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One of the reasons to buy SodaStream (SODA) is because it has a razor-and-blade revenue model, along the lines of Gillette (acquired by Procter & Gamble in 2005).

Let's test this theory with data from the 2012 20-F, which was released earlier today.

SodaStream International Ltd.

Year ending Dec. 31 2008 2009 2010 2011 2012
CO2 refills 7700 8506 10299 13292 16543
Soda makers:
Units sold 877 1057 1922 2710 3499
Cumulative units 877 1934 3856 6566 10065
CO2 refills/cum. Units 8.78 4.40 2.67 2.02 1.64

Rolling 3 years:
Units sold 3856 5689 8131
CO2 refills/cum. Units 2.67 2.34 2.03

Rolling 2 years:
Units sold 4632 6209
CO2 refills/cum. Units 4.4 3.46 2.87 2.66

(Souce: SodaStream 2102 20-F)
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