Is National Beverage (FIZZ) stock Halal?

National Beverage is a diversified beverage company primarily engaged in developing, manufacturing, and distributing a wide variety of flavored beverage products. Known for its popular sparkling water brand, LaCroix, National Beverage has made a significant mark in the non-alcoholic beverage market. The company’s product range extends beyond sparkling water to include energy drinks, juices, and soft drinks, catering to health-conscious consumers seeking natural and calorie-free beverage options. Before any of that matters to a Muslim investor, one question comes first: is National Beverage stock Halal?

Is National Beverage Shariah compliant?

Yes. In the October 2026 screening National Beverage (FIZZ) passes AAOIFI Shariah Standard No. 21: the business activity screen and every financial ratio screen hold. Consumer staples companies like National Beverage face the screening question at the shelf, not the balance sheet: does any revenue come from alcohol, tobacco or other impermissible lines? AAOIFI Shariah Standard No. 21 tolerates such income only below 5% of revenue, with the financial ratios checked behind it.

Does National Beverage pass the business activity test?

Yes. In the October 2026 screening National Beverage holds an overall PASS, which a stock only earns when its core business clears the activity screen. The watch item is the product mix: any alcohol, tobacco or similar lines count against the 5% ceiling.

Is National Beverage's income Halal?

Yes, within AAOIFI's tolerance. National Beverage's income from non-permissible sources stays below 5% of revenue in the October 2026 screening, and the small impure portion is handled through purification: the factor of 99.03% tells holders of FIZZ what share of each dividend to keep and what remainder to donate to charity. On a dividend yield of around None, the purification amount is modest but real.

Does National Beverage meet AAOIFI's debt and investment ratio requirements?

Yes. Both caps hold this month: interest bearing investments and interest bearing debt each stay below 30% of market capitalisation, measured against a market capitalisation of $2.73B (market data as of 1 October 2026). Because the caps move with the share price, our Shariah Supervisory Board has FIZZ re-screened every month, and the result above always shows the latest verdict.

Why do other halal screeners show a different verdict for National Beverage?

Screeners can disagree without either being wrong. AAOIFI Shariah Standard No. 21, which Tabadulat applies, measures interest bearing debt and investments against market capitalisation with a 30% ceiling. MSCI and FTSE measure them against total assets with a 33% ceiling, and S&P and Dow Jones Islamic use a multi year average of market capitalisation. Data dates differ too, because each provider reads filings and prices on its own schedule. The same company can therefore pass one standard and fail another in the same month. Tabadulat publishes one answer, the AAOIFI result as of October 2026, and re-screens it every month.

Tabadulat is an ADGM regulated brokerage whose license covers Shari'a Compliant Regulated Activities, as the FSRA permission names them. New to the terminology? Gharar and Maysir, Sukuk, Zakat and purification are all explained in plain English.

New to the screening method? Read What is Halal Investing? A Guide to Halal Stocks and Islamic Finance