qualidade: 185 funcionários
• Orçamento anual de teste de qualidade: US $ 6,3 milhões
• Frequência de teste em lote de produto: todo lote de produção

Parâmetro de teste	Freqüência	Padrão de conformidade
Teste microbiológico	Por lote de produção	Regulamentos da FDA
Verificação de ingredientes	Semanalmente	ISO 22000

National Beverage Corp. (Fizz) - Modelo de negócios: Recursos -chave

Marcas de bebidas proprietárias

A National Beverage Corp. possui várias marcas importantes de bebidas:

Marca	Segmento de mercado	Volume de vendas anual (estimado)
Lacroix	Água com gás	170 milhões de casos
Shasta	Refrigerantes	80 milhões de casos
Faygo	Refrigerantes regionais	50 milhões de casos

Instalações de fabricação e equipamentos de produção

National Beverage Corp. opera várias instalações de produção:

• Total de Fabricação: 8
• Capacidade total de produção: 500 milhões de casos anualmente
• Distribuição geográfica: nos Estados Unidos

Reconhecimento da marca e lealdade do consumidor

Métrica	Valor
Participação de mercado da Lacroix	32% do mercado de água espumante
Taxa de fidelidade à marca do consumidor	45% de taxa de compra repetida

Equipe de gestão e vendas

Categoria de pessoal	Número
Total de funcionários	1,200
Tamanho da equipe de vendas	250
Posse média dos funcionários	7,5 anos

Propriedade intelectual e marcas comerciais

• Marcas registradas: 45
• Portfólio ativo de patentes: 12 patentes de formulação de bebidas
• Proteção de marcas comerciais: Estados Unidos e mercados internacionais selecionados

National Beverage Corp. (Fizz) - Modelo de Negócios: Proposições de Valor

Portfólio diversificado de águas brilhantes com sabor

A partir de 2024, a National Beverage Corp. oferece aproximadamente 30 variantes exclusivas de água com sabor espumante em marcas como Lacroix e Shasta Sparkling Water.

Marca	Número de sabores	Quota de mercado
Lacroix	21 sabores	36,7% do mercado de água brilhante
Shasta Sparkling	9 sabores	12,3% do mercado de água espumante

Opções de bebidas acessíveis

A National Beverage Corp. mantém estratégias de preços competitivos com preços médios de varejo:

• Lacroix 8-Pack: US $ 3,99
• SHASTA SLUGLING Water 12-Pack: $ 4,49
• Preço médio por lata: US $ 0,50 a US $ 0,75

Seleções de bebidas inovadoras e modernas

A empresa introduziu 7 novas combinações de sabores em 2023, direcionando os consumidores milenares e da geração Z.

Novas categorias de sabor	Taxa de adoção do consumidor
Mistura de frutas exóticas	Taxa de adoção de 42%
Infusões botânicas	Taxa de adoção de 35%

Alternativas de bebidas conscientes da saúde

Os produtos da National Beverage Corp. apresentam zero calorias, açúcar zero e adoçantes artificiais zero em todas as linhas de água com gás.

• Nutricional Profile: 0 calorias
• Teor de açúcar: 0g
• Ingredientes artificiais: nenhum

Combinações de sabor exclusivas e designs de embalagens

A empresa investiu US $ 4,2 milhões em design de embalagens e inovação de sabor em 2023.

Investimento de design	Embalagem de inovações	Impacto do projeto
US $ 4,2 milhões	Materiais recicláveis	15% aumentaram o envolvimento do consumidor

National Beverage Corp. (Fizz) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento de mídia social e marketing digital

A National Beverage Corp. mantém uma presença digital ativa em várias plataformas:

Plataforma	Seguidores/engajamento
Instagram (@lacroixwater)	278.000 seguidores
Twitter (@lacroix)	36.500 seguidores
Facebook	214.000 curtidas de página

Feedback do cliente e melhoria do produto

Os canais de interação do cliente incluem:

• Linha direta de consumidor: 1-800-225-2270
• Formulário de contato on -line no site oficial
• Mensagens diretas de mídia social

Programas de fidelidade e ofertas promocionais

Tipo de programa	Detalhes
Cupons digitais	Disponível através de sites de varejistas
Descontos de compra em massa	Até 10% de desconto para compras com vários pacote

Posicionamento da marca focado na comunidade

Métricas importantes de engajamento da comunidade:

• Iniciativas de sustentabilidade direcionadas a zero resíduos
• Compromisso de embalagem reciclável
• Patrocínios da comunidade local

Interação direta do consumidor através de plataformas digitais

As estratégias de engajamento digital incluem:

• Anúncios semanais de liberação de sabores
• Campanhas de conteúdo geradas pelo usuário
• Plataforma interativa de sugestão de sabor online

National Beverage Corp. (Fizz) - Modelo de Negócios: Canais

Mercearias de varejo

A National Beverage Corp. distribui seus produtos através das principais redes nacionais de supermercados, incluindo:

Varejista	Penetração de mercado
Walmart	92% das lojas
Kroger	85% das lojas
Albertsons	78% das lojas

Lojas de conveniência

A rede de distribuição inclui:

• 7-Eleven
• Círculo k
• Speedway

Cobertura de mercado: Aproximadamente 65.000 locais de loja de conveniência em todo o país

Plataformas online de comércio eletrônico

Plataforma	Volume de vendas
Amazon	US $ 42,3 milhões em 2023
Walmart.com	US $ 18,7 milhões em 2023

Distribuidores por atacado

Principais parceiros atacadistas:

• McLane Distributores
• Core-Mark
• UNFI

Receita total de atacado: US $ 276,5 milhões em 2023

Vendas digitais diretas ao consumidor

Canais de vendas digitais:

• Site da empresa
• Aplicativo móvel
• Plataformas de mídia social

Vendas digitais diretas: US $ 12,6 milhões em 2023

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

Millennials preocupados com a saúde

Decongridade-alvo de 25 a 40 anos, representando 72,1 milhões de consumidores nos Estados Unidos.

Características do segmento	Percentagem
Prefira bebidas de baixa caloria	64%
Procure ingredientes naturais	58%
Interessado em bebidas funcionais	49%

Consumidores conscientes do orçamento

Renda familiar média segmentação: US $ 52.000 - US $ 75.000 anualmente.

• Prefira as opções de bebidas orientadas por valor
• Sensibilidade ao preço: 73% Compare os preços antes da compra
• Procure alternativas econômicas para marcas premium

Entusiastas da água espumante

Tamanho do mercado: 2023 consumo de água com gás em 4,3 bilhões de litros.

Segmento do consumidor	Quota de mercado
Consumidores regulares de água espumante	37%
Bebedores de água espumante ocasional	28%

Compradores orientados por conveniência

Faixa de idade primária: 18-45 anos.

• Frequência de compra on -line: 62% de compra de bebidas online
• Prefira embalagens de agarrar e ir
• Visitas médias de lojas de conveniência semanal: 2,3 vezes

Mais jovem que procura bebidas modernas

Faixa etária-alvo: 16-29 anos, representando 53,4 milhões de consumidores.

Preferência de tendência	Porcentagem de engajamento
As mídias sociais influenciaram as compras	68%
Exploração única de sabor	55%
Escolhas orientadas por sustentabilidade	47%

National Beverage Corp. (Fizz) - Modelo de Negócios: Estrutura de Custo

Aquisição de matéria -prima

Custos totais de matéria -prima para o ano fiscal de 2023: US $ 237,4 milhões

Categoria de matéria -prima	Custo anual	Porcentagem de total
Latas de alumínio	US $ 89,6 milhões	37.7%
Açúcar e adoçantes	US $ 62,3 milhões	26.2%
Ingredientes aromatizantes	US $ 45,2 milhões	19.0%
Materiais de embalagem	US $ 40,3 milhões	17.1%

Despesas de fabricação e produção

Custos de fabricação totais em 2023: US $ 412,6 milhões

• Custos de mão -de -obra: US $ 98,7 milhões
• Depreciação do equipamento: US $ 67,3 milhões
• Manutenção da instalação: US $ 44,2 milhões
• Energia e utilitários: US $ 36,5 milhões

Custos de marketing e publicidade

Despesas totais de marketing para 2023: US $ 89,5 milhões

Canal de marketing	Gastos	Porcentagem de orçamento
Marketing digital	US $ 32,4 milhões	36.2%
Publicidade na televisão	US $ 24,6 milhões	27.5%
Campanhas de mídia social	US $ 18,3 milhões	20.5%
Publicidade impressa e externa	US $ 14,2 milhões	15.8%

Distribuição e logística

Despesas totais de distribuição em 2023: US $ 156,8 milhões

• Custos de transporte: US $ 87,4 milhões
• Operações de armazém: US $ 42,6 milhões
• Gerenciamento de inventário: US $ 26,8 milhões

Investimentos de pesquisa e desenvolvimento

Despesas de P&D para 2023: US $ 24,3 milhões

Área de foco em P&D	Investimento	Porcentagem de orçamento de P&D
Desenvolvimento de novos produtos	US $ 12,7 milhões	52.3%
Inovação de sabor	US $ 6,9 milhões	28.4%
Tecnologia de embalagem	US $ 4,7 milhões	19.3%

National Beverage Corp. (Fizz) - Modelo de negócios: fluxos de receita

Vendas de varejo de bebidas carbonatadas

Para o ano fiscal de 2023, a National Beverage Corp. reportou vendas líquidas totais de US $ 336,9 milhões.

Categoria de produto	Receita anual	Quota de mercado
Lacroix água com gás	US $ 210,4 milhões	62.4%
Bebidas carbonatadas Shasta	US $ 86,5 milhões	25.7%
Outras marcas de bebidas	US $ 40,0 milhões	11.9%

Receitas de distribuição por atacado

A distribuição por atacado representou aproximadamente 78% da receita total da empresa em 2023.

• Distribuição da cadeia de varejo nacional: US $ 262,8 milhões
• Distribuição regional de supermercado: US $ 74,1 milhões

Vendas diretas on -line

As vendas diretas on -line representaram 5,2% da receita total em 2023, totalizando US $ 17,5 milhões.

Linhas de produtos promocionais sazonais

Produto sazonal	Receita	Período de pico de vendas
Sabor de verão lacroix	US $ 15,3 milhões	Maio a agosto
F sabores de férias Shasta	US $ 8,7 milhões	Novembro-dezembro

Licenciamento de marcas e parcerias

O licenciamento da marca gerou US $ 3,2 milhões em receita adicional para 2023.

• Mercadoria de varejo Licenciamento: US $ 1,8 milhão
• Parcerias de co-branding: US $ 1,4 milhão

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]