HIGHBuilt-inCommodity
80%
aluminum cans packaging
“10-K Item 1: 'More than 80% of our products are sold in aluminum cans'”
FIZZ · Concentration risk · 10-K extracted
National Beverage (FIZZ) concentration risks
Updated
The most significant concentration National Beverage discloses is aluminum cans packaging at 80%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: National Beverage’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH1
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inProduct / Revenue mix
LaCroix Sparkling Water
“10-K Item 1: 'LaCroix Sparkling Water, our most significant brand'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-10-18National Beverage's concentrations are structural, concerning its packaging and its leading brand. More than 80% of its products are sold in aluminum cans, a high-share exposure. This ties both cost and availability to a single commodity-linked packaging material, so aluminum price movements, tariffs, or can supply constraints can flow directly into margins across most of the product line, and the company has limited ability to shift volume into other formats. On the brand side, LaCroix Sparkling Water is described as the company's most significant brand, a medium-share exposure with no disclosed percentage. A brand-centered portfolio means consumer taste shifts, competition in sparkling water, or retailer shelf decisions can have an outsized effect on results relative to a more diversified lineup. Taken together, the two exposures interact: the leading brand is sold largely in the same can format, so a cost shock in aluminum and a demand shift for the brand would hit the same revenue base. Both are structural rather than counterparty-specific, and neither involves a named supplier or customer. The packaging exposure is the better quantified, while the brand exposure cannot be sized from these sources.
For the engine’s reasoning on FIZZ’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Beverages - Non-Alcoholic
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| COCO | The Vita Coco Company, Inc. | 3 | 1 | 0 | 4 |
| KO | Coca-Cola Company (The) | 2 | 3 | 0 | 5 |
| FIZZ● | National Beverage Corp. | 1 | 1 | 0 | 2 |
| COKE | Coca-Cola Consolidated, Inc. | 1 | 0 | 2 | 3 |
| CELH | Celsius Holdings, Inc. | 0 | 1 | 0 | 1 |
| KDP | Keurig Dr Pepper Inc. | 0 | 0 | 1 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.