Cash flow Fevertree Drinks PLC

Equities

FEVR

GB00BRJ9BJ26

Distillers & Wineries

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04-13	Bernstein cuts Wizz Air and easyJet	AN
03-30	Goldman Sachs raises Land Securities to 'buy'	AN

e8d724d021b8d7ceb774db5.Nmqqpn2UG7vmfktbqX9lZrhWftUyzLm8AeooO2hxCho.YTLH1wr6S_zVSnI8kAs3CvNkTJx8mO7fdJlQDFgSW3xYIsnJG_ZP9pASIA

Published financial data: FEVERTREE DRINKS PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	311M	344M	364M	368M	325M
Total Revenues	311M	344M	364M	368M	325M
Cost of Goods Sold, Total	180M	226M	247M	230M	210M
Gross Profit	131M	119M	117M	138M	114M
Selling General & Admin Expenses, Total	68.7M	83.5M	93.1M	96M	82.6M
Provision for Bad Debts	1.9M	-1.1M	400K	-	200K
Depreciation & Amortization - (IS)	3.2M	4.3M	6.3M	6.5M	3.6M
Amortization of Goodwill and Intangible Assets - (IS)	1.5M	1.5M	1.7M	3.1M	3.6M
Other Operating Expenses, Total	75.3M	88.2M	102M	106M	90M
Operating Income	55.6M	30.6M	15.5M	32.8M	24.5M
Interest Expense, Total	-300K	-400K	-600K	-600K	-400K
Interest And Investment Income	300K	800K	2M	3.3M	5.8M
Net Interest Expenses	0	400K	1.4M	2.7M	5.4M
EBT, Excl. Unusual Items	55.6M	31M	16.9M	35.5M	29.9M
Insurance Settlements	-	-	5.3M	-	-
EBT, Incl. Unusual Items	55.6M	31M	22.2M	35.5M	29.9M
Income Tax Expense	11M	6.1M	6.8M	11.1M	7.3M
Earnings From Continuing Operations	44.6M	24.9M	15.4M	24.4M	22.6M
Net Income to Company	44.6M	24.9M	15.4M	24.4M	22.6M
Net Income - (IS)	44.6M	24.9M	15.4M	24.4M	22.6M
Net Income to Common Incl Extra Items	44.6M	24.9M	15.4M	24.4M	22.6M
Net Income to Common Excl. Extra Items	44.6M	24.9M	15.4M	24.4M	22.6M
Per Share Items
Net EPS - Basic	0.38	0.21	0.13	0.21	0.19
Basic EPS - Continuing Operations	0.38	0.21	0.13	0.21	0.19
Basic Weighted Average Shares Outstanding	117M	117M	117M	117M	120M
Net EPS - Diluted	0.38	0.21	0.13	0.21	0.19
Diluted EPS - Continuing Operations	0.38	0.21	0.13	0.21	0.19
Diluted Weighted Average Shares Outstanding	117M	117M	117M	117M	121M
Normalized Basic EPS	0.3	0.17	0.09	0.19	0.16
Normalized Diluted EPS	0.3	0.17	0.09	0.19	0.15
Dividend Per Share	0.16	0.16	0.17	0.17	0.17
Payout Ratio	41.26	75.5	124.03	80.33	91.59
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	59.5M	34.7M	19.6M	37.8M	29.2M
EBITA	57M	32.1M	17M	35M	26.7M
EBIT	55.6M	30.6M	15.5M	32.8M	24.5M
EBITDAR	59.6M	34.9M	-	-	-
Effective Tax Rate - (Ratio)	19.78	19.68	30.63	31.27	24.41
Total Current Taxes	10.4M	6.7M	5.1M	8.4M	10.8M
Total Deferred Taxes	600K	-600K	1.7M	2.7M	-3.5M
Normalized Net Income	34.75M	19.38M	10.56M	22.19M	18.69M
Interest on Long-Term Debt	100K	200K	600K	500K	200K
Supplemental Operating Expense Items
Marketing Expenses	29.2M	34M	33.9M	34.5M	26.2M
General and Administrative Expenses	68.7M	83.5M	93.1M	96M	82.6M
Net Rental Expense, Total	100K	200K	-	-	-
Imputed Operating Lease Interest Expense	100K	64.65K	-	-	-
Imputed Operating Lease Depreciation	0	135K	-	-	-
Stock-Based Comp., Other (Total)	2.7M	3.3M	1.7M	3.3M	5.6M
Total Stock-Based Compensation	2.7M	3.3M	1.7M	3.3M	5.6M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	166M	95.3M	59.9M	96M	91.1M
Total Cash And Short Term Investments	166M	95.3M	59.9M	96M	91.1M
Accounts Receivable, Total	58.4M	62.5M	77.8M	71.4M	68M
Other Receivables	7.9M	4.4M	13.6M	7.8M	6.2M
Total Receivables	66.3M	66.9M	91.4M	79.2M	74.2M
Inventory	36.2M	60.1M	67.6M	45.8M	37.1M
Prepaid Expenses	6.4M	6.8M	6.3M	9.3M	5.7M
Other Current Assets, Total	900K	-	600K	400K	200K
Total Current Assets	276M	229M	226M	231M	208M
Gross Property Plant And Equipment	16.9M	35.2M	35.9M	35.6M	27.9M
Accumulated Depreciation	-7.3M	-9.6M	-12.2M	-14.7M	-16.2M
Net Property Plant And Equipment	9.6M	25.6M	23.7M	20.9M	11.7M
Long-term Investments	-	-	-	-	-
Goodwill	32.2M	36.4M	36.2M	36.2M	36M
Other Intangibles, Total	15.5M	16.8M	22M	29.5M	25.5M
Loans Receivable Long-Term	-	-	-	1.1M	2M
Deferred Tax Assets Long-Term	2.8M	1.9M	1.7M	500K	1.5M
Other Long-Term Assets, Total	-	1.8M	4.3M	3M	2M
Total Assets	336M	312M	314M	322M	287M
Liabilities
Accounts Payable, Total	19.6M	24.7M	22.3M	28.2M	29M
Accrued Expenses, Total	25.6M	22.1M	26.3M	24.2M	20.3M
Current Portion of Long-Term Debt	100K	-	-	-	-
Current Portion of Leases	700K	3.4M	3.4M	3.6M	800K
Current Income Taxes Payable	600K	800K	2.1M	700K	1M
Deferred Tax Liability Current	-	-	-	-	-
Other Current Liabilities	4.2M	6.3M	6.7M	4.8M	7.2M
Total Current Liabilities	50.8M	57.3M	60.8M	61.5M	58.3M
Long-Term Debt	-	-	-	-	-
Long-Term Leases	2.1M	13.5M	11.8M	8.5M	2.8M
Deferred Tax Liability Non Current	1.6M	1.6M	3M	4.7M	2.1M
Other Non Current Liabilities	-	-	300K	500K	700K
Total Liabilities	54.5M	72.4M	75.9M	75.2M	63.9M
Common Stock, Total	300K	300K	300K	300K	300K
Additional Paid In Capital	54.8M	54.8M	54.8M	54.8M	200K
Retained Earnings	227M	185M	183M	191M	223M
Comprehensive Income and Other	-300K	-700K	-400K	500K	-400K
Total Common Equity	282M	239M	238M	247M	223M
Total Equity	282M	239M	238M	247M	223M
Total Liabilities And Equity	336M	312M	314M	322M	287M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	117M	117M	117M	117M	120M
ECS Total Common Shares Outstanding	117M	117M	117M	117M	120M
Book Value / Share	2.42	2.05	2.04	2.11	1.85
Tangible Book Value	234M	186M	180M	181M	162M
Tangible Book Value Per Share	2.01	1.6	1.54	1.55	1.34
Total Debt	2.9M	16.9M	15.2M	12.1M	3.6M
Net Debt	-163M	-78.4M	-44.7M	-83.9M	-87.5M
Debt Equivalent Oper. Leases	800K	1.6M	-	-	-
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	9.8M	17.8M	16.1M	10.4M	9.9M
Inventories - Finished Goods, Total	26.4M	42.3M	51.5M	35.4M	27.2M
Machinery, Total	1.7M	5.2M	6.3M	8.4M	5.7M
Full Time Employees	283	300	375	380	285
Accumulated Allowance for Doubtful Accounts (Supple)	3.1M	1.9M	1.8M	2.3M	2.5M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	44.6M	24.9M	15.4M	24.4M	22.6M
Depreciation & Amortization - CF	3.2M	4.3M	6.3M	6.5M	3.6M
Amortization of Goodwill and Intangible Assets - (CF)	1.4M	1.5M	1.5M	2.2M	2.2M
Depreciation & Amortization, Total	4.6M	5.8M	7.8M	8.7M	5.8M
Amortization of Deferred Charges, Total - (CF)	100K	-	200K	900K	1.4M
(Gain) Loss From Sale Of Asset	100K	-	-	-	-100K
Stock-Based Compensation (CF)	2.7M	3.3M	1.7M	3.3M	5.6M
Provision and Write-off of Bad Debts	3.8M	-3.1M	500K	-1M	-1.6M
Other Operating Activities, Total	100K	-200K	200K	3.3M	-8.4M
Change In Accounts Receivable	-14.6M	-1.6M	-22.3M	5M	-18.7M
Change In Inventories	500K	-23.5M	-10M	23.4M	-12.4M
Change In Accounts Payable	7.7M	500K	4.8M	1.7M	31M
Change in Other Net Operating Assets	-2.8M	2.4M	-2.1M	500K	2.8M
Cash from Operations	46.8M	8.5M	-3.8M	70.2M	28M
Capital Expenditure	-3.6M	-4.6M	-2.6M	-3.3M	-3.3M
Cash Acquisitions	-	-3.7M	-	-	-
Divestitures	-	-	-	-	18M
Sale (Purchase) of Intangible assets	-1M	-2.5M	-7M	-10.8M	-1.6M
Other Investing Activities, Total	300K	800K	2M	3.3M	5.7M
Cash from Investing	-4.3M	-10M	-7.6M	-10.8M	18.8M
Long-Term Debt Repaid, Total	-700K	-1.8M	-4M	-3.9M	-1.2M
Total Debt Repaid	-700K	-1.8M	-4M	-3.9M	-1.2M
Issuance of Common Stock	-	-	-	-	71.2M
Repurchase of Common Stock	-	-	-	-	-100M
Common Dividends Paid	-18.4M	-18.8M	-19.1M	-19.6M	-20.7M
Common & Preferred Stock Dividends Paid	-18.4M	-18.8M	-19.1M	-19.6M	-20.7M
Special Dividend Paid	-	-50M	-	-	-
Other Financing Activities, Total	-200K	-100K	-100K	-100K	-100K
Cash from Financing	-19.3M	-70.7M	-23.2M	-23.6M	-51.3M
Foreign Exchange Rate Adjustments	-100K	1.3M	-800K	300K	-400K
Net Change in Cash	23.1M	-70.9M	-35.4M	36.1M	-4.9M
Supplemental Items
Cash Interest Paid	200K	100K	100K	100K	100K
Cash Income Tax Paid (Refund)	10.9M	5.9M	8.4M	5.7M	8.8M
Levered Free Cash Flow	32.26M	775K	-19.19M	50.62M	40.06M
Unlevered Free Cash Flow	32.45M	1.02M	-18.81M	51M	40.31M
Change In Net Working Capital	5.1M	20.1M	28.6M	-31.7M	-17.1M
Net Debt Issued / Repaid	-700K	-1.8M	-4M	-3.9M	-1.2M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	10.95	5.91	3.1	6.45	5.03
Return on Total Capital	12.89	7.08	3.81	8.01	6.31
Return On Equity %	16.7	9.56	6.46	10.07	9.62
Return on Common Equity	16.7	9.56	6.46	10.07	9.62
Margin Analysis
Gross Profit Margin %	42.08	34.5	32.11	37.56	35.23
SG&A Margin	22.08	24.25	25.55	26.05	25.42
EBITDA Margin %	19.13	10.08	5.38	10.26	8.98
EBITA Margin %	18.32	9.32	4.67	9.5	8.22
EBIT Margin %	17.87	8.89	4.25	8.9	7.54
Income From Continuing Operations Margin %	14.34	7.23	4.23	6.62	6.95
Net Income Margin %	14.34	7.23	4.23	6.62	6.95
Net Avail. For Common Margin %	14.34	7.23	4.23	6.62	6.95
Normalized Net Income Margin	11.17	5.63	2.9	6.02	5.75
Levered Free Cash Flow Margin	10.37	0.22	-5.27	13.74	12.33
Unlevered Free Cash Flow Margin	10.43	0.3	-5.16	13.84	12.4
Asset Turnover
Asset Turnover	0.98	1.06	1.17	1.16	1.07
Fixed Assets Turnover	36.39	19.56	14.78	16.52	19.94
Receivables Turnover (Average Receivables)	5.85	5.7	5.19	4.94	4.66
Inventory Turnover (Average Inventory)	4.81	4.68	3.87	4.06	5.08
Short Term Liquidity
Current Ratio	5.43	4	3.71	3.75	3.57
Quick Ratio	4.58	2.83	2.49	2.85	2.84
Operating Cash Flow to Current Liabilities	0.92	0.15	-0.06	1.14	0.48
Days Sales Outstanding (Average Receivables)	62.36	64.08	70.27	74.09	78.28
Days Outstanding Inventory (Average Inventory)	75.86	77.94	94.2	90.19	71.87
Average Days Payable Outstanding	41.59	32.42	33.65	44.37	51.73
Cash Conversion Cycle (Average Days)	96.62	109.6	130.82	119.92	98.42
Long Term Solvency
Total Debt/Equity	1.03	7.07	6.39	4.9	1.61
Total Debt / Total Capital	1.02	6.6	6.01	4.68	1.59
LT Debt/Equity	0.75	5.64	4.96	3.45	1.26
Long-Term Debt / Total Capital	0.74	5.27	4.66	3.28	1.24
Total Liabilities / Total Assets	16.22	23.23	24.2	23.36	22.26
EBIT / Interest Expense	185.33	76.5	25.83	54.67	61.25
EBITDA / Interest Expense	200.67	91	38.83	69.17	75.75
(EBITDA - Capex) / Interest Expense	188.67	79.5	34.5	63.67	67.5
Total Debt / EBITDA	0.05	0.46	0.65	0.29	0.12
Net Debt / EBITDA	-2.71	-2.15	-1.92	-2.02	-2.89
Total Debt / (EBITDA - Capex)	0.05	0.53	0.73	0.32	0.13
Net Debt / (EBITDA - Capex)	-2.89	-2.47	-2.16	-2.2	-3.24
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	23.4	10.67	5.84	1.13	-11.8
Gross Profit, 1 Yr. Growth %	12.55	-9.24	-1.52	18.29	-17.27
EBITDA, 1 Yr. Growth %	9.17	-41.68	-43.52	51.81	-20.22
EBITA, 1 Yr. Growth %	8.78	-43.68	-47.04	56.95	-21.01
EBIT, 1 Yr. Growth %	8.38	-44.96	-49.35	57.69	-22.47
Earnings From Cont. Operations, 1 Yr. Growth %	6.95	-44.17	-38.15	58.44	-7.38
Net Income, 1 Yr. Growth %	6.95	-44.17	-38.15	58.44	-7.38
Normalized Net Income, 1 Yr. Growth %	7.75	-44.24	-45.48	59.91	-12.83
Diluted EPS Before Extra, 1 Yr. Growth %	6.8	-44.17	-38.18	58.19	-10.7
Accounts Receivable, 1 Yr. Growth %	21.92	7.02	24.48	-8.23	-4.76
Inventory, 1 Yr. Growth %	-6.46	66.02	12.48	-32.25	-19
Net Property, Plant and Equip., 1 Yr. Growth %	28	166.67	-7.42	-11.81	-44.02
Total Assets, 1 Yr. Growth %	12.63	-7.29	0.67	2.61	-10.84
Tangible Book Value, 1 Yr. Growth %	14.77	-20.48	-3.44	0.78	-10.72
Common Equity, 1 Yr. Growth %	11.48	-15.06	-0.59	3.74	-9.57
Cash From Operations, 1 Yr. Growth %	22.83	-81.84	-144.71	-1.95K	-60.11
Capital Expenditures, 1 Yr. Growth %	38.46	27.78	-43.48	26.92	0
Levered Free Cash Flow, 1 Yr. Growth %	9.6	-97.6	-2.58K	-418.9	-19.67
Unlevered Free Cash Flow, 1 Yr. Growth %	9.77	-96.84	-1.94K	-429.03	-19.78
Dividend Per Share, 1 Yr. Growth %	1.98	2	2.02	1.98	2
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	9.28	16.86	8.23	3.45	-5.56
Gross Profit, 2 Yr. CAGR %	-0.23	1.07	-5.46	7.93	-1.07
EBITDA, 2 Yr. CAGR %	-10.63	-20.21	-42.61	4.37	8.29
EBITA, 2 Yr. CAGR %	-11.58	-21.73	-45.39	4.42	9.42
EBIT, 2 Yr. CAGR %	-12.25	-22.77	-47.2	3.53	8.53
Earnings From Cont. Operations, 2 Yr. CAGR %	-12.68	-22.73	-41.24	-1.01	21.14
Net Income, 2 Yr. CAGR %	-12.68	-22.73	-41.24	-1.01	21.14
Normalized Net Income, 2 Yr. CAGR %	-12.43	-22.49	-44.87	7.01	16.05
Diluted EPS Before Extra, 2 Yr. CAGR %	-12.83	-22.79	-41.25	-1.11	18.86
Accounts Receivable, 2 Yr. CAGR %	7.01	14.23	15.42	6.88	-6.51
Inventory, 2 Yr. CAGR %	31.92	24.62	36.65	-12.7	-25.92
Net Property, Plant and Equip., 2 Yr. CAGR %	17.95	84.75	57.12	-9.64	-29.74
Total Assets, 2 Yr. CAGR %	13.59	2.19	-3.39	1.64	-4.35
Tangible Book Value, 2 Yr. CAGR %	12.41	-4.47	-12.37	-1.35	-5.14
Common Equity, 2 Yr. CAGR %	11.6	-2.69	-8.11	1.56	-3.14
Cash From Operations, 2 Yr. CAGR %	-17.04	-52.77	-71.51	187.38	171.45
Capital Expenditures, 2 Yr. CAGR %	17.67	33.01	-15.02	-15.3	12.66
Levered Free Cash Flow, 2 Yr. CAGR %	-22.34	-83.77	-22.88	708.22	58.86
Unlevered Free Cash Flow, 2 Yr. CAGR %	-22.21	-81.38	-23.86	605.38	61.27
Dividend Per Share, 2 Yr. CAGR %	2.97	1.99	2.01	2	1.99
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	9.43	9.74	13.07	5.81	-1.9
Gross Profit, 3 Yr. CAGR %	2.12	-3.33	0.2	1.87	-1.22
EBITDA, 3 Yr. CAGR %	-8.16	-22.48	-28.89	-14.03	-5.59
EBITA, 3 Yr. CAGR %	-9.18	-23.92	-31.29	-15	-5.96
EBIT, 3 Yr. CAGR %	-9.66	-24.88	-32.9	-16.13	-7.14
Earnings From Cont. Operations, 3 Yr. CAGR %	-10.3	-24.78	-28.25	-18.21	-3.18
Net Income, 3 Yr. CAGR %	-10.3	-24.78	-28.25	-18.21	-3.18
Normalized Net Income, 3 Yr. CAGR %	-9.74	-24.66	-31.07	-13.89	-1.2
Diluted EPS Before Extra, 3 Yr. CAGR %	-10.46	-24.86	-28.3	-18.27	-4.41
Accounts Receivable, 3 Yr. CAGR %	2.46	7.01	17.55	6.93	2.85
Inventory, 3 Yr. CAGR %	8.55	42.43	20.43	8.16	-14.85
Net Property, Plant and Equip., 3 Yr. CAGR %	52.63	54.81	46.74	29.61	-22.97
Total Assets, 3 Yr. CAGR %	14.26	6.15	1.68	-1.43	-2.7
Tangible Book Value, 3 Yr. CAGR %	18.24	0.16	-4.13	-8.19	-4.58
Common Equity, 3 Yr. CAGR %	15.41	1.9	-1.99	-4.31	-2.3
Cash From Operations, 3 Yr. CAGR %	0.8	-50	-53.62	14.47	48.79
Capital Expenditures, 3 Yr. CAGR %	33.89	20.95	0	-2.86	-10.48
Levered Free Cash Flow, 3 Yr. CAGR %	6.42	-75.62	-13.3	16.2	272.52
Unlevered Free Cash Flow, 3 Yr. CAGR %	6.54	-73.26	-13.99	16.27	240.07
Dividend Per Share, 3 Yr. CAGR %	3.31	2.65	2	2	2
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	24.93	15.14	8.95	7.18	5.21
Gross Profit, 5 Yr. CAGR %	18.33	5.45	-0.98	1.03	-0.31
EBITDA, 5 Yr. CAGR %	10.98	-9.62	-23.9	-12.69	-11.73
EBITA, 5 Yr. CAGR %	10.19	-10.89	-25.9	-13.65	-12.62
EBIT, 5 Yr. CAGR %	10.1	-11.51	-27.12	-14.6	-13.74
Earnings From Cont. Operations, 5 Yr. CAGR %	10.16	-11.36	-24.26	-16.04	-11.53
Net Income, 5 Yr. CAGR %	10.16	-11.36	-24.26	-16.04	-11.53
Normalized Net Income, 5 Yr. CAGR %	10.14	-11.29	-25.89	-13.31	-10.34
Diluted EPS Before Extra, 5 Yr. CAGR %	10.01	-11.45	-24.35	-16.14	-12.24
Accounts Receivable, 5 Yr. CAGR %	16.27	6.24	7.46	6.96	7.26
Inventory, 5 Yr. CAGR %	28.03	35.34	19.02	17.1	-0.84
Net Property, Plant and Equip., 5 Yr. CAGR %	52.52	66.58	54.41	24.81	9.3
Total Assets, 5 Yr. CAGR %	23.25	12.65	6.84	4.32	-0.78
Tangible Book Value, 5 Yr. CAGR %	38.52	16.23	4.88	-0.45	-4.53
Common Equity, 5 Yr. CAGR %	25.91	12.96	5.36	1.76	-2.45
Cash From Operations, 5 Yr. CAGR %	17.8	-24.2	-39.19	0.64	-5.97
Capital Expenditures, 5 Yr. CAGR %	34.33	30.02	11.63	4.88	4.88
Levered Free Cash Flow, 5 Yr. CAGR %	18.17	-49.18	-6.44	-1.1	6.36
Unlevered Free Cash Flow, 5 Yr. CAGR %	18.16	-46.28	-6.86	-1	6.4
Dividend Per Share, 5 Yr. CAGR %	20.67	8.9	2.79	2.39	2