Zenvia (ZENV) AI Stock Analysis

• Market Cap: $46.89M
• Dividend Yield: N/A
• Average Volume (3M): 90.33K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.00
• Revenue Growth: 9.16%
• EPS Growth: 20.13%
• Country: US
• Employees: 1,076
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): N/A
• Shares Outstanding: 28,902,363
• 10 Day Avg. Volume: 35,944
• 30 Day Avg. Volume: 90,335
• PEG Ratio: -0.05
• Price to Book (P/B): 0.97
• Price to Sales (P/S): 0.78
• P/FCF Ratio: 15.20
• Enterprise Value/Market Cap: 6.57
• Enterprise Value/Revenue: 0.28
• Enterprise Value/Gross Profit: 1.26
• Enterprise Value/Ebitda: -3.09
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: $0.89 ▼(-6.21% Downside)

The score is held back primarily by ongoing losses (negative profitability metrics) and weakening free-cash-flow growth, despite a relatively stable balance sheet with low leverage. Technically, the stock remains in a downtrend below all key moving averages, with oversold readings providing only a limited offset. Valuation is also pressured because the negative P/E reflects unprofitable operations and there is no dividend yield data.

Positive Factors

Recurring CPaaS/SaaS Revenue Model

Zenvia’s core offering combines usage-based messaging fees and subscription platform fees across omnichannel messaging (e.g., WhatsApp). This mix yields recurring, scalable revenue and sticky enterprise relationships, supporting predictable cash flows and long-term customer lifetime value in a growing regional market.

Conservative Capital Structure

Low leverage gives Zenvia financial flexibility to invest in product development, M&A, or absorb cyclical shocks without stressing liquidity. A stable equity base reduces bankruptcy risk and supports multi-year strategic moves like the SaaS expansion or CPaaS restructuring without forcing distressed financing.

Strategic Reorganization to SaaS

Separating CPaaS into a distinct unit and refocusing corporate strategy on SaaS/AI is a structural shift. It can improve operational focus, align capital allocation to differing margin models, and accelerate SaaS product investments—potentially enhancing long-term margin profiles and go-to-market clarity.

Negative Factors

Negative Profitability

Sustained negative EBIT and net margins plus a shrinking gross margin indicate structural cost or pricing pressure. Without restoration of core profitability, long-term viability of high-growth investments is impaired, limiting ability to self-fund expansion and increase shareholder returns over multiple quarters.

Declining Free Cash Flow Growth

A 30% fall in FCF growth weakens internal funding for R&D and sales expansion, raising dependence on external capital. Over time, shrinking FCF growth constrains strategic options, reduces buffer for execution risk, and can slow reinvestment into product and platform improvements essential in CPaaS/SaaS markets.

Executive Turnover and Role Consolidation

Loss of CHRO and CTO and reassignment of their duties to the CFO and CRO concentrates responsibilities and risks execution on fewer leaders. This may slow product innovation and people initiatives, creating strategic and operational continuity risks during the spin-off and SaaS scaling phases.

Zenvia Business Overview & Revenue Model

Company Description

Zenvia Inc. develops a cloud-based platform that enables organizations to integrate several communication capabilities in Brazil, Mexico, and Argentina. It offers communication channels for businesses to engage or interact with their customers, such as SMS, Voice, WhatsApp, Facebook Instagram, Webchat, Messenger, rich communication service (RCS), and video; and communication solutions comprising SaaS for communication between businesses and end-consumers, such as marketing campaigns, sales teams' management, customer service and engagement, and customer success. The company also provides Zenvia Chat, a customer service platform that manages different communication channels in a single environment; Zenvia Message, a campaign manager to trigger RCS, SMS, and WhatsApp messages; Sirena, a solution for sales teams to communicate with customers through WhatsApp; and SenseData, a solution that uses advanced techniques to integrate and analyze large volumes of customer data, creating a unique 360º view of the customers and generating insights. In addition, it offers Zenvia Flow, a visual flow builder that allows customers to create communication and/or automation flows; Jornadas solution for enterprise clients to communicate with their customers through various digital channels and generate data-rich documents; and ALTU, the conversational automation solution for larger companies to solve their customer needs with automated yet humanized service through artificial intelligence. The company's platform assists customers in various use cases comprising marketing campaigns, customer acquisition, customer onboarding, warnings, customer services, fraud control, cross-selling and customer retention, ticket resolution, consumer health, and others. Zenvia Inc. was incorporated in 2020 and is based in São Paulo, Brazil.

How the Company Makes Money

Zenvia generates revenue through a multi-faceted business model that includes transaction-based fees for its messaging services, subscription fees for its customer engagement platform, and professional services for implementation and support. Key revenue streams come from businesses that utilize Zenvia's APIs to send SMS, WhatsApp messages, and other forms of communication, where the company charges per message sent or per user engaged. Additionally, Zenvia benefits from strategic partnerships with telecommunications companies and tech platforms, which enable it to expand its reach and enhance service offerings. The growth of digital communication and the increasing demand for customer engagement solutions in the region also contribute significantly to Zenvia's earnings.

Zenvia Financial Statement Overview

Summary

Revenue grew 5.23% (TTM) and leverage is conservative (debt-to-equity 0.13), but profitability is the key weakness with negative net profit and EBIT margins and declining gross margin. Operating cash flow is positive, yet free cash flow growth fell 30.17% (TTM), limiting financial flexibility.

Income Statement

Zenvia's revenue has shown consistent growth, with a 5.23% increase in the TTM period. However, the company is struggling with profitability, as indicated by negative net profit margins and EBIT margins. The gross profit margin has decreased over time, suggesting rising costs or pricing pressures. Overall, while revenue growth is a positive sign, the lack of profitability is a significant concern.

Balance Sheet

The company's debt-to-equity ratio is relatively low at 0.13, indicating conservative leverage. However, the return on equity is negative, reflecting ongoing losses. The equity ratio is stable, suggesting a solid capital structure. While the balance sheet shows financial stability, the negative ROE highlights profitability challenges.

Cash Flow

Zenvia's cash flow from operations is positive, but there is a significant decline in free cash flow growth, down by 30.17% in the TTM period. The operating cash flow to net income ratio is low, indicating limited cash generation relative to earnings. The free cash flow to net income ratio is relatively high, suggesting efficient cash management despite profitability issues.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.10B	959.68M	807.58M	756.72M	612.32M	429.70M
Gross Profit	244.40M	294.77M	330.54M	288.91M	180.91M	103.83M
EBITDA	-99.77M	30.89M	72.24M	-203.56M	-6.89M	3.37M
Net Income	-120.61M	-154.66M	-61.00M	-243.03M	-44.65M	-21.43M
Balance Sheet
Total Assets	1.67B	1.74B	1.71B	1.80B	1.84B	452.85M
Cash, Cash Equivalents and Short-Term Investments	32.61M	116.88M	63.74M	108.40M	582.23M	59.98M
Total Debt	96.30M	129.68M	90.60M	171.65M	212.40M	101.73M
Total Liabilities	930.11M	972.14M	822.62M	850.88M	640.65M	337.51M
Stockholders Equity	742.16M	771.41M	888.81M	953.34M	1.20B	115.35M
Cash Flow
Free Cash Flow	70.35M	49.28M	106.89M	58.76M	-116.67M	28.83M
Operating Cash Flow	83.38M	107.77M	162.55M	108.45M	-97.26M	46.14M
Investing Cash Flow	-37.06M	-62.62M	-53.90M	-349.78M	-351.05M	-61.59M
Financing Cash Flow	-106.98M	9.11M	-143.77M	-215.84M	935.03M	62.05M

Zenvia Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.95
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ZENV, the sentiment is Negative. The current price of 0.95 is above the 20-day moving average (MA) of 0.92, below the 50-day MA of 1.07, and below the 200-day MA of 1.36, indicating a bearish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 39.51 is Neutral, neither overbought nor oversold. The STOCH value of 33.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ZENV.

Zenvia Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
JG	58 Neutral	$43.64M	-86.86	-5.30%	―	20.68%	84.51%
XBP	54 Neutral	$88.84M	0.08	2125.09%	―	―	―
SNCR	49 Neutral	$101.26M	-8.58	-21.44%	―	0.07%	58.47%
ZENV	48 Neutral	$46.89M	-2.28	-14.38%	―	9.16%	20.13%
ATCH	44 Neutral	$32.62M	-0.09	―	―	―	―

Zenvia Corporate Events

Zenvia Shareholders Approve 2024 Financial Statements at 2025 AGM

On December 19, 2025, Zenvia Inc. held its 2025 Annual General Meeting of Shareholders in São Paulo, where shareholders approved and ratified the company’s financial statements and auditor’s report for the fiscal year ended December 31, 2024. The formal approval of the 2024 accounts confirms shareholder support for the company’s reported financial performance and governance processes, and removes a key procedural overhang, allowing Zenvia to move forward with its strategic and operational plans under an affirmed financial reporting framework.

The most recent analyst rating on (ZENV) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Zenvia stock, see the ZENV Stock Forecast page.

Zenvia Announces Annual General Meeting for December 2025

Zenvia Inc. has announced its Annual General Meeting (AGM) scheduled for December 19, 2025, in São Paulo, Brazil. The meeting will address the approval of the company’s financial statements and auditor’s report for the fiscal year ending December 31, 2024. Shareholders are encouraged to participate and vote on the resolutions, as detailed in the proxy statement. This AGM is crucial for Zenvia as it seeks to solidify its financial standing and engage stakeholders in its strategic direction.

The most recent analyst rating on (ZENV) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Zenvia stock, see the ZENV Stock Forecast page.

Zenvia Streamlines Operations with CPaaS Spin-Off and Leadership Changes

On December 1, 2025, Zenvia Inc. announced a strategic move to streamline its operations by spinning off its Communications Platform as a Service (CPaaS) into an independent business unit, named Zenvia CPaaS. This reorganization is part of Zenvia’s focus on expanding its Software as a Service (SaaS) solutions and enhancing its AI capabilities for customer experience. The restructuring also includes changes in executive leadership, with the departure of two key executives and the reassignment of their responsibilities to existing officers. These changes aim to optimize operational efficiency and provide Zenvia with greater flexibility to explore future opportunities.

The most recent analyst rating on (ZENV) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Zenvia stock, see the ZENV Stock Forecast page.