National Beverage Corp (FIZZ)
Working capital turnover
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Apr 27, 2024 | Jan 31, 2024 | Jan 27, 2024 | Oct 31, 2023 | Oct 28, 2023 | Jul 31, 2023 | Jul 29, 2023 | Apr 30, 2023 | Apr 29, 2023 | Jan 31, 2023 | Jan 28, 2023 | Oct 31, 2022 | Oct 29, 2022 | Jul 31, 2022 | Jul 30, 2022 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 1,201,354 | 1,185,040 | 1,215,305 | 1,194,168 | 1,134,760 | 1,137,519 | 1,140,278 | 1,194,453 | 1,248,628 | 1,235,253 | 1,221,878 | 1,166,121 | 1,110,364 | 1,123,298 | 1,136,232 | 1,185,866 | 1,235,500 | 1,220,087 | 1,179,377 | 1,120,183 |
| Total current assets | US$ in thousands | 406,928 | 352,570 | 324,891 | 293,214 | 536,872 | 536,872 | 489,146 | 489,146 | 456,483 | 456,483 | 431,473 | 431,473 | 366,405 | 366,405 | 323,918 | 323,918 | 298,675 | 298,675 | 253,844 | 253,844 |
| Total current liabilities | US$ in thousands | 140,502 | 119,614 | 128,111 | 147,482 | 137,927 | 137,927 | 133,097 | 133,097 | 142,550 | 142,550 | 156,831 | 156,831 | 144,321 | 144,321 | 125,522 | 125,522 | 147,702 | 147,702 | 132,064 | 132,064 |
| Working capital turnover | 4.51 | 5.09 | 6.18 | 8.19 | 2.84 | 2.85 | 3.20 | 3.35 | 3.98 | 3.93 | 4.45 | 4.25 | 5.00 | 5.06 | 5.73 | 5.98 | 8.18 | 8.08 | 9.68 | 9.20 |
April 30, 2025 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $1,201,354K ÷ ($406,928K – $140,502K)
= 4.51
The working capital turnover ratio for National Beverage Corp demonstrates notable fluctuations over the analyzed period. Starting from a high of 9.20 on July 30, 2022, the ratio declined steadily over subsequent quarters, indicating a decreasing efficiency in utilizing working capital to generate sales. By July 31, 2023, the ratio had decreased to approximately 4.45, reflecting a diminished turnover rate compared to the initial measurement.
A continued downward trend persisted through October 2023, with the ratio dropping to 3.98. This downward trajectory suggests that the company was increasingly holding more working capital relative to sales, potentially indicating slower operational cycles or changes in inventory or receivables management. The ratio reached its lowest point in April 2024 at approximately 2.84, marking a significant reduction in working capital efficiency.
However, a notable reversal occurred by July 31, 2024, when the ratio rebounded sharply to 8.19, indicating a substantial improvement in working capital utilization or a change in operational efficiency. This upward trend continued into October 2024 and beyond, with ratios of 6.18 and 5.09 respectively, though they remained below the initial levels observed in mid-2022.
Overall, the data reveals a pattern of initial high efficiency followed by a period of decline, culminating in a recovery phase. The fluctuations suggest that the company's ability to efficiently convert working capital into sales has experienced both deterioration and subsequent improvement over the analyzed timeframe.
Peer comparison
Apr 30, 2025