Zevia PBC (ZVIA) AI Stock Analysis

• Market Cap: $107.40M
• Dividend Yield: N/A
• Average Volume (3M): 759.29K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.00
• Revenue Growth: 6.17%
• EPS Growth: 41.09%
• Country: US
• Employees: 108
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Beverages - Non-Alcoholic
• EPS (TTM): -0.02
• Shares Outstanding: 67,486,640
• 10 Day Avg. Volume: 762,997
• 30 Day Avg. Volume: 759,293
• PEG Ratio: 0.27
• Price to Book (P/B): 3.00
• Price to Sales (P/S): 0.95
• P/FCF Ratio: -30.57
• Enterprise Value/Market Cap: 0.65
• Enterprise Value/Revenue: 0.43
• Enterprise Value/Gross Profit: 0.91
• Enterprise Value/Ebitda: -8.18
• 1Y Price Target: $3.94
• Price Target Upside: 175.52% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -0.05
• Revenue Forecast (FY): $174.13M

• Rating: 46 Neutral
• Price Target: $1.50 ▲(4.90% Upside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

The score is held back primarily by weak financial performance (ongoing losses, negative free cash flow, and declining equity) and bearish technicals (below major moving averages with negative MACD). These are partially offset by improving operating trends and constructive 2026 guidance targeting mid-single-digit growth and near-breakeven adjusted EBITDA, though tariff and mix headwinds remain meaningful.

Positive Factors

Gross Margin Expansion

Sustained gross margin improvement to ~48% reflects durable gains from better product costing and inventory management. Higher base margins provide structural buffer against commodity shocks, support operating leverage as volumes grow, and materially improve the path to sustained profitability.

Retail Distribution & Channel Expansion

Nationwide Walmart placement, a national Costco rotation and expanded shelf space at major grocers materially increase reach and scale. Broader distribution reduces concentration risk, improves repeat purchase potential and strengthens the brand's structural ability to grow unit volumes over multiple quarters.

Liquidity & Productivity Savings

A solid cash buffer plus an undrawn revolver lowers refinancing risk and gives time to execute the plan. Delivering the final ~$5M productivity tranche is a structural margin tailwind that, combined with targeted marketing, supports investment for growth while helping push adjusted EBITDA toward breakeven.

Negative Factors

Negative Free Cash Flow

Persistent negative operating and free cash flow means the business still consumes cash despite improvement. Continued cash burn limits self‑funding for marketing and working capital, increases reliance on external financing, and constrains the company’s flexibility to scale without capital support.

Ongoing Losses & Equity Erosion

Material decline in shareholder equity from cumulative losses signals erosion of the capital base. This weakens balance-sheet resilience, may limit borrowing capacity, and raises the risk of dilution or constrained investment if sustained profitability and cash generation are not achieved.

Tariff & Channel Margin Pressure

A structural ~$5M aluminum tariff and known margin dilution from club/Costco programs create persistent cost and channel mix headwinds. These pressures make margins more volatile and require either sustained price realization or further productivity to protect profitability as volumes shift across channels.

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

Financials show operational improvement (gross margin expansion to ~48% in 2025 and meaningfully narrowed losses), and balance-sheet leverage is very low. However, revenue has been inconsistent, the company remains unprofitable, equity has declined materially since 2021, and operating/free cash flow are still negative (cash burn persists despite improvement).

Income Statement

Revenue has been broadly flat over the last several years ($138.2M in 2021 to $161.3M in 2025), with a notable decline in 2024 and a modest rebound in 2025. The key positive is steady gross profitability with improving gross margin (about 43% in 2022 to ~48% in 2025). However, the company remains unprofitable, with net losses every year and negative operating profitability; while losses narrowed meaningfully in 2025 (net margin improved to about -6% from ~-13% in 2023–2024), sustained profitability has not yet been achieved.

Balance Sheet

Leverage is very low and has stayed low (debt-to-equity around ~1–2% in 2021–2025), which reduces balance-sheet risk and interest burden. That said, equity has declined materially since 2021 (from ~$128.5M to ~$51.0M in 2025), reflecting ongoing losses, and returns on equity remain negative in recent years—signaling continued value erosion despite the conservative debt profile.

Cash Flow

Cash generation remains a weak point: operating cash flow and free cash flow are negative across all periods shown, including 2025 (about -$4.7M operating cash flow and -$5.0M free cash flow). The trend is improving versus the much larger cash burn in 2022–2023, but cash flow still is not self-funding. A notable nuance is that free cash flow loss is generally similar to or slightly better than the accounting loss (e.g., 2025 free cash flow-to-net income > 1), which suggests some non-cash expenses are helping reported earnings look worse than cash—yet the business still consumes cash overall.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	161.26M	155.05M	166.42M	163.18M	138.17M
Gross Profit	76.55M	71.93M	74.76M	70.02M	63.94M
EBITDA	-10.24M	-20.19M	-27.33M	-46.52M	-86.43M
Net Income	-10.08M	-20.00M	-21.49M	-33.86M	-47.90M
Balance Sheet
Total Assets	63.62M	67.95M	90.86M	98.93M	124.99M
Cash, Cash Equivalents and Short-Term Investments	25.35M	30.65M	31.95M	47.40M	73.11M
Total Debt	668.00K	1.31M	1.95M	715.00K	237.00K
Total Liabilities	28.02M	25.01M	29.09M	17.15M	20.43M
Stockholders Equity	51.04M	64.88M	89.88M	109.95M	128.48M
Cash Flow
Free Cash Flow	-5.01M	-1.30M	-17.90M	-23.70M	-20.95M
Operating Cash Flow	-4.70M	-1.02M	-16.27M	-21.11M	-17.81M
Investing Cash Flow	-307.00K	-283.00K	805.00K	27.41M	-33.14M
Financing Cash Flow	-289.00K	0.00	25.00K	-2.01M	79.12M

Zevia PBC Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.43
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 1.43 is below the 20-day moving average (MA) of 1.57, below the 50-day MA of 1.84, and below the 200-day MA of 2.52, indicating a bearish trend. The MACD of -0.13 indicates Positive momentum. The RSI at 35.94 is Neutral, neither overbought nor oversold. The STOCH value of 51.98 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	72 Outperform	$3.09B	42.30	24.16%	―	23.12%	16.20%
FIZZ	70 Outperform	$3.49B	17.30	40.93%	―	0.97%	0.36%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
BRFH	52 Neutral	$42.00M	-47.82	-167.45%	―	17.48%	0.77%
OTLY	47 Neutral	$355.65M	-2.13	-248.60%	―	3.37%	46.17%
ZVIA	46 Neutral	$107.40M	-15.19	-17.19%	―	6.17%	41.09%

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.