FIZZNATIONAL BEVERAGE CORP

Bottled & Canned Soft Drinks & Carbonated Waters

Revenue: $1.2B; 1.7% YoY
Operating margin: 19.5%; 0.5% YoY
EBITDA: $253M; 1.4% YoY
Market cap: $3.3B
Employees: 1,677; $704K revenue each
Net debt / EBITDA: -0.4×; −$107M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$12M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
99% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
86% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeNo
$704K · 54th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$8K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$1.1B	$1.2B	$1.2B	$1.2B	$1.2B	1.7%
Operating income	$208M	$187M	$219M	$235M	$230M	2.3%
Net income	$159M	$142M	$177M	$187M	$184M	1.7%
Operating cash flow	$133M	$162M	$198M	$207M	$181M	12%
Capex	$29M	$22M	$30M	$36M	$25M	31%
Stock-based comp	$695K	$677K	$881K	$606K	$439K	28%
Buybacks	$0	—	$0	$0	$673K
Dividends	$280M	$0	$0	$304M	$0	100%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $8K · 1
Open-market sells, 12 mo: $0 · 0
Net: $8K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$12M	$0	80	145
FY2025	$12M	$0	101	126
FY2024	$12M	$0	95	127
FY2023	$12M	$0	109	129
FY2022	$11M	$0	96	119