Zevia PBC (ZVIA) AI Stock Analysis

• Market Cap: $138.76M
• Dividend Yield: N/A
• Average Volume (3M): 1.11M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.95
• Revenue Growth: 6.17%
• EPS Growth: 41.09%
• Country: US
• Employees: 108
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Beverages - Non-Alcoholic
• EPS (TTM): -0.04
• Shares Outstanding: 67,389,170
• 10 Day Avg. Volume: 902,507
• 30 Day Avg. Volume: 1,106,864
• PEG Ratio: 0.72
• Price to Book (P/B): 3.79
• Price to Sales (P/S): 1.59
• P/FCF Ratio: -188.85
• Enterprise Value/Market Cap: 0.72
• Enterprise Value/Revenue: 0.61
• Enterprise Value/Gross Profit: 1.26
• Enterprise Value/Ebitda: -8.08
• 1Y Price Target: $4.45
• Price Target Upside: 140.54% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: $2.00 ▲(8.11% Upside)

The score is held back primarily by weak financial performance (continued losses and negative operating/free cash flow) and bearish technicals (price below all key moving averages with negative MACD). These are partially offset by a more positive earnings-call backdrop (raised sales guidance and improving EBITDA-loss outlook) and a modestly supportive board/marketing-focused corporate update, while valuation remains constrained by unprofitability.

Positive Factors

Revenue growth and distribution expansion

Sustained top-line growth and raised guidance reflect deeper retail distribution (notably Walmart and Canada) and stronger brand pull. Structural expansion of retail footprint and household penetration increases scale, supports gross-margin leverage potential, and improves path to durable profitability.

Productivity initiatives bolstering margins

Confirmed multi-year cost savings materially improve unit economics and offset input cost volatility. Recurring productivity savings reduce cash burn risk, enhance margin sustainability, and support reinvestment in marketing and innovation to drive durable volume and mix improvements.

Conservative leverage and low debt

Minimal financial leverage lowers interest burden and bankruptcy risk, preserving strategic optionality. A light balance sheet gives management flexibility to invest in distribution or marketing and access capital if cash flow remains constrained over the medium term.

Negative Factors

Negative operating and free cash flow

Continued cash consumption means the business cannot self-fund growth or capex, increasing reliance on external financing. Over months, persistent negative OCF compresses liquidity, limits strategic investments, and elevates dilution or refinancing risks if trends do not reverse.

Ongoing unprofitability and negative margins

Sustained negative margins hinder equity rebuilding and limit retained-earnings growth. Even with improving trends, persistent losses erode book value and constrain returns, reducing capital available for marketing or innovation without dilutive external funding.

Exposure to aluminum tariffs and inventory obsolescence

Structural input-cost risk from tariffs and packaging changes can persistently raise COGS and force promotional/price actions. Inventory obsolescence is a recurring execution risk that directly damages margins and cash, undermining sustainable profitability unless mitigated.

Zevia PBC Business Overview & Revenue Model

Company Description

Zevia PBC, a beverage company, develops, markets, sells, and distributes various carbonated and non-carbonated soft drinks in the United States and Canada. It offers soda, energy drinks, organic tea, mixers, kidz beverages, and sparkling water. The company offers its products through various retail channels, including grocery distributors, national retailers, warehouse club, and natural products retailers, as well as e-commerce channels. It provides its products under the Zevia brand name. The company was founded in 2007 and is headquartered in Encino, California.

How the Company Makes Money

Zevia PBC generates revenue primarily through the sale of its naturally sweetened beverage products. The company's key revenue streams include direct sales to retailers, distributors, and online platforms. Zevia's products are distributed across a wide network of grocery stores, natural food retailers, and e-commerce channels, which helps to increase its market reach and accessibility to health-conscious consumers. Additionally, strategic partnerships with retailers and distributors play a significant role in expanding its distribution footprint. Zevia's earnings are also influenced by factors such as consumer preferences for healthier products, market trends in the beverage industry, and its ability to maintain competitive pricing while managing production costs.

Zevia PBC Financial Statement Overview

Summary

Fundamentals are improving but still weak overall: stronger TTM revenue growth and better gross margin, plus narrower losses and reduced cash burn. However, the business remains unprofitable with negative operating/EBITDA margins and still has negative operating and free cash flow, while losses continue to erode equity despite very low leverage.

Income Statement

TTM (Trailing-Twelve-Months) revenue grew strongly versus the prior year (about +2.8x), and gross margin improved to ~49% (from ~46% in 2024), signaling better unit economics. Losses have narrowed materially since 2021–2022, with the TTM net loss margin improving to about -9% (vs. ~-13% in 2023–2024). However, the company remains unprofitable with negative operating and EBITDA margins in every period shown, and growth has been volatile (2024 revenue declined year-over-year), keeping the income statement quality below average despite improving trends.

Balance Sheet

Leverage is very low, with TTM debt-to-equity around 0.02 and total debt under $1M, which reduces financial risk and interest burden. That said, equity has been steadily shrinking (from ~$128M in 2021 to ~$51M TTM) as losses accumulate, and returns on equity remain meaningfully negative (TTM ROE roughly -23%). Overall, the balance sheet is conservatively levered, but ongoing losses are eroding the capital base.

Cash Flow

Cash generation remains weak: TTM operating cash flow and free cash flow are both negative (about -$6.2M and -$6.5M, respectively), indicating the business is still consuming cash. Cash burn has improved substantially versus 2022–2023 (when operating cash flow was far more negative), and free cash flow improved sharply on a growth basis in the TTM period. Still, negative operating cash flow suggests profitability improvements have not yet translated into sustainable cash self-funding.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	162.85M	155.05M	166.42M	163.18M	138.17M	110.03M
Gross Profit	78.76M	71.93M	74.76M	70.02M	63.94M	49.50M
EBITDA	-12.31M	-20.19M	-27.33M	-46.52M	-86.43M	-4.55M
Net Income	-14.37M	-20.00M	-21.49M	-33.86M	-47.90M	-6.07M
Balance Sheet
Total Assets	60.01M	67.95M	90.86M	98.93M	124.99M	49.96M
Cash, Cash Equivalents and Short-Term Investments	26.03M	30.65M	31.95M	47.40M	73.11M	14.94M
Total Debt	830.00K	1.31M	1.95M	715.00K	237.00K	861.00K
Total Liabilities	24.21M	25.01M	29.09M	17.15M	20.43M	246.77M
Stockholders Equity	51.25M	64.88M	89.88M	109.95M	128.48M	-196.81M
Cash Flow
Free Cash Flow	-6.46M	-1.30M	-17.90M	-23.70M	-20.95M	-4.06M
Operating Cash Flow	-6.19M	-1.02M	-16.27M	-21.11M	-17.81M	-3.26M
Investing Cash Flow	-271.00K	-283.00K	805.00K	27.41M	-33.14M	-805.00K
Financing Cash Flow	-202.00K	0.00	25.00K	-2.01M	79.12M	15.76M

Zevia PBC Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.85
• 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 ZVIA, the sentiment is Negative. The current price of 1.85 is below the 20-day moving average (MA) of 1.90, below the 50-day MA of 2.29, and below the 200-day MA of 2.61, indicating a bearish trend. The MACD of -0.10 indicates Negative momentum. The RSI at 39.51 is Neutral, neither overbought nor oversold. The STOCH value of 27.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ZVIA.

Zevia PBC Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
COCO	77 Outperform	$3.04B	46.15	24.02%	―	23.12%	16.20%
FIZZ	70 Outperform	$3.19B	17.12	40.93%	―	0.97%	0.36%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
BRFH	52 Neutral	$49.50M	-17.07	-167.45%	―	17.48%	0.77%
ZVIA	46 Neutral	$138.76M	-8.14	-23.12%	―	6.17%	41.09%
OTLY	38 Underperform	$349.06M	-1.54	-180.66%	―	3.37%	46.17%

Zevia PBC Corporate Events

Zevia PBC Adds Experienced Consumer Marketer to Board

On January 7, 2026, Zevia PBC appointed Suzanne Ginestro, Chief Marketing Officer of Califia Farms, as an independent Class II director effective immediately, adding her to the Board’s Compensation Committee and positioning the company to benefit from her more than 25 years of marketing and brand-building experience across food, beverage and wellness categories. The company also disclosed that Justin Shaw will step down from the Board effective February 24, 2026, with no disagreements cited, signaling an orderly refresh of board composition that brings additional growth-focused consumer marketing expertise to support Zevia’s expansion strategy and long-term value creation efforts for stakeholders.

The most recent analyst rating on (ZVIA) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Zevia PBC stock, see the ZVIA Stock Forecast page.