Fevertree Drinks

FEVR · AIM · Food, Beverage and Tobacco · mcap £949m · 868.5p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 10 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £960.2m
Owner’s net cash: £68.0m
Net cash / market cap: 7%
EV ex leases: £892.2m
Revenue: £345.8m
Operating profit: £29.8m
Free cash flow after leases: £26.0m
EV / EBIT: 29.9×
FCF yield: 2.7%
Price / tangible book: 6.76×
ROCE: 14%
Net income (owners): £25.2m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 10 Sep 26 · read the results ↗

Source ↗

	Unaudited 6 months to 30 June 2026 £m	Unaudited 6 months to 30 June 2025 £m	Audited year to 31 December 2025 £m
Revenue	165.1	144.3	325.0
Cost of sales	(110.4)	(89.8)	(210.5)
Gross profit	54.7	54.5	114.5
Administrative expenses	(41.5)	(46.6)	(90.0)
Adjusted EBITDA	20.1	18.4	42.4
Depreciation	(2.1)	(1.9)	(3.6)
Amortisation	(2.3)	(1.8)	(3.6)
Share based payment charges	(2.5)	(2.7)	(5.6)
Gain/(loss) on disposal of fixed assets	-	-	0.1
Operating profit before exceptional items	13.2	12.0	29.7
Exceptional items	-	(4.1)	(5.2)
Operating profit	13.2	7.9	24.5
Finance costs
Finance income	1.6	3.4	5.8
Finance expense	(0.2)	(0.1)	(0.4)
Profit before tax	14.6	11.2	29.9
Tax expense	(3.6)	(2.8)	(7.3)
Profit for the period / year	11.0	8.4	22.6
Items that may be reclassified to profit or loss
Foreign currency translation difference of foreign operations	(0.1)	1.9	(0.8)
Effective portion of cash flow hedges	0.4	-	(0.1)
Related tax	0.1	-	-
Total other comprehensive income / expense	0.4	1.9	(0.9)
Total comprehensive income for the period / year	11.4	10.3	21.7
Earnings per share
Basic (pence)	9.50	6.85	18.78
Diluted (pence)	9.44	6.82	18.62

Source ↗

	Unaudited 30 June 2026 £m	Unaudited 30 June 2025 £m	Audited 31 December 2025 £m
Non-current assets
Property, plant & equipment	11.7	8.8	11.7
Intangible assets	59.2	64.0	61.5
Deferred tax asset	1.7	2.1	1.5
Other non-current assets	3.7	4.4	4.0
Total non-current assets	76.3	79.3	78.7
Current assets
Inventories	36.6	44.2	37.1
Trade and other receivables	82.9	71.8	79.3
Derivative financial instruments	0.6	-	0.2
Corporation tax asset	1.6	2.1	0.6
Cash and cash equivalents	68.0	130.0	91.1
Total current assets	189.7	248.1	208.3
Total assets	266.0	327.4	287.0
Current liabilities
Trade and other payables	(52.2)	(54.6)	(53.7)
Derivative financial instruments	-	(1.0)	-
Corporation tax liability	(0.5)	(0.1)	(1.0)
Lease liabilities	(1.9)	(0.2)	(0.8)
Provisions	(5.4)	-	(2.8)
Total current liabilities	(60.0)	(55.9)	(58.3)
Non-current liabilities
Other payables – Long term	(0.8)	(0.5)	(0.7)
Deferred tax liability	(2.0)	(2.7)	(2.1)
Lease liabilities – Long term	(1.9)	(6.2)	(2.8)
Total non-current liabilities	(4.7)	(9.4)	(5.6)
Total liabilities	(64.7)	(65.3)	(63.9)
Net assets	201.3	262.1	223.1
Equity attributable to equity holders of the company
Share capital	0.3	0.3	0.3
Share premium	0.4	125.8	0.2
Capital redemption reserve	0.1	0.1	0.1
Cash flow hedge reserve	0.3	(0.1)	-
Translation reserve	(0.3)	(0.2)	(0.5)
Retained earnings	200.5	136.2	223.0
Total equity	201.3	262.1	223.1

Source ↗

	Unaudited 6 months to 30 June 2026 £m	Unaudited 6 months to 30 June 2025 £m	Audited year to 31 December 2025 £m
Operating activities
Profit before tax	14.6	11.2	29.9
Finance expense	0.2	0.1	0.4
Finance income	(1.5)	(3.4)	(5.8)
Depreciation of property, plant & equipment	2.1	1.9	3.6
Amortisation of intangible assets	2.3	1.8	3.6
Share based payments	2.5	2.7	5.6
(Gain)/loss on disposal of fixed assets	-	-	(0.1)
Non-cash movements on working capital	-	(0.2)	-
Decrease in impairment losses on receivables and inventories net of recoveries	(1.0)	(3.3)	(1.6)
Net exchange difference	(0.3)	(2.2)	(1.5)
Cash and cash equivalents at the end of the period	18.9	8.6	34.1
(Increase)/Decrease in trade and other receivables	(3.1)	(9.7)	(18.7)
(Increase)/Decrease in inventories	1.3	(18.8)	(12.4)
Increase/(Decrease) in trade and other payables	(1.5)	31.6	31.0
Decrease in derivative asset/liability	-	0.4	-
Increase in provisions	2.6	-	2.8
	(0.7)	3.5	2.7
Cash generated from operations	18.2	12.1	36.8
Income taxes paid	(5.3)	(2.9)	(8.8)
Net cash flows from operating activities	12.9	9.2	28.0
Investing activities
Purchase of property, plant and equipment	(1.5)	(0.5)	(3.3)
Investment in intangible assets	-	(1.2)	(1.6)
Interest received	1.6	3.2	5.7
Issue of other financial assets	-	(1.0)	-
Net proceeds from sale of subsidiary	-	18.0	18.0
Net cash from/(used in) investing activities	0.1	18.5	18.8
Financing activities
Interest paid	(0.1)	-	(0.1)
Dividends paid	(12.9)	(13.7)	(20.7)
Payment of lease liabilities	(0.5)	(0.7)	(1.2)
Shares issued	0.2	71.0	71.2
Share buy back program	(22.9)	(49.8)	(100.5)
Net cash from/(used in) financing activities	(36.2)	6.8	(51.3)
Net increase in cash and cash equivalents	(23.2)	34.5	(4.5)
Cash and cash equivalents at beginning of period	91.1	96.0	96.0
Effect of movement in exchange rates on cash held	0.1	(0.5)	(0.4)
Cash and cash equivalents at end of period	68.0	130.0	91.1

Source ↗

	2025 £m	2024 £m
Revenue	325.0	368.5
Cost of sales	(210.5)	(230.1)
Gross profit	114.5	138.4
Administrative expenses	(90.0)	(105.6)
Adjusted EBITDA	42.4	50.7
Depreciation	(3.6)	(6.5)
Amortisation	(3.6)	(3.1)
Share - based payment charges	(5.6)	(3.3)
Gain on sale of fixed assets	0.1	-
Operating profit before exceptional item	29.7	37.8
Exceptional item	(5.2)	(5.0)
Operating profit	24.5	32.8
Finance income	5.8	3.3
Finance expense	(0.4)	(0.6)
Profit before tax	29.9	35.5
Tax expense	(7.3)	(11.1)
Profit for the year	22.6	24.4
Items that may be reclassified to profit or loss
Foreign currency translation difference of foreign operations	(0.8)	0.6
Effective portion of cash flow hedges	(0.1)	0.3
Related tax	-	-
Total other comprehensive income	(0.9)	0.9
Total comprehensive income for the year	21.7	25.3
Earnings per share
Basic (pence)	18.78	20.90
Diluted (pence)	18.62	20.85

Source ↗

	2025 £m	2024 £m
Non-current assets
Property, plant and equipment	11.7	20.9
Intangible assets	61.5	65.7
Deferred tax asset	1.5	0.5
Other non-current assets	4.0	4.1
Total non-current assets	78.7	91.2
Current assets
Inventories	37.1	45.8
Trade and other receivables	79.3	86.1
Derivative financial instruments	0.2	0.4
Corporation tax asset	0.6	2.4
Cash and cash equivalents	91.1	96.0
Total current assets	208.3	230.7
Total assets	287.0	321.9
Current liabilities
Trade and other payables	(53.7)	(57.0)
Lease liabilities	(0.8)	(3.6)
Corporation tax liability	(1.0)	(0.7)
Derivative financial instruments	-	(0.2)
Provisions	(2.8)	-
Total current liabilities	(58.3)	(61.5)
Non-current liabilities
Other payables	(0.7)	(0.5)
Lease liabilities	(2.8)	(8.5)
Deferred tax liability	(2.1)	(4.7)
Total non-current liabilities	(5.6)	(13.7)
Total liabilities	(63.9)	(75.2)
Net assets	223.1	246.7
Equity attributable to equity holders of the company
Share capital	0.3	0.3
Share premium	0.2	54.8
Capital redemption reserve	0.1	0.1
Cash flow hedge reserve	-	0.1
Translation reserve	(0.5)	0.3
Retained earnings	223.0	191.1
Total equity	223.1	246.7

Source ↗

	2025 £m	2024 £m
Operating activities
Profit before tax	29.9	35.5
Finance expense	0.4	0.6
Finance income	(5.8)	(3.3)
Depreciation	3.6	6.5
Amortisation of intangible assets	3.6	3.1
Share-based payments charges	5.6	3.3
Gain on disposal of fixed assets	(0.1)	-
Decrease in impairment losses on receivables and inventories net of recoveries	(1.6)	(1.0)
Net exchange differences	(1.5)	0.6
Cash and cash equivalents at the end of the period	34.1	45.3
(Increase)/decrease in trade and other receivables	(18.7)	5.0
(Increase)/decrease in inventories	(12.4)	23.4
Increase in trade and other payables	31.0	1.7
Increase in provisions	2.8	-
Decrease in derivative asset	-	0.5
	2.7	30.6
Cash generated from operations	36.8	75.9
Income taxes paid	(8.8)	(5.7)
Net cash flows generated from operating activities	28.0	70.2
Investing activities
Purchase of property, plant and equipment	(3.3)	(3.3)
Investment in intangible assets	(1.6)	(10.8)
Interest received	5.7	3.3
Net proceeds from sale of subsidiary	18.0	-
Net cash flows generated from / (used in) investing activities	18.8	(10.8)
Financing activities
Interest paid	(0.1)	(0.1)
Dividends paid	(20.7)	(19.6)
Payment of lease liabilities	(1.2)	(3.9)
Shares Issued	71.2	-
Share buyback program	(100.5)	-
Net cash flows used in financing activities	(51.3)	(23.6)
Net (decrease)/ increase in cash and cash equivalents	(4.5)	35.8
Cash and cash equivalents at beginning of period	96.0	59.9
Effect of movements in exchange rates on cash held	(0.4)	0.3
Cash and cash equivalents at end of period	91.1	96.0

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	345.8	325.0	368.5
Gross profit	114.7	114.5	138.4
Adjusted EBITDA	44.1	42.4	50.7
Adjusted operating profit	30.9	29.7	37.8
Exceptional / adjusting items	(1.1)	(5.2)	(5.0)
Operating profit	29.8	24.5	32.8
Depreciation (owned assets)	(3.8)	(3.6)	–
Amortisation	(4.1)	(3.6)	(3.1)
Share-based payments	(5.4)	(5.6)	(3.3)
Operating profit to net income
Finance costs	(0.5)	(0.4)	(0.6)
Profit before tax	33.3	29.9	35.5
Tax	(8.1)	(7.3)	(11.1)
Net income (owners)	25.2	22.6	24.4
Per share
EPS basic	21.4p	18.8p	20.9p
EPS diluted	21.2p	18.6p	20.9p
Dividend per share	17.4p	17.3p	17.0p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	165.1	+14%	180.7	144.3
Gross profit	54.7	0%	60.0	54.5
Adjusted EBITDA	20.1	+9%	24.0	18.4
Adjusted operating profit	13.2	+10%	17.7	12.0
Exceptional / adjusting items	0.0	n/m	(1.1)	(4.1)
Operating profit	13.2	+67%	16.6	7.9
Depreciation (owned assets)	(2.1)	+11%	(1.7)	(1.9)
Amortisation	(2.3)	+28%	(1.8)	(1.8)
Share-based payments	(2.5)	−7%	(2.9)	(2.7)
Operating profit to net income
Finance costs	(0.2)	+100%	(0.3)	(0.1)
Profit before tax	14.6	+30%	18.7	11.2
Tax	(3.6)	+29%	(4.5)	(2.8)
Net income (owners)	11.0	+31%	14.2	8.4
Per share
EPS basic	9.5p	–	11.9p	6.8p
EPS diluted	9.4p	–	11.8p	6.8p
Dividend per share	6.1p	–	11.3p	6.0p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	31.7	28.0	70.2
Interest paid	(0.2)	(0.1)	(0.1)
Tax paid	(11.2)	(8.8)	(5.7)
Investing activities
Capex (PP&E)	(4.3)	(3.3)	(3.3)
Capex (intangibles)	(0.4)	(1.6)	(10.8)
Financing activities
Lease principal paid	(1.0)	(1.2)	(3.9)
Dividends paid	(19.9)	(20.7)	(19.6)
Share buybacks	(73.6)	(100.5)	–
Shares issued	0.4	71.2	–

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	12.9	+40%	18.8	9.2
Interest paid	(0.1)	n/m	(0.1)	0.0
Tax paid	(5.3)	+83%	(5.9)	(2.9)
Investing activities
Capex (PP&E)	(1.5)	+200%	(2.8)	(0.5)
Capex (intangibles)	0.0	n/m	(0.4)	(1.2)
Financing activities
Lease principal paid	(0.5)	−29%	(0.5)	(0.7)
Dividends paid	(12.9)	−6%	(7.0)	(13.7)
Share buybacks	(22.9)	−54%	(50.7)	(49.8)
Shares issued	0.2	−100%	0.2	71.0

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Other intangibles	59.2	61.5	65.7
Property, plant & equipment	11.7	11.7	20.9
Non-current assets	76.3	78.7	91.2
Current assets
Inventories	36.6	37.1	45.8
Trade receivables	82.9	79.3	86.1
Cash	68.0	91.1	96.0
Current assets	189.7	208.3	230.7
Total assets	266.0	287.0	321.9
Current liabilities
Trade payables	52.2	53.7	57.0
Lease liabilities, current	1.9	0.8	3.6
Current liabilities	60.0	58.3	61.5
Non-current liabilities
Lease liabilities, non-current	1.9	2.8	8.5
Non-current liabilities	4.7	5.6	13.7
Total liabilities	64.7	63.9	75.2
Equity
Total equity	201.3	223.1	246.7

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Other intangibles	59.2	61.5	64.0	65.7
Property, plant & equipment	11.7	11.7	8.8	20.9
Non-current assets	76.3	78.7	79.3	91.2
Current assets
Inventories	36.6	37.1	44.2	45.8
Trade receivables	82.9	79.3	71.8	86.1
Cash	68.0	91.1	130.0	96.0
Current assets	189.7	208.3	248.1	230.7
Total assets	266.0	287.0	327.4	321.9
Current liabilities
Trade payables	52.2	53.7	54.6	57.0
Lease liabilities, current	1.9	0.8	0.2	3.6
Current liabilities	60.0	58.3	55.9	61.5
Non-current liabilities
Lease liabilities, non-current	1.9	2.8	6.2	8.5
Non-current liabilities	4.7	5.6	9.4	13.7
Total liabilities	64.7	63.9	65.3	75.2
Equity
Total equity	201.3	223.1	262.1	246.7

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