Vita Coco vs National Beverage
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The short version
- National Beverage is the larger business, with $1.2B of revenue in fiscal 2026 against $610M for Vita Coco, about 1.9 times as much.
- Vita Coco grew revenue faster (18.2%, against −1.7%).
- National Beverage kept more of each dollar of sales as operating profit (19.5% operating margin, against 13.5%).
- National Beverage turned more of its sales into free cash flow (13.2% FCF margin, against 6.4%).
- National Beverage earned a higher return on the capital invested in it (65.5%, against 55.3%).
- Investors pay more for each dollar of Vita Coco’s earnings: a P/E of 28.4x against 19.4x for National Beverage.
| Latest fiscal year | COCO · FY25 | FIZZ · FY26 |
|---|---|---|
| Size | ||
| Market cap | $3.4B | $3.4B |
| Revenue | $610M | $1.2B |
| Free cash flow | $39.0M | $156M |
| Net income | $71.3M | $184M |
| Growth | ||
| Revenue growth | 18.2% | −1.7% |
| 5-year growth | 14.5% | 1.9% |
| Share count change | 1.2% | −0.0% |
| Profitability | ||
| Gross margin | 36.5% | 37.0% |
| Operating margin | 13.5% | 19.5% |
| Net margin | 11.7% | 15.6% |
| FCF margin | 6.4% | 13.2% |
| Return on capital | 55.3% | 65.5% |
| Return on equity | 24.2% | 34.0% |
| Balance sheet | ||
| Net debt | −$197M | −$350M |
| Net debt / EBITDA | −2.4x | −1.4x |
| Dividends and buybacks | $11.3M | $0.7M |
| Valuation & quality | ||
| P/E | 28.4x | 19.4x |
| Piotroski F-score | 5 | 7 |
Revenue
FY17
COCO —
FIZZ $827M
FY18
COCO —
FIZZ $976M
FY19
COCO $284M
FIZZ $1.0B
FY20
COCO $311M
FIZZ $1.0B
FY21
COCO $380M
FIZZ $1.1B
FY22
COCO $428M
FIZZ $1.1B
FY23
COCO $494M
FIZZ $1.2B
FY24
COCO $516M
FIZZ $1.2B
FY25
COCO $610M
FIZZ $1.2B
FY26
COCO —
FIZZ $1.2B
COCO
FIZZ
Operating margin
FY17
COCO —
FIZZ —
FY18
COCO —
FIZZ 20.9%
FY19
COCO 4.7%
FIZZ 17.7%
FY20
COCO 15.1%
FIZZ 16.6%
FY21
COCO 6.5%
FIZZ 21.3%
FY22
COCO 0.7%
FIZZ 18.3%
FY23
COCO 11.4%
FIZZ 15.9%
FY24
COCO 14.3%
FIZZ 18.3%
FY25
COCO 13.5%
FIZZ 19.6%
FY26
COCO —
FIZZ 19.5%
COCO
FIZZ
Free cash flow
FY17
COCO —
FIZZ $100M
FY18
COCO —
FIZZ $123M
FY19
COCO $20.8M
FIZZ $101M
FY20
COCO $32.9M
FIZZ $154M
FY21
COCO −$16.7M
FIZZ $168M
FY22
COCO −$11.9M
FIZZ $104M
FY23
COCO $107M
FIZZ $140M
FY24
COCO $41.9M
FIZZ $168M
FY25
COCO $39.0M
FIZZ $170M
FY26
COCO —
FIZZ $156M
COCO
FIZZ
Return on capital
FY17
COCO —
FIZZ —
FY18
COCO —
FIZZ —
FY19
COCO —
FIZZ —
FY20
COCO —
FIZZ —
FY21
COCO 30.9%
FIZZ —
FY22
COCO 2.0%
FIZZ 82.7%
FY23
COCO 47.5%
FIZZ 65.3%
FY24
COCO 71.1%
FIZZ 75.2%
FY25
COCO 55.3%
FIZZ 74.5%
FY26
COCO —
FIZZ 65.5%
COCO
FIZZ
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.