National Beverage (FIZZ) Q2: Flat 15.6% Margin Reinforces Stable-But-Slow Growth Narrative

National Beverage (FIZZ) just posted Q2 2026 results with revenue of $288 million and basic EPS of $0.50, alongside net income of about $46 million that keeps profitability in focus for shareholders. The company has seen quarterly revenue move from $291 million in Q2 2025 to $288 million this quarter, while basic EPS has hovered around the $0.48 to $0.50 range over that span, giving investors a fairly consistent read on earnings power. With net income holding in the mid $40 million range and margins steady rather than surging, this update is more about confirming the current profit profile than signaling a breakout.

See our full analysis for National Beverage.

With the numbers on the table, the next step is to weigh this steady profit picture against the big narratives around National Beverage, testing where sentiment lines up with the latest revenue and margin trends and where it might need a reset.

Curious how numbers become stories that shape markets? Explore Community Narratives

Margins Steady At 15.6%

• Trailing net profit margin is 15.6% on about $1.2 billion of revenue over the last twelve months and that margin level is unchanged from the prior year in the data.
• Bulls see stable margins as a sign of a solid franchise, and the flat 15.6% level both supports and limits that view:
  • On the supportive side, net income over the last twelve months is about $186.5 million, very close to prior periods, which points to consistency rather than volatility.
  • At the same time, with margins not moving above 15.6%, there is no sign in this data that profitability is accelerating, which is what a more aggressive bullish story would usually look for.

Growth Slows To 0.4% Earnings

• Over the last year, earnings grew by just 0.4% compared with a 3.1% average annual pace over the past five years, and revenue is referenced at 0.6% growth per year versus a 10.7% US market benchmark.
• Bears focus on this slower growth, and the figures give them concrete reasons while also framing what would need to change:
  • The 0.4% earnings growth rate is well below the longer term 3.1% run rate, so recent performance has not matched the company’s own five year history.
  • With revenue growth at only 0.6% per year against a 10.7% market reference, the data shows the top line lagging that benchmark, which reinforces a cautious stance around future profit momentum.

Bears warn that a company priced for stability can still disappoint if revenue keeps trailing the broader market by this wide a gap. 🐻 National Beverage Bear Case

Valuation Under 17x P/E

• The stock trades on a trailing P/E of 17 times, below the 27.1 times peer average and slightly under the 17.6 times global beverage average, while the $33.85 share price sits about 19.7% below a DCF fair value of $42.14 in the data.
• Supporters emphasize this valuation gap, and the numbers outline why they view it as a potential opportunity rather than a red flag:
  • Relative to peers on 27.1 times, the 17 times multiple suggests investors are paying less for each dollar of earnings despite the company maintaining a 15.6% net margin.
  • Compared with the DCF fair value of $42.14, the current $33.85 price embeds a meaningful discount in the inputs, which value oriented investors read as upside potential if even modest 3.1% long run earnings growth persists.

Supporters argue that steady margins and a discount to DCF fair value could reward patient holders if growth even modestly improves. 📊 Read the full National Beverage Consensus Narrative.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on National Beverage's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

See What Else Is Out There

National Beverage’s flat revenue, muted earnings growth, and lack of margin expansion suggest its current stability may limit potential upside for long term investors.

If you prefer stronger momentum over treading water, use our high growth potential stocks screener (44 results) today to focus on established businesses that are forecast to deliver faster earnings growth ahead.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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